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Wednesday, March 29, 2017

Rebutting Trump: it took Japanese buccaneers only a decade to implode America's nuclear power industry.

Among the President*s sexual assault fantasies are those involving Asian nations ravaging the US economy.

Japan has been doing it for years, he says.

Which makes it hard to understand this story:

U.S. nuclear energy company Westinghouse Electric has filed for bankruptcy protection, as the subsidiary of Japanese conglomerate Toshiba cites more than $6 billion in cost overruns in the construction of four nuclear power reactors in the U.S.

Westinghouse says it has secured $800 million in financing as it goes through a "strategic restructuring." But that's just a fraction of the billions in losses it's expected to rack up this year.

From Tokyo, John Matthews reports for our Newscast unit:
"When the cost overruns for nuclear reactors in Georgia and South Carolina were announced in December of last year, Toshiba in Japan was still struggling to recover from a major accounting scandal that broke in 2015.
"Top Toshiba officials say that selling off Westinghouse is key to turning the conglomerate around, pegging liabilities from the subsidiary at just less than $10 billion. But analysts say it's unlikely that anyone will pay the nearly $5.5 billion Toshiba paid in 2006, not least because of soured opinion toward nuclear power since Japan's own disaster in 2011."
Westinghouse, whose acquisition by Toshiba wasn't finalized until the fall of 2006, says it will use the financing on what it calls its core businesses: "supporting operating plants, nuclear fuel and components manufacturing and engineering as well as decommissioning, decontamination, remediation and waste management."
As Japan's NHK News reports, "Just over 2 weeks ago, Toshiba executives announced they would remove Westinghouse from their consolidated financial statements. They intend to withdraw from the U.S. nuclear business entirely."

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