Toshiba, the world's second largest semiconductor manufacturer, is to axe 18,800 jobs and slash ca...
Toshiba, the world's second largest semiconductor manufacturer, is to axe 18,800 jobs and slash capital spending as it faces its biggest ever loss, writes the FT.
It expects to go ¥115bn ($958m) into the red in the year to next March, a huge turnaround from the ¥60bn profit forecast just four months ago.
The restructuring, which will cost Toshiba ¥120bn in special charges this business year, comes amid the deepening downturn in the global semiconductor industry. Fujitsu and NEC, as well as many US and European groups, have issued profit warnings. Fujitsu has also announced big job cuts.
Fortis, the Belgo-Dutch financial group, released half-year results on Monday that showed it was struggling to reduce costs in its banking division, even as its chief executive speculated about playing a further part in pan-European consolidation, reports the FT.
After a series of mergers including a 1998 acquisition of Belgium's Generale de Banque, the group promised to reduce the cost/income ratio in its banking business to 55 per cent by the end of 2003.
The European Central Bank (ECB) is expected this week to bow to mounting international pressure and cut interest rates in an attempt to shore up economic growth in the eurozone, writes the Times.
Most City analysts believe that the ECB, which holds a meeting of its Governing Council on Thursday, will vote to lower its key policy rate by a quarter point to 4.25 per cent, the first time it will have moved borrowing costs since May.
Woolworths could be valued at less than £300m when it floats on the stock market today, the company admitted, as negative sentiment had forced it to list at a rock-bottom price, reports the Independent.
That would mean the equity value of the confectionery and toys retailer would be less than the price Kingfisher, the parent group, paid for it in 1982.
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Switching 'hard and expensive'
Smaller funds still packing a punch
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