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New York Times to cut jobs

The New York Times Co said it would cut jobs, including about 7.5 percent of newsroom positions, to slash costs as its print advertising revenue dwindles and new products - while "journalistic sensations" - fail to live up to expectations. The company's shares rose as much as 10 percent to $12.36 on the New York Stock Exchange.

The publisher will cut 100 newsroom jobs and a smaller number of positions elsewhere, offering buyouts and resorting to layoffs if enough employees do not leave voluntarily, according to a letter to staff. NYT Opinion, a mobile app dedicated to opinion content, will be shut down as it is not attracting enough subscribers, Executive Editor Dean Baquet said in the letter.

"We will also redesign the magazine, create new journalistic features like the Upshot and First Draft, and adapt our journalism to a world where an increasing number of readers find us on mobile," he said. The Upshot is a section offering analysis and data on politics, policy and everyday life, while First Draft focuses on fast-paced political news. The Times has cut jobs several times over the past six years - 100 in 2008, another 100 in 2009, and 30 more at the beginning of 2013, according to an article on its website on Wednesday. Despite this, its newsroom staff has risen to about 1,330 from about 1,250 at the end of 2013, said the article. Some of this is due to new jobs in its digital business.

Many print media companies have reduced workforce this year as readers increasingly move online for their news fix. Reuters, citing a source, reported in February that magazine publisher Time Inc would cut about 500 positions as it prepared to spin off from Time Warner Inc. Gannett Co Inc's USA Today eliminated 60-70 jobs in September, with about half of these jobs being in the newsroom. The New York Times said it would invest heavily in mobile, audience development, digital product portfolio, advertising and targeted areas of print over the coming months.

Copyright Reuters, 2014


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln