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16 February 2017, 12:56 | Ella Tate
Ailing Toshiba looks to book ¥500 billion April-December loss
The UK's nuclear company, NuGen, a joint venture between Japan's Toshiba and France's ENGIE, reassured the country Tuesday Toshiba remains committed to developing its Moorside project, Kallanish Energy reports. The company said it may have to book several billion dollars in charges related to a US nuclear power plant construction company acquisition, rekindling "concerns about its accounting acumen".
Toshiba will be downgraded to the Tokyo Stock Exchange's second section from the first section if it posts excessive liabilities for the year through March.
Last month the company announced its United States subsidiary, Westinghouse Electric, may have overpaid - by several billion dollars - for another nuclear construction and services business.
Toshiba bought the US-based Westinghouse Electric Company, nuclear energy business in 2006 for $US5.4 billion ($AU7.1 bn), but it suffered from rising cost overruns on two key projects.
Toshiba said its net worth was in the negative, at minus 191 billion yen ($1.7 billion) at the end of a year ago, but the company hopes to fix that by the end of March. In 2015, Toshiba declared its nuclear business was more profitable now than when the company acquired it, but scandals over the Japanese firm's accounting broke soon thereafter.
Whistleblowers have flagged concerns that senior management at Westinghouse exerted "inappropriate pressure" to advance the acquisition process, Toshiba said.
NuGen CEO Tom Samson said: "The project has made significant progress since Toshiba took over as major shareholder in 2014".
The results have yet to be approved by the company's auditor and have been released as guidance, Toshiba said.
As a result shareholders' equity at the end of December was minus $1.7 billion.
Toshibaannounced yesterday it would reduce its exposure to reactor construction projects outside Japan.
It is speculated that Toshiba will dramatically reduce its nuclear operations and stop building new atomic power stations.
Efficiency moves expected at CB&I Stone & Webster never played out, resulting in a huge overvaluation of the company's worth that led to the huge losses.
It can't raise money on the stock exchange due to the exposure of accounting irregularities past year. The company also downgraded its earnings projection for the full year through March to a 390 billion yen loss, from the previous estimate of a 145 billion yen profit.
Frontier adding service from ABIA to San Diego, Washington DC
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Green Bay Packers part ways with Sam Shields
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Girl Scout selling cookies robbed of $50 in Philadelphia
Toomer serves as Girl Scouts Service Unit Administrator for Troop 453, a territory that includes Gretna, Harvey and Terrytown. The new Girl Scout cookies aren't the only food (or drink) to chase the popularity of s'mores by recreating their flavor.
Tourist mauled to death by three tigers at Chinese zoo
Zhang eventually climbed a further wall to enter the tiger enclosure, while his friend stayed back, the statement said . After several failed attempts to escape, one tiger drags the blood-soaked man into the woods before ragging him around.
Israeli Forces Ready to Empty West Bank Settlement
Two days later on January 26, Israeli officials gave the final approval for 153 settler homes in east Jerusalem. Slogans such as "Jews don't expel Jews" were raised, and some protestors set fire to tyres and trash piles.
12 killed as landslides hit 3 Bali villages
Environmentalists blame the frequent occurrence of landslides on deforestation and poor urban planning. Landslides are common in Indonesia during the monsoon season, but are relatively rare in Bali .