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February 12, 2009

U.K. Unemployment Hits 10-Year High

U.K. unemployment rose in January to the highest level in almost a decade, threatening to erode support for Prime Minister Gordon Brown as the recession deepens.

The number of people receiving jobless benefits climbed 73,800 to 1.23 million, the most since July 1999 and the 12th increase in succession, the Office for National Statistics said today in London.

Source: Bloomberg

Laid-Off Foreigners Flee as Dubai Spirals Down

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who make up 90 percent of the population here and who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.

The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.

No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.

Source: The New York Times

February 11, 2009

Putnam Investments to cut 260 jobs

Putnam Investments will announce on Thursday details of a round of layoffs in which the asset manager will cut 260 jobs from its 2,400-strong workforce.

Jeff Carney, senior managing director, said the cuts will come from Putnam’s non-investment teams, such as the sales, operations, marketing and products and technology groups.

The layoffs are in part due to Chief Executive Bob Reynold’s plan for Putnam’s new business model, which is to focus on retail mutual funds, retirement accounts and institutional clients, said Carney.

Source: MarketWatch

December 18, 2008

(Rumor) Oracle: Major layoffs are to come in January 2009

According to rumors from different sources: “There were several layoffs reported between November – December, 2008 in Oracle’s North America consulting unit. The reduction in force included 140 IT consultants specializing in Siebel, E-Business Suite, PeopleSoft, J.D. Edwards, and Hyperion products.”

Rumor: “A bunch of people were laid off from Oracle’s business units including utility and retail. Major layoffs are to come in Jan 2009”.

Rumor: “at least 2 people were laid off from PeopleSoft/Oracle unit with no warning.”

Rumor: “20% of the Education staff was let go”.

Update: According to Dow Jones and CNNMoney: “Oracle Corp.’s (NASDAQ: ORCL) fiscal second-quarter net income fell slightly, with the stronger dollar dragging on revenue and profitability.
Revenue for the quarter was lower than Wall Street expected, reflecting both the currency impact and weaker information-technology expenditure, but cost control and a strong flow of maintenance support revenue helped Oracle hit its quarterly earnings per share guidance.”

Update 2 (1-09-2009): According to rumors:

  • SAP layoffs: “A source reports that SAP is making some deep cuts in SAP’s Strategic Growth Enterprise (SGE) unit (focused on the SMB space). A 300 sales-related positions were affected in North America.”
  • Infor layoffs: A source reports that “Infor just laid off a staggering 85% of their senior managers and executives across UK and Europe.”

Update 3 (1-11-2009):

  • India’s Oracle office in Bangalore lays off 40 people, according to The Time of India.
  • Oracle India has an extensive network of more than 400 channel and alliance partners in India, which includes Infosys, Satyam, Sonata, Tata Consultancy Services and Wipro.

Update 4 (1-12-2009):

  • Reports said that after the acquisition of i-Flex, Oracle was planning to lay off almost all employees of that company, though the decision was scrapped after intervention of Oracle’s management, as the layoff of all i-Flex employees could project a failure of the acquisition, according to rumor

Update 5 (1-13-2009):

Update 6 (1-13-2009):

  • Oracle cut around 500 positions in its North American sales and consulting businesses last Friday (January 9, 2009), according to WSJ and other sources.
  • Investors had anticipated a larger scale of the job cuts thanks to the rumors last week that the company was aiming to eliminate thousands of its employees, according to Yahoo Finance
  • Oracle  employed 86,657 globally at the end of November.

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