Financial
Shift in business focus boosts Panasonic earnings PDF  | Print |  E-mail
Written by Associated Press   
Tuesday, 04 February 2014 07:25

OSAKA, Japan (AP) — Profit rose 20 percent at Panasonic Corp. in the October-December quarter as growth in businesses such as smart home systems offset its long struggling TV and appliance divisions.

The Japanese manufacturing giant on Tuesday reported net income of 73.7 billion yen ($728 million), up from 61.3 billion yen a year earlier.

Sales increased by 10 percent to 2.0 trillion yen, helped by steady new home construction in Japan, strong auto sales and the depreciation of the yen.

According to Hideaki Kawai, managing director in charge of accounting and finance, most business divisions had increases in overseas sales due to the weaker yen. They also benefited domestically from "last-minute demand" ahead of the April 1 increase in Japan's sales tax to 8 percent from 5 percent.

Battered by competition from Samsung Electronics Co. and others, Panasonic has been trying to shift from consumer electronics, such as plasma TVs and smartphones, to more profitable businesses such as batteries, solar panels and home automation.

After two straight years of record losses, totaling $15 billion, the company raised its profit forecast for the fiscal year ending March to 100 billion yen from the 50 billion yen profit it forecast in October.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Strong earnings fail to impress jittery market PDF  | Print |  E-mail
Written by JONATHAN FAHEY, AP Business Writer   
Tuesday, 04 February 2014 07:10

NEW YORK (AP) — Investors to Corporate America: Meh.

U.S. companies are reporting strong profits for the fourth quarter of last year. But most are failing to impress investors who were hoping for even better numbers or rosier outlooks, and are too worried about larger global macroeconomic forces to do much buying.

"Earnings season is going quite well," says Christine Short, a senior manager at the research firm S&P Capital IQ. "But what we're seeing in earnings season is not what we are seeing in the market."

With results in from half of the companies in the S&P 500 index, fourth-quarter earnings are up a respectable 7.3 percent, making it the best quarter of last year, according to S&P Capital IQ. Of the 250 companies that have reported results, 172 companies have beaten earnings expectations and 51 have fallen short, a better ratio than average. Company revenues have also come in better than in the past relative to expectations.

It's just not enough for investors. The S&P 500 fell 41 points Monday, or 2.3 percent, and is down 5.2 percent since earnings season kicked off on January 9.

Read more...
 
Google told to move SF Bay 'mystery' barge PDF  | Print |  E-mail
Written by MARTHA MENDOZA, Associated Press MICHAEL LIEDTKE, Associated Press   
Tuesday, 04 February 2014 07:11

SAN FRANCISCO (AP) — Google does not have the proper permits for a mystery barge at a construction site on an island in San Francisco Bay, a state official said, and must move the floating, four-story building that drew wide attention and fueled weeks of speculation when it was erected last fall.

"It needs to move," Larry Goldzband, executive director of the San Francisco Bay Conservation and Development Commission, said Monday.

The commission investigated numerous complaints and found that neither the Treasure Island Development Authority nor the city of San Francisco had applied for required permits for the work to be done at the site and could face fines and enforcement proceedings, Goldzband said.

Goldzband said Google can resolve the issue by moving the barge to one of the fully permitted construction facilities in the San Francisco Bay.

Google Inc. said it is still reviewing a letter from Goldzband outlining the commission's concerns about the secretive project.

Read more...
 
Arizona man wins $1million prize for Doritos homemade ad PDF  | Print |  E-mail
Written by Associated Press   
Monday, 03 February 2014 15:06

SCOTTSDALE, Ariz. (AP) — An Arizona wedding photographer has won a $1 million prize for a fan-favorite Doritos ad shown during the Super Bowl.

Ryan Andersen's "Time Machine" spot received the most votes cast on doritos.com.

The 30-second spot shows a boy luring a man to get into a box that supposedly is a homemade time machine and conning the man out of his bag of chips.

PepsiCo says Andersen's ad cost $300 to produce and featured his 6-year-old son.

Andersen's ad edged out "Cowboy Kid," an ad by Amber Gill of Ladera Ranch, Calif., in fan voting.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
<< Start < Prev 131 132 133 134 135 136 137 138 139 140 Next > End >>

Page 134 of 228