February 4, 2009

Japan's Panasonic Cuts 15,000 Jobs, Shut Plants

Japan's Panasonic Cut 15,000 Jobs, Shut PlantsAfter announcing the first loss in the last 6 years in electronic business and to strict against the world slowdown, Panasonic was slashing about 15,000 jobs and shuttering 27 plants worldwide. This will slightly increase the world unemployment rate.

Plunging consumer demand, lower gadget prices and the soaring yen, which erodes overseas income, are battering Panasonic, the the world's largest maker of plasma display TVs. It racked up a 63.1 billion yen ($709 million) net loss for the fiscal third quarter compared to a 115.2 billion yen profit the same quarter the previous year.

With this reaction from Panasonic, the company expects to save 300 billion yen for the fiscal year through March 2010. Hope that everything will be better soon.

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