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Archive for the 'Russia' Category

AvtoVAZ Says Job Cuts May Reach 27,600 as Sales Drop

Thursday, September 24th, 2009

OAO AvtoVAZ, Russia’s biggest carmaker, said it may eliminate 27,600 jobs, or about a quarter of its workforce, as it slashes production to cope with plunging domestic sales.

AvtoVAZ, 25 percent owned by Renault SA, said today it’s operating at 65 percent of capacity. The automaker’s share of the Russian market may decline to 17 percent in 2015 from 25 percent this year as foreign automakers ramp up production in Russia, Goldman Sachs Group Inc. said in a report this week.

Source: Bloomberg

Posted in Russia, auto | No Comments »

Russia’s AvtoVAZ to lay off 36,000 employees

Friday, September 11th, 2009

Russia’s largest car maker, AvtoVAZ, plans to lay off 36,000 employees including 5,000 white-collar staff by December 1, following dipping auto sales and mounting losses.

The company, known for its Lada brand cars, recorded a loss of $447 million between January-June 2009 against a net profit of $47 million during the same period last year.

Source: BusinessStandard

Posted in Manufacturing, Russia, auto | No Comments »

Russia: Automaker AutoVAZ to layoff 27,700 workers

Tuesday, July 28th, 2009

Russia: About 27,700 workers of AutoVAZ will be laid off by the end of the year as the automaker continues to downsize, russian news agency InterFax.ru reports today.

Posted in Manufacturing, Russia, auto, transportation | No Comments »

Ex-Goldman Employee Charged With Code Theft

Monday, 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 »

Russian automaker IZH-Auto to cut 90% jobs

Tuesday, March 31st, 2009

(Russia, Izhevsk) Russian auto maker IZH-Auto plans to cut up to 5,000 jobs in April or about 90% of the company’s workforce after Auto-VAZ abandoned its efforts to acquire IZH-Auto earlier this year.

AutoVAZ (Automaker, Russia), 25% of AutoVAZ owned by Renault [Euronext: RNO]

Posted in Europe, Russia, auto | 2 Comments »

Half a million Russians to lose jobs, wages shrink

Wednesday, February 25th, 2009

According to Reuters, CNBC: “The number of Russians set to lose their jobs amid the global financial crisis has reached half a million, jumping tenfold in less than four months, government statistics showed. The figures demonstrate how deeply the economic turmoil has penetrated into Russia’s real economy, affecting not only financial professionals, as was largely the case in October, but everyone from store clerks to construction workers. As of February 18, the health and social development ministry had classified 496,600 workers as “due for redundancy” — meaning job cuts notified to the government but not yet enacted.”

~News submitted by upthecreek

Posted in FYI, Russia, unemployment | No Comments »

Lenovo is losing ground, will slash 2,500 jobs

Wednesday, January 7th, 2009

According to Forbes: “Three years after its ambitious acquisition of IBM’s PC unit, the Chinese computer maker is losing ground to U.S. and Taiwanese rivals.”

“Lenovo , the world’s fourth-largest computer maker by shipments, warned it incurred a material loss in the fiscal third quarter that ended in December, and it is cutting costs in response. The company will slash 2,500 jobs, or 11.0% of its work force, and reduce executive compensation by 30% to 50%, including merit-based pay and long-term incentives, according to a company statement. It will merge its China and Asia-Pacific operations into an Asia-Pacific and Russia unit.”

Update (Bloomberg): Asian Stocks Decline, Wiping Out 2009 Gains; BHP Slump, Lenovo plunged 22 percent

Posted in Asia, China, Manufacturing, Russia, Technology, US, worldwide | No Comments »

Russia: RUSAL to cut 4,500 jobs worldwide

Monday, December 15th, 2008

According to Interfax Information Services, Russia: United Company RUSAL (the world’s largest producer of aluminium and alumina, Russia) cuts its global worldwide workforce by 5 percent, or about 4,500 jobs.

Posted in Manufacturing, Russia, worldwide | No Comments »

Russia: Unpaid Wages Spur Reminders of 1998

Friday, November 21st, 2008

According to WSJ: “Russians have begun to feel the chill of the financial crisis, as it triggers layoffs and wage-payment delays reminiscent of the economic collapse in the late 1990s.

On Thursday, Prime Minister Vladimir Putin promised new measures, including lower corporate taxes and higher unemployment payments, in addition to an existing bailout package.

Government data show that wage arrears jumped in October to over four billion rubles ($145 million), their highest level in a year, and that firms owe back pay to 300,000 people. Economists say the real figures are likely to be higher, though far below those seen in the 1990s, when tens of millions of people were affected. Then, workers went without salaries for months on end, sparking nationwide protests.”

Posted in News, Russia, oil | No Comments »

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