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Feb 16, 2017

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Shigenori Shiga The company said Mr Shiga was stepping down "to take management responsibility for the loss". He will remain on the board until June to help deal with the fallout of the problems, Toshiba said. The financial chaos has led some analysts to warn the company's future is at risk. Toshiba has asked regulators for an extra month before issuing its earnings report - which will include the size of the loss and details of measures it plans to take to tackle its finances. Chip deal The losses are linked to a deal done by its US subsidiary, Westinghouse Electric, when it bought a nuclear construction and services business from Chicago Bridge & Iron in 2015. Assets that it took on are likely to be worth less than initially thought, and there is also a dispute about payments that are due. It has already announced plans to sell off part of its profitable memory chip business to raise funds. It is the second largest chip maker in the world, behind Samsung. The company is still struggling to recover after it emerged in 2015 that profits had been overstated for seven years, prompting the chief executive to resign . UK nuclear plant in limbo As well as detailing its losses, Toshiba is also widely predicted to announce it is scaling back its global nuclear business - and possibly getting out of the sector altogether, apart from its operations in Japan.

Wry, reckless and disarming … Michelle Tea Here at the end of the world, Michelle was suddenly over poverty. The shield like this she had welded over her heart to protect herself from the pain of it was corroding like rust in the rain. It had felt so strong, but there in the apocalypse kitchen Michelle felt it as flimsy as a floppy disk so much philosophy, political analysis, rebellious identity and liquored intoxication just to stave off the simple scary sadness of being broke. Its this rawness that makes Black Wave so disarming, a rollicking hallucinatory fantasy thats as sobering as cold air. Its about power who possesses it and who doesnt, and how easy it is to abdicate the little you have. Its sentimental and reckless and not quite like anything Ive read before. An apocalypse novel that makes you feel hopeful about the world: could anything be more timely? Olivia Laings latest book is The Lonely City (Canongate). Black Wave is published by And Other Stories. To order a copy for 7.50 (RRP 10) go to bookshop.theguardian.com or call 0330 333 6846.

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