Huge loss: Toshiba Corp.’s chairman resigned today after the company logged such massive losses in its nuclear business that it must sell its lucrative computer-chip business to avoid going belly-up. As The Associated Press reports, Toshiba projected a $6.3 billion loss for its nuclear business related to the acquisition of CB&I Stone & Webster by its U.S. nuclear unit Westinghouse. The company also says it will not take on new projects to construct nuclear plants. President Satoshi Tsunakawa says the company was looking for potential partners to acquire a stake in Westinghouse. Read more.
Bipartisan support: In a rare display of bipartisanship, the U.S. Senate today confirmed former wrestling entertainment executive Linda McMahon to lead the Small Business Administration as part of President Donald Trump’s cabinet. As The Associated Press reports, the Senate voted 81-19 to confirm McMahon, who helped start and grow World Wrestling Entertainment Inc. Senate Majority Leader Mitch McConnell, R-Ky., says McMahon will “prioritize growing jobs over growing government bureaucracy.” McMahon served as the chief executive officer at WWE before stepping down in 2009 to run for the Senate. She helped WWE grow from about a dozen employees into an enterprise with more than 800. Read more.
Meet and greet: President Donald Trump will meet on Wednesday with the chief executive officers of eight large retailers—including Target, Best Buy and J.C. Penney—to discuss tax reform and infrastructure improvements, people with knowledge of the meeting tell Reuters. A White House official also confirmed the meeting between retail CEOs and Trump will take place on Wednesday morning. The retailers oppose the border adjustment tax, a Republican proposal that would cut corporate income tax to 20% from 35%, exclude export revenue from taxable income and impose a 20% tax on imports. The meeting also will feature the CEOs of Gap, Art Peck, AutoZone, Walgreens Boots Alliance, Jo-Ann Stores and Tractor Supply Co., those familiar with the attendees say.
