TOKYO (Reuters) -Panasonic Corp said on Wednesday it expected operating profit growth to be flat this business year as component shortages and rising material costs continued to pose a risk to earnings.

Japan's Panasonic Corp on Wednesday posted fourth-quarter operating profit of 83.3 billion yen ($639.6 million) compared with a profit of 31.8 billion yen a year ago.

STOCKHOLM (Reuters) -Marlboro-maker Philip Morris International Inc (PMI) said on Wednesday it was making a recommended cash offer to buy tobacco and nicotine products maker Swedish Match for 106 Swedish crowns per share.

British broadcaster ITV said advertising markets would get much tougher in the months ahead, reflecting the absence of last year's European Football championship, while it was mindful of "macroeconomic and geopolitical uncertainty".

Panasonic Corp on Wednesday said it expects operating profit growth to be flat this business year as component shortages and rising material costs continued to pose a risk to earnings.

The European Central Bank should raise interest rates from record lows in July but could already outline its rate expectations for the coming months at its June 9 meeting, ECB policymaker Madis Müller said.