Toshiba called "laughing stock" over crisis March 30, 2017 - 16:29 AMT PanARMENIAN.Net - Toshiba's management has come under fierce criticism from shareholders, despite investors approving plans to sell its valuable memory chip unit, BBC News reports. The company needs money to plug a gaping hole at its US nuclear unit Westinghouse, which filed for bankruptcy protection on Wednesday, March 29. Due to the woes at Westinghouse, Toshiba is struggling with debt that some warn might threaten its future. One investor said management had turned Toshiba "into a laughing stock". "You have no clue what's going on," the investor added, speaking at a shareholder meeting that approved the sale of Toshiba's NAND flash-memory unit. The company has twice postponed its annual earnings and is now expected to file a net loss of 1tn yen ($9bn), which would be one of the biggest losses in the country's corporate history. The Japanese conglomerate estimates its memory business to be worth $18bn and plans to sell parts or all of it. According to media reports, the potential buyers for the memory chip unit include US firms Western Digital and Micron Technology as well as South Korea's SK Hynix.  Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Armenian, Saudi Foreign Minister meet in Riyadh  The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi ArabiaPashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”.U.S. doesn’t see Russia as contributing to peace in Caucasus Patel made the remarks when asked about the implications of Russia’s withdrawal of peacekeepers from Karabakh.Up to 1% cashback when shopping on Wildberries with IDBank cards IDBank is launching an exclusive campaign on Wildberries for online shopping enthusiasts. |
