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Sanyo Cuts Staff to Improve Competitiveness

Sanyo Electric's restructuring plans include cutting the work force, closing factories in Japan and China and delisting its shares from European Stock Exchanges. And the New York Stock Exchange is looking for new Japanese listings.

Officials at Sanyo Electric, a maker of televisions and mobile phones, says it will accelerate job cuts because it anticipates a bigger annual loss due to competition from China and to falling prices.

Sanyo will cut 10 percent of its work force, or 10,000 employees, by January. It also forecasts an annual loss this year of $1.2 billion.

Sanyo's planned cuts came after Sony decided last week to reduce its work force. The employee cuts at Sanyo and Sony indicate that the tough challenges they face from manufacturers in China and South Korea.

The head of the New York Stock Exchange says the value of the 19 Japanese companies listed on the exchange totals $669 billion. Chief Executive Officer John Thain says the exchange is considering allowing 40 to 50 more Japanese companies to list.

"We have an interest in a number of companies across the broad range of industry sectors, and there is great growth opportunities in Japan," he said.

The Japanese broadband services company eAccess is in talks with the U.S. investment bank Goldman Sachs on taking part in a new mobile phone venture. EAcess officials say Goldman is considering an investment of more than $220 million.

The company is applying to for a Japanese mobile services license. If eAccess is receives one, it will be the first time in 12 years that a new player enters a market controlled by three providers - NTT DoCoMo, KDDI and Vodafone.

And in the most recent quarter, Japanese manufacturers turned optimistic after three quarters of gloomier outlooks. The latest survey of manufacturers suggests that they may sustain investment rates to continue the fastest pace of economic growth in 15 years.