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Business Events Layoffs

  • SEOUL, April 23- General Motors Co's South Korean unit dropped a plan for a vote on a bankruptcy filing after reaching a tentative wage deal with its labour union on Monday that helped the U.S. automaker win concessions on pay, bonuses and benefits. GM shocked South Korea in February when it unveiled a major restructuring plan for the money-losing unit, which...

  • SEOUL, April 23- General Motors Co's South Korean unit on Monday said it has reached a tentative wage deal with its labour union, meeting a key condition laid down by the U.S. automaker to prevent it filing for bankruptcy for the money-losing operation. The U.S. automaker shocked South Korea in February when it unveiled a major restructuring plan for the unit, which...

  • SEOUL, April 23- General Motors' South Korean unit said that it has reached a tentative wage deal with its labour union on Monday, meeting a key condition laid down by the U.S. automaker to prevent it filing for bankruptcy for the loss-making operation. The U.S. automaker shocked South Korea in February when it unveiled a major restructuring plan for the unit, which...

  • The company, which had faced intense criticism and political scrutiny over price hikes for its life-saving EpiPen emergency allergy treatment, said the Morgantown plant "needed to be rightsized to be less complex" for continued operations. The layoffs involved more than 400 employees represented by a United Steel Workers local union, reported WAJR, a...

  • AMSTERDAM/ CAPE TOWN April 20- South African retailer Steinhoff remains in a "tough position" and is talking to creditors about restructuring debt, the company said on Friday, as directors faced shareholders for the first time since an accounting scandal. Steinhoff, which runs chains such as Britain's Poundland, Mattress Firm in the U.S. and Conforama in France, is...

  • SEOUL/ DETROIT, April 20- General Motors' South Korean unit delayed a decision to file for bankruptcy protection until Monday afternoon, after the automaker failed to reach a wage deal with its labor union in time to meet a Friday deadline. The U.S. automaker shocked South Korea in February when it unveiled a major restructuring plan for its money-losing unit,...

  • GM Korea held a board meeting on Friday evening to discuss filing for a court-led rehabilitation but it delayed a decision until Monday, said two sources familiar with the situation. GM Korea was not immediately reachable for comment. The U.S. automaker shocked South Korea when it unveiled in February a major restructuring plan for its unit that involved...

  • SEOUL, April 20- General Motors' South Korean unit and its labour union failed to reach a wage deal by Friday, breaching a deadline set by the U.S. automaker to seek bankruptcy protection for the loss-making unit. The U.S. automaker shocked South Korea when it unveiled in February a major restructuring plan for its unit that involved closure of one of its four plants...

  • *PSA demands Opel cut headcount by 3,700 by 2020. *Opel to meet PSA cost targets for 2020- labor chief. FRANKFURT, April 20- PSA Group wants 3,700 job cuts at Opel in Germany by 2020 and a process of contract buyouts and early retirement has already resulted in a reduction of about 2,000 positions, Opel's works council chief said on Friday.

  • *PSA demands Opel cut headcount by 3,700 by 2020. *Opel to meet PSA cost targets for 2020- labour chief. FRANKFURT, April 20- PSA Group wants 3,700 job cuts at Opel in Germany by 2020 and a process of contract buyouts and early retirement has already resulted in a reduction of about 2,000 positions, Opel's works council chief said on Friday.

  • April 19- Chipmaker Qualcomm Inc is cutting 1,500 jobs across multiple divisions at its offices in California, as part of its promise to investors to cut annual costs by $1 billion. The company, which has about 33,800 employees as of Sept.24, informed about its job cut plans in California in a regulatory notice that was filed with the state on April 18.

  • Steve Mollenkopf, CEO of Qualcomm

    Sources tell CNBC Qualcomm is "very concerned" with the fate of an NXP Semiconductors deal.

  • April 18- Qualcomm Inc has begun cutting jobs as part of its promise to investors to cut annual costs by $1 billion, the chipmaker said on Wednesday. Bloomberg, which first reported the layoffs, said the size of the job cuts is large enough that Qualcomm will have to file a WARN notice, or Worker Adjustment and Retraining Notification, with the state of California.

  • NEW YORK, April 18- Puerto Rico's federally-appointed oversight board on Wednesday unveiled a framework for the bankrupt island's fiscal turnaround that breaks with Governor Ricardo Rossello's vision, pushing pension cuts and labor reforms while hinting at layoffs. Tasked with helping the U.S. territory regain access to debt markets, the board has been...

  • April 18- Chipmaker Qualcomm Inc has begun cutting jobs as part of its promise to investors to cut costs by $1 billion, Bloomberg reported on Wednesday, citing people familiar with the matter. The size of the job cuts is large enough that San Diego- based Qualcomm will have to file a WARN notice, or Worker Adjustment and Retraining Notification, with the state of...

  • April 18- Chipmaker Qualcomm Inc has begun cutting jobs as part of its promise to investors to cut costs by $1 billion, Bloomberg reported on Wednesday, citing people familiar with the matter. The size of job cuts is large enough that San Diego- based Qualcomm will have to file a WARN notice, or Worker Adjustment and Retraining Notification, with the state of...

  • WASHINGTON— U.S. businesses posted fewer open jobs in February than the previous month when openings reached a record level, though layoffs fell. The Labor Department said Friday that openings fell 2.8 percent to 6.05 million, down from 6.23 million in January, the most on record dating back to 2001. Layoffs dropped a steep 7.7 percent, to 1.65 million.

  • DETROIT/ SEOUL, April 13- General Motors Co's president said common ground must be reached on a long-term financial restructuring of GM's South Korean auto unit by next Friday and if there was none, the operation would likely seek bankruptcy protection. GM shocked South Korea in February with plans to close one local plant and leaving the fate of three others...

  • DETROIT/ SEOUL, April 13- General Motors Co's president said common ground must be reached on a long-term financial restructuring of GM's South Korean auto unit by April 20 and if there was none, the operation would likely seek bankruptcy protection. The April 20 deadline, first given in late March, ratchets up pressure on the South Korean government and the...

  • DETROIT/ SEOUL, April 13- General Motors Co's president said common ground must be reached on a long-term financial restructuring of GM's South Korean auto unit by April 20 and if there was none, the operation would likely seek bankruptcy protection. The April 20 deadline, first given in late March, ratchets up pressure on the South Korean government and the...