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Tuesday 9 August 2011

Fukushima plant owner Tepco reports $7.4bn loss


Tokyo Japan Electric Power (Tepco), the owner of the Fukushima nuclear plant damaged in March's earthquake and tsunami, has reported a quarterly loss of 571.8bn yen ($7.4bn; £4.5bn)
The loss includes 400bn yen put aside by Tepco to covere victims of the disaster, which forced 80,000 people to be evacuated from the area around the Fukushima plant.
The company said there was too much uncertainty over the ongoing crisis.
The disaster has had a severe effect on local industries, including farm produce including vegetables, dairy products, fish, mushrooms and green tea.
Meat shipments were banned after cattle were found to have eaten contaminated rice straw.
Tepco may have to pay $130bn compensation.
Last week, Japan's parliament sanction plan - including financial contributions from taxpayers and other utilities - to help the company compensate victims of the disaster at the plant.
Tepco has said it aims to start accepting claims in September and making payments in October.

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