tag:blogger.com,1999:blog-12739710182857111612012-01-25T05:02:57.451-05:00Financial Collapse2009 was the start of the global period of an economic contraction where we see multi national corporations take on a slump, abatement, bust, decline, depression, diminution, lull, pause, retreat, withdrawal, bankruptcy, collapse in their financial standings!snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.comBlogger3811100tag:blogger.com,1999:blog-1273971018285711161.post-28904143617056663242011-12-07T21:07:00.000-05:002011-12-07T21:07:07.467-05:00AstraZeneca slashes 1,150 U.S. sales jobsAstraZeneca is cutting nearly a quarter of its U.S. sales force in a second wave of redundancies in as many months as it seeks to reduce costs.
Britain's second biggest drugmaker said on Wednesday it would cut about 1,150 sales representative and management jobs at a cost of between $50 million and $100 million, charged in the fourth quarter.
Rich Fante, president of AstraZeneca U.S., saidsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-339847466068748222011-11-29T22:05:00.000-05:002011-11-29T22:05:41.877-05:00American Airlines files for bankruptcy A worker walks underneath an American Airlines airplane at Miami International airport in Miami, Florida November 29, 2011. American Airlines and its parent company AMR Corp filed for bankruptcy on Tuesday after failing to win a labor deal with pilots and suffering from mounting fuel costs.
Credit: Reuters/Lucas Jackson
By Kyle Peterson and Matt DailyAmerican Airlines filed for bankruptcy snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-34098491736315220752011-11-14T04:33:00.000-05:002011-11-14T04:33:02.443-05:00Mizuho net falls 25 percent, plans 3,000 job cutsMizuho Financial Group maintained its full-year net profit forecast on Monday after reporting that first-half profit fell 25.4 percent, weighed down by the absence of hefty bond trading gains that lifted its profits the previous year.
Japan's top three banks are announcing their first-half results on Monday, and Mizuho, the second-largest by assets, had been expected to lag rivals.
Results of snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-7230394367454206262011-10-07T05:50:00.000-04:002011-10-07T05:50:26.017-04:00Sony to close Japan plant, lay off 100 contract workers
Sony Corp will merge two of its wholly owned manufacturing subsidiaries, resulting in the closure of an equipment plant north of Tokyo and the eventual layoff of about 100 contract workers, the company said on Friday.
The move, which takes effect on April 1 next year, comes as analysts and investors urge the company to pull off a drastic restructuring of its loss-making television snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-77729926226409196522011-09-28T01:58:00.000-04:002011-09-28T02:06:28.272-04:00BAE Systems to cut nearly 3,000 UK jobs
Europe's biggest defense contractor BAE Systems said it will cut nearly 3,000 jobs in Britain as smaller global defense budgets hit orders for its fighter jets.
BAE said the four partner nations in the Eurofighter Typhoon program -- the UK, Germany, Italy and Spain -- were slowing production rates to help ease their budget pressures, affecting the workload at a number of sites.
The snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-27218448614067914742011-08-01T05:24:00.000-04:002011-09-28T02:06:28.274-04:00HSBC sheds 30,000 jobs, posts surprise profit rise
HSBC will shed 30,000 jobs as it retreats from countries where it is struggling to compete, Europe's biggest bank said on Monday after it reported a surprise rise in first-half profit.
Shares in HSBC rose over 4 percent after it unveiled first-half pretax profits of $11.5 billion, up from $11.1 billion a year ago and better than the $10.8 billion average in a Reuters poll of analysts.
snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-45592390796442419172011-07-26T05:23:00.000-04:002011-09-28T02:06:28.276-04:00Blackberry RIM Cuts 2,000 Jobs
Research in Motion said it will cut 2,000 jobs (approximately 11% of the company’s workforce) and reorganize upper management.The company’s COO Don Morrison will retire, and Thorsten Heins will take over the expanded role of COO, product and sales.The move comes after weak financial results in Q1 and an even worse outlook for the future. As a result of the bleak Q1 report, RIM’s sharestook a snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-72532424270642974362011-05-11T23:09:00.000-04:002011-05-13T16:29:43.025-04:00Cisco warns of sales miss, eyes $1 billion savings
Cisco Systems Inc warned that it will fare worse this quarter than Wall Street had feared, and laid out plans for global job cuts as it struggles to revive growth.
Shares of Cisco fell 3 percent after the world's largest networking equipment maker projected nearly flat sales growth this quarter.
CEO John Chambers, who admitted last month that the Silicon Valley bellwether had lost its waysnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-39832861107229627222011-02-16T21:46:00.000-05:002011-02-16T21:46:38.855-05:00Borders files for bankruptcy, to close 200 stores
Borders Group Inc filed for bankruptcy protection and said it would close about one-third of its bookstores, after years of shriveling sales that made it impossible to manage its crushing debt load.
