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BUSINESS BRIEFS: Dow Chemical starts layoffs

NATION

NEW YORK — Dow Chemical Co. said Monday it will slash 5,000 full-time jobs — about 11 percent of its total work force — close 20 plants and sell several businesses to rein in costs amid the economic recession. The company, one of the largest chemical makers in the world, expects the plan to save about $700 million per year by 2010. Dow also will temporarily idle 180 plants and prune 6,000 contractors from its payroll. Exactly which workers and plants will be affected is still being determined, a company spokesman said.

MetLife results disappointing

NEW YORK — MetLife Inc. said Monday ahead of an investor’s conference that its fourth-quarter and 2009 operating results will fall short of analysts’ expectations because of a sharp decline in variable investment income and continued weakening of the equity markets. The New York-based insurer said it expects fourth-quarter operating results of between a loss of $50 million, or 5 cents per share, and earnings of $150 million, or 20 cents per share. Analysts polled by Thomson Reuters, on average, forecast earnings of 74 cents per share for the quarter. These estimates typically exclude one-time items.

McDonalds’ sales rise

NEW YORK — Consumers hungry for cheap meals boosted worldwide sales at McDonald’s Corp.’s established locations by 7.7 percent in November, more proof of how the fast-food leader is thriving in a downturn that has eaten into sales at its competitors. Even recession-weary consumers in the U.S. were enticed by the Golden Arches during the month.

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