IN BRIEF (Page 16)

Virgin to cut jobs

UK cable TV operator Virgin Media said it would reduce its workforce by around 2,200 by 2012 as part of a new restructuring process. The group, which is listed in the United States but operates in the United Kingdom, said the changes would improve the efficiency of the business and it expects the majority of changes to be implemented between the end of 2009 and the end of 2010. A spokesman for the group said Virgin Media had told analysts during a presentation in the United States that it expected improvement to cash flow of up to 120 million pounds a year by 2012.

ING posts first ever loss