It's about time to write off high-growth tech stocks, Goldman warned, saying software carries the highest multiples since the tech bubble.Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Boeing said the airline industry will need 44,040 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Sotheby's announces it has signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Overall, extortion by email is growing significantly, according to the FBI's Internet Crime Compliant Center (IC3). Last year, these complaints rose 242% to 51,146 reported...Technologyread more
In a 7-2 ruling, over dissents from Justices Ruth Bader Ginsburg and Neil Gorsuch, the justices affirmed the so-called "dual sovereignty" exception to the Constitution's...Politicsread more
Target's nationwide cash register meltdown over the weekend created more than $16 million in buzz on the internet from news reports and other social media mentions, according...Retailread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
The top court scrapped a ruling from the Oregon Court of Appeals in favor of the same-sex couple. The owners of the bakery, which refused the make the cake due to religious...Politicsread more
Boeing reached a deal with British Airways to provide parts for some of its plane's made by rival manufacturer Airbus, part of Boeing's push to grow its services business.Airlinesread more
Ford Motor said Monday that it is laying off about 7,000 managers and other salaried employees, about 10% of its white-collar workforce across the globe, as part of a restructuring plan designed to save the No. 2 automaker $600 million annually.
The cuts, some of which were previously announced by the company, will be completed by August, Ford CEO Jim Hackett said in an email to employees Monday. Most of the reductions are overseas with roughly 2,300 of the job cuts coming from the United States. A company spokesman said 1,500 of the 2,300 U.S. job cuts were voluntary buyouts from last year.
This round of layoffs won't impact Ford's hourly factory workers. The company had roughly 199,000 employees across the world at the end of last year, about 3,000 less than the previous year, according to a securities filing.
Hackett said approximately 20% of upper-level manager jobs will also be eliminated as the company moves to reduce bureaucracy.
The job cuts include voluntary buyouts and involuntary layoffs. About 900 of the 7,000 job cuts are expected to happen this week, 500 of which will be in the U.S. The remaining 300 U.S. layoffs will be complete by the end of August. The Michigan-based automaker said its restructuring in North America is almost complete and that it will continue its organizational redesign in Europe, China, South America and other international markets until the end of August.
"To succeed in our competitive industry, and position Ford to win in a fast-changing future, we must reduce bureaucracy, empower managers, speed decision making, focus on the most valuable work, and cut costs," Hackett said in the letter.
The company had previously announced it planned to cut its European workforce, saying in January that it planned to eliminate thousands of jobs in Europe as it faced pressure to restructure its European operations. A company spokesman said Monday that there is overlap between the job cuts announced Monday and the various restructuring announcements the company has made in the past, though he would not specify how many job cuts overlapped.
— CNBC's Phil Lebeau and Reuters contributed to this report.
Correction: This article was updated to reflect that Ford is cutting about 10% of its white-collar employees, not 10% of its total global workforce.