Panasonic’s losses ballooned to 698 billion yen (€6.7bn) in the second quarter as sales of flat-panel TVs, laptops and other gadgets plunged, and restructuring costs prove bigger than initially expected.

A BUILDING company alleged by the Revenue Commissioners to have entered agreements with an auctioneering firm to avoid VAT has lost a court challenge to a notice that it was liable for more than €3 million in VAT.