Another victim of the worldwide economic collapse:
Panasonic on Wednesday said that it was shedding 15,000 jobs, the second significant layoff in Japan’s electronics industry in less than a week, and the latest example of how Japanese companies, exporters in particular, are scrambling to cut costs as demand evaporates.
Panasonic, along with Mitsubishi Motors and Mazda, also joined the rapidly lengthening list of companies to sharply revise their full-year outlooks Wednesday, with Panasonic now projecting a net loss of 380 billion yen or $4.2 billion for the year ending March 31, rather than the 30 billion yen profit it forecast on Nov. 27. Mitsubishi expects a net loss of 60 billion yen and Mazda 13 billion.
The speed of the demand downturn in recent months has taken manufacturers and economists by surprise, and forced many companies to sharply lower profit warnings made only months or even weeks ago.
I hate to sound like I am repeating myself. But this is more damage done by the Clinton Administration and the inaction of the Republican Majority of 2003. The easing of the housing loan regulations is what created all this, thus creating a economic bubble. Which has now burst. Of course, throwing money at it, will not fix it. Now, we have the tech sector taking the hit, because of the downturn in the economy. Expect more of this to come as time goes on.
