[QODLink]
Asia-Pacific
Japan's Sharp slashes jobs to cut losses
Electronics giant to eliminate 5,000 jobs, and reduce top salaries by as much as 50 per cent, due to drop in TV sales.
Last Modified: 02 Aug 2012 17:45
Sharp is expected to announce a quarterly net loss of around $1.27bn [AP]

Sharp, the Japanese electronics company, reportedly plans to slash 5,000 jobs by March after a major fall in television sales.

It had originally considered cutting about 3,000 domestic jobs, but decided to expand the scope to include worldwide operations to accelerate a management restructuring, Kyodo News said on Thursday.

The firm, which employs 57,000 people globally, has seen operations suffer amid worries over high energy prices, a high yen, and reduced domestic demand. 

Meanwhile, Sharp executives will take pay cuts of 20 to 50 per cent, compared with originally planned 10 to 30 per cent, Kyodo and broadcaster NHK said.

A Sharp spokeswoman declined to comment on the reports, but said the company's president Takashi Okuda will address the media in Tokyo on Thursday after posting its April to June earnings.

Sharp is expected to announce a quarterly net loss of around $1.27bn, the Nikkei business daily said last month.

The firm expects to end this fiscal year in the red after logging a record $4.7bn net loss up to March 2012 as global sales of its LCD televisions slumped.

However, Sharp has expressed hope that increased efficiency and synergy with new Taiwanese partner Hon Hai Precision should help it return to operating profit of $255m in the year to March 2013.

212

Source:
Agencies
Topics in this article
People
City
Featured on Al Jazeera
Mother of jailed Al Jazeera journalist Abdullah Elshamy says her son's ordeal highlights the value of press freedom.
French Jews and Muslims say recent National Front victories in mayoral races reflect rising xenophobia.
Western fighters have streamed into the Middle East to help 'liberate' Arab countries such as Syria and Libya.
The Pakistani government is proposing reform of the nation's madrassas, which are accused of fostering terrorism.
Featured
Survivors of Bangladesh garment factory collapse say they received little compensation and face economic hardship.
As Iraq prepares to vote, deadly violence is surging. But at the site of one bomb attack, people insist life must go on.
French Jews and Muslims say recent National Front victories in mayoral races reflect rising xenophobia.
Up to 23,000 federal prisoners could qualify for clemency under new Justice Department initiative.
After years of rapid growth, Argentina is bracing for another economic crisis as inflation eats up purchasing power.
join our mailing list