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United Airlines Reports Major Losses, Job Cuts

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The parent company of United Airlines reported a massive third quarter loss today and with it a new round of jobs cuts.

Chicago-based United Airlines says it lost $2.7 billion in the second quarter of 2008. Most of that came from one time accounting write-offs. But even without those charges, the company lost about $151 million. That’s compared to an operating income of over $500 million during the same period last year.

The company also announced about 5,000 new jobs cuts in it’s earnings report. United is blaming rising fuel costs for its struggles.

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