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Business Events Layoffs

  • ING Group's plans to shed 7,000 jobs and invest in its digital platforms to make annual savings of 900 million euros ($1 billion) by 2021, drew swift criticism from unions.

  • BERLIN, Nov 2- Volkswagen's supervisory board will hold an extraordinary meeting on Friday, Nov. 4, to consult on a wide-ranging restructuring of the carmaker, two sources close to the board told Reuters on Wednesday. Europe's largest carmaker is under pressure to make cuts at high-cost operations in Germany to help to pay for a shift to electric cars and...

  • Nov 2- Marvell Technology Group Ltd said it plans to cut about 900 jobs globally and sell non-core assets in a bid to lower costs by as much as $190 million annually. The company expects to complete the restructuring by end of October next year and bring down costs to $820- $840 million annually from $1.08 billion. Marvell has about 5,300 employees, according to its...

  • BERLIN, Nov 2- The supervisory board of Volkswagen will hold an extraordinary meeting on Friday, Nov. 4, to consult on a wide-ranging restructuring of the carmaker, two supervisory board sources told Reuters on Wednesday. Herbert Diess, head of the German carmaker's core VW brand, wants to cut annual costs at the troubled division by 3.7 billion euros through 2021...

  • Nov 2- News Corp's The Wall Street Journal will launch a new format for the newspaper with fewer sections on Nov. 14, and has begun laying off employees as part of an effort to cut costs, according to two memos reviewed by Reuters on Wednesday. On Wednesday, the Journal laid off staff of its Greater New York section, according to a memo sent on Wednesday from the...

  • TORONTO, Nov 2- Quebecor Inc's media subsidiary said on Wednesday that it will cut 220 jobs, nearly 8 percent of its workforce, and cease publication of two magazines in a bid to slash costs, the latest in a string of layoffs in Canadian media. Quebecor Media Group said the move would mostly affect managers, professionals and support staff, and would have no impact on...

  • TORONTO, Nov 2- Quebecor Inc's media subsidiary said on Wednesday that it will cut 220 jobs, nearly 8 percent of its workforce, and cease publication of two magazines in a bid to cut costs, the latest in a string of layoffs in Canadian media.

  • Nov 2- The New York Times Co reported a 95.7 percent fall in quarterly profit, hit by restructuring charges related to headcount reductions. Net profit attributable to the newspaper publisher fell to $406,000, or break-even per share, in the third quarter, from $9.4 million, or 6 cents per share, a year earlier. Revenue fell to $363.6 million from $367.4 million.

  • Nov 2- The New York Times Co reported a 95.7 fall in quarterly profit, hit by restructuring charges related to headcount reductions. Net profit attributable to the newspaper publisher fell to $406,000, or break-even per share, in the third quarter, from $9.4 million, or 6 cents per share, a year earlier. Revenue fell to $363.6 million from $367.4 million.

  • DUBAI/ LONDON, Nov 1- Iraq has asked international oil companies to shut down prestige offices among the glittering towers of Dubai, through which they used to run their oil operations in Iraq, as a way to rein in their budgets, three industry sources said. With its finances stretched, Iraq, OPEC's second biggest producer, asked foreign oil companies last year to...

  • Nov 1- Thomson Reuters Corp said on Tuesday it would eliminate about 2,000 jobs worldwide and take a fourth-quarter charge of $200 million to $250 million to streamline its business. The restructuring across 39 countries and 150 locations would mainly affect the Financial& Risk business and the Enterprise, Technology& Operations Group, the news and...

  • BERLIN/ FRANKFURT, Oct 28- Volkswagen expects the shift to electric cars to cost a five-digit number of jobs in coming years, the Frankfurter Allgemeine Zeitung newspaper reported, citing the carmaker's human resources chief. Karlheinz Blessing, who sits on VW group's nine-member top management board, said the carmaker will need to cut jobs in production as...

  • BERLIN, Oct 28- Volkswagen expects the shift to electric cars to cost a five-digit number of jobs in coming years, Frankfurter Allgemeine Zeitung reported, citing the carmaker's human resources chief. Karlheinz Blessing, who sits on VW group's nine-member top management board, said the carmaker will need to cut the number of jobs in production as assembly of...

  • MUNICH, Germany, Oct 28- German industrial gases group Linde said reviving merger talks with Praxair was not on the cards and announced a further restructuring programme instead on Friday, anticipating years of low growth. The reorganisation, which Linde announced alongside forecast-beating quarterly results, is designed to save an extra 370 million euros a...

  • MUNICH, Germany, Oct 28- German industrial gases group Linde announced a further restructuring programme on Friday, anticipating years of low growth, after last month's collapse of merger talks with U.S. rival Praxair. The strategy, which Linde announced on Friday alongside forecast-beating quarterly results, is designed to save an extra 370 million euros a...

  • MUNICH, Germany, Oct 28- Germany's Linde, the world's biggest maker of industrial gases by sales, has launched a new restructuring programme after last month's collapse of merger talks with U.S. rival Praxair. The strategy, which Linde announced on Friday alongside forecast-beating quarterly results, is designed to save an extra 370 million euros a year from...

  • Twitter wanted to avoid announcing headcount reduction: Analyst

    Jason Helfstein, Oppenheimer & Co. Managing Director of Internet Equity Research, weighs in on Twitter's quarterly report, its announced layoffs and the failure to secure a bid.

  • *Third quarter EPS ex-items $0.13 vs. Oct 27- Twitter Inc said Thursday it would cut 9 percent of its global workforce to keep costs down even as quarterly results eclipsed Wall Street's beaten-down expectations, lifting shares that had fallen after a failed effort to sell the company. Its stock was up 1.6 percent to $17.56, after rallying 5 percent in premarket...

  • *Third quarter EPS ex-items $0.13 vs. Oct 27- Twitter Inc said Thursday it would cut 9 percent of its global workforce to keep costs down even as quarterly results eclipsed Wall Street's beaten-down expectations, lifting shares that had fallen after a failed effort to sell the company. Revenue rose about 8 percent to $616 million, above the average analyst...

  • *Third quarter EPS ex-items $0.13 vs. Oct 27- Twitter Inc said Thursday it would cut 9 percent of its global workforce to keep costs down even as quarterly results beat Wall Street expectations, lifting shares that had fallen in recent weeks after a failed effort to sell the company. Revenue rose about 8 percent to $616 million, above the average analyst estimate of...