Nissan to cut 20,000 jobs globally

Car maker Nissan has said it will cut 20,000 jobs - 8.5% of its global workforce - over the next year after sinking into a net loss for the fiscal third quarter.

Battered by the slump in the worldwide car market, Nissan, Japan's third biggest car maker, also lowered its forecast for the financial year through March, saying it now expected a net loss.