Philips to cut 6,000 jobs

THE AXE HAS FALLEN at Philips with the Dutch electrical and electronics giant recording a rare quarterly loss.

More that 6,000 workers will be made redundant as Philips tries to claw back a loss of $1.9 billion during the last quarter of 2008.

Sales decreased by nine per cent from the same quarter the previous year. The last time Philips lost any cash was in 2003. µ

L'Inq
CNET