S&P cuts Panasonic rating

Standard & Poor's yesterday cut its rating on Panasonic Corp's long-term debt by one notch to A minus as competition and weak demand for the firm's products pressures profits.

S&P cited concerns about the consumer electronics company's struggling television unit and said its outlook was negative.

In the year that ends March 31, Panasonic expects to post a record loss of 780 billion yen ($9.78 billion) as it counts the cost of restructuring.

NAB bank enters India

National Australia Bank, Australia's top lender, said yesterday it has opened its first branch in India, following the lead of competitors.

"India's bilateral trade with Australia and New Zealand is rising continually and we believe that the Mumbai branch will help facilitate greater economic, trade and investment flows between the three countries," the bank said.

Reuters