Panasonic returns to profit amid cost cuts, weakening yenFebruary 1, 2013 - 12:17 AMT PanARMENIAN.Net - Japanese electronics maker Panasonic Corp. returned to the black last quarter as cost cuts and a weaker yen offset sliding sales, AP reported. Panasonic is among the Japanese electronics makers battered by price plunges in gadgets and hot competition from more successful rivals such as U.S. manufacturer Apple Inc. and Samsung Electronics Co. of South Korea. Osaka-based Panasonic reported a 61.4 billion yen ($667 million) profit for the October-December period Friday, February 1. It had a loss of 698 billion yen in the previous quarter and a loss of 197.6 billion yen a year earlier. Quarterly sales slipped 8 percent to 1.8 trillion yen ($19.6 billion). The company said global demand weakened for flat panel TVs and digital products and devices, but sales grew in LED lighting and auto-related equipment. 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 | Greece says ready to help as Armenia fights flooding consequences Greece is ready to assist Armenia in combatting the consequences of deadly floods in the country’s north. “He will leave”: Protest leader no longer demands meeting with Pashinyan Archbishop Bagrat Galstanyan no longer demands a meeting with Armenian Prime Minister Nikol Pashinyan. Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. |