After BHP Billiton pulled out of a $100 billion takeover bid last month, Rio Tinto has announced that it will axe 14,000 jobs, increase asset sales and reduce spending, but its dividend will hold steady; all to help the company cut $10 billion in its $38.9 billion debt by the end of 2009.

As well, it will consolidate several offices around the world, including one in London.

Source: Business Day