April 13, 2009

IBM set to axe thousands in move to cheap labour abroad

IBM is planning to axe thousands of jobs in Britain, Germany and Ireland as part of a broader move to shift much of its workforce to cheaper outlets in eastern Europe, China, India and South America, the Observer has learned.

IBM workers in India earn an average $5,000 a year, compared with between $50,000 and $80,000 for a similar job in the US.

The expected European job cuts come on top of 5,000 recent layoffs at IBM in America. The US cuts brought the total number of redundancies on IBM’s home turf to around 9,600 for the first three months of the year.

Source: Guardian

March 24, 2009

Wales Airbus factory set to lose 250 jobs

A downturn in orders at the Airbus factory at Broughton in Flintshire is to result 250 job cuts, unions have been told.

Officials have been in talks with management at the factory, which employs over 6,000 people, and say the company hopes most, if not all the cuts, can be through voluntary redundancies.

Source: News Wales

March 17, 2009

Nokia Plans 1,700 Job Cuts as Sales Slow

Nokia said Tuesday that it planned to eliminate 1,700 jobs, roughly 3 percent of its work force, as demand for phones continued to sag.
The company said 700 workers would be laid off in Finland and the rest elsewhere in Europe, Asia and North America. The layoffs are to take place in Nokia’s devices and markets divisions, which produce, market and sell mobile phones, and in a unit responsible for long-term corporate strategy.

Source: NYTimes

February 24, 2009

Vodafone will cut 500 jobs in Britain

According to AFP: “British mobile phone giant Vodafone said Tuesday the group would axe 500 jobs in its home market as part of a cost-cutting programme that was unveiled last year.”

Nokia halves mobile advertising staff

Filed under: Europe,Nokia,US,Wireless — DF @ 11:25 am
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According to Reuters, CNBC: “Nokia has decided to cut some 90-100 jobs, roughly half the staff, of its mobile advertising business as the economic downturn dampens demand, the world’s top cellphone maker said on Tuesday.”

~News submitted by upthecreek

February 11, 2009

Alcatel to cut 1,000 manager jobs

According to Reuters, CNBC: “Franco-American telecoms gear maker Alcatel-Lucent said it plans to cut 1,000 managerial posts from its global workforce will see 198 positions in France eliminated. Alcatel-Lucent managers in France told a works council meeting on Wednesday that 450 managerial posts would go in North America and 450 in Europe, of which 198 in France, the CFDT union said in a statement.”

~News submitted by upthecreek

Nokia to cut 320 jobs, temporarily lay off 2,500

According to BusinessWeek: “Nokia Corp. said Wednesday it will close the research and development center in Jyvaskyla, southern Finland by the year-end, all 320 people working there will be affected.”

“The Finnish company is also planning to temporarily lay off some 2,500 workers at a plant in Salo, on the southern coast, although production there will continue.”

February 9, 2009

UBS to cut more jobs

Filed under: banking,Europe — DF @ 11:59 pm
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According to MarketWatch: “UBS said it’s cutting its investment bank division to 15,000 jobs as it revamps its business. The Swiss bank also is creating two new divisions, Wealth Management & Swiss Bank and Wealth Management Americas.”

February 4, 2009

Top 20 Emerging Global Outsourcing Cities

Top 20 Emerging Global Outsourcing Cities in 2008:

1. Cebu, Philippines [Rank in 2007: 4]
2. Shanghai, China [Rank in 2007: 8]
3. Beijing, China [Rank in 2007: 10]
4. Ho Chi Minh City, Vietnam [Rank in 2007: 16]
5. Krakow, Poland [Rank in 2007: 16]
6. Kolkata, India [Rank in 2007: 5]
7. Cairo, Egypt [Rank in 2007: 11]
8. Sao Paulo, Brazil [Rank in 2007: 15]
9. Buenos Aires, Argentina [Rank in 2007: 14]
10. Shenzhen, China [Rank in 2007: 13]
11. Hanoi, Vietnam [Rank in 2007: 12]
12. Chandigarh, India [Rank in 2007: 9]
13. Curituba, Brazil [Rank in 2007: 17]
14. Prague, Czech Republic [Rank in 2007: 20]
15. Pasig City, Philippines [Rank in 2007: 23]
16. Dalian (Dairen), China [Rank in 2007: 18]
17. Coimbatore, India [Rank in 2007: 21]
18. Santiago, Chile [Rank in 2007: 19]
19. Colombo, Sri Lanka [Rank in 2007: 7]
20. Johannesburg, South Africa [Rank in 2007: 25]

Source: India Times

January 23, 2009

Fresh UBS job cuts suggest more to come for sector

According to Reuters (ZURICH/LONDON): “A new round of job cuts at Swiss bank UBS AG two months after an earlier cull shows thousands more bankers may be on their way out as investment banks struggle with a crisis critics say they helped cause.”

