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.