In another blow to the beleaguered electronics contract manufacturing business, Nokia—the world’s largest mobile handset brand—announced that it has stopped using outside contract manufacturers for the assembly of its phones. "This doesn’t help the eroding EMS/ODM industry," Pick continued. "Nokia’s pull-back will shed more than $5 billion in revenue from electronics contract manufacturers. That most means more overcapacity, more headcount reductions and, obviously, more problems."
By Francesca Piscioneri Francesca Piscioneri – 30-Mar-09 ROME (Reuters) – The global economic crisis will hit jobs hard, with unemployment set to reach double digits in many developing and advanced countries, the Organization for Economic Cooperation and Development (OECD) said on Sunday. "By the end of 2010 the unemployment rate could be approaching double digit figures in all G8 countries with the sole exception of Japan, as well as in the OECD area as a whole," the OECD forecast in a background paper to G8 labor and employment ministers gathering in Rome. http://news.yahoo.com/s/nm/20090329/bs_nm/us_jobs_oecd_g8
 Mar 27, 2009 By Telecom Asia Staff telecomasia.net Google will lay off around 200 sales and marketing staff - the company's third round of job cuts this year.
IBM to cut 5,000 jobs in U.S.  NEW YORK (Reuters) – IBM will cut about 5,000 jobs in the United States, adding to similarly large cuts in the past few months, sources with knowledge of the matter told Reuters on Wednesday.
March 25 (Bloomberg) -- HSBC Holdings Plc, Europe’s biggest bank by market value, may cut about 1,000 jobs in the U.K., according to a person familiar with the situation. http://www.bloomberg.com/apps/news?pid=20601110&sid=anN8DpdIjJBo
AP
Caterpillar lays off 2,454 workers in 3 states
Tuesday March 17, 11:23 am ET
By Daniel Lovering, AP Manufacturing Writer
PITTSBURGH (AP) -- Caterpillar Inc. announced a fresh round of job cuts Tuesday, laying off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn. http://biz.yahoo.com/ap/090317/caterpillar_layoffs.html
HELSINKI (Reuters) – Nokia Oyj will slash 1,700 jobs globally over the coming few months because of falling demand, the world's top cellphone maker said on Tuesday. http://news.yahoo.com/s/nm/20090317/bs_nm/us_nokia
The remedy for weakness is not brooding over weakness, but Thinking of strength
GENEVA (Reuters) – Switzerland's biggest bank UBS (UBSN.VX) plans to cut up to 5,000 senior and management jobs in the next few weeks, Swiss weekly SonntagsZeitung said on Sunday. http://news.yahoo.com/s/nm/20090315/bs_nm/us_ubs
Never mind the struggles, the mistakes Never mind these failures, these little backslidings Hold the ideal a thousand times If you fail a thousand times, make an attempt once more --Swami Vivekananda
AP
Friday March 6, 11:02 am ET
By Jeannine Aversa, AP Economics Writer Jobless rate jumps to 8.1 percent in Feb., highest since late 1983; employers cut 651,000 jobs WASHINGTON (AP) -- The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession. Both figures were worse than analysts expected and the Labor Department's report shows America's workers being clobbered by a wave of layoffs unlikely to ease in the coming months. "There is no light at the end of the tunnel with these numbers," said Nigel Gault, economist at IHS Global Insight. "Job losses were everywhere and there's no hope for a turnaround any time soon." February's net job loss came after even deeper payroll reductions in the prior two months, according to revised figures released Friday. The economy lost 681,000 jobs in December and another 655,000 in January. http://biz.yahoo.com/ap/090306/economy.html
"People are made to be loved and things are made to be used. The confusion in the world is because people are being used & things are being loved."
4-Mar-09 NEW YORK (Reuters) – U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services on Wednesday that came in worse than economists' expectations. ADP said private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000. It was the biggest job loss since the report's launch in 2001. Economists had expected 610,000 private-sector job cuts in February, according to the median of 23 forecasts in a Reuters poll. http://news.yahoo.com/s/nm/20090304/bs_nm/us_usa_economy_employment_adp
To handle yourself, use your head. To handle others use your heart.
