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Business News

Ford execs cut their salaries

The chairman and chief executive of the beleaguered Ford motor company have volunteered to cut their salaries by 30 per cent this year, in an effort to show that they share the pain of less exulted employees. In a memo to staff, Bill Ford and Alan Mulally said the company needs to work together to ensure its success. The Detroit giant has so far avoided the multibillion-dollar government handouts needed by cross-town rivals General Motors and Chrysler.