The long-expected Chapter 11 filing will give the second-largest U.S. bookstore chain a chance to try to fix its finances and overhaul its business in an attempt to survive the growing snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-32758097737094684972010-05-20T20:51:00.001-04:002010-05-20T20:52:00.140-04:00Air France-KLM posts 1.55b net lossAir France-KLM posted record losses of ?1.55 billion (?1 = RM4.04) on Wednesday, as a shock new book on its safety record added to the problems facing Europe's biggest airline.The giant net loss for the 2009-2010 financial year came as the Franco-Dutch carrier grappled with the global economic crisis and the fallout from a deadly accident last year.Slumping air traffic, particularly for cargo, GInfotechhttp://www.blogger.com/profile/16138904378816249412noreply@blogger.com1tag:blogger.com,1999:blog-1273971018285711161.post-32580202997285879962010-05-20T03:03:00.001-04:002010-05-20T03:03:56.082-04:00Air France KLM sinks to €1.56 billion fiscal-year lossAir France KLM Group reported a heavy net loss of €1.56 billion ($1.93 billion) for its fiscal year ended March 31, nearly double its €814 million deficit in the prior year, but management reiterated that it believes a breakeven operating result is possible in the current financial year excluding the impact of pre-2009 fuel hedges and subject to costs related to the closure of European airspace GInfotechhttp://www.blogger.com/profile/16138904378816249412noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-26691591612216457132010-05-20T03:01:00.000-04:002010-05-20T03:02:12.133-04:00Europe to lose 1,000 flights to volcanic cloud: EurocontrolThe volcanic ash cloud playing havoc with airline schedules will mean the loss of 1,000 flights in Europe on Monday with airports in Britian and the Netherlands hit, the Eurocontrol agency said.The cloud was however expected to disperse over the day, Europe's intergovernmental air traffic coordinating agency said, as British and Dutch airports were closed because of the risks of flying through GInfotechhttp://www.blogger.com/profile/16138904378816249412noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-76588124949145938062010-05-20T02:59:00.001-04:002010-05-20T02:59:44.642-04:00Thai protests: the economic impact The night market at Patpong is usually packed with tourists As clashes between Thai forces and anti-government protesters in Bangkok continue, there are growing fears about the impact the protests are having on the Thai economy. The protesters, called red-shirts after the colour they have adopted, converged on Bangkok in March. They want Prime Minister Abhisit Vejjajiva to resign, with many GInfotechhttp://www.blogger.com/profile/16138904378816249412noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-85803852461233629172010-05-19T23:40:00.000-04:002011-09-28T02:06:28.278-04:00Pfizer to cut 6,000 jobsDrugmaker Pfizer Inc will cut 6,000 jobs, or 18 per cent of the workforce, at its 78 manufacturing plants over the next five years as it pares back operations following last year's purchase of rival Wyeth.The firm plans to cease operations at eight plants in Ireland, Puerto Rico and the US by late 2015 and cut activities at six factories in those countries, plus Germany and Britain.Pfizer had 40 GInfotechhttp://www.blogger.com/profile/16138904378816249412noreply@blogger.com1tag:blogger.com,1999:blog-1273971018285711161.post-13532002574170400922010-01-20T01:24:00.000-05:002010-01-20T01:24:02.835-05:00Japan Airlines files for bankruptcy protectionJapan Airlines filed for one of the country's largest bankruptcies, entering a restructuring that will shrink Asia's top carrier and its presence around the world.
A fleet of 279 aircraft, carrying nearly 12 million passengers a year on more than 400 routes, there's no doubt Japan Airlines is a high profile victim of recession.
The bankruptcy of the national flag carrier is a major blow for snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com3tag:blogger.com,1999:blog-1273971018285711161.post-42454131480846467562009-11-05T02:47:00.002-05:002011-09-28T02:06:28.280-04:00Microsoft cuts 800 jobs, completes layoff planMicrosoft Corp said on Wednesday it is cutting a further 800 jobs across its operations, on top of 5,000 jobs already eliminated under a plan to reduce costs that was announced in January.
A spokesman for the world's largest software firm said the latest job cuts are spread across the company's global operations, but about 200 are in and around its headquarters in Redmond, Washington.
Microsoft snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com1tag:blogger.com,1999:blog-1273971018285711161.post-43927844123995386802009-10-31T01:05:00.000-04:002009-10-31T01:05:19.583-04:00Nine US banks seized in largest one-day haulUS authorities seized nine failed banks yesterday, the most in a single day since the financial crisis began and the latest stark sign that substantial parts of the nation’s banking industry are being crippled by bad loans.
The move brought the total number of failed banks in 2009 to 115 — their highest annual level since 1992 — with analysts expecting more to come. Among the lenders seized snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-84237350767273337142009-10-29T22:10:00.002-04:002009-10-29T22:10:47.888-04:00Time Inc. to cut US$100 m, and extensive layoffs expectedSignalling that worse times are ahead for magazines, Time Inc. is expected to announce next week that it will cut US$100 million (RM340 million) from costs, including another big round of layoffs.
Time Inc., the publisher of magazines like Time, Fortune, and People, has already cut costs drastically: a year ago, it announced it was dismissing 6 per cent of its work force, or about 600 people. snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-22156330783733385772009-10-13T22:18:00.000-04:002009-10-13T22:19:00.783-04:00China has 130 billionairesChina’s super-rich have bounced back from the financial crisis with a vengeance, and the country now has more known dollar billionaires than any other country except the United States, according to a new report. The annual Hurun Report released yesterday said China has 130 known US dollar billionaires, up from 101 last year.The number in the US is 359 while Russia has 32 and India 24, according snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-37874457010041381372009-10-13T05:35:00.001-04:002009-10-13T05:36:46.467-04:00The Great Recession is OverThe worst US recession since the Great Depression has ended, but weak household spending as the labour market struggles to create jobs will slow the pace of the economy’s recovery, according to a survey released yesterday. The survey of 44 professional forecasters released by the National Association for Business Economics, also known as the NABE, found that 80 per cent of the respondents snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-28768317306172430662009-09-30T04:51:00.000-04:002009-09-30T04:52:37.468-04:00Wal-Mart chairman warns of lethargic economic recoveryThe chairman of Wal-Mart Stores Inc. warned Wednesday the global economic recovery will likely be lethargic, even as the retailing behemoth sees great growth potential in China and India. "The world recovery is going to be led by Asia although it's going to be very challenging. I think this recovery is going to be a slow one," Robson Walton told a global CEO business conference here.Walton said "snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-60730285469203292292009-09-30T04:49:00.001-04:002009-09-30T04:50:43.618-04:00World