Feeds

Panasonic gets second chance with £4.7 BEEELION bailout

Banks rescue ANOTHER ailing Japanese electronics firm

Website security in corporate America

Panasonic has persuaded Japanese banks to throw it a lifeline after a record loss of ¥772.1bn (£6bn, $9.8bn) last fiscal year.

The heavy loss dropped the electronics group's cash reserves to ¥554.7bn (£4.4bn, $7bn) which still sounds like a fair amount but not when compared to the ¥1.97trn (£15.9bn, $25bn) it could lay its hands on in 2010.

Four banks agreed to give Panasonic ¥600bn (£4.7bn, $7.6bn) in loans to tide it over while it hopes that the world's contracting economies rebound, the Nikkei business daily reported. A big chunk of that change is coming from its main bank, Sumitomo Mitsui Banking, with decreasing sums from Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Trust Bank and Resona Bank.

The bail-out is the biggest forked over for a private-sector Japanese firm so far this year. Sharp got a ¥360bn (£2.9bn, $4.6bn) loan from banks including Tokyo-Mitsubishi and Mizuho Corporate Bank last month and Renesas Electronics bagged ¥200bn (£1.6bn, $2.5bn), mostly from the government but also from other Japanese firms.

Japan's companies continue to take a battering from poor sales on big ticket electronics as most folk tighten their belts and decreasing profit from the sales they do manage to snag as the strong yen wreaks havoc on exports. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.