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Posts Tagged ‘Cuts’

Bombardier cuts 1,400 Derby jobs

July 5th, 2011 Comments off

Bombardier sign at factoryBombardier is the UK’s last train-making factory

Train-maker Bombardier, which recently missed out on the £1.4bn Thameslink contract, is expected to announce job losses later.

Last month, the Derby firm lost out to Siemens, which was named preferred bidder to build 1,200 carriages for the route between Bedford and Brighton.

Unions described the news as a “hammer blow” for British manufacturing.

Bombardier, which employs 3,000 people in the city, subsequently announced a full review of its UK operations.

Securing the Thameslink contract was regarded as crucial for Derby’s Litchurch Lane plant – the UK’s last rolling stock manufacturer – as most of its current orders will soon be completed.

Speaking on Friday, the leader of Derby City Council, Philip Hickson, said he expected the “full scale of the disaster” to be revealed this week.

Union pressure

Transport Minister Theresa Villiers said the Siemens-led venture represented the best value for money for taxpayers.

But shadow business secretary John Denham and shadow transport secretary Maria Eagle have written to Prime Minister David Cameron urging him to review the decision.

After losing out on the contract, Bombardier said it was working with unions and would keep employees informed, while the union Unite has pledged to put pressure on the firm and the government to keep the factory open.

Mark Young, co-ordinating officer of Unite, said: “The country that invented the railways is at risk of losing its ability to manufacture trains unless the government urgently rethinks its decision to award preferred bidder status to Siemens instead of Bombardier.

“The government can reverse this decision and get UK train manufacturing back on track.

“It is simply unsustainable for the government to claim to support UK manufacturing with one hand and then with the other hand take decisions which potentially wipe out an entire manufacturing sector.”


BBC News – Business

Categories: Investing Tags: , , , ,

S. Korea Raises Inflation Forecast to 4%, Cuts Economic Estimate

June 30th, 2011 Comments off

South Korea’s inflation will exceed President Lee Myung Bak’s target this year and growth will be slower than previously forecast after global demand weakened and energy costs climbed, Finance Ministry forecasts showed today.
BusinessWeek.com — Finance

Credit Suisse Said to Plan 40 Job Cuts at Investment Bank

June 29th, 2011 Comments off

Credit Suisse Group AG, the second- biggest Swiss bank, plans to cut more than 40 managing directors and directors at its investment bank in Europe, two people familiar with the plans said.
BusinessWeek.com — Finance

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Lloyds Must Detail Cuts to Avoid Investor Day Flop, Analysts Say

June 24th, 2011 Comments off

Lloyds Banking Group Plc Chief Executive Officer Antonio Horta-Osorio should spell out how and when he’s planning to cut costs when he briefs investors next week, after rivals at HSBC Holdings Plc and Barclays Plc failed to do so, analysts say.
BusinessWeek.com — Finance

Greece’s Additional Budget Cuts Said to Be Backed by EU-IMF

June 23rd, 2011 Comments off

Measures proposed by Greek Finance Minister Evangelos Venizelos to complete a 78 billion-euro ($ 111 billion) austerity package required to win a bailout were endorsed by officials from the European Union and International Monetary Fund, said a person familiar with the matter.
BusinessWeek.com — Finance

Greece Faces Pressure to Pass Deficit Cuts as EU Leaders Meet

June 23rd, 2011 Comments off

Greece’s government and opposition came under pressure to unite behind deficit-reduction measures to secure a 12 billion-euro ($ 17 billion) payout to avert the euro area’s first default.
BusinessWeek.com — Finance

European Stocks Tumble to Three-Month Low as Fed Cuts Forecast

June 23rd, 2011 Comments off

European stocks sank, falling to their lowest level since March, as banks led a selloff after Federal Reserve Chairman Ben S. Bernanke cut his growth forecast for the world’s largest economy.
BusinessWeek.com — Finance

Asian Stocks Drop as Fed Cuts Forecast; Commodity Shares Slide

June 23rd, 2011 Comments off

Asian stocks fell, driving the region’s key index lower for the first day in three, after the U.S. Federal Reserve lowered its growth forecast for the world’s biggest economy and said further stimulus measures are unlikely, fueling global growth concerns.
BusinessWeek.com — Finance