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industry

TECHNOLOGY
Thomson reaches relief deal with creditors
Former linchpin of French industry Thomson announced on Friday that it had reached a deal with its creditors to obtain a 45 percent reduction in its debt. The media technology group will reduce its 2.83 billion euro deficit to 1.55 billion euros.
GERMANY
Chemical giant BASF to shed 3,700 jobs after Ciba takeover
BASF has announced plans to cut 3,700 jobs as part of the integration of Swiss rival Ciba. The German-based chemical giant says it may sell or close as many as 23 of Ciba's 55 sites worldwide.
MINING
Anglo American rejects tie-up with rival Xstrata
British-South African mining giant Anglo American announced on Monday that it has rejected a merger bid from its Swiss rival Xstrata, saying that the terms were "totally unacceptable". The merger would have created the world's biggest mining company.
ECONOMIC CRISIS
Russia's industrial output is still falling sharply
Once considered as Russia's most important growth factor, the country's industrial output continues its decline. In May, it fell 17.1% compared to last year after a previous decline of 16.9% in April.
ECONOMIC CRISIS
Europe's leading paper maker to slash up to 2,000 jobs
Finnish Stora Enso, Europe's leading paper and cardboard maker, is to cut up to 2,000 jobs in the next two years in order to save 250 million euros. The company also announced a net loss of 36.1 millions euros in the first quarter.
INDUSTRY
French Freescale plant to be shut down: 1,700 jobs at risk
US semiconductor manufacturer Freescale intends to close its French plant, which employs some 1,700 people, by the end of 2011. The group also plans to shut down one of its Japanese plants, in an effort to remain "competitive".
STEEL INDUSTRY
ArcelorMittal to slash European output by 50 percent
The world biggest steel maker ArcelorMittal announced that it would continue to suspend production in Europe, cutting output by 50 percent. The company, hit hard by the global crisis, says suspensions are temporary.
INDUSTRY
Ex-Areva chairman to replace Wendel boss
Struggling investment company Wendel will replace boss Jean-Bernard Lafonta (pictured), who resigned on Wednesday, with ex-Areva chairman Frederic Lemoine. He formally takes over the reins in April.
FRANCE
Sacked French workers release hostage 3M boss
The executive of one of global pharmaceutical company 3M's French factories was released on Thursday after being held for over a day by angry sacked employees. It's the second case of an executive being kept as hostage this month in France.
LESSONS FOR THE FUTURE
Chapter 10: London, the power of steam (1788-1890)
At the beginning of 19th century, London was the heart of the world's market, with the pound as the main market currency. The city was a focal point for innovators, industrialists and intellectuals until it was overwhelmed by its own dominance.
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