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Toshiba firing 17,000 workers

Toshiba Corp. is slashing 17,000 jobs, or about 9 percent of its worldwide work force, citing the global slump in demand for semiconductors and electronics.

AP reports the company also said it expects a loss for the year in contrast to its previous estimate that it would make a profit.
Meanwhile, Toshiba's rivals in Japan are facing similar problems. Fujitsu is trimming 16,400 jobs, or 9 percent of its work force, mostly overseas jobs. NEC Corp. has said it will cut 4,000 jobs by next March in an effort to turn around its computer chip division.

Hitachi is also expected to decide on job cuts, Japanese media reported. Matsushita Electric Industrial Co., which produces Panasonic products, is trying to eliminate several thousand jobs through voluntary early retirement.

Toshiba said almost all its job cuts will be in Japan, where it will reduce its work force by 12 percent from 144,000. It employs 188,000 workers worldwide.