Toshiba to leave overseas N-power biz
the-japan-news.com -- Mar 16
With Toshiba Corp. expected to log an enormous loss in its nuclear power business, the company has announced a plan to remove Westinghouse Electric Co., a U.S. nuclear power company, from the group next fiscal year.

This would essentially mean Toshiba is abandoning its overseas nuclear power business.

To strengthen its fiscal base, the company is also considering spinning off part of its semiconductor division, then selling stock of the new company. The Innovation Network Corporation of Japan, a government-backed fund, is considering investing in this new company, according to sources.

Whether Toshiba can isolate the risk from its nuclear power business will be the key to its business rehabilitation.

The most important part of this is how it deals with Westinghouse, which has generated huge losses.

Toshiba President Satoshi Tsunakawa explained at a press conference on Tuesday that the company would seek to remove Westinghouse from its consolidated accounting, by selling the subsidiary's stock and other means.

"We have a number of options," Tsunakawa said.

Westinghouse is involved in building four nuclear reactors in the United States.

Construction delays on the projects have generated enormous additional personnel costs and other expenses, leading to a loss on the scale of ¥700 billion. If the delays continue, the losses could mount further.

Toshiba sees retreating from the construction of nuclear power plants as its best choice for avoiding more damage.

経営危機に瀕(ひん)している東芝は、東京証券取引所に内部管理に関する報告書を提出しました。改善が認められなければ上場廃止となります。 東芝の株はおととしの不正会計問題を受けて、上場廃止の可能性がある「特設注意市場銘柄」に指定されました。
News sources: the-japan-news.com, ANNnewsCH
Mar 25
A court in Japan has sentenced a 21-year-old former university student to life imprisonment for murdering an elderly woman and poisoning classmates when she was a minor. (NHK)
Mar 25
STREET FOOD! We're back for more in one of Japan's most traditional cities, Nara. What was once Japan's capitol is now a place loaded with delicious street food for humans and deer alike. So, what's Nara got to offer? I hope you're hungry! (ONLY in JAPAN )
Mar 25
Police in Imakane, Hokkaido, said Thursday that the body of a 74-year-old woman was discovered in a freezer at her home. (Japan Today)
Mar 25
The Meteorological Agency on Friday warned that an underwater volcano about 400 km south of Tokyo could erupt soon, spurring the Japan Coast Guard to issue an alert to ships in the area. (Japan Times)
Mar 25
Japan's Liberal Democratic Party on Friday submitted a record of email exchanges in which Akie Abe, Prime Minister Shinzo Abe's wife, denies her alleged payment of one million yen to an embattled school operator. (Jiji)
Mar 25
Japanese Defense Minister Tomomi Inada ordered the Ground Self-Defense Force on Friday to withdraw its engineering troops taking part in a U.N. peacekeeping mission in South Sudan by the end of May. (Jiji)
Mar 25
New textbooks authorized for use in Japan's senior high schools from April next year contain more descriptions on foreign and defense policies undertaken by Prime Minister Shinzo Abe's government, such as the ability to engage in collective self-defense, according to the results of the education ministry's latest textbook screening disclosed Friday. (Japan Today)
Mar 25
The Tokyo District Court on Friday found a former employee of business newspaper publisher Nikkei Inc. guilty of intercepting the email of female celebrities. (Japan Times)
Mar 25
A 55-year-old woman has been arrested for beating her husband to death at their residence in Yokosuka City, Kanagawa Prefecture, police said Friday. (Japan Today)
Mar 25
Miyagi and Chiba prefectures said Friday they have confirmed that chickens at local farms were infected with highly pathogenic avian influenza. (Jiji)