Toshiba may be hanging on to its crown jewel, after all but scrapping plans to sell its $18 billion memory-chip unit to private-equity firm Bain Capital. It could still do with pruning other less profitable parts of the company.
Beijing is to thank for the chain of events that means Toshiba no longer needs to sell its most profitable business by far. The company originally planned the deal to plug the financial hole created when its nuclear-power subsidiary Westinghouse collapsed. But Chinese antitrust regulators appear unlikely...