Volvo slashes 2,000 jobs

Volvo, the car brand, is cutting about 2,000 jobs globally to cope with the weak US dollar, soaring raw material prices, and a sharp downturn in its business in the US. The carmaker, which Ford Motor owns, announced the cuts on Wednesday as part of a cost reduction program which it said would reduce its overall cost level by SEK4bn (about $660m). Volvo reported a pre-tax loss of $151m in the first quarter of this year, compared with a profit of $94m a year ago, and its revenue was $4.2bn, down from $4.6bn in 2007.