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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Monday, May 27, 2013
Liberty Reserve digital money service forced offline
Liberty Reserve - a Costa Rican-based
digital currency service - has been shut down
after the reported arrest of its founder.
Authorities in the Central American country
said Arthur Budovsky had been taken into
custody in Spain on suspicion of money
laundering, following an investigation which
also involved the US.
They added that police had raided several of
Mr Budovsky's properties and seized his
computer servers.
The site went offline on Thursday.
Liberty Reserve had described itself as being
the internet's "oldest, safest and most
popular payment processor... serving millions
all around a world".
It had allowed users to open accounts and
transfer money, only requiring them to
provide a name, date of birth and an email
address.
Cash could be put into the service using a
credit card, bank wire, postal money order or
other money transfer service. It was then
"converted" into one of the firm's own
currencies - mirroring either the Euro or US
dollar - at which point it could be transferred
to another account holder who could then
extract the funds.
The service promised that payment transfers
were "instantaneous" and it charged a
maximum of $2.99 (£1.98) for each
transaction. It also offered a private
messaging facility which it said was "much
more private and secure than email or instant
messenger services".
Security expert Bryan Krebs said Liberty
Reserve's features had made it a popular
among cybercriminals who wanted to move
funds and make payments anonymously.
However, others said they had used the
service for legitimate means, viewing it as a
cheaper alternative to PayPal. They fear they
will now lose money still sitting in its
accounts.
Refused licence
Costa Rica state prosecutor Jose Pablo
Gonzalez announced news of the raids on
Saturday. He said that in addition to Mr
Budovsky's arrest, 10 other suspects were
being investigated in connection with
international money laundering.
Mr Gonzalez said that Costa Rica's financial
regulator, Sugef, had refused to issue a
licence to Liberty Reserve in 2011 after
raising concerns about how it was being
funded.
Although the company Liberty Reserve
subsequently closed and dismissed its
employees, the prosecutor said Mr Budovsky
had continued operating his money exchange
service by running it through five other Costa
Rican businesses.
The same year, he said, New York based
officials asked Costa Rica to investigate.
Mr Gonzalez said offices and houses linked
to Mr Budovsky had been raided last week,
and that documents and three vehicles -
including a Rolls Royce - were seized.
The US Department of Justice's website says
that in 2006 Mr Budovsky was found guilty of
operating a separate illegal money
transmittal business - GoldAge - from a
Brooklyn apartment when he used to live in
New York.
However, when asked about the latest arrest,
a spokeswoman said she could "not provide
any guidance" at this time.
The BBC has also asked the Spanish police
for more details.
Lost money
According to Mr Krebs' security blog, the
closure of Liberty Reserve has the potential
to "cause a major upheaval in the cybercrime
economy".
He said there had been "anxious discussions"
about the news on several internet forums
after fraudsters and malware sellers found
themselves unable to access their accounts.
But others say they used the service for
legitimate reasons, and are concerned about
the lack of information.
They include Mitver Holdings, the firm behind
a facility called ePay Cards. This allows
consumers outside the US to buy goods from
stores in the country as if they owned a
locally-issued Visa or Mastercard credit
card.
The company - which has offices in London
and Texas - used Liberty Reserve as a way
for its customers to charge up their "virtual
credit cards".
Co-founder Mitchell Rossetti said he had
about $28,000 sitting in his business's
Liberty Reserve account at the time the site
went offline.
"We used Liberty Reserve because it was
quick, efficient and secure," he told the BBC.
"Now, we - and thousands of others who
were dependent on it - have been left with
nothing to look at except a blank webpage,
and nothing more to go on than reports from
the Costa Rican press.
"We need to know if our assets have been
seized and what would be the requirements
to get the funds returned."
source:bbc
Wednesday, May 15, 2013
Boeing resumes deliveries of 787 Dreamliners
Boeing Co (BA.N ) resumed
deliveries of its high-tech 787
Dreamliner jet on Tuesday, ending a
period of nearly four months in which it
was unable to provide new planes to
customers because of safety concerns
about the battery system.
