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Yet more depressing layoff news, this time, it’s from the Swedish auto maker Volvo. Perhaps feeling the pressure
from its parent company Ford, Volvo announced it will be slashing up to 1,500 jobs across the board. Most of the cuts
will come from the 20,000 employees that the Gothenburg based company employs in Sweden. Ironically, the layoff news
comes a month after the company reported on a 40% increase in profits to $508 million in the second quarter of
2005.