Toshiba slashes jobs - papers 28 August

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 j...