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The world's biggest plasma TV maker Friday reported a $4 billion loss for the fiscal year, which ended in March.  This was their first first loss in seven years.

They are not alone however as the rest of the electronic industries are also feeling the effect of a weakening economy.  Sony and even Toyota posted a record loss.

Panasonic has decided to close over 40 of its production facilities in a desperate attempt to cut cost and save money.