Panasonic To Cut 10,000 More Jobs

Panasonic layoffs job cuts

Panasonic Corp., Japan's biggest commercial employer, will lay off 10,000 more workers in the fiscal year ending in March 2013, in a bid to trim costs and boost profitability at close to 100 business units, a fifth of which are losing money, its chief financial officer told Reuters.

Panasonic is aiming to bolster its group operating profit to at least 200 billion yen ($2.52 billion) in the year starting in April 2013, Hideaki Kawai said at Panasonic's headquarters in Kadoma, near Osaka in western Japan, on Wednesday.

The latest job cuts follow a reduction of its workforce by 36,000 last business year, some of which was through the sale of businesses.

More: 7 Industries That Are Losing Jobs

Panasonic warned last month that it will lose close to $10 billion in the year ending on March 31 as writes off billions of yen in tax-deferred assets and goodwill related to its mobile phone, solar panel and small lithium battery businesses. It also put aside money to pay for layoffs and other restructuring.

Kawai said that Panasonic, which will begin selling units as early as next business year, is unlikely to achieve its target for an operating profit margin of 5 percent within three years, set by the company's new chief, Kazuhiro Tsuga.

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After this election, 3 of my doctor friends (all in their late 50's early 60's) have decided to retire next year. They're not the only ones. Doctors are retiring, fewer doctors coming into the system. You may have free healthcare but will never get in to a doctor.

I was on the phone with a friend who owns 2 companies that employ just over 50 each when Ohio was called for Obama. He was very upset that he was going to have to lay off to get under 50 employees by the end of this year. Good people who had worked for him for a long time were going to be on unemployment. And he truly could not afford to keep them. Both of his companies are in construction...

Get ready people, it's going to get ugly out here.

And for all you who don't know or understand, it was the HOUSING market bubble - created by Fannie Mae and Freddie Mac with the help of Barney Frank that was the root of this problem. Giving loans to people who couldn't afford the payments, because the regulations created by Barney allowed it, is what caused the problem. The banks (ala wallstreet) just bundled them together for management purposes. The problem was with the REGULATIONS in Fannie Mae & Freddie Mac made by Barney and other magical democratic unicorns.

I'm fairly certain the conservatives will mostly be alright for the next 4 years because they know how to live on a budget.

Consider this: If a person makes $1,000,000 annually and ends up paying 600,000+ in taxes, they are going to dwindle down their businesses because the SACRIFICE these folks make to have that income is no longer worth the end result. Layoffs and part time hours are going to be the norm soon. Most folks will work 2-3 part time jobs if they work at all.

November 15 2012 at 12:23 PM Report abuse rate up rate down Reply

It's time everyone starts to drop the Liberal, Conservative, Lefty, Righty crap and start thinking like responsible people without the titles. What we need are .WORKING PEOPLE', not titles working in Congress to get this country back on track. The same goes for foreign countries and BIG business. The rich and mighty need to think about cutting back their income and bonusus and stop the firing blood bath of their employees. Everyone needs to start making better decisions on how to run business and this country.....

November 15 2012 at 11:13 AM Report abuse rate up rate down Reply

It is George Bush's fault.

November 15 2012 at 10:49 AM Report abuse -1 rate up rate down Reply

10,000 at Panasonic, 500 at NBC, Bank of America has already started laying off employees! Who the hell ever said the economy was improving?

November 15 2012 at 10:12 AM Report abuse +3 rate up rate down Reply
1 reply to Michele's comment

I think that was Slick Willy and Obama that told us everything was going great!

November 15 2012 at 10:37 AM Report abuse +3 rate up rate down Reply
1 reply to jcarlin007's comment

You know these are jobs in Japan right? What does Obama have to do with jobs in Japan? Get an education and wander out of the trailer park and realize what is going on around you.

