Richard Yu, CEO of Huawei's consumer business, said Huawei's own operating system for smartphones and laptops could be ready for use in China by fall this year.Technologyread more
After holding parliamentary elections over seven phases, India started counting the votes on Thursday — and Prime Minister Narendra Modi's Bharatiya Janata Party-led coalition...Electionsread more
Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
China accounted for 40% to 60% of the global increase in trichlorofluoromethane, or CFC-11, emissions between 2014 and 2017, a study found.Scienceread more
CNEX, backed by Microsoft and Dell, filed new allegations in a Texas suit accusing China's Huawei and an executive of trade secrets theft.Technologyread more
With Amazon and Walmart facing regulatory hurdles in India, Reliance's Mukesh Ambani isTechnologyread more
Tech usage and addiction inspires a billion-dollar mindfulness industry. CNBC's Uptin Saiidi attempts three days without any digital gadgets.Technologyread more
Japan's Panasonic said on Thursday it has stopped shipments of certain components to Huawei Technologies to comply with U.S. restrictions on the Chinese company.Technologyread more
Treasury Secretary Steven Mnuchin told CNBC on Wednesday that a trip to Beijing to resume trade negotiations has not been scheduled yet, reducing hopes of a speedy resolution...Asia Marketsread more
Research analyst Adam Jonas, a long-time Tesla bull, said it's extremely unlikely that big tech firms like Apple or Amazon would buy it.Technologyread more
* Forecasts 2019/20 operating profit of 300 bln yen
* Shift to corporate customers fails to spur growth
* Panasonic, Toyota deepen ties with home tech venture (Adds CEO comments from press conference, background)
TOKYO, May 9 (Reuters) - Panasonic Corp warned profit this financial year would fall for the first time in eight years as costs to boost battery output rise and it moves to overhaul some businesses amid investor pressure to find new avenues of growth.
The Japanese conglomerate expects operating profit for the year through March 2020 to slump 27 percent to 300 billion yen ($2.7 billion) from a year earlier. That is well below analyst expectations of a 12 percent decline, according to Refinitiv.
The company is looking at a 15 billion yen loss at its automotive unit this year, it said on Thursday. Panasonic expects costs to ramp up battery production in Japan and China for a planned electric-vehicle (EV) battery joint venture with Toyota Motor Corp to weigh heavily.
Panasonic switched its focus to corporate clients such as automakers a few years ago to escape price wars in lower-margin consumer electronics.
The shift, which involved a vast migration of TV engineers to the automotive unit, helped the company restore profit growth, but its non-consumer businesses did not grow as fast as the company had hoped.
"Over the last three years, we aimed for stable revenue and profit growth focusing mainly on the automotive business ... but development costs and insufficient abilities to adjust to rapid battery production expansion limited our profits," Panasonic President Kazuhiro Tsuga said.
The business was also squeezed last year due to production delays for Tesla Inc's mass-market Model 3 sedan.
Panasonic is Tesla's exclusive supplier of battery cells and industry watchers have said the Japanese company needs to cut its reliance on the U.S. electric carmaker.
Elon Musk, Tesla's mercurial CEO, last month blamed Panasonic for the production delays. He previously said Tesla was looking for other battery suppliers for its new Shanghai car factory.
Tsuga, however, told a post-earnings press conference on Thursday that Panasonic's relationship with Tesla remained good.
"We are not just a supplier but a partner," he said.
Panasonic is set to deepen its partnership with Toyota, announcing earlier on Thursday they would establish a joint company to develop "connected" services to be used in homes and urban development.
Panasonic also said it would sell its solar battery research arm and a solar battery plant in Malaysia to China's GS-Solar for an undisclosed amount.
($1 = 109.9100 yen) (Reporting by Makiko Yamazaki; Editing by Sayantani Ghoshand and Mark Potter)