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French rail giant Alstom to cut 1,500 jobs

PARIS (AFP) – French train maker Alstom announced plans yesterday to cut 1,500 jobs worldwide as the crisis-hit group seeks to slash its sizeable debt.

The move sent shares in the world’s number two rail company lower. Alstom posted last month a negative cash flow of EUR1.15 billion (USD1.25 billion) in the first half of its fiscal year, raising concerns about its financial health.

“The negative free cash flow of Alstom during this first half is a clear call for change,” Alstom Chief Executive Henri Poupart-Lafarge said in a statement.

Alstom workers walk past train locomotives ready for delivery to Kazakhstan’s railway company, in Astana. PHOTO: AFP