Toshiba rides markets rollercoaster, Brexit overshadowed and who wins in Yemen?

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Toshiba, the troubled Japanese conglomerate, has had a rollercoaster ride of a day. Shares fell more than 8 per cent in early morning trade when the company missed its earnings deadline for the second time. But an announcement that it would “aggressively consider” selling a majority stake in Westinghouse, its US nuclear business that is reeling from large cost overruns on flagship projects, prompted a sharp recovery as markets appeared to applaud the company’s move to a possible break-up. Westinghouse has been plagued by problems at two projects in Georgia and South Carolina and liabilities related to those projects mean it is unlikely to be an easy asset to sell.

Japan’s financial authority has given the company until April 11 to report its April-December earning. If it misses the deadline it could face delisting from the Tokyo Stock Exchange. (FT, Reuters, NAR)

In the news

Brexit overshadowed UK Prime Minister Theresa May has finally got her Brexit bill approved by parliament, putting her on track to trigger the formal process of leaving the EU in the final week of March. But her triumph was overshadowed by the small matter of a looming independence referendum for Scotland. Mrs May must grapple with the twin challenges of keeping the UK united as well as negotiating a deal with the EU.(FT)

No headscarves here The European Court of Justice has ruled that companies can enforce blanket bans on employees wearing of headscarves to maintain religious neutrality in the workplace, but staff cannot be fired for wearing religious garb if there’s no rule already in place. (Politico)

Dishonest bankers About 28,000 employees at banks and building societies in the UK were surveyed by the Banking Standards Board, an annual survey set up to help banks regain the trust of the public. Though largely positive, it contains a number of alarming revelations, including that one in eight bankers say it is difficult to progress in their careers without “flexing ethical standards”. (FT)

Turkey-EU row escalates (again) Turkey has suspended high-level political contacts with the Netherlands and threatened to reconsider a deal to halt the flow of migrants to Europe. The deterioration of relations comes ahead of a fiercely fought Dutch election on Wednesday. The poll will end a divisive and populist campaign that has highlighted anti-EU sentiment and concerns about immigration. (Guardian, FT)

Russian forces in Egypt Russia appears to have deployed special forces to an air base near the border with Libya say US, Egyptian and diplomatic sources. The move — which Egypt’s military has denied — is thought to be part of an effort to support renegade Libyan commander Khalifa Haftar, who is trying to widen his control of Eastern Libya in defiance of the UN-backed unity government in Tripoli. (Reuters)

It’s a big day for

India When Indian banks open after a holiday weekend, the era of cash rationing that followed Narendra Modi’s cancellation of most of the country’s currency will have come to an end. The severe liquidity squeeze it caused has already eased. (FT) 

The northeastern US. Snowmageddon is on its way in the form of a severe blizzard. New York mayor Bill de Blasio has declared a state of emergency and residents were urged to hunker down and avoid unnecessary travel. (NYT)

Food for thought

Radical fish farming Norway, one of the world’s biggest salmon producers, is struggling to control pests that are damaging their stocks so it is turning to radical new techniques, from futuristic egg-shaped enclosures that bob in the water to supertanker-like structures submerged in the ocean. (FT)

When Angela meets Donald The most powerful woman in the world meets the most powerful man in the world this week. Angela Merkel is the latest global leader trying to find their footing with the mercurial Donald Trump. Can they find common ground? (FT)

Who wins in Yemen? The Trump administration is deepening its involvement in Yemen’s brutal civil war, but it is the impoverished country’s northern neighbour, Saudi Arabia, that is likely to feel the benefit. (Atlantic)

Haunted palace Brazil’s president has moved out of the official government residence because of a spooky visitor. Michael Temer said he and his family were leaving the Alvorada Palace because they were unable to sleep and that he “felt something strange there”. (The Independent)

Mario’s moustache Super Mario, the video game plumber, is facing his greatest foe yet: a Tokyo-based company called MariCar that rents out costumes of various Nintendo characters and lets them drive around town in a fleet of street-legal go-karts à la Mario Kart. Nintendo is suing the company for $90,000 in damages in a suit with far-reaching consequences. (FT)

Video of the day

Three big Brexit unknowns The FT’s chief foreign affairs commentator Gideon Rachman explains three unknowns in the UK’s divorce process from the EU. (FT)