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Ford's pain shoots upwards

Ford senior managers' bonuses are the latest victim of Ford chairman Bill Ford Jnr's cost-control measures within his Revitialisation Plan for the loss-making carmaker. Although the decision not to pay bonuses will be confirmed later this month, insiders say continued losses will make the payments untenable.

After making a record loss of £3.4bn in 2001, some progress with the Revitalistion Plan – targeted at cutting up to £5.6bn off its cost base - had staunched some of the haemhorraging. The company has reported a net loss of £530m in the first nine months of 2002 and had almost broken even at an operating level.

Ford traditionally pays the bonuses to all senior staff members in March.

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