The credit crunch is still causing problems, even after almost 2 years of battering businesses across the globe.

Sony has today announced the first loss in 14 years, which was a big shock to the company. The loss was caused by the recent fall in sales of Sony equipment because of the decrease in market. 

The Japanese company has reported a £685m loss (98.9 billion yen; $1.04 billion) for the year to the end of March. The company has said that they will be cutting 8,000 jobs and closing 10% of its factories.

So it looks as if the credit crunch has not finished yet. How long will it be before we finally see an increase in the market? The predictions stand that it will be another difficult year for the financial market, but we’ll have to see what happens.