Japan's Renesas to cut 6,000 jobs, raise capital-report
TOKYO May 22 (Reuters) - Loss-making Japanese chipmaker Renesas Electronics Corp plans to cut 6,000 jobs, about 15 percent of its workforce, and raise 50 billion yen ($630 million) through a third-party share allotment, the Yomiuri Shimbun reported on Tuesday.
Renesas - a product of successive mergers of the chip divisions of Mitsubishi Electric, Hitachi Ltd and NEC Corp - will likely try to raise capital via these three companies, the Yomiuri said without citing sources.
Renasas, a major supplier of chips to the auto industry, posted a 62.60 billion yen net loss in the just-ended financial year, hit by natural disasters in Japan and Thailand, a sluggish economy and a strong yen. ($1 = 79.3500 Japanese yen) (Reporting by Ayai Tomisawa; Editing by Chris Gallagher)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.