Czech Railways to cut 450 jobs

Czech Railways is planning to let go 450 employees by mid December, a senior manager told the daily Mladá fronta Dnes on Saturday. The state-owned company is also considering selling some of its property, and scrapping obsolete railway cars. These cost-cutting measures are expected to generate some 700 million crowns, or more than 40 million US dollars which should help the firm to re-structuralize and invest into new rail vehicles.