International Business

Japan’s Nippon Confirms Staff Cutback Plan: Japan’s telecommunications giant, Nippon Telegraph and Telephone Corp., will reduce its staff by almost a quarter over the next five years, the company said. The former government monopoly will cut its staff of 194,700 by about 45,000 through attrition, by spinning off divisions and other means, said a spokesman quoting NTT President Masashi Kojima. The plan does not include layoffs, recent media reports said. The former government monopoly, now listed on the Tokyo Stock Exchange, has been facing increasing pressure to streamline its operations as the government allows new competitors into telecom markets. The company has reportedly been resisting pressure to break up its grip on local networks.