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bananas

(27,509 posts)
Mon Jan 30, 2017, 09:05 AM Jan 2017

Toshiba to withdraw from nuclear plant construction, chairman to quit

http://www.japantimes.co.jp/news/2017/01/28/business/corporate-business/toshiba-chairman-resign-struggling-u-s-nuclear-business/

Toshiba to withdraw from nuclear plant construction, chairman to quit

KYODO
JAN 28, 2017

Toshiba Corp. will cease taking orders related to the building of nuclear power stations, sources said Saturday, in a move that would effectively mark its withdrawal from the nuclear plant construction business.

The news comes amid reports Toshiba’s chairman may resign over the massive write-down that has doomed the company’s U.S. nuclear business.

The multinational conglomerate said Friday it will review its nuclear operations and spin off its chip business to raise funds in a bid to cover an expected asset impairment loss of up to ¥700 billion ($6.08 billion).

After Toshiba ceases taking new orders, it will focus on maintenance and decommissioning operations, according to the sources.

<snip>


One month ago:
http://www.ibtimes.co.uk/over-40-toshibas-stock-market-value-wiped-out-three-days-1598550

Over 40% of Toshiba's stock market value wiped out in three days

Third day of declines hammer Japanese technology giant after revelations of possible US writedown.

Gaurav Sharma By Gaurav Sharma
December 29, 2016 12:06 GMT

The Japanese industrial and technology giant Toshiba has seen more than 40% of its stock market value wiped off since Monday (26 December), after the company warned that its US nuclear business may be worth less than previously thought.

Shares in Tokyo-listed company fell 12% on Tuesday, followed by declines of 20% on Wednesday and another 17% at the close of trading in Thursday (29 December).

Earlier in the week, Toshiba revealed that it is facing the prospect of a hefty one-off loss at its US nuclear industry subsidiary Westinghouse Electric, which it bought in 2006.

<snip>


A year and a half ago:
http://www.reuters.com/article/us-toshiba-accounting-idUSKCN0PU0E920150720

Toshiba inflated profits by $1.2 billion with top execs' knowledge: investigation

Mon Jul 20, 2015 | 11:43am EDT
By Ritsuko Ando | TOKYO

Japan's Toshiba Corp overstated its operating profit by 151.8 billion yen ($1.22 billion) over several years in accounting irregularities involving top management, an independent investigation said in a report on Monday.

In the country's biggest corporate scandal in years, the findings could lead to the restatement of earnings, a board overhaul and potentially hefty fines at the computers-to-nuclear conglomerate.

Toshiba President and Chief Executive Hisao Tanaka and his predecessor, Vice Chairman Norio Sasaki, were aware of the overstatement of profits and delay in reporting losses in a corporate culture that "avoided going against superiors' wishes," the investigating committee said in a report filed by Toshiba to the Tokyo Stock Exchange.

The overstatement was roughly triple Toshiba's initial estimate. Sources have said Tanaka and Sasaki would resign in the coming months and most of the board would be replaced to take responsibility for the shortcomings.

<snip>


Further stock declines today:
http://www.reuters.com/article/us-toshiba-stocks-idUSKBN15E02P

Toshiba shares fall after report trust banks preparing to sue
Sun Jan 29, 2017 | 8:01pm EST

Shares of Toshiba Corp tumbled as much as 5.8 percent in early trade on Monday after a newspaper report that some trust banks are preparing to sue the company for damages.

The Asahi Shimbun reported that several trust banks including Mitsubishi UFJ Trust and Banking Corp are set to sue Toshiba after its share price tanked due to a massive accounting scandal that has upended the company.

On Friday, Toshiba said it would sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown on its U.S. nuclear business. It said the overseas nuclear division was now under review.

The Nikkei business daily separately reported over the weekend that Chairman Shigenori Shiga was ready to step down to take responsibility.

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Toshiba to withdraw from nuclear plant construction, chairman to quit (Original Post) bananas Jan 2017 OP
It's kind of amusing isn't it? NNadir Jan 2017 #1

NNadir

(33,523 posts)
1. It's kind of amusing isn't it?
Mon Jan 30, 2017, 10:21 PM
Jan 2017

Well it would be amusing, if the anti-nuke/"gas forever" industry wasn't responsible for the loss of seven million lives per year to air pollution with it's very, very, very, very, very transparent rhetorical selective attention.

These people are so evil and stupid that they'll prowl around the internet day and night to make a case that nuclear energy is a failure, even though right now on this planet there are 60 new nuclear reactors under construction, 51 of them each being of a size sufficient to produce, in one small building, more electricity than all of wind turbines in Denmark.

It's pretty funny too, that these people engage in wild eyed enthusiasm for the solar industry, which has not, is not and will not ever release us from the dangerous fossil fuel and biomass combustion that kills seven million people a year, about 800 every hour.

