Carter: expects to break even by 2003
Britain's biggest cable company, NTL, last week announced it was planning to further slash its global workforce by up to 5,000 in a bid to become more profitable.
The US-owned television, internet and telephone provider, which has debts of more than £11bn, said it would be looking to chop 2,500 jobs next year and a similar figure in 2003, by which time it expects to be breaking even.
Managing director, Stephen Carter, was reported as saying the company, which has already announced more than 2,300 job losses this year, was seeking to further cut costs and had many opportunities to do so because of a series of takeovers it has carried out in the past.
Despite its financial problems, the company was further reported as saying it has enough money to fund its £1.75bn spending plans for the next three years.