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Palm is cutting around 1,050 jobs, due to tough economic conditions and shrinking market share amid strong competition from products such as Apple’s iPhone, according to Reuters. But Palm is trying pull of a few tricks by trying to develop an Operating System and hiring top talent from Apple:

Palm has been staking its future on the launch of a yet-to-be-named operating system and device. Fox said the OS is on track to be released this year, and the device in the first half of 2009.

The company has hired top talent as it tries to right itself, poaching both Chairman John Rubinstein, who helped create the iPod, and senior vice president of product development Mike Bell from Apple.