Germany's Air Berlin to cut 1 in 10 jobs

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Associated Press

Posted on January 15, 2013 at 12:01 PM

Updated Tuesday, Jan 15 at 12:33 PM

BERLIN (AP) — Loss-making German carrier Air Berlin says it will cut about one in ten jobs over this and next year.

Germany's second-largest airline said Tuesday it will cut 900 of its 9,300 staff positions by the end of 2014 amid a wider cost-cutting initiative to turn the company around.

It says the layoffs, a further reduction of its aircraft fleet from 158 to 142 planes this year and other measures are expected to yield savings of about €400 million ($520 million).

Air Berlin has struggled in Europe's highly competitive travel market. Abu Dhabi-based Etihad Airways has become its biggest shareholder with a stake of nearly 30 percent. Air Berlin also has joined the Oneworld alliance, which includes British Airways and American Airlines.

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