LONDON (Reuters) – HSBC (HSBA.L) ,Europe's biggest bank said it would shut most of its U.S. consumer lending business, cutting 6,100 jobs, but that it was ready for acquisitions in its traditional stronghold of Asia where many banks are pulling out to focus on their core markets.
http://news.yahoo.com/s/nm/20090302/bs_nm/us_hsbc
Lenovo to Cut 450 Jobs in China
26 February 2009
Chinese PC maker Lenovo has announced plans to cut 450 jobs in its global function departments in China and most of the adjustments are expected to be completed before the end of March 2009. Shortcut to: http://emasiamag.com/article-5157-lenovotocut450jobsinchina-Asia.html
Flash memory company Spansion files for bankruptcy in an effort to restructure $625M debt Sunday March 1, 2009, 7:45 pm EST SUNNYVALE, Calif. (AP) -- Struggling flash memory maker Spansion Inc. and its U.S. subsidiaries filed for Chapter 11 bankruptcy protection Sunday, in an effort to restructure $625 million worth of debt as the company continues to explore a possible sale or other alternatives. The news comes a week after Spansion, one of the world's largest makers of chips used in digital cameras, cell phones and high-definition televisions, said it would slash its global work force by 35 percent, or 3,000 employees. http://finance.yahoo.com/news/Flash-memory-company-Spansion-apf-14505740.html
Feb 27, 2009 telecomasia.net Cisco has laid off hundreds of employees in the US, including 250 at its California headquarters, in the first wave of a series of job cuts. The company has so far cut its head count by 0.5%, and may cut 1,500-2,000 jobs by the end of the year, the Wall Street Journal reported. http://www.telecomasia.net/article.php?id_article=12628&id_cat1=5&utm_source=lyris&utm_medium=newsletter&utm_campaign=telecomasia
RBS loses $34 billion, agrees deal to insure assets Sweeping restructure planned; will raise further capital to pay for insurance By Simon Kennedy, MarketWatch Last update: 4:43 a.m. EST Feb. 26, 2009 LONDON (MarketWatch) -- The Royal Bank of Scotland said Thursday that the U.K. government has agreed to insure 325 billion pounds ($462 billion) of its assets as the bank unveiled a 24.1 billion pound net loss for 2008 -- the biggest ever by a British company. The bank also announced sweeping restructuring plans and said it could issue as much as 25.5 billion pounds of additional preference shares to pay for the insurance and strengthen its capital. The 2008 loss follows a net profit of 7.3 billion pounds for 2007, but is still significantly less than the 28 billion pounds that RBS ( UK:RBS: news , chart , profile ) (![]() RBS 6.59, -0.24, -3.5%) warned it could lose in January. See archived story. It was also smaller than the 25.6 billion pound consensus loss forecast. RBS said it will pay the government 6.5 billion pounds in the form of preference shares for the asset insurance scheme. It will separately raise an additional 13 billion pounds of capital from the U.K. Treasury in preference shares and has an option to top that figure up by a further 6 billion pounds. The bank will be responsible for the first 19.5 billion pounds of losses on the 325 billion pounds of assets and the government will then cover 90% of any further losses, it said. The deal will allow RBS to increase its lending to homeowners and businesses by around 25 billion pounds. Davy Stockbrokers analyst Stephen Lyons said that at first glance the terms of the asset guarantee scheme appear to be better than expected. He noted the 6.5 billion pound fee is 2% of the total assets, while markets had been expecting a fee of around 3%. Shares in RBS surged around 30% in London as investors welcomed the terms of the deal and the smaller-than-expected loss. The stock is down more than 95% from a high in early 2007 and lost around two-thirds of its value in a single day earlier this year when it announced its expected loss. Lloyds Banking Group ( UK:LLOY: news , chart , profile ) (![]() LYG 3.26, 0.00, 0.0%) , which is set to announce its participation in the guaranty scheme alongside its results on Friday, rose around 24% and Barclays ( UK:BARC: news , chart , profile ) (![]() BCS 5.93, -0.28, -4.5%) , which may also participate, rose 10.8%. As part of its restructuring plans, RBS will shift 240 billion pounds of assets into a new non-core division, where they will then be sold off or run down over the next three to five years. It's also planning to slash 2.5 billion pounds from the group's annual cost base and restructure its global banking and markets unit, reducing the amount of capital employed at thee division by nearly half. There was no mention of likely job cuts, though on a conference call with journalists, CEO Stephen Hester didn't rule out reports that the bank would