Time Inc., the magazine unit of Time Warner Inc., is cutting 500 people from its global staff. The cuts began Wednesday and will effect U.S. and international workers. Time Inc. has about 8,000 employees. The Time CEO says the company must become leaner, more nimble, and operate on multiple platforms. The unit publishes Fortune, InStyle, People, Real Simple and Time. Time Warner is expected to release its fourth-quarter earnings next week.