Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Beyoncé's Black Power Message

Read more

MEDIAWATCH

Merkel's Migrant Conundrum

Read more

EYE ON AFRICA

Defense lawyer say Hissene Habre had the power of life and death over his people

Read more

THE DEBATE

Can She Fix It? Merkel and the Refugee Crisis (part 2)

Read more

THE DEBATE

Can She Fix It? Merkel and the Refugee Crisis (part 1)

Read more

FOCUS

Arab Spring's unfulfilled promises

Read more

ENCORE!

'Vinyl': Jagger and Scorsese's TV drama on sex, drugs and rock'n'roll

Read more

IN THE PAPERS

"The trial of a Liar"

Read more

TALKING EUROPE

Bert Koenders: ‘We cannot solve the refugee crisis by closing borders’

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)