The delivery of the first jet with a redesigned
battery system marks a turning point in
Boeing's 787 crisis, allowing the jet maker to
book revenue for completed sales of the jet,
which costs $207 million at list prices.
Boeing shares rose 1.4 percent to close at
$96.11 on the New York Stock Exchange,
their highest levels since November 2007.
Resuming deliveries will lower Boeing's profit
margin in the near-term, though. The 787s
being delivered now are among the relatively
early jets that are more costly to make and
that were sold at steep discounts to attract
customers.
Boeing has never given a final cost estimate
for the 787's grounding and repairs, though it
absorbed nearly all of the impact in the first
quarter while still posting a rise in profit.
Some analysts have projected a final cost of
as much as $600 million.
The deliveries will improve Boeing's cash
flow this year, however, and will reduce its
inventory, something investors have been
anticipating as they bid up its stock.
Boeing said it delivered a new Dreamliner to
All Nippon Airways ( 9202.T ) on Tuesday, its
second delivery of the year. The first was
delivered before January 16, when regulators
grounded the worldwide Dreamliner fleet after
two lithium-ion batteries overheated and
smoked on two separate jets that month.
Boeing also reaffirmed Tuesday that it
expects to hit its target of delivering more
than 60 787s this year.
Analysts say the target should be easy to hit.
Boeing kept making Dreamliners while the
plane was grounded, so about 25 are parked
outside its factories waiting to be delivered to
customers, the company said.
Boeing also has sped up production. Last
week it rolled out the first 787 made at the
new rate of seven per month, up from five
per month previously. It aims to raise the
rate to 10 per month by year-end, with the
first delivery at the new rate in 2014.
BATTERY REDESIGN
After the two incidents in January, Boeing
redesigned the 787 battery system, adding a
steel enclosure and other safeguards to
prevent fire.
The Federal Aviation Administration approved
the redesigned system on April 19 and a few
days later cleared Boeing to begin installing
the $500,000 fix on the 50 delivered jets that
had been grounded, and those still at the
factory.
Ethiopian Airlines began carrying customers
on the new jet on April 27. The other seven
airlines that fly the jet have begun working
them into flight schedules, many with service
beginning later this month or in June. United
Airlines( UAL.N ), the first U.S. carrier with the
787, is due to resume service on May 31.
Boeing still faces potential problems with the
new plane, its first all-new jetliner in more
than a decade. [ID:nL2N0DE026] New planes
are typically glitch-prone, and the 787 is no
exception, logging a string of minor mishaps
in the months leading up to the grounding,
ranging from fuel line leaks to brake
problems and a cracked cockpit windscreen.
In addition, the U.S. National Transportation
Safety Board is still investigating what
caused a 787 battery to overheat and catch
fire on a parked Japan Airlines( 9201.T ) plane
in Boston. About a week later, another battery
overheated on an All Nippon flight in Japan,
prompting an emergency landing and
evacuation.
The NTSB investigation, which included
hearings in April, is expected result in
recommendations to the FAA that could alter
certification procedures for aircraft.
Source:reuters
Is now the time to be short GBPUSD?
Sterling underwent a fall from grace since the
beginning of year, amounting to a 9.5%
decline against the dollar culminating in a
fairly brief foray below the 1.50 level in
March.
US indicators continue to look sharp and
financial markets are hoping that the stronger
US demand will have a positive impact on
other economies. This and the avoidance of
the triple dip recession have been paramount
to the recent sterling bounce.
The pound rallied back towards the 1.56 level
since 12 March trading in a bullish channel
but found the air rather thin above this level
(50% Fibonacci of the 1.6380/1.4830 move).
The breakdown of the long term uptrend from
the early 2009 lows in February of this year,
nevertheless suggests that further downside
might be inevitable for the pound. The breach
of the narrowing range at the 1.5660 area is
pivotal and is the key resistance to any real
GBP strength, barring a complete and utter
catastrophe in the Eurozone.
Over the past 2 days, this bullish channel has
given way and price action has declined
further and should the lows of 2012 at
1.5236 fail to hold the current trend looks set
to target the 23.6% Fib. retracement around
the 1.52 level.
Assuming the pair finds daily support at
these the 1.5236 levels, we cannot rule out a
retest of the 100 day moving average and
previous channel support at 1.5370/80. If we
examine the dollar index, we note that the
market is currently testing previous resistance
levels around the 83.50 level which if hold
would support this theory.
The incoming Bank of England governor,
Mark Carney has already intimated that
monetary policy under his guidance will likely
be ultra- easy with many Monetary Policy
members suggesting that inflation concerns
reside forefront as the UK economy gets back
on track.
Given that the ECB have recently cut rates
and the strong positive correlation between
EURUSD and GBPUSD one could expect that
the MPC will be even more determined to
advocate a weaker pound.
Given the fundamentals and the longer term
trend, I would presently look to short the
pound on the rallies.
A break higher to previous channel support at
1.5380/1.5400 might provide this opportunity
with a stop loss at 1.5490. Initial target
resides at the 1.5236 level and there may
well be opportunity to add to the trade should
this level fail.
source:forexnews
Aussie Drops Below .9900 On Budget Statement
The Australian dollar dropped below .9900 for
the first time in 11 months on Tuesday, after
Australia’s government jumped on the
austerity bandwagon and unveiled a cost-
cutting budget that heightened the possibility
of further interest-rate cuts.
The news comes on the back of last week’s
rate cut, which surprised the markets, and
took the wind out of the Australian dollar’s
sails. The Aussie ended the U.S. session
down 0.64% against the dollar at .9889.
Meanwhile there was yet more disappointing
data coming out of the eurozone; firstly the
ZEW index of German economic sentiment
ticked up to 36.4 from 36.3 in April, well
below economists expectations of 38.3, and
the index of current conditions fell to 8.9
from 9.2 in April, indicating that the German
economy could struggle to recover from a
0.5% contraction in the fourth quarter.
It wasn’t all bad news for the euro however,
a separate report showed that eurozone
industrial production rose by a seasonally
adjusted 1% in March, more than double
expectations for a 0.4% increase. The
greenback ended the U.S. session up 0.28%
against the euro at 1.2939.
source:forexnews
Monday, May 13, 2013
LG to invest 120 bln won in environmental safety
LG Electronics Inc., the world's third-largest smartphone maker, said Monday that it plans to spend 120 billion won (US$107.8 million) to beef up its environmental safety program,
including chemical spill prevention, by 2015.
LG also said it will expand the number of
chemical experts and improve its fire
protection system as part of the plans.
The investment plan came after a highly
poisonous hydrofluoric acid leak at Samsung
Electronics Corporation's main chip plant
took place on Thursday in the South Korean
city of Hwaseong.
For the second time in just three months, a
small amount of diluted hydrofluoric acid, a
colorless acute poison that can damage the
lungs and bones and even affect the nervous
system, leaked at Samsung's semiconductor
plant in Hwaseong, 60 kilometers south of
Seoul, injuring three subcontract workers.
source:yonhapnews
Sunday, May 12, 2013
Samsung to offer 5G service by 2020
Samsung Electronics Co. said Sunday that it
successfully developed a core technology of
the fifth-generation network (5G) for the first
time, aiming to enable users to access faster
data services by 2020.
The new wireless technology will enable
customers to access a stream of data faster
than the current fourth-generation network
and download an entire movie in less than a
second, the world's largest smartphone
maker said.
