Mitsui Mining to axe 4,000

TOKYO - JAPAN'S Mitsui Mining and Smelting Co said on Tuesday it would slash 4,000 jobs, about one fifth of its global workforce, because of falling metal prices and weak demand. The group said it would cut its payrolls by the end of September through early retirements and a reduction in temporary workers, as Japan's economic woes spread from manufacturers to broader industry. Mitsui Mining said it expected a net loss of 35 billion yen (S$586 million dollars) in the fiscal year ending March, a far cry from its previous estimate of five billion yen in profit. Japanese companies have announced thousands of job cuts in recent weeks, mostly of temporary or contract workers, to cope with the recession. -- AFP