economy improving, estimated crisis losses reduced by US$600bilLikely losses from the financial crisis in the three years to 2010 have been reduced by $600 billion to $3.4 trillion as the world economy grows faster than previously expected, the International Monetary Fund said Wednesday. The organization warned however that the impetus for far-reaching financial reforms risked being lost if the improving situation leads to complacency.In its half-yearly snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-67836394010051003092009-08-20T00:43:00.001-04:002009-08-20T00:43:56.828-04:00US deficit US$1.58 trillion this yearThe deficit this year is three times that of last yearWASHINGTON: The White House plans to announce the federal deficit is about $262 billion less than officials predicted early this year, in part because the Obama administration has provided less aid than expected to Wall Street.The deficit still will be three times bigger than last year's.The federal deficit this year will total $1.58 trillion,snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-69435439382796242552009-08-20T00:42:00.001-04:002009-08-20T00:44:10.492-04:00Billionaire Buffet urges US to stop 'printing' money and halt debt riseNow that the worst of the economic crisis is past and recovery is slowly under way, Congress must halt the mounting increase in U.S. debt to avoid damage to long-term growth and destruction of the dollar, Warren Buffett is urging. The plainspoken billionaire weighed in with his view in an Op-Ed piece published in The New York Times Wednesday, saying that once recovery is solidified, lawmakers snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-19983204943756907392009-08-20T00:41:00.001-04:002009-08-20T00:44:28.200-04:00Numbers of poor in US projected to increase to 38.8milThe numbers of poor and uninsured Americans are likely rising - with more than 38.8 million believed to be in poverty. Rebecca Blank, the Commerce Department's undersecretary of economic affairs, spoke to The Associated Press in advance of next month's closely watched release of 2008 census data.Noting the figures are not yet final, Blank said the numbers will likely show a "statistically snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-2465769245430886202009-08-18T21:47:00.000-04:002011-09-28T02:06:28.281-04:00Layoffs rise first time in 6 months; 97,000 job cuts in JulyJob cuts announced by US employers jumped 31 per cent in July to over 97,000, increasing for the first time in six months, warning of a further hike in downsizing activity by the last quarter of the year, a report said today.After falling to a 15-month low in June planned job cuts announced by US employers jumped to 97,373 in July. It was the first increase in monthly job cuts since January, snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-73767036025651698562009-08-18T21:46:00.000-04:002011-09-28T02:06:28.283-04:00Lockheed Martin to Cut 800 Space Systems JobsLockheed Martin, the world's largest defense contractor, said it plans to cut about 800 jobs at its space systems division by the end of the year, as it anticipates flat budgets for space programs at NASA and the Pentagon in the coming decade. "We looked at the budget forecasts and new program starts looking at three to five years in the future and realized we need to be appropriately sized," snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-48201400849832046332009-08-18T21:45:00.000-04:002011-09-28T02:06:28.285-04:00Samsung files notice of 550 job cutsSamsung Austin Semiconductor plans to cut 550 jobs from its Northeast Austin manufacturing operations starting on or about Oct. 18, according to a notice submitted by the company to the Texas Workforce Commission Tuesday.The company did not immediately provide a list of job categories affected.Samsung has said that many of the job cuts would affect equipment operators at Fab 1, which will be shutsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-62164352360147096202009-08-18T21:40:00.001-04:002009-08-18T21:42:58.160-04:00After nine decades of short stories, Reader's Digest turns to Chapter 11Reader's Digest Association, the venerable staple of doctors' waiting rooms and middle-class bedside tables, yesterday announced plans for voluntary bankruptcy as it became the latest victim of the advertising recession.Equity investors, led by Ripplewood Holdings, who announced the $2.4bn acquisition in November 2006, will lose their entire $600m investment.The pre-packaged Chapter 11 filing, snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com4tag:blogger.com,1999:blog-1273971018285711161.post-45871443890654453872009-06-22T20:46:00.000-04:002009-06-22T20:47:29.469-04:00US stocks in biggest loss in two monthsA surprisingly bleak forecast for the world economy pushed stocks to their biggest loss in two months. Major stock indexes tumbled by more than 2 percent Monday, sending the Dow Jones industrial average down 201 points, after the World Bank estimated the global economy will shrink 2.9 percent in 2009. It previously predicted a 1.7 percent contraction.The grim assessment was the latest unwelcome snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com3tag:blogger.com,1999:blog-1273971018285711161.post-33918284492002815882009-06-10T22:20:00.001-04:002011-09-28T02:06:28.287-04:00Fury as Lloyds closes Cheltenham & Gloucester branches and cuts 1,660 jobsAll 164 branches of the 160-year-old building society to close Cuts come on day taxpayer's stake increases to more than 45%Lloyd Banking Group provoked a furious reaction from unions and MPs tonight over its plans to shut all 164 Cheltenham & Gloucester branches and cut a further 1,660 jobs.The decision, which came on the day the taxpayer's stake in the bailed out bank rose temporarily to 45.74%,snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-63908805710042074752009-06-10T22:19:00.000-04:002011-09-28T02:06:28.289-04:00UK aerospace 'facing 10,000 job cuts'The UK aerospace sector is set to cut 10% of jobs, about 10,000 posts, in the next year, an industry body has said. The Society of British Aerospace Companies said falling passenger levels were hitting aircraft orders as well as spending on research and development. Demand for military planes was up by about 3% on the same time a year ago, it said, but this was partly thanks to orders placed snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-19100994575061211762009-06-10T22:18:00.000-04:002011-09-28T02:06:28.291-04:00British Airways looks to 2,000 job cuts to stay airborneBRITISH Airways boss Willie Walsh has refused to rule out compulsory redundancies among the airline's 40,000 staff after setting a three-week deadline for an agreement on pay cuts and job reductions.BA is offering voluntary redundancy to its 14,000-strong cabin crew in an effort to cut 2000 jobs.Speaking at the annual meeting of the International Air Transport Association in Kuala Lumpur, the BA snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-2995116232075434272009-06-10T22:11:00.000-04:002009-06-10T22:15:53.077-04:00Arcandor files for bankruptcyGerman retailer Arcandor AG filed for bankruptcy protection Tuesday in an effort to salvage its department stores and its mail-order arm, a day after the government rejected its bid for state-backed emergency credit. Arcandor said in a statement it filed with the district court in Essen, where it is based."Through filing for protection, our aim is to continue restructuring the company and its snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-41060013953094204202009-06-10T22:10:00.000-04:002009-06-10T22:11:06.816-04:00The St. Regis Monarch Beach schedule for a Foreclosure Auction!The St. Regis Monarch Beach, infamous as the hotel where American International Group sponsored a luxury retreat just days after accepting a federal bailout, has been scheduled for a foreclosure auction.The companies that own the resort are in default on a $70-million loan from Citigroup Global Markets Realty Group, people knowledgeable about the debt said Tuesday.Negotiations continue in an snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-85783416682205149322009-06-08T04:10:00.001-04:002009-06-08T04:10:57.060-04:00FACTBOX-Banks, funds, insurers cut 382,880 jobs in crisisBanks, insurers and asset managers worldwide haveannounced 382,880 job cuts since August 2007 when the credit crisis began tointensify. Following is a list of the deepest job cuts at major companies: Company Jobs Headcount Latest cut before Aug 07* headcount**-----------------------------------------------------------------------snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-21524295152025251442009-06-08T03:52:00.001-04:002009-06-08T03:52:49.818-04:00Airlines 'to lose $9bn' as they fight to survive recessionAirlines will lose $9bn (£5.7bn) this year, nearly double previous forecasts, as carriers fight to stay afloat in the "most difficult" trading conditions they have ever faced, the industry's leading body has warned.Buffeted by a collapse in business traffic, falling fares and the threat of resurgent fuel costs, the industry is expected to come close to matching last year's losses of $10.4bn, saidsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-5384494302941022132009-06-01T04:15:00.002-04:002009-06-01T04:19:39.309-04:00General Motors to File for BankruptcyGM - the biggest car manufacturer in the world until last year - will file for bankruptcy in the US courts as it seeks to restructure its stricken operations. The US government is said to be planning to take a 60% stake in the Detroit company under a deal to provide an additional £19 billion in aid to help GM emerge from bankruptcy. President Barack Obama is preparing to make a White House snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-46237710309165029722009-02-10T19:27:00.002-05:002009-02-10T19:31:46.404-05:00Wall Street rescue: $2.3 trillion - the cost of US bank bailoutPresident Barack Obama's administration placed an eye-watering $2.3 trillion price tag on its plan to bail out the US banking system yesterday, opening up what it called a second front in the battle to pull the country out of recession.As the $800bn economic stimulus plan finally passed the Senate, attention began shifting to the even bigger problem of fixing a financial system that has been on snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-35603428702953831902009-02-10T19:23:00.000-05:002009-02-10T19:26:57.767-05:00Asia will be less affected by crisisAsia will have a less acute impact from the global financial and economic crisis but their recovery will also be slower than Western countries, said Morgan Stanley (Asia) chairman Dr Stephen Roach. He said Asia’s economies, which were largely export-led, would only recover after their main export markets, the US and Europe, recovered.“Export-led regions are followers, not leaders,” he said. “The snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-49498483493688941602009-02-10T19:22:00.000-05:002011-09-28T02:06:28.293-04:00General Motors to slash 10,000 salaried jobsGeneral Motors Corp, staying afloat with $13.4 billion in federal rescue loans, announced early today that it is cutting its worldwide salaried workforce by 10,000, or 14%, this year and temporarily reducing the pay for a majority of its U.S. white-collar workforce."These difficult actions are necessitated by a severe drop in vehicle sales worldwide and by the need to restructure GM for long snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-22769100957921654612009-02-10T19:21:00.000-05:002011-09-28T02:06:28.294-04:00RBS planning up to 2,300 job cutsRoyal Bank of Scotland (RBS) has said it will cut up to 2,300 jobs as it restructures the business. The jobs will be lost from its back office operations across the UK. RBS said it hoped to keep compulsory redundancies "to a minimum", and said that there would be no cuts among its customer facing staff. The bank needed a government bail-out last year. In exchange for £20bn of public funds, the snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-52248438710452916092009-02-10T19:20:00.000-05:002011-09-28T02:06:28.296-04:00UBS posts record Swiss loss, cuts 2,000 jobsSwiss bank UBS on Tuesday posted an annual loss of 17 billion dollars (13 billion euros) in 2008, the largest in Swiss corporate history, and announced 2,000 new job cuts. Full year loss in 2008 reached 19.697 billion Swiss francs, including 8.1 billion francs worth of losses incurred during the last three months of the year, UBS said in a statement.Switzerland's biggest bank, which is one of thesnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-43362617871245845102009-02-10T19:19:00.000-05:002011-09-28T02:06:28.298-04:00GM Slashes 10,000 Jobs and Executive Pay; Wal-Mart Cuts 800 JobsA government grant of $9.4 billion hasn't helped General Motors, one of the nation's Big Three automakers, retain its workforce. GM today announced it will cut 10,000 jobs in May and continue global layoffs through the year. Mid-level salaries will be decreased 3 to 7 percent and executives will take 10 percent pay cuts. With a severe drop in car sales and the need for restructuring, GM joins asnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-51323684119678763472009-02-10T19:18:00.002-05:002011-09-28T02:06:28.300-04:00Nissan to cut 20,000 jobs amid stormy forecastsNissan Motor on Monday joined its Japanese carmaking rivals in forecasting a big loss for the current financial year, and said it would eliminate 20,000 jobs, in one of the most aggressive cuts announced by any Japanese company since the start of the global downturn. The development reflects the growing urgency felt by Japanese manufacturers across the board as it becomes clear that the slowdown,snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-15434249012974612492009-02-10T19:18:00.001-05:002011-09-28T02:06:28.301-04:00Sega Loses Big, Company Now Facing Significant LayoffsMore bad news in the form of financial results has surfaced today, this time from Sega and its results for the first three quarters of its 2009 fiscal year. This period, which ran through December 31, 2008, saw a total loss of 10.8 billion yen or $119 million USD, reports GamesIndustry.biz. It may not be as significant of a loss as the previous year's staggering $173 million loss during the same snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-81656113801777255572009-02-10T19:16:00.001-05:002009-02-10T19:17:54.392-05:00Intel Defies Layoff Trend – Spends $7 Billion Protecting 7,000 JobsAt a time when U.S. employers are laying off workers in record numbers, Intel Corp. (INTC) announced yesterday (Tuesday) that it would spend $7 billion over the next two years to build advanced manufacturing facilities while safeguarding 7,000 high-wage jobs.To support the deployment of Intel’s cutting-edge 32-nanometer (nm) manufacturing technology, Intel President and Chief Executive Officer snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-85722789127582523812009-02-10T19:15:00.002-05:002011-09-28T02:06:28.303-04:00FedEx Freight to layoff 900 employeesFedEx Freight is making “staffing adjustments” to about 900 positions at 150 of its facilities.Employees were made aware of the cuts in an e-mail to employees by FedEx Freight President and CEO Doug Duncan on Feb. 5.FedEx Freight is a unit of Memphis, Tenn.