Sharp to cut 1,500 jobs

Japan's Sharp Corp said that it would eliminate 1,500 domestic jobs as the

electronics maker predicted its first-ever operating loss
this year due to the recession.

"We have decided not to renew 1,500 contract workers in Japan," Tetsuo Onishi, the company's director for accounting, told a news conference.

"By doing so, we shall build a human resource structure that meets the size of sales," he said. Top managers will also accept pay cuts and forego bonuses, he said.