Toshiba to stop building new nuclear plants

Japan's Toshiba is set to dramatically reduce its nuclear operations and stop building new atomic power plants after suffering billion of dollars of losses on US projects, a report said.The engineering conglomerate, a once proud pillar of corporate Japan, is undergoing major restructuring after an accounting scandal and huge losses in its nuclear business.
The company now intends to announce plans to exit nuclear power plant construction by the middle of February, the Wall Street Journal reported Tuesday on its website, citing an unnamed Toshiba executive familiar with the matter. Toshiba chairman Shigenori Shiga and Danny Roderick, a Toshiba executive and the former head of its nuclear power unit Westinghouse Electric, are expected to step down, the paper said, citing the executive.