Philips beefs up global slim-down

Philips Electronics has stepped up its cost-cutting drive and warned another 2,200 jobs would go as part of a drastic overhaul of its business, which began to turn around in the first half after losing €1.3bn (£1.04bn) in 2011.

The Dutch giant, which has been moving its focus away from consumer electronics towards healthcare and lighting, would not say where the cuts will fall. It cut 4,500 jobs at the end of last year, 1,200 in the Netherlands, where job losses have been a major issue in campaigns for today's general election.

Philips has 121,801 employees worldwide, 14,000 of them in the Netherlands.