Cable & Wireless issues profit warning, to cut 4000 jobs

C&W issued profit warning and planned to lay off 4000 employees. C&W said the sharp slowdown of US and Japan economic growth had negatively affected the group¡¦s profit. The annual profit to March-end of this year was expected to be lower than market forecast. The original forecast earning was 17 pennies per share while the present anticipation was 14 to 16 pennies.C&W slumped heavily by 20% over the news , forcing British stocks to record a new low in 2 years.

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