news.yahoo.com :
$this->bbcode_second_pass_quote('', 'A')merican Express Co said it would cut about 5,400 jobs, mainly in its travel division, and would take about $600 million in after-tax charges in the fourth quarter, which will halve its net income for the period. The company said some of the cuts would be offset by new hiring but expects to reduce its workforce 4 to 6 percent by the end of 2013. It currently employs 63,500 people.
PeakOil is You
THE Let the worldwide layoffs begin Thread pt 2 (merged)
Re: THE Let the worldwide layoffs begin Thread pt 2 (merged)
by lowem » Fri 11 Jan 2013, 09:56:02
Aren't credit card companies supposed to be constant cash cow money generators? Looks like consumer discretionary spending isn't doing too well nowadays.
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Re: THE Let the worldwide layoffs begin Thread pt 2 (merged)
by lowem » Fri 11 Jan 2013, 10:00:49
news.yahoo.com :
$this->bbcode_second_pass_quote('', 'J')apanese automaker Honda says it will cut about one in four jobs at its UK factory as it struggles with low demand in Europe. Honda Motor Europe says poor sales across Europe due to the region's economic crisis are behind the loss of 800 positions among its 3,500 member workforce in Swindon.
$this->bbcode_second_pass_quote('', 'J')apanese automaker Honda says it will cut about one in four jobs at its UK factory as it struggles with low demand in Europe. Honda Motor Europe says poor sales across Europe due to the region's economic crisis are behind the loss of 800 positions among its 3,500 member workforce in Swindon.
Swindon, home of the revered Civic Euro Type R.
Japanese car companies have been hit on multiple fronts, with the earthquake, Fukushima, Europe, and yen all conspiring against them. The rising tide of inflation probably wouldn't help much either.
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lowem - Expert
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Re: THE Let the worldwide layoffs begin Thread pt 2 (merged)
by lowem » Tue 15 Jan 2013, 03:03:10
news.yahoo.com :
$this->bbcode_second_pass_quote('', 'S')KF, the world's biggest bearings maker, is cutting 2,500 jobs to cope with weaker demand, underscoring the bleak outlook for manufacturers as Europe drives through austerity measures to reduce its debts. The Swedish firm, whose bearings are used in a range of products from washing machines to aircraft, is seen as an early indicator of economic trends due to the breadth of its markets. These include cars and trucks, which have been hit particularly hard by a downturn in consumer and business spending.
$this->bbcode_second_pass_quote('', 'S')KF, the world's biggest bearings maker, is cutting 2,500 jobs to cope with weaker demand, underscoring the bleak outlook for manufacturers as Europe drives through austerity measures to reduce its debts. The Swedish firm, whose bearings are used in a range of products from washing machines to aircraft, is seen as an early indicator of economic trends due to the breadth of its markets. These include cars and trucks, which have been hit particularly hard by a downturn in consumer and business spending.
The trillion-dollar question is whether this is a European-wide problem or a world-wide problem, and whether Asia can pick up the slack (or not). The BDI (Baltic Shipping Index) is looking so-so and on the verge of a further breakdown. Asia will have to do a lot of heavy lifting if it comes to that.
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lowem - Expert
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Re: THE Let the worldwide layoffs begin Thread pt 2 (merged)
by Tanada » Tue 15 Jan 2013, 06:41:48
$this->bbcode_second_pass_quote('lowem', '[')url=http://news.yahoo.com/skf-cut-2-500-jobs-european-markets-weaken-121650848--sector.html]news.yahoo.com[/url] :
$this->bbcode_second_pass_quote('', 'S')KF, the world's biggest bearings maker, is cutting 2,500 jobs to cope with weaker demand, underscoring the bleak outlook for manufacturers as Europe drives through austerity measures to reduce its debts. The Swedish firm, whose bearings are used in a range of products from washing machines to aircraft, is seen as an early indicator of economic trends due to the breadth of its markets. These include cars and trucks, which have been hit particularly hard by a downturn in consumer and business spending.
$this->bbcode_second_pass_quote('', 'S')KF, the world's biggest bearings maker, is cutting 2,500 jobs to cope with weaker demand, underscoring the bleak outlook for manufacturers as Europe drives through austerity measures to reduce its debts. The Swedish firm, whose bearings are used in a range of products from washing machines to aircraft, is seen as an early indicator of economic trends due to the breadth of its markets. These include cars and trucks, which have been hit particularly hard by a downturn in consumer and business spending.
The trillion-dollar question is whether this is a European-wide problem or a world-wide problem, and whether Asia can pick up the slack (or not). The BDI (Baltic Shipping Index) is looking so-so and on the verge of a further breakdown. Asia will have to do a lot of heavy lifting if it comes to that.
I think the answer is no to your question because Asia does not have enough internal market structure to support itself yet. Globalization has discouraged it, especially the low wages for laborer's. It is hard to be a consumer when you can feed yourself but you have to live in company owned housing because you can not afford anything better. China has built a dozen beautiful modern cities that sit virtually empty because the workers can't afford to live in them and those who can afford to live better already have homes.
Who can the Chinese businesses sell too if the USA and EU are no longer buying? Nobody. A big part of that is Peak Oil causing sustained prices for fuel that drain money out of the consumers and producers alike in increased transportation costs. Nobody is going to stay rich trying to sell Chilean grapes in NYC when it costs more to fly them in than you can sell them for. We will be back to grape preserves in the off season for the local growers before you know it. Storage ability will once again be the key and warehousing will have to make a comeback or a lot of people are going to starve when the JIT food system suffers a breakdown.
$this->bbcode_second_pass_quote('Alfred Tennyson', 'W')e are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
