Toshiba to slash 7,000 jobs
The boss of struggling Toshiba has revealed that he will cut 7,000 jobs over the next five years as the Japanese engineering company pulled out of foreign investments and downgraded its annual profit forecasts. Toshiba also expects to scrap or consolidate some factories and reduce its subsidiaries by 25 per cent. It is withdrawing from a US-based liquid natural gas business and liquidating NuGen, a nuclear subsidiary in Britain. A joint venture between Toshiba and France's Engie, the NuGen project in Cumbria in northwest England was to comprise three reactors and was due to start producing energy from 2025.