Page 25 - ARUBA TODAY

BUSINESS Tuesday 16 May 2017
A25

Toshiba reports massive loss for year over Westinghouse woes

By YURI KAGEYAMA rather than results, since sell its computer-chip busi- ment. The arbitration will may delay bidding proce-
AP Business Writer they lack the company’s ness to shore up its finances, take place in San Fran- dures, we will make effort
TOKYO (AP) — Toshiba, auditors’ approval, but it but has become embroiled cisco, it said Sunday in a to dispel such concerns
whose U.S. nuclear unit was in line with what it had in a dispute with U.S. joint statement. by explaining to all poten-
Westinghouse has filed for said recently. venture partner Western “Seeking relief through tial bidders the validity of
bankruptcy protection, is The loss was about double Digital, which is demand- mandatory arbitration was Toshiba’s position,” he told
reporting a 950 billion yen the 460 billion yen ($4.1 bil- ing that Toshiba not sell it to not our first choice in try- reporters.
($8.4 billion) net loss for the lion) loss racked up the pre- anyone else. ing to resolve this matter. Toshiba also said it expects
fiscal year ended March. vious fiscal year. Western Digital said that However, all of our other to return to profit for the
The Japanese electronics Toshiba, whose products several of its SanDisk subsid- efforts to achieve a resolu- fiscal year through March
giant’s results have failed include computer chips iaries have filed a request tion to date have been un- 2018, of 50 billion yen ($442
to win auditors’ approval and household appliances, for arbitration with the ICC successful, and so we be- million).Costs in the nuclear
from the previous quarter, acquired Westinghouse in International Court of Arbi- lieve legal action is now a industry have ballooned
after questions were raised 2006. Its president, Satoshi tration over its NAND flash- necessary next step,” said since the March 2011 tsuna-
over the acquisition of U.S. Tsunakawa, has recently memory joint ventures with Western Digital Chief Exec- mi in northeastern Japan,
nuclear construction com- said the strategy based on Toshiba. utive Steve Milligan. when three reactors at the
pany CB&I Stone and Web- Westinghouse was a mis- The request seeks to stop Tsunakawa said he doesn’t Fukushima Dai-ichi nuclear
ster. take, and has promised it Toshiba’s sale without think Western Digital can plant sank into meltdowns,
Tokyo-based Toshiba Corp. won’t take on new nuclear SanDisk’s consent, arguing block Toshiba. and stricter safeguards are
called the results released projects. that it would be violation “With regards to your first required to operate and
Monday as projections, Toshiba has been trying to of the joint venture agree- question as to whether this build reactors. q
Keystone XL operator reassessing interest of US producers

By JAMES MacPHERSON “We are confident the proj-
Associated Press ect still has a need, abso-
BISMARCK, N.D. (AP) — lutely,” he said.
TransCanada Corp. is reas- TransCanada first submit-
sessing whether oil produc- ted its $8 billion Keystone
ers in North Dakota and XL project for review in late
Montana are still interested 2008. The company initial-
in shipping crude through ly balked at allowing U.S.
its long-delayed Keystone crude on the pipeline that’s
XL pipeline now that they designed mainly to carry
have other new options to Canadian oil south but also
ship their product, includ- passes through rich oil fields
ing the Dakota Access along the Montana-North
pipeline. Dakota border.
The Calgary-based com- The company reversed its
pany’s announcement stance in 2010 under politi-
this month comes with the cal pressure from officials in
Keystone XL still needing the two states. Montana’s
approval of its proposed then-Gov. Brian Schweitzer
route through Nebraska had threatened to hold
and with the Dakota Ac- up Keystone XL’s 280-mile
cess, which was designed The Keystone Steele City pumping station, into which the planned Keystone XL pipeline is to con- route through his state if it
to transport about half of nect to, is seen in Steele City, Neb. TransCanada Corp. is reassessing whether oil producers in did not agree to an “on-
North Dakota’s oil produc- North Dakota and Montana are still interested in shipping crude through its long-delayed Key- ramp.” North Dakota’s con-
tion, expected to be fully stone XL pipeline. gressional delegation also
operational by June. (AP Photo/Nati Harnik) pushed for access to the
TransCanada announced pipeline. The $140 million Work on that access line of changes in the oil mar- pipeline.
in 2011 that it had secured project, designed to carry was never started, and ket.” Ron Ness, president of the
five-year contracts to 100,000 barrels of crude TransCanada spokes- John said the company North Dakota Petroleum
move crude from the oil- daily from the rich Bakken man Matthew John said also would be surveying Council, said the state’s oil
fields of North Dakota and and Three Forks formations, the company plans to re- Canadian shippers to firm producers likely still want
Montana via a proposed would meet with the Key- engage with prospective up support for the entire the option of utilizing the
five-mile-long access stone XL in Baker, Montana. shippers “because of a lot Keystone XL. Keystone XL. q
American homebuilder sentiment climbs higher in May

By ALEX VEIGA builder sentiment index re- height of the last housing traffic by prospective buy- homebuilders this year.
AP Business Writer leased Monday rose to 70 boom. ers edged lower. U.S. sales of new homes
U.S. homebuilders are feel- this month. That’s up two The May index exceed- More Americans are seek- shot up in March to a sea-
ing more optimistic about points from 68 in April. ed analyst predictions, ing homes as job secu- sonally adjusted annual
their business prospects, Readings above 50 indi- which called for the read- rity has improved with low rate of 621,000, the fastest
reflecting a recent surge in cate more builders view ing to hold steady from unemployment. But even pace in 8 months. Sales
sales of newly built homes sales conditions as good last month, according to with construction running were running 12 percent
and a lingering shortage of rather than poor. The in- FactSet.Readings gaug- ahead of last year’s pace, higher during the first three
previously occupied homes dex has been above 60 ing builders’ view of sales the supply of new and exist- months of this year than
on the market. since September. It hit 71 now and over the next six ing homes across much of during the same period in
The National Association of in March, the highest level months also rose from last the country remains tight. 2016. April sales data are
Home Builders/Wells Fargo since June 2005 during the month, while a measure of That’s been good news for due out next week. q