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ALCOA to lay off 13,500 workers, freeze salaries and cut spending by 50%
MarketWatch - Late Tuesday Alcoa said it plans to cut 13% of its global workforce, sell four business units, cut output, freeze salaries and hiring efforts. The Pittsburgh-based aluminum giant said it is taking the steps to conserve cash in the current economic downturn. The meausures will result in a fourth-quarter charge of $900 million to $950 million after tax, or $1.13 to $1.19 a share.
Alcoa to slash 13,500 jobs and cut production
http://biz.yahoo.com/rb/090106/business_us_alcoa.html
Fed sees longer economic decline than earlier forecasts
http://biz.yahoo.com/cnnm/090106/010609_fed_minutes.html
MarketWatch - Late Tuesday Alcoa said it plans to cut 13% of its global workforce, sell four business units, cut output, freeze salaries and hiring efforts. The Pittsburgh-based aluminum giant said it is taking the steps to conserve cash in the current economic downturn. The meausures will result in a fourth-quarter charge of $900 million to $950 million after tax, or $1.13 to $1.19 a share.
Alcoa to slash 13,500 jobs and cut production
http://biz.yahoo.com/rb/090106/business_us_alcoa.html
Reuters - The company said it was reducing its smelting output by 750,000 tonnes per year, which is approximately 18 percent of total primary aluminum output, and selling four non-core businesses.
It is also cutting an additional 1,700 contractor positions and freezing salaries and hiring. It is reducing 2009 capital expenditures by 50 percent, Alcoa said.
Fed sees longer economic decline than earlier forecasts
http://biz.yahoo.com/cnnm/090106/010609_fed_minutes.html
Let's see what happens by the end of the week.The U.S. economy is likely to deteriorate further this year and unemployment will rise into 2010, according to the latest forecasts from the staff of the Federal Reserve.
This bleak forecast was presented to Fed policymakers when they met last month and lowered interest rates to near zero. Low interest rates are one key tool the central bank uses to try to spur economic activity.
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