Toshiba delays earnings results till March

Ailing Toshiba looks to book ¥500 billion April-December loss
Toshiba delays earnings and writedown report, fuelling fears of crisis

16 February, 2017

The loss comes from the write-down of goodwill of CB&I Stone & Webster, a US -based nuclear plant builder Toshiba acquired through USA subsidiary Westinghouse Electric in late 2015.

The company has postponed releasing its finalized financial results for the nine months through December for up to one month due to auditing problems related to suspected misconduct at its U.S. Unit.

According to Tokyo Stock Exchange rules, Toshiba had until noon today to deliver its quarterly financial results.

The company also announced that Chairman Shigenori Shiga would step down.

Much of problem stems from Westinghouse Electric's acquisition of nuclear construction outfit Chicago Bridge & Iron (CB&I) in 2015.

As a result of the losses, shareholder equity will drop to negative 150 billion yen for the current year ending next month, Toshiba said. Toshiba explained it received internal information about inadequate governance during the acquisition process of a United States nuclear construction company. The company previously planned to limit the sale to 20 per cent to maintain control.

The figures eventually released were numbers that have yet to be approved by its auditor and Toshiba cautioned investors that a major revision was possible.

Webster releases response to Trump immigration order
BU wouldn't disclose their identities, to protect them from potential backlash, spokesperson Renee Charles said. However, McGlone said they are currently working with one student currently unable to travel back to the U.S.

Toshiba manufactured one of the reactors in Japan's crippled Fukushima Daiichi nuclear plant, which was hit by an natural disaster and tsunami in March 2011, and has since been involved in the clean up.

Building new nuclear capacity is an integral part of the United Kingdom being able to replace old power stations, keeping a balanced mix as carbon emissions are reduced, he added.

However, amid a reported $6 billion writedown and its chairman resigning, Toshiba's review into the future of its nuclear power business outside Japan is raising concerns in Britain.

United Kingdom trade association Nuclear Industry Association (NIA) welcomed Toshiba's renewed commitment to the Moorside project, in West Cumbria. "We must keep trying to do better". Stricter safety standards after the 2011 Fukushima nuclear accident in Japan added to the cost of plants in China and the U.S.

Construction of the new reactors is expected to create thousands of jobs over the next decade, with many contracts expected to go to United Kingdom firms.

As for Toshiba, the latest crisis comes after a troubled two-year period following the revelation of a £780m accounting scandal that cost then-chief executive Hisao Tanaka his job.

More news

  • What are the most-popular Girl Scout cookies in OR  and Washington?

    What are the most-popular Girl Scout cookies in OR and Washington?

    And starting this weekend, Girl Scouts will be setting up shop to sell cookies at a long list of locales around town. What started in 1917 as a bake sale has grown into the largest girl-led entrepreneurial business in the country.

    The Comcast-Roku deal? She ain't so sweet

    Cable companies argue the outlet charges cover their costs and the maintenance required to keep outlets working. His GOP replacement, Ajit Pai , has since taken the issue off the FCC's list of items on circulation .

    United prospect Tuanzebe staying grounded after Mourinho praise

    Manchester United manager Jose Mourinho has revealed which player could leave the Red Devils before the end of January. United added two more later on, as Wigan's spirit and energy drained away.
  • A Japanese Effort To Remove Hazardous Space Junk Has Failed

    For example, in 2009, a dead Russian satellite collided with an operational US satellite, producing about 700 pieces of space junk in the process.

    Ireland beaten by Scotland in Six Nations opener

    A knock-on in contact from CJ Stander and then a misplaced pass from Devin Toner left Ireland scrambling in their own half. It's incredibly disappointing but I know that Vern and the Scottish lads will be happy with that to start their campaign".
    Canadian mosque attack: Only one of the arrested is considered a suspect

    Canadian mosque attack: Only one of the arrested is considered a suspect

    They didn't say which one remains the suspect in yesterday's attack which killed six people and injured more than a dozen others. In June, a pig's head was left at the entrance of the Centre Culturel Islamique de Quebec during Ramadan.
  • Thomas Cook see rise in revenue yet remain "cautious"

    Thomas Cook said that 31 percent of its summer holidays had already been sold, with bookings 9 percent ahead of a year ago . Greece was now its "stand-out" destination, with 2.5 million holidaymakers booked for this summer.
    Oil up on petrol draw, but market bloated

    Oil up on petrol draw, but market bloated

    US commercial crude inventories soared by 13.8 million barrels to 508.6 million barrels, according to the EIA . Iran recently reported that they have set guidance for their production of 4 million bpd by the end of March.
    Denver radio station owner Entercom to take over CBS Radio

    Denver radio station owner Entercom to take over CBS Radio

    The deal, subject to regulatory approvals and a vote by Entercom's board, is expected to close in the second half of the year. David Field will continue as the CEO and the company will continue to trade under the ticker symbol ETM.
  • ACA replacement might not be ready until 2018

    ACA replacement might not be ready until 2018

    Around one in six Americans thought that there would be no changes to Medicaid or subsidies if Obamacare were repealed. State lawmakers plan a hearing Tuesday on the potential impacts of the repeal of the Affordable Care Act .

    Students Wear Hijab in Show of Solidarity for Muslims

    Ringler and the women in her congregation will be wearing the hijabs on Wednesdays for the next month, maybe longer, she said. She appreciated seeing the different colors and patterns and the way they allowed girls to express themselves.
    Lady Gaga's Flawless Natural Waves & Glossy Lip At Super Bowl Press Conference

    Lady Gaga's Flawless Natural Waves & Glossy Lip At Super Bowl Press Conference

    Legendary performer and Gaga confidant Tony Bennett will play a role in the countdown to the show, organizers of the event said. Gaga declined to reveal her plans, but hinted at something spectacular.