Analysts at JP Morgan said they expect UBS to reduce its investment banking headcount by another 1,100 by the end of 2010, with Deutsche Bank cutting 4,000 investment bankers and Credit Suisse, which slashed in December 5,300 jobs, about 200.

“We expect staff levels in 2009 to be adjusted to 2005 levels, with revenues in 2010 to match 2002-03 levels,” they said.

News submitted by Alan Clegg

January 8, 2009

Fiat announces white-collar layoffs.

Filed under: auto,Europe,worldwide — 7macaw @ 5:53 pm
Tags: ,

The Italian automaker Fiat Group SpA’s layoff plans are now hitting white-collar workers.

Fiat informed unions this week that 1,800 white-collar workers will be temporarily laid off for the first week of February, and 1,500 during the second week, the company confirmed Thursday.

That is in addition to 48,000 blue-collar workers — more than half of the Italian work force — who were temporarily laid off until the middle of January. Workers at a Naples plant also will be laid off into February.

Source: AP

Germany’s Job Creation Machine Sputters

SpiegelOnLine reports: “According to a report released on Wednesday by the Federal Labor Agency, which tracks German unemployment statistics, the number of jobless rose by 114,000 in December, bringing the total to 3.102 million or 7.4 percent.”

“On average, the total number of unemployed last year was 508,000 lower than in 2007. Analysts, though, anticipate that 2009 will see increased job losses in Germany.”

January 7, 2009

European investors unfazed by “India’s Enron” in IT

According to Reuters: “European investors remain upbeat about India despite an accounting scandal at IT company Satyam Computer Services (SATY.BO) that sent Indian markets tumbling on Wednesday.

Shares in the IT group fell almost 80 percent after founder and chairman Ramalinga Raju admitted inflating the company’s reported cash and bank balances by over 50 billion rupees ($1 billion).

While shaken by what has been dubbed “India’s Enron”, some investors say they will wait for signs of widespread malfeasance among Indian companies before deciding whether to change their investment policy on India.”

  • Satyam is the fourth largest of the Indian IT outsourcing firms
  • Satyam serves more than a third of the Fortune 500 companies
  • Satyam’s clients include multinationals such as Nestlé, General Motors (GM), and General Electric (GE)
  • Satyam’s auditor is PricewaterhouseCoopers, who endorsed the company’s accounts

Update: Ramalingam Raju, the chairman of troubled Indian IT outsourcing company Satyam Computer Services, resigned on Jan. 7, 2009, admitting the firm had falsified accounts and assets and inflated its profits over several years.

January 6, 2009

Logitech to slash 15 percent of its workforce, Withdraws Financial Targets

According to Bloomberg: “Logitech International SA (LOGN:VX), the world’s biggest maker of computer mice, withdrew its fiscal 2009 financial targets and said it will cut 15 percent of its salaried workforce because of the deepening global recession.

Logitech, based in Romanel-sur-Morges, Switzerland, will book a related restructuring charge in the fiscal fourth quarter ending March 31, 2009, the company said in a statement distributed by Business Wire today.”

  • Logitech has more than 9,000 employees, according to its Web site.
  • Logitech is scheduled to report third-quarter profit for the three months ended Dec. 31 on Jan. 20.

December 23, 2008

Romania, Europe: Alro to layoff additional 1,200 in 2009

Filed under: commodities,Europe — DF @ 1:31 pm
Tags: , ,

According to the company press-release: “Due to the decreasing aluminium price, which has dropped by more than 50% since mid July 2008, Vimetco has recommended at this weeks board meeting further cuts in aluminium production at Alro SA, as well as a further cut in headcount in Romania as part of an overall analysis of Vimetco’s global operations. Final decisions will be taken at next week’s board meeting of Alro SA which is due to take place at the beginning of next week. The production cuts which were discussed could go up to 50% of Alro’s capacity. Headcount will most likely be reduced by an additional 1,200 employees in 2009.

  • About Alro: Producing 283,000 metric tonnes of primary aluminium in 2007, Alro is the largest aluminium smelter in Central and Eastern Europe (excluding CIS). Alro is today one of Romania’s largest companies with an important contribution to the local and national economic development. The company is part of the international industrial and investment group Vimetco NV, which operates in the aluminium industry. Alro’s shares are traded on the Bucharest Stock Exchange, according to official information
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