Summary : “Recently, consumer sentiment has been rapidly shrinking due to deepening concerns over inflation and economic recession, and companies are now noticeably moving to cut costs,” it said. Panasonic Holdings Corp (6752.T) posted a 39% plunge in June quarter profit and said the risk of an economic slowdown caused by geopolitical risks and inflation globally remains high.
The Japanese conglomerate said profits at its energy unit that supplies EV batteries to Tesla Inc (TSLA.O) fell mainly due to higher costs for raw materials and logistics.
Tech and auto firms with factories in China have faced business disruptions in the world’s second-largest economy due to COVID-19 lockdowns even as the war in Ukraine has pushed up energy and logistics costs.
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