TOKYO (Reuters) – Japanese electronics maker Panasonic Corp (6752.T: Quote, Profile, Research, Stock Buzz) forecast an annual net loss of 420 billion yen ($5.5 billion), its biggest in a decade, as restructuring costs ballooned, and a soaring yen and weak demand in the United States and Europe eroded income.
Panasonic accelerated the pace of restructuring as it races to shake off losses at its TV unit — a problem it shares with rival Sony (6758.T: Quote, Profile, Research, Stock Buzz) — and strips out overlapping businesses after its buyout of subsidiary Sanyo.
TOKYO, Oct 31 (Reuters) – Japanese electronics maker
Panasonic Corp forecast an annual net loss of 420
billion yen ($5.5 billion), its worst in a decade, as
restructuring costs soared and weak demand in the United States
and Europe eroded income.
Panasonic, grappling with the cost of layoffs as it cuts
expenditure and strips out overlapping businesses
after its buyout of subsidiary Sanyo, was also hit by a soaring
TOKYO, Oct 31 (Reuters) – Japan’s biggest corporations are
facing an ever tougher fight to keep up with their nimble Asian
rivals as the soaring yen and Thai flooding hit manufacturers
already battling consumer gloom in Europe and the United States.
From Nintendo to Panasonic, Sony and Honda, Japan Inc. is
struggling to fend off competition from the likes of Samsung and
Hyundai, which have been steadily nipping at their heels, as the
soaring yen and supply disruption undermine their recovery
OSAKA, Japan Oct 27 (Reuters) – Nintendo Co Ltd
said on Thursday it would make its first ever annual net loss
this financial year, cutting earnings guidance for a second time
as the soaring yen and weak software sales dealt fresh blows to
the former games industry champion.
The creator of the Super Mario franchise dominated the
industry for years with its DS handheld games players and Wii
home consoles, but is now struggling to keep up with more
versatile gadgets like Apple’s smartphones and tablets.
TOKYO, Oct 25 (Reuters) – Canon Inc on Tuesday
became the first major Japanese firm to cut its annual outlook
due to Thai flooding and the strong yen, two problems that are
clouding the outlook for many of its rivals ahead of the
lucrative year-end shopping season.
Thailand has become a major manufacturing base for Japan’s
high-tech sector, with rivals like Sony Corp and Nikon
Corp both forced to close plants. The auto sector has
also been hit hard by the parts shortage and PC makers are
facing a shortage of hard disk drives.
TOKYO (Reuters) – Japan’s Olympus Corp (7733.T: Quote, Profile, Research) said on Friday it would set up an independent panel to examine its past M&A deals after shareholders demanded an explanation for massive fees paid to advisers in a 2008 acquisition.
The announcement came a week after the maker of endoscopes and cameras fired its British CEO, citing management incompetence, only to see him turn whistleblower.
TOKYO (Reuters) – Scandal-hit Japanese firm Olympus Corp on Friday gave in to shareholder pressure over massive fees paid to advisers in a 2008 acquisition, announcing it would set up a third-party panel to examine its past M&A deals.
This marks an end to a dramatic week for the maker of endoscopes and cameras, which unexpectedly fired its British chief executive citing management incompetence, only to have him turn whistleblower. Olympus shares have lost half their value since the shock dismissal on October 14.
TOKYO (Reuters) – Panasonic Corp will drop a plan to convert a television panel plant in Japan into a solar panel factory, hit by an industry price war and a strong yen that is making exports less competitive, a source with direct knowledge of the matter said.
Panasonic is also in talks with public-private venture Japan Display about selling a liquid-crystal display TV panel plant located in Chiba, not far from Tokyo, said two sources with knowledge of the matter.
TOKYO, Oct 19 (Reuters) – Japan’s Olympus Corp admitted on
Wednesday it had paid $687 million to deal advisers, confirming
claims made by its sacked CEO and reversing an earlier denial in
a deepening scandal that has wiped out almost half its market
The maker of cameras and endoscopes earlier this week said
it paid advisers a fee of some 30 billion yen ($391 million) for
a $2 billion takeover of British medical equipment maker Gyrus
TOKYO (Reuters) – Olympus Corp (7733.T: Quote, Profile, Research, Stock Buzz) acknowledged on Wednesday that it paid an unusually hefty $687 million fee to financial advisers when it acquired British medical equipment firm Gyrus, confirming claims by ousted CEO Michael Woodford that lie at the center of a bitter dispute.
On Monday, senior executive Hisashi Mori told investors that the fee was less than half that amount, excluding payments made for the repurchase of preferred stock in Gyrus.