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| Panasonic set to cut 15,000 jobs | Panasonic set to cut 15,000 jobs |
| (10 minutes later) | |
| Japanese electronics group Panasonic has said it will cut 15,000 jobs and close 27 plants worldwide in an attempt to reduce costs. | Japanese electronics group Panasonic has said it will cut 15,000 jobs and close 27 plants worldwide in an attempt 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 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. | The company has been hit by a stronger yen and falling sales amid the global economic downturn. |
| Panasonic hopes to cut costs by 100bn yen in the next financial year. | Panasonic hopes to cut costs by 100bn yen in the next financial year. |
| We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment Makoto Uenoyama, Panasonic | We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment Makoto Uenoyama, Panasonic |
| The announced job cuts represent about 5% of Panasonic's workforce and will be implemented by the end of March 2010. | The announced job cuts represent about 5% of Panasonic's workforce and will be implemented by the end of March 2010. |
| The company said that half of the cuts would take place in Japan and the other half would be overseas. | The company said that half of the cuts would take place in Japan and the other half would be overseas. |
| Falling sales | Falling sales |
| The loss in the current business year will be the company's first in six years. | The loss in the current business year will be the company's first in six years. |
| It is also set to be bigger than analysts had expected. In 2007, Panasonic made a net profit of 281.9bn yen. | It is also set to be bigger than analysts had expected. In 2007, Panasonic made a net profit of 281.9bn yen. |
| "Sales fell in all our business segments in the third quarter [to the end of December]. We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment," Panasonic director Makoto Uenoyama said at a news conference. | "Sales fell in all our business segments in the third quarter [to the end of December]. We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment," Panasonic director Makoto Uenoyama said at a news conference. |
| Other Japanese electronics firms are also set to report full-year losses. | |
| Last week, Japanese electronics giant NEC announced that was going to cutting 20,000 jobs worldwide by March 2010 and Hitachi said it would cut up to 7,000 jobs. | |
| Sony is also cutting 16,000 jobs and closing five or six plants. |