World Bulletin / News Desk
Toshiba on Thursday met a looming deadline to report its long-delayed financial results, saying it lost around $8.8 billion in the last fiscal year over its hard-hit US nuclear unit Westinghouse Electric.
But the troubled company is still on shaky ground as it faces a court battle to sell off its prized memory chip business for around $18 billion -- the sale is seen as crucial to its turnaround.
There were growing worries that Toshiba may not make Thursday's deadline to supply financial statements for the fiscal year ended in March, as it was at odds with its auditor over multi-billion dollar losses at Westinghouse.
Toshiba had repeatedly delayed the release of its financial statements, saying it needed more time to gauge the impact of Westinghouse on its balance sheet.
The massive losses at the division -- largely owing to delays and cost overruns -- have raised doubts about the future of Toshiba, which is still recovering from a 2015 accounting scandal.
The firm is also probing whistleblower claims of financial misconduct by senior managers Westinghouse.
However, the auditor, PricewaterhouseCoopers Aarata, issued a qualified opinion on Toshiba's statements Thursday, saying they were "mostly appropriate".
The company said it had a net loss of 965.7 billion yen ($8.8 billion) for the fiscal year ended March 31 but said it would swing back to profitability in the current fiscal year.
Earlier this month, the shares were demoted from the prestigious first section of the Tokyo Stock Exchange over inadequate internal controls.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July