Thursday, February 19, 2009

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GM plans almost 50,000 job cuts as it seeks $16.6bn

The car company late on Tuesday asked the US government for an another $16.6bn (£11.7bn) in new loans and can keep the money if they can show the Government by the end of next month how it can become profitable. Rival Chrysler also asked for another $5bn and plans to cut 3,000 jobs of its own.

GM's plan to cut 47,000 jobs would amount to almost 20pc of the company's 244,500 staff globally and the company is in talks with Governments in the UK, Germany, Sweden and Thailand about receiving financial assistance.

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