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News Wrap: Microsoft cuts 7,800 jobs in struggling phone sector

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  • JUDY WOODRUFF:

    Wall Street battled bad news all day and ended with sizable losses. The market was hit by shockwaves from a Chinese sell-off and a computer glitch that stopped trading for hours. The Dow Jones industrial average lost more than 260 points to close back near 17500. The Nasdaq fell nearly 90 points and the S&P 500 fell 35.

  • GWEN IFILL:

    Microsoft announced today it's cutting another 7,800 jobs, or about 6 percent of its global work force. The cuts affect the company's struggling phone business. Microsoft already cut 18,000 jobs in that sector as part of a major restructuring.

  • JUDY WOODRUFF:

    Greece made a new financial bailout proposal today, in the face of a new deadline and a possible Grexit, a Greek exit from the Eurozone, the European Monetary Union.

    It came as Greece's prime minister addressed the European parliament in Strasbourg, France.

    Jonathan Rugman of Independent Television News reports.

  • JONATHAN RUGMAN:

    He arrived to mix of cheers and scattered boos, his country in crisis, but Alexis Tsipras seemingly not so. Greece, he said, had been turned into an austerity lab, but the experiment had failed, though he promised to provide detailed reform proposals in next few days.

    PRIME MINISTER ALEXIS TSIPRAS, Greece (through interpreter): We are asking for productive and fair compromise. I believe, together, we can rise to this historical challenge.

  • JONATHAN RUGMAN:

    His fellow Greeks with their "No" signs loved it. But their leader's defiance was a little muted, because today Greece formally requested another three-year aid package in exchange for promises, which Europe's stony-faced leaders are no longer inclined to believe.

    GUY VERHOFSTADT, Alliance of Liberals and Democrats for Europe: You are talking about reforms, but we never see concrete proposals of reforms. I'm angry because, we are in fact sleepwalking towards a Grexit.

  • JONATHAN RUGMAN:

    Alexis Tsipras still believes that he can strike a deal to keep Greece inside the Eurozone. But his European partners are far from sure. And this remains a battle of wills and a war of nerves.

    In Brussels last night, Greece was given what sounded like an ultimatum. Europe will keep Greek banks afloat until Sunday, but only beyond that if serious talks have begun. At a midnight press conference, a weary German chancellor appeared to rule out any more debt cancellation, extending debt repayments perhaps Germany's only acceptable definition of compromise.

  • JUDY WOODRUFF:

    Greek business leaders warn that, if there's no deal, the country will see an explosion of unemployment and virtual economic collapse.

  • GWEN IFILL:

    The exiled government of Yemen announced today it will accept a truce with Shiite Houthi rebels, who control much of the country. As part of the deal, President Abd-Rabbu Mansour Hadi called for a rebel pullout from southern and eastern provinces. The Houthis had no immediate response.

  • JUDY WOODRUFF:

    Meanwhile, a Baghdad court sentenced 24 Islamic State militants to death for the massacre of 1,700 Iraqi soldiers. The troops were killed last year near Tikrit, when ISIS overran the city. Government troops have since retaken Tikrit. Another 600 militants accused in the massacre are still at large.

  • GWEN IFILL:

    Back in this country, the mayor of Baltimore fired Police Commissioner Anthony Batts amid escalating violence. Arrests have plunged and killings have surged since April's riots over the death of Freddie Gray in police custody.

    Today, with interim Commissioner Kevin Davis looking on, Mayor Stephanie Rawlings-Blake announced it's time for a change.

    MAYOR STEPHANIE RAWLINGS-BLAKE (D), Baltimore: We cannot continue to have the level of violence that we have seen, particularly over — in recent weeks in our city. And I remain committed to work every single day to make Baltimore a safer city. We have made progress, and I don't want to lose any of that progress.

  • GWEN IFILL:

    Just yesterday, the police department announced an outside review of its response to April's unrest.

  • JUDY WOODRUFF:

    New York City will stop demanding cash bail for suspects in low-level or nonviolent crimes. Today's reform addresses complaints that too many poor people wind up in the troubled Rikers Island complex because they can't afford bail. Under the new policy, judges have the authority to order supervision options, including daily check-ins.

  • GWEN IFILL:

    And a federal judge today ordered that the Washington Redskins' trademark be canceled. He ruled the team's name is offensive to Native Americans. The ruling allows Washington to keep the name, but makes it harder to sue for trademark infringement. The team says it will appeal.

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