Panasonic to cut 7000 jobs in semiconductor sector

Japanese electronics giant Panasonic is going to cut 7,000 jobs in its semiconductor sector after years of losses, local media reported Thursday. The reduction will be made by the fiscal year of 2014 through March 2015, which accounts for nearly half of its current employees in the sector, the Kyodo news reported, citing unnamed sources. Most of the job losses will affect Panasonic's overseas plants, including those in China, Indonesia, Malaysia and Singapore, while workers in Japan will be transferred to other businesses, the sources added. The decision is made after Panasonic's semiconductor business has been losing money amid fierce international competition, and the company is putting more resources in auto- and housing-related businesses, according to the report.