Motorola posted a first-quarter net loss of $228 million, or 10 cents a share, compared with a loss of $190 million, or 9 cents a share, a year ago when there were fewer shares. Motorola said it is ahead of schedule in its cost cuts and raised its full-year cost-savings target by $200 million to $1.7 billion.
Source: WSJ
According to Dow Jones, Morning Star: “Singapore Minister for Manpower Gan Kim Yong Wednesday said that layoffs during the first quarter of 2009 is likely to have crossed 10, 000.”
~News submitted by upthecreek
The number of illegal Indian workers leaving Dubai soared in the first four months of 2009 as the financial crisis hit demand for day labourers on building sites, India’s consul-general to Dubai said on Thursday.
Consulate data showed the number of emergency certificates granted to illegal workers in Dubai and the northern emirates jumped almost six-fold in the first four months of 2009 to 5,277, compared with 894 in the same period last year.
Source: CNBC
~News submitted by upthecreek
Chrysler LLC, the automaker that survived a near-death experience in 1979, filed today for bankruptcy protection to streamline operations and shed debt in a reorganization that includes Italy’s Fiat SpA as a partner.
“Bankruptcy could do a lot of good for Chrysler” by allowing it to “shrink down to the size it needs” quickly, said Stephen Lubben, who teaches bankruptcy-law at Seton Hall University School of Law in Newark, New Jersey.
Source: Bloomberg
An interesting map shows job losses or gains in major metropolitan areas from 2004 to 2009. Once it gets to 2009, things get quite scary!
SAP AG, the world’s biggest maker of business-management software, said first-quarter license revenue plunged 33 percent, more than analysts anticipated.
SAP has frozen salaries and plans to cut 3,000 jobs this year, the first redundancies since it was founded. Rival Oracle Corp. said last month its new software license sales fell 6 percent in the quarter ended Feb. 28.
Source: Bloomberg
The J. Paul Getty Trust will slash its workforce by 14% (205 jobs). Getty officials said they expect to lay off 97 current regular employees, with the rest of the reduction to come from positions either now vacant or likely to come open through normal turnover.
Source: LA Times
~News submitted by upthecreek
The president of Google Inc’s global display advertising business, David Rosenblatt, who joined Google last year through its $3.1 billion acquisition of DoubleClick, will leave the company in mid-May, a Google spokeswoman said on Wednesday.
Source: Reuters
Jones Apparel Group Inc. said it will shutter about 225 locations in 2009 and 2010, representing a fifth of its own stores, and cut as many as 1,000 jobs to reduce costs as the recession slows apparel and shoe sales.
Source: Bloomberg
Sacramento County is considering whether to cut well over 1,000 positions to close a projected $187 million general fund shortfall in the fiscal year starting July 1.
The County Executive’s Office released Monday showing proposed cuts of 907 positions – 640 of which are filled. Those figures don’t include possible cuts to the Sheriff’s Department, the District Attorney’s Office or the Assessor’s Office. The proposed cuts would affect virtually all facets of county government, including: the office of county counsel, Public Defender’s Office, juvenile medical services, and Department of Health and Human Services.
Source: Sacramento Bee
~News submitted by upthecreek
Clear Channel Communications Inc. cut 590 jobs in its radio division and suspended its 401(k) employee-matching program as part of a restructuring.
Including this reduction, the largest U.S. radio broadcaster has cut its workforce by 12 percent this year, spokeswoman Michele Clarke said in a telephone interview. The San Antonio-based company slashed 1,850 positions at its corporate, radio and outdoor units in January.
Level 3 Communications Inc., the money-losing U.S. phone operator, posted first-quarter sales that missed analysts’ estimates and said it plans to cut 150 jobs this quarter, sending the stock down 14 percent.
The recession is forcing customers to disconnect lines, and “revenue pressure” will continue this quarter, Chief Financial Officer Sunit Patel said in a statement. The company, which cut more than 1,400 jobs last year, swung back to a loss after reporting its first profit since 2003 in the previous quarter.
Source: Bloomberg
The U.S. economy contracted during the first three months of the year at one of the fastest rates in 27 years and surprised analysts by nearly matching the historic decline than had been registered in the final quarter of 2008, when it was battered by the financial meltdown.
Gross domestic product, a measure of the goods and services produced across the nation, shrank at an annualized rate of 6.1 percent, according to a preliminary estimate released this morning by the Commerce Department, after contracting by 6.3 percent between September and January.
Source: Washington Post
Executive search firm Heidrick & Struggles International Inc. on Tuesday reported a loss for the first quarter , and announced plans to cut more jobs and reduce bonuses and salaries in an effort to save up to $20 million a year.
In addition to an 11% work force reduction in January, the company plans to cut headcount by an another 8 % to 10% in May.
Source: AP, Yahoo Finance
~News submitted by upthecreek
According to Dow Jones, WSJ: “Smith International Inc.’s (SII) first-quarter net income fell 41% on weakness in its North American business and a “sharp drop” in drilling activity as the company said it cut 14% of its North American work force.”
~News submitted by upthecreek
Riverside County, CA officials propose laying off about 1,000 employees, most of them in law enforcement, starting in July if the county cannot wring union concessions to help close a $130 million budget shortfall.
Source: The Press-Enterprise
~News submitted by upthecreek
Nokia this morning took extra steps to improve its finances and said it would scale back the development of its online services.
In addition to the reduced efforts, the company also warned that it would cut about 450 positions from its internal IT staff as well as its Compatibility & Industry Collaboration group, which handles support for outside services. The cuts are claimed by Nokia to be part of its existing job cut plan, though the total number of layoffs has expanded significantly over the past several months.
Source: Electronista
Timken Co., the Canton industrial bearing and steel maker, said Monday that low global demand for some products will result in at least 3,000 job cuts through the rest of 2009.
In early 2008 Timken began trimming a fourth of its work force, and “we have gotten 50 percent to 60 percent through that process,” said Lorrie Paul Crum, a spokeswoman. The layoffs are distributed among the company’s plants in North America, Eastern Europe and Asia.
Source: Cleveland Ohio Business News
General Motors Corp. will cut an additional 7,000 to 8,000 factory jobs in the United States, kill the Pontiac brand and shed 2,600 dealers by 2010 under a revised business plan developed with the Obama administration and announced today.
The new job cuts bring the total number of hourly jobs eliminated under GM’s plan to 21,000. GM said additional cuts among salaried workers would be expected, but did not give a specific target.
Source: Detroit Free Press
General Motors Corp., shuttering U.S. plants in a bid to avoid bankruptcy, is “likely” to build a new factory in China on surging demand.
“Operations in China are profitable and in the future China can finance its own growth,” Nick Reilly, the company’s Asia-Pacific president, said at the Shanghai auto show today. He didn’t give a timeframe for the new plant.
“We won’t get money out of the U.S. into China,” Reilly said. Still, “we don’t need to because we have a very good balance sheet.”
Source: Bloomberg
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