Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Israel’s ex-intel chief: ‘Together, we can do a lot to make Middle East a better place’

Read more

IN THE PAPERS

François Hollande: ‘Brexit result is irrevocable’

Read more

FOCUS

Zika virus spreading fast across Puerto Rico

Read more

BUSINESS DAILY

Hollande pledges tax cuts ahead of France's 2017 elections

Read more

IN THE PAPERS

Britain's battle for leadership begins

Read more

MEDIAWATCH

Istanbul's suffering in the shadows?

Read more

EYE ON AFRICA

Uganda: Opposition leader in court on treason charges

Read more

THE DEBATE

Turkey targeted: Terror attack coincides with foreign policy pivot (part 2)

Read more

THE DEBATE

Turkey targeted: Islamic State group blamed for Istanbul attack (part 1)

Read more

Volvo to axe 2,000 jobs worldwide

Latest update : 2008-06-25

Swedish car maker Volvo, part of the Ford group, has announced a 2,000 job cut worldwide. More than half of the cuts will be in Sweden.

Swedish car maker Volvo, a unit of US auto giant Ford, said on Wednesday it planned to cut 2,000 jobs worldwide, most of them in Sweden.
  
"As part of an extensive cost reduction programme, Volvo is planning to reduce its workforce by 1,400 white collar (consultants included) and 600 blue collar members of its workforce," Volvo Cars said in a statement.
  
The group said a weak US dollar and rising raw material costs had led to a a loss in the first quarter of the year of 151 million dollars (97 million euros).
  
"In order to improve the business, Volvo Cars is implementing a cost reduction programme which is estimated to reduce the total cost level by 4 billion Swedish kronor (700 million dollars)," the statement added.
  
A total of 1,200 jobs are to be cut in Sweden.

Date created : 2008-06-25

COMMENT(S)