Special Report:Global Financial Crisis
A couple look at electronic products displayed at Panasonic Center showroom in Tokyo September 26, 2008.(Chinese media/Reuters, File Photo)
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TOKYO, Feb. 4 (Chinese media) -- Japan's electronics giant Panasonic Corp. said Wednesday it will consider cutting about 15,000 jobs worldwide by the end of March next year as part of the cost-saving measures to combat the global economic crisis.
Panasonic, formally Matsushita Electric Industrial Co., also said it will close down 13 domestic and 14 overseas production bases by the end of March this year.
The Osaka-based company expects a net loss of 380 billion yen (4.2 billion dollars) in the current fiscal year through March because of the ongoing global economic crisis, its first red ink in six years.
Panasonic reported Wednesday a net profit of 65.38 billion yen for its group business in the April-December period. The net profit for the first nine months of fiscal 2008 represents a 70 percent plunge from a year earlier.
The projected loss for the whole of fiscal 2008 is a sharp contrast with a record-high 310 billion yen profit the firm projected in April last year.
Japan's leading firms rush to revise downward earnings for FY 2008
Visitors look at a screen showing the logo of Honda Motor Co at the company's headquarters in Tokyo Jan. 30, 2009. Honda Motor Co lowered its annual profit forecasts for a fourth time this year, while rival Toyota Motor Corp's losses are growing as sliding global car sales force the industry to scale back production further. (Chinese media/Reuters Photo)
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TOKYO, Jan. 30 (Chinese media) -- A number of Japanese industry leaders, including Toyota, Hitachi, Honda, and NEC are rushing to revise group operating loss projections further downward on Friday as the spread of the economic crisis produced larger-than-expected effect on their profitability.
Toyota Motor Corp. is expected a group net loss this financial year through March. It would be the first annual net loss for the company after it was founded in 1937, local media said Friday. Full story
Toshiba, NEC in talks to integrate semiconductor business
TOKYO, Jan. 30 (Chinese media) -- Toshiba Corp. and NEC Corp. have begun talks to integrate their troubling semiconductor operations to combat plummeting chip prices and dwindling global demand, local media reported Friday.
Fujitsu Ltd. may also participate in the deal in the future since it is also looking for a tie-up partner for its semiconductor unit, which was spun off in March last year, Kyodo News said, citing sources familiar with the matter. Full story
Toshiba logs 1st operating loss in 7 years
TOKYO, Jan. 29 (Chinese media) -- Toshiba Corp. projected Thursday that the company will record 280 billion yen (3.11 billion U.S. dollars) in net and operating loss in fiscal 2008 as flash memory prices were slumping and global economic situation worsening.
If that proves to be the case, the predicted loss will be the first since fiscal 2001. Full story
Honda to further cut output in Japan, North America
The logo of Honda Motor Co, Japan's second-biggest carmaker, is pictured in front of the company headquarters in Tokyo Jan. 27, 2009. Honda announced further production cuts in North America and Japan, as the industry struggles with weak demand in a brutal economic downturn. (Chinese media/Reuters Photo)
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TOKYO, Jan. 27 (Chinese media) -- Honda Motor Co. announced Tuesday it will further slash auto production by some 50,000 units in Japan and North America by the end of March due to shrinking demand for vehicles worldwide amid global financial meltdown. Full story
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