Jun 23, 2017

Troubled Toshiba flags deeper losses

Ailing electronics giant Toshiba has said its losses for 2016 may be greater than it had previously forecast. Failure to gain an extension would have put the troubled company's stock exchange listing in further jeopardy. In April, Toshiba said its future may be in doubt after facing a series of difficulties. Toshibas's dire financial position has forced it to try to sell off its highly prized chip unit. 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.

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