1.
U.S. markets recover from steep losses
TOKYO, Dec. 9 (UPI) -- Japanese electronics giant Sony said it would react to the economic downturn by cutting 8,000 jobs, a move Sony said would save $1.1 billion a year.
The company also said it would close about 10 percent of its 57 production facilities and delay plans to expand LCD television production in Slovakia, The New York Times reported Tuesday.
In a statement, Sony said it would "reduce investment in the electronics business by approximately 30 percent," through the fiscal year that ends March 2010.
Japanese exports are swimming against the tide as the yen gains strength against the dollar and the euro, which causes prices of its products to rise.
But, the Japanese domestic market is also floundering, the Times reported.
In the third quarter, the Japanese economy fell into a recession. It is not expected to pull ahead until the second half of 2010, the Time said.
|
|
|
|
|
|
| Additional Business News Stories | |
WASHINGTON, May 24 (UPI) --
Louisiana legislators were praised by a consortium of environmental groups for outlining a 50-year plan to protect the coastal ecosystem.
|
LISLE, Ill., May 24 (UPI) --
A new special operations tactical vehicle has been unveiled by three U.S. companies.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
