July 11th, 2009
President Barack Obama said his $787 billion stimulus bill “has worked as intended” as he pushed back against Republican criticism that his recovery program has failed to rescue the economy.
Obama, in his weekly Saturday radio and Web address, said the stimulus program is helping state governments save jobs. Were it not for the program, the president said, “state deficits would be nearly twice as large as they are now, resulting in tens of thousands of additional layoffs — layoffs that would affect police officers, teachers, and firefighters.”
Source: Bloomberg
Posted in Obama, Stimulus | No Comments »
July 10th, 2009
Credit card issuer Advanta Corp. on Friday said it’s laying off half its work force. In a filing with the Securities and Exchange Commission, Advanta said the company will have less than 200 employees after the layoffs.
Source: CNBC, AP
~News submitted by upthecreek
Posted in US, banking, finance | No Comments »
July 10th, 2009
Up to 95 Aston Martin workers are to lose their jobs, a union has said.
A company spokesman said the redundancies were part of 600 jobs cuts - a third of the workforce - announced in December.
Source: BBC
Posted in UK, auto | No Comments »
July 10th, 2009
Cisco Systems Inc is in the process of cutting between 1,500 and 2,000 jobs, according to an report from Thomas Weisel analyst Hasan Imam.
A Cisco representative was not immediately available to comment on the report, which also said that the company could exceed its plan to cut annual costs by $1 billion with job cuts.
Source: Reuters
Posted in Cisco | 2 Comments »
July 9th, 2009
Homeless families in suburban and rural areas jumped by 56% in 2008, according to a government report released Thursday.
Source: CNNMoney
Posted in FYI, US, housing | No Comments »
July 9th, 2009
More than half of potential homebuyers say they’re still not prepared to jump into the market, and fear of losing their jobs is the No. 1 reason, a new poll shows.
Source: CNBC, AP
~News submitted by upthecreek
Posted in Markets, US, housing, real estate, unemployment | No Comments »
July 9th, 2009
President Barack Obama’s $787 billion economic stimulus package will help put 14,200 teens and young adults to work this summer in Ohio, and most of the stimulus-funded highway projects in the state are reaching economically distressed areas, according to a federal report released Wednesday.
Source: CNBC, AP
~News submitted by upthecreek
Posted in General, Government, Obama, Stimulus, US | 2 Comments »
July 9th, 2009
Lawn and garden products maker Scotts Miracle-Gro Co. said Wednesday it will close its Novato, Calif.-based Smith & Hawken business by the end of the year.
Source: CNBC, AP
~News submitted by upthecreek
Posted in Retail, US | No Comments »
July 9th, 2009
The Labor Department said that initial claims for state unemployment insurance fell 52,000, the largest drop since December, to a much lower-than-expected seasonally adjusted 565,000 in the week ended July 4, from 617,000 the prior week. The seasonally adjusted data was distorted by an unusual pattern of layoffs in the automotive industry.
Source: Reuters
Posted in US, labor department, unemployment | No Comments »
July 8th, 2009
The new owner of an iconic Waikiki property that was featured in the opening title shot of the 1970s TV series “Hawaii Five-0″ said Tuesday it plans to cease operations of the building’s Ilikai hotel in two days. The closure will put as many as 142 union members out of work.
Source: CNBC, AP
~News submitted by upthecreek
Posted in Resorts, Services, US, tourism | No Comments »
July 8th, 2009
Just days after losing their jobs, a huge portion of the newly jobless get a second nasty surprise: At least 25% of those who file unemployment claims will find that their former employers have challenged their rights to benefits.
In the past 15 years, the number of employer challenges has more than doubled.
Source: MSN Money
Posted in FYI | No Comments »
July 8th, 2009
Pennsylvania enters its second week without an approved budget. Republicans and the Governor agreed on $72 million in cuts spread out over four departments. $34 million of that would come from the Department of Public Welfare.
The Governor says there could be 500-800 jobs lost because of those cuts.
Source: Fox43
Posted in Government, US | No Comments »
July 7th, 2009
After more than three months of greed, fear is returning to global financial markets. Amid growing nervousness about the economy’s prospects, the Dow Jones Industrial Average fell 161.27 points, or 1.94%, on Tuesday, to 8163.60, its lowest close since April 28. It still is up almost 25% since beginning a sharp rebound from a 12-year low on March 9, but it had been up as much as 34% a month ago.
Source: WSJ
Posted in Markets, US, economy | No Comments »
July 7th, 2009
Chinese auto maker BAIC, which is offering 922 million dollars for a majority stake in Opel, plans to build a plant in China and cut jobs in Europe if its bid succeeds, a report said.
According to German reports Carl-Peter Forster, head of GM Europe, has said he hopes Opel will be bought by Canadian auto parts manufacturer Magna by mid-July, adding that the Canadian firm had a “considerable lead” on other possible buyers.
Source: AFP
Posted in Europe, GM, auto | No Comments »
July 6th, 2009
The U.S. Justice Department arrested a former Goldman Sachs Inc. (GS) employee and charged him with stealing computer codes related to the firm’s high-speed trading platform.
Sergey Aleynikov, a naturalized U.S. citizen who emigrated from Russia, allegedly unlawfully copied, duplicated, downloaded and transferred computer codes from a New York-based financial institution. His salary at the time of his employment termination was about $400,000 a year.
Source: WSJ
(Update): “An error by the New York Stock Exchange caused Goldman Sachs Inc. (GS) to be left out of the exchange’s weekly program trading data last week. ”
Source: WSJ
Posted in Goldman Sachs, IT, IT consulting, Russia, US, banking, software | No Comments »
July 6th, 2009
Sun Microsystems recently dismissed 61 employees in Dallas as part of a broader restructuring, according to a company filing with the Texas Workforce Commission.
In addition, Sun plans to dismiss two other employees in Austin between Aug. 24 and Sept. 7, a letter to the Workforce Commission says.
Source: Dallas Business Journal
Posted in Sun | No Comments »
July 6th, 2009
Satyam Computer Services Ltd., now called Mahindra Satyam, is currently not considering any job cuts, Chairman Kiran Karnik said Saturday.
“This is an operational decision for the management to take. At the moment there is nothing before the board,” Mr. Karnik said at the sidelines of an industry event.
Source: The Wall Street Journal
Posted in outsourcing | No Comments »
July 3rd, 2009
British Airways PLC announced Friday it will ground aircraft, slash seat numbers and postpone taking delivery of a dozen new Airbus A380 superjumbos as it faces a recession-driven decline in passengers. British Airways, which employs 40,000 people, is looking to cut 2,000 flight attendants and 1,500 ground workers.
Source: GoogleNews, AP
Posted in Europe, air, aviation, boeing | No Comments »
July 2nd, 2009
Casino operator Las Vegas Sands says it has laid off nearly 200 people in Las Vegas. The company laid off 280 people in March.
Las Vegas Sands owns the Venetian and Palazzo hotel-casinos on the Las Vegas Strip, as well as Sands Macao, Venetian Macau and Sands Casino Resort Bethlehem in Pennsylvania.
Source: San Jose Mercury News
Posted in entertainment | No Comments »
July 2nd, 2009
Oracle Corp plans to lay off up to 1,000 workers in Europe, or about 1 percent of its global staff, as the recession erodes the giant software company’s earnings, French news agency AFP reported on Thursday.
Source: Reuters
Posted in Europe, IT, IT consulting, Oracle, US, outsourcing | 3 Comments »
