Panasonic is to cut 15,000 jobs worldwide after announcing an annual loss of $4.2 billion. “Sales fell in all our business segments in the third quarter. We expect sharper sales declines in this quarter, and profits are likely to shrink in every segment,” commented Panasonic director Makoto Uenoyama. The strong Yen and slowing sales are to blame for the decision to close 27 manufacturing sites in the next year and cut around 15,000 jobs, half in Japan and half overseas. Panasonic has a worldwide workforce of around 300,000 employees.

Website: Reuters

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