Toshiba to sell minority stake in chip business to Western Digital
The Dollar Business Bureau Japanese conglomerate Toshiba Corporation is in discussion to sell a minority stake in its well-performing flash memory division to the US maker Western Digital Corporation in a bid to raise funds, according to a source. Earlier, in a statement, Toshiba said that it had been looking for several options for its flash memory business, even a spin-off, but nothing firm had been decided. The laptops-to-engineering multinational, still coping with an accounting scandal of $1.3 billion, surprised its investors last month by declaring cost overruns at the US nuclear business it acquired in 2015, which could at present mean a charge against profit reaching $4 billion. The Tokyo-based company does not have any options on hand to mitigate the impact of ...
Writedown fears take off $5 bn of Toshiba's value
The Dollar Business Bureau An impending writedown at Japanese multinational Toshiba Corp has written off around $5 billion of its value in just two days that led to a downgrade of its credit rating on Wednesday, as the conglomerate was coping to bridge a potential multi-billion dollar gap.The Japanese major in a media statement on Tuesday said that “cost overruns a nuclear business in US it purchased from engineering company Chicago Bridge & Iron (CB&I) last year, Stone & Webster, which meant the company could face charges of several billion dollars,” leading to a bruising overpayment.However the company did not state whether that would write off the value of its assets but hinted that it would impact its net worth. It said ...
Rail locos from Japan stuck on pricing front
Source: PTI The procurement of 200 high-horse power electric locomotives for Western Dedicated Freight Corridor (WDFC) is stuck at the negotiation stage as the railways has differed with a Japanese consortium on the pricing front. The railways is contemplating procuring 200 electric locomotives of 9000 horse power (HP) capacity each for WDFC and as per the loan condition, these have to be bought from Japan. “We are in negotiation with the Japanese consortium for the procurement of 200 electric locomotives. The prices quoted by the Japanese companies are on higher side which we are not agreeing to,” said a senior Railway Ministry official. The loco contract is estimated to be about Rs.4500 crore and the first batch of locomotives is ...
