Business & Finance
The controversial theme park that Walt Disney Co. plans to open in Hong Kong by 2006 will employ 36,000 people, its senior executive said. Michael Eisner told the territory's Chamber of Commerce that the company expects the 311-acre complex to be an incubator for new products and ideas for the "critically important" Asian market. But he called reports that Disney wants to build a similar complex in Beijing or Shanghai "erroneous." The Hong Kong park, Disney's third outside the US, has drawn heavy criticism for the heavy investment in infrastructure - $2.8 billion - that is to come from public funds.
Kyocera Corp., the world's largest maker of ceramic integrated circuits for computers and cellphones, said it will cut 10,000 jobs by year's end. The Kyoto, Japan-based company refused to comment on speculation that plants in California and South Carolina would be hit hardest.
Oki Electric Industry Co., whose products range from fax and automated teller machines to auto parts, will reduce its payroll by 2,200 workers, published reports said. The company's headquarters are in Tokyo.
Swissair announced 1,250 layoffs and said it will sell its duty-free shops and airport maintenance divisions.
Corning Inc. said dwindling demand for optical fibers made it necessary to cut another 1,000 jobs on top of the 900 layoffs announced earlier this month. In all, the company has eliminated 8,000 jobs this year
Saying, "if you're ... burdened with excess assets that are not utilized well, it's not fair" to employees and shareholders, Ford chairman Jacques Nasser told The Wall Street Journal the company plans more job cuts in addition to the 4,000 to 5,000 announced two weeks ago. He hinted that South American operations would especially be targeted.