This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-39263403
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Toshiba looking to sell Westinghouse nuclear business | Toshiba looking to sell Westinghouse nuclear business |
| (35 minutes later) | |
| Toshiba president Satoshi Tsunakawa has said the company may sell its majority stake in US nuclear unit Westinghouse. | Toshiba president Satoshi Tsunakawa has said the company may sell its majority stake in US nuclear unit Westinghouse. |
| The struggling electronics firm bought Westinghouse in 2015, but it has suffered huge cost over-runs. | The struggling electronics firm bought Westinghouse in 2015, but it has suffered huge cost over-runs. |
| Toshiba has also been given permission to delay reporting its earnings for a second time - this time until 11 April. | Toshiba has also been given permission to delay reporting its earnings for a second time - this time until 11 April. |
| Mr Tsunakawa said: "We are working on nurturing our growth businesses to return to stable growth by fiscal years 2018 and 2019." | Mr Tsunakawa said: "We are working on nurturing our growth businesses to return to stable growth by fiscal years 2018 and 2019." |
| Shares in the company rallied late on Tuesday, closing up 0.5% in Tokyo after earlier falling by nearly 9%. | |
| In February, Toshiba's chairman stepped down and the firm delayed publishing its results over disagreements with its auditors. | In February, Toshiba's chairman stepped down and the firm delayed publishing its results over disagreements with its auditors. |
| Last month, the firm announced a 712.5bn yen ($6.3bn; £5bn) writedown because some of its US nuclear assets were worth far less than estimated. | Last month, the firm announced a 712.5bn yen ($6.3bn; £5bn) writedown because some of its US nuclear assets were worth far less than estimated. |
| The situation has led some analysts to warn that the company's future may be at risk. | The situation has led some analysts to warn that the company's future may be at risk. |
| Nuclear losses | Nuclear losses |
| While often still associated with its technology products, Toshiba has become a diverse conglomerate. Its nuclear services business brings in about a third of its revenue. | While often still associated with its technology products, Toshiba has become a diverse conglomerate. Its nuclear services business brings in about a third of its revenue. |
| However, that side of the business has not made a profit since 2013 and nuclear services globally are struggling since the Fukushima disaster in 2011. | However, that side of the business has not made a profit since 2013 and nuclear services globally are struggling since the Fukushima disaster in 2011. |
| Toshiba had initially alerted investors in December 2016 that it faced a heavy one-off loss linked to a deal done by Westinghouse. | Toshiba had initially alerted investors in December 2016 that it faced a heavy one-off loss linked to a deal done by Westinghouse. |
| Assets that it took on are likely to be worth less than initially thought and there is also a dispute about payments that are due. | Assets that it took on are likely to be worth less than initially thought and there is also a dispute about payments that are due. |
| Requesting permission for the new delay to its results, Toshiba said some US senior managers had exerted "inappropriate pressure" in the way the acquisition of a nuclear plant construction company had been dealt with in its accounts. | Requesting permission for the new delay to its results, Toshiba said some US senior managers had exerted "inappropriate pressure" in the way the acquisition of a nuclear plant construction company had been dealt with in its accounts. |
| Selling assets | Selling assets |
| Since December's announcement, Toshiba shares have lost more than half of their value. | Since December's announcement, Toshiba shares have lost more than half of their value. |
| To offset the upcoming writedown, Toshiba is also rushing to sell most or even all its prized memory chip business, which it thinks is worth at least $13bn. | To offset the upcoming writedown, Toshiba is also rushing to sell most or even all its prized memory chip business, which it thinks is worth at least $13bn. |
| The company is the second largest chipmaker in the world, behind Samsung. | The company is the second largest chipmaker in the world, behind Samsung. |
| Toshiba is also still struggling to recover from a scandal in 2015, when it emerged that profits had been overstated for seven years. The news prompted the chief executive to resign. | Toshiba is also still struggling to recover from a scandal in 2015, when it emerged that profits had been overstated for seven years. The news prompted the chief executive to resign. |