Investing and Global Finance News

Monthly Archives: March 2017

Toshiba’s Nuclear Arm, Westinghouse, Filing Bankruptcy

Computer-controlled Westinghouse sign atop the Wesco Building in Pittsburgh, Pennsylvania. The sign was demolished in 1998. Photo by Richard Huppertz

Due to huge cost overruns in two projects in Georgia and South Carolina, Westinghouse, the US nuclear division of Toshiba, has filed for bankruptcy protection. The losses have negatively affected the Japanese parent company, Toshiba putting the future of the conglomerate at risk.

Toshiba announced that the bankruptcy will not harm Westinghouse, UK, which has over 1,000 employees on its payroll.

The financial loss of its US nuclear business could impact Toshiba itself in a catastrophic way, with the years losses surpassing even $1 trillion yen ($9 billion), which is close to three times the previous estimate.

The Japanese government has been informed by Toshiba about its move to declare Westinghouse bankrupt.

In December 2016 Toshiba informed its investors that there were large losses connected with a deal made by Westinghouse. Assets that the company took on are expected to be worth less than initially thought, plus there is a dispute about payments that are due. As a result, Toshiba at first hoped to simply sell its majority stake in Westinghouse. Toshiba also received permission to delay reporting earnings twice, and now is expected to declare earnings on April 11. The company’s nuclear arm is the source of about 33 percent of the company’s revenue.

Saffron Coming to the USA?

Researchers at the University of Vermont have been working to encourage the cultivation of the world’s most expensive spice, saffron. The exotic spice comes from a fall-flowering crocus, which is now grown mostly in Iran. U of V scientists have already been raising the flower and extracting the valuable spice, and now would like to… Continue Reading

Recent Nominations to the Trump Administration

In recent news, there have been a number of nominations for positions in the President Trump government that were just announced. Elaine McCusker has been nominated as Principal Deputy Under Secretary of Defense, comptroller. She is the Director of Resources and Analysis at U.S. Central Command. Before this, she was a staff member on the… Continue Reading

New Travel Ban Expected to Curtail Flow of Refugees Once Again

Since President Trump issued his first executive order banning refugees from certain countries from entering the United States, there has continued to be a flow of people into the country, since the ban was cancelled a federal judge. Nearly 2,500 refugees have entered the United States from banned countries since the day of the executive… Continue Reading

Data Points to Strengthening Economy

The Commerce Department reported factory goods orders up by 1.2 percent in January. That increase followed a similar increase of 1.3 percent in December. The two data points signal that the recovery in the manufacturing sector is accelerating due to the rise in prices for commodities fuel a greater demand for machinery. Factory orders are… Continue Reading