Both Japan’s Hitachi and Panasonic will cut workers

More bad news today…this time from Japan

Hitachi is heading for the worst full-year loss of any Japanese manufacturer after it forecast a ¥700bn (£5.5bn) deficit.

Japan’s biggest electronics maker is the latest exporter to reveal stunning losses caused by the global slump in demand for cars and consumer electronics, as well as plunging component prices. See story from The Guardian HERE

And

Japanese electronics group Panasonic is to cut 15,000 jobs and close 27 plants worldwide as it seeks to reduce costs.

The world’s largest maker of plasma TVs said it expected a net loss of 380bn yen ($4.2bn, £2.9bn) for the financial year to 31 March. The company has been hit by a stronger yen and falling sales amid the global economic downturn. See story from The BBC HERE

Big Trouble brewing in China PLUS Sony in deep doo doo

Will China lead the world into the great Depression?

“”The Chinese economy is imploding and this raises the possibility of regime change. To prevent this, the authorities would likely devalue the yuan. A subsequent trade war could see a re-run of the Great Depression…. Do you really trust politicians to “do the right thing”?
See more from The Telegragh HERE

And Sony is getting ready to announce a 2 Billion Euro loss.
See HERE