cut around 20,000 of its 177,000 staff. RBS, which will soon be 70% owned by the government, has suffered from its acquisition of the investment banking business of ABN Amro, which sharply increased its risk exposures just as the credit crisis was beginning to emerge. On a pro forma basis, the bank said it took a write-down on goodwill and other intangibles of 16.2 billion pounds as it slashed the value of the ABN Amro assets that it had acquired. CEO Stephen Hester said it would be "hazardous" to make any detailed forecast for 2009. But he added that underlying income will come under further pressure as low interest rates squeeze savings margins and credit costs rise. Hester replaced former chief executive Fred Goodwin in October when the bank said it would raise 20 billion pounds from the U.K. government. Chancellor of the Exchequer Alistair Darling said Thursday that the Treasury has been in contact with Goodwin over possibly returning some of his pension pot, which will pay Goodwin around 650,000 pounds a year for life, according to press reports. Darling also said the move to limit banks' losses from toxic assets will provide certainty that they keep lending.  Simon Kennedy is the City correspondent for MarketWatch in London. http://www.marketwatch.com/news/story/story.aspx?guid=%7BDAB86B6E%2D37A8%2D4332%2D8428%2D2CF0E6CB2B42%7D&siteid=YAHOOB
26 February 2009 by Telecoms.com Beleaguered Canadian kit vendor Nortel has announced plans to shed a further 3,200 jobs worldwide. These new reductions are incremental to the previously announced 1,800 workforce reductions. http://www.telecoms.com/itmgcontent/tcoms/news/articles/20017622134.html
AP
Tuesday February 3, 4:48 pm ET
By Jeannine Aversa, AP Economics Write PNC Financial Services Group said it plans to cut 5,800 jobs. Airplane maker Hawker Beechcraft Corp. said 2,300 employees will lose their jobs before the end of the year and warned more layoffs may be coming. Liz Claiborne Inc., will eliminate 725 jobs, or 8 percent of its work force, one day after Macy's Inc. said it was axing 7,000 jobs, or 4 percent of its work force. King Pharmaceuticals Inc., will get rid of 520 jobs. Military contractor and aerospace company Rockwell Collins Inc. is cutting 600 jobs and freezing salaries at last year's level for all executives and managers. UPS Inc. is freezing management pay and is suspending its matching contributions to employees' 401(k) plans. And General Motors Corp. said it will offer buyouts to all of its hourly workers. http://biz.yahoo.com/ap/090203/economy.html
Feb. 23 (Bloomberg) -- Vodafone Group Plc, the world’s largest mobile-phone company, plans to cut hundreds of jobs in the U.K. to reduce costs and protect earnings amid the economic slowdown, two people with direct knowledge of the plan said. http://www.bloomberg.com/apps/news?pid=20601204&sid=a3RoKiK0x8v8&refer=technology
Thursday's announcement may include plans to cut $1.44 billion of costs By MarketWatch Last update: 1:51 a.m. EST Feb. 23, 2009 HONG KONG (MarketWatch) -- Royal Bank of Scotland on Thursday is to unveil a revamping that will include cutting jobs, withdrawing from businesses, and exiting about half the 60 countries in which it currently operates, media reports say. http://www.marketwatch.com/news/story/story.aspx?guid=%7B67C332E8%2DD6AC%2D42E1%2DB800%2D8C9CE5F62495%7D&siteid=YAHOOB
Last update: 9:07 p.m. EST Feb. 23, 2009 SAN FRANCISCO (MarketWatch) -- Spansion Inc. said late Monday that it plans to cut its global workforce by roughly 3,000, making it the latest technology company to resort to job cuts in an attempt to grapple with the recession. http://www.marketwatch.com/news/story/story.aspx?guid=%7B7449EE8D%2DB25F%2D4D56%2D8486%2D8090BF68B03A%7D&siteid=YAHOOB
WASHINGTON (Reuters) – The number of U.S. workers drawing unemployment aid jumped to a record high of nearly 5 million, the government said on Thursday, as a worsening economy made it increasingly hard to find jobs. The data from early February suggested the 13-month-old U.S. recession was deepening, a conclusion supported by a report that showed factory activity in the country's Mid-Atlantic region contracted sharply in February. "The data indicates an accelerated deterioration ... jobs are being lost and the pool of unemployed is growing faster," said Kevin Logan, senior U.S. economist at Dresdner Kleinwort in New York. "People cannot find jobs." The number of unemployed still on the benefits rolls after drawing an initial week of aid surged 170,000 to 4.99 million in the week ended February 7, the Labor Department said. It was the highest reading on records dating to 1967 and it took the insured jobless rate to 3.7 percent, the highest since 1983, when the economy was emerging from a 16-month recession.
