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- TORONTO (Reuters) - Nortel Networks Corp reported a large quarterly loss and announced a round of sweeping cost-cutting on Monday that includes laying off 1,300 another people as the economic downturn eats away at its business and strains its balance sheet.
www.globeinvestor.com
- President-elect Barack Obama inherits a rapidly deteriorating economy that will likely dominate most of his first term, requiring massive federal spending to avoid a recession of historic scale and constraining his ability to carry out his domestic agenda, analysts said.
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