PARIS â€“ PSA Peugeot Citroen now expects its automobile business to be in red ink by the end of the year, after a 1.6% decline in revenues in the third quarter. Europe sales will be stable this year, says CEO Philippe Varin, and for 2012, â€śWe donâ€™t see how the market in Europe will grow.â€ť Varin says PSAâ€™s fixed costs will be trimmed by E400,000 ($560,000), or 8%, next year, including a 10% headcount reduction of 6,000 jobs. Another E400,000 will be saved in purchasing as contracts with ...
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