MTel to axe 300 jobs in 1Q09

Hungary’s largest telecoms group by revenues and subscribers, Magyar Telekom (MTel), intends to cut 300 staff from its workforce, the majority in the first quarter of 2009, at a cost of HUF5 billion (USD27.4 million), the company said in a statement. It is expected the job cuts will realise annualised cost saving of HUF1.8 billion in employee-related expenses.