Under the new platform, users can
download and upload data at speeds of up to
tens of gigabits per second (Gbps), compared
to 75 megabits per second (Mbps) posted by
the fourth-generation long-term evolution
(LTE) service.
Samsung Electronics said it has
successfully tested the platform using the 28
Gigahertz (GHz) waveband to transmit data
at a speed of 1 Gbps, which earlier had been
considered as a conundrum by global
industry players.
The tech giant said it used 64 antenna
elements to overcome the issue, which
allowed the device to exchange real-time
signals under the platform. Samsung plans to
make the service available to consumers by
2020, it added.
Market watchers said Samsung's
development will add vitality to global
development of the 5G network and its
commercialization, as well as help in making
an international standard for the platform.
Advanced countries have been vying to
pre-empt the 5G market, with China and the
European Union injecting large sums of cash
into development of the new communication
platform.
Source:yonhapnews image-hobotraveler.com
Labels:
Business,
Mobile Phones n Tablets,
News,
Technology
Box Office: ‘Gatsby’ Jazzy with Nearly $60 Million Projected Bow; ‘Iron Man’ Still No. 1
It’s all about glitz and iron this weekend
at the domestic box office as “Iron Man
3″ in its soph sesh and opener “The
Great Gatsby” lead the pack with $19.8
million and $19.4 million from Friday,
respectively.
Though it’s neck-and-neck now, the gap
between the two is expected to widen
significantly by Sunday, with Disney-
Marvel’s threequel leading by about $10
million in the high $60 million range.
That said, Warner Bros.’ “Gatsby” is
wildly outperforming pre-weekend
expectations that had “Iron Man 3″
pummeling it into the $30 million range
through Sunday. It will exceed that
estimate by about $20 million. For a film
surrounded by tentpoles (Paramount
bows “Star Trek Into Darkness” next
week), and with a $100 million budget
after incentives to recoup, this frame is a
very good start.
“Iron Man 3″ will fall about 60% from its
opening weekend. Actioner has cumed
$232.2 million through Friday, bringing
its worldwide total to more than $795.6
million.
In fourth place, after Par’s “Pain and
Gain,” Lionsgate bowed Tyler Perry’s
“Peeples” Friday to $1.2 million. The
laffer, which was supported by a targeted
marketing effort aimed at African
American women for Mother’s Day, was
expected to earn an opening in the high
single digits, but it’s now looking closer
to about $4 million in three days.
Source:variety.com
Friday, May 10, 2013
Censoring Facebook: Social network's violent video dilemma
Facebook's decision to remove videos
showing people being decapitated leaves the
firm in a quandary: should or shouldn't it
impose a wider censorship policy?
Originally the social network rejected calls
from users to delete the clips saying that it
wanted to "preserve people's rights to
describe, depict and comment on the world".
But after the BBC revealed that one of its
own safety advisers - the head of the Family
Online Safety Institute - had criticised its
decision, the firm announced a U-turn, saying
it would remove clips showing beheadings
while it re-evaluated its rules.
That potentially opens a can of worms.
Since publishing the article , readers have
contacted the BBC to complain about other
videos, including:
✧one that shows killings which do not involve
beheadings
✧clips involving cruelty to dogs and other
animals
✧a smartphone recording of a schoolgirl being
punched to the ground by another pupil
In all cases they said the network had
refused their requests to remove the material.
A spokeswoman for Facebook confirmed its
policy had only been amended in regard to
decapitations.
But imposing stricter controls would open the
firm up to other criticism.
Before his death, internet freedom
campaigner Aaron Swartz warned of the
dangers of privately owned parts of the net
limiting what was posted onto their sites. He
called this "corporate tyranny" and named
Facebook as a specific concern.
The social network could not provide a date
for when its review would be complete. The
following range of opinions suggest it will
struggle to please everyone.
Richard Allan, Facebook
More than a billion people express
themselves and comment on the world in
which we live through Facebook and most of
the time this is entirely without problem.
