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| Toshiba shares fall 20% on deal warning | |
| (35 minutes later) | |
| Toshiba shares fell 20% on Wednesday after the firm warned that its US nuclear business may be worth less than previously thought. | Toshiba shares fell 20% on Wednesday after the firm warned that its US nuclear business may be worth less than previously thought. |
| The slump was large enough for trading in stocks of the Japanese industrial giant to be automatically halted. | The slump was large enough for trading in stocks of the Japanese industrial giant to be automatically halted. |
| Shares had already fallen 12% on Tuesday, after reports of the likely write-down began circulating. | Shares had already fallen 12% on Tuesday, after reports of the likely write-down began circulating. |
| Toshiba said the possible heavy one-off loss was linked to a deal done by a US subsidiary, Westinghouse Electric. | |
| Westinghouse bought the nuclear construction and services business from Chicago Bridge & Iron in 2015. But there is now a dispute over the costs of the deal and the value of the assets it took on. | Westinghouse bought the nuclear construction and services business from Chicago Bridge & Iron in 2015. But there is now a dispute over the costs of the deal and the value of the assets it took on. |
| Toshiba President Satoshi Tsunakawa apologised for "causing concern". | Toshiba President Satoshi Tsunakawa apologised for "causing concern". |
| Slimming down | Slimming down |
| The news is a blow for the firm's corporate reputation, which is still struggling to recover after it emerged profits had been overstated for years - prompting the chief executive to resign. | The news is a blow for the firm's corporate reputation, which is still struggling to recover after it emerged profits had been overstated for years - prompting the chief executive to resign. |
| Since then, Toshiba has been trying to slim down the business, including selling its medical devices operations to Canon. | Since then, Toshiba has been trying to slim down the business, including selling its medical devices operations to Canon. |
| But while the share price slump is a blow for investors, 2016 has still been a pretty good year for the firm's stocks - which had gained more than 77% before this week's falls. | But while the share price slump is a blow for investors, 2016 has still been a pretty good year for the firm's stocks - which had gained more than 77% before this week's falls. |