Market Report - Toyota May Cut Jobs

ZHANG:
In today's Market Report... Toyota Motor Corp is considering cutting full-time employees in Britain and North America, as the global financial crisis sends sales plummeting and puts it on course for its first-ever operating loss.

It's an unprecedented step for the world's largest automaker, which has for the most part avoided major staff reductions throughout its more than 70-year history.

Slowing demand for Japanese cars and machines is forcing Nippon Steel, the world's second largest steelmaker, to further cut output by as much a 4.5 million tons leading up to March.

Meanwhile, Japan's second-biggest wireless carrier, KDDI, became one of the rare bright spots today amid a slew of grim company news.

KDDI profits rose 19 percent by lowering costly subsidies on handsets paid to retailers. But it warned falling sales and rising inventories meant it had to virtually give away many older models in recent months.

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News & Politics

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