Tokyo : Scandal-hit conglomerate Toshiba warned on Monday it expects to post a record annual loss of USD 4.5 billion and slash thousands of jobs, as shares in the firm plunged nearly 10 per cent. In a statement right after the close of trading, the company said it will cut 6,800 positions in its lifestyle business by introducing early retirement programmes and repositioning personnel, as well as carry out other structural reforms. As a result of such changes, Toshiba said it expects a 550 billion yen net loss for the year to March, exploding from a 37.8 billion yen loss in the previous 12 months.
The news is the latest blow to the 140-year-old firm after it was this year hit by revelations that executives systematically pressured underlings to inflate profits in a years-long scheme to hide poor results. -AFP
