A gray dinosaur statue outside south Florida’s largest power plant is meant to symbolize two decommissioned fossil fuel reactors, but it also could be seen to represent a nuclear industry crumpling under mounting costs. Almost a decade ago, Turkey Point was aiming to become one of the country’s largest nuclear plants. Florida Power and Light … Read more
Toshiba has filed its delayed financial results, warning that the company’s survival is at risk. “There are material events and conditions that raise substantial doubt about the company’s ability to continue as a going concern,” the company said in a statement. The electronics-to-construction giant reported a loss of 532bn yen (£3.8bn; $4.8bn) for April to … Read more
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
Westinghouse, Toshiba’s US nuclear unit, has filed for US bankruptcy protection. The US firm has struggled with hefty losses that have thrown its Japanese parent into a crisis, putting the conglomerate’s future at risk. Westinghouse has suffered huge cost overruns at two US projects in Georgia and South Carolina. Toshiba said the bankruptcy would not … Read more
Toshiba’s loss-hit US nuclear unit Westinghouse Electric (WEC) has filed for bankruptcy protection, the companies said Wednesday, as the troubled division wrestles with multi-billion losses and accounting fraud claims. The Japanese conglomerate’s board earlier in the day approved the Chapter 11 filing in a US court, which temporarily shelters struggling firms as they try to … Read more
Shares in Toshiba plunged Monday on a report that said its loss-hit US nuclear unit could be placed into bankruptcy protection as early as this week. Westinghouse Electric could file for Chapter 11 on Tuesday, while the troubled unit is eyeing Korea Electric Power to help with a subsequent restructuring, Japan’s Nikkei business daily said, … Read more
Sterling dropped on Tuesday after Britain’s parliament paved the way for Prime Minister Theresa May to launch divorce talks with the European Union, while stocks advanced ahead of an expected U. S. interest rate later in the week. European stocks were set for a mixed start, with financial spreadbetters expecting Britain’s FTSE 100 .FTSE and … Read more
For the second time in as many months, Toshiba has missed its earnings report deadline, citing “difficult circumstances.” The struggling Japanese conglomerate asked to extend the deadline to April 11, saying on Tuesday that it needs more time to investigate ongoing troubles at its U. S. nuclear business. Toshiba (TOSBF) had already received a four-week … Read more
Japan’s Toshiba Corp (6502. T) wants to raise at least 1 trillion yen ($8.8 billion) by selling most of its flash memory chip business, seeking to create a buffer for any fresh financial problems, a source with direct knowledge of the matter said. The beleaguered conglomerate was pressured to abandon an initial plan to sell … Read more
Toshiba Corp (6502. T) said it will sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown, adding that its overseas nuclear division – the cause of its woes – was now under review. The drastic measures are set to be just some of … 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