Even former Mirror boss David Montgomery, who has a reputation as a ferocious cost-cutter, admits his new pan-European newspaper group Mecom cannot cost-cut its way out of a recession.

Shares in the company tumbled on the London Stock Exchange last week after the newspaper group failed to impress the market with its interim half-year results...

...As widely reported, this does of course mean employees at the company, already disgruntled about redundancies on the table, will have to prepare for an even tighter ship in times ahead. But there is more to this story, much more (we've been writing about that 'sharp and ready axe' for more than two years now, it would be rather sad if there was nothing more to report).... Full story over at journalism.co.uk