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Toshiba president considering options thus apologies
The president of Toshiba has apologized for delaying the release of its earnings report for a second time. Satoshi Tsunakawa called for tough reforms, as well as a departure from past strategies of excessive growth. He said he will focus on sound business management.
Toshiba earlier said it plans to sell the majority of the shares in its subsidiary, Westinghouse, and withdraw from the nuclear plant business in the United States. Toshiba expects to post about 6 billion dollars in losses for the US business.
Tsunakawa said Westinghouse suffers from high construction costs for new nuclear plants, but that it has stable businesses, including fuel-related operations.
Regarding the possibility of Westinghouse filing for bankruptcy, he said that he’s considering all options.
Tsunakawa commented on plans to spin-off Toshiba’s flash memory chip business into a new company and sell its shares. He said the semiconductor technology concerns national security and that buyers will be selected with that in mind as well as what they will offer current employees.
He said he understands Toshiba’s shares could be downgraded from the first to second section of the Tokyo Stock Exchange, as shareholders’ equity may fall into the negative.
Toshiba says it will once again delay the release of its earnings report for the October-December period.
The firm cites an ongoing investigation into alleged inappropriate accounting at its US nuclear power plant business.
A month ago, Toshiba revealed that losses in the US business would amount to just over 6 billion dollars. The company then postponed the release of an earnings report for the quarter. It also delayed the release of a April-December period report.
It said whistleblowers told the firm that there was inappropriate pressure regarding the accounting of the firm’s US subsidiary Westinghouse, and that the probe would take about a month.
But on Tuesday the firm, in an unusual step, requested another one-month postponement of the release to a local branch of the Finance Ministry. It approved a new deadline of April 11th.
Toshiba says it decided that it was necessary to investigate other periods along with the 3 months through December.
The rebuilding of its US nuclear business is a key factor for Toshiba to make a turnaround. Westinghouse’s filing for bankruptcy is being considered as an option.NHK news
400Ks,Years old human skull found in central Portugal
An international team of archaeologists have discovered the oldest human fossil ever found in Portugal, a skull about 400,000 years old, Portuguese Lusa News Agency reported on Monday.
The archaeologists led by Joao Zilhao, a Portuguese national, found the skull in a cave of Aroeira, Torres Novas, in central Portugual, and presented their findings on Monday in a study published in this week’s issue of the bulletin of the U.S. National Academy of Sciences.
“It is the oldest human fossil found in Portuguese territory and one of the oldest in Europe,” Joao Zilhao said.
A human fossil has never been found from Pleistocene period (Ice Age), which covered the period from 2.5 million years ago to 11,500 years ago, in such a western part of Europe.
The archaeologist indicated that the interest of this fossil is that it is very well dated and becomes standard of reference for interpretation of other more complete fossils but not so well dated.
Excavations in the cave where this skull was found will continue as archaeologists hope to find more skeletal remains of this individual or even parts of the skull that were missing.
5.1-magnitude quake hits Xinjiang
A 5.1-magnitude earthquake hit Akto County of northwest China’s Xinjiang Uygur Autonomous Region at 7:07 p.m. Tuesday (Beijing Time), according to the initial measurement of the China Earthquake Networks Center (CENC).
The epicenter was monitored at 39.27 degrees north latitude and 73.6 degrees east longitude.
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