The oil giant BP has said it will cut 5,000 jobs after reporting "very disappointing" profits as refining margins were squeezed and costs rose. BP said the jobs were about 5% of its total global workforce, but declined to pinpoint where the cuts would be.
Replacement cost profits for the fourth quarter fell to $2.9bn (£1.4bn) from $3.8bn, sending annual profits to $17.29bn - marking a 22% fall on 2006.
The results and cost cutting measures come after a difficult year for BP.
If it can happen to a high powered global company it can happen anywhere. We must keep our eye on the jobs market to ensure we are prepared for the unexpected.
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