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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |