Nov 8, 2018

Toshiba to liquidate UK nuclear arm NuGen

Toshiba will liquidate its UK nuclear arm NuGen and pull out of its US liquefied natural gas business as the crisis-hit industrial group seeks to eliminate risks. Mr Yeo, chair of the New Nuclear Watch Institute, accused the government of "Dithering" and failing to offer a firm financial package of assistance to Toshiba. Toshiba also lowered its full-year net profit guidance to ¥920bn from an earlier estimate of ¥1.07tn, to account for the costs of the NuGen withdrawal and a $806m payment linked to the sale of its LNG business in the US to Chinese gas company ENN Ecological Holdings. The GMB union criticised the government for failing to give enough support to Toshiba over the site. "The British government has blood on its hands as the final sad but predictable nail is banged into the coffin of Toshiba's jinxed jaunt into nuclear power," said Justin Bowden, the union's national secretary.

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