Aircaft manufacturer warns of cuts……….
Thursday, 24 Sep, 2007
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An AP report says that Airbus warned on Friday that the euro’s rise against the dollar could force the company to seek an extra $1.4 billion in cost cuts or savings.
Chief Operating Officer Fabrice Bregier said in a radio interview that the cost-saving plan launched earlier this year was based on a euro-dollar exchange rate of $1.35.
The euro rose above $1.41 for the first time Friday.
The restructuring program known as Power8 is supposed to recoup 2 billion euros ($2.81 billion).
Bregier said the savings target would have to be 1 billion euros ($1.4 billion) larger if the exchange rate reaches $1.45.
Report by The Mole and AP
John Alwyn-Jones
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