Philips to cut thousands of jobs

The Dutch consumer electronics giant Philips is cutting thousands of jobs to cope with the global slump which has seen it slip into the red. Chief Executive Gerard Kleisterlee reported a fourth quarter loss last year of 1.5 billion euros, amid falling orders.

Philips said the job cuts would affect all sectors around the world, but it hoped to speed up re-structuring, and to make savings of 400 million euros in 2009. The company’s results follow a string of poor performances in the electronics industry. Sony has warned it will post a record two billion euro operating loss this year, while Samsung went into the red for the first time at the end of last year.More about: Financial Crisis, Unemployment

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