London: Steel giant Tata Steel has reportedly warned the British government that it plans to shut down two research and development facilities in the country and shift them overseas including to India, resulting in 300-400 job cuts in the UK. In a move that will be seen as a major blow to Britain's already struggling industrial base, the company plans to close its technology centres on Teesside, in the north-east of England, and in Rotherham, South Yorkshire, over the next 18 months.
A source told 'The Sunday Times' that Tata Steel may then shift this research to the Netherlands and India, resulting in 300-400 job cuts in the UK. In November 2012, the company had revealed plans to restructure its British business, which is expected to lead to 12 site closures and 900 job losses.
Its Europe operations have been hit by a combination of high energy costs, falling demand and plummeting steel prices, which have fallen by 5 per cent in the past month. Demand has slumped 30 per cent since 2007, largely as a result of China's slowing growth rate putting the brakes on its appetite for the metal.
The European steel operations of Tata, a result of its acquisition of Corus back in 2007 for an estimated 6.7 billion pounds, is believed to be operating with towering debts of 3.4 billion pounds. Tata Steel employs around 19,000 workers in Britain and controls 46 per cent of the domestic market....
12:36 PM, Apr 29, 2013
Barclays' new boss is expected to shrink his investment banking and European operations and stop activities that could damage the troubled British bank's reputation as part of a revival plan to be unveiled on February 12. Chief Executive Antony Jenkins, a retail banker who was picked at the end of August to run the bank after a string of problems, is expected to tell investors he will cut some business...
11:12 AM, Feb 12, 2013
Struggling Japanese electronics maker Fujitsu is slashing 5,000 jobs, or nearly 3 per cent of its global workforce, as it seeks to boost profitability by reshaping its computer-chip business and its overseas operations. ...
11:24 AM, Feb 11, 2013
Morgan Stanley plans to cut 1,600 employees starting this week, two people familiar with the matter said on January 9, in the latest sign of a pullback on Wall Street as revenue from trading and deal-making remains in the doldrums. The staff reduction pertains to Morgan Stanley's institutional securities unit - which includes sales, trading and investment banking, and whose staff will be reduced 6 per cent - as well...
11:49 AM, Jan 10, 2013
Infosys is planning to lay off up to 5,000 employees as the software services provider looks to cut costs and boost sales, The Economic Times reported on Friday. The report came as Infosys Ltd executive co-chairman S Gopalakrishnan was quoted by other media reports as saying 2013 will be better than 2012 for India's IT industry. ...
10:47 AM, Jan 04, 2013
Tokyo: Japan's Sharp Corp is considering cutting 5,000 jobs globally, or just under 10 per cent of its consolidated workforce, a source close to the matter said on Thursday. The job cuts will be sought through early retirement and will also include reductions resulting from a plan to hive off ownership of its underused Sakai LCD factory in western Japan to Taiwan's Hon Hai Precision Industry, the source said. The...
08:31 AM, Aug 02, 2012
Hong Kong: Investment banks and brokerages across Asia have launched a sweeping round of job cuts as Europe's debt crisis and China's economic slowdown bite into the region's financial activity. Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the...
10:57 AM, Jun 25, 2012
Berlin: Hewlett Packard, the world's largest personal computer maker, may cut as many as 1,000 jobs in Germany as part of planned European-wide redundancies, WirtschaftsWoche reported, citing an unnamed staff representative. HP is planning to cut about 8,000 positions in Europe by the end of 2014, the German magazine said, citing unnamed officials close to the company. "As many as 1,000 jobs (in Germany) are acutely endangered," WirtschaftsWoche quoted the...
09:14 AM, Jun 24, 2012
Toronto: Struggling BlackBerry maker Research In Motion said Wednesday it has started laying off employees as part of a restructuring plan aimed at saving about $1 billion this year. RIM said in May that there would be "significant layoffs" this year. On Wednesday, the Waterloo, Ontario-based company said it has "reduced some positions as part of its program and may continue to do so as the company methodically works through...
09:32 AM, Jun 21, 2012
New York: A whopping 71,000 job cuts have been announced worldwide by more than a dozen multinationals, including HP and Nokia, so far this year as they attempt to save costs amid uncertain economic environment. The cuts have been announced by companies from various sectors, during the first six months of 2012, and those from the technology services space are the worst hit. Companies to have confirmed massive job cuts,...
