Tuesday, January 27, 2009

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Miserable Monday: 70,000 job losses announced worldwide

Caterpillar leads a grim day by cutting 20,000, but a merged Pfizer and Wyeth will equal that. Others sharply reducing employment include Sprint Nextel, Home Depot, and GM.

Several large international companies have announced mass redundancies as a result of the worldwide financial crisis. A total of 70,000 job losses were announced on Monday.

The biggest number of jobs to go is at US bulldozer and digger manufacturer Catepillar where 20,000 people will lose their jobs. US telecom giant Sprint Nexel is planning to sack 8,000 people. Japan's large car manufacturers say they are going to scrap 25,000 jobs in the first quarter of this year.

Dutch companies also joined the wave of job cuts. Seven thousand jobs across the globe are due to go at ING Bank. Electrical goods manufacturer Philips is making 6,000 employees redundant. And at the Anglo-Dutch steel works Corus, 3,500 jobs will be cut. Stagnation in the economy is given as the main reason for the reorganisations.


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