Toshiba Falls By Limit 20%, Bringing 2 Day Loss To 32%, Wiping Out $5 BILLION In Market Cap In Just 2 Days, CDS Soar By Most On Record As Full Extent Of Damage Revealed

Toshiba Falls By Limit 20%, CDS Soar By Most On Record As Full Extent Of Damage Revealed:

One day after Toshiba’s new CEO, Satoshi Tsunakawa, pulled a page from the book of his ill-fated predecessor Hisao Tanaka who presided over the biggest accounting fraud scandal in the company’s history, and bowed down during a press conference to apologize to investors, the company’s stock crashed by the limit 20%, bringing its two day loss to 32% and wiping out $5 billion in market cap in two days.

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Toshiba To Build Japan’s Biggest Solar Plants In Fukushima

Toshiba to build Japan’s biggest solar plants in Fukushima (Reuters, June 20, 2012):

Toshiba Corp said on Wednesday it will begin building solar plants with a total generating capacity of 100 megawatts on the country’s disaster-hit northeastern coastline, making it the biggest solar project in Japan.

Electronics conglomerate Toshiba, which makes everything from lightbulbs to nuclear reactors, said it will spend around 30 billion yen ($379.6 million) t o build several large-scale solar plants in Minami Soma more than a year after a devastating earthquake and tsunami hit Japan.

The project overtakes an earlier plan by Kyocera Corp , heavy machinery maker IHI Corp and Mizuho Corporate Bank, which said it will launch a 70-megawatt plant in southern Japan.

Toshiba said it will start building the plants this year and aim to start operations in 2014.

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