November 15 2012 at 10:45 AM Report abuse rate up rate down

All these layoffs are the repukes way of getting back--The dummies don't realize they may go bankrupt in doing this---But really how many Papa Johns do you really need--

November 15 2012 at 9:54 AM Report abuse rate up rate down Reply
1 reply to hiker287's comment

or maybe its just because our economy - suc$s, no plan in sight, except higher taxes, which i you read, the economists said, it would not even make a dent in our debt if taxes are raised on the rich - what we must do - is come together, STOP the division and pointing of fingers - we must stop wasteful spending, like when our government spent 2 million dollars on teaching chinese hookers how to drink responsibily! we do need to cut PBS, 445 million, the CEO makes with bonuses over $750k, sesame street is in Busch Gardens, Sea World and Sesame Place in Langhorne, (we might as well subsidize Mickey Mouse too), these are the types of spending that must go.....but being divided gets no one anywhere quickly! We are united (or should be), we are all in this mess together!

November 15 2012 at 10:37 AM Report abuse +1 rate up rate down Reply

Technology can only go so far--Like how many tvs can they make

November 15 2012 at 9:47 AM Report abuse rate up rate down Reply

Under this prez this is what we're going to get . You liberals were warned. I feel sorry for the poor unemployed families. If I could afford to employ them all and make a decent salary myself I would. This is just terrible. I hope Obama has a great trip to Asia and enjoys himself as the liberal idol.

November 15 2012 at 9:38 AM Report abuse +2 rate up rate down Reply
2 replies to donrahilly's comment

Americans have spoken --obama won so get over it--it will get better--a depression is hard to come out of--That is where romney would have taken us again and thankfully we remember the bush years

November 15 2012 at 9:49 AM Report abuse -4 rate up rate down Reply
1 reply to hiker287's comment

I remember the Bush years.... Unemployment less than 5% Gas under $2.00 p/gallon.... Not 16.2 Trillion dollars in debt.... yeah, those were terrible times.

November 15 2012 at 10:39 AM Report abuse +4 rate up rate down

This is a JAPANESE company laying off JAPANESE workers. Try to get a grip.

November 15 2012 at 9:53 AM Report abuse -1 rate up rate down Reply

New Normal is Worldwide.

November 15 2012 at 9:31 AM Report abuse +1 rate up rate down Reply

I am an uneducated(meaning no college) man from a lower middle class family. I worked 2 full time jobs for 35 years and lived below my means to become part of the so hated 1%. Never took an entitlement and now don't qualify for any.This is what the american dream was about. So for success I will be punished. Our government is trying to take away all I have worked for. This is reality! The shame is that the american dream is over and the same government that created it are chasing people that followed it away. America you voted for a man who's policies will create socialism. If thats what you want why not move to countries that have that in place. Why ruin the only country that was different than the rest. I thought that living the american dream was something to be proud . Now it looks like I am hatted for that. You are killing it for you children and grand children. Wake up it is almost too late.

November 15 2012 at 9:31 AM Report abuse +2 rate up rate down Reply
1 reply to kjb122854's comment

Some of us actually believe in this country, seems all you care about is your bottom line. Why don't you take your millions and join Mitt in the Cayman Islands. You won't be missed.

November 15 2012 at 9:56 AM Report abuse -2 rate up rate down Reply

It's the market not politics.
When was the last time you bought something made in Japan????
It could also have been from China or Korea.
Panasonic is a big player in the shrinking market for TVs.
Japan has "nine" TV makers, 10 mobile-phone makers and 10 PC makers. Does one country which contained the electronic manufacturing giants in the past still need these companies currently? Didn't anyone their take notice of potential competition, especially from one another in their own country, let alone from other countries? China doesn't want / need their products, they have their own, and now China's products are so expensive that they themselves have started to outsource production to other countries as Malaysia, Thailand, etc...
Politics didn't invent the economy, it was created to benefit from it.
The president, any president, has no direct control on the economy. The president is just a captain of a ship and the economy is like the ocean. One just have to protect themselves during the bad seasons.

November 15 2012 at 9:28 AM Report abuse -2 rate up rate down Reply

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