By Daniel Hunter

Japanese electronics giant Sharp has received a 200 billion yen ($1.7bn; £1bn) bailout from banks.

It is Sharp's second bailout in three years, and comes after announcing larger-than-expected annual losses of 222bn yen ($1.86bn; £1.18bn).

Mizuho Bank and the Bank of Tokyo-Mitsubishi UFJ will provide 100bn yen each.

Sharp also said it would cut its global workforce by around 10%, including 3,500 jobs in Japan.

The electronics firm said stiff competition in its US market for LCD TVs and in smartphone screens were having a big impact on finances.