TNT Express to cut costs

City A.M. Reporter
DUTCH delivery group TNT Express, the target of a failed $7bn takeover by UPS, has said the impact of cost-cutting measures will show up in its second half.

The firm said it will cut 4,000 jobs to save €220m a year by 2015. First-quarter adjusted earnings from continuing operations fell 16 per cent to €38m (£32.1m), while revenue fell 4.5 per cent to €1.67bn.