Infineon axes staff

NEWS Europe's second largest chipmaker Infineon is planning to lay off 15 per cent off its workforce due to poor results. The job cuts are said to total 5,000, according to the Wall Street Journal. Yesterday Infineon announced heavy losses of E371m (£227m) with sales down 30 per cent on the corresponding quarter the previous year. The company blamed large customer inventories and falling demand for chips. Earlier this month, Infineon shares hit an all time low, with 35 per cent of its value wiped out since it issued its prospectus in June. The company was unavailable for a comment.