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Toshiba to cut 7,000 jobs as it predicts record $4.5bn loss
Toshiba to cut 7,000 jobs as it predicts record $4.5bn loss
(1 day later)
Scandal-plagued Japan’s Toshiba has said it will cut 7,000 consumer electronics jobs and make a record loss of $4.53 billion (£3 billion) after a $1.3 billion accounting scandal.
Scandal-plagued Japan’s Toshiba has said it will cut 7,000 consumer electronics jobs and make a record loss of $4.53 billion (£3 billion) after a $1.3 billion accounting scandal.
The company, whose activities include everything from laptops to nuclear power, said it will streamline the company to focus on chips and nuclear energy.
The company, whose activities include everything from laptops to nuclear power, said it will streamline the company to focus on chips and nuclear energy.
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.
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.
That restructuring will trigger the record net loss for the fiscal year to the end of March, the company added.
The Japanese firm admitted earlier this year that it had overstating its accounts since as far back as its 2008 financial year.
The Japanese firm admitted earlier this year that it had overstating its accounts since as far back as its 2008 financial year.
The revelations led to the resignation of Hisao Tanaka, president of the conglomerate, and around half of the 16-strong board.
The revelations led to the resignation of Hisao Tanaka, president of the conglomerate, and around half of the 16-strong board.
Federal Reserve Bank Chair Janet Yellen holds a news conference where she announced that the Fed will raise its benchmark interest rate for the first time since 2008 at the bank's Wilson Conference Center December 16, 2015 in Washington, DC.
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Profits at the Italian luxury goods group Prada fell 38 per cent in the quarter to 31 October, hit by slumping sales in China. Europe and Japan were the only two areas that saw modest growth for the fashion house, whose 2016 lines were modeled at the Milan Fashion Week. But a strong dollar held back travelers headed to the United States.
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A man in a space suit watches a television with school children at the Science Museum ahead of the launch of space mission Principia in London.
European Space Agency Astronaut Tim Peake is the first publicly funded Briton in Space.
The value of the space sector in the UK has grown from £6.5 billion in 2007 to £11.8 billion in 2014. It currently employs nearly 35,000 skilled workers, with current government ambitions for the sector to grow to £40 billion by 2030 and a further 100,000 jobs.
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Commission President Jean-Claude Juncker jokes with a Member of the European Parliament ahead of a debate on the future of the Economic and Monetary Union at the European Parliament in Strasbourg, France, December 15, 2015
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A robot arm, developed by Nachi Robotic Systems was on show at the International Robot Exhibition in Tokyo on Wednesday December 3. The Bank of England recently published research that 15 million UK jobs could be at risk of automation in the coming decades.
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Elizabeth Holmes is the only woman that has made it on the Forbes magazine “America’s richest entrepreneurs under 40” list. Elizabeth Holmes who founded the blood-testing company Theranos came sixth with $4.5 billion (£2.9 billion). Facebook’s Mark Zuckerberg topped the ranking with $47.1 billion.
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Peppa set out to hog the market - The film and TV distribution company Entertainment One said it was on course to double merchandise sales for the pre-school favourite Peppa Pig to $2bn (£1.3bn) by 2020. Sales of Peppa toys will begin in China next year, following the launch of the TV show there. E1's underlying annual profits climbed by 42 per cent to £52m, on sales up 2 per cent at £337m.
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The Eiffel Tower illuminated with the French national colors in tribute to the victims of the November 13, 2015 Paris terror attacks. Tourism and travel stocks fell on Monday in the wake of Friday’s jihadist attacks in Paris – as a leading European policymaker warned that the killings could compound the region’s economic woes.
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A model holds a 12.03-carat blue diamond during a press preview by auction house Sotheby's in Geneva on November 4, 2015. A 12.03-carat blue diamond could fetch a record $55 million (47 million Euros) when it goes under the hammer by Sotheby's on November 11 in Geneva. Categorised as a fancy vivid blue diamond, the Blue Moon, discovered in South Africa in January last year, is the largest cushion-shaped stone in that category to ever appear at auction
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Burberry shares were down 12 per cent after it missed forecasts for sales in the first half of 2015 as Chinese customers cut back on luxury goods.
Polaroid's owner C&A is suing Go Pro over its Hero4 Session camera, claiming the ice-cube shaped device is a rip-off of the Polariod Cube camera and infringes its patent. Shares in Go Pro, which denied the announcement, fell to an all-time low.
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In the aftermath of the Volkswagen emissions scandal BMW shares have fallen by more than 5 per cent after claims one of its models exceeded European emissions limits by more than 11 times.
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The coffee chain will provide an interest-free loan to pay a rental deposit that should be repaid within 12 months
Reed Hastings, founder and CEO of Netflix has said that companies greatly underestimate the importance of reference checks when hiring
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VW CEO Martin Winterkorn ousted over diesel emissions that could cause thousands of premature deaths
Groupon has cut 10% of its workforce and closed its operations in 7 countries. When it went public in 2011 it was valued at $12.8bn
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Britain's Chancellor George Osborne has urged closer business ties with China when he visited Shanghai, the country's commercial hub, on Tuesday. He declared that the UK and China will "stick together", despite stock market turmoil and faltering economic growth in the world's second-largest economy.
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Manchester United's absence from the Champions League hurt more than the fans' pride last year - it also dented the bottom line. Revenues at the New Uork listed club dipped 8.8 per cent to £395.2m in the year to June, triggering a £1.2 million loss after broadcasting and sponsorship deals dried up. The club said it was now looking to raise $400m from a share issue.
2015 Manchester United FC
Production of the next Star Wars movie has brought an economic impact of some £150 million to Britain, according to company accounts. The seventh movie in the series, The Force Awakens, will be released in December.
The Net-a-Porter founder Natalie Massenet decided to quit the online fashion retailer during "a summer of reflection" that included a spectacular 50th birthday party on the Almalfi coast.
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The chief executive of Yahoo, Marissa Mayer, said that she was expecting twin girls in December. She said she would "approach the pregnancy and delivery the same way as I did with my son three years ago, taking limited time away and working throughout". In 2012, she took two weeks off when her first child was born.
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Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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"By implementing this plan, we would like to regain the trust of all stakeholders including shareholders and transform ourselves into a robust business," it said in a statement.
"By implementing this plan, we would like to regain the trust of all stakeholders including shareholders and transform ourselves into a robust business," it said in a statement.
Toshiba shares, which have lost about 40 per cent of their value since news of the accounting problems began to surface in early April, were last down almost 10 per cent.
Toshiba shares, which have lost about 40 per cent of their value since news of the accounting problems began to surface in early April, were last down almost 10 per cent.
