News Summary: Panasonic to stay in TV business

The Associated Press
March 28, 2013

KEEPING THE TV ON: While promising to eliminate unprofitable businesses, Panasonic's president Kazuhiro Tsuga said the Japanese electronics company will persist with trying to fix its money-losing TV business.

THE PLAN: Tsuga pledged to improve profitability over the next two years as he announced a business plan and strategy for its upcoming fiscal year. Panasonic Corp. expects an $8.1 billion loss for the fiscal year ending this month.

ROUGH ROAD: The last few years have been tough for TV manufacturers as the European debt crisis and a slow turnaround in the U.S. economy sapped demand for consumer electronics other than smartphones and tablet computers. Tsuga has ambitions to grow its relatively newer auto and housing businesses.