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MoneyToshiba to shed troubled assets, cut 7,000 jobs as part of new 5-year strategy

17:20  08 november  2018
17:20  08 november  2018 Source:   reuters.com

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TOKYO — Toshiba warned on Monday that it would incur its largest net loss ever as it tries to The Japanese company, whose financial struggles were laid bare this year in a .2 billion accounting scandal, said it would eliminate 7 ,800 jobs , mostly in its Shedding workers is expensive in Japan

As part of the newest changes, HSBC said it would increase its investment in Asia, where it About 8, 000 of the job cuts are expected in Britain, where HSBC employs about 46, 000 people. HSBC also said it would reduce so-called risk-weighted assets , a measure of the risk of the capital it holds, by 25

Toshiba to shed troubled assets, cut 7,000 jobs as part of new 5-year strategy © AP

Toshiba Corp <6502.T> is liquidating its British nuclear power unit and selling its U.S. liquefied natural gas (LNG) business, as the once-mighty industrial conglomerate seeks to unload troubled assets and regain investors' confidence.

The plans are part of a new five-year business strategy Toshiba announced on Thursday, which also included 7,000 job cuts, or 5 percent of its workforce, over five years.

The company's shares surged as much as 13.7 percent to near two-year highs after the announcement, helped also by a much anticipated move to repurchase up to 40 percent of its own shares starting Friday. They closed 12.7 percent higher.

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(Reuters) - Toshiba Corp is looking to cut up to 7 , 000 jobs , as it looks to streamline operations in the wake of an accounting scandal, the Nikkei business daily An independent inquiry had found that the CEO had been aware the company had inflated its profits by .2 billion over a period of several years .

Toshiba said its net loss for the fiscal year would be . 5 billion but shares were buoyed by an Toshiba , the largest Japanese maker of semiconductor chips, had already shed 4,500 temporary workers The company attributed the loss, in part , to an ¥85 billion write-down in deferred tax assets .

Toshiba has been trying to win back the market's trust after a 2015 accounting scandal uncovered widespread irregularities at the laptops-to-nuclear conglomerate for years.

The scandal forced it to recognise huge cost overruns at now-bankrupt U.S. nuclear unit Westinghouse, prompting it to sell its prized memory chip unit earlier this year to a consortium led by U.S. private equity firm Bain Capital and leaving it with few growth businesses.

"There had been reports about a possibility of selling non-performing business and job cuts so such moves had been expected at some point. But investors are taking heart," said Hiroyuki Fukunaga, chief executive of Investrust, a financial advice firm.

"The share buyback announcement worth up to 40 percent of outstanding shares is definitely positive, too."

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Shares in Toshiba fell nearly 12 percent in Tokyo on Tuesday after it said that it might need to write off several billion dollars related to an acquisition in the nuclear power sector. Toshiba took a .3 billion write-down on the acquisition last year . Toshiba Plans to Cut 7 ,800 Jobs as It Warns of Huge Loss.

Scandal-hit Toshiba has today warned that it expects an annual loss of Y550bn (. 5 bn) and plans to shed nearly 7 , 000 jobs in its personal computer and Toshiba said it also plans to flog its TV plant in Indonesia and end sales of TVs outside Japan. Overall, it will shed 10,600 jobs as part of plans to

Toshiba had already promised a share buyback of 700 billion yen earlier this year, but the timing had been undecided. Its announcement on Thursday appeared to outweigh a weaker profit forecast - the company said it now expects a full-year operating profit of 60 billion yen rather than a previous estimate of 70 billion yen.

Toshiba to shed troubled assets, cut 7,000 jobs as part of new 5-year strategy © Reuters/Toru Hanai sThe logo of Toshiba is seen as a shareholder arrives at Toshiba's extraordinary shareholders meeting in Chiba

STEMMING LOSSES

Toshiba has been trying to shed troubled assets that could have exposed the Japanese company to future losses.

The decision to liquidate NuGen, however, would be a blow to Britain's plans to build a nuclear plant that was meant to provide 7 percent of the country's electricity. Reuters was the first to report last month that Toshiba was considering liquidating NuGen.

South Korea's state-run Korea Electric Power Corp (KEPCO) <015760.KS> has been in talks with Toshiba to buy a stake in NuGen. South Korea's energy ministry said on Thursday it will closely coordinate with the British government on the NuGen project, while monitoring the liquidation process with KEPCO.

Toshiba to wind up UK nuclear power venture

Toshiba to wind up UK nuclear power venture Toshiba has confirmed plans to wind up its UK nuclear venture behind the development of the planned Moorside power station in Cumbria. The struggling Japanese engineering firm revealed its NuGen vehicle was to be shut down early next year as part of renewed efforts to shore up its finances following its disastrous acquisition of US nuclear energy firm Westinghouse. Westinghouse was placed in bankruptcy protection last year amid billions of dollars worth of losses, forcing Toshiba to raise funds by selling off its prized chip-making business.

LONDON— Anglo American NGLOY 1.23% PLC said it would cut 85, 000 jobs over the next several years as part of a sweeping restructuring, a drastic response New projects have been put on ice and expansion plans scrapped in a downturn many industry veterans say is the worst they have ever seen.

Scandal-plagued Japan’s Toshiba has said it will cut 7 It television manufacturing plant in Indonedia will also be sold as part of the cuts, taking the number of potential job losses to over 10, 000 . That restructuring will trigger the record net loss for the fiscal year to the end of March, the company added.

Toshiba to shed troubled assets, cut 7,000 jobs as part of new 5-year strategy © AP On the LNG project, Toshiba did not identify the buyer, saying that it was a foreign entity and will be announced later in the day. It will be paying the buyer $800 million to assume its commitment to purchase 2.2 million tonnes per year of the fuel from Freeport LNG in Texas.

The company has spent years trying to either sell the gas to power customers or offload the business after signing the 20-year contract to buy LNG from Freeport.

The Nikkei business daily reported on Thursday, without citing a source for the information, that the buyer is a unit of Chinese gas company ENN Group. An ENN Group spokesman said when contacted by Reuters that he was not aware of the deal.

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