Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Al-Shabaab bomb kills 4 unicef workers in Somalia

Read more

ENCORE!

Caitlin Doughty invites us to 'Ask a Mortician'

Read more

FOCUS

Serge and Beate Klarsfeld publish memoirs of Nazi-hunting years

Read more

THE BUSINESS INTERVIEW

'Liberalism is a French tradition', says France's most liberal man

Read more

EYE ON AFRICA

Xenophobic attacks in South Africa prompt regional crisis

Read more

REPORTERS

Turkey’s hidden Armenians search for stolen identity

Read more

IN THE PAPERS

Mediterranean: 'On average, one migrant dies every two hours'

Read more

IN THE PAPERS

'A plea to Europe: Stop this tide of death'

Read more

MEDIAWATCH

'Europe's darkest day'

Read more

Asia-pacific Asia-pacific

Nissan to put 20,000 out of work

Latest update : 2009-05-01

Japanese carmaker Nissan announced plans to cut 20,000 jobs worldwide over the next year as it forecast 2.9 billion dollars in losses for the twelve months ending in March. Company sales dropped 18.6% in the third quarter to December.

AFP - Japan's Nissan Motor Co. said Monday it would cut 20,000 jobs worldwide and forecast a net loss of 265 billion yen (2.9 billion dollars) in this financial year to March due to the economic crisis.
  
Nissan posted a net loss of 83.2 billion yen in the fiscal third quarter to December, blaming the global economic slowdown and the strong yen.
  
Chief executive Carlos Ghosn, who salvaged Nissan from near bankruptcy when he was parachuted in from Renault a decade ago, said the automaker's "worst assumptions on the state of the global economy have been met or exceeded."
  
"The global auto industry is in turmoil. Nissan is no exception," he said.
  
Nissan said it would shrink its global workforce in the next financial year to March 2010 from 235,000 to 215,000.
  
"In response to this crisis, which is not of our making, we have to reevaluate our global headcount," Ghosn said.
  
Nissan made an operating loss of 99.2 billion yen in the third quarter as revenue tumbled 34.4 percent to 1.82 trillion yen.
  
Nissan sold 731,000 vehicles worldwide in the third quarter, down 18.6 percent from a year earlier.

Date created : 2009-02-09

COMMENT(S)