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. Last Updated: 07/27/2016

Automaker Plans Cuts

FRANKFURT, Germany -- German-U.S. automaker DaimlerChrysler AG was reported over the weekend as planning to save $2.38 billion and shed jobs in a cost-cutting drive in its administration.

The online edition of German magazine Stern cited the works council as saying it feared 1,000 jobs will be cut in its central administration if the plan is carried out.

An agreement to refrain from forced redundancies expired at the end of this year, the report said.