Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

#IceBucketChallenge and hashtag activism

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government? (part 2)

Read more

DEBATE

Pakistan's Political Turmoil: Can Imran Khan's PTI Party Depose the Government?

Read more

WEB NEWS

Web users taking on the "Ice Bucket Challenge" to fight ALS

Read more

FOCUS

Israel's minorities and military service

Read more

ENCORE!

Montreal Stories

Read more

DEBATE

Racism, riots and police violence: USA under scrutiny (part 2)

Read more

DEBATE

Racism, riots and police violence: USA under scrutiny

Read more

THE INTERVIEW

Guillaume Foliot, Deputy Director, World Food Programme in Burma

Read more

  • IS militants ‘behead’ missing US journalist in gruesome video

    Read more

  • Deadly airstrikes hit Gaza as ceasefire with Israel collapses

    Read more

  • Tentative peace in Ferguson despite second fatal shooting

    Read more

  • Suspected Ebola cases in Austria, new drug raises hopes

    Read more

  • WWII anniversary highlights best - and worst - of Paris police

    Read more

  • Headscarf at the beach sparks French MEP’s fury

    Read more

  • Iraqi army clashes with militants in Tikrit after retaking key dam

    Read more

  • Video: Life in under-siege Donetsk

    Read more

  • Racism, riots and police violence: USA under scrutiny

    Read more

  • ‘Let it be’: Londoners sick of Abbey Road tourists

    Read more

  • Australia to free children from immigration detention centres

    Read more

  • Nicaraguan army deployed to guard sea turtle nests

    Read more

Business

STMicroelectronics to cut 4,500 jobs

Latest update : 2009-01-28

French-Italian chipmaker STMicroelectronics announced it will cut a tenth of its workforce worldwide because it forecasts a slide in the chip market.

AFP - French-Italian semiconductor maker STMicroelectronics said Wednesday it will cut 4,500 jobs, a tenth of its workforce, and predicted the global chip market will slide by at least 25 percent this year.
  
STMicro, ranked fifth among global chipmakers, registered a loss in 2008 of 786 million dollars (596 million euros) as sales fell 1.6 percent to 9.84 billion dollars.
  
The company said it aimed to achieve savings of 700 million dollars this year through 4,500 job cuts and the closure of three factories in the United States and Morocco that has already been announced.
  
The company said sales fell 17 percent in the final quarter of last year to 2.28 billion dollars and that with the sharp decline in demand, its factories would likely be operating at around 50 percent of their capacity in the first three months of this year.
  
First quarter sales were estimated at 1.50-1.85 billion dollars, down 25-40 percent from a year earlier.
  
STMicro chairman Carlo Bozotti said the decline in the global chip market would likely surpass the 16.3 percent fall foreseen by the Gartner industry research group in mid-December.
  
"I think the drop will be bigger and will be more than 25 percent," Bozotti said during a conference call.

Date created : 2009-01-28

COMMENT(S)