Panasonic to cut 560 jobs, close Asia plants

Panasonic Corp says it will cut 560 jobs in Asia due to the closure of two plants in the region.

Spokesman Akira Kadota said on Wednesday Panasonic will shut down a factory in Malaysia and another plant in the Philippines.

Kadota said around 500 workers at the Malaysian electronics parts plant in Malacca will be out of work, while some 60 employees at the Philippines battery factory will lose their jobs.

Kadota declined to confirm a report that Panasonic will likely suffer its first net loss in six years.

Citing no sources, Japan’s top business daily, the Nikkei, said on Wednesday Panasonic may incur a net loss of about 100 billion yen ($1.1 billion; Dh4 billion) in the fiscal year ending March 2009. It would mark the first net loss in six years for Panasonic.