By Keri Algar

SYDNEY, NSW: Panasonic intends to cut 40,000 workers, mainly from overseas based operations, according to The Nikkei Business Daily, which said the announcement will be made on Thursday when the company delivers its annual reports. It is unclear if this will affect local operations.

The first calendar quarter in Australia has already seen the streamlining of local operations. Earlier this month, Panasonic Australia announced it has outsourced its entire New South Wales sales team and replaced it with sales agent Crossmark, while a number of staff redundancies, affecting 18 individuals, were confirmed earlier in the year, in order to make its local operations more efficient.

Panasonic Australia today declined to comment, saying it would not remark on speculation.

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Since the Nikkei Daily report, Panasonic stock on the Nikkei 225 has risen by 2 per cent.