-based FedEx Corp. (NYSE: FDX).Duncan cited a continued decline in consumer spending and overall industrial production as putting snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-34867650445534600842009-02-06T01:12:00.001-05:002009-02-06T01:13:23.098-05:00Sales Fall Sharply for RetailersThe nation’s retailers said they suffered a fourth consecutive month of steep sales declines in January, underscoring a broad and sustained shutdown in consumer spending. “For the last 10 years people bought cars and refrigerators and TVs like they were going grocery shopping,” said Mike Moriarty, partner at A. T. Kearney, a management consulting service. “Now people are grocery shopping like snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-77085947409063483942009-02-06T01:11:00.000-05:002011-09-28T02:06:28.305-04:00Ford cuts 850 UK jobs amid 30% sales plungeFord, the US car giant, today announced that it was cutting 850 British jobs as new vehicle registrations plunged by 30.9 per cent, confirming the dire state of the transport market. Ford said today that the job cuts were in response to the “serious economic situation”, and plans to reduce staff by between 400 and 500 at its Transit van plant in Southampton. A further 350 jobs will be lost acrosssnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-74855197713989428392009-02-06T01:10:00.000-05:002011-09-28T02:06:28.307-04:00Royal Mail looks to shed 16,000 Post Man jobsRoyal Mail plans to cut 16,000 jobs in a move that would unleash further industrial unrest on the battered economy. The proposed losses — amounting to almost one in ten of the company’s workforce in a drive to reduce the wage bill by £470 million — come as unions also prepare to fight the introduction of a commercial partner to the business. David Ward, deputy leader of the Communications Workerssnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-17301717871153740152009-02-06T01:09:00.001-05:002011-09-28T02:06:28.309-04:00Boston Schools May Slash 900 JobsHundreds of Boston school teachers could be out of a job if the city school department follows through with a plan to make drastic budget cuts.The district may slash 900 jobs, and more than 400 would be teaching positions. Several schools may also be closed. Superintendent Carol Johnson announced her preliminary budget plan Wednesday night as hundreds of school students and their parents snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-75940946054538652182009-02-06T01:06:00.001-05:002011-09-28T02:06:28.311-04:00GM to lay off 600 at northern Mexico plantGeneral Motors says it will lay off 600 workers at a key production plant in northern Mexico due to falling demand in the country and in the United States. Company spokesman Angel Sanchez said Thursday that the cuts will come in February and March at the factory in Ramos Arizpe in Coahuila state. The plant currently employs about 4,500 workers.General Motors Corp. has some 12,700 Mexico employeessnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-4773618804751974512009-02-05T04:11:00.001-05:002011-09-28T02:06:28.313-04:00Cisco May Cut 2,000 Jobs. But That’s Not A Layoff.Cisco CEO John Chambers, in pursuing another billion dollars of expense reduction, just said on the networking gear company’s earnings call that the company could reduce its work force by 1,500 to 2,000 people. But he’s not considering a layoff, he said. A companywide layoff, by his definition, would constitute 10% of the work force, or 6,700 of the company’s worldwide workforce of 67,000 snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-74130189226004852752009-02-05T04:09:00.000-05:002011-09-28T02:06:28.315-04:00Time Warner To Layoff 1,250The cable company just announced its charging you more for service, and now comes word it will let more than a thousand employees go in a cost cutting move. The Syracuse area Time Warner spokesperson has "no comment" on any possible local losses.Time Warner Cable Inc. says it is laying off 1,250 people over the next few weeks in the face of slowing growth at the nation's second largest cable snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-74942958705423999432009-02-05T04:08:00.000-05:002011-09-28T02:09:33.677-04:001,000 More Lose Jobs in Penang, MalaysiaTHE new year has seen more than 1,000 people in Penang lose their jobs. From the 1,313 people who lost their jobs in January, 522 were foreign workers. These figures compare with the 3,332 people who were let go in 2008, Chief Minister Lim Guan Eng said yesterday. Citing statistics released by the State Manpower Department, he said a total of 173 locals were part of a voluntary separation scheme snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-74614563462148244632009-02-05T04:07:00.002-05:002011-09-28T02:09:33.679-04:00Bloomberg to cut 100 U.S. broadcast jobsBloomberg LP will cut 100 television and radio jobs in the first layoffs since it was founded in 1981 by now-New York Mayor Michael Bloomberg. The news and financial data provider will cut the jobs in the United States, 45 of them from its newsroom staff, spokeswoman Judith Czelusniak said, adding that Bloomberg might cut other jobs in Britain, Europe and Japan."It is a restructuring really snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-51430837104363957312009-02-05T04:07:00.001-05:002011-09-28T02:09:33.681-04:008,000 BFP men face layoff due to Attrition LawSome 8,000 personnel of the Bureau of Fire Protection (BFP) face the risk of joining the growing list of unemployed in the country with the pending implementation of the Attrition Law that will affect not only the fire services but even the Bureau of Jail Management and Penology (BJMP).BFP officer-in-charge, F/Chief Supt. Rolando Bandilla, appealed to both Houses of Congress to waive the upgradedsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-35864792197572495872009-02-03T19:45:00.001-05:002009-02-03T19:46:33.862-05:00Canada joins January "global automotive recession"Auto sales in Canada slumped 25 percent in January from a year earlier, industry figures showed on Tuesday, as a worsening global economy and tight credit conditions kept shoppers out of showrooms. The decline comes on top of a 21 percent slide in sales in December.Canadians bought 76,850 vehicles last month compared with 102,831 in January 2008, according to figures from DesRosiers Automotive snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-82082360893172528292009-02-03T19:44:00.000-05:002011-09-28T02:09:33.683-04:00BP to cut 5000 jobsThe oil industry is taking a familiar response to the collapse in crude prices, cutting costs and jobs, but this could lead to an equally familiar outcome of poor safety, and staff shortages when crude rebounds. BP (BP.L) Chief Executive Tony Hayward said on Tuesday he planned to exceed his target of cutting 5,000 out of around 90,000 jobs worldwide by the middle of 2009, and to accelerate cost snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-13147934760547783132009-02-03T19:42:00.000-05:002011-09-28T02:09:33.686-04:00Macy's Announces 7,000 Job CutsThe crumbling economy has taken its toll on one of the largest department store chains. Macy's announced today that it will cut 7,000 jobs, about 4 