NEW YORK - WALL Street opened weaker on Thursday as data showing a jump in new US jobless claims to a 26-year high kept traders on the defensive.

In opening trades, the Dow Jones Industrial Average fell 45.00 points (0.57 per cent) to 7,911.66, extending losses after a 1.5 per cent decline on Wednesday.

WASHINGTON - US PRODUCTIVITY was increasing at the end of last year at three times the expected pace while labour costs slowed significantly, underscoring that a deepening recession has taken away the threat of inflation.

LONDON - BRITISH pharmaceuticals group GlaxoSmithKline said on Thursday it would cut jobs under stepped up plans to slash annual costs by 1.7 billion pounds (S$3.74 billion) by 2011.

Reports at the weekend had suggested that GSK would announce plans to cut up to 10,000 jobs, or 10 per cent of its global workforce. French unions on Wednesday said 850 jobs would go in France.