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TOKYO, Japan — Sony Corporation cut its annual sales and profit forecast amid weakened demand in the US and Europe for its televisions.
Sony, Japan’s largest exporter of consumer electronics, also confirmed it was still suffering from the aftermath of the March earthquake which has crippled its factories and disrupted its supply chain. In addition, the company has budgeted 14 billion yen ($1.1bn) in additional costs this year after suffering from extensive hacking attacks which forced it to take down its PlayStation Network for an extensive period of time.
Sony Corp reduced its net income estimate for the year to 60 billion yen ($771m), from 80 billion yen projected earlier. During the last quarter, the electronics maker made a net loss of 15.5 billion yen ($1.5bn).
In a statement, the company said sales and profit “were mainly affected by the negative impact of the Great East Japan Earthquake as well as the deterioration of the electronics business environment, and unfavorable exchange rates.”
Sony shares fell 1.1% to close at 2,013 yen in Tokyo trading ahead of the announcement – deepening this year’s share price fall to 31%.
A judge is ordering Wells Fargo Bank to pay customers $203 million for overdraft fees.
According to reports, the bank has been manipulating accounts to make customers pay for unwarranted overdraft fees.
The bank has been in some trouble for its deceptive practices for years, including accused loan
discrimination against Blacks.
San Francisco U.S. District Judge William Alsup has also ordered the bank stop its deceptive practice of charging excess overdraft fees.
Wells Fargo will appeal the ruling.
The case is Gutierrez v. Wells Fargo
07-05923, U.S. District Court, Northern District of California (San Francisco).