According to AP: “New jobless claims fell more than expected last week from a 16-year high, the government said Wednesday, though they remain at elevated levels due to the slowing economy.
The Labor Department reported that initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week’s upwardly revised figure of 543,000. That is lower than analysts’ expectations of 537,000.”
According to WSJ: “The World Bank cut its forecasts for China’s economic growth because of weaker housing demand and softer private investment and consumption as well as the global downturn.
In its latest China Quarterly Update, the World Bank said China’s economy will likely grow 9.4% this year, slower than 11.9% in 2007 and its earlier projection of 9.8%.
The bank cut its growth forecast for 2009 to 7.5% from 9.2% earlier.”
According to Silicon Alley Insider and CNet: “Google has about 10,000 contractors and it wants to reduce that number”.
“In an interview, Google co-founder Sergey Brin said the company has been concerned about its high contracting expense. Brin said Google augments its workforce of 20,123 employees with about 10,000 contractors.
“It’s really high,” Brin said of the number of contractors. He said Google began looking at the number six months ago and has a plan to significantly reduce that number through vendor management, converting some contractors to regular employees, and other approaches.”
Silicon Alley Insider came up with ‘How To Lay Off Employees (And Not Get Sued)’ article.
In a few words: “Bone up on employment laws; Pay out severance according to title and length of service. Only;
Don’t treat laid off employees like criminals; Don’t set layoff traps ;Be clear to blame the economy, not the employee.”
According to CNet Business News: “The company plans to look at more ways to decrease costs, including laying off 7 percent of its workforce, as announced last week.
Looking ahead, TiVo said it’s expecting fourth-quarter revenue between $47 million and $49 million, and a net loss of between $10 million and $12 million.”
According to Technorati company blog: “Technorati just announced on its official blog that the company has decided to lay off six employees as the result of generally poor economic conditions. Management is also taking a 10-15% pay cut, while all other surviving employees are getting their paychecks cut down by 10%. Two of the six departures are from management positions, although no names have been released yet. CEO Richard Jalichandra described those who have been laid off as “high performers who have worked long hours to get us where we are now. They’re also friends, and we’re very sad to see them go.”
According to Bloomberg: “Cisco Systems plans to shutter its North American offices for five days for the first time in more than a decade as it seeks to shave $1 billion in costs.
The company’s U.S. and Canada offices will be closed Dec. 29 through Jan. 2, Terry Alberstein, a spokesman, said in an e-mail today. Some teams including technical support will be working.
Customers are withholding orders because of the financial crisis, forcing Cisco to suspend hiring, business travel and relocations in a bid to cut expenses. Chief Executive Officer John Chambers forecast a revenue decline for the first time in five years for the second quarter, which ends in January.”
According to F*Startups.com: “Yahoo.com will have 2000-3000 Layoff’s by Dec. 10th - 15th. This just came in from a high level executive at Yahoo. This includes the Northern & Southern California offices.
This is yet to be confirmed. Please add comments if you have any more information regarding this layoff.”
According to CNN: “AIG Chief Executive Edward Liddy agreed to slash his annual salary to $1 as part of a series of voluntary pay restrictions by top executives tied to a massive $150 billion government bailout.”
According to Bloomberg News: “Google, owner of the most popular Internet search engine, is adding fewer employees and focusing on controlling expenses amid the global economic slump, CEO Eric Schmidt said Monday. “We have slowed our hiring, but we’re still hiring,” he said in an interview. ”We’re still doing the same kinds of exciting and crazy things that Google always does.”Google is grappling with an economic slowdown that is curbing growth in online advertising, while competition intensifies with Yahoo and Microsoft. Schmidt said that while the ad market may be shrinking, Google benefits from its ability to target specific users.
Google, which had more than 20,000 employees at the end of the third quarter, up from almost 11,000 at the end of 2006, added 519 workers in the third quarter, compared with 2,130 in the same period a year earlier.
Google fell $4.99 to $257.44 Monday in Nasdaq Stock Market trading. The shares have lost 63 percent this year.”
According to CNet, companies are still hiring: Intel, Facebook, Cisco, Digg, Napster, etc. Check it out here.
According to CNet: “Faced with strong competition from Apple and Research In Motion, as well as economic headwinds, Palm has decided to lay off some workers.
Valleywag reported that the layoffs could involve as many as 10 percent of the company’s 1,050 employees. A Palm representative confirmed that layoffs were taking place but did not comment on exactly how many people were affected.”
According to Techcrunch: “Germany-based business networking service Xing today announced its CEO Lars Hinrichs will step down and be replaced by Ebay Germany head Stefan Gross-Selbeck effective January 15, 2009.
Hinrichs founded the company in 2003 and led it to an IPO three years later at the Frankfurt Stock Exchange where the market cap is currently hovering at around $182 million. (Which is a fraction of LinkedIn’s reported $1 billion private valuation). He will join Xing’s supervisory board as a consultant.”
According to JobeeHive Layoff Counter, there are thousands of layoffs in India in high-tech sector: Globallogic, Navi Mumbai SEZ, Puravankara Projects, HSBC India, Sapient, Caritor India, etc.
According to leaks and rumors from several online sources:
F*Startups.com: “Google will slash 1,000+ employees sometime within the next week.”
WebGuild.com: “Google has been quietly laying off staff and up to 10,000 jobs could be on the chopping block according to sources. Since August, hundreds of employees have been laid off and there are reports that about 500 of them were recruiters for Google.”
According to Bloomberg: “New York may lose as many as 225,000 jobs and $6.5 billion in securities industry-related tax revenue over the two-year period ending in October 2009, state Comptroller Thomas P. DiNapoli said.
In a report published today, he predicted financial- industry job losses may total 38,000 by October, with 10,000 more jobs lost in banking, insurance and real estate. Those losses could spread throughout the private sector, taking out as many as 225,000 positions statewide, he said. “
According to CNN: “President-elect Barack Obama named key members of his administration’s economic team Monday, including New York Federal Reserve President Timothy Geithner as his Treasury Secretary nominee and former Harvard President Lawrence Summers as the director of the National Economic Council.”
“Mission No. 1 over the next few weeks for Obama’s economic team will be hammering out the details of what the president-elect described this weekend as a two-year economic recovery plan intended to create 2.5 million jobs.
Estimates for how much might be spent on a multi-year stimulus package range as high as $500 billion to $700 billion.“
According to CNN: “Saying that moving quickly is imperative, President-elect Barack Obama on Saturday offered an outline of his economic recovery plan to create 2.5 million jobs by 2011, saying American workers will rebuild the nation’s roads and bridges, modernize its schools and create more sources of alternative energy.”
According to Aruba Networks Press Release (SUNNYVALE, CA, Nov 20, 2008): “To streamline operations, Aruba is reducing its operating expenses by approximately 10%, through a combination of a reduction in work force and reducing other non-headcount related expenditures. Net expense associated with the reduction in work force, which is primarily for severance and severance benefits, is expected to total approximately $1.2 million, which the Company expects to incur in the fiscal second quarter. Aruba expects these cost reduction measures to result in pretax savings of approximately $2.0-2.5 million in fiscal Q2 2009 and $5-6 million in the second half of fiscal 2009.”
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