Business Events Layoffs

  • *70 pct of Geoje Island's population relies on shipbuilding. *Korea wants to protect high-tech expertise from going offshore. GEOJE, South Korea, June 1- Geoje Island, off the southeastern tip of the Korean peninsula, appears as prosperous as ever: foreign cars cruise the streets, young mothers pushing strollers converge on coffee shops, and workers on motorcycles...

  • TORONTO, May 31- Bank of Nova Scotia on Tuesday reported second-quarter results which were below market expectations and increased funds set aside to cover bad loans by 40 percent as lending to energy companies turned sour. Net income for the second quarter which ended on April 30, excluding the restructuring charge, was C $1.86 billion, or C $1.46 per share,...

  • WASHINGTON, May 27- The strike by Verizon Communications Inc workers will likely trim U.S. nonfarm payroll growth in May by at least 35,000 jobs, a Labor Department report showed on Friday. The Verizon workers, including network technicians and customer service representatives in the company's Fios Internet, telephone and television services unit, walked off...

  • Shell ramping up job cuts

    The oil and gas giant is now planning to increase the number of layoffs by 20-percent.

  • Microsoft slashing 1,850 smartphone jobs

    The software giant announces another round of layoffs as smartphone sales continue to fall.

  • HOUSTON, May 24- Marathon Petroleum Corp on Tuesday laid off 46 salaried employees at the company's Galveston Bay Refinery in Texas City, Texas, the company said. "This reduction is one element of a cost savings strategy that will better position the refinery to be competitive well into the future," Marathon spokesman Chuck Rice said in a statement.

  • HOUSTON, May 24- Marathon Petroleum Corp on Tuesday laid off 46 salaried employees at the company's Galveston Bay Refinery in Texas City, Texas, according to an internal memo seen by Reuters.

  • BEIJING, May 24- China's Premier Li Keqiang said that reducing excess capacity in industry remains the key task in carrying out supply-side reform. China will ensure that workers whose jobs will be affected by restructuring in those sectors will not be left unemployed, he added. China has vowed to tackle price-sapping supply gluts in major industrial sectors,...

  • ABU DHABI, May 22- Thousands of layoffs at state-linked companies in Abu Dhabi are a fresh sign the Gulf's wealthy oil states are hunkering down for a long period of austerity as low crude prices pressure their economies. Since mid-2015, the United Arab Emirates, Saudi Arabia, Qatar and other countries in the region have curbed spending on some construction...

  • BUENOS AIRES, May 18- Argentina's opposition-controlled lower chamber of Congress on Thursday passed a bill to prevent layoffs in the public and private sectors, challenging the center-right government's efforts to cut a gaping fiscal deficit and spur investment in the battered economy. President Mauricio Macri, who took power in December on a...

  • RIYADH/ DUBAI, May 18- Construction firm Saudi Binladin Group has secured a 2.5 billion riyal loan from local banks to ease its financial pressures, banking sources aware of the matter said on Wednesday. Arab National Bank and Saudi British Bank are providing the loan, which Binladin is using to cover redundancy costs for workers it is laying off, back salaries and...

  • May 17- Job cuts and constrained hiring are expected to continue on Wall Street in 2016, with bonuses likely to be lower than in 2015 due to difficult market conditions, according to a study by compensation consultant Johnson Associates. The forecast for 2016 follows a year in which Wall Street added jobs for the first time in five years and the bonus pool...

  • HSBC cutting 850 jobs in Britain

    Europe's largest bank aims to cut a total of 8-thousand jobs in Britain by the end of 2017 as part of its restructuring efforts.

  • *Jobs transferred from UK to cut costs. LONDON, May 16- HSBC, Europe's largest bank, started laying off 840 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. "As part of a global relocation exercise, around 840 non-customer-facing IT...

  • LONDON, May 16- HSBC, Europe's largest bank, were to begin laying off 850 information technology workers in Britain on Monday, the first big tranche of redundancies under a restructuring plan that will eliminate 8,000 British jobs by the end of next year. The employees are based in London, Sheffield, Leeds and Birmingham and all the jobs will disappear by the end of...

  • ABU DHABI, May 15- Abu Dhabi's state-owned National Oil Co plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Middle East news service MEED reported on Sunday. Many companies in Abu Dhabi and elsewhere in the Gulf are trying to cut costs as low oil prices slow economic growth and pressure state finances.

  • *Maybe 3,000 layoffs in Japan, more elsewhere- source. TOKYO/ TAIPEI, May 12- Foxconn founder Terry Gou said there would have to be layoffs at Sharp Corp to turn around the ailing Japanese company, but pledged that wages would rise and profit-sharing would again be the norm. Taiwan's Foxconn, the world's largest contract electronics manufacturer, has battled to seal...

  • BRASILIA, May 12- Brazilian telecoms group Oi SA reported a net loss on Thursday due to competitive pressures against the backdrop of the country's economic downturn, plus the cost of a big debt burden that the company is trying to restructure. Revenue fell 4 percent as Brazil's worst recession in decades squeezed consumer spending on communications services,...

  • BRASILIA, May 11- Brazil's retail sales fell more than expected in March as a surge in unemployment hurt supermarkets and food vendors, frustrating hopes that consumer spending was stabilizing after dropping sharply during the country's deep recession. Retail sales volumes excluding cars and building materials in Brazil fell 0.9 percent in March from...

  • WASHINGTON, May 10- U.S. job openings increased in March to the highest level in eight months and layoffs continued to decline, indicating the labor market remains fairly robust despite April's slowdown in employment gains. "The data generally remain upbeat and it does not look like there has been any material weakening in the health of the labor market lately,"...