More layoffs as gloom deepens
27-01-2009
More workers around the world face losing their jobs as several big corporations announced over 70,000 layoffs in a single day. The biggest cuts came in the US where construction equipment maker Caterpillar said it would cut around 20,000 jobs. Texas Instruments also announced it was cutting 12 percent of its global workforce, or about 3,400 jobs. In Europe, electronics group Philips, financial firm ING and UK steelmaker Corus announced cuts. Correspondents say the announcements underscore the depth of the global downturn. US President Barack Obama cited the layoff announcements as he urged Congress to approve an US$825 billion economic stimulus package of tax cuts, emergency benefits and public spending projects.
