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BUSINESS Monday 12 June 2017
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Toshiba to pay $3.68 billion for Westinghouse reactors in US

By YURI KAGEYAMA ous finances over the U.S.
AP Business Writer projects. The reports are
TOKYO (AP) — Money- being given as projections,
losing Japanese nuclear not results.
and electronics compa- To stay afloat, Toshiba has
ny Toshiba Corp. will pay been trying to sell its lucra-
$3.68 billion toward the tive computer chip busi-
construction of two reac- ness. Even that effort has
tors in Georgia by its U.S. not gone smoothly. Toshiba
unit Westinghouse, which is wrangling with Western
has filed for bankruptcy Digital of the U.S., which
protection. has acquired some SanD-
Tokyo-based Toshiba said isk operations, including a
Saturday the payment, joint venture with Toshiba
under agreement with the in Japan.
operator of the Vogtle Toshiba President Satoshi
plant, will be made from Tsunakawa has acknowl-
October through January edged the company strat-
2021. egy based on Westing-
Toshiba said the expense house was a mistake, but
has already been figured has stressed he doesn’t
in its earnings. Toshiba re- A car drives along the entrance to Westinghouse International Headquarters in Cranberry, Pa., think Western Digital can
ported a 950 billion yen Butler county. Money-losing Japanese nuclear and electronics company Toshiba Corp. will pay block Toshiba in the chip
($8.6 billion) loss for the fis- $3.68 billion toward the construction of two reactors in Georgia by its U.S. unit Westinghouse, which sale.
cal year ended March. has filed for bankruptcy protection. Tokyo-based Toshiba said Saturday, June 10, 2017 the pay- Nuclear power will con-
Paul Bowers, chief execu- ment, under agreement with the operator of the Vogtle plant, will be made from October through tinue to be a major part
tive of Georgia Power, the January 2021. of Toshiba’s shrinking busi-
utility working with Westing- (AP Photo/Keith Srakocic) ness.
house to expand Vogtle, Westinghouse to Southern tougher and the construc- of the initial 2008 reactor It is still responsible for more
welcomed the deal. Nuclear and Georgia Pow- tion of the Westinghouse construction deal, and the than a dozen plants in Ja-
“We are pleased with to- er,” he said referring to his reactors has fallen behind latest agreement sets the pan, including decommis-
day’s positive develop- company and its parent. schedule. Toshiba is still in maximum for the payment, sioning Fukushima Dai-ichi
ments with Toshiba and Costs in the nuclear industry similar talks over a South according to Toshiba. nuclear plant, where three
Westinghouse that allow have ballooned since the Carolina plant about such Toshiba’s earnings reports reactors sank into melt-
momentum to continue at March 2011 nuclear disas- payments. have failed to get endorse- downs after the 2011 tsu-
the site while we transition ter in northeastern Japan, Toshiba’s shouldering West- ments from its auditors, giv- nami, in the worst nuclear
project management from as safety requirements get inghouse’s costs was part en the company’s precari- disaster since Chernobyl.q
Qatar Airways profits $540 million, braces for Gulf crisis

By AYA BATRAWY East’s biggest airlines, said and blocked direct flights Europe and Asia. The can- from their airspace.
Associated Press revenue rose last year from with the country. Qatar Air- celled flights impact many Qatar Airways CEO Akbar
DUBAI, United Arab Emir- $9.6 billion to $10.6 billion ways also stopped its flights of the airline’s travelers who al-Baker acknowledged
ates (AP) — Qatar Airways in the fiscal year ending to the four Arab countries fly via to Doha to interna- the measures in a state-
announced on Sunday its March 31. Its net profits in in response to the UAE’s tional destinations. ment in the company’s an-
net profits rose to $540 mil- 2016 stood at around $445 Etihad, Emirates, FlyDubai, Additionally, Qatar Airways nual fiscal report.
lion in its latest financial dis- million. Analysts estimate EgyptAir and Bahrain’s Gulf is now using longer routes “Qatar Airways continues
closure before the airline that a political standoff Air suspending flights to Qa- to its European and North to operate to the rest of its
took a hit and was blocked between Qatar and other tar. Qatar’s new and state- American destinations, in- network as per its published
from flying to major Arab Arab states will cost the of-the-art Hamad Interna- cluding direct flights to the schedules with day-to-day
states. airline heavily. Last week, tional Airport in Doha serves world’s busiest internation- adjustments for operational
The carrier, which marks its Saudi Arabia, the United as a major transit hub for al airport in Atlanta, after and commercial efficien-
20th anniversary this year Arab Emirates, Egypt and some 37 million passengers Saudi Arabia, the UAE and cies,” he said, without elab-
and is one of the Middle Bahrain cut ties with Qatar a year, largely between Egypt barred Qatari flights orating further.q