THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DAVID HAFFENREFFER, CNN ANCHOR: Time to check on the markets around the world on this Friday morning, starting in Hong Kong where Dalton Tanonaka is standing by with details of more job cuts in Japan's electronic sector. This has been a busy place. Hi, Dalton.</s>DALTON TANONAKA, CNN CORRESPONDENT: It certainly has, David, good morning. Hitachi dove into the wave of restructuring hitting Asian manufacturers cutting more than 14,000 jobs. Japan's biggest electronics maker is reeling from the global meltdown in semiconductor demand, projecting to lose more than $1 billion this fiscal year. A previous forecast was for a $750 million profit. Though Hitachi's move was expected, its stock price fell more than 4 percent in Tokyo trading. Overall, the Tokyo market continued its slide toward the 10000 level, closing at another 17-year low. Stocks in Seoul fared even worse. Fears that lenders to debt- laden Hynix Semiconductor wouldn't receive any of the money owed them sent financial stocks in a tailspin taking the KOSPI down more than 3 percent. China has reportedly barred an overseas investment bank from future business deals after it hosted two conferences attended by senior Taiwan officials. The Asian "Wall Street Journal" reports that Credit Suisse First Boston has been officially dropped from China Unicom's multibillion-dollar share offering expected later this year. That's a quick look at the business day here in Asia. Back to you, David, in New York.</s>HAFFENREFFER: All right, Dalton, thank you very much. Have a great weekend. Dalton Tanonaka reporting for us from Hong Kong, our bureau there. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Hitachi Cutting More Than 14,000 Jobs