percent of its work force. The company's cost-cutting measures include restructuring its retail divisions and reducing planned expenses. Macy's Inc. operates more than 840 department stores -- under Macy's and Bloomingdale's -- across the nation, withsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-83775101235937207782009-02-03T19:39:00.000-05:002011-09-28T02:09:33.688-04:00Morgan Stanley Said to Be Planning as Many as 1,800 Job CutsMorgan Stanley plans to eliminate as many as 1,800 positions, or 4 percent of the workforce, a person familiar with the situation said, after posting its lowest annual profit in 13 years. Most of the reductions will come later this month in administration, technology and other so-called back-office areas, the person said. All of the positions will be in institutional securities and asset snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-52701165510461376422009-02-03T19:38:00.000-05:002011-09-28T02:09:33.689-04:00Hawker Beechcraft to lay off 2,300 amid business jet slumpIn yet another troubling sign that the business jet market is the midst of a full-blown tailspin, Hawker Beechcraft Corp. announced Tuesday it would layoff roughly 2,300 of workers by year end as it struggles with slowing orders and a tight credit market.The news follows the nearly 500 layoffs at the Wichita-based aircraft manufacturer late last year, and announcements last week that business jetsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-19929235247902661792009-02-03T19:36:00.002-05:002011-09-28T02:09:33.692-04:00EA to lay off 1,100 workers as net losses growElectronic Arts Inc. said Tuesday that net losses slid deeper in its third fiscal quarter as video game sales for the crucial holiday period came in below expectations. The video game publisher also announced plans to lay off 1,100 people, or about 11% of its total workforce, and close 12 facilities in an effort to reduce its costs. EA, the force behind big-name game franchises like "The Sims," "snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-56221536994373702452009-02-03T19:35:00.000-05:002011-09-28T02:09:33.694-04:00GSK to cut 6,000 jobsGlaxoSmithKline is likely to announce thousands of new job cuts this week, a British newspaper is reporting.The Sunday Telegraph, without citing its sources, says GlaxoSmithKline (NYSE: GSK) is “putting the finishing touches” on plans to lay off some 6,000 of its 100,000 workers. The drug company could announce the cuts when it announces earnings Feb. 5, the newspaper says .GSK already is in the snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-20149992629960999482009-02-02T22:54:00.000-05:002011-09-28T02:09:33.696-04:00China fears trouble from 20m jobless migrantsTwenty million rural migrants are jobless in China because of the economic downturn, prompting fears in Beijing of social unrest by an army of unemployed workers. As the Prime Minister, Wen Jiabao, laid the blame for the downturn at the door of the West, Chen Xiwen, the top policy official on agriculture, revealed that 15.3 per cent of the 130 million migrants moving from farms and villages to snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-23409756734623126992009-01-30T03:48:00.000-05:002009-01-30T03:49:25.417-05:00IATA: 2009 to be one of toughest years for international aviationFigures released by the International Air Transport Association (IATA) show that international passenger traffic in December 2008 dropped by 4.6 percent compared to the same month in 2007.Asia-Pacific carriers saw the sharpest decline in December international traffic at 9.7 percent. They also registered the sharpest reduction in capacity, but at 5.6 percentr, IATA said this is lagging behind thesnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-76263465044432090122009-01-30T03:08:00.000-05:002009-01-30T03:09:34.044-05:00Malaysia Govt allows firms, factories to reduce working daysThe Government will allow companies and factories to shorten their operations to three days a week, provided workers were agreeable to the move, Labour Director-General Datuk Ismail Abdul Rahim said Thursday. He said the Government's main concern was to ensure minimal job loss and that companies continue to operate, albeit on a low gear. He said it was necessary for employers to get the consent snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-63413354976078486722009-01-30T03:05:00.000-05:002009-01-30T03:06:52.697-05:00Shell reports loss but announces no job cutsRoyal Dutch Shell aims to ride out the recession this year with a higher dividend, flat spending and no plans as yet for layoffs. But analysts expressed concern that the Netherlands-based company could set back production growth efforts by delaying final approvals on multibillion-dollar projects amid the global recession and sagging oil and gas prices.Other oil majors also are moving ahead with snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-3341626475709845752009-01-30T02:59:00.001-05:002011-09-28T02:09:33.698-04:00Job losses in US send markets tumblingNews of more job losses and further depressing US economic news combined to send stock markets tumbling on both side of the Atlantic yesterday.Investors took fright, with the Dow Jones index tumbling 226 points – 2.7pc – to 8149.01 at close. In London, the FTSE100 closed down 105.09 points – 2.45pc – at 4190.11.Photography group Eastman Kodak is to make up to 4,500 staff redundant, just a year snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-6136913453364851152009-01-30T02:58:00.001-05:002011-09-28T02:09:33.700-04:00Chartered Semicon to cut 500 jobs in SingaporeChipmaker Chartered Semiconductor Manufacturing, which is forecasting its biggest loss ever of US$147mil (RM529mil) this quarter, will retrench over 500 workers here to cut costs. The job cuts will be across all levels, “from manufacturing to managerial to executive,” said its chief executive officer Chia Song Hwee on Friday.The mainboard-listed company, which makes chips for companies like snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-27367780447726775692009-01-30T02:57:00.000-05:002011-09-28T02:09:33.702-04:00Cessna: Layoff total to climb to 4,600 following 4Q reportCessna Aircraft Co. is planning to cut an additional 2,000 jobs in the coming months, according to a letter sent out to employees by Chairman and CEO Jack Pelton on Thursday.Combined with the previously announced reductions of 2,600 employees, Cessna will now be laying off at least 4,600 in 2009.Of the cuts, 4,000 will come from Wichita, including the 500 layoffs announced in November and the snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-63025107208532469322009-01-30T02:56:00.000-05:002011-09-28T02:09:33.705-04:00Disney plans 5 percent job cuts at ABC division* Lays off about 200 people at ABC* Freezes another 200 jobs* Reductions equivalent to 5 percent of ABC workforceWalt Disney Co (DIS.N) plans to lay off 200 people at its ABC division, a Disney executive familiar with the situation said, underscoring the media industry's struggle with sliding ad sales.The media giant intends to also freeze 200 vacant jobs, resulting in an overall, 5 percent snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-52442355455652217902009-01-30T02:51:00.000-05:002011-09-28T02:09:33.707-04:00London Underground to cut 1,000 jobsLondon Underground plans to axe 1,000 jobs but the cuts will not affect passenger services, Transport for London said on Thursday. The staff reduction is aimed at making the "Tube" network more efficient and is not linked to