News In Brief

A 1 million-barrel-a-day cut in crude oil production was expected to be announced by OPEC as the Monitor went to press. Such a reduction, to take effect Sept. 1, would be the third this year by the 11-member cartel in its effort to hold futures prices as close as possible to the $25-per-barrel level. The average of a so-called "basket" of seven crudes stood at $23.46 Tuesday amid eroding global demand. The combined cuts will total 3.5 million barrels. Sentiment among members for the latest reduction was said to be so strong that a consensus was reached by telephone, eliminating the need for an emergency meeting in Vienna next month.

In layoff developments:

* Infineon Technologies, a spinoff of the German engineering conglomerate Siemens, was reported close to announcing 5,000 job cuts on top of a hiring freeze imposed earlier this week. The Munich-based company, Europe's second-largest maker of semiconductors, lost $323 million in the year's second quarter and already has projected a fourth-quarter loss.

* The world's largest manufacturer of paint, Akzo Nobel NV, said it will eliminate 2,000 jobs. The Arnhem, Netherlands, company also produces specialty chemicals and phamaceuticals.

* Another 1,000 employees will be laid off by chemical giant DuPont, the company said in announcing a $213 million second-quarter loss. DuPont cut 4,500 jobs in April.

* Arrow Electronics, the world's largest distributor of electronic components and computer products, will cut 1,000 jobs and discretionary spending and will consolidate facilities in an effort to save $100 million a year, an announcement said. Arrow is based in Melville, N.Y.

* CNet Networks, a technology news provider, announced 300 job cuts, or 15 percent of its workforce. The move follows a 10 percent reduction in February. CNet, based in San Francisco, operates News.com, ZDNet, and TechRepublic.

(c) Copyright 2001. The Christian Science Monitor

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK