IN BRIEF (Page 16)
Nissan to trim payroll
Nissan Motor Co will seek voluntary early retirement from up to 1,500 employees in Japan in the first job cuts at home in eight years as it aims to match lower production for a shrinking domestic market.
Japan's third-biggest automaker, 44 percent owned by Renault SA, said yesterday the cost would be booked under the business year ended last month, but stood by its latest profit forecasts, which were lowered in February.
Costs cut earnings
Boston Scientific Corp reported lower net earnings on Monday due to costs related to the acquisition of Guidant Corp and weaker sales of its drug-coated stents to treat clogged heart arteries.
The medical device maker has been stung by a slowdown in demand for both drug-coated stents and implantable heart defibrillators since paying $27 billion for Guidant one year ago.
Takeover booted out
Shoe and hat retailer Genesco Inc, known for brands such as Lids, Journeys and Hatworld, said on Monday its board rejected an unsolicited $1.2 billion takeover offer from rival Foot Locker Inc.
Genesco's board said it turned down the offer, made on April 4, because it failed to reflect Genesco's long-term value, including its market position and growth prospects.
Record profit likely
Japan's Toshiba Corp is expected to have made a record net profit of 135 billion yen ($1.1 billion ) for the fiscal year to March 31, a newspaper said yesterday.
The profit gain, up 73 percent from the previous year, was due largely to 55 billion yen in capital gains from the sale of shareholdings in group firms, the Nikkei business daily reported, without citing sources.
Agencies
(China Daily 04/25/2007 page16)
