Maersk cuts 10,000 jobs as shipping demand falls

One of the world's biggest shipping firms is to cut 3,500 more jobs due to lower freight rates and demand.

AP Moller-Maersk already cut 6,500 roles earlier this year as part of rigorous cost containment measures but said more redundancies were needed.

The firm, which transports goods for major retailers such as Nike, said profits had plunged by nearly $8.5 billion in its most recent results.

It said worsening prices for shipping by sea required further job cuts.