"TORONTO — Cost pressures and plunging share prices prompted Canadian
publisher and broadcaster CanWest Global Communications Corp. (TSX:CGS)
to cut 560 jobs - about five per cent of its workforce - Wednesday as
the company faces a rougher economy and more competition.
"The company, which employs about 10,500 people in Canada, said the cuts would save $61 million a year.
are implementing a number of initiatives that will provide savings that
will allow us to better compete in the current economic environment,
without compromising our core products and services,' CEO Leonard Asper
said in a statement ... "