Similar to Toyota, Philips Electronics will be announcing its first quarterly loss after almost six years. And whenever there is a loss, you know it has something to do with the economy. To be able to offset it, job cuts are bound to follow and that is exactly what Philips has declared.

He announced that in addition to the 3,000 job reductions made in the fourth quarter, a further 6,000 would be cut during the current year.

The company, which sold most of its semiconductor business in 2006, declined to comment on possible job losses in the UK, where it employs 2,500 people, although all its worldwide operations are expected to be subject to the €400 million cost-cutting programme announced today.

(Source) Times Online