In new five-year plan, Toshiba to cut thousands of jobs, withdraw from British nuclear plant and U.S. LNG businesses
Japan Times -- Nov 09
Toshiba Corp. on Thursday announced its five-year business reform plan to revamp its operations, with thousands of global job cuts, a withdrawal from its nuclear plant construction business in Britain and a sell-off of a U.S. liquefied natural gas operation on the agenda.

The technology conglomerate plans to cut about 7,000 jobs globally over the next five years, Toshiba Chairman and CEO Nobuaki Kurumatani said at a news conference in Tokyo.

The planned restructuring comes as Toshiba reported financial results for the April-September period earlier in the day. It posted ¥1.08 trillion ($9.5 billion) in net profit, a sharp turnaround from a loss of just under ¥49.8 billion a year earlier, as it completed the sale of its chip subsidiary.

But even with the ¥1 trillion net profit in the latest term, Toshiba needs a fundamental rethink regarding its organizational structure and its business operations in order to stay afloat, according to industry analysts.

Its group operating profit tumbled 80.7 percent to ¥6.98 trillion on sales of ¥1.78 trillion, down 5.1 percent.

For the current fiscal year ending March 31, Toshiba cut its profit estimate, citing various restructuring-related costs including a ¥93 billion loss expected from selling its U.S. natural gas business, projecting a net profit of ¥920 billion against the previously estimated ¥1.07 trillion.

News source: Japan Times
Jan 18
A Japanese court has turned down an appeal from Carlos Ghosn's defense team over a decision to deny the former Nissan Motor chairman bail. (NHK)
Jan 17
Executives at major Japanese food maker Ajinomoto say they are raising prices of instant soup stocks and salt for home use, citing higher costs. (NHK)
Jan 17
The Tokyo Metropolitan Government appears to be considering redeveloping the former site of the Tsukiji food market as a venue for international conferences and expos. (NHK)
Jan 16
A Tokyo court has denied bail to Nissan Motor's former Chairman. Carlos Ghosn has been in detention for nearly two months since November. (NHK)
Jan 16
Tokyo tax authorities have found that Google Japan failed to declare about ¥3.5 billion in income for 2015, a source close to the matter said Tuesday. (Japan Times)
Jan 14
A 59-year-old man believed to be one of the main suspects in a bogus land deal in Tokyo has been arrested, a key development in the investigation into a mass-scale fraud that swindled billions of yen from the country’s leading house builder. (Japan Times)
Jan 10
Carlos Ghosn’s appeal against his ongoing detention was rejected by the Tokyo District Court, according to a statement released by the court Wednesday. The ousted Nissan chairman’s lawyers will now appeal the decision at a higher court, NHK reported. (Japan Times)
Jan 09
The defense team for Nissan Motor's former chairman Carlos Ghosn says they are confident that he committed no crimes and there is no reason for his continued detention. (NHK)
Jan 08
Yusaku Maezawa, a Japanese billionaire known for having been named as the first private passenger to orbit the moon, has now become tweeter of the most retweeted tweet of all time by announcing he will give 1 million yen ($9,200) to 100 people each. (Kyodo)
Jan 07
A Philippine court has ordered the arrest of Japanese pachinko billionaire Kazuo Okada, about a month after the country's Department of Justice recommended the filing of charges against him over three counts of fraud. (Japan Today)