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BLOOMBERG NEWS

EBay to cut 1,600 jobs, about 10% of workforce

NEW YORK - EBay Inc., said Monday it will cut its workforce by 10 per cent - about 1,600 jobs - to streamline its business. About 1,000 full-time employees will be gone, while EBay will achieve the rest of the cuts by letting temporary and part-time workers go and leaving open positions unfilled. It is EBay's largest round of dismissals ever. EBay said the reductions will lead to $150 million in annual cost savings.

Finance

Clearwater Seafoods debt holders approve amendments

HALIFAX - Clearwater Seafoods Income Fund says holders of its convertible debentures have approved amendments to their agreements. The vote had originally been to be held Sept. 22 but was rescheduled until Monday due to a lack of a quorum among its debentureholders on Sept. 22. Under a going-private plan announced in August, a consortium of investors is offering to pay $4.50 per unit in cash for all the publicly traded units of the income trust.

Forestry

Tembec cuts pulp production in Canada amidst low demand

TEMISCAMING, Que. - Tembec Inc. cut 35,000 tonnes of pulp production Monday from its three high-yield mills to balance inventory levels. The Temcell mill in Temiscaming will cut production by 16,500 tonnes between Oct. 11 and Nov. 9; the Chetwynd, B.C., mill between Oct. 19 and Oct. 27, resulting in a reduction of 4,000 tonnes. The Tembec mill in Matane, Que., will stop from Oct. 19 to Nov. 1 and from Nov. 23 to Nov. 29, taking 14,500 tonnes off the market.