the recession, the body that runs the capital's transport system said.The employer began talks with unions about the planned cuts on Thursday. It did not say over what time snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-8708797575201233432009-01-29T03:40:00.000-05:002011-09-28T02:09:33.709-04:00AOL to lay off 700 employeesAOL will lay off 10 percent of its workers, about 700 people, to help it better deal with the deepening economic recession, according to a companywide e-mail sent on Wednesday.The reductions, which will be completed by the end of March, will be accompanied by a consolidation of business groups and facilities as the company focuses on its three core businesses: Platform-A advertising, People snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-43127227298343334242009-01-29T03:39:00.001-05:002011-09-28T02:09:33.712-04:00Starbucks Corp to Lay Off 6,700 JobsStarbucks Corp. continues to take the ax to its business. New plans include closing 300 stores and cutting up to 6,700 jobs in fiscal year 2009.Starbucks, hit hard as consumers forego pricey coffees, increased its cost-savings target to $500 million from $400 million for the fiscal year. Starbucks saw its same-store sales fell 9 percent for the quarter.Source : Chicago Tribune[tags : recession snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-79809777835350358452009-01-29T03:37:00.000-05:002011-09-28T02:09:33.715-04:00Boeing to lay off 10,000 this yearCompany to cut 5,500 more; loses order for 15 787sThe sky has not fallen for aerospace giant Boeing, but it has gotten darker.The Boeing Co. is facing "one of the most difficult commercial and financial environments that most of us have ever seen," Chairman and Chief Executive Jim McNerney said in a conference call Wednesday as Boeing reported a huge fourth-quarter loss because of the Machinists snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-47600100538753005042009-01-29T03:36:00.000-05:002011-09-28T02:09:33.717-04:00Oil company OMV Petrom to lay off 3,000 workersOMV Petrom, Romania's largest oil company, will lay off about 10 percent of its employees, officials said Wednesday. Regional labor official Dragos Parvan said that 3,000 Romanian workers from Petrom will lose their jobs beginning Feb. 1.Petrom spokesman Dan Pazara said the layoffs are "nothing new" and part of a long- term process to modernize the company and make it more efficient.Petrom said snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-7810690046391056712009-01-29T03:34:00.002-05:002011-09-28T02:09:33.719-04:00GKN Cuts More JobsEngineering group GKN has said it has cut 2,800 jobs globally since October and may have to shed more because of the slump in the global car industry. The UK firm, which supplies carmakers including Land Rover and Ford, said it had cut 242 UK positions so far. GKN said all its car part plants were now continuing to work shorter weeks due to the falling demand. Car firms are meeting Lord Mandelsonsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-49213634286280188892009-01-29T03:34:00.001-05:002011-09-28T02:09:33.721-04:00Citrix, Jabil Cut 3,500 Jobs Combined as Technology Sales WaneCitrix Systems Inc. and Jabil Circuit Inc. plan to reduce their workforces by a combined 3,500 to cut costs as the recession hurts demand for technology products. Software maker Citrix, based in Fort Lauderdale, Florida, said it will cut 500 jobs, or 10 percent of the total. St. Petersburg, Florida-based Jabil, a manufacturer of electronics, will eliminate 3,000 positions. Technology businesses snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-61024562014616613362009-01-29T03:33:00.001-05:002011-09-28T02:09:33.724-04:00SAP plans job cuts, despite solid earningsEven coming off a healthy quarter, business software titan SAP says it needs to cut costs for the coming year--and as elsewhere in the tech sector, that means job cuts.SAP said Wednesday that for the fourth quarter, it had net income of 850 million euros ($1.1 billion) on revenue of 3.5 billion euros. Those figures represent a gain of 13 percent in net income and 8 percent in revenue year over snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-5898886823033340512009-01-27T23:14:00.000-05:002009-01-27T23:15:49.725-05:00Recession getting worseSurvey at private-sector companies forecasts greater job losses and worsening economic conditions in the months to come.Economists expect an already deep recession to get even worse in 2009, according to a survey released Monday. Companies will lay off more workers and hoard more cash during the next 12 months, according to the National Association for Business Economics survey, a quarterly take snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-53510292983264836872009-01-27T23:13:00.000-05:002009-01-27T23:14:40.402-05:00Britons watching more TV than ever due to recessionBritons are watching more television than ever due to the increasing choice offered by digital channels and the recession, which has encouraged people to stay in more often. The average person watched nearly four hours of television a day in 2008 or 26 hours and 18 minutes per week - 48 minutes longer per week than in 2007, according to the Broadcasters' Audience Research Board (BARB).This snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-29569971805076100262009-01-27T23:12:00.000-05:002009-01-27T23:13:41.536-05:00US houses sink at fastest rate on recordAmerica's economy is spiralling rapidly into deep recession, according to a respected survey of residential property values The world's biggest economy is spiralling rapidly into deep recession after house prices across America sank at their fastest rate on record, according to a survey widely perceived as the most authoritative measure of US residential property values. The S&P Case-Shiller snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-33936888889222828082009-01-27T23:11:00.000-05:002009-01-27T23:12:32.605-05:00Malaysians optimistic on Job Security than other Asian EconomiesMalaysian employees are more optimistic of job security compared with workers in other Asian economies, according to a study by Towers Perrin-ISR. Towers Perrin-ISR consultant Dr Jens Ballendowitsch said that despite a significant drop of five percentage points in Malaysians’ confidence level on employment security last year versus 2007, Malaysians were still very optimistic compared with snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-25459994802053191362009-01-27T23:10:00.001-05:002011-09-28T02:09:33.725-04:00Best Buy to lay off workers to slash expenses furtherBest Buy said today it will resort to involuntary layoffs at its Richfield corporate headquarters, even though 500 workers agreed to voluntary layoffs earlier this month.Best Buy Co. Inc., said Tuesday it will resort to layoffs at corporate headquarters, even though 500 workers earlier this month agreed to leave voluntarily.The Richfield-based retailer told corporate workers in an e-mail and in snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-38946638378611771882009-01-27T23:09:00.001-05:002011-09-28T02:09:33.727-04:00Home Depot to lay off 7,000 jobsThe Home Depot, the world's largest home improvement retailer, on Monday announced its plans to lay off about 7,000 employees, or about 2 percent of its workforce. The retailer said it will also shutter 34 Expo centers, five YardBirds stores, two Design Center stores and its bath remodeling business known as HD Bath over the next two months. The Home Depot's business has not performed snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-74990505681223041632009-01-27T23:08:00.002-05:002011-09-28T02:09:33.729-04:00Texas Instruments to layoff 3,400 employeesSlackened demand in the chip industry and intense competition has hit Texas Instruments Inc., the Dallas-based chip giant! The company, likely to report a fall in its fourth-quarter sales to the tune of 33 percent, has announced that it plans to layoff 3,400 employees.The planned number of job-cuts comprises 12 percent of the chip maker's total work force, which will be slashed by September end. snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-2389007139653916642009-01-27T23:08:00.001-05:002011-09-28T02:09:33.731-04:00Volvo laying off 650 at US truck plantSwedish vehicle manufacturer Volvo has announced permanent layoffs of 650 workers at its truck assembly plant in this Virginia town. Volvo Trucks North America said Tuesday that it will lay off 40 percent of the plant's remaining work force by the end of April. The layoffs will begin in March.Volvo spokesman Jim McNamara says the layoffs are prompted by declining demand.The company laid off aboutsnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-23049351364352476392009-01-27T23:07:00.001-05:002011-09-28T02:09:33.733-04:00Ulster Bank to lay off 750 staffMore that 700 jobs are to go at the Ulster Bank in Northern Ireland and the Republic of Ireland, the bank has said. The lay-offs will be rolled out on a voluntary basis, according to the bank. It plans to cut 550 jobs in the Republic, and 200 in Northern Ireland. Ulster Bank said the First Active brand of mortgage and investment business will close as part of the scheme. Steve Tweed of the bank snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-68856909512711241532009-01-27T23:04:00.001-05:002011-09-28T02:09:33.735-04:00Caterpillar moves to lay off 22,000 workersCatepillar Inc hit hard by the global economy's sudden meltdown, said Monday it is chopping nearly 20,000 workers from its payroll as it ratchets down production to match fast-weakening demand.For most of 2008, booming demand from overseas markets helped shield the Peoria-based heavy-equipment giant from the worst effects of the U.S. recession, and most of the company's factories continued to snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-84962834218084219022009-01-27T21:59:00.000-05:002009-01-27T22:00:29.026-05:00CEOs grim about 2009COMPANY heads think business won't pick up for three years and have shifted their focus from growth to survival, according to a CEO survey that indicated how badly the global financial crisis has eroded confidence among industry leaders worldwide. Less than a quarter of CEOs questioned in an annual PricewaterhouseCoopers survey for the World Economic Forum had hope for revenue growth over the snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-44475973720062707792009-01-27T21:58:00.000-05:002011-09-28T02:09:33.737-04:00IBM quietly cuts thousands of jobsWith the recession forcing tech companies to announce thousands of layoffs, IBM Corp. is joining the fray — but not advertising it. The Armonk, N.Y.-based company has cut thousands of jobs over the past week, including positions in sales and the software and hardware divisions. IBM says the cuts are simply part of its ongoing efforts to watch costs, and the company won't release specific numbers,snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-35664637580511292462009-01-27T21:57:00.002-05:002011-09-28T02:09:33.738-04:00Pfizer to cut 19,000 jobs as it confirms Wyeth dealUS drugs company Pfizer confirmed it is buying rival Wyeth for $68bn (£50bn), as it announced more than 19,000 job cuts.The two companies employ about 6,500 people in the UK. Pfizer expects to cut the combined global workforce of 130,000 people by 15pc. This includes plans to cut its own workforce by 10pc. Pfizer chief executive Jeff Kindler said the job cuts were "difficult and painful but very snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-5796848844326234842009-01-27T21:57:00.001-05:002011-09-28T02:09:33.740-04:00More than 11,500 job cuts announced TuesdayThe bloodletting for the U.S. job market continues as companies across the economic spectrum announce a slew of work force reductions.The job market continued to take a beating Tuesday, as six companies across several industries announced more than 11,500 job cuts Tuesday. The huge number of job cuts pales only in comparison to Monday's statistics: seven companies issued job cut announcements snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-43362030945708837862009-01-27T21:56:00.001-05:002011-09-28T02:09:33.742-04:00GM cuts 2,000 US jobs as production slashedGeneral Motors announced plans Monday to cut 2,000 jobs at two US plants as it slashes production in the wake of a sharp drop in demand and amid a deepening recession. The cuts come as the cash-strapped automaker prepares to submit a long-term viability plan in exchange for obtaining billions in loans from the US government.GM's US sales fell 23 percent in 2008 while total industry sales fell 18 snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-41323365314486235372009-01-27T21:55:00.000-05:002011-09-28T02:09:33.744-04:00Target to cut 1,000 jobs at HQ and close distribution facility in ArkansasTarget Corp., the nation's second-largest discount chain, plans to cut its headquarters workforce by 9 percent, or about 1,000 positions, and close an Arkansas distribution center as the retailer continues to struggle with weaker-than-expected sales amid the U.S. recession.The company has been battling falling sales for more than a year as shoppers began eschewing its cheap-chic offerings for a snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-86685455610058114572009-01-27T21:52:00.000-05:002011-09-28T02:09:33.745-04:00U.S. Companies Cut 519,895 Jobs Since ElectionU.S. companies have announced more than 519,895 job cuts since the Election Day victory by Barack Obama, who has proposed a plan to create as many as 4 million jobs to boost the economy. Following is a list of dismissals announced since Nov. 1, based on information compiled by Bloomberg News and Challenger, Gray & Christmas, the Chicago-based executive search firm. Only companies with 500 or moresnshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-8384290494763370632009-01-27T21:51:00.000-05:002011-09-28T02:09:33.747-04:00Sprint cuts 8,000 jobs, 15% of its workforceSprint Nextel announced 8,000 job cuts Monday and other cost-saving measures that CEO Dan Hesse told employees in an internal memo kept the company from having to cut 3,000 additional jobs.Hesse was not available for comment but a copy of the memo was provided to USA TODAY.Sprint's decision to cut 15% of its workforce is the latest in a series of moves aimed at turning around the ailing wireless snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0tag:blogger.com,1999:blog-1273971018285711161.post-33812222756248291822009-01-27T21:50:00.000-05:002011-09-28T02:09:33.749-04:00Corning to Cut 3,500 Jobs After Profit, Sales PlungeCorning Inc., the biggest maker of glass for flat-panel televisions, will eliminate about 3,500 jobs this year after fourth-quarter profit plunged 65 percent on slowing demand for TVs and computer monitors. The cuts, totaling 13 percent of the workforce, will be made through firings and early retirements, the Corning, New York- based company said today in a statement. Corning said it will incur snshttp://www.blogger.com/profile/15956510971037463416noreply@blogger.com0