Job Market Monitor
Layoffs
Panasonic / Layoffs to come
Japan’s Panasonic Corp may see its headcount fall further and may sell non-core money-making business units to raise cash, president Kazuhiro Tsuga told reporters at the CES consumer electronics show in Las Vegas on Tuesday. Hammered by competition from South Korean rivals such as Samsung Electronics, Panasonic may also squeeze wages and seek joint ventures … Continue reading
UK / Network Rail to cut 4,000 jobs
Network Rail has unveiled huge investment plans to develop the UK’s railway infrastructure between 2014 and 2019, involving the centralisation of its signalling operations to save millions of pounds and drastically reduce its frontline workforce over the next fifteen years. The mammoth Strategic Business Plan for England and Wales places heavy emphasis on the role … Continue reading
UBS / Another 2,000 to 3,000 job cuts ?
SWISS banking giant UBS may be facing another 2,000 to 3,000 job cuts as it slashes its capital- intensive businesses, according to Deutsche Bank. Choosen excerpts by Job Market Monitor from via UBS faces jobs cull – News, Frontpage – Herald.ie.
Hamilton Entertainment and Convention / Jobs for more than 800 staff still uncertain
There’s still uncertainty among HECFI’s more than 800 staff over what will happen to their jobs when Copps Coliseum, Hamilton Place and the convention centre change hands, a move that could happen as soon as March 1. Hamilton Entertainment and Convention Facilities Inc. has 52 full-time and about 800 part-time employees. All are nervous about … Continue reading
Pentagon / Civilian defense workers at risk of layoffs by thousands
The 113th Congress‘ most pressing defense-related concern will be the military’s budget, despite the previous Congress having averted the so-called “fiscal cliff.” Come March 1, automatic spending cuts will begin slicing $500 billion from the Pentagon’s budget over the next 10 years — and prompting layoffs for as many as 800,000 civilian Defense Department workers. … Continue reading
Disney / Layoffs could come
Walt Disney Co (DIS.N: Quote), which reported record earnings in November, started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters. Disney, whose empire spans TV, film, merchandise and theme parks, is exploring cutbacks in jobs no … Continue reading
Finland / Moventas Gears: Layoffs to come
Moventas Gears – the Finnish gear maker owned since last year by Scottish engineering group Clyde Blowers – is in discussions with staff over the implementation of temporary layoffs, which it blames on an “insufficient order backlog” for early 2013. Last year Moventas nabbed an €80m ($106m) contract to supply gearboxes for Areva’s 5MW offshore … Continue reading
Spain / Banco Novagalicia: 2,508 layoffs
The Banco Novagalicia involved in the Spanish banking crisis has presented a restructuration plan providing for 2,508 workers to be laid off by 2017 and 327 offices to be closed by 2015. Unions have criticized the plan and said the bank did not promote any negotiation and have organized a strike and demonstration on January … Continue reading
UK / Penguin Books publisher to close apprenticeship unit: 5,000 apprentices and 500 jobs could be cut
The media and education group, which also owns publisher Penguin Books, said that changes to the way apprenticeship schemes are funded had had a “radical” impact on demand for the courses offered by Pearson in Practice, which are tailored to specific industries and each last between three months and a year. Around 5,000 apprentices signed … Continue reading
Greece / Hellenic Telecommunications Organization (HTO) / 1,500 Jobs Cut
Greece’s Hellenic Telecommunications Organization (HLTOY) said Monday around 1,500 workers took part in its voluntary redundancy plan, enabling the company to reduce operating costs significantly and improve its competitiveness. The company estimates that its costs will be reduced by 80 million euros ($104.5 million) annually. Since the beginning of January, “the number of OTE employees … Continue reading
Alpha Natural Resources / 1 200 layoffs as 8 mines to closed
Alpha Natural Resources announced plans this week to cut more than 1,200 jobs and idle eight coal mines as part of a company-wide move that will cut coal production by 16 million tons. The company made the announcement Friday that will cut a total or 10 percent of its workforce. There will also be an … Continue reading
Infosys / Doesn’t deny layoffs but …
Indian software major, Infosys Limited, clarified on Friday over a report suggesting that it might lay off up to 5,000 of its underperforming employees. It says that it is not 5,000, but “the number that may be affected is significantly lower.” Just a week ahead of its third quarter results for 2013 (Q3 FY13), the … Continue reading
Detroit / Another 500 layoffs looming for Detroit employees in February
Some 2,000 pink slips have already gone out in the last few years. And now, another 500 cuts are scheduled for February. It’s already worrying union leaders like Leamon Wilson. The president of the AFSCME Local 312 told the Detroit News that more cuts could cripple the city’s bus service. “You can’t deliver the service…It … Continue reading
Hurricane Sandy / It had an impact on mass layoffs finds the BLS
Employers took 1,759 mass layoff actions in November involving 173,558 workers as measured by new filings for unemployment insurance benefits during the month. Mass layoff events increased by 399 from October, and the number of associated initial claims increased by 42,385. Mass layoff data for November reflect the impact of Hurricane Sandy on workers in … Continue reading
Lincoln Electric, Cleveland / Profit-Sharing and No Layoffs for 64 Years
Economics correspondent Paul Solman revisits Lincoln Electric, a welding manufacturing company based outside Cleveland, Ohio. Through its use of merit-based profit-sharing and a no-layoff policy, the firm is an unlikely Rust Belt success story that hasn’t laid off anyone for financial reasons since World War II. PAUL SOLMAN: A bright light in Rust Belt America: … Continue reading
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