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| Posted: 09 Feb 2009 21:06 | ||
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Administrator Currently Offline |
Posts: 563 Join Date: Dec 2008 |
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Nissan, the Japanese car manufacturer, has said it plans to cut 20,000 jobs after suffering its first annual loss in nine years.
Nissan said the move was a result of its sales falling in North America amid the global downturn. "The global auto industry is in turmoil, and Nissan is no exception," Carlos Ghosn, Nissan's chief executive, told reporters in Tokyo on Monday. Similar to many Asian economies, Japan is heavily dependent on its exports and Nissan's expected losses reflect a growing list of companies in the country affected by the financial crisis. Nissan said it planned to shed 8.5 per cent of its workforce after reporting a net loss of $912bn in the last three months of 2008, a reversal from the $145bn profit it earned the same period in the previous year. Record loss Nissan said the reduction was its first net loss since it began reporting quarterly earnings in 2003. Ghosn said Nissan's global workforce will be reduced by 20,000 by March 2010, from 235,000 to 215,000. The company reported it sold 731,000 vehicles worldwide in the quarter ending December 31, down 18.6 per cent from the same period a year earlier. The company's shares are the worst performers in the country's car-manufacturing sector in the year to date. |
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