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Panasonic to cut flat TV investment by 23 %t

Japan's Panasonic Corp said it will cut investment in its flat TV plants by 23% to 445 billion yen ($4.9 billion) amid price falls and shriveling demand.

Panasonic, the world's largest plasma TV maker ahead of Samsung Electronics Co Ltd and LG Electronics Inc, also said it aims for flat TV sales of 15.5 million units in the year to March 2010. (Reuters)