Japanese technology giant Sony Corp. announced Tuesday that it is planning to slash 8,000 jobs — or about 4 percent of its global work force — in response to the deepening international economic crisis.

AP via Google News:

The company will close several plants, including one in Dax, France, cut investment in electronics and outsource some work. The moves will deliver more than 100 billion yen ($1.1 billion) in savings a year by March 2010, the company said.

The global financial crisis is hitting the U.S., European, Japanese and emerging nations’ economies, said Senior Vice President Naofumi Hara.

“Now we are all facing a recession together,” he said. “It is impossible to predict how much longer the situation will last.”

Read more

Your support matters…

Independent journalism is under threat and overshadowed by heavily funded mainstream media.

You can help level the playing field. Become a member.

Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.

Give today to support our courageous, independent journalists.