On occasions, there are concerns about some
of the content that is being shared and we
have put in place a reporting system so that
people can tell us about this.
The reported content is evaluated against our
community standards and appropriate action
is taken where our rules have been breached.
When drawing up and enforcing our approach
to acceptable behaviour and content on
Facebook, we aim to strike the right balance
between enabling people to share
information, news and content - and
protecting the community as a whole.
This is a complex challenge as Facebook is a
large, diverse community and we are
continually presented with novel situations.
While we freely admit that we do not always
get it right, the trouble-free daily experience
of the vast majority of Facebook users
demonstrates that our systems are working
well in all but the most exceptional cases and
that they are improving over time.
As we said last week, we are reviewing our
rules related to content showing graphic
violence.
In doing so we are clear that there are
situations where it is important for people to
be able to share content through Facebook
even if this can at times be quite shocking.
For example, people caught up in violent
incidents such as the recent Boston
bombings or the ongoing conflict in Syria
want to be able to report on their experiences
and may use quite graphic content to do this.
This illustrates the kind of challenge that our
highly experienced team deals with on a daily
basis as we strive to offer a space for
sharing that is mindful of everyone's
expectations.
Celia Mellow, petition organiser
As a person who holds a strong sense of
justice, I had no hesitation in setting up a
petition for the removal of the sickening
decapitation video I was shocked to find on
my Facebook news feed.
What shocked me even more was the fact
that I had to actually make a petition in any
hope for the video to be removed.
No matter how many times my friends and I
reported it, we all received the same
message, stating that "it doesn't violate
Facebook's community standard on graphic
violence, which includes depicting harm to
someone or something".
How does a video of an innocent woman
being brutally murdered not "violate" this? I
can only hope that there is a criminal
investigation that will bring her justice.
As a loyal Facebook fan, I understand that
Facebook is only allowing people to have
freedom of speech. However, I think it is
about time they drew a line between what is
and isn't appropriate for the public.
Facebook's audience starts from children
aged 13 - what I feared the most was that my
younger sister could easily have witnessed
that disgusting video.
No-one should be exposed to such graphic
horror. Sadly, that video isn't the only
inappropriate content to have wandered onto
Facebook recently. I have heard of others
showing extreme violence and cruelty to both
humans and animals.
It's time that new stricter regulations are
made by Facebook in order to remove these
vile videos for good so that it might return to
being the safe social network it used to be.
Jeremie Zimmermann, La Quadrature du Net
Any intervention by Facebook to remove or
block access to content beyond what a court
might order - while respecting basic
fundamental rights and the principle of
proportionality - would in practice amount to
privatised censorship, and nobody has an
interest in going there.
A dominant, centralised actor such as
Facebook would be incentivised to spend as
little money as possible determining which
content would be lawful or not, suitable or
not, etc.
This would raise the question of what criteria
would be used. Opening such a breach would
ensure that any government could pressure
Facebook to consider their own criteria,
whether for political, religious or other
reasons.
Under such conditions we can be sure that
the fundamental right to freedom of speech
or the right to a fair trial would not be
respected.
As surely as we cannot trust giant centralised
corporations to defend our fundamental
freedoms, we cannot ask them to become the
judges and enforcers of what information
should be shared online.
Protecting children on the net is a
responsibility of their parents in the first
place. It cannot be outsourced to Facebook.
It is a matter of educating them about the
difference between the "circle of trust" offered
by their own private relationships with friends
and family, and the public nature of this
communication system.
Since Facebook collects and stores so much
information it should be able to determine
when one of its members is a minor and is
about to be exposed to content that has been
reported as unsuitable, and display a warning
message.
Users would then be free to choose to take
that advice, or make a conscious choice to
access the content.
Stephen Balkam, Family Online Safety Institute (Fosi)
Facebook, and most other social media sites,
have explicit terms of service about what is
and what is not acceptable to be hosted on
their websites.
