Ailing electronics giant Toshiba flags deeper lossesJune 23, 2017 - 17:22 AMT PanARMENIAN.Net - Ailing electronics giant Toshiba has said its losses for 2016 may be greater than it had previously forecast, BBC News reveals. It now predicts a net loss of 995bn yen ($9bn) for the year to March, up from its earlier estimate of 950bn yen. The firm was demoted to the second tier of the Tokyo Exchange after confirming its liabilities outweighed its assets. It also got regulatory approval to delay filing its annual earnings again, this time until 10 August, after a previous deadline extension to 30 June. Failure to gain an extension would have put the troubled company's stock exchange listing in further jeopardy. Chip sale In April, Toshiba said its future may be in doubt after facing a series of difficulties. An accounting scandal that was uncovered in 2015 led to the resignation of the chief executive and several senior managers. The company was found to have inflated the previous seven years' profits by $1.2bn. The firm was dealt another blow in January when it became clear its US nuclear unit, Westinghouse, was in financial trouble. Toshibas's dire financial position has forced it to try to sell off its highly prized chip unit. The company has named a consortium of Bain Capital and Japanese government investors as the preferred bidder for the business. But US-based Western Digital, which jointly runs Toshiba's main chip operations in Japan, has filed a request with the International Court of Arbitration to stop the sale going ahead. Toshiba is the world's second-largest chip manufacturer. Its products are used in data centres and consumer goods worldwide, including iPhones and iPads. Related links: 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 | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |