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Panasonic Forecasts US$5.5bn Annual Loss

The Japanese electronics maker has forecast an annual net loss of US$5.5bn, forcing it to rapidly restructure and cut unprofitable businesses faster than originally planned. Panasonic is seeking to cut out overlapping businesses following its buy-out of subsidiary Sanyo. The television division is suffering more than others, with the firm forced to cut its estimate for annual TV sales from 25m to 19m sets.

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