Hitachi freezes British nuclear undertaking, guides $two.8 billion hit





A logo of Japan's high-tech giant Hitachi at an exhibition in Tokyo on October 29, 2013. Hitachi announced its group net profit rose 8.8 percent in the first half of the fiscal year, from a year earlier to 32.77 billion yen as the weaker yen and cost-cutting. AFP PHOTO / Yoshikazu TSUNO        (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)

YOSHIKAZU TSUNO | AFP | Getty Illustrations or photos

A brand of Japan’s substantial-tech large Hitachi at an exhibition in Tokyo on October 29, 2013. Hitachi announced its group net earnings rose 8.8 p.c in the initially 50 percent of the fiscal 12 months, from a 12 months previously to 32.seventy seven billion yen as the weaker yen and expense-slicing. AFP Photograph / Yoshikazu TSUNO (Photograph credit score ought to examine YOSHIKAZU TSUNO/AFP/Getty Illustrations or photos)

Japan’s Hitachi Ltd reported on Thursday it has decided to freeze a three trillion yen ($28 billion) British nuclear power undertaking and will as a result e-book a writedown of three hundred billion yen ($two.75 billion) on its British nuclear unit.

The suspension arrives as Hitachi’s Horizon Nuclear Power unsuccessful to find non-public buyers for its ideas to develop a plant in Anglesey, Wales, which promised to deliver about 6 p.c of Britain’s electricity.

Hitachi experienced referred to as on the British federal government to boost monetary help for the undertaking to appease trader stress and anxiety, but turmoil above the country’s impending exit from the European Union confined the government’s capacity to compile ideas, people close to the make a difference previously reported.






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