Fujitsu Services operation in the UK has announced a rationalisation programme across its workforce, proposing a reduction of up to 1,200 jobs. It currently employs 12,500 people in the UK.

Countries must rebalance their economies to make it sustainable, IMF chief economist Olivier Blanchard commented. Economies dominated by consumption - such as the US - would have to focus more on exports, while Asia turned more to imports.

The big bounce—GDP plunged by at over 10% (annualized) in the previous two quarters—owes much to stimulus packages in Japan and around the world.

The latest rumor: Japan's Elpida Memory is looking to buy Spansion's wireless chip unit for US$200-300 million. A spokeswoman from Elpida declined to comment. Spansion did not respond to e-mails.

Toshiba has said it aimed to expand its energy, healthcare and environment-related businesses as it targets a strong recovery in earnings within the next three years.

LG Chem has consolidated its position as a global power in car batteries, in a deal with carmaker General Motors for its eco-friendly vehicle, Volt. Samsung SDI is following up with its own major deal with BMW, a German premier carmaker. But Japanese battery makers currently capture 95% of the nickel-metal hybrid batteries market.

Elpida Memory may sign up today (August 7) with the Development Bank of Japan, becoming eligible for about 30 billion yen (US$314 million) in government aid, Nikkei English News said.

Toshiba has slashed a forecast for operating profit and sales next fiscal year made before the global recession drove the company to post its first net loss in seven years. It will also cut capital spending to 1.1 trillion yen for 2009 to 2011, from 1.64 trillion yen in the preceding three-year period.

Recession times have proved a harsh reality check for Japan's ongoing love affair with robots.

Japan's Elpida Memory has said that it plans to more than double its output of advanced DRAM chips for high-speed computers and servers next month, pushing its shares higher on August 3.

Japan's Elpida Memory has said that it was in talks about taking over German chipmaker Qimonda's high-end graphics DRAM operations to bolster its product lineup.

NEC Electronics, Japan's fourth-largest chipmaker, said its first-quarter loss widened as demand for semiconductors used in automobiles, flat-panel televisions and handsets slumped amid a global recession.

Toshiba has reported a wider net loss in its fiscal first quarter due to restructuring costs and losses at its chip operations, as the electronics market's uncertain outlook continued to cast a shadow over the firm's earnings.

The slide in Japan's exports slowed in June in a sign government stimulus spending around the world may be propping up demand.

NEC is considering raising funds to strengthen its capital base, which has suffered during the economic downturn, according to sources familiar with matter.

NEC Electronics, which has inked an integration contract with fellow chip maker Renesas Technology, is eyeing either Toshiba or Panasonic as its partner in developing an advanced semiconductor system, President Junshi Yamaguchi said.

Elpida Memory, which operates one of the world's largest DRAM memory fabs in Hiroshima (Japan), will undergo a major internal transformation as the company battles a continued over capacity in the memory markets and seeks Japanese Government funds to continue operations.

NEC Electronics' semiconductor orders will increase "several percent" next quarter, helped by demand for chips used in cars and liquid- crystal displays, President Junshi Yamaguchi said.

Japan has passed the worst of its current slump and is on course for growth in its next fiscal year, but the recovery of the world's second-largest economy could yet prove vulnerable, Kaoru Yosano, finance minister, has warned. The comment came just before a survey showed that business confidence had risen for the first time in two and a half years.

Japan's jobless rate rose to its highest level in nearly six years in May as manufacturers continued to cut jobs despite better conditions for the corporate sector here.

Sony agreed to invest in a Sharp LCD unit, the Nikkan Kogyo newspaper reported, without saying where it obtained the information.

Elpida Memory will receive 50 billion yen (US$521 million) from the Japanese government and a Taiwanese partner after falling semiconductor prices led to a net loss last fiscal year, Japan's economy ministry said.

Japan says manufacturers increased production in May for the third straight month.

Japanese PC chip maker Elpida Memory will receive financial support of about 200 billion yen ($2.1 billion) from the government and public and private sector banks, the Nikkei business daily said on Saturday.

Japan's Panasonic said it aims for double-digit sales growth this business year in the five major emerging markets it focuses on, including China and India, despite an estimated 10% decline in overall revenues.

Sharp said it may appeal a ruling by a US trade panel that said the Japanese electronics maker had violated an LCD patent held by South Korea's Samsung Electronics.

Struggling chip maker Elpida Memory has applied for a new government financial aid program in a bid to shore up its capital base and ride out a severe industry downturn, sources said.

The slump in Japan's exports showed little sign of relenting in May, with auto exports to the US down more than half, adding to doubts about a quick recovery from the global recession.