The scale of the global down-turn was dramatically emphasised yesterday with the announcement of more than 70,000 job cuts across the world, reports The Times .
More than 4,000 posts in Britain were axed, with Corus - the UK's largest steelmaker - cutting 2,500 staff. At Dutch banking and insurance group ING, 1,600 British workers were waiting to hear their fate while another Dutch company, while Philips announced 6,000 job cuts. In America five leading US companies sacked a total of just over 45,000 workers, yet more evidence that the financial crisis that erupted on Wall Street two years ago has now infected the whole of the corporate world. Billionaire hedge fund manager John Paulson has made a £100m profit by betting that the Royal Bank of Sc...
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