Toshiba facing bankruptcy, total disintegration thanks to bad bets on nuclear power

Shiga is taking "management responsibility" for the company's loss due to the goodwill and impairment cost it would record in relation to Westinghouse's acquisition of CB&I Stone and Webster, Toshiba said.

The company said it will reorganize its nuclear business directly under Tsunakawa for stricter monitoring.

Masayuki Kubota, chief strategist at Rakuten Securities, said that if the company continued to unload its most profitable businesses while keeping problem units, "it is impossible to have hope about Toshiba's future". The company has also put a halt on its nuclear expansion plans in other countries including the UK.

Shares in the firm have nearly halved since the end of December, when Toshiba first flagged huge losses in its atomic unit.

Dont'a Hightower skipping White House visit; James White could follow suit
Quarterback Tom Brady and head coach Bill Belichick are also known to be friends with the president. "I'd like to think [it's a good sign the Patriots want to keep me]", Hightower said.

The company will conduct further investigations on the issue during the next month.

NuGen added that it would continue to progress plans to develop Europe's largest new nuclear power station, capable of generating up to 3.8GW of electricity that is equivalent to 7 per cent of the UK's electricity requirements. It had learned that controls at Westinghouse had been "insufficient" and that the company had used "inappropriate pressure" to make the acquisition.

Toshiba warned, however, that unaudited financial results it announced may change "by a wide margin". "The market speculates that Toshiba will be releasing figures worse than what is being reported already".

Toshiba's projected losses were so great that the company's chairman resigned.

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Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Ford Motor Company by 4.6% in the second quarter. The difference between the expected and actual EPS was $-0.01/share, which represents an Earnings surprise of -3.2%.

Toshiba, which had been focusing on nuclear power as a growth driver, has struggled to secure orders as demand for nuclear power plants has slowed since the 2011 Fukushima nuclear disaster. It is unclear how this announcement will affect the sale of the minority stake in Toshiba's memory business.

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.

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

Toshiba, which employs 190,000 people, twice delayed planned earnings releases in 2015 as it reeled from a $1.3bn accounting scandal. Toshiba's prior guidance for fiscal 2016 was net income of 145.0 billion yen.

U.S. services sector rebounds in January
These higher costs are feeding through to higher selling prices, which will inevitably put upward pressure on consumer prices. A PMI reading above 50 indicates an expansion in manufacturing activity, while a reading below that points to a contraction.


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