Massive layoffs as gloom deepens

Workers around the world face losing their jobs as several big corporations announced more than 70,000 layoffs in one single day.

The biggest cuts came in the US where construction equipment maker Caterpillar said it would cut around 20,000 jobs.

In Europe, electronics group Philips, financial firm ING and UK steelmaker Corus announced cuts.

The announcements underscore the depth of the global downturn.

"Without a doubt, 2009 will be a very tough year," said Caterpillar chief executive Jim Owens.

Many of the companies making layoffs unveiled poor financial results and issued gloomy outlooks for 2009.

Caterpillar said its fourth-quarter net profit fell 32% from a year ago to $661m (£482m).

Stimulus plan urged

US President Barack Obama cited the layoff announcements as he urged Congress to approve an $825 billion economic stimulus package of tax cuts, emergency benefits and public spending projects.

"Those are not just numbers", he said, but more working men and women "whose families have been disrupted and whose dreams have been put on hold".

GLOBAL JOB CUTS Caterpillar - 20,000 ING - 7,000 Philips - 6,000 Corus - 3,500 Home Depot - 7,000 Pfizer/Wyeth - 20,000 General Motors - 2,000

The companies making the biggest job cuts include: Dutch banking giant ING, which said it is to cut 7,000 jobs as it seeks to save 1bn euros ($1.29bn; £949m). Steelmaker Corus confirmed that it is cutting 3,500 jobs worldwide, including about 2,500 in the UK. The firm is a subsidiary of India's Tata Steel. Consumer electronics giant Philips has reported a fourth quarter loss of 1.47bn euros and said it will cut 6,000 jobs. US retailer Home Depot, the world's largest home improvement chain, said it would eliminate 7,000 jobs, or 2% of its work force, as it closes its Expo home design unit. US drugmaker Pfizer said it planned to cut up to 20,000 jobs after it announced a $68bn (£50bn) deal to buy rival Wyeth. General Motors said it will shed 2,000 jobs at plants in Michigan and Ohio and cut production at several plants over the next six months. Last week Microsoft said it would cut 5,000 jobs, while Intel said it would eliminate 5,000.

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This article is from the BBC News website. © British Broadcasting Corporation