Panasonic to cut 10,000 jobs globally

Japanese electronics giant Panasonic Holdings announced on Friday that it plans to lay off 10,000 jobs in 2025, with half of the cuts in Japan and half overseas.

The move is part of the company's management reform aimed at responding to the dramatic changes in the global business environment, it said.

In addition to workforce reductions, Panasonic also plans to withdraw or shut down loss-making businesses, and streamline and consolidate indirect functions.

According to its fiscal 2024 earnings report released the same day, Panasonic reported a revenue of 8.46 trillion yen (about 54 billion U.S. dollars), down 0.5 percent from the previous fiscal year, while its net profit dropped 17.5 percent year on year to 366.2 billion yen (about 2.53 billion U.S. dollars).

Panasonic to cut 10,000 jobs globally

Panasonic to cut 10,000 jobs globally

The U.S. dollar increased in late trading on Thursday.

The dollar index, which measures the greenback against six major peers, went up 0.52 percent to 99.746 at 3 p.m. (1900 GMT).

In late New York trading, the euro declined to 1.1521 dollars from 1.1569 dollars in the previous session, and the British pound fell to 1.3356 dollars from 1.3407 dollars in the previous session.

The U.S. dollar bought 159.31 Japanese yen, higher than 158.89 Japanese yen of the previous session. The U.S. dollar rose to 0.7845 Swiss francs from 0.7799 Swiss francs, and it climbed to 1.3626 Canadian dollars from 1.3587 Canadian dollars. The U.S. dollar added to 9.3433 Swedish kronor from 9.2301 Swedish kronor.

U.S. dollar ticks up