Word: matsushita
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...only the latest downtick in Japan's deepening recession. The country's aggregate corporate earnings are down for an unprecedented third year, promising plenty of blue-chip company for Nissan. In other bad news, telecommunications giant NTT announced that it would cut 30,000 employees over three years. And Matsushita president Akio Tanii resigned, accepting responsibility for a sharp drop in profits, owing in part to costs associated with 700,000 defective refrigerators. Making matters worse is the sudden rise of the yen to a record high against the dollar. Monetary appreciation will hurt Japan's big exporters first, bringing...
Philips' new digital compact cassette, like comparable products from Marantz, Matsushita and Tandy, is able both to play and to record on digital and old-fashioned cassettes. "It makes tape-format obsolescence obsolete," says Frans Schmetz of Philips Consumer Electronics. The devices include features like the ability to fast-forward at hyperspeed...
...FATHER'S California home when he overheard Dad talking on the phone about selling his company to a Japanese firm. This wasn't just any dad. Sidney Sheinberg is president of Hollywood's giant MCA Inc., and he was talking about its yet undisclosed sale to Japan's Matsushita Electric Industrial Co. When Sheinberg Sr. realized that Junior was listening in, he correctly warned his son to keep the news to himself and certainly not trade in the stock. But Jonathan just couldn't keep a secret, the SEC says. He has agreed to pay $417,988 in penalties...
Although some non-U.S. companies surely do evade American taxes, the IRS's previous efforts to crack down on violators have borne relatively little fruit. Earlier this month the Japanese electronics giant Matsushita, which sells products in the U.S. under the Panasonic and Quasar brand names, reached an agreement with the IRS to pay a settlement in that kind of dispute. The amount was a mere $4.8 million. At least 47 Japanese companies in the U.S. have been involved in similar cases within the past five years. Many such companies are now taking Matsushita's accommodating approach, which will...
...they affect the bottom line. The IRS in Washington has long charged that many Japanese firms doing business in the U.S. artificially inflate the value of Stateside deliveries to reduce the profits -- hence the taxes -- of their American subsidiaries. Now one of Japan's largest consumer-electronics manufacturers, Matsushita Electric Industrial Co., has agreed to a new pricing method designed to head off questions through advance consultations. Matsushita, whose consumer-appliance brands include Panasonic and National, became the first major Japanese firm to adopt the new system. If approved by President-elect Bill Clinton, who has claimed during the campaign...