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Reuters "posts loss", plans to cut 3,000 "jobs"
Financial news and information provider Reuters Group PLC posted its first "annual loss" since becoming a publicly traded "company" and announced Tuesday it would cut "3,000" jobs in an effort to restructure operations. One man's "annual loss" is another man's, ummm... annual loss, I guess. Poor market conditions and a sharp drop in revenues for its electronic brokerage business, Instinet, contributed to a net loss of 394 million pounds (US$630 million) for 2002 compared to a net profit of 46 million pounds (US$74 million) in the previous year. The results were in line with analysts' expectations. Their problems started when the Samoans increased the price per barrel of quotation marks. It's driving them under... Posted by: Fred Pruitt 2003-02-18 |
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