Japanese firms report huge losses and job cuts

By News on the Net —— Bio and Archives January 30, 2009

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A number of Japanese companies have announced losses running into the equivalent of billions of euros, and large-scale job losses. Electronics giant NEC is cutting 20,000 jobs, while Hitachi is to shed 7,000 workers. On Thursday Sony and Toshiba also announced they were heading for huge losses.

There was also bad news from car manufacturers, with Honda lowering its annual profit forecast for the fourth time this year and Toyota reporting substantial losses. More...