Job Market Monitor
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Bombardier cuts 1,200 jobs in train unit
Bombardier Inc (BBDb.TO: Quote) will delay the inaugural flight of its all-new C-Series jetliner by six months, the plane and train maker said on Wednesday, as it reported weaker-than-expected quarterly revenue and said it would cut 1,200 jobs in its rail unit. The Montreal-based company said it was making good progress with its $3.4 billion … Continue reading
Japan – Electronic Components – Ferrotec To Cut 800 Jobs
Ferrotec Corp. (6890), a Japanese maker of electronic components, plans to cut about 800 jobs across the company as it restructures its solar product business. Ferrotec will stop making and selling silicon ingots, wafers and cells used for solar panels under its own brand, the Tokyo-based manufacturer said today in a statement. It will produce … Continue reading
UK – Comet – Staff offered Christmas jobs by Dixons
The electrical chain Dixons is offering Christmas jobs to hundreds of Comet staff who face redundancy because their firm is insolvent. The administrators, appointed last week, are keeping the Comet stores open in the hope of finding a buyer. But the outlook for the 7,000 staff is bleak and they all face potential redundancy. Sebastian … Continue reading
Husqvarna – To Cut 600 Jobs, almost half in Sweden
Husqvarna AB (HUSQB), the world’s biggest maker of powered garden tools, plans to cut about 600 jobs in a move that will save 220 million kronor ($33 million) a year by 2014. “The proposed measures aim to improve efficiency, reduce the fixed cost base and further increase flexibility,” Chief Executive Officer Hans Linnarson said in … Continue reading
Germany – Commerzbank – Up to 6,000 jobs cut
Commerzbank, Germany’s second-biggest bank, is preparing to axe up to 10 percent of its workforce in the coming years, or 5,000-6,000 jobs, the weekly Die Zeit reported on Wednesday. Die Zeit, in a pre-release of an article to appear on Thursday, said Commerzbank is planning billions of euros in cost-cutting across all divisions between now … Continue reading
ING to cut jobs more than 2,000 jobs worldwide
ING (ING.AS), the largest Dutch financial services group, is to cut more than 2,000 jobs worldwide as it prepares to separate its banking and insurance operations in difficult markets. The cuts, which equate to 2.5 percent of ING’s workforce, come as banks across Europe shed staff in a reassessment of their businesses after the financial … Continue reading
Sweden – Ericsson – 1550 jobs cut
Ericsson (NASDAQ:ERIC) informs its employees in Sweden about the plan to reduce its operations in Sweden that involves a reduction of an estimated 1,550 positions, covering all job areas, including sales, general and administration, research and development, supply and service delivery. “It is naturally a difficult message for our employees in Sweden,” says Tomas Qvist, … Continue reading
UK – Maltby Colliery – 500 jobs at risk
Maltby Colliery – one of the south Yorkshire pits that saw picketing violence during the 1980s miners’ strike and one of the UK’s last remaining deep coal mines – is to be mothballed by its owner, industrial materials group Hargreaves Services. The move, which puts 500 jobs at the 100-year-old pit at risk, comes after … Continue reading
Vestas Cuts 3,000 More Jobs
Vestas Wind Systems A/S (VWS) is seeking to sell a stake of as much as 20 percent and said it’s reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years… “What’s important is that we have investors who understand the company, the segment … Continue reading
US – Over half of households may be unable to maintain their standard of living in retirement
The release of the Federal Reserve’s 2010 Survey of Consumer Finances is a great opportunity to eeassess Americans’ retirement preparedness as measured by the National Retirement Risk Index (NRRI) write Alicia H. Munnell, Anthony Webb, and Francesca Golub-Sass in The National Retirement Risk Index: An Update. (Choosen excerpts by JMM to follow) NRRI shows the share … Continue reading
US federal tax credit subsidies to expire – Wind industries lay off hundreds of workers
Hundreds of workers in our region are losing their jobs as wind turbine manufacturers cut production. The federal tax credit that subsidizes wind energy is set to expire at the end of the year, and political uncertainty is putting the brakes on the wind industry. More than 500 workers are losing their jobs in the … Continue reading
US Presidential Election – The Day After ? Planned layoffs jump to five-month high in Oct
The number of planned layoffs by firms jumped 41.1 percent in October to the highest level in five months, although the number includes more than 10,000 jobs in U.S.-owned auto plants in Europe, a report said on Thursday. Employers announced 47,724 planned job cuts last month, up from September’s 33,816, according to the report from … Continue reading
Kalshnikov Maker – Layoffs To Come
Russia‘s troubled maker of the iconic Kalashnikov assault rifle faces layoffs and a possible merger with another arms manufacturer, a media report said Tuesday. The Russian army last year failed for the first time to order new AK-47s, of which it says it already has 17 million in stock, a massive supply for its 1 … Continue reading
UK – DPD – 10 new depots creating 15,000 jobs
UK parcel firm DPD is to invest £175m to expand its capacity, creating 10 new depots, one new parcel sorting hub and creating 15,000 jobs in response to the online retail boom. The parcel firm plans to spend £100m on a new parcel sorting hub in the East Midlands in addition to refurbishing two of … Continue reading
Alcatel-Lucent – More Job Cuts Might Come
Alcatel-Lucent SA (ALU) Chief Executive Officer Ben Verwaayen will need to eliminate an additional 10,000 positions to catch up with more efficient rivals as the unprofitable phone-equipment maker’s cash pile dwindles. Even taking into account the 5,500 job cuts announced in October, Alcatel-Lucent’s revenue per employee was 49,700 euros ($63,600) last quarter, at least 14 … Continue reading
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