Panasonic may close businesses to avoid lossesJanuary 9, 2013 - 13:27 AMT PanARMENIAN.Net - Panasonic Corp., Japan’s largest consumer-electronics maker, said it’s in talks about closing some businesses as the company heads toward a second straight annual loss, Bloomberg reported. Shutting divisions is a “worst-case” scenario and the TV maker will try to safeguard jobs whether units are sold, restructured or closed, President Kazuhiro Tsuga told reporters late January 8 at the Consumer Electronics Show in Las Vegas. He didn’t elaborate on which operations could close. Panasonic needs to overhaul unprofitable operations such as plasma televisions and mobile phones to end losses, said Junya Ayada, a Daiwa Securities Co. analyst. The Osaka-based company eliminated more than 38,800 jobs in the year ended September, or about 11 percent of staff, as Japanese electronics makers struggle to compete with Apple Inc. and Samsung Electronics Co. “The market is expecting Tsuga to come up with a drastic and convincing plan,” Tokyo-based Ayada said by phone today. “He needs to show specifics on how to revive the company.” Discussions about shutting units form part of work on a mid-term plan due to be unveiled by March 31, Tsuga said. The company has no immediate closure plans, he said. “We really want to avoid it,” he said. The company may instead find partners or form ventures for units, possibly including the semiconductor business, he said. 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 | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |