1,000 jobs on the line at Reuters


FINANCIAL information provider Reuters is expected to report a record annual loss tomorrow and to announce another wave of job cuts. The company is facing some £500m of write-offs, including losses at its US electronic brokerage Instinet.

Reuters shares have lost 70% of their value over the past year and neared 12-year lows of 148p last week after investment bank UBS Warburg cut its valuation on the stock to 135p - a price last seen 14 years ago.

The group, led by chief executive Tom Glocer, is forecast to report a net loss of more than £300m for 2002. Glocer is promising a tough, three-year transformation programme aimed at cutting costs and taking on US rival Bloomberg. He also wants to focus on the core financial information business, ending the company's ambitions to be a technology player.

He is believed to be poised to announce more than 1,000 job losses from its total workforce of about 18,000.