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Panasonic heads for $10.24b loss
TOKYO: Japan’s Panasonic Corporation forecast a record annual net loss of $10.24 billion on Friday, joining beleaguered rivals Sony and Sharp in a sea of red ink as they struggle to fix their broken TV businesses and overcome criticism that they have lost their way. Panasonic said it was headed for a loss of 780 billion yen ($10.24 billion) for the year to March, dwarfing expectations for a loss of around $6.2 billion. The loss...
 
 
Volvo earnings miss estimates on slower European sales
NEW YORK: Volvo AB, the world’s second-largest truckmaker, stuck to its estimates for the North American and European heavy-vehicle markets this year as sales growth helped fourth-quarter operating profit increase 26 per cent. Industrywide sales in 2012 will total 220,000 trucks in Europe and 250,000 in North America, the Gothenburg, Sweden-based manufacturer said in a statement. Fourth-quarter earnings before interest and taxes...
   
LVMH annual sales beat projections, hikes dividend
PARIS: LVMH, the world’s biggest luxury goods group, said the outlook for 2012 was “excellent” and hiked its dividend after rapid growth in Asia and at its Louis Vuitton brand helped it post a forecast-beating rise in full-year operating profit. The French group, which last year bought Italian jeweller Bulgari, shrugged off concerns about the global economy with a 22 per cent rise in profit from recurring operations to 5.26b...
 
 
Viacom profit hit by weak advertising sales
NEW YORK: Viacom has posted a lower quarterly profit on Thursday due to weaker than expected advertising sales at its stable of cable networks, including MTV and Nickelodeon. Viacom shares dropped initially by around 4 per cent in early trading before recovering as Viacom executives assured investors they had seen a recovery in the market during the current quarter. The media company said advertsing revenue fell 3 per cent...
   
BT Group quarterly earnings increase
LONDON: BT Group, the UK’s largest Internet service provider, said third-quarter operating profit climbed 3 per cent as it gained more broadband subscribers. Earnings before interest, taxes, depreciation, amortisation and costs from job cuts climbed to 1.52 billion pounds ($2.41 billion), the London-based company said in a statement. Analysts had estimated profit of 1.49 billion pounds, according to a Bloomberg survey. BT added...
 
 
Posco Q4 profit misses forecast
SEOUL: Posco, backed by billionaire investor Warren Buffett, reported a smaller-than-expected 33 per cent gain in quarterly profit, the latest steelmaker to post disappointing results as the slowing global economy kept it from fully passing on higher costs to customers. The outlook is dim for the South Korean steelmaker as the euro zone crisis and China’s slowing growth continue to weigh on demand, especially from shipbuilders,...
   
SolarCity plans to float IPO in Q3
LOS ANGELES: Solar power company SolarCity is expected to debut on US markets in the third quarter this year and has hired Goldman Sachs to underwrite its initial public offering, a source close to the company said. The San Mateo, California-based startup will file its IPO plans with the US Securities and Exchange Commission “within a few weeks,” the source said. The deal is expected to value the company at around $1.5 billion. S...
 
 
Funds fall short for buying out flood-prone homes
HACKENSACK: For homeowners in flood-ravaged areas, a buyout through state and federal programmes can bring a fresh start in a new and drier location. But the combination of red tape and limited funding is keeping many from that promise. Nelly Della Porta is one of the hundreds of owners of these ‘orphan’ homes. Her tidy house along the Passaic River in Little Falls, N.J., has endured four floods in the last 15 years. In August,...
   
Online businesses take strong position
BALTIMORE: A few weeks ago, McKeever Conwell joined the Baltimore Tech group, which has more than 600 online members. There, the 25-year-old computer engineer proposed an idea: How about getting a small group together to practice business pitches? He offered to hold the event in his living room. What happened next stunned Conwell. People he didn’t know embraced his idea and moved it forward. One man offered free office space and...
 
 
 
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