Maersk orders US$1bn cuts

by Obsidian — last modified Mar 26, 2009 12:00 AM

AP MOLLER-Maersk is aiming to cut costs by a further US$1bn this year as the Danish shipping and energy group strives to secure its future.

In a message to staff, group chief executive Nils Andersen set out the risk of failing to control outgoings.

We need a cost-leadership mentality, he told the workforce.

Not being cost-competitive, benchmarked against the best competitors, means we...

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