'Financial Times' takes steps to hold down costs

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London—Pearson's Financial Times is planning to reduce staff, according to an internal memo released Tuesday. The memo, written by Financial Times CEO John Ridding, said the publication needs "to prepare for difficult times," so it was taking several steps, including 2009 salary freezes for employees making more than $50,000; offering "voluntary redundancy"; and offering voluntary reduction in work weeks, with a corresponding reduction in pay.

—Sean Callahan

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