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Moody's lowers Sony rating outlook
by Staff Writers
Tokyo (AFP) Oct 18, 2011


Ratings agency Moody's Tuesday lowered the outlook for Sony's A3 long-term debt rating to "negative" as the global electronics giant faces weakening demand for LCD televisions.

Moody's said the downgrade from stable was because the firm "faces significant cyclical headwinds" and "structural challenges in some of its core businesses".

"Moody's believes that adverse market conditions, such as weakening demand for major consumer electronics products, especially LCD TVs, and a stronger yen, are likely to pressure the company's profitability and leverage," it said in a statement.

Sony for years has failed to make a profit on its television business, and slow global demand for the core household media appliance only will add to the company's woes, Moody's said.

Rapid appreciation of the yen could also eat into earnings for Sony, which relies on foreign markets for much of its profits, it said.

Making matters worse, consumer sentiment in the major markets, especially Europe and the United States, has declined "significantly" as firms prepare for the all-important year-end shopping season, the agency said.

Major Japanese electronics makers have struggled for years to see profits in their TV business amid cut-throat price competition with foreign rivals, such as Samsung.

Moody's also said that the rapid growth of smartphones posed major medium-term threats to Sony's major audio and visual products such as televisions, cameras and games.

"Ultimately, the risk is that Sony will become a more narrowly focused company as its earnings from these segments decline and as it does not have a strong position in the smartphone business," it said.

Moody's said an upgrade for Sony was unlikely in a short run, and a return to a "stable" outlook would require the company to address the concerns.

"This will need to include restoring the profitability of its TV business and addressing the challenges which its digital AV segments and gaming business face from the rise of smartphones," it said.

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Haier seals deal to buy Sanyo's white goods ops
Tokyo (AFP) Oct 18, 2011 - Japan's Sanyo Electric said Tuesday it had reached a final agreement with Haier to sell its white goods operations, such as refrigerators and washing machines, to the Chinese company.

The deal is the first time a Chinese firm has bought major business segments from a large Japanese manufacturer. The companies did not indicate the value of the transaction.

The move follows a basic agreement reached in July with Panasonic Corp., Sanyo's parent, for Haier to gradually acquire Sanyo's refrigerator and washing machine operations in Japan and Southeast Asia by the end of March 2012.

Under the deal, Haier will have the right to sell washing machines, consumer refrigerators, and televisions under the Sanyo brand in Vietnam, Indonesia, the Philippines and Malaysia.

In Japan, the Chinese firm will use both "Haier" and the "AQUA" brand name, currently used as a Sanyo product line.

"Following the final agreement, the two companies are aiming to complete the gradual transfer of the businesses by the end of March, 2012," Sanyo said in a statement.

Panasonic and Sanyo are looking to jettison overlapping businesses, with Panasonic looking to focus more environmental technology such as reachargeable batteries, solar panels and other energy-saving systems.

It acquired a majority stake in Sanyo in December 2009, taking over one of the world's biggest suppliers of rechargeable lithium-ion batteries and a major player in solar panels, before turning it into a wholly owned unit.

It said in July that it would sell Sanyo's white goods operations to Haier for an undisclosed sum.

Haier was the world's largest refrigerator maker in 2010, controlling 13 percent of the market, while ranking second in washing machines, with a nine percent global share.

But the company has been struggling to boost its presence in Japan and Southeast Asia, where Japanese brands are strong.



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Thai floods curb production of cars, electronics
Bangkok (AFP) Oct 16, 2011
Thailand's worst floods in decades have jolted a global supply chain already straining under the impact of Japan's tsunami, as deluged factories threaten some of the kingdom's key export industries. The floods have killed about 300 people, damaged one-tenth of Thailand's rice paddy and made major roads north of Bangkok impassable. Toyota, Ford, Honda and Isuzu have all suspended car asse ... read more


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