Panasonic Forecast to Lose $9.6 Billion
TOP sponsor Panasonic says it has an "urgent need" to improve its financial standing after forecasting a loss of $9.6 billion.
In its second quarter earnings statement, the Japanese-based electronics manufacturer cited a"sales decrease in digital products under severe global competition" and a weak market in Japan for flat-panel televisions as the key culprits for the loss.
The company said it was working toward profitability by "filtering unprofitable models" among other tactics, including layoffs of 39,000. Corporate executives said further layoffs are not expected.
Panasonic’s combined losses over the last five years total $25 billion.
Shares of Panasonic decreased in value by 20 percent on the heels of the news.
New Partner for Nanjing 2014
Tencent is the newest Tier One Sponsor of the 2014 Summer Youth Olympic Games.
As the "Internet Service Partner" for the YOG, Tencent will manage the Nanjing 2014 website, promote the sports competition as well as the Culture & Education Program, and utilize social media in China to excite the population about the Games.
"Tencent is one of the largest and most influential website companies in China and will provide the Organizing Committee with the necessary tools to promote the Youth Olympic Games to a wide international audience," said Liu Yian, Executive Vice Secretary of NYOGOC.
"This cooperation and shared values will enable us to deliver surprising and memorable Games for young audiences around the world."
Audi Extends Agreement with FIS
On the sidelines of the season-opening World Cup in Soelden, Austria, the International Ski Federation announced that Audi, who has been the presenting sponsor of the FIS World Cup Alpine Ski Tour for the past decade, has extended their contract through the 2017 season.
The longstanding partnership also includes Audi as the title sponsor at the 2015 Alpine World Championships in Vail, Colorado and at the 2017 Championships in St. Moritz, Switzerland.
Written by Ed Hula III and Aaron Bauer
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