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Massive layoffs as gloom deepens Massive layoffs as gloom deepens
(about 1 hour later)
Workers around the world face losing their jobs as several big corporations announced more than 70,000 layoffs in one single day.Workers around the world face losing their jobs as several big corporations announced more than 70,000 layoffs in one single day.
The biggest cuts came in the US where construction equipment maker Caterpillar said it would cut around 20,000 jobs.The biggest cuts came in the US where construction equipment maker Caterpillar said it would cut around 20,000 jobs.
In Europe, electronics group Philips, financial firm ING and UK steelmaker Corus announced cuts.In Europe, electronics group Philips, financial firm ING and UK steelmaker Corus announced cuts.
The announcements underscore the depth of the global downturn.The announcements underscore the depth of the global downturn.
"Without a doubt, 2009 will be a very tough year," said Caterpillar chief executive Jim Owens."Without a doubt, 2009 will be a very tough year," said Caterpillar chief executive Jim Owens.
Many of the companies making layoffs unveiled poor financial results and issued gloomy outlooks for 2009.Many of the companies making layoffs unveiled poor financial results and issued gloomy outlooks for 2009.
Caterpillar said its fourth-quarter net profit fell 32% from a year ago to $661m (£482m).Caterpillar said its fourth-quarter net profit fell 32% from a year ago to $661m (£482m).
Stimulus plan urgedStimulus plan urged
US President Barack Obama cited the layoff announcements as he urged Congress to approve an $825 billion economic stimulus package of tax cuts, emergency benefits and public spending projects. US President Barack Obama cited the layoff announcements as he urged Congress to approve an $825bn economic stimulus package of tax cuts, emergency benefits and public spending projects.
"Those are not just numbers", he said, but more working men and women "whose families have been disrupted and whose dreams have been put on hold". "Those are not just numbers," he said, but more working men and women "whose families have been disrupted and whose dreams have been put on hold".
GLOBAL JOB CUTS Caterpillar - 20,000ING - 7,000Philips - 6,000Corus - 3,500Home Depot - 7,000Pfizer/Wyeth - 20,000General Motors - 2,000 GLOBAL JOB CUTS Caterpillar - 20,000ING - 7,000Philips - 6,000Corus - 3,500Home Depot - 7,000Pfizer/Wyeth - 20,000Texas Instruments - 3,400General Motors - 2,000
The companies making the biggest job cuts include: class="bulletList">
  • Dutch banking giant ING, which said it is to cut 7,000 jobs as it seeks to save 1bn euros ($1.29bn; £949m).
    • Steelmaker Corus confirmed that it is cutting 3,500 jobs worldwide, including about 2,500 in the UK. The firm is a subsidiary of India's Tata Steel.
    • US retailer Home Depot, the world's largest home improvement chain, said it would eliminate 7,000 jobs, or 2% of its work force, as it closes its Expo home design unit.
    		The companies making the biggest job cuts include:
    • Steelmaker Corus confirmed that it was cutting 3,500 jobs worldwide, including about 2,500 in the UK. The firm is a subsidiary of India's Tata Steel.
    • US retailer Home Depot, the world's largest home improvement chain, said it would eliminate 7,000 jobs, or 2% of its work force, as it closes its Expo home design unit.