February 25, 2009

Half a million Russians to lose jobs, wages shrink

According to Reuters, CNBC: “The number of Russians set to lose their jobs amid the global financial crisis has reached half a million, jumping tenfold in less than four months, government statistics showed. The figures demonstrate how deeply the economic turmoil has penetrated into Russia’s real economy, affecting not only financial professionals, as was largely the case in October, but everyone from store clerks to construction workers. As of February 18, the health and social development ministry had classified 496,600 workers as “due for redundancy” — meaning job cuts notified to the government but not yet enacted.”

~News submitted by upthecreek

January 7, 2009

Lenovo is losing ground, will slash 2,500 jobs

According to Forbes: “Three years after its ambitious acquisition of IBM’s PC unit, the Chinese computer maker is losing ground to U.S. and Taiwanese rivals.”

“Lenovo , the world’s fourth-largest computer maker by shipments, warned it incurred a material loss in the fiscal third quarter that ended in December, and it is cutting costs in response. The company will slash 2,500 jobs, or 11.0% of its work force, and reduce executive compensation by 30% to 50%, including merit-based pay and long-term incentives, according to a company statement. It will merge its China and Asia-Pacific operations into an Asia-Pacific and Russia unit.”

Update (Bloomberg): Asian Stocks Decline, Wiping Out 2009 Gains; BHP Slump, Lenovo plunged 22 percent

December 15, 2008

Russia: RUSAL to cut 4,500 jobs worldwide

According to Interfax Information Services, Russia: United Company RUSAL (the world’s largest producer of aluminium and alumina, Russia) cuts its global worldwide workforce by 5 percent, or about 4,500 jobs.

November 21, 2008

Russia: Unpaid Wages Spur Reminders of 1998

According to WSJ: “Russians have begun to feel the chill of the financial crisis, as it triggers layoffs and wage-payment delays reminiscent of the economic collapse in the late 1990s.

On Thursday, Prime Minister Vladimir Putin promised new measures, including lower corporate taxes and higher unemployment payments, in addition to an existing bailout package.

Government data show that wage arrears jumped in October to over four billion rubles ($145 million), their highest level in a year, and that firms owe back pay to 300,000 people. Economists say the real figures are likely to be higher, though far below those seen in the 1990s, when tens of millions of people were affected. Then, workers went without salaries for months on end, sparking nationwide protests.”

Blog at