Electronics giant NEC set to slash 20,000 jobs

[Amerigo Vespucci]

Source: MSNBC

TOKYO - Japanese electronics giant NEC Corp. said it will cut 20,000 workers worldwide as it tries to stanch widening losses from semiconductors and other businesses that have been hard hit by competition and the global economic slump.

NEC's net loss for October-December swelled to 130 billion yen ($1.46 billion) from 5.2 billion yen a year earlier, it said Friday. Tokyo-based NEC said it would sink into the red for the full year through March as well.

The company hopes the job cuts, which will be split equally between Japan and overseas, will help save 80 billion yen over the next two years.

As Japanese electronics makers struggled to stay afloat in a shrinking market, a Japanese newspaper reported Friday that NEC was in talks with Toshiba Corp. to seek a possible chip alliance.

Read more: http://www.msnbc.msn.com/id/28928377/

[Ian David]

1. Meanwhile, Exxon Mobil shatters US record for annual profit

Exxon Mobil shatters US record for annual profit
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3714501

[OhioChick]

2. Wow......This is getting frightening. n/t