Japan's Panasonic to Cut About 17,000 Jobs

Japan's biggest home appliance maker Panasonic Corp. is cutting about 17,000 jobs worldwide as its losses swell from restructuring costs and damage from the March 11 disasters.

President Fumio Ohtsubo said Thursday the company will streamline operations to boost profitability, including selling off some units, and reduce its workforce of nearly 367,000 workers to 350,000 over the next two fiscal years.