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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (47047)10/14/2004 6:05:43 AM
From: jayhawk969  Read Replies (1) of 50167
 
And what will this do in Germany. The continent is not in good shape. Long term the $ will be ok, I do not think the market has priced in the long term problems that the Euro faces.

General Motors Europe to Cut 12,000 Jobs by the End of 2006

RUESSELSHEIM, Germany (AP) -- General Motors Europe announced Thursday that it will cut 12,000 jobs on the continent by the end of 2006 in a plan aimed at saving $617 million per year.
The company said that 90 percent of the cuts would be made in 2005 and that the plan "provides for the majority of the cuts to be in Germany, with a heavy emphasis on managing and engineering."

However, it said negotiations with employee representatives would determine which of its 10 European manufacturing plants are affected.

"The details we must negotiate with our workers councils, beginning today -- and we hope to have an agreement by the end of November," GM Europe spokesman Ruediger Assion said.

GM Europe currently has 62,000 employees.
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