Slowdown
hits jobs at S. Korean brokerages
UPI,
5
August, 2012
The
global economic slowdown and other factors have hit the profits of
South Korean brokerages, forcing them to reduce their workforce,
sources told Yonhap.
Other
factors, including the European debt crisis and a slump in the
domestic equity market, also have led to reduced trading activities
at these brokerages, the South Korean news agency reported Monday.
The
report, citing data from the Financial Supervisory Service and the
Korea Financial Investment Association, said there was a total of
42,388 employees in 63 brokerage firms at March end, down 0.7 percent
from the previous quarter.
For article GO HERE
Sony's
net loss grows to ¥25 billion
3
August, 2012
Sony
Corp. said Thursday its group net loss for the April to June period
widened to ¥24.64 billion from ¥15.50 billion a year earlier due to
the strong yen and increased costs for restructuring.
The
electronics giant said group operating profit plunged 77.2 percent to
¥6.28 billion, but consolidated sales rose 1.4 percent to ¥1.52
trillion.
For
the year to March 31, Sony revised its earnings projection downward
as it cut the outlook for its mainstay products amid the economic
slowdown, it said.
Sony
said it now expects to book a group net profit of ¥20 billion and an
operating profit of ¥130 billion on sales of ¥6.8 trillion, versus
an earlier forecast for group net profit of ¥30 billion and
operating profit of ¥180 billion on sales of ¥7.4 trillion.
For article GO HERE
Sharp
Shares Near 40-Year Low as Woes Pile Up
2
August, 2012
The
gloom gathering around Japan's struggling electronics industry
darkened Friday as investors spooked by Sharp Corp.'s (6753.TO) steep
losses and perceived strategy fumbles sent the shares skidding to
lows not seen for nearly 40 years, wiping nearly a third off the
company's value.
Sharp's
30% slide to its lowest level since November 1974 was the most
eye-catching symbol of the trouble with Japanese electronics players,
coming the day after the company warned it would slip to
multi-billion losses once again this fiscal year.
But
companies across the sector lost value as shareholders reacted to the
seemingly intractable problems that Japanese makers of products likes
TV sets, computers and portable electronic gadgets face, cornered
between the relentlessly strong yen and buoyant overseas competition
from the likes of Apple Inc. (AAPL) and Samsung Electronics Co.
(005930.SE).
For article GO HERE
Sony
on Watch for Debt Downgrade
6
August, 2012
The
senior unsecured debt and short-term ratings of Sony Corp. (NYSE:
SNE) have been placed on review for a possible downgrade by Moody’s
Investors Service this morning. The current ratings are Baa1 and
Prime-2.
The
ratings agency noted:
The
rating actions reflect Moody’s concern that weak consumer
sentiment, especially in Europe and China, and a strong yen versus
the euro may hinder the timely recovery of Sony’s earnings and
leverage.
In
addition, the company’s digital audio visual (AV) and mobile-phone
businesses continue to be plagued by structural challenges, such as
the commoditization and maturity of major products, rapid
technological changes, and intense global competition. Sony has not
been able to deal with these issues effectively.
For article GO HERE
Israel
backtracks on tax hike to secure austerity package approval
6
August, 2012
Israel's
parliament gave final approval to a package of unpopular tax hikes
aimed at reining in the budget deficit on Monday after Prime Minister
Benjamin Netanyahu backtracked on a planned income tax hike for
middle-income earners.
To
ensure support for the austerity package, Netanyahu on Monday scaled
back a planned 1 percentage point income tax increase on those
earning more than the average salary of 8,881 shekels ($2,231) a
month from 2013, saying the increase would now not apply to those
earning less than 14,000 shekels a month.
The
tax hike had been widely criticized in the Israeli media for unduly
harming the middle class
For article GO HERE
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