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Japanese industrial pioneer finally joining 21st century

Toshiba chief Masashi Muromachi

TOKYO -- The extent of Toshiba's looming payroll cuts and fiscal 2015 loss attest to the backwardness that the group is now rushing to fix after a yearslong accounting cover-up.

     The drastic measures announced Monday in essence seek to tear down and rebuild an industrial conglomerate that employs roughly 200,000 and generates sales of some 6 trillion yen ($49.5 billion) a year.

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