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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea's Hynix plans to cut output by up to 30 percent AFP - 2 hours 1 minute ago SEOUL (AFP) - - South Korea's Hynix Semiconductor, the world's second largest memory chipmaker, said Thursday it would cut production by up to 30 percent from late this month due to weak demand and falling prices. The company is trying to ride out the global economic downturn by reducing expenses and selling idle assets, president Kim Jong-Kap told local newspaper the Seoul Economic Daily. Hynix plans to raise about one trillion won (755 million dollars) to counter a liquidity shortage, he said in comments confirmed by a company spokesman. Kim said the company is in talks with potential buyers to sell its US chip plant at Eugene in Oregon state. It announced in July it would shut the plant, which employed 1,200 people. "It is not clear when we can complete negotiations," the Hynix spokesman Park Hyun told AFP. Hynix was one of numerous big companies bailed out by the government after the 1997-98 East Asian economic crisis and is still under the control of creditors. In recent weeks it has been seeking a fresh funds injection. Lead creditor Korea Exchange Bank has said Hynix would receive 800 billion won in fresh funds if five key creditors reach agreement by Friday. In the third quarter of this year the company's net loss rose sharply to 1.65 trillion won, the fourth straight quarterly deficit. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Hu Jintao pledges open China amid 30-year celebrationAFP - 22 minutes ago China's Lenovo says will not buy PositivoReuters - 39 minutes ago China steps up iron ore hunt with Centrex dealReuters - 43 minutes ago Borrowers rushing to refinance loans as rates dropAP - 46 minutes ago Related Articles: Business Palm Beach pawnshop's business up thanks to MadoffAP - 13 minutes ago British Airways-Qantas merger talks fail: BAAFP - 16 minutes ago Turkey's Ford Otosan suspends output due low demandReuters - 21 minutes ago Australia's CBA raises $1.4 bln, shares diveReuters - 22 minutes ago Hu Jintao pledges open China amid 30-year celebrationAFP - 22 minutes ago Enlarge Photo SKorea's Hynix plans to cut output by up to 30 percent Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed 'Dark energy' expands, contracts universe: researchers Bush laughs off Iraq flying shoes drama Actress Jennifer Aniston appears naked in GQ magazine OPEC agrees to record cut in oil output: Saudi minister Fed cuts rate to virtually zero, will expand stimulus moves View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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