Rio Tinto cuts jobs, slashes spending

RIO Tinto will cut 14,000 jobs, slash its 2009 capital spending from $9 billion to $4 billion and increase asset sales in order to reduce its $38.9 billion debt by a further $10 billion by the end of next year. The group, which has been at the centre of analyst downgrades related to its debt position since BHP Billiton pulled a takeover bid, said the measures would help it respond to the global economic downturn.

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