12:02 PM EST - Nortel Networks Corp. : is shrinking again, announcing that 2,900 jobs will disappear this year and next as the telecommunications equipment maker continues its so-called business transformation. The Toronto-based international company said Wednesday about 70 percent of the new workforce reductions will take place this year, and it also intends to shift 1,000 positions to lower-cost locations, with about 40 percent of those moves happening in 2007. Nortel Networks Corp.
shares T.NT are trading up $1.17 at $31.84.
