Saudi Basic Industries (SABIC), the world's biggest petrochemicals group, plans to cut about 1,050 jobs in Europe and close some operations because of a gloomy business outlook, as per Reuters. The company did not identify which European businesses would close. Two thirds of the job cuts will affect SABIC employees, with the other third made up of contract staff. Talks with trade unions over the restructuring plans have begun. Fears over possible redundancies hit production at one of SABIC's plants in the Netherlands in February.