It’s at Sony: 8,000 staff to be laid off worldwide
Sony, the Japanese consumer electronics giant, stepped up its efforts to cut costs Tuesday, announcing it would shed 8,000 jobs and rein in planned investments in response to the global financial crisis and the severe cutback in spending by worried shoppers around the world.
The measures, combined with a bleak outlook from its rival, Samsung of South Korea, and news that the Japanese economy had contracted more than initially thought during the third quarter, highlighted how much Asian economies were now suffering from the fallout from the financial crisis — now increasingly also an economic crisis — that began in the United States last year.
Many economists believe worse is still to come, both in terms of earnings declines and job cuts, for companies across Asia as their export-reliant businesses reel from the sharp drop in global demand for cars, refrigerators, television sets and other discretionary items.
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The measures, combined with a bleak outlook from its rival, Samsung of South Korea, and news that the Japanese economy had contracted more than initially thought during the third quarter, highlighted how much Asian economies were now suffering from the fallout from the financial crisis — now increasingly also an economic crisis — that began in the United States last year.
Many economists believe worse is still to come, both in terms of earnings declines and job cuts, for companies across Asia as their export-reliant businesses reel from the sharp drop in global demand for cars, refrigerators, television sets and other discretionary items.
To read the full article, click here..
To read the ePaper, visit: http://e.mydigitalfc.com
Labels: 1000 jobs, global financial crisis, Japanese consumer electronics giant, rival, Samsung of South Korea, shed 8, Sony
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