Business Bites: Sony slashes profits forecast

2 August 2012 Last updated at 10:55 ET Help

Sony has revised its net income forecast for the year to 31 March 2013 to 20bn yen ($255m; £162m) - lower than the previous projection of 30bn yen ($383m; £247m) made in May.

It comes after the company posted a record annual loss for the previous year of 456.7bn yen ($5.7bn; £3.5bn).

Sales of televisions have been particularly weak, with the company warning that it will only sell 15.5 million sets this year.

It has also been hit hard by the eurozone debt crisis and the strength of the Japanese yen.

The BBC's Aaron Heslehurst discusses the key financial stories of the day.

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