Toshiba's Chairman Resigns as Its Nuclear Power Losses Mount

[bananas]

Source: New York Times

Toshiba, the embattled technology conglomerate, said it planned to write off more than $6 billion and withdraw from the business of building nuclear power plants as the impact of a disastrous bet on American nuclear energy continued to rock a mainstay of corporate Japan.

The company also said on Tuesday that its chairman, Shigenori Shiga, would resign, ending weeks of speculation.

Its executives have come under intense scrutiny because of the financial mess and the years of flawed business decisions that led to it. The company said it was examining whether managers had acted inappropriately when they struck a deal to buy a company at the center of the problems.

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Reactors that the company is building in the United States at the Virgil C. Summer nuclear station in South Carolina and the Alvin W. Vogtle nuclear plant in Georgia are about three years behind schedule and billions of dollars over budget. Plants in China are also taking longer than planned to complete.

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Read more: https://www.nytimes.com/2017/02/14/business/toshiba-chairman-nuclear-loss.html

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Those projects should be canceled immediately, they are a waste of money.

[bananas]

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

https://www.extremetech.com/computing/244441-toshiba-facing-bankruptcy-total-disintegration-thanks-bad-bets-nuclear-power

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

By Joel Hruska on February 14, 2017 at 4:45 pm

We’ve known for weeks that Toshiba was in rough shape and seeking to raise additional revenue through a potential partial sale to Western Digital, but events on Tuesday pushed the company’s position from “really bad” to “implosion imminent.”

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[Tikki]

3. Thanks bananas....This is the real future of nuclear...

those who keep following this out of date power source are being warned...

There is no real future, just time before failure.

Tikki

[starshine00]

4. after Fukushima mess

no one should be pushing nuclear ever again, one natural disaster and one reactor and there is no fixing it for ever how many thousands of years...

[bananas]

2. Delays, confusion as Toshiba reports $6.3 billion nuclear hit and slides to loss

http://www.cnbc.com/2017/02/14/delays-confusion-as-toshiba-reports-63-billion-nuclear-hit-and-slides-to-loss.html

Delays, confusion as Toshiba reports $6.3 billion nuclear hit and slides to loss

3 Hours Ago
Reuters

After a day of delays and confusion, Japan's Toshiba said on Tuesday it would book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and leaves the loss-making group scrambling for capital.

Highlighting the scale of its financial concerns, Toshiba also ramped up plans to raise cash, announcing it would consider selling most, even all, of its stake in its prized flash-memory chips business, plus its troubled nuclear business Westinghouse.

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[nitpicker]

5. Link to BBC

http://www.bbc.com/news/business-38965380