MAERSK to cut 10,000 jobs after revenues drop 47% in Q3

COPENHAGEN, Denmark: Amid overcapacity, rising costs, and weaker prices, this week, shipping group A.P. Moller-Maersk said it would cut at least 10,000 jobs, and reported a steep drop in third-quarter profit and revenue.

It witnessed a steeper downturn in demand than analysts and investors forecasted, said Maersk, which controls some one-sixth of international container trade and transports goods for major retai