Scandinavian airline group SAS AB cuts 300 jobs

Scandinavian airline group SAS AB says it will lay off 300 administrative workers as part of its efforts to reduce costs.

SAS CEO Rickard Gustafson said Wednesday the plans to cut costs by 3 to 5% are critical for the company to strengthen its competitive position.

The company said the staff layoffs and other measures will help it cut costs by around 2 billion kronor ($288 million) in 2012.

It said the implementation of the cost-cutting program has become even more crucial this year, "due to increased economic uncertainty, increased pressure on yields in the airline industry and continued high fuel prices."

Source: USA Today