As stock markets around the globe brace for tough economic times, so are employees at Yahoo Inc which is reportedly planning to announce cutbacks later this month that will likely lead to hundreds of job losses.

The Silicon Alley Insider blog said Yahoo has created a list of “1,500-2,500 jobs that may be eliminated in the next two weeks.” SAI’s Henry Blodget says: “We think Yahoo should cut about 1,200 jobs. Jeff Lindsay at Bernstein wants to see 2,000+.”

This news comes as major U.S. financial markets prepare for a sharp sell-off at the start of trade on Wall Street, even as the Federal Reserves cut interest rates in a bid to lend support to the U.S. economy.

All this comes as the Hollywood writer’s strike continues, a phenomenon that one report says hurts Walt Disney Co’s ABC network the most.

(Reuters)
(Silicon Alley Investor)

Keep an eye on:

• Time Warner’s HBO is entering the age of Internet video with the launch of HBO on Broadband in parts of Wisconsin. The free service, with a much larger library than its cable-based on-demand, will each month allow access to about 400 hours of movies and programming. (Reuters)
• Getty Images said it will explore strategic alternatives, and has hired Goldman Sachs. Getty could fetch more than $1.5 billion, the New York Times said. (Reuters)
• Meg Whitman is preparing to retire from eBay Inc and the head of its auction business, John Donahoe, is the leading candidate to succeed her as CEO, the Wall Street Journal said. (WSJ)

(Photo: Yahoo CEO Jerry Yang, Reuters)