Just a reminder that yes, this is a global recession: Japanese electronics group Panasonic is to cut 15,000 jobs and close 27 plants worldwide as it
February 4, 2009

Just a reminder that yes, this is a global recession:

Japanese electronics group Panasonic is to cut 15,000 jobs and close 27 plants worldwide as it seeks to reduce costs.

The world's largest maker of plasma TVs said it expected a net loss of 380bn yen ($4.2bn, £2.9bn) for the financial year to 31 March.

The company has been hit by a stronger yen and falling sales amid the global economic downturn.

Also on Wednesday, Japanese carmaker Mitsubishi forecast its first annual loss for three years.

It said it expected a net loss of 60bn yen for the year to the end of March, compared with a profit of 34.7bn yen a year earlier.

Amid a slew of downbeat news, Casio Computer, a maker of cameras, digital watches and mobile phones, also cut its outlook for annual net profit to 1.5bn yen from 13.5bn yen, reporting a 87% drop in net income for the April-December period.

Can you help us out?

For nearly 20 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.
Mastodon