General Motors to cut 47,000 jobs
General Motors Corp., presenting a dire outlook for the future, said Tuesday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more US factories in a massive restructuring plan.
Continental Airlines is to cut 1,700 jobs amid a drop-off in revenue and passenger numbers, as it announced widening quarterly losses of $214m between April and June.