Some go further and have created what are
known as community standards.
These more clearly state the rules about
what kinds of content will be removed.
Facebook, YouTube and Twitter have robust
reporting mechanisms so that ordinary users
can flag inappropriate or abusive content for
review.
What is challenging for these companies is
how and where to draw the line.
This will help them determine when to invoke
the "public interest" principle in keeping
material - such as images from the Boston
Marathon bombing - up on their site, even
though they depict graphic violence.
This is new territory for us all as we navigate
the rules, ethics and standards of user-
generated content sites.
Andrew McDiarmid, Center for Democracy &
Technology
The controversy over Facebook's treatment of
shocking videos of beheadings is the latest
illustration of the enormous complexity at
work when it comes to promoting the
exercise of human rights online.
Billions of people rely on internet platforms
to speak and access information in the
networked public sphere, but the platforms
are controlled by private companies, whose
terms of service in large part determine the
contours of free expression.
In one sense, platform operators are
themselves speakers that have the right to
determine their own policies. At the same
time, these "digital sovereigns" - to borrow a
phrase from Rebecca MacKinnon - effectively
govern their users' exercise of free expression
rights.
Platforms have a responsibility, particularly
as they grow to Facebook-scale, to consider
the human rights impact of their policies and
to minimise restrictions on free expression.
This is especially true with respect to
government restrictions. It would be troubling
indeed if government pressure precipitated
the video's removal in this case.
A key step in carrying out this responsibility
is ensuring that content policies are clearly
communicated and fairly applied.
The horrific beheading video and Facebook's
reported reaction demonstrate the challenges
that arise when trying to develop and apply
clear, consistent standards in the complex
and multi-faceted realm of online
communication.
Context matters a great deal. Different
companies might draw the line in different
places, and just because something is
offensive or disturbing does not mean it
necessarily violates a particular term. And it
certainly does not make it illegal.
Because of this complexity, systems for
assessing content require constant
refinement to ensure that free expression is
protected.
Advocates, too, must remain vigilant that the
private players that provide so much public
value online are meeting their responsibilities
to users.
Is it complicated and prone to mistakes and
close calls? Yes, but the alternative -
mandated content policies and individual
governments vying for control over the global
internet - is untenable and fraught with risk
for free expression.
Dr Lynne Jordan, British Psychological
Society
The main concern, as an experienced
psychologist, in working with the effects of
actual and vicarious violence is a lack of
awareness of violation of choice.
Material is posted on news feeds and "liked"
indiscriminately without thought as to the
rights of under-aged youngsters and others
who may view it.
People, whether young or old, can be
negatively affected by witnessing violence
either on screen or in reality.
Effects include trauma responses such as
replaying the images, feeling scared and
vulnerable, ashamed, invaded or violated and
confused, as well as angry and helpless,
which is reinforced via the news feed as
these things pop up uninvited.
Ethical codes are there for safety and to
preserve the right to choose what is viewed
when users are considered of age or able to
understand the implications. Social media
sites are mostly not obliged to adhere to
such codes which creates a problem,
particularly if they issue their own vague
inadequate guidelines.
Social networks' news feeds allow material to
arrive on people's pages that might never be
sought by choice.
Extensive "friendship lists" develop with
people who may not be actual friends but
through casual contact get "befriended",
perhaps out of obligation or a need to fit in,
be liked etc.
The material is often posted supposedly to
prevent the spread of violent crime or other
violations, but in fact it can inadvertently
escalate it by sidestepping the consent of the
people accessing the feeds.
This is reminiscent of the "ban smoking in
public places" debate with the concern of
whose rights we are protecting.
In that debate it was largely about public
physical health. This debate concerns public
mental health and wellbeing.
Source:bbc
YouTube launches pay-to- watch subscription channels
YouTube has launched a trial scheme for
paid channels on its website.
Under the pilot programme, a small number
of content makers will offer the channels for
subscriptions starting at $0.99 (£0.64) a
month.