04:52 PM, Jun 17, 2012
Paris: Loss-making Finnish cellphone maker Nokia plans to cut another 10,000 jobs globally and warned the second-quarter loss from its cellphone business would be larger than expected. The cuts bring total planned job cuts at the group since Stephen Elop took over as chief executive in September 2010 to more than 40,000. Nokia said it would book additional restructuring charges of around 1 billion euros ($1.3 billion) by the end...
12:41 PM, Jun 14, 2012
California: A week after announcing a painful round of job cuts, Yahoo CEO Scott Thompson unveiled a plan Tuesday that will reorganise the company into three main divisions focused on users, advertisers and technology. Thompson unveiled the plan at an "all hands" meeting for employees at the company's headquarters in Sunnyvale, California. It will take effect on May 1. According to a memo obtained by The Associated Press, the new...
12:18 PM, Apr 11, 2012
New Delhi: Japanese consumer electronics giant Sony today said it does not have any manpower realignment plan for India in the "near future" amid reports of the firm cutting 10,000 jobs globally. The company's Indian arm said it is rather ramping up its head count in the country to meet growing demand. "As far as India is concerned, Sony is witnessing healthy growth rate and there is no realignment of...
10:55 AM, Apr 10, 2012
Tokyo: Sony Corp is cutting 10,000 jobs, about 6 per cent of its global workforce, the Nikkei newspaper reported on Monday, as new CEO Kazuo Hirai comes under pressure to return the Japanese consumer electronics and entertainment company to profit after four years in the red. The job cuts are the latest downsizing in Japan Inc where companies from tech names NEC Corp and Sumco Corp to brokerage Daiwa Securities...
12:01 PM, Apr 09, 2012
Helsinki: Struggling Finnish phone maker Nokia plans to cut 4,000 more jobs at its plants in Finland, Hungary and Mexico as it seeks to cut costs by moving smartphone assembly work to Asia. The cuts of 8 per cent of the phone business workforce bring total planned job cuts at the group since Stephen Elop took over as Chief Executive in September 2010 to more than 30,000. Nokia said in...
08:21 PM, Feb 08, 2012
New Delhi: Labour unions in Greece have called for a strike after the Government said it would cut 15,000 public sector jobs by the end of the year. Greece is under pressure from its eurozone partners to accept another round of strict austerity measures in exchange for the $171 billion bailout loan that was promised in October. German Chancellor Angela Merkel told Greece on Monday to make up its mind...
10:20 AM, Feb 07, 2012
Washington: US aircraft company Boeing has announced its plans to close a massive plant in Wichita in Kansas before the end of 2013, a decision that will affect over 2,100 employees. "The decision to close our Wichita facility was difficult but ultimately was based on a thorough study of the current and future market environment and our ability to remain competitive while meeting our customers' needs with the best and...
09:37 AM, Jan 05, 2012
New Delhi: In a major cost-cutting exercise, private sector air-carrier Kingfisher Airlines is believed to be considering about 2,000 job cuts and longer working hours for its staff, among various options. Kingfisher later issued a statement saying, "Kingfisher Airlines categorically denies news reports appearing in a section of the press which claims the airline is planning to lay off any staff." However, industry sources said the debt-ridden carrier could also...
06:16 PM, Jan 04, 2012
New Delhi: The fear of an economic slowdown has turned to be a real one, as for the first time in recent months, India's industrial economy has actually shrunk, which may lead to job cuts, high inflation and more bearish stock markets. In fact, the Confederation of Indian Industry (CII) has warned of job losses and appealed for urgent measures to tackle the slowdown after the Index of Industrial Production...
08:20 PM, Dec 12, 2011
New Delhi: The economic slowdown is real and for the first time in recent months India's industrial economy has actually shrunk. The Index of Industrial Production has fallen to minus 5.1 per cent in October, the lowest in 28 months and the Confederation of Indian Industry (CII) has warned of job losses and appealed for urgent measures to tackle the slowdown. The industrial output was 1.9 per cent in the...
03:17 PM, Dec 12, 2011
