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| Toshiba predicts record $4.5bn loss | Toshiba predicts record $4.5bn loss |
| (35 minutes later) | |
| Troubled Japanese conglomerate Toshiba has said it will report a record 550bn yen ($4.5bn) annual loss as it undergoes a restructuring in the wake of an accounting scandal. | Troubled Japanese conglomerate Toshiba has said it will report a record 550bn yen ($4.5bn) annual loss as it undergoes a restructuring in the wake of an accounting scandal. |
| The company, whose activities range from laptops to TVs to nuclear energy, is planning to cut 6,800 jobs. | The company, whose activities range from laptops to TVs to nuclear energy, is planning to cut 6,800 jobs. |
| Investors sold Toshiba shares on Monday, leaving them down 10%. | Investors sold Toshiba shares on Monday, leaving them down 10%. |
| Toshiba's president and vice-president resigned in July after the firm said it had overstated profits for six years. | Toshiba's president and vice-president resigned in July after the firm said it had overstated profits for six years. |
| Masashi Muromachi took over as chief executive and president from president Hisao Tanaka and vice-chairman Norio Sasaki also resigned in the wake of the scandal. | |
| As part of its restructuring, Toshiba will sell its TV manufacturing plant in Indonesia. It is also looking for investors for its healthcare business. | |
| Toshiba, which was founded in 1875 and launched the world's first mass-market laptop in 1985, currently employs almost 200,000 people. | |
| It has lost about 40% of its value since news of the profit overstatement began to emerge in April. |