Bad news continues to surround Toshiba as its U.S. nuclear business is likely to force a write-down of as much as several billion dollars. We see a huge surge in Sentifi crowd attention for Toshiba, so join the conversation.
Toshiba: Continues to plunge
The Japanese company saw 20 percent of its market value erased after it revealed the cost overruns at the U.S. nuclear reactors it is building in the U.S. are likely to force a write-down of as much as several billion dollars. This is particularly troublesome for the company as it threatens the company’s turnaround plan following the 2015 accounting scandal. The company further said it was looking at emergency steps to raise capital, including borrowing from its main banks.
Chinese digital mapping company NavInfo, along with internet group Tencent and a Singapore fund, is investing in the future of self-driving cars via the purchase of a 10 percent stake in a digital mapping company controlled by Germany’s leading carmakers. This move supports China’s recent push in the development of electric and autonomous cars and several high-profile investments in high-tech companies in Europe.
Panasonic: Invests in Tesla
The Japanese company is investing $256 million in Tesla’s plant in Buffalo, New York, to make photovoltaic cells and modules. In return, Tesla will purchase PV tech from Panasonic via a long-term plan. The partnership will commence in 2017 when the companies begin building cells and modules, with one gigawatt of production planned by 2019.
Jawbone: Can sell its devices in the U.S. following the dropped lawsuit
Fitbit’s decision to drop one of its patent infringement cases against rival Jawbone means that Jawbone now will be able to bring its product into the U.S. Unfortunately, with the financial issues it is facing, being able to do business in the U.S. doesn’t mean that it can. The company still has no plans to file for bankruptcy.
Jet Airways: Plane crashes on take-off
A Jet Airways has crashed on take-off in Goa, India, after smoke reportedly was seen in the cabin ahead of take-off from an Indian holiday resort. The plan was carrying 161 passengers. Everyone was evacuated, with only 12 people being injured. The authorities have launched an investigation into the accident.
Seattle Genetics: Stocks plummet due to casualties in cancer trial
The U.S. Food and Drug Administration has put three Seattle Genetics drug trials in suspension after four patients died from liver damage. The risk of liver damage from the trial is an actual threat, and the FDA is assessing the trials and the risk. More than 300 patients have been taken part in the trials.
Diamond Sector: At risk of disruption due to India’s currency crisis
Analysts believe the global diamond industry will face disruption in the first few months of next year because the demonetization of the high-value banknotes has stalled the operation of many diamond businesses in India, which mostly operates based on cash. Those businesses are responsible for cutting and polishing 80 percent of the world’s diamonds. Early estimations showed India’s rough diamond imports could decline by up to 25 percent between December and March.
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