Business & Finance
Lucent Technologies posted an $8 billion restructuring charge as well as a fourth-quarter operating loss of $909 million. The struggling Murray Hill, N.J., telecommunications equipment maker said its sales in the quarter fell 28 percent but that it still hopes to return to profitability in fiscal 2002. Lucent lost $1.2 billion in the third quarter.
A $2.58 billion plan to rescue the bankrupt Swissair was announced by the Swiss government and a consortium of major private companies, but it quickly drew expressions of concern on competition grounds by the European Union, which was seeking clarification. Although not a member of the EU, Switzerland had agreed formally to abide by its limits on state aid to a commercial enterprise. The deal would transfer two-thirds of Swissair's assets to onetime regional carrier Crossair and would keep the former's long-haul routes active until Crossair can take them over next April 1.
In layoff news:
Emerson Electric Co. said it is cutting 4,000 jobs and will close about 20 plants worldwide. About 70 percent of the layoffs already have occurred, it said. On Monday, the St. Louis-based company announced it will pay $750 million for some of the assets of a Chinese telecommunications equipment maker.
Disney World asked 7,400 full-time employees to volunteer for a 20 percent cut in hours and pay to save jobs and preserve benefits.
AT&T said it is cutting 2,400 more jobs, bringing to more than 8,000 the number of layoffs announced this year, The Wall Street Journal reported.
MetLife Inc., the US's No. 2 writer of life policies, cut almost 1,900 jobs, or 4 percent of its workforce.
Phelps Dodge, the world's second-largest copper producer, announced 1,500 layoffs.
B/E Aerospace Inc. said it will cut 1,000 jobs and close five facilities. Wellington, Fla.-based B/E, which makes aircraft cabin interior products, also said its senior managers have agreed to pay cuts of up to 50 percent.
On top of the 4,000 job cuts announced in July, Japan's NEC Corp. ordered all 9,000 workers in its semiconductor division to stay home today and for one day each next month and in December. Their pay on all three occasions will be cut by 20 percent.
Burlington Northern Santa Fe, the US's second-largest railroad, has laid off 400 workers, an announcement said.
Bowater Inc., one of the world's largest producers of newsprint, announced it will cut 300 jobs and sell 264,000 acres of timberland.