Toyota cuts jobs in Australia amid global uncertaintyJanuary 23, 2012 - 12:31 AMT PanARMENIAN.Net - Toyota Motor Corp is cutting 350 jobs at its Australian manufacturing operations due to an ongoing downturn in production levels, a rare move from the Japanese auto giant. According to Reuters, Toyota Australia president Max Yasuda said the strength of the Australian dollar, which has traded at record highs above parity with the US dollar over the past year, was party to blame for the move. Toyota, which employs around 4,700 people in Australia, has seen vehicle production drop 36 percent in four years, from 149,000 in 2007 to an expected 95,000 in 2012. "The reality is that our volumes are down. What we assumed was a temporary circumstance has turned into a permanent situation," Yasuda said in a statement. Australia's three car manufacturers, Toyota Australia, Ford's Australian division, and Holden, a division of GM , made 242,941 vehicles in 2010, exporting 94,000 vehicles. The industry employs about 50,000 people. Despite hefty government subsidies and tariff support worth around A$2.5 billion ($2.4 billion) a year, the industry has struggled to maintain manufacturing jobs, with the Australian arm of Japan's Mitsubishi Motors Corporation closing its car plants in 2008. Australia's Manufacturing Minister Kim Carr said the latest job losses were caused by the strong dollar and global uncertainty. "Ultimately, companies have to take tough decisions based on commercial realities to ensure that their business model remains sustainable, and that is what Toyota has done today," Carr said in a statement. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |