Panasonic layoffs 15,000 worldwide
Japanese electronics company Panasonic has said that it is to layoff 15,000 people around the world.
The company said it expected to see its first annual loss in six years, due to slow sales and the strengthening of the Japanese currency, the yen, which has made Japanese goods less competitive overseas.
The Osaka-based company forecast on Wednesday that it would shed about five per cent of its workforce and register a loss of $4.2bn for the fiscal year ending in March.
"The company's business conditions have worsened particularly since last October, due mainly to the rapid appreciation of the yen, sluggish consumer spending worldwide and ever-intensified price competition," it said in a statement.
The world's largest-maker of plasma TVs says it will shut 14 plants overseas, and 13 in Japan over the coming year.
its about time the rest of the world felt the effects of what we are going through in the US...
Japanese electronics company Panasonic has said that it is to layoff 15,000 people around the world.
The company said it expected to see its first annual loss in six years, due to slow sales and the strengthening of the Japanese currency, the yen, which has made Japanese goods less competitive overseas.
The Osaka-based company forecast on Wednesday that it would shed about five per cent of its workforce and register a loss of $4.2bn for the fiscal year ending in March.
"The company's business conditions have worsened particularly since last October, due mainly to the rapid appreciation of the yen, sluggish consumer spending worldwide and ever-intensified price competition," it said in a statement.
The world's largest-maker of plasma TVs says it will shut 14 plants overseas, and 13 in Japan over the coming year.
its about time the rest of the world felt the effects of what we are going through in the US...
