Job Market Monitor
Job cuts
Fortescue Metals – Hundreds of jobs cut
Iron ore miner Fortescue Metals has shelved $1.57 billion of expansion plans and cut hundreds of workers’ jobs, in a further sign that the peak of the mining boom may have passed. Fortescue, founded by billionaire Andrew Twiggy Forrest, blamed the cuts on uncertainty over the spot iron ore price which has fallen rapidly amid … Continue reading
Germany – Merck KGaA – To eliminate 1,100 jobs
German drug maker Merck KGaA is to eliminate one out of every 10 jobs in its home country. Merck said Tuesday it would cut 1,100 of the 10,900 positions in its home country. It signed an agreement with employee representatives about the cost cuts. The company will try to find the cuts through either not … Continue reading
Boston Scientific – Untold number of Layoffs to Come
Medical device giant Boston Scientific expects an untold number of layoffs in the next few months and the company will its cardiac device businesses into separate CRM and stent divisions. Medtech titan Boston Scientific (NYSE:BSX) is making some big moves in the next few months, including some new rounds of layoffs and the halving of its … Continue reading
Siemens – More Than 150 North Texas Jobs Cut
Siemens Industry, Inc has announced that it is preparing to layoff more than 150 employees in the North Texas area. A spokesperson for Siemens said North Texas employees were notified Thursday that layoffs will take place until the end of 2013. About 160 full-time employees are expected to be affected. All layoffs will take place … Continue reading
Brillion Iron Works – 200 layoffs
Nearly 200 people will soon be out of work in Brillion. Executives at Brillion Iron Works say the economy is forcing them to cut 198 positions, including 184 hourly jobs. The year began with the company hiring about 200 workers to keep up demand for automotive castings. But, company officials say that demand has slowed … Continue reading
Vivendi plans to cut jobs
French media and telecoms giant Vivendi has said it will cut costs, including jobs, as it reported a drop in second-quarter net profits mainly due to its struggling telecoms unit. Net profit fell 46% to 619m euros ($777m; £490m) on revenue down 1.5% to 6.96bn euros, a statement said. Vivendi said it would cut costs … Continue reading
Volvo to axe 200-300 jobs
Swedish carmaker Volvo, owned by Chinese Zhejiang Geely, GEELY.UL is to cut production in Sweden about 10 percent and axe 200-300 jobs due to slower than expected sales, a union said on Thursday… via Volvo to cut car production by 10 percent: union | Business | Reuters.
Denmark – Vestas announces 1,400 job cuts
Danish wind turbine company Vestas is to cut an additional 1,400 jobs. Officials from the firm said that the move comes ahead of predicted sluggish demand in the industry next year, and will provide the organisation with some EUR 100 million in cost savings. The news comes after Vestas cut 2,335 jobs earlier in the … Continue reading
UK – Aviva to cut up to 800 jobs
Aviva is to cut up to 800 jobs in the UK as chairman John McFarlane embarks on a £400m global cost-cutting drive. The job cuts are likely to come from both the general and life insurance arms of the UK operation and are set to be completed by the end of 2012. The life insurance … Continue reading
France – Carrefour – 500-600 jobs cut
Carrefour (CARR.PA: Quote), the world’s second-largest retailer, plans to cut up to 600 French jobs as its new boss slashes costs in a bid to turn the struggling company around, unions said on Wednesday. “The group told the various works councils that the plan is to cut 500-600 jobs,” Force Ouvriere union representative Michel Enguelz … Continue reading
Oregon – Schnitzer Steel to cut 300 jobs
Schnitzer Steel Industries Inc. said Tuesday it will cut about 300 jobs as part of a restructuring plan designed to save the company $25 million in annual operating costs. The company also issued earnings guidance for the current quarter well below average Wall Street predictions, blaming lower sale prices for many of its products. Schnitzer … Continue reading
ON Semiconductor to cut 250 jobs
Power-management chipmaker ON Semiconductor Corp said it will cut about 250 jobs and cancel its annual cash incentive program for senior executives to reduce costs in a weak macroeconomic environment. The company expects to complete most of the job cuts in the current quarter and estimated a related charge of $11 million to $14 million, … Continue reading
Australia – Queensland – Job Cuts ‘probably lower than 15,000’
The total number of jobs to be cut from Queensland’s public sector is likely to be lower than 15,000, Premier Campbell Newman says. In the lead up to next month’s budget, Mr Newman and senior ministers have repeatedly said they were aiming to keep the number of lost jobs below 20,000. Mr Newman, who yesterday … Continue reading
Denmark – Government cuts nearly 1,000 workers
Not since 1920 have so many state employees been fired Finance minister Bjarne Corydon (Socialdemokraterne) says the pain is not over (Photo:Scanpix) At a time when the prime minister, Helle Thorning-Schmidt (Socialdemokraterne), has said that stemming the rising tide of unemployment is at the top of her agenda, her government has now fired more state … Continue reading
G4S axes 1,100 jobs
Security firm G4S has unveiled plans to axe 1,100 jobs as the company restructures following the failure of its Olympics contract. The company said that cutting the posts – mostly in continental Europe – would save £30 million a year. Chief executive Nick Buckles said: “We were deeply disappointed that we had significant issues with … Continue reading
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