Volvo Cars to slash 1,300 white-collar jobs to cut costs in Sweden

The Chinese-owned Volvo Cars of Sweden said in an effort to cut costs, it would slash 1,300 white-collar positions from its operations in Sweden. CEO Jim Rowan said that cost-cutting measures taken last year had started to "bear results" but that "it's clear that we need to do more...Economic headwinds, increased raw material prices are likely to remain a challenge".