Volvo to cut 1,500 jobs
Yet more depressing layoff news, this time, it's from the Swedish auto maker Volvo. Perhaps feeling the pressure from its parent company Ford, Volvo announced it will be slashing up to 1,500 jobs across the board. Most of the cuts will come from the 20,000 employees that the Gothenburg based company employs in Sweden. Ironically, the layoff news comes a month after the company reported on a 40% increase in profits to $508 million in the second quarter of 2005.
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