Engie sells stake in UK's NuGen Westinghouse project to Toshiba
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Utilityweek, UK ^
| Sunday, 16 April 2017 | staff
Engie has announced the sale of its 40 per cent stake in the Moorside new build nuclear project to development partner Toshiba for around ¥15.3 billion (£110 million). The
French firm invoked a contractual right to offload its share in the event of a default, after Toshiba’s subsidiary Westinghouse, which was due to supply three of its AP1000 reactors for the project, filed for bankruptcy protection in the US last week. //Snipp// Toshiba reported an operating loss of $4.97 billion and a “goodwill impairment" loss of $6.4 billion due to Westinghouse, which snowballed after the 2015 acquisition of CB&I Stone...
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Toshiba files results unapproved by auditor; warns of 'going concern' risk
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Reuters ^
| April 11, 2017 | By Makiko Yamazaki and Taiga Uranaka
oshiba Corp filed twice-delayed business results on Tuesday without an endorsement from its auditor and warned its very survival was in doubt, deepening a prolonged crisis at the Japanese conglomerate. "There
are material events and conditions that raise substantial doubt about the company's ability to continue as a going concern," Toshiba said in announcing bigger than previously estimated losses. The filing carried a disclaimer from auditor Pricewaterhouse Coopers that it was unable to form an opinion of the results, increasing the likelihood that shares in the nuclear-to-TVs company will be delisted from the Tokyo Stock Exchange.
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Westinghouse bankruptcy filing just the start for Toshiba
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Nikkei Asian Review ^
| 3-28-17 | Nikkei Asian Review
Westinghouse bankruptcy filing just the start for Toshiba Fulfilling loan guarantees could further strain fragile finances March 28, 2017 6:00 am JST TOKYO -- Toshiba's plan to have Westinghouse Electric file for bankruptcy protection this week is a risky first step in a long and potentially complicated recovery, exposing the parent to
a stiff financial blow if loan payments by the American nuclear unit falter.
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Toshiba chairman resigns over huge nuclear business loss
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Trib Total Media ^
| Tuesday, Feb. 14, 2017 | The Associated Press
TOKYO — Toshiba Corp.'s chairman resigned Tuesday after the company logged such massive losses in its nuclear business that it must sell its lucrative computer-chip business to avoid going belly-up. The
company projected a 712.5 billion yen ($6.3 billion) loss for its nuclear business related to the acquisition of CB&I Stone & Webster by its U.S. nuclear unit Westinghouse. The company also said it will not take on new projects to construct nuclear plants. President Satoshi Tsunakawa said the company also was looking for potential partners to acquire a stake in Westinghouse. He bowed deeply at a news conference to...
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Toshiba's record fall highlights U.S. nuclear cost nightmare
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Bloomberg News ^
| Wednesday, Dec. 28, 2016
Toshiba Corp. shares plunged by the most on record as the once-heralded U.S. nuclear renaissance turns into a nightmare for the Japanese company. The
shares fell by 20 percent, the most since 1974, according to available data, to close at 312 yen in Tokyo following a 12 percent drop Tuesday. Toshiba said it may have to write down billions related to an acquisition made by U.S. unit Westinghouse Electric that was geared toward completing the newest generation of reactors at two U.S. facilities. The projects, overseen by utilities Southern Co. and Scana Corp., are years behind schedule and billions of...
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Toshiba issues big recall for laptop batteries over fire fears
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iTnews-aus ^
| Feb 12 2016 9:35AM (AUS) | By Staff Writer
54 models affected. Toshiba has issued a recall for Li-Ion battery packs sold with certain models of its laptops and notebooks due a risk of the device catching fire. The
hardware company yesterday advised customers to immediately turn off their PC and remove their battery to check whether their device was affected. The vendor is offering free replacement battery packs for customers with affected units. Around 54 different PC models are affected, sold nationally from retail stores like Harvey Norman and JB Hi-Fi from June 2011 to September 2015. A full list can be found here. "There is a risk...
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Japan Inc Rocked By Massive Accounting Fraud: Toshiba CEO Quits After 7 Years Of Cooked Books
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Zero Hedge ^
| 07/21/2015 | Tyler Durden
While Abenomics has been an unmitigated disaster for Japan's ordinary population, where the soaring stock market has benefited the top decile of the population while everyone has been slammed by a record 25 consecutive months of declining real wages and soaring input costs, there had been one bright spot: corporate earnings,
which unlike in Europe or even the US, have been growing at a steady double-digit clip. What was surprising is that Japan was perhaps the one place where currency debasement was leading to an immediate flow through to rising EPS.Then on Friday, a report out of Reuters caught...
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