http://news.yahoo.com/s/nm/20090219/bs_nm/us_usa_economy
20-Feb-09 By Victoria Klesty Victoria Klesty
STOCKHOLM (Reuters) – General Motors' loss-making carmaker Saab Automobile on Friday sought legal protection from creditors to allow it to restructure and seek new funding for continued production.
http://news.yahoo.com/s/nm/20090220/bs_nm/us_gm_saab
AP
Feb. could be worst month yet for jobless claims
Thursday February 19, 5:01 pm ET
By Martin Crutsinger, AP Economics Writer
The government reported Thursday that new jobless claims for last week totaled 627,000, the same level as the previous week but higher than economists expected. It also was near the recent high of 631,000 hit three weeks ago, which was the most new weekly claims since 1982 when the country was in another severe recession. The three straight weeks of seasonally adjusted claims above 600,000 also is the longest stretch in more than 26 years. "The labor market is in disarray," said Mark Zandi, chief economist at Moody's Economy.com. "We are seeing job losses across nearly every industry and every region of the country." Based on current trends, net job losses for February could well top 700,000, Zandi said. That would surpass the 598,000 jobs lost in January, which had been the biggest total since 1974. http://biz.yahoo.com/ap/090219/economy.html
Pink Slips Layoff Tracker Compiled by Klaus Kneale, 02.18.09, 05:00 PM EST General Motors will cut 47,000 jobs as part of a viability proposal submitted to the government. Number of layoffs since Nov. 1, 2008, at America's 500 largest public companies*: 471,224 Latest layoffs: Feb. 18: Goodyear (nyse: GT - news - people ) reduces workforce by 6.7% (5,000 jobs) following larger-than-expected loss in fourth-quarter earnings.
Feb. 17: General Motors (nyse: GM - news - people ) presents viability plan to government as part of its bailout. Total headcount reduction expected: 47,000.
Feb. 17: Agilent Technologies (nyse: A - news - people ) sees decline in semiconductor sales, closes two small businesses and cuts 600 jobs.
Feb. 17: Four MDU Resources (nyse: MDU - news - people ) subsidiaries consolidate five call centers and fire 130 workers.
Feb. 17: Johnson Controls (nyse: JCI - news - people ) pink-slips 80 employees at its Oklahoma plant.
Feb. 17: Smithfield Foods (nyse: SFD - news - people ) closes six meatpacking plants and lays off 1,800 workers. See layoffs by month: December 2008 November 2008 http://www.forbes.com/2008/11/17/layoff-tracker-unemployement-lead-cx_kk_1118tracker.html?partner=yahootix
"Worst Is Yet to Come:" Americans' Standard of Living Permanently Changed Posted Feb 17, 2009 12:53pm EST by Aaron Task in Investing, Recession There's no question the American consumer is hurting in the face of a burst housing bubble, financial market meltdown and rising unemployment. But "the worst is yet to come," according to Howard Davidowitz, chairman of Davidowitz & Associates, who believes American's standard of living is undergoing a "permanent change" - and not for the better as a result of: - An $8 trillion negative wealth effect from declining home values.
- A $10 trillion negative wealth effect from weakened capital markets.
- A $14 trillion consumer debt load amid "exploding unemployment", leading to "exploding bankruptcies."
"The average American used to be able to borrow to buy a home, send their kids to a good school [and] buy a car," Davidowitz says. "A lot of that is gone." http://finance.yahoo.com/tech-ticker/article/176478/%22Worst-Is-Yet-to-Come%22-Americans%27-Standard-of-Living-Permanently-Changed?tickers=WMT,WFMI,FDO,%5EGSPC,%5EDJI,RTH
AP
Wednesday February 18, 8:21 am ET
By M.R. Kropko, AP Business Writer CLEVELAND (AP) -- Goodyear Tire & Rubber Co., the biggest U.S. tire maker, said Wednesday it plans to cut 5,000 jobs this year after swinging to a fourth-quarter loss as sales sank 21 percent. http://biz.yahoo.com/ap/090218/earns_goodyear.html
General Motors Corp. presented a survival plan that calls for cutting a total of 47,000 jobs globally and closing five more U.S. factories, a move that represents the largest work force reduction announced by a U.S. company in the economic meltdown. Chrysler LLC said it will cut 3,000 more jobs and stop producing three vehicle models. http://biz.yahoo.com/ap/090217/autos_bailout.html
DETROIT (AP) -- General Motors Corp., presenting a dire outlook for the future, said Tuesday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more U.S. factories in a massive restructuring plan. http://finance.yahoo.com/news/GM-seeks-up-to-30B-in-aid-to-apf-14392724.html
By MarketWatch Last update: 10:58 a.m. EST Feb. 17, 2009 NEW YORK (MarketWatch) -- Smithfield Foods Inc. said Tuesday that it expects to close six plants and reduce the number of independent operating companies to three from seven in an effort to save $125 million a year by 2011.
http://www.marketwatch.com/news/story/story.aspx?guid=%7B64C71410%2D5D1A%2D44DF%2D8DA9%2DC48FEB3FEE63%7D&siteid=YAHOOB
PHILADELPHIA (Reuters) – Trump Entertainment Resorts Inc, Donald Trump's casino group, is expected to file Tuesday for bankruptcy, The Wall Street Journal reported. http://news.yahoo.com/s/nm/20090217/bs_nm/us_trump
AP
Monday February 16, 2:31 pm ET Delphi cuts nearly 800 jobs at steering division near Saginaw; hourly and salary workers hit BUENA VISTA TOWNSHIP, Mich. (AP) -- Nearly 800 jobs are being eliminated at the steering division of Delphi Corp. near Saginaw, Mich.
AP
Friday February 13, 8:20 pm ET - By Marcy Gordon and Sara Lepro, AP Business Writers Regulators close failed banks in Nebraska, Florida, Illinois; 12 US bank failures this year WASHINGTON (AP) -- Regulators on Friday closed Sherman County Bank in Nebraska, Riverside Bank of the Gulf Coast in Florida, and Corn Belt Bank and Trust Co. in Illinois, marking 12 failures this year of federally insured institutions. http://biz.yahoo.com/ap/090213/bank_closings.html
12-Feb-09 DETROIT (Reuters) – Toyota Motor Corp on Thursday offered buyouts to some 18,000 U.S. workers and said it would cut pay for executives and blue-collar workers in its North American manufacturing operations in response to plunging auto sales. http://news.yahoo.com/s/nm/20090213/bs_nm/us_toyota_jobs
AP
Japan's Pioneer to cut 10,000 jobs globally
Thursday February 12, 3:04 am ET Japanese electronics company Pioneer to cut 10,000 jobs globally TOKYO (AP) -- Japanese electronics company Pioneer Corp. said Thursday it will cut 10,000 jobs globally to cope with sinking sales of car audio equipment and flat-screen TVs. It also said it will withdraw from its money-losing plasma display business. http://biz.yahoo.com/ap/090212/as_japan_pioneer.html
AP
Tuesday February 3, 4:48 pm ET
By Jeannine Aversa, AP Economics Writer PNC Financial Services Group said it plans to cut 5,800 jobs. Airplane maker Hawker Beechcraft Corp. said 2,300 employees will lose their jobs before the end of the year and warned more layoffs may be coming. Liz Claiborne Inc., will eliminate 725 jobs, or 8 percent of its work force, one day after Macy's Inc. said it was axing 7,000 jobs, or 4 percent of its work force. King Pharmaceuticals Inc., will get rid of 520 jobs. Military contractor and aerospace company Rockwell Collins Inc. is cutting 600 jobs and freezing salaries at last year's level for all executives and managers. UPS Inc. is freezing management pay and is suspending its matching contributions to employees' 401(k) plans. And General Motors Corp. said it will offer buyouts to all of its hourly workers. http://biz.yahoo.com/ap/090203/economy.html
Nokia is to scale down its R&D operations in Finland as it continues to respond to weakening global demand for its handsets. Approximately 320 jobs will be lost at its mobile devices site in Jyväskylä - which will be closed down altogether - while another plant in Salo will see temporary lay-offs. In Salo, Nokia will scale down production to reflect market demand, temporarily laying off 20 to 30 per cent of the 2,500 employees there in stages on a rotational basis. http://www.telecoms.com/itmgcontent/tcoms/news/articles/20017617173.html
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