Dutch KPN slashes more jobs

The Dutch telecoms firm, KPN, has added a further 1,300 job cuts to the 4,800 it has already announced.

The firm's new chief executive, Ad Scheepbouwer, has vowed to turn the struggling company around.

But he has inherited the legacy of huge debts, two failed mergers attempts and a collapsed share price.

KPN's was once one of the most aggressive telecoms firm, going on an acquisition spree throughout Europe,

But its ambitions have left it buried under a debt mountain of 22.3bn euros.

Investors were encouraged by the cost-cutting measures, and KPN stock ended the day 7% higher.