The Washington Times - October 6, 2008, 12:11PM

Some big news out of eBay Inc. this morning as the San Jose auction site announced plans to trim its global work force by 10 percent, resulting in about 1,600 layoffs.

The company said the cuts will streamline its organization and improve competitiveness.

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In addition, eBay is acquiring Bill Me Later, an online payments firm that’s second to PayPal, which eBay already owns. The transaction is for $820 million in cash and about $125 million in options.