Sony CFO Masaru Kato
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Business Bites: Record losses for Sony

Sony has announced it will post annual losses for 2011 which are double what they had forecast in February.

The $6.4bn (£4bn; 4.9bn euros) loss comes as the iconic Japanese electronics group struggles to compete with South Korea's Samsung and LG which both make popular TV units.

The company announced sweeping changes to its business practices and analysts are speculating that it may have to lose some 10,000 jobs, which equates to about 6% of its global workforce.

Meanwhile, with a final flight from Heathrow to Delhi today, India's Kingfisher Airlines is ending all international operations.

The BBC's Aaron Heslehurst discusses the key financial stories of the day.