Each channel will offer a free 14-day trial
and many will have discounted annual rates.
Although the initial 53-channel line-up is
fairly niche, one expert suggested the move
might ultimately squeeze some smaller rivals
out of the market.
YouTube, which is owned by Google, said the
launch was part of an effort to enable
"content creators to earn revenue for their
creativity".
For example, the children's television
favourite, Sesame Street will offer full
episodes on its pay channel when it
launches.
Subscribers can pay using either their credit
cards or through Google's own Wallet service.
The paid channels involved in the pilot are
diverse.
They include National Geographic Kids, Acorn
- which provides episodes from several
British TV series -and Fix My Hog Premium,
which is aimed at Harley Davidson
motorcycle enthusiasts.
"This is just the beginning", YouTube said on
its blog.
"We'll be rolling paid channels out more
broadly in the coming weeks as a self-
service feature for qualifying partners.
"And as new channels appear, we'll be
making sure you can discover them."
Traditional TV turn-off?
The advent of paid channels on YouTube
means Google joins Netflix, Hulu and
Amazon in offering subscription-based
alternatives to traditional pay-TV.
"The wider picture here is that the internet
and TV worlds are colliding," Ian Maude, an
online media expert at consultants Enders
Analysis told the BBC.
"The YouTube move will make it much harder
for smaller standalone online subscription-
based platforms because Google has the
infrastructure to make it easy for content to
be hosted, delivered and billed for.
"But it was always inevitable that Google was
going to do this."
One billion viewers
Google bought YouTube in 2006 for $1.65bn.
The service is believed to generate a small
amount of revenue from advertising, but the
vast majority of its content has been free-to-
watch.
To make itself more attractive to potential
advertisers, YouTube has gradually added
professional content, such as full-length
films and TV shows, to its vast library of
amateur videos.
YouTube says a billion people around the
world use the service every month.
"If YouTube were a country, we'd be the third
largest in the world after China and India,"
the company said in March.
Source:bbc
Thursday, May 9, 2013
Sony reports first annual profit in five years
Sony has reported an annual profit for the
first time in five years, boosted by asset
sales and a weakening yen.
Net profit was 43bn yen ($436m; £280m) in
the year to 31 March, compared with a
457bn loss a year earlier.
Sony said the yen's recent fall, which makes
its goods cheaper for foreign buyers, boosted
sales. A weak yen also lifts profits when
firms repatriate their foreign earnings back
home.
But some analysts said gains from asset
sales had skewed the latest numbers.
The firm said it expected its profits to rise to
50bn yen in the current financial year, with
the yen forecast to remain weak.
The Japanese currency has fallen more than
20% against the US dollar since November
last year, after policymakers unveiled a
series of aggressive measures aimed at
spurring growth in the economy.
Restructuring process
Sony, which was once a market leader in
various product categories, has seen its
fortunes plummet over the past few years.
Increased competition, falling prices and
narrowing profit margins have hurt its
business, especially in the TV segment which
has been making a loss for the past eight
years.
As a result, Sony has been trying to
restructure its business model and reduce its
costs.
As part of the restructuring process, the firm
has sold key assets over the past few
months, including its US headquarters in New
York and some of its shares in M3, a
medical research and marketing firm.
The firm has also offloaded its "Sony City
Osaki" building in Tokyo.
Sony said the sale of all these assets had
resulted in gains of nearly $2.5bn during the
last financial year - and the figure
contributed to the rise in its earnings during
the period.
Analysts said that given the impact these
sales have had on its profit - the numbers
were not a true reflection of the firm's
success.
Gerhard Fasol of Eurotechnology Japan said
that these gains "really need to be subtracted
from the results, to understand the regular
operating results".
Mr Fasol pointed out that the firm's results
indicated that its electronics division
continued to struggle and that the unit had
not been turned around yet.
Source:bbc
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