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Sony announces 10,000 job cuts
Sony is to cut 10,000 jobs worldwide by 2008, according to a BBC report today. Japan will suffer the biggest loss with 4,000 cuts, while the remaining 6,000 cuts will affect overseas operations. The electronics giant is forecasting group net losses of ¥10 bn ($90 m) in the current fiscal year. The redundancies amount to 7% of Sony's total workforce and are thought to be caused by the company's late entry into the market for digital music players.