Here's a link to the list of solar companies that went bankrupt in the last ten years, squandering the resources of anyone stupid enough to have invested in them: Greentech's list of solar company failures since 2009

The 2012 portion of the list is rather long. Here's an excerpt:

2012

Bankrupt, closed

Abound Solar (CdTe) bankrupt
AQT (CIGS) closed
Ampulse (thin silicon) closed
Arise Technology (PV modules) bankrupt
Azuray (microinverters) closed
BP (c-Si panels) exits solar business
Centrotherm (PV manufacturing equipment) bankrupt and restructured
CSG (c-Si on glass) closed by Suntech
Day4 Energy (cell interconnects) delisted from TSX exchange
ECD (a-Si) bankrupt
Energy Innovations (CPV) bankrupt
Flexcell (a-Si roll-roll BIPV) closed
Gadir Solar (a-Si PV) Spain-based customer of Oerlikon Solar closed
GlobalWatt (solar) closed
GreenVolts (CPV) closed
G24i (DSCs) bankrupt in 2012, re-emerged as G24i Power with new investors
Hoku (polysilicon) shut down its Idaho polysilicon production facility
Inventux (a-Si) bankrupt
Konarka (OSCs) bankrupt
Odersun (CIGS) bankrupt
Pramac (a-Si panels built with equipment from Oerlikon) insolvent
Pairan (Germany, inverters) insolvent
Ralos (developer) bankrupt
REC Wafer (c-Si) bankrupt
Satcon (BoS) bankrupt
Schott (c-Si) exits c-Si business
Schuco (a-Si) shutting down its a-Si business
Sencera (a-Si) closed
Siliken (c-Si modules) closed
Skyline Solar (LCPV) closed
Siemens (CSP, inverters, BOS) divestment from solar
Solar Millennium (developer) insolvent
Solarhybrid (developer) insolvent
Sovello (Q-Cells, Evergreen, REC JV) bankrupt
SolarDay (c-Si modules) insolvent
Solar Power Industries (PV modules) bankrupt
Soltecture (CIGS BIPV) bankrupt
Sun Concept (developer) bankrupt


I note that in many cases these companies, which produce nothing at all after having run a scam, were subsidized with tax dollars, money that could have otherwise been spent on providing health care for the poor, or raising teacher salaries, protecting wilderness, educating engineers and scientists, including nuclear engineers and scientists, each of whom would have worked to save even more lives than the nuclear industry has already saved, a figure that James Hansen, climate scientist puts at 1.8 million lives.

But just as the assholes in the anti-nuke/"gas forever" industry choose to focus all their energy complaining about Fukushima while not showing a whit of concern for the 800 people who die every hour from air pollution, 24 hours a day, 365 days per year (366 on leap years), they love to point to financial difficulties in nuclear companies.

The world built over 400 nuclear reactors in a period of twenty years, and the country that built the most of them, the United States, enjoyed some of the least expensive electricity in the world. Of course the anti-nukes, with their heads so far up their asses that they will never get the shit out of their eyes and mouths are perfectly content to argue, in real Trumpian fashion, that what has already happened is impossible.

Well whatever. The anti-nuke community, which consists 99% of people who are entirely unfamiliar with the contents of science books is nothing more than a mob of arsonists complaining about forest fires.

The "economic" problem of the nuclear industry is nothing more than this:

1. The nuclear industry is required to do what no other industry can do, be entirely risk free, at least in the minds of the assholes who insist that one death from radiation is more than 70 million deaths from air pollution every decade.

2. A nuclear plant is designed to last between 60 and 80 years, not twenty years like wind turbines or ten years before the inverters become even more electronic waste in the case of solar trash. Thus a nuclear plant is an investment in the future, and the returns on those investments will not address the mindless greed of the short term thinkers who puke carbon dioxide into the atmosphere destabilizing, irreversibly, the future of the entire biosphere.

The Oyster Creek nuclear reactor is still powering my lights and computer, even though it came on line in 1969; it was a gift from my parents generation to mine. But the assholes in the anti-nuke/"gas forever" industry don't give a shit about future generations. Rather than address what they themselves are doing they make glib and completely illiterate statements like, um, the world will be totally powered by "renewable energy" by 2050.

3. Nuclear power, the only industry that has successfully stored its by products for more than half a century without a single loss of life, is required to explain how it will contain its so called "wastes" - which can be shown to be something quite different than "waste" for eternity, although the dangerous fossil fuel industry is allowed to indiscriminately dump its wastes directly into the atmosphere without much comment, and doesn't even need to show how it can contain its wastes for the next twenty minutes.

To sum it up, the anti-nuke industry consists wholly and entirely of mindless twits who look at the nuclear industry and only the nuclear industry using criteria that no other industry has ever come close to meeting.

If we had invested the same trillion dollars in nuclear power plants as we squandered in the last ten years on the failed, toxic and useless solar industry, we could have surely built one or two hundred reactors which would now be producing tens of exajoules of primary energy.

But that wasn't to be. The lie often manages to suppress the truth. It's easy to see how an awful person like Trump could stumble mindlessly into a position of vast responsibility. People are stupid. Regrettably not all of the stupidity is on the right however. We have anti-nukes who claim to be "environmentalists" even though they know nothing at all, zero, about the environment. The signature of their stupidity is written clearly and unambiguously in the planetary atmosphere. Yesterday, January 29, 2017, the reading at the Mauna Loa carbon dioxide observatory was 405.76 ppm of carbon dioxide. No one now living, infant to centenarian, will ever see a reading there below 400 ppm again.

This of course, will not deter a single anti-nuke from burning gas and coal to power their computer to skulk around the internet to complain about "nuclear economics." Of course, Chinese nuclear engineers couldn't give a shit what stupid westerners think. They're living with the most polluted air on earth, and they're going to do something about it. Unlike the anti-nuke navel gazers and lint pickers, they're not idiots.

Have a nice day tomorrow.
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