NEC to Lay Off 20,000

Japanese electronics giant hammered by falling demand, stronger yen
By Jason Farago,  Newser Staff
Posted Jan 30, 2009 6:03 AM CST
An office worker walks with a parasol in front of a sign touting Japanese computer and network equipment maker NEC Corp. in Tokyo.   (AP Photo/Katsumi Kasahara)
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(Newser) – The Japanese electronics giant NEC announced today that it will cut 20,000 jobs worldwide after posting a fourth-quarter loss of $1.45 billion, reports the Wall Street Journal. NEC's losses ballooned as demand fell for its semiconductors and chips, and the strength of the yen further hurt its bottom line. A Japanese business daily reported today that NEC is now in talks with Toshiba to combine their chip operations, although the company did not confirm the report.