Motorola's woes continue as the equipment maker announced it will lay off 2,600 employees as part of a previously announced plan to cut costs by $500 million this year. Motorola's total headcount is currently at 66,000 employees.

A large portion of the lost jobs will occur in Singapore where the company is planning to stop its cell phone manufacturing by the end of the year. Other reductions will occur in Plantation, Fla., and in Birmingham, England.

For more, see this Chicago Tribune story.

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