Just in:
First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Renewables Surge Sets Record, But Global Equity Lags // Universal Language for Healthcare: General Authority Embraces Global Coding System // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Emirates Post Speeds Up Deliveries for GCC with Special Day // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Emirati Aid Reaches Ukraine as Food Shortages Bite // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Global Audience to Witness Thrill of Dubai World Cup // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // French Leaders Gather for Interfaith Iftar Dinner // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // US reiterates concern over Kejriwal arrest, Cong accounts //
HomeChannelsBusinessToshiba considers booking big loss on U.S. nuclear power acquisition

Toshiba considers booking big loss on U.S. nuclear power acquisition

1482803364

By Makiko Yamazaki
| TOKYO

ADVERTISEMENT

TOKYO Toshiba Corp (6502.T) said on Tuesday it was considering booking a goodwill impairment loss of several hundreds of billion yen on a U.S. nuclear power acquisition made by its Westinghouse division, sending its stock plunging 10 percent.

The loss would deal a yet another heavy blow to a sprawling conglomerate hoping to recover from a $1.3 billion accounting scandal last year.

The Japanese electronics conglomerate said it would make any necessary announcements following a board meeting on the matter on Tuesday.

The potential loss relates to U.S. engineering firm Chicago Bridge & Iron’s (CB&I) (CBI.N) nuclear construction business that Westinghouse acquired in December last year for $229 million.

After the deal was completed, CB&I sued Westinghouse over how working capital in the deal should be calculated and which firm would shoulder potential liabilities related to cost overruns at two delayed nuclear power plant projects in the United States.

Toshiba has forecast a full-year net profit of about 145 billion yen this year.

Any big losses are likely to force Toshiba to boost a capital base that has been weakened by range of restructuring steps taken in the wake of the accounting scandal.

As of the end of September, Toshiba had shareholders’ equity of 363 billion yen, or just 7.5 percent of assets, which could fall close to zero if the company is forced to log significant losses.

(Reporting by Makiko Yamazaki; Chris Gallagher and Aparajita Saxena; Editing by Edwina Gibbs)

Reuters

ADVERTISEMENT

ADVERTISEMENT
Just in:
Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Ingdan Announces 2023 Annual Results // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // US reiterates concern over Kejriwal arrest, Cong accounts // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // No running of govt from jail, says Delhi Lt Governor // Emirati Aid Reaches Ukraine as Food Shortages Bite // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Universal Language for Healthcare: General Authority Embraces Global Coding System // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress //