Ford to recall 527,000 Escape SUVs
Detroit: Ford Motor Co is recalling 527,000 Escape sport utility vehicles after receiving reports of engine fires linked to the anti-lock brake connectors.

The vehicles involved in the recall were from the model years 2001 to 2004. Ford Motor is recalling 444,000 vehicles in the United States. The rest of the SUVs were sold in Europe, Mexico and Canada.

The recall does not affect hybrid versions of the SUV.

Ford said there have been about 50 engine fires connected to the problem, but there have no accidents or injuries.
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Citigroup to eliminate 17,000 jobs
New York: Citigroup Inc. has said it will eliminate 17,000 jobs, or 5 percent of its workforce, to cut costs and give a boost to its stock price.

The bank plans to move more than 9,500 jobs to lower-cost locations worldwide, with about two-thirds through attrition and will eliminate layers of management, increasing the number of workers reporting to each manager.

The bank also said it will simplify its technology platforms, and eliminate some corporate offices.

Citigroup will take a $1.38 billion pre-tax charge or $871 million after taxes, in the first quarter, and expects $200 million of additional pre-tax charges this year.

The bank expects to save about $2.1 billion this year, $3.7 billion in 2008 and $4.6 billion in 2009.
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