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Layoffs

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  • *Liaoning province slashed its 2015 job creation target. BEIJING, May 6- As growth in China's sagging economy looks on the verge of spilling below 7 percent, officials worried about a spike in unemployment are pulling out all the stops to avoid mass lay-offs. The measures appear to be working for now, said a senior economist at the Development Research Centre, a...

  • CHICAGO, May 5- Hormel Foods Corp unit Jennie-O Turkey Store will temporarily lay off 233 workers at a Minnesota plant because an outbreak of bird flu has reduced the number of turkeys available for processing, the company said on Tuesday.

  • May 5- Animal health products maker Zoetis Inc said it plans to cut up to a quarter of its workforce and exit nearly 40 percent of its manufacturing plants in its first major restructuring since being spun off from Pfizer Inc two years ago. The restructuring comes a month after activist investor Pershing Square seated their second nominee on Zoetis's board in...

  • FARIBAULT, Minn.— Jennie-O Turkey Store said Tuesday it will lay off 233 employees at its processing plant in the southern Minnesota city of Faribault because of bird flu outbreaks that have cut its turkey supply. As of Tuesday, 82 turkey and chicken farms had been hit across Minnesota, costing them nearly 5.5 million birds. Willmar- based Jennie-O is a division of...

  • Mercedes plans to lay off 259 in New Jersey Friday, 1 May 2015 | 6:06 AM ET

    MONTVALE, N.J.— Mercedez-Benz plans to lay off 259 employees as it shifts its U.S. headquarters from New Jersey to Atlanta. Mercedes spokesman Robert Moran says there are about 850 jobs in Montvale. Georgia's lower cost of doing business and proximity to a shipping port edged out efforts to keep Mercedes-Benz in New Jersey.

  • GM Canada to cut about 1,000 jobs at Oshawa plant Thursday, 30 Apr 2015 | 1:19 PM ET

    TORONTO, April 30- General Motors Co will eliminate one shift at its Oshawa, Ontario, assembly plant in November, the company said on Thursday, cutting about 1,000 jobs as it makes production changes that were announced in 2012.. After Nov. 20, 2015, the Oshawa Assembly will stop producing the Chevrolet Camaro, GM said. The company announced in 2012 that it would build...

  • WASHINGTON— The number of Americans seeking unemployment aid plummeted to the lowest level in 15 years last week, evidence that employers are laying off few workers despite a sharp slowdown in economic growth. Weekly applications for unemployment benefits dropped 34,000 to 262,000, the Labor Department said Thursday. "The trend in claims, below the...

  • LAFAYETTE, La.— Bell Helicopter says its decision to trim jobs from its global workforce won't affect plans to hire workers at a $26.3 million plant in Louisiana. "This week's announcement for reductions in force for Bell Helicopter's global operations will not change our plans for our Lafayette facility," said David Sylvestre, a spokesman for Bell's parent...

  • CARACAS, Venezuela— The Venezuelan unit of General Motors is firing 13 percent of its workforce as a shortage of dollars idle assembly lines across the oil-rich South American country. Autoworker union representatives said Tuesday that an arbitration panel had given GM permission to lay off 446 employees at its factory in the coastal city of Valencia.

  • CARACAS, April 28- The Venezuelan division of General Motors Co has sacked 13 percent of its workforce and the local Ford Motor Co plant has halted operations as a shortage of hard currency has left the companies unable to acquire parts, a union leader said on Tuesday. A representative for General Motors de Venezuela said the company had no comment.

  • Settlement reached in 2003 Connecticut layoff lawsuit Tuesday, 28 Apr 2015 | 4:23 PM ET

    HARTFORD, Conn.— State employee union leaders and State Attorney George Jepsen said Tuesday they have reached a long-awaited legal settlement, ending a federal court battle over former Gov. John G. Rowland's decision to lay off thousands of workers during a 2003 labor contract dispute. While the deal could potentially cost the state tens of millions of dollars,...

  • April 27- Drug developer Celladon Corp said it expected to announce lay-offs and cost cuts as its stock plunged to an all-time low after the company's lead experimental gene therapy to treat heart failure failed a key trial. Celladon lost nearly 80 percent of its market value in early trading on Monday, with the stock falling to a record low of $2.76.

  • FRANKFURT, April 24- Deutsche Bank's supervisory board gathered on Friday to review a sweeping restructuring plan to cut back investment banking and dump the Postbank retail chain to restore profitability. The strategy decision, which may be announced as early as Friday evening, takes place under a cloud after U.S. and British authorities on Thursday imposed...

  • DETROIT, April 23- Ford Motor Co said on Thursday it will lay off about 700 workers at a Detroit- area plant making compact and compact hybrid cars, responding to a dip in demand for such vehicles amid lower gasoline prices. Michigan Assembly Plant in Wayne, Michigan is cutting a shift and will run on two shifts beginning June 22, said Ford spokeswoman Kristina...

  • WASHINGTON— The number of Americans seeking unemployment benefits was little changed last week, evidence that employers are cutting few jobs. Weekly applications for jobless aid ticked up 1,000 to a seasonally adjusted 295,000, the Labor Department said Thursday. "Seven straight sub-300K reading signals strong payrolls," Ian Shepherdson, chief economist...

  • FRANKFURT, April 23- German ATM maker Wincor Nixdorf will cut 12 percent of its workforce and spin off its cashless payments business as part of a restructuring announced on Thursday. Wincor had warned this month that it would miss its sales and operating profit guidance for the year, citing deteriorating business in Russia and China, sluggish recovery in...

  • *Deutsche Bank could value Postbank at around 3.6 billion euros. FRANKFURT, April 21- Postbank is a low-profit retail banking network in need of restructuring but current owner Deutsche Bank may discover plenty of potential buyers prepared to look beyond the blemishes of the German chain. Selling Postbank on the stock market instead of directly to a strategic...

  • Baker Hughes reports quarterly loss on $772 mln charge Tuesday, 21 Apr 2015 | 8:17 AM ET

    April 21- Oilfield services provider Baker Hughes Inc, which is in the process of being acquired by Halliburton Co for $35 billion, posted a quarterly loss compared with a year-earlier profit as it recorded a $772 million charge related to restructuring and other items. Baker Hughes said it would cut 10,500 jobs, or 17 percent of its global workforce, up from 7,000...

  • China's incredible shrinking factory Thursday, 16 Apr 2015 | 5:00 PM ET

    HUIZHOU, China, April 17- Eight years ago, Pascal Lighting employed about 2,000 workers on a leafy campus in southern China. Cankun, an appliances factory in southern China featured in the documentary Manufactured Landscapes, had more than 22,000 manufacturing employees in 2005, according to its annual report. Some Hong Kong- owned factories in southern China...

  • WASHINGTON, April 16- U.S. rules to cut carbon emissions could close more than 90 coal plants and eliminate jobs that support mining and power stations that the federal government has not fully considered, a report by the conservative American Action Forum research group said on Thursday. The EPA also says the rules will save consumers billions of dollars over...