[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
The author argues that in the new economy, it's people, not skills or majors, that have lost value.
Colleagues of detained Al Jazeera journalists press demands for their release, 100 days after their arrest in Egypt.
Mehdi Hasan discusses online freedoms and the potential of the web with Wikipedia founder Jimmy Wales.
A tight race seems likely as 814 million voters elect leaders in world's largest democracy next week.
Featured
After a sit-in protest at Poland's parliament, lawmakers are set to raise government aid to carers of disabled youth.
A vocal minority in Ukraine's east wants to join Russia, and Kiev has so far been unable to put down the separatists.
Iran's government has shifted its take on 'brain drain' but is the change enough to reverse the flow?
Deadly attacks on anti-mining activists in the Philippines part of a global trend, according to new report.
Activists say 'Honor Diaries' documentary exploits gender-based violence to further an anti-Islamic agenda.
join our mailing list