http://www.euronews.net/ Japanese Consumer electronics giant Panasonic has warned it is heading for a record annual net loss of 7.78 billion euros.
As with its rivals Sony and Sharp, Panasonic is struggling with shrinking demand for TVs.
Company President Fumio Oht-subo apologised for the unprecedented loss but gave no sign that he would step aside as Sony's boss Howard Stringer has done.
Panasonic also has big restructuring charges and writedowns in the value of assets following its purchase of Sanyo in 2009.