Toshiba to cut costs by $3.5 billion

It will cut costs 330 billion yen, which should allow it to secure an operating profit of 100 billion yen in the 2009 fiscal year which runs to March 2010, said the Nikkei business newspaper.

Toshiba, which posted an operating loss of 250 billion yen in fiscal 2008, is one of many major Japanese electronics firms that suffered a slump in sales.