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Business Events Layoffs

  • TORONTO, May 25- Freeport McMoRan Inc said on Thursday that mining and milling rates at its Grasberg copper mine in Papua, Indonesia have been affected as some 9,000 workers stage an extended strike, and a "large number" of approximately 4,000 absentee workers were deemed to have resigned. Escalating tensions with workers is a further disruption for Freeport,...

  • WASHINGTON, May 25- The number of Americans filing for unemployment benefits rose slightly last week and the four-week moving average of claims hit a 44- year low, suggesting a further tightening of the labor market that could encourage the Federal Reserve to raise interest rates next month. "Businesses are wisely hoarding labor and not laying off workers...

  • May 24- General Motors Co will slash headcount in its international headquarters in Singapore as part of its efforts to reduce exposure to unprofitable and unpromising markets. GM International- which oversees markets such as India, Southeast Asia, and South Korea, among others- will reduce its staff to about 50 from 180 by the year end, according to a person with...

  • *New CEO to take the helm from July 1. OSLO, May 24- Oslo- listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a...

  • KCG HOLDINGS INC ETF SALES SPECIALIST CHRIS HEMPSTEAD LET GO AS PART OF LAYOFFS AT COMPANY- SOURCE.

  • *LeEco to cut 325 U.S. jobs, about 70 pct of total. *Cuts part of strategy to refocus on domestic market. TAIPEI/ HONG KONG, May 24- Chinese TV and smartphone vendor LeEco said it will cut over 300 jobs at its U.S. business, amounting to almost three-quarters of its local workforce, as the cash-strapped conglomerate streamlines global operations in response to a shortage...

  • HONG KONG, May 24- Chinese TV and smartphone vendor LeEco said it will lay off 325 employees in the United States as the sprawling, cash-strapped conglomerate scales back operations in the country and focuses mainly on Chinese-American consumers. She declined to comment further on the size of the remaining headcount, but said most employees would be based in...

  • SAN JUAN, Puerto Rico— Puerto Rico is seeking help from federal court to restructure the debt of the U.S. territory's public pension system, which is projected to run out of money this year. "The government's liquidity and solvency problems are massive, and Title III has now become necessary to protect the people of Puerto Rico," the board said in reference to the...

  • *Staff cuts to made at Hong Kong headquarters. SYDNEY/ SHANGHAI, May 22- Cathay Pacific Airways Ltd said on Monday it was cutting 600 jobs, its biggest headcount reduction in almost two decades, as it seeks to return to profitability in an industry battered by falling ticket prices. In addition to cheaper tickets- the result of low fuel prices that led airlines to...

  • HONG KONG— Hong Kong airline Cathay Pacific Airways said Monday it's laying off nearly 600 staff at its headquarters as it faces rising competition from rival carriers and tough business conditions. Hong Kong's biggest airline is making cuts after it reported a $74 million loss last year. The airline, which employs 16,500 workers in Hong Kong, said most of the...

  • *Moon yet to spell out reform agenda. * "Chaebol sniper" named head of regulatory agency. SEOUL, May 21- A South Korean retail giant has shelved controversial expansion plans, while a large bank made hundreds of contract jobs permanent after President Moon Jae- in took office vowing to reform the family-run conglomerates that dominate the economy.

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • DETROIT, May 18- General Motors Co plans to quit selling vehicles in India by the end of this year and will sell operations in South Africa, the latest steps in a strategy of focusing cash and engineering effort on fewer, more profitable markets. The Detroit automaker said on Thursday it will take a $500 million charge in the second quarter to restructure...

  • SAN JOSE, Calif.— Cisco Systems Inc. said Wednesday that it is laying off 1,100 more workers, deepening job losses at the internet gear maker battling declining revenue. The new round of layoffs comes on top of the 5,500 jobs Cisco announced it was cutting in August. Cisco sells routers, switches, software and services business and has seen its business hurt as more...

  • IMPERIAL, Pa.— Dick's Sporting Goods has cut 160 jobs in the Pittsburgh- area, most at its Store Support Center in nearby Findlay Township. The retailer announced the cuts along with its first-quarter earnings on Tuesday. Chairman and CEO Edward Stack says the company is making the moves as part of a long-range plan that takes into account the short-term pain being...

  • A Ford hybrid vehicle on the assembly line in Wayne, Michigan.

    Ford Motor said on Wednesday that it plans to cut 10 percent of its salaried workforce in North America and Asia.

  • DETROIT— Ford is getting leaner as it faces an onslaught of challenges, from slowing U.S. sales to high-tech challengers to its own disgruntled shareholders. The 114- year-old automaker said Wednesday it is cutting 1,400 non-factory jobs in North America and Asia Pacific. Last month, General Motors Co. Chief Financial Officer Chuck Stevens said GM was...

  • WASHINGTON/ DETROIT, May 16- Investors on Tuesday shrugged off media reports that Ford Motor Co will announce plans to cut thousands of white-collar workers, highlighting the challenges facing Chief Executive Mark Fields. Fields, whose nearly three years at the helm have been marked by a languishing share price, is expected to announce as early as this week Ford...