Retail in Asia

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Panasonic plans deep job cuts as it struggles to compete with rivals

Japanese consumer electronics giant Panasonic said it was planning 35,000 job cuts over three years to March 2013, nearly 10 percent of its workforce, in a bid to pare costs and keep up with Asian rivals.

Panasonic said it was aiming to trim its workforce of 385,000 as of March 2010 to 350,000 over the next two business years, and that it set aside JPY110 billion (USD1.35b) in restructuring expenses for the year to March 2012.

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(Source: scmp.com)