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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Moleculin Biotech Inc | TG:MOL | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
BUDAPEST--Hungarian energy group MOL Nyrt. (MOL.BU) will lay off 700 people, around 12% of its total headcount, news website Index.hu reported late Friday.
The company is aiming to reduce costs by as much as $550 million through the move, which is necessitated by unfavorable developments on its markets and the rising expenses of refining due to high fuel prices.
MOL profit plunged 99% in the second quarter of 2012.
Index said the exact implementation of the layoffs will be finalized by the middle of October and will equally affect blue collar and white collar workers.
MOL wasn't immediately available for comment.
Newspaper website: www.index.hu
Write to the Budapest Bureau at budapest@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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