The market disregards bad news these days. On cold days, RTP warms my heart, it took $83, significantly up again. I promise..,. I sell it at 100 or so, maybe more, if reflation efforts succeed.
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Rio Tinto to cut 14,000 jobs to cope with slump
Wednesday December 10, 4:47 am ET
By Tanalee Smith, Associated Press Writer
Miner Rio Tinto will cut 14,000 jobs, investment to reduce debt and cope with slowdown
SYDNEY, Australia (AP) -- Rio Tinto Group will cut 14,000 jobs worldwide and reduce capital investment as part of new measures to reduce its debt amid waning demand for iron ore and other metals, the mining company said Wednesday.
The job cuts -- accounting for 12.5 percent of the company's 112,000-person work force -- and reduction in operating expenditure are expected to save at least 2.5 billion Australian dollars ($1.6 billion) a year by 2010, the London-based company said in a statement. |
