Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Ebola virus : Liberia shuts most border points

Read more

MEDIAWATCH

"What would you do?"

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

#TECH 24

Internet of Things

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

REPORTERS

Halal tourism on the rise

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

  • Israel warns of ‘prolonged’ campaign in Gaza

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • France offers asylum to Iraqi Christians

    Read more

  • Moroccan police arrest French al-Qaeda recruiter

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

  • Luc Besson’s sci-fi thriller ‘Lucy’ tops US box office

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

  • Thousands gather in Marseille in support of Israel

    Read more

  • As France’s Carrefour pulls out, what next for India’s retail market?

    Read more

  • Liberia tightens border controls to curb Ebola outbreak

    Read more

  • The centenary of Austria-Hungary’s calamitous last hurrah

    Read more

  • Nibali joins elite group with Tour de France win

    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)