At least US$2.6bn of junk-rated bonds are expected to hit the market over the next couple of weeks as companies approach funding deadlines for pending acquisitions. Source: IFR
Ford will cut 7,000 jobs from its global salaried workforce, or about 10 percent of its 70,000 employees, the company announced on Monday. About 20 percent will be senior-level managers, which is part of an effort to flatten the company’s organizational structure. Source: The Verge
Exxon Mobil has evacuated all of its foreign staff from Iraq’s West Qurna 1 oilfield and is flying them out to Dubai, a senior Iraqi official and three other sources told Reuters on Saturday. Source: Reuters
The latest round of tax cuts and handouts announced by the Greek government mean that Europe’s most indebted state will probably miss an agreed target for a budget surplus excluding interest payments, the head of the euro-area’s crisis fund said. The shortfall will deteriorate further next year, Klaus Regling warned after a meeting of the bloc’s finance ministers in Brussels. Source: Bloomberg
