News summary: P&G to cut more jobs, buy back stock

Associated Press

THE NEWS: Consumer products giant Procter & Gamble Co. said Thursday it plans to cut more jobs and increase share repurchases.

THE CONTEXT: P&G faces increasing investor pressure to improve its results. It is working on a turnaround plan focusing on its most profitable categories and countries.

WHAT'S NEXT: P&G said it will add to its plan of cutting 10 percent on non-manufacturing jobs by June 2013, eliminating an additional 2 percent to 4 percent of such jobs between 2014 and 2016.

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