Syndicate content
layoffs
ECONOMIC CRISIS
US unemployment rate jumps to over 10% in October
The unemployment rate in the United States for October rose to 10.2 %, its highest level in 25 year according to the Department of Labor. The monthly data was worse than expectations, with forecasters expecting a 10% jobless rate.
ECONOMIC CRISIS
Despite growing profits, Electrolux will close two US plants
The Swedish appliance maker Electrolux has announced it is going to close two plants in the United States. The company has also reported a 92 percent rise in profits for the third quarter.
AVIATION
British Airways announces more job cuts to stem losses
Embattled airline British Airways says it will cut the equivalent of 1,700 jobs through voluntary departures and switches to part-time work. The British carrier is also planning a two-year pay freeze as part of aggressive action to stem losses.
AVIATION
A further 6,800 jobs to go at Japan Airlines
In an effort to return to profit, Japan Airlines has announced it is to slash 6,800 jobs, representing 10 percent of its workforce. The company, which has already made big cuts in recent years, lost over one billion dollars between April and June.
AUTO INDUSTRY
Magna to cut 10,500 jobs at loss-making Opel
Canadian car parts manufacturer Magna plans to lay off 10,500 Opel workers after concluding the acquisition of a majority stake in General Motors' unprofitable European unit, its co-chief executive Siegfried Wolf has announced.
AUTO INDUSTRY
Opel's sale to Magna raises fear of layoffs
General Motor's announcement that it is to sell Opel to Canadian auto parts maker Magna has raised fears of layoffs. Magna says it will have to cut one fifth of Opel's European workforce.
AVIATION
Japan Airlines considering further job cuts
Japan's main carrier, Japan Airlines, could cut as many as 5,000 jobs by 2012, local media say. The cash-strapped company has forecast a loss of 660 million dollars in the year to March 2010.
AGRICULTURE
Monsanto announces 900 layoffs worldwide
US biotech giant Monsanto has announced that it will cut 900 jobs worldwide as part of a restructuring plan to cope with tough economic times. This comes as the company reported a 14% fall in its third quarter net income.
(2) comments
INTERNET
MySpace to slash one third of its US staff
Once the top Internet social network, MySpace has announced that it will cut 500 jobs, nearly 30% of its US staff. MySpace has been badly hit by the growing success of Facebook. The company named a new CEO, Owen Van Natta, last April.
AVIATION
Air France-KLM announces first loss, plans 2,700 job cuts
Europe's biggest airline company, Air France-KLM, has announced an annual net loss of 814 million euros, the first since its merger in 2003. The group also plans to cut around 2,700 jobs.
(2) comments
Close