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Global Markets: General Electric Cuts 12,000 Jobs

By Commodity News Service Canada
WINNIPEG, Dec. 7 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– General Electric is slashing 12,000 jobs in a bid to make itself more nimble and cost-effective. The move is also part of a larger push by the company to rid itself of its light, electrical grid and transportation businesses. Workers in Switzerland will be the hardest hit with 4,500 jobs on the chopping block.

– The third quarter was a profitable one for discount-merchandiser Dollarama. The company raked in C$130 million in the third quarter, an increase of 18 percent compared to last year. The uptick was attributed to sales which increased by nearly 10 percent.

– WestJet and Delta Air Lines have announced a joint venture. The two air carriers have signed a memorandum of understanding aimed at providing customers more access to transborder flights. The companies will also share frequent flyer benefits and airport facilities.

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