November 20, 2008

Associated Press to cut 10% jobs in 2009

According to Reuters: “The Associated Press plans to cut up to 10 percent of its workforce in 2009, according to sources at the news service, as it copes with tough financial times and ailing member newspapers.

The AP has one of the world’s largest news-gathering teams, employing about 3,000 journalists, and a total of about 4,100 people worldwide. The cuts could amount to about 400 employees.”

Unemployed? More help for you

According to CNN: “Congress passed legislation late Thursday to extend the period of government assistance to Americans struggling in the shrinking job market.
The bill, which was already approved by the House, is expected to be quickly signed by President Bush.
The measure helps people whose benefits have recently expired, extending benefits by seven weeks in most states and 13 weeks in states with unemployment higher than 6%.
Workers typically get 26 weeks of unemployment benefits, and it’s not uncommon for the government to extend that during economic slowdowns.”

Jobless claims reach 16-year high

According to CNN: “The ranks of Americans getting by on unemployment insurance are rising fast.
The number of people who filed new claims last week surged to the highest levels in 16 years, and the number of people continuing to collect benefits neared a 26-year high, the government said Thursday.”

China fears job riots

According to CNN: “China’s job outlook is “grim,” and the global financial crisis could cause more layoffs and more labor unrest until the country’s economic stimulus package kicks in next year, the nation’s minister of human resources and social security said Thursday.
Thousands of graduates crowd a jobs fair in Nanjing but vacancies are becoming harder to find. The stimulus package, unveiled earlier this month, will pump $585 billion into rebuilding communities destroyed by the May earthquake, constructing railways, housing, airports and highways, and funding other projects.”

China fears job riots

China fears job riots

Photo: CNN

Clean up your locker and hit the road, Mr. Murti at Goldman Sachs

According to NY Times (05/21/2008): “An analyst at Goldman Sachs, Mr. Murti has become the talk of the oil market by issuing one sensational forecast after another. Mr. Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: He foresees a “super spike” — a price surge that will soon drive crude oil to $200 a barrel.”

According to CNN Money (11/20/2008): “crude futures fell $4 to settle at $49.62 a barrel, the lowest settle price since May 23, 2005”. comment: “Clean up your locker and hit the road, Mr. Murti”.

Layoff Tracker update (11/20/2008)

According to TechCrunch Layoff Tracker(11/20/2008, 12:00 pm PST):

Total Layoffs Since August 27, 2008: 225
Total Employees: 77,151

CNN: No job, bad mortgage – out of luck

According to CNN: “All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can’t make their monthly payments because they’ve lost their jobs. But something needs to be done for them, experts said, or the country will sink deeper into an economic recession.”

Big Three auto CEOs flew private jets to ask for taxpayer money

According to CNN: “Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money. There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they’re going to be trimming down and streamlining their businesses,” Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.”

According to CNN: “The downfall of one of the Big Three could cost as many as 3 million jobs and $60 billion in the first year, report says.

According to LayOffBlog: “WTF?

November 19, 2008

Boeing cuts 800 Kansas jobs

According to AP: “Airplane maker Boeing Co. says it plans to cut about 800 positions at a facility in Wichita, Kan., next year.
The Chicago-based company says the reductions are a result of some programs ending and a delay in a U.S. Air Force tanker replacement program.
The layoffs will affect managers, as well as salaried and hourly workers.Boeing (BA, Fortune 500) says it will deliver 60-day layoff notices to about 76 employees on Friday. The rest of the layoffs will continue throughout next year.”

Silvaco (11/19/2008, Santa Clara): to cut 10 more positions

According to anonymous insider source, Silvaco, a Technology Computer Aided Design software vendor, plans to lay off about 10 employees from their Santa Clara office. About 7-10 positions has already been illuminated during November.

Yahoo: Past, Present and Future

According to blog:

Yahoo Past, Present and Future

Yahoo Past, Present and Future

Today’s Damn News (11/18/2008)

Damn News (by

Damn News (by

Two CEOs to step down; One tipple murder after lay-off; One passed-away legend. Damn news these days!

November 18, 2008

China to lay off 3.5m state workers

According to BBC News “China is preparing to cut the state workforce in the latest move to keep economic recession which has gripped South East Asia at bay.The minister of Labour, Li Boyong, said redundancies in the state sector this year were likely to add about 3.5 million to the country’s jobless total.”

China fears fast-rising unemployment could trigger social unrest

China fears fast-rising unemployment could trigger social unrest

Photo: BBC

Startups Outside Silicon Valley Also Cut Staff

According to Wall Street Journal: “Hatteras Networks, a well-financed startup whose equipment enables telecom companies to deliver carrier Ethernet and broadband services over existing copper infrastructure, has laid off a quarter of its staff. The Research Triangle Park, N.C., company let go of 20 employees, spread evenly across all departments, bringing the total remaining staff to 60, said Kevin Sheehan, the company’s chief executive. News of the cut was reported earlier on”

With Jerry Yang Gone, What Yahoo Should Do Next

According to Gigaom “Jerry Yang, after a tumultuous reign as the chief executive officer of Yahoo(s YHOO), the company he co-founded with David Filo, announced today that he is stepping down from the top slot. The news was first reported by Kara Swisher and later confirmed by Yahoo in a press release.”

Full story

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