Russian Railways cuts 53,700 jobs
Russian Railways, the railway monopoly company of Russia, has announced that it will have to dismiss as many as 53,700 of its employees following expected losses 49.7 billion RUB this year.
In the first quarter of the year, the state railway company had a loss of 26,8 billion RUB following lower freight volumes. Russian Railways, or RZD, forecasts a loss of 14.2 billion rubles in the second quarter, a company spokeswoman told The Moscow Times. The company said to the newspaper that it employs about 1,2 million people. In 2008 the company had profits of 13.4 billion RUB.