Japan’s Toshiba slashes 7,000 jobs

Toshiba scraps £15bn Moorside nuclear power station plan

A statement from the Japanese engineering giant said: "After considering the additional costs entailed in continuing to operate NuGen, Toshiba recognises that the economically rational decision is to withdraw from the United Kingdom nuclear power plant construction project, and has resolved to take steps to wind-up NuGen".

She added: "As Toshiba has opted to pull the plug on this project then the government must step in".

The firm say it will start the wind-up process in January.

In a blow to the government's nuclear strategy, Toshiba, the Japanese conglomerate, said that it had chose to shut down its Nugen subsidiary, which was developing the Moorside project near Sellafield.

Toshiba's statement yesterday said: "Toshiba recognises that the economically rational decision is to withdraw from the United Kingdom nuclear power plant construction project, and has resolved to take steps to wind up NuGen". However, notwithstanding negotiations with multiple companies, Toshiba is unable to anticipate to complete the sale of NuGen during FY2018, to March 31, 2019.

Praising the dedication of NuGen staff and the commitment from Toshiba, Mr Samson said: "The most significant aspect of my disappointment is related to the impact this will have on Cumbria".

The announcement continued: "Unfortunately, it has not been possible to successfully conclude those negotiations".

The Japanese firm had been trying to sell NuGen, with the United Kingdom government also seeking new investors, but Toshiba admitted defeat on Thursday.

Age of Empires: Definitive Edition listed as available for Xbox One
There's no word on when the offer will end, so you'd better hurry on over to the Xbox Store to grab a copy for free. Crackdown 3 has a release window of February 2019 and will launch exclusively on Xbox One.

You have until November 18 to download Destiny 2 for free
It's not surprising to see Activision going after microtransactions in a bigger way considering it is very big business .

Tripple Explosion, Heavy Gunfire In Somalia, Mogadishu Near CID Headquarters
Sahafi Hotel has been popular with visiting foreigners because of its relative security as well as its view overlooking Mogadishu. Twin vehicle bombs detonated in Mogadishu within moments of each other, followed by gunfire and a third blast a while later.

"It is now for the Nuclear Decommissioning Authority as the owner of the site and the government to determine its future".

Sue Ferns, senior deputy general secretary of scientists' union Prospect, called for state intervention to save the scheme, saying the future of the United Kingdom nuclear industry was at stake. It is also devastating for the employees of NuGen who have worked so hard for the past decade to deliver a new nuclear project which would have delivered energy for generations to come.

Korea Electric Power Corporation had been earmarked as the preferred bidder to takeover but no deal has reached.

Toshiba had also held talks about selling the project with Canada's Brookfield Asset Management but they also fell through, a source told Reuters last month.

The decision has left the £15bn Moorside power station plans in tatters, taking with it the potential for thousands of jobs, millions of pounds in new investment and a seven per cent contribution to the nation's energy needs.

United Kingdom employment unions Unite and GMB called on the British government to step in to help save the Moorside project which NuGen said would create tens of thousands of direct and indirect jobs in the local area.

Justin Bowden, national secretary of the GMB union, said: "Relying in this way on foreign companies for our country's essential energy needs was always irresponsible".

Related:

Comments

Latest news

Anthony Martial back in France's national team squad | AP sports
France's players are due back in the country ahead of the Nations League clash with Netherlands on November 16 and friendly with Uruguay four days later.

Jordan: Rains and floods kill nine, force tourists to flee Petra
Authorities declared a state of emergency in the Red Sea port city of Aqaba further south as downpours started in the afternoon. University and schools have been closed and mosques opened to shelter civilians in areas hit by the floods.

California wildfire destroys homes, hospital; deaths reported
The fires, one in the north of the state and another to the south near Los Angeles, are moving fast, driven by strong winds. At one point, the Camp Fire was consuming 80 football fields worth of land per minute , fueled by winds of up to 50 mph.

Khashoggi's body was dissolved in acid: Turkish officials
Media reports have suggested that his body, which has not been found, could have been chemically dissolved. It then changed its narrative, saying the journalist died in fistfight.

Gunman Posted on Social Media During Bar Attack
About 18 months ago, Don and Effie MacLeod heard "an bad argument" and what he believes was a gunshot from the Longs' property. Thousand Oaks, a leafy, sprawling suburb, was named the third-safest city in the United States for 2018 by the website Niche.

ATP Finals: Marin Cilic profile
Djokovic is the current favorite to win the event with 8/13 odds while Federer is behind him with 11/4 odds. Federer isn't quite on top form after losing to Novak Djokovic in the Paris Masters.

Cricket Australia Sacks High-Performance Chief Pat Howard
Mr Amarfio helped broker the $1.2 billion broadcast deal, which CA signed earlier this year with Channel 7 and Foxtel. Chairman David Peever stepped down last week and director Mark Taylor quit on Monday.

Ranveer Singh, Deepika Padukone depart for destination wedding
The couple was spotted at Mumbai airport, twinning in white and making everyone go "awww" over their glowing faces. The couple will also reportedly host a reception in Bengaluru and Mumbai for their family and friends.

HTC’s standalone VR is available in the USA , starts at $599
Now, after a long wait of more than 7 months, the Vive Focus has arrived in the U.S. and certain other worldwide markets. This headset will be available in 37 markets and will cost $600 in the U.S. (note that the regular Vive for PC is $500).

Raheem Sterling extends Manchester City deal until 2023
Sterling, who has scored seven goals for the club this season, joined City from Liverpool in a £49m deal in 2015. If I'm producing and other players are producing that will only help the team".

Arab Coalition requests USA to halt aircraft fuel supply in Yemen operations
He told them cutting off support could jeopardize cooperation on counter-terrorism and reduce American influence with Saudi Arabia.

Boeing 747 Cargo Jet Skids Off Runway At Canada's Halifax Airport
The company operating it, Sky Lease Cargo, has been carrying seafood from the eastern province of Nova Scotia for sale in China. The airport's website was reporting delays and cancellations for both arriving and departing flights Wednesday morning.

England thrash Sri Lanka in first Test
However, Sri Lanka's team management will give Dinesh Chandimal every opportunity to heal before the second Test. I was a bit nervous initially, but to be able to contribute was awesome .

Disney plans new Star Wars prequel series
There's no word on a release date yet, nor do we know if Darth Vader might appear, crushing larynxes and making quips . A brief lineup of titles has been announced already, but another Star Wars project has just been added to that list.

LaMelo Ball gets 'Welcome to Ohio' billboard
Earlier this week, Ball announced that he will be playing high school basketball at Spire Academy, a prep school in Geneva, Ohio. So naturally, LaMelo and his team are looking at top ranking NCAA programs, in the event he chooses to go the collegiate route.

Other news