Toshiba has been forced to buy the 40% of the UK nuclear energy company NuGen that it does not already own. NuGen has the contract to build a new nuclear power plant in Cumbria. The French utility company Engie said it was exercising its “contractual rights” to sell its shares because NuGen was “facing some … Read more
Toshiba chairman Shigenori Shiga has resigned, hours after the Japanese conglomerate revealed details of a multi-billion dollar loss. Earlier Toshiba had delayed issuing its results, but it then said it was set to report a net loss of 390bn yen ($3.4bn) in the year to March 2017. The company said it expected to take a … Read more
Toshiba chairman Shigenori Shiga has resigned, hours after the company was forced to delay revealing details of a multi-billion dollar loss. The Japanese conglomerate was expected to say it was writing off about $6bn (£4.8bn) at its US nuclear business. But the BBC understands Toshiba has not been able to agree with its auditors how … Read more
Toshiba’s dreams of becoming a nuclear energy leader have turned into a nightmare. Rattled investors have wiped $6.6 billion off the company’s market value after it warned of huge losses tied to its 2015 acquisition of a U. S. nuclear construction business. Shares in the Japanese firm tumbled another 17% on Thursday. Losses over the … Read more
Toshiba Corp said it may have to book several billion dollars in charges related to a U. S. nuclear power acquisition, a shock warning that sent its stock tumbling 12 percent and rekindled concerns about its accounting acumen. The Japanese group said cost overruns at U.S. power projects handled by a nuclear construction business newly … Read more