BBC reported that
workers around the world face losing their jobs as several big
corporations announced more than 70,000 layoffs in one single day.
The biggest cuts came in the US
where construction equipment maker Caterpillar said it would cut around
In Europe, electronics group
Philips, financial firm ING and UK steelmaker Corus announced cuts.
The announcements underscore the
depth of the global downturn. "Without a doubt, 2009 will be a very
tough year," said Caterpillar chief executive Jim Owens.
Many of the companies making
layoffs unveiled poor financial results and issued gloomy outlooks for
2009. Caterpillar said its fourth-quarter net profit fell 32% from a
year ago to $661m (£482m).