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| US Postal Service facing 28,000 job losses | US Postal Service facing 28,000 job losses |
| (40 minutes later) | |
| The US Postal Service is shutting more than half its mail-processing centres in a £3bn (£1.9bn) cost-cutting drive expected to see 28,000 jobs shed. | |
| Vice-President David Williams told a news conference that the closures were designed to stave off bankruptcy next year. | Vice-President David Williams told a news conference that the closures were designed to stave off bankruptcy next year. |
| Out of 461 mail-processing centres across the US, 252 will be shuttered starting from next April. | Out of 461 mail-processing centres across the US, 252 will be shuttered starting from next April. |
| The move could spell the end for next-day delivery of first-class mail. | |
| At the Postal Service's headquarters in Washington DC, Mr Williams told media that the volume of stamped mail had been steadily declining. | At the Postal Service's headquarters in Washington DC, Mr Williams told media that the volume of stamped mail had been steadily declining. |
| Customers were increasingly using the internet for bill payment and other communication, he said. | Customers were increasingly using the internet for bill payment and other communication, he said. |
| From nearly 100 million in 2006, first-class mail volume was down to 78 million and expected to half by 2020. | From nearly 100 million in 2006, first-class mail volume was down to 78 million and expected to half by 2020. |
| "Customers are making their choices, and what we are doing is responding to the current market conditions and placing the postal service on a path to allow us to respond to future changes," Mr Williams told reporters. | |
| Under the changes, the Postal Service is also increasing the cost of first-class post by one cent on 22 January. | |
| It faces the prospect of default at the end of this month when the Treasury expects an annual payment of $5.5bn for retiree health benefits. | |
| The cash-strapped agency, which is run without public financing, reported an operating loss of $5.1bn in the last fiscal year. | |
| It is projected to make a record loss of $14.1 billion next year. |