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Peretz Partensky via Flickr CC

Toshiba Corp. last week took a $6.3 write-down related to four U.S. nuclear reactors operated by subsidiary Westinghouse Electric, per Bloomberg. Cost overruns and missed deadlines on the reactors ― located in Georgia and South Carolina ― have effectively cost the Japanese parent company more than it originally paid to buy Westingthouse in 2006.

Why it matters: This means the end of new nuclear construction in the U.S., at least for the foreseeable future.

Westinghouse in 2008 became the first U.S. company to receive building permits for new nuclear power plants since the Three Mile Island accident, but the project failed and was mired in lawsuits. Now, Toshiba seems highly unlikely to move forward with new construction. Plus cheaper natural gas has reduced the need to invest in risky and expensive nuclear reactors.

Toshiba is in trouble, too: Due to the size of its failed investment, Toshiba may sell Westinghouse and also is likely to sell a large stake in its flash-memory business. Toshiba Chairman Shigenori Shiga has already resigned.

Go deeper

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

Hope King, author of Closer
1 hour ago - Economy & Business

Investors reset their compass

Data: FactSet; Chart: Axios Visuals

The endpoints of a stimulus-fueled market are being defined.

Why it matters: Conditions that drove excess pricing in riskier assets are steadily being removed, and big swings in the market like those seen today are inevitable as investors try to adjust to the new landscape.

3 hours ago - World

Soldiers seize power in Burkina Faso as global coup surge continues

Mutinous soldiers in Burkina Faso declared on state television Monday that they had deposed the government, closed the borders and taken control of the country. President Roch Marc Christian Kaboré has reportedly been arrested.

The big picture: This would be the third successful military coup in west Africa in eight months, after juntas took power last year in Guinea and in neighboring Mali.