Kraft Foods to lay off 1,600 employees

  Eyewitness NewsNORTHFIELD, Ill. -- Kraft Foods Inc. says it will cut 1,600 positions in North America this year as it prepares to split its business in two.

The Northfield, Ill.-based food company said Tuesday that it plans to eliminate the positions throughout the U.S. and Canada primarily from sales, corporate and other business units. It will not reduce its manufacturing. About 20 percent of the job eliminations are currently open positions.

Kraft is also reducing the number of its U.S. management centers for its grocery business to two from four.

Kraft announced in August that it would split its snack and grocery business into two companies and said these moves are needed to help the businesses run more effectively.

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2 ex-MF Global employees sue Corzine, other execs

  WASHINGTON -- Two former employees of failed brokerage MF Global have sued its top executives and directors, including ex-CEO Jon Corzine, the former governor and senator from New Jersey.

The two employees say the executives lied about MF Global's finances and encouraged workers to put their savings into company stock that later plummeted.

The two are Monica Rodriguez, who was MF Global's head of credit for the Americas, and Cyrille Guillaume, managing director of its commodities and stock division in London. They're seeking class-action status for everyone who got company stock as a benefit of working for MF Global after May 2010.

A Corzine spokesman declined comment Monday.

MF Global filed for bankruptcy court protection Oct. 31 after making a disastrous bet on European debt.

(Copyright ©2011 by The Associated Press. All Rights Reserved.)
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