Continental to cut $500 mln costs, 1,200 jobs = = = = Wednesday March 19, 6:29 PM EST = HOUSTON, March 19 (Reuters) - Continental Airlines Inc. (CAL), the No. 5 = U.S. carrier, on Wednesday announced $500 million of cost cuts, including= 1,200 jobs by the end of the year. Continental said it will cut about 125 pilots, 500 reservation agents, 35= 0 airport agents, and 225 other employees by year end. It said it will el= iminate as many of the jobs as possible through voluntary exits, leaves o= f absences and attrition. It said it is now asking for pay cuts. "We need $500 million in annual cost savings and revenue generation to pe= rmit us to be a survivor during the worst financial crisis in aviation hi= story," said Chief Executive Gordon Bethune in a press statement. "If the= anticipated war in Iraq is prolonged, or if other events further degrade= revenue or increase costs, we will need to find additional savings or wa= ys to generate more revenue." Big U.S. airlines have lost nearly $20 billion since the end of 2000. The= Air Transport Association, which represents them, said an Iraq war might= lead to $10.7 billion of annual losses and another 70,000 job cuts. = =A92003 Reuters Limited. = Roger EWROPS