Agility shedding jobs

Agility shedding jobs    Kuwait-based logistics company Agility is due to let go 500 to 600 employees, with more job cuts looming in coming months, newspapers in the Middle East reported over the weekend.
   The fast-rising company has been knocked back in the last year by slowing global demand for logistics services, but more significantly charges of fraud by the U.S. Justice Department. According to the charges, Agility allegedly overcharged the U.S. Defense Department for food logistics services to troops stationed in the Middle East.
   The ongoing case has put any new defense logistics contracts on hold, and Agility's largest contract — a $16.6 billion, five-year contract bring food to U.S. troops in Iraq — is due to expire this year, according to U.A.E.-based The National.
   Agility's share price has nearly halved since the dispute with the U.S. government began. While the company's commercial logistics division has shown impressive growth in recent years, it has relied heavily on its defense logistics contracts. Aside from the fraud charges, Agility also figures to be hurt when the United States draws down the number of troops it has stationed in the Middle East.