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Recession has plagued the leading plasma TV maker, Panasonic as it reports an annual loss of $4.3 billion as the firm will be laying off 15,000 employees. This shouldn’t be a surprise as many firms have made massive cuts with the current year predicted to be worse. Panasonic’s director, Makoto Uenoyama stated”

Sales fell in all our business segments in the third quarter. We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment.