Is the year 2009, going to be a bad year?

November 24th, 2008 - 12:54 pm ICT by Amrit Rashmisrisethi  

Mitsubishi motors logoThe banks, multinational firms, motors, everything is facing crisis. Is the worst crisis yet to come?

Philips, the Dutch electronics, will cut about five per cent of its 32,000 workforce from the medical division worldwide, affecting 1,600 workers, a company.
‘In this sector, about five per cent of all workers will be laid off. There are a total of 32,000 employees in this division so that means 1,600 jobs will be lost,’ said Arent Jan Hesselink. The medical division employees of Philips are mainly based in the United States.

The Japanese Mitsubishi Motors Corp, the number-four Japanese carmaker is considering to reduce its output in the business year to March 2009 by about 120,000 units and is also expected to end the 1,000 temporary employers contracts and having 3,3350 temporary employers at the plants.

Earlier, Mitsubishi revised the annual sales which estimated by 81,000 to 1,228,000 units and Mitsubishi will be joining the other Japanese carmakers to make further cuts to production and jobs due to the global economic downturn.

The industry leader, Toyota Motor Corp., said it planned to halve its temporary workforce to 3,000 jobs in the year to March 2009.

Honda, the country’s number-two carmaker, said it would cut its production in the business year by 79,000 vehicles and expects to produce 1.278 million units.

Mazda, Japan’s fifth largest carmaker, also said it would scrap 1,300 temporary jobs, while Isuzu said it would axe 1,400 domestic posts.

Nissan Motor, ranked third at home, decided to cut production and axe 3,500 jobs worldwide.

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