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EMI Music Publishing – Layoffs Begin
Chief executive Roger Faxon is one of 30 to 40 staffers to lose their jobs as a Sony/ATV-led consortium integrates the two companies. As expected, layoffs have begun at EMI Music Publishing, in the wake of the completion of the company’s acquisition by a Sony Corp. of America-led consortium on June 29. At that close … Continue reading
Does Xerox’s outsourcing also mean layoffs ?
About a year ago, Xerox told some 600 employees, many of them engineers, that their jobs were being transferred to an India-based IT services firm. How has that worked out? Neither company is disclosing detail about what’s been going on, but information is leaking out about some layoffs. The move by Xerox goes to the … Continue reading
Hewlett-Packard Begins Layoffs at Factory
Hewlett-Packard confirmed that it has begun eliminating jobs at its Rio Rancho center as part of its restructuring plan. Image via CrunchBase The company did not provide the actual number of job cuts, but some sources said that the company will fire a total of 100 workers from all departments at this facility. Hewlett-Packard announced … Continue reading
West Palm Beach – FTI Consultants announces 115 layoffs
Economic concerns in the U.S. and abroad has led to 115 layoffs and office realignment at FTI Consulting, the company announced, which is a 3 percent downsizing of the company’s workforce. FTI Consulting (NYSE: FCN) said in a news release Friday that it would consolidate office space at six leased locations. The employees were told … Continue reading
Best Buy – 2,400 layoffs
Best Buy is laying off 2,400 employees chainwide, a company spokesman said Friday. There was no word about whether Kansas City-area employees would be affected, but no additional stores will close as part of the layoffs. Bruce Hight, a spokesman for Best Buy (NYSE: BBY), said the layoffs will affect about 600 employees of Geek Squad, … Continue reading
Brazil Hikes Tariff On Shoes to Protect Jobs From China
Brazil is one of the hottest shoe makers around, but China is catching up. And they have the scale to make brand name sneakers and sandals a lot cheaper than Brazilians do. So on July 4, Brazil decided to impose tariffs of up to 182 percent on footwear parts and accessories coming from China in … Continue reading
Ontario Power Generation cuts 1,000 jobs
Ontario Power Generation is shedding 1,000 jobs across the province as it prepares for a coal-free future. OPG spokesperson Ted Gruetzner said Wednesday that the move away from coal generation and toward alternative and gas energy sources will reduce the amount of electricity the organization produces, currently about 60% of the province’s supply. The company … Continue reading
Saab hiring again
Eight months after eliminating 13 percent of its workforce, East Syracuse-based Saab Sensis Corp. has returned to profitability and is hiring once again, easing concerns that arose about the company’s future after its takeover last year by a Swedish firm. The maker of military radars and air traffic management systems recently had its first profitable … Continue reading
China – Sany has started cutting its workforce
Sany Group, China’s biggest maker of construction machines by revenues, has started cutting its workforce in one of the clearest signs yet of the pain in the country’s industrial sector as growth slows in the world’s second-largest economy. China’s heavy machinery makers, which include companies such as Sany, Zoomlion and Shantui, have seen sales drop … Continue reading
Swiss Bank – Vontobel to cut jobs
Vontobel is planning to cut an undisclosed number of jobs, the latest Swiss private bank seeking to lower costs as the industry braces for lost revenue due to pressure on the country to stop harbouring tax evaders. Vontobel spokesman Reto Giudicetti confirmed comments by Chief Executive Zeno Staub in an interview with the Handelszeitung newspaper … Continue reading
U.S. planned layoffs at 13-month low in June but up 15.2 percent from the first six months of 2011 – Education leading
The number of planned layoffs at U.S. firms fell in June to its lowest level in over a year, suggesting employers were not rapidly downsizing even as the economic recovery slows, a report on Thursday showed. Employers announced 37,551 planned job cuts last month, down 39.3 percent from 61,887 in May, according to the report … Continue reading
Outsourcing comes with a wage penalty, at least in some occupations
“Outsourcing of labor services grew substantially during the 1980s and 1990s and was associated with lower wages, fewer benefits, and lower rates of unionization” write Arindrajit Dube and Ethan Kaplan in Does Outsourcing Reduce Wages in the LowWage Service Occupations? Evidence from Janitors and Guards on digitalcommons.ilr.cornell.edu The authors focus on two occupations for which they can identify outsourcing in … Continue reading
US – Unemployment Claims : Finally some good news
SEASONALLY ADJUSTED DATA In the week ending June 30, the advance figure for seasonally adjusted initial claims was 374,000, a decrease of 14,000 from the previous week’s revised figure of 388,000. The 4-week moving average was 385,750, a decrease of 1,500 from the previous week’s revised average of 387,250. The advance seasonally adjusted insured unemployment … Continue reading
US – Corporate Profits decreased $6.4 billion in the first quarter, a very bad news for private sector non-farm employment
Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) , in contrast to an increase of $16.8 billion in the fourth quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) — the internal funds available to corporations for investment — decreased $123.9 billion in the first quarter, in contrast … Continue reading
Chicago – Federal Savings Bank to create 400 jobs
The Federal Savings Bank, a Kansas-based home lender bought last year by a pair of Chicago brothers in the mortgage banking business, is opening a national home loan center in the West Loop that it says will create 400 jobs over three years. The bank said it’s getting $18 million in tax breaks over 10 … Continue reading
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