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

Starbucks profits down 69%. Boeing layoffs reach 10,000. And warnings about Capital Flows being the worst in 60 years.

Coffeeshop giant Starbucks has announced it will cut around 6,700 jobs and shut 300 stores as it reported a 69% plunge in quarterly profit.

And The world economy will shrink this year for the first time since the Second World War, warns the gloomiest forecast yet delivered by a major international institutional. See

Starbucks has struggled as hard-up consumers are forgoing expensive lattes and frappucinos as the recession bites.

It said it made a net profit of of $64.3m in the 13 weeks to December 28, down from $208.1m a year ago.

Two-thirds of the store closures will be in the US and they come on top of the 661 closures announced in 2008.
See THE BBC HERE

And BOEING is shedding another 10,000 jobs as profits are down 27%. See HEREHERE