Japanese electronics giant NEC will be cutting a whopping 20000 jobs by March 2010. Do we take this to mean that the situation wont improve by 2010? NEC employs over 150,000 people and hence 20000 job lay off would mean that NEC is going to cut down its workforce by about 13%.
Reasons for NEC Layoff
The company has made a loss of about $1.5 billion and has forecast a loss for the full financial year 2009. The current recession, especially bad in countries like US, UK, Japan and Germany (later even China?) has taken a big toll on demand for good manufactured by NEC - electronics chips and personal computers.
Hitachi Job Layoff
Meanwhile - Hitachi- another electronics giant in Japan has announced a job lay off of about 7000 globally, in its car equipment and electronics division. Hitachi, hit hard by global economic slowdown expects to make an annual loss of $7.8 billion.
source: BBC1, BBC2
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