Sharp’s full-year loss to soar to $4.7 bnApril 10, 2012 - 17:15 AMT PanARMENIAN.Net - Japanese electronics giant Sharp said Tuesday, April 10 it would report a full-year loss of about $4.7 billion, as the firm struggles to turn around its sagging liquid crystal display television business, AFP reported. The company, which will report its results later this month, said it was now forecasting a shortfall of 380 billion yen ($4.7 billion) for the year to March, up from an earlier forecast loss of 290 billion yen. The announcement came hours after Sony reported a widening loss forecast, with the maker of PlayStation consoles and Bravia televisions saying it would lose an eye-watering 520 billion yen in the fiscal year just ended in March. Japan's electronics giants have suffered in recent years as rampant competition from foreign rivals has sent prices tumbling, together with the effects of a strengthening yen and a stuttering global economy. Last month, Sharp said it would replace its top executive, with the firm's executive managing officer Takashi Okuda taking over for Mikio Katayama as president on April 1, to "change its management structure". The announcement made Sharp the latest Japanese electronics maker to announce changes in top management after Panasonic and Sony reshuffled their executive lineup. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |