Logging The Cyber World

Tags: electronics, employees worldwide, jobs, sony downturn, workforce

Sony is slashing 8,000 jobs, or 4 percent of its global work force, aiming to cut costs by $1.1 billion a year as an economic downturn and a stronger yen batter profits at the Japanese electronics maker.

Sony Corp., which has 185,000 employees worldwide, said Tuesday it will complete the job cuts — all in the electronics sector — by the end of March 2010.

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.”

Sony’s announcement comes amid similar news from other Japanese manufacturers, which face plunging demand at home and abroad, as well as falling gadget prices and currency fluctuations. But Sony’s job cuts are Japan’s biggest since the U.S. credit crunch hit over the summer.

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Tags: citibank crisis, economic crisis, financial health, recues plan, treasury department

The government was weighing a plan on Sunday to rescue Citigroup Inc., whose stock has been hammered on worries about its financial health.

The Treasury Department and the Federal Reserve have been in discussions over the weekend to devise a strategy to stabilize the company, according to people familiar with the talks. They spoke on condition of anonymity because the discussions were ongoing.

One option being considered is taking some of the risky assets held by Citigroup off its balance sheet, a move that would give the company more breathing room and put it in a better position to raise capital. It was unclear, however, exactly how that option might be structured, the people said.

A spokesman for New York-based Citigroup declined comment.

Read more at Yahoo News

Tags: american express, Business, credit card, cut job, economic crisis

In a stark acknowledgment of the tough times ahead in the credit card industry, American Express Co. said Thursday that it plans to cut 7,000 jobs, or about 10% of its worldwide work force, in an effort to slash costs by $1.8 billion in 2009.

The Manhattan-based credit card issuer said it is also suspending management level salary increases next year and instituting a hiring freeze.

The job cuts will be across various business units, but will primarily focus on management positions, the company said.

Additionally, American Express said it plans to scale back investments in technology and marketing and business development, and streamline costs associated with some rewards programs. The company also expects to cut expenses for consulting and other professional services, travel and entertainment and general overhead.

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