Japanese chipmaker plans to raise £828m

Renesas set to cut 10,000 jobs after shares tumble to record low

The BBC has reported that Japanese chipmaker Renesas is planning to raise 100 billion yen (£828m) and cut more than 10,000 jobs after it sees its shares fall by 13 per cent.

Renesas is a semiconductor manufacturer based in Tokyo and has design, manufacturing and sales operations in 20 countries around the world. Renesas produces semiconductor systems for mobile phones and automotive applications.

The company’s shares have lost more than a third over the past month and is expected to unveil a restructuring plan later this week to its major shareholders Hitachi, NEC and Mitsubishi.

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