11/04/2017

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:00:00. > :00:00.Now for the latest financial news with Aaron and World Business

:00:00. > :00:32.After months of delays, Japan's battered Toshiba may finally

:00:33. > :00:36.tell us its latest numbers and we're not expecting them to be pretty.

:00:37. > :00:39.We're going to find out if this company will be booted

:00:40. > :00:43.And, Alexa, start the car and turn the radio on.

:00:44. > :00:46.Yep, she's coming to a Ford near you.

:00:47. > :00:49.The American car giant teams up with Amazon and guess what?

:00:50. > :01:09.If you've got eight minutes, stay where you are and I will give you an

:01:10. > :01:15.exciting snapshot of the latest in business and money. Starting with

:01:16. > :01:20.big troubles at Toshiba. The company is expected to publish its result.

:01:21. > :01:25.With the waiting for a long time. The latest numbers will be for the

:01:26. > :01:30.last quarter. This comes after we've been waiting, because they've

:01:31. > :01:33.already been postponed twice. The numbers are expected to be

:01:34. > :01:41.disastrous. Let's have a look. Recently, Toshiba announced its

:01:42. > :01:45.losses... These losses would triple after the result of the difficulties

:01:46. > :01:52.faced by its US division. The US nuclear division has suffered huge

:01:53. > :01:56.costs, in particular at the projects in Georgia and North Carolina.

:01:57. > :02:00.Toshiba told us these numbers would be awful and look what happened with

:02:01. > :02:04.investors! They've sucked their money out of the company had fled.

:02:05. > :02:09.The share price has more than halved and there are fears that Toshiba

:02:10. > :02:15.could be delisted from the main Tokyo Stock Exchange. Certainly if

:02:16. > :02:19.it reports another set of disappointing numbers. The issues

:02:20. > :02:25.faced by Toshiba certainly highlight Japan's problems with what they call

:02:26. > :02:29.the so-called zombie companies. Some experts argue that the central bank

:02:30. > :02:33.in Japan is making it too easy for these Japanese companies to access

:02:34. > :02:39.money and this is providing somewhat of an artificial lifeline to

:02:40. > :02:45.unprofitable businesses. Let's go to Rupert Wingfield-Hayes, in Tokyo.

:02:46. > :02:51.Good to see you. Talk about on tenterhooks! On just wondering, we

:02:52. > :02:58.know the numbers will more than likely be awful. They are waiting

:02:59. > :03:02.until the markets close, because I guess that would be the sensible

:03:03. > :03:08.thing, which is the markets close in about an hour and a half? Yes,

:03:09. > :03:11.that's a distinct possibility, that they could be waiting to make this

:03:12. > :03:19.announcement. As you say, we know it will be really bad. Perhaps $9

:03:20. > :03:24.billion, US, or more. That's for the last nine months of last year. That

:03:25. > :03:32.would be the biggest manufacturing loss in Japanese corporate history.

:03:33. > :03:35.They may be waiting to hold this press conference for after the

:03:36. > :03:39.market so they don't get a sudden shock today. But they really are now

:03:40. > :03:43.at the end of their tether with Toshiba. They've been given two

:03:44. > :03:49.extensions. If it had filed their results today they are likely to be

:03:50. > :03:53.delisted, if they can't get --, with fully audited results within eight

:03:54. > :03:57.days. Sources within the company say they will make some sort of

:03:58. > :04:00.announcement today, but it is rumoured that the results haven't

:04:01. > :04:05.been signed off on by their auditors. So we will then have to

:04:06. > :04:09.see if the stock market will accept those results, or whether they may

:04:10. > :04:15.be delisted if not happy with the fact that these been signed off on

:04:16. > :04:23.by PwC, the auditors. You mentioned corporate history. As an outsider,

:04:24. > :04:29.you've got to step back and look at Japan and ask what has gone wrong,

:04:30. > :04:34.what has happened to all of these wonderful Japanese household names

:04:35. > :04:38.that we used to all use and love. Yes, a really good question. We

:04:39. > :04:43.remember from our childhood, might in the 70s, maybe yours later, that

:04:44. > :04:50.those names were everywhere. Everything was Japanese. Now it

:04:51. > :04:53.isn't. So what has happened? It is a complicated answer to those

:04:54. > :04:58.questions. Some of them perhaps predictable. Structural problems

:04:59. > :05:10.with the companies. But some have literally come out of the blue.

:05:11. > :05:17.These were the greatest brands in consumer goods for decades. Toshiba,

:05:18. > :05:23.Panasonic, Sony, Hitachi. So how did we end up here? First of all the

:05:24. > :05:26.Chinese and Koreans came along and they can make these things just as

:05:27. > :05:33.well but cheaper. Secondly, these Japanese companies lost their mojo

:05:34. > :05:43.and forgot how to innovate. The company did not go on to invent the

:05:44. > :05:48.smartphone. Inside a vast exhibition hall, more than 3000 new recruits

:05:49. > :05:53.are being inducted into one of Japan's big corporations. A lot of

:05:54. > :05:58.these young people can expect to spend the whole of their career in

:05:59. > :06:04.this one company. It will become their second home and they will

:06:05. > :06:10.expect to work hard, law powers, and wait their turn for promotion. It's

:06:11. > :06:16.a model that's worked well for Japan in the past, but it has real

:06:17. > :06:21.problems. It is rigid corporate hierarchy, promotion is based on

:06:22. > :06:28.age, not talent. It's a culture that is resistant to change and bad at

:06:29. > :06:31.producing new ideas. Japan's big corporations realise they have to

:06:32. > :06:38.change to survive. And Toshiba decided to bet on nuclear. In 2006

:06:39. > :06:50.it went out and bought Westinghouse. Five years later, this happened.

:06:51. > :06:56.This is me inside the Fukushima and if you plan to four years ago. This

:06:57. > :07:02.changed everything. Many countries decided they didn't want anything to

:07:03. > :07:08.do with nuclear power. Those that did insisted any new plants must be

:07:09. > :07:11.much safer and because of that they were going to be much more

:07:12. > :07:18.expensive. That's the root of Toshiba's current financial

:07:19. > :07:24.disaster. Toshiba is not alone. Other famous Japanese names have

:07:25. > :07:29.been through deep crises. Last year Sharp was sold to a Taiwanese

:07:30. > :07:31.company. Now Toshiba will be broken up, its best bits sold off to the

:07:32. > :07:40.highest bidder. A fabulous report. Can I tell you,

:07:41. > :07:46.we are all loving that report here! Thank you. Also, the 70s, I was

:07:47. > :07:51.right with you, unfortunately! Thank you. I know you will keep across

:07:52. > :07:55.those numbers. We will see if any more information comes out. Thank

:07:56. > :07:56.you. That was Rupert Wingfield-Hayes, joining us from

:07:57. > :07:58.Tokyo. Be prepared - she's coming

:07:59. > :08:01.to a Ford car near you. Ford has partnered with Amazon

:08:02. > :08:06.to integrate its Alexa voice assistant into its

:08:07. > :08:09.latest line of cars. It includes the ability

:08:10. > :08:29.to remotely start the car, Alexa, asked my Ford Mobile for my

:08:30. > :08:30.tyre pressure. Your vehicle's tyre pressure is not currently showing

:08:31. > :08:51.any warnings. Ask my Ford Mobile to start my car.

:08:52. > :08:56.OK. Say your pin. What's my pin? 5678. Sending start command to your

:08:57. > :09:13.car. The car is just outside, so hopefully... So I tap here? Yes.

:09:14. > :09:21.Alexa, continue reading my audio book. OK, so I can pick up from

:09:22. > :09:31.where I was at home. Alexa, find the nearest coffee shop. Here are a feud

:09:32. > :09:34.nearby shops. We always want to make driving safer, so you should always

:09:35. > :09:39.keep your hands on the wheel, eyes on the road. And for your

:09:40. > :09:43.information and entertainment on the road you can use your voice, which

:09:44. > :09:59.is really the safest way to interact with the car in general.

:10:00. > :10:00.Follow me on Twitter. I'll be back to have