Panasonic forecasting record annual loss

NBC News — Panasonic is forecasting a record $10.2 billion annual net loss. The loss was almost entirely caused by restructuring changes and writedowns, including Panasonic's Sanyo electric unit.

A strong yen and the effects of the Japanese earthquake and tsunami also contributed. Panasonic's president told journalists in Tokyo friday the company was making painful changes as it tried to renew the business. The company plans to shed 17,000 jobs by the end of March.