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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Nissan axes jobs as profits slump AFP - Saturday, November 1 TOKYO (AFP) - - Japan's Nissan Motor Co. said Friday it was axing 3,500 jobs worldwide and cut its full-year forecasts by two-thirds as the global economic crisis shakes the auto industry. Japan's third largest automaker, which is controlled by France's Renault, said that profits for the first half slumped by 40.5 percent on a sharp slowdown in the key US market and the soaring value of the yen. "The global financial and economic crisis has had a profound effect on every area of our industry, with the grip on credit and declining consumer confidence being the most damaging factors," said Nissan-Renault boss Carlos Ghosn. "Since we see no relief in the second half, we are taking all necessary and responsible measures to protect the company and preserve our ability to rebound when conditions improve," he said in a statement. Nissan will eliminate a total of 3,500 jobs in Spain, Japan and the United States by the end of December, said chief operating officer Toshiyuki Shiga. Some 2,500 permanent positions will be cut in Spain and the United States, while a further 1,000 temporary jobs will be axed in Japan. Nissan has already announced some of the cuts locally, with thousands of protesters taking to the streets last week in Barcelona to denounce the job cuts. Ghosn, who salvaged Nissan from near bankruptcy when he was parachuted in from Renault a decade ago, has said that his priority will be ensuring his companies' financial health holds up during the global crisis. For the six months through September, Nissan's net profit slumped 40.5 percent to 126.34 billion yen (1.3 billion dollars). The company now expects a net profit of 160 billion yen for the full financial year to March, down from 482.26 billion a year earlier and well short of an earlier forecast of 340 billion yen. But Nissan said that its overall vehicle sales rose 4.7 percent in the first half compared with a year earlier thanks to continued solid demand in China and Middle East. In the United States, sales fell 3.4 percent but Nissan said it did well considering the overall US market was down 15.1 percent, allowing the Japanese automaker to increase its share. For the six months through September, Nissan's operating profit tumbled 47.8 percent to 191.6 billion yen. Sales fell 3.9 percent to 4.87 trillion yen. The global slowdown has badly shaken Japan's automakers, which in recent years have cashed in on worldwide demand for their smaller and more fuel-efficient cars. Compact-car maker Suzuki Motor also slashed its profit forecasts, predicting a 25.2 percent drop in net earnings to 60 billion yen in the year to March. The automaker, which has a strong presence in India, had previously anticipated a profit of 80 billion yen. Toyota Motor Corp., Japan's largest automaker, is reportedly set to post lower sales this year for the first time in a decade due to the economic crisis. On Thursday, Mitsubishi Motor Corp. and Mazda Motor Corp. both cut their earnings forecasts for the financial year due to the slowdown and the high yen, which makes Japanese exports less competitive. Alain Dassas, Nissan's chief financial officer, said it was not only the yen that was hurting causing pain. "There are also other currencies. The ruble is very sensitive to our results and also the Canadian dollar and the Australian dollar," Dassas said. The US Big Three have also been slashing jobs, with General Motors cutting 30,000 blue-collar positions and 4,000 salaries positions since 2005. Earlier Friday Toyota said it would reopen three US factories after a three-month suspension due to falling US demand, using them to produce exports for the Middle East and Latin America. The factories in Texas, Indiana and Alabama will resume producing Sequoia sports utility vehicles and Tundra pick-up trucks by mid-November, Japan's largest automaker said. 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