UAL posts Q4 loss, announces further job cuts

UAL Corp., parent company of United Airlines, reported a pre-tax loss of $1.3 billion for the fourth quarter of 2008 on Wednesday, largely due to eroding fuel hedge positions and lower revenue. This compares to a loss of $53 million reported one year ago. The company on Wednesday also announced that it plans to cut 1,000 more jobs by the end of the year.

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