Subscribe free to our newsletters via your
  Energy News  




Subscribe free to our newsletters via your




















CIVIL NUCLEAR
Loss-hit Toshiba nosedives on fears about future
By Peter BRIEGER
Tokyo (AFP) March 15, 2017


Toshiba shares plunged Wednesday as fears grow about the future of one of Japan's best-known firms, hit by massive losses and accounting fraud allegations at its US nuclear unit.

The Tokyo-listed stock dropped as much as 13.62 percent at one point, with concerns that the embattled company's shares could be delisted from the bourse.

Toshiba ended the day at 189.5 yen ($1.65), down 12.22 percent, as the benchmark Nikkei 225 index slipped 0.16 percent.

The vast conglomerate -- which has about 188,000 employees globally and annual revenue topping 5.6 trillion yen -- won regulators' approval Tuesday to delay releasing its October-December earnings for another month.

Toshiba said it needed more time to probe claims of misconduct by senior executives at atomic power unit Westinghouse Electric and gauge the impact on its finances.

The Tokyo Stock Exchange has put Toshiba "under supervision" over concerns about its internal management controls, a designation that means the stock is at risk of being delisted -- a major embarrassment for a pillar of corporate Japan.

"The designation hit sentiment... as the bourse called (Toshiba's) internal management into question," Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told AFP.

Toshikazu Horiuchi, a broker at IwaiCosmo Securities, added: "Toshiba is turning into a speculative stock. It's now just a money game."

Japanese financial regulators have given Toshiba until April 11 to publish its fourth-quarter results, which were originally due in mid-February.

Toshiba shares have been hammered this year, losing more than half their value since late December when it first warned of multi-billion-dollar losses at Westinghouse.

The probe was started after a whistleblower complained that one or more Westinghouse executives exerted "inappropriate pressure" on its accounts.

It's "hard to determine the potential bottom for the company's balance sheet given the numerous lingering uncertainties", Credit Suisse analyst Hideyuki Maekawa told Bloomberg News.

The crisis comes less than two years after Toshiba's reputation was badly damaged by separate revelations that top company executives had pressured underlings to cover up weak results for years after the 2008 global financial meltdown.

Toshiba has previously warned it was on track to report a net loss of 390 billion yen in the fiscal year to March, as it faced a writedown topping 700 billion yen at Westinghouse.

The company once touted its overseas nuclear business as a future growth driver, filling a hole left after the 2011 Fukushima crisis slammed the brakes on new atomic projects in Japan.

But cost overruns have hit Westinghouse's finances hard.

Toshiba is now dramatically reducing its nuclear ambitions overseas and plans to stop building new atomic power plants, but said it will keep making related equipment.

The cash-strapped company has sold off a number of assets, including a medical devices unit and most of its home appliance business. Its prized memory chip business is now on the block.

bur-pb-si/kb

TOSHIBA

CREDIT SUISSE GROUP

CIVIL NUCLEAR
The EIC and Nuclear AMRC sign MoU
London, UK (SPX) Mar 13, 2017
Two leading organisations within the UK's nuclear industry, the Energy Industries Council (EIC) and the Nuclear Advanced Manufacturing Research Centre (Nuclear AMRC), have signed a Memorandum of Understanding (MoU) to work together to promote global opportunities in the nuclear industry and support UK companies to enter the sector, at a ceremony held at the Nuclear AMRC's Rotherham campus on Tue ... read more

Related Links
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at Energy-Daily.com

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

CIVIL NUCLEAR
Study IDs link between sugar signaling and regulation of oil production in plants

NASA Study Confirms Biofuels Reduce Jet Engine Pollution

Scientists harness solar power to produce clean hydrogen from biomass

Petrol and jet fuel alternatives are produced by yeast cell factories

CIVIL NUCLEAR
New solar energy plant to be installed on Barbuda

Nanotube film may resolve longevity problem of challenger solar cells

Nuera Solar Announces Partnership with The Solar Village Project

EU close to 2020 renewable energy target

CIVIL NUCLEAR
North Carolina ready for offshore wind energy auction

North Carolina offshore wind hailed as job creator

Flagship English Channel wind farm nears completion

French, Spanish companies set for more wind power off coast of France

CIVIL NUCLEAR
CO2 stable for 3rd year despite global growth: IEA

New Zealand lauded for renewables, but challenges remain

EU parliament backs draft carbon trading reforms

Taiwan lantern makers go green for festival of lights

CIVIL NUCLEAR
TU Graz researchers show that enzyme function inhibits battery ageing

Headphone batteries explode on flight to Australia

New feedback system could allow greater control over fusion plasma

Exhaust fumes as a resource

CIVIL NUCLEAR
Trump to undo Obama auto emission rules: official

Indonesia summons UK envoy over coral reef destruction

Trump budget 'cripples' environment, science, critics say

UK cruise ship damages pristine Indonesian coral reef

CIVIL NUCLEAR
Beijing shuts last coal power plant in switch to natural gas

Fitch: Azerbaijan's energy company facing mixed pressures

Saudi Arabia takes wait-and-see approach to U.S. oil

Norway's Statoil aims to boost local energy sector

CIVIL NUCLEAR
ExoMars: science checkout completed and aerobraking begins

Mars Rover Tests Driving, Drilling and Detecting Life in Chile's High Desert

Opportunity Driving South to Gully

NASA Mars Orbiter Tracks Back-to-Back Regional Storms




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News








The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement