Panasonic Shares Rise After Report Company to Cut 40,000 Jobs

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Panasonic Corp. jumped the most in three weeks in Tokyo trading after the Nikkei newspaper reported the company plans to cut 40,000 jobs as part of a restructuring.

The shares gained as much as 2 percent, the biggest intraday gain since April 7, to 994 yen. They traded 1.8 percent higher at 9:40 a.m.

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Panasonic Shares Rise After Report Company to Cut 40,000 Jobs