Panasonic to slash 17K jobs

Panasonic announced a major reorganisation Thursday under which it will cut thousands of jobs as it adapts its business to a changing global environment. The company plans to cut about 17,000 jobs over the next two years from its work force of 367,000,which it had already pared from the 385,000 people it employed at the end of March 2010. The reorganisation will cost about ¥160 billion.