Univision Communications Inc., the nation’s top Hispanic broadcaster, on Friday laid off 300 people, or 6 percent of the work force, a spokeswoman confirmed.
The company blamed the recession and the “downward pressure this has caused on advertising-related businesses” for the layoffs.
Source: AP
According to Reuters: “California’s unemployment rate rose to 10.1 percent in January, its highest level in a quarter century, as recession tightened its grip on the most populous U.S. state.
Weakness in the housing and consumer sectors helped drive the jobless rate up from a revised 8.7 percent in December and 6.1 percent in January 2008 and to above the national average in January of 7.6 percent, state officials said on Friday.”
In a vivid illustration of how the global recession is battering the legal profession, Latham & Watkins, one of the largest law firms in the nation, announced yesterday that it will let go 190 lawyers and 250 paralegal and support staff.
Latham & Watkins, which represents clients such as District-based Carlyle Group, Goldman Sachs, Harrah’s Entertainment and UBS, has nearly 270 lawyers in Washington and more than 2,000 worldwide.
Source: The Washington Post
Indian outsourcers, along with Microsoft and Google, again lead the list of companies bringing foreign workers to the U.S. on the H-1B visa program.
According to U.S. Citizenship & Immigration Service (USCIS), Four India-based companies topped the list:
Infosys Technologies (INFY, India): 4,559 H-1B visas approved in 2008, 4,559 in 2007
Wipro (WIT, India): 2,678 H-1B visas approved in 2008; 2,567 in 2007
Satyam (SAY, India): 1,917 H-1B visas approved in 2008; 1,396 in 2007
Tata (TCS.BO, India): 1,539 H-1B visas approved in 2008; 797 in 2007
Microsoft (NASDAQ:MSFT): 1,018 H-1B visas approved in 2008; 959 in 2007
Google (NASDAQ:GOOG): 248 H-1B visas approved in 2008
Lehman Brothers: 130 H-1B visas approved in 2008
In fiscal year 2007, six of the top 10 visa recipients were based in India; two others among the top 10, Cognizant Technology Solutions (CTSH) and UST Global, are headquartered in the U.S. but have most of their operations in India, according to BusinessWeek
USCIS will begin taking H-1B applications for the next fiscal year on April 1 and will distribute the new visas on Oct. 1.
Source: U.S. Citizenship & Immigration Service (USCIS)
According to AP, CNBC: “Nearly 200 jobs are being cut at a central Indiana factory that makes engine parts for Honda Motor Co.
Keihin Indiana Precision Technologies says the moves will take effect by April 10 and reduce the work force of its Greenfield plant by about 20 percent.
The division of Tokyo-based Keihin Corp. had in the past couple months accepted volunteers for temporary four- to eight-week layoffs and cut the jobs of about 100 temporary workers.”
~News submitted by upthecreek
The Newark[,OH] basket-maker Longaberger Co. is eliminating 295 jobs and cutting wages as it deals with a continuing drop in orders, the company said yesterday.
The company said it will eliminate 120 management and support jobs and 175 manufacturing jobs. The wages of the remaining salaried employees will be reduced.
Source: The Columbus Dispatch
Luxury boat builder Tiara Yachts (based in Holland, MI) will lay off 300 of its 400 employees for at least a month.
“It’s the economy that is largely to blame,” said Dave Walsh, director of marketing. “We need 30 days to allow sales activity to catch up with production. We hope that it will.”
The temporary layoffs follow a series of permanent cuts last year, when 300 jobs were eliminated. This round is different, Walsh said. “Based on the slowdown in business, we hope to call all of them back,” he said.
Source: MLive.com
According to Reuters, CNBC: “Wal-Mart Stores Inc, Canada to close six Ontario Sam’s club locations to focus on supercentre expansion. Canada says decision will affect co’s 6 Sam’s club locations in Pickering, Vaughan, Richmondhill, London, Cambridge and Etobicoke. Canada says is in discussions with a major US retailer to purchase its interest in 5 of the Ontario Sam’s club locations”
~News submitted by upthecreek
According to AP, CNBC: “Microsoft Corp. is slashing overtime, hours and pay for U.S. temporary workers as part of an overall push to curb expenses during the recession.
Microsoft will cut what it pays the staffing agencies by 10 percent for current projects and won’t raise the rate it pays for temporary workers who return after a mandatory annual 100-day break. The company also plans to reduce overtime and the total number of hours clocked by temporary workers.”
~News submitted by upthecreek
According to MarketWatch: “The head of J.P. Morgan Chase‘s (JPM) retail banking operations said Thursday that the firm plans to trim 12,000 jobs from the headcount of Washington Mutual employees.”
Update (2-26-2009): Updated California WARN listing for J.P. Morgan (PDF document), Jul – Dec 2009 layoffs schedule
Update 2 (2-27-2009): JPMorgan Chase & Co. told investors Thursday that it will cut 14,000 jobs, up from a previously announced 9,200 in December, according to Dayton Business Journal
Eclipse Aviation Corp., which makes the 6-seat Eclipse 500 very light jet in Albuquerque, said it will not contest a motion by senior secured creditors to convert Eclipse’s bankruptcy proceedings to a Chapter 7 liquidation.
Eclipse had already furloughed its remaining 800 employees on Feb. 18 because of the delays in financing negotiations. At that time, however, the company said it was a temporary move and it expected the deal to close and affected employees to return to work.
In a letter to employees on Feb. 24, Eclipse executives said the furlough had converted to a layoff effective as of Feb. 19, meaning no salaries would be forthcoming for paychecks due on March 5 and all benefits would end as of Feb. 28.
Source: The Business Review (Albany)
JPMorgan Chase & Co. said Thursday it will eliminate about 12,000 jobs as it folds in the operations of Washington Mutual Inc.
Chief Executive Jamie Dimon said the cut was a precautionary move to ensure that the company has financial flexibility should economic conditions worsen. The move will save the company about $5 billion per year.
Dimon said he is not predicting, but is ready for: A recession lasting two years, a U.S. unemployment rate above 10 percent, and a 40 percent peak-to-trough decline in home prices.
Source: AP
First-time claims for U.S. unemployment benefits unexpectedly rose last week and total benefit rolls soared to a record high, a sign companies may keep shedding jobs as the recession worsens.
First-time unemployment applications increased by 36,000 to 667,000, the highest since 1982, in the week that ended on Feb. 21 from a revised 631,000 the prior week, the Labor Department said today in Washington. The number of people staying on benefit rolls rose in the previous week by 114,000 to 5.112 million.
Source: Bloomberg
California shed more workers than any other state because of mass layoffs, with 54,150 losing their jobs last month. It was followed by New York at 31,890, Pennsylvania at 29,660 and Ohio at 27,970, according to a report by the U.S. Bureau of Labor Statistics.
Source: U.S. Bureau of Labor Statistics, San Francisco Business Times
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