Sony has reported its first annual loss in 14 years, after being hit by a big drop in sales. It reported a loss of $1.04bn for the year to the end of March.

The company blamed the global downturn and the strong yen for the loss. Worldwide sales were down 12.9%. It had previously announced it would be cutting 8,000 of its 185,000 workforce and closing 10% of its factories.

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