Home > Nissan to axe 12,500 jobs after first quarter profit drops 98.5%

Nissan to axe 12,500 jobs after first quarter profit drops 98.5%


On Thursday, Nissan Motor Co said it would slash 12,500 jobs globally by 2022. Business Insider said Nissan will cut output to rein in costs. The company is suffering from sluggish sales and rising costs. It's trying to recover from a scandal surrounding ousted Chairman Carlos Ghosn. Japan's No. 2 automaker also posted a 98.5% plunge in first-quarter operating profit to $14.80 million. Nissan had flagged a steep drop in profit on Wednesday.

Added on the 25/07/2019 07:06:15 - Copyright : Wochit

To customise your video :

Or Create an account

More videos on the subject

  • Nissan cuts 12,500 jobs as profits plunge

    The carmaker Nissan is cutting 12,500 jobs globally, after its operating profits slumped by over 98% in the three months from April to June. Slowing car sales globally have hit Nissan hard, particularly in the United States. FRANCE 24's Business Editor Stephen Carroll explains.

    25/07/2019 - France 24 EN
  • Ghosn Out On Bail Again

    Disgraced former Nissan Chairman Carlos Ghosn has been granted bail. Ghosn was set to walk out of a Japanese detention center for a second time since his arrest last year on financial misconduct charges. Business Insider reports Ghosn posted the $4.5 million bail set by a Tokyo court on Thursday. Bail will enable the former titan of the global auto industry to better prepare for his criminal trial expected later this year. Ghosn is facing a charge of aggravated breach of trust and three other accusations of financial misdoing during his time as Nissan chairman.

    25/04/2019 - Wochit
  • Weak Jobs Growth May Be Canary In Coal Mine

    Despite a tepid jobs report, Wall Street is still roaring. According to Reuters, U.S. stocks eked out record highs on Friday. Still, gains were limited as data showed job growth slowed in May. That suggests a bounce in the labor market was losing steam. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. But as the labor market nears full employment, job gains are slowing.

    02/06/2017 - Wochit
  • 12,500 Cancer Cases A Year May Be Caused By This One EPA-Approved Source Of Life

    A new study from the Environmental Working Group says nitrate-polluted drinking water across the US may lead to more than 12,500 cases of cancer each year. The pollution is brought on by farm runoff produced by fertilizer and manure, and may cost $1.5 billion to treat annually. The Environmental Protection Agency hasn't updated its contaminant list for tap water since 1991. Alexis Temkin is a toxicologist a Environmental Working Group and the study's lead author.

    11/06/2019 - Wochit
  • As U.S. Economy Loses Steam The Manufacturing Sector Is Slowing

    U.S. manufacturing output fell for a second straight month in February, says Reuters. Factory activity in New York state hit a nearly two-year low this month, offering further evidence of a sharp slowdown in economic growth. Federal officials are scheduled to meet next Tuesday and Wednesday to assess the economy. The economy is reportedly losing steam as the stimulus from last year’s $1.5 trillion tax cut package fades. One economist said, "The economy is spinning its wheels and not gaining any traction yet."

    15/03/2019 - Wochit
  • Renault : 5000 postes supprimés en France

    Renault : 5000 postes supprimés en France

    27/05/2020 - LCI