Olympus to cut camera production costs

Olympus is to cut production for digital camera costs by 30% due to fierce competition, reports Bloomberg. The news follows earlier announcements that Olympus, the world's fourth largest camera manufacturer, is to cut 4,000 jobs, 13% of its global workforce. The long term aim is to recover some profit after Olympus reported its first ever annual loss last month. The job cuts will save the company around ¥3 bn. Bloomberg says Olympus expects shipments of digital cameras to rise from 8.9m to 9.5m this year with the release of two SLRs aimed at pros and serious amateurs.

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