UK construction machinery firm JCB has said that it will cut 400 jobs around the world, mostly due to a massive slow down in business in Russia, China and Brazil. This is a horrible sign for three of the biggest economies in the world. “In the first six months of the year, the market in Russia has dropped by 70%, Brazil by 36% and China by 47%,” said JCB CEO Graeme Macdonald in a press release. “Parts of Europe are also struggling, with France down by 26%. Even the strong growth in the UK and North America has softened …read more
Source: Business Insider
