We have told investors and traders worldwide what it would take the start the rally and this here has to stop and bottom out for the markets to look forward as they have no clarity and therefore the selling keeps up.
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The Wall Street Journal reports Anglo American (AAUK) Friday reported a 29% fall in net profit for 2008 and said it would cut 11% of its work force and suspend its share buyback and dividend in the face of a poor economic outlook marked by "unprecedented" uncertainty.
The miner said it is reducing headcount by 19,000 workers, or 11% of its work force of 170,000. It also outlined cuts in capital spending and production.
Anglo American Chief Executive Cynthia Carroll said the co was taking the steps to preserve cash so it could emerge from the downturn in a position to resume growth, though she acknowledged that the co had little visibility on when that might be. "It's a very uncertain time," Ms. Carroll said in a conference call with reporters.
The cost-cutting moves came as Anglo American said net profit declined to $5.22 bln in 2008 from $7.3 bln in 2007. The co's base metals division was the biggest drag on profit amid lower prices and sales, coupled with rising costs.
Revenue was down 7.6% to $32.96 bln from $35.67 bln, in part reflecting the disposal of the co's Mondi packaging business and reduction of its stake in gold miner AngloGold Ashanti (AU) in 2007.
Prepare yourself for the "New Economy"