Continental 2Q Loss Widens On Low Demand, To Cut 1,700 Jobs

Now Continental Airline is impacted by this recession and have come in position to cut 1700 jobs.

Please find the detail news on http://money.cnn.com/news/newsfeeds/articles/djf500/200907210645DOWJONESDJONLINE000251_FORTUNE5.htm

Continental Airlines Inc. (CAL) reported Tuesday that its second-quarter loss widened on charges and a continuing drop-off in business travel as the company said it would cut 1,700 jobs in a move to reduce costs.
The job cuts, which represent about 4.2% of the company's work force, will include management and clerical positions and are in addition to its previously announced reduction of 500 reservation-agent positions. The company has also in recent months offered leaves of absence to 700 flight attendants.
The results make the company the latest U.S. carrier to report red ink this month on sharply weaker demand. Despite lower fuel prices from a year earlier, airlines have been struggling with a big drop in both leisure and business travel.

Recession: 1.5 lakh Indians return from UAE

An estimated 1.5 lakh Indian workers have come back home from the United Arab Emirates due to economic crisis and recession, the Lok Sabha was informed on Wednesday.
Replying to a question, Overseas Indian Affairs Minister Vayalar Ravi informed the House that an estimated 50,000 to 1,50,000 workers have returned to India as result of the delay in execution of projects due to economic slowdown and recession in the UAE.
He said most of the workers have returned to India on leave without pay with the expectation that they would be able to go back to the Gulf country once the situation improves.
Ravi said while Indian Missions in Saudi Arabia, Oman, Kuwait, Bahrain and Qatar have informed that there has been some job losses in these countries, some Indians have also returned from Malaysia due to economic slowdown.
"The information received from Indian Missions in Afghanistan, Syria, Sudan, Brunei, Libya, Jordan and Lebanon indicate that there is no report of Indians affected by the recession," the Minister said.
Noting that slowdown has affected almost all sections of people in the US, Ravi said, "Indians working in the US are mostly professionals and the extent of job losses by Indians is, therefore, slightly mitigated by their indispensability to their organisation."
Source - rediff.com