
Turning black: Sony to slash 10,000 jobs
Japan’s Sony Corp is likely to cut 10,000 jobs, about 6% of its workforce, The Nikkei reported on Monday, as new CEO Kazuo Hirai looks to steer the electronics and entertainment giant back to profit after four years in the red.
TV makers in particular have been hit hard by the tough business climate in the country as well as sharp price falls, with Sony, Panasonic and Sharp expecting to have lost a combined $17 billion in the fiscal year just ended.
Investors will monitor a briefing on Thursday by Hirai, who formally took over this month as CEO from Howard Stringer, for further clues on how Sony plans to revamp its business.
“Under a new CEO, it’s easier to cut jobs or go in a new direction,” said Yuuki Sakurai, head of fund manager Fukoku Capital, which had around $7 billion worth of assets under management as of end-March 2011, and which holds a small stake in Sony.
The Nikkei said half of the latest round of job cuts would come from consolidating the firm’s chemicals and small and midsize LCD operations.
Sony declined to comment.
The company has forecast a 220 billion yen ($2.7 billion) net loss for the fiscal year ended March 31, 2012.

Gender inequality has cost world USD 70 trillion since 1990, finds report

Gold price falls further to ₹44,344, sets retail buyers on buying spree
- Retail buyers continued to purchase gold in India as prices declined to a near one-year low.

Sebi lays guidelines on votes cast by mutual funds

India's forex reserves increase by USD 689 million to USD 584.55 billion: RBI

OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr

Tax cut should be joint call of Centre, states: Sitharaman on high fuel prices

Germany to pay nuclear operators 2.4 billion euros for plant closures

SoftBank strategy chief Katsunori Sago plans exit after just three Years

Maharashtra economy to register negative 8% growth in 2020-21: Economic survey

Utkarsh Small Finance Bank files for IPO, plans to raise ₹13,500 million

Microsoft’s $10 billion Pentagon deal at risk amid Amazon fight

Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 pts
- Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 points

Amazon's 'Tandav' row puts Bollywood, global streaming giants on edge
- Companies like Amazon's Prime Video and Netflix are inspecting planned shows and scripts, with some even deleting scenes that could be controversial, five Bollywood directors and producers, and two industry sources said.

Asian LNG prices edge higher on Indian, Chinese demand
