Job Market Monitor
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Finland / Outokumpu Oyj cuts 2,500 jobs
Finnish metals group Outokumpu Oyj says it will slash 2,500 jobs worldwide in the next four years to cut costs by 350 million euros ($455 million) and improve profitability as stainless steel demand continues to fall. The world’s leading stainless steel maker says about a third of the job cuts will be applied this year, … Continue reading
Spain / Unemployment rate at record 27pc
Spain’s unemployment rate has climbed to a new record of 27.16 per cent in the first quarter of 2013, as a deep recession sparked by the collapse of a property bubble ravages the eurozone’s fourth-largest economy. The jobless rate jumped from 26.02 per as the number of unemployed climbed by 237,400 people to 6.2 million, … Continue reading
Low Interest Rates Didn’t Induce Job Growth finds Research by St-Louis FED
The Federal Reserve set the target range for the federal funds rate at 0 to 25 basis points in December 2008. It has remained there because the recovery in output and jobs has been so slow. The rate was set so low to stimulate aggregate demand and job growth (by lowering borrowing costs for consumers … Continue reading
BASF To Cut 500 Jobs
German chemicals giant BASF SE (BASFY,BFA.L) said it will cut about 500 jobs worldwide by the end of 2015, including 350 in Switzerland, and also streamline processes as part of a restructuring at its performance products segment. BASF plans to significantly increase competitiveness at the segment in the coming years by streamlining processes, investing in … Continue reading
UK / HSBC bank cutting 3,166 jobs
HSBC is cutting 3,166 UK jobs as it continues efforts to reduce costs. The bank said the positions would mostly go from its wealth management division, but that it hoped to redeploy more than 2,000 of the affected staff. The cuts are part of HSBC’s continuing three-year cost-cutting plan, and follows the loss of 2,200 … Continue reading
US / Corporate pension funding: the Gap jumped 17 percent to $295.2 billion
The funding shortfall bedeviling the 100 largest U.S. corporate pension funds rose for a second straight year in 2012, as a strong stock market and hefty plan contributions failed to offset damage done by persistently low interest rates, according to an analysis by Towers Watson released on Monday. The gap between what these corporations, all … Continue reading
China / Film and TV supported 909,000 jobs in 2011
As Hollywood treks to China for the 3rd Beijing International Film Festival, a new report has revealed that the film and television industry contributes big bucks to the local economy. According to a study sponsored by the Motion Picture Association (MPA) and the China Film Distributors and Exhibitors Association (CFDEA), movies and TV added $15.5 … Continue reading
Europe / SABIC to cut over 1,000 jobs
Petrochemicals giant Saudi Basic Industries (SABIC) has announced plans to cut about 1,050 jobs in Europe and close some operations as part of a restructuring operation brought about by a gloomy business outlook. Chosen excerpts by Job Market Monitor via SABIC to cut over 1,000 jobs in Europe.
China IT firm in U.S / 200 new jobs paying on average $100,000
The largest information technology consulting firm in China said Monday it will plant its new U.S headquarters in Charlotte, bringing 200 jobs with an average salary of $100,000. Pactera Technology International, a Beijing-based firm with 23,000 employees worldwide, will make its U.S. headquarters in SouthPark Towers at 6100 Fairview Road, not far from SouthPark Mall. … Continue reading
UK / Honda workers get redundancy letters
YESTERDAY was described as a dark day for Swindon, after letters went out to employees of Honda informing them they have been provisionally selected for compulsory redundancy. It is believed that more than 100 letters have gone out to indirect staff – those who don’t work on the production line – and the mood at … Continue reading
UK / Supermarket Asda to create 2,500
Supermarket giant Asda has revealed plans to make a £700m investment into its operations in a move expected to create 2,500 jobs. The investments include a new same-day delivery service for food orders, plus an injection of capital into its stores and supply chain. It comes as the Leeds-headquartered retailer, which is Yorkshire’s biggest company, … Continue reading
Imtech / 1,300 jobs cut
Imtech (IMUN.AS) said it would cut 1,300 jobs, or about 4.5 percent of its global headcount, and make more writedowns on its German operations, in a sign of escalating trouble at the Dutch engineering company. Total costs related to financial irregularities still being investigated in Germany and Poland rose by 70 million to 370 million … Continue reading
Western Australia / Skilled overseas workers still needed
The resources sector in Western Australia is moving from a construction to operational phase but high levels of new workers are still needed this year and next, including skilled workers from overseas, a new report has found. According to the 2013 State Growth Outlook Study from The Chamber of Minerals and Energy of Western Australia, … Continue reading
Shanghai / Expected job growth making it a the new global financial centre
City workers’ expectations of job growth in London are weakening as it appears Shanghai is becoming the new global financial centre. According to research by Astbury Marsden, 73 per cent of bankers are expecting most new banking jobs to be created in South East Asia with Shanghai seeing the biggest jump in opportunities. Only 11 … Continue reading
IBM / More than 1,200 layoffs
Big Blue is reportedly prepping for layoffs. But will IBM cuts hit Research Triangle Park? Job cuts of between 1,200-1,400 employees are expected over two years in France. There is no word on whether other areas will be impacted. IBM is thought to employ 10,000 in RTP, but they have not disclosed a local headcount … Continue reading
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