Mitsubishi set to announce major job losses

Mitsubishi Motors is expected to cut about 9,500 jobs as part of a global restructuring by its largest shareholder, the German-US carmaking giant DaimlerChrysler.

The move will mean the loss of 14% of Mitsubishi's workforce, lead to the closure of one of the Japanese company's four assembly plants and result in a 20% reduction in production capacity.

Details of the job losses are expected to be outlined by DaimlerChrysler at a press conference later today.

Operating profits at the troubled US Chrysler unit are expected to be confirmed at about 90% down on the year before, with an operating loss forecast for 2001.

DaimlerChrysler has said group operating profit will be lower this year than in 2000 before bouncing back in 2002.