Japan’s Panasonic Corp yesterday announced an annual net loss of ¥378.96 billion (US$3.95 billion) owing to the economic downturn and warned its bottom line would stay in the red this year.
The group, which is in the midst of cutting 15,000 jobs and closing dozens of plants, said it expected to lose ¥195 billion for the current business year to March because of weak sales and restructuring costs.
GRIM RESULTS
The figures are the latest in a slew of grim earnings results from Japan’s high-tech heavyweights, which are reeling from a slump in exports.
Panasonic said its revenue fell 14.4 percent in the year to March to ¥7.77 trillion, hit by sluggish demand for plasma televisions, digital cameras, semiconductors and home appliances.
Operating profit plunged 86 percent to ¥72.9 billion.
The group, which changed its corporate name from Matsushita Electric Industrial in October, expects its sales to slump 10 percent this year, but it aims to boost operating profit by 3 percent to ¥75 billion.
ELECTRONICS
Other Japanese electronics makers are also in the red because of the global economic crisis, which has sapped demand for their products and pushed up the value of the yen, reducing their export earnings.
Sony on Thursday announced its first annual loss in 14 years, while Hitachi announced earlier in the week that it went more than US$8 billion into the red, the biggest-ever deficit posted by a Japanese manufacturer.
PLA MANEUVERS: Although Beijing has yet to formally announce military drills, its coast guard vessels have been spotted near and around Taiwan since Friday The Taiwanese military is on high alert and is closely monitoring the Chinese People’s Liberation Army’s (PLA) air and naval deployments after Beijing yesterday reserved seven airspace areas east of its Zhejiang and Fujian provinces through Wednesday. Beijing’s action was perceived as a precursor to a potential third “Joint Sword” military exercise, which national security experts said the PLA could launch following President William Lai’s (賴清德) state visits to the nation’s three Pacific allies and stopovers in Hawaii and Guam last week. Unlike the Joint Sword military exercises in May and October, when Beijing provided detailed information about the affected areas, it
CHINA: The activities come amid speculation that Beijing might launch military exercises in response to Lai’s recent visit to Pacific allies The Ministry of National Defense (MND) yesterday said China had nearly doubled the number of its warships operating around the nation in the previous 24 hours, ahead of what security sources expect would be a new round of war games. China’s military activities come amid speculation Beijing might organize military drills around the nation in response to President William Lai’s (賴清德) recent visit to Pacific allies, including stops in Hawaii and Guam, a US territory. Lai returned from the week-long trip on Friday night. Beijing has held two rounds of war games around Taiwan this year, and sends ships and military planes
Five flights have been arranged to help nearly 2,000 Taiwanese tourists return home from Okinawa after being stranded due to cruise ship maintenance issues, the Ministry of Transportation and Communications announced yesterday. China Airlines Ltd (中華航空), and EVA Airways Corp (長榮航空) have arranged five flights with a total of 748 additional seats to transport 1,857 passengers from the MSC Bellissima back to Taiwan, the ministry said. The flights have been scheduled for yesterday and today by the Civil Aviation Administration, with the cruise operator covering all associated costs. The MSC Bellissima, carrying 4,341 passengers, departed from Keelung on Wednesday last week for Okinawa,
US president-elect Donald Trump said he would “never say” if Washington is committed to defending Taiwan from China, but “I would prefer that they do not do it [ an attack],” adding that he has a “good relationship” with Chinese President Xi Jinping (習近平). “I never say because I have to negotiate things, right?” Trump said in an interview with NBC’s Meet the Press host Kristen Welker after saying he would not reveal his incoming administration’s stance on Taiwan’s defense in the event of an attack. Asked the question again, Trump, in a reference to China, said: “I would prefer that they
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