Mike: Good Tuesday to all.
Mike: The day ended with a bang as Yahoo announced poor earnings and layoffs of up to 700. GM plans to drop 1600 this week and SUN may also purge the system. On a positive note, stimulus funds seem to be getting to the states and that should alleviate some job loss.
Let’s start the post with a laugh and end it that way too. Till Wednesday…………
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Mike: Below is one of those stories that show the breath of greed that inhabits the executive suites of many corporations. These guys would surely layoff thousands, halt production and file bankruptcy before they would take a cut in pay or reduced bonuses. They truely want their cake and to eat it, too. How else would you explain their demand for taxpayer bialout billions, but only under the condidtion that they be allowed to suck outrageous salaries and bonus millions from those taxpayer goodies! The feds demand and get reduced salaries from the factory workers, but they can’t budge the corproate swine at the money trough to take anything less then they are now making.
What’s likely to happan, you ask? The feds will crumble before the mighty corportate gods and allow the executives to name thier salary, but only on the condition that they layoff thousands more and then move the jobs to Chine, as GM is proposing to do. After all, the campaign coffers need to be filled and those executives know how to fill them. I hope it doesn’t come down to that, but if the banking execs and their continued outsized salaries are any indication, then the Chryler execs will be quite wealthy thanks to the taxpayer’s largess:
WASHINGTON – Chrysler LLC’s financial arm turned down additional government aid after some top executives refused to accept new limits on executive pay, according to a government official with knowledge of the negotiations.
The official said Monday that the Treasury Department denied Chrysler Financial’s request for more aid because some of its top 25 executives would not waive their rights to legal claims against the government and Chrysler Financial regarding new caps on executive compensation. The official did not want to be identified because the decision has not been made public.
Mike: As I expected, the government will GIVE Chrysler more bailout money without any mention of executive pay limits. Nice gig if you can get it; run your company into the ground and make millions doing so:
– WASHINGTON (Reuters) – The Obama administration will make about $500 million available to Chrysler LLC through the end of this month as it seeks to reach an alliance with Fiat, and up to $5 billion through May to help General Motors Corp restructure outside of bankruptcy, an independent oversight report on the Treasury Department’s corporate rescue fund said on Tuesday.
- Microsoft/Google/IBM and other Rumors/News
General Economic News
Government Layoff News
US and some Canada Layoff News
International Layoff News
Hiring News and News You Can Use
– SUNNYVALE, California (AP) — Yahoo says its slump worsened in the first quarter as the recession made it more difficult to sell the ads that generate most of its profits.
In releasing results Tuesday, the Sunnyvale-based Internet company says it will cut 600 to 700 jobs, or about 5 percent of its work force, to shore up profits.
– April 20, 2009 (IDG News Service) More layoffs are expected at Sun Microsystems Inc. as a result of Oracle Corp.’s planned $7.4 billion acquisition, with one Wall Street analyst predicting today that as many as 10,000 people could lose their jobs at the Silicon Valley icon.
Mike: I wonder the cost of this common sense survey? You think that cost may be a reason that people postpone health care? Wow, what a revelation!
– WASHINGTON (Reuters) – Twenty percent of Americans say they have delayed or postponed medical care, mostly doctor visits, and many said cost was the main reason, according to a survey released on Monday.
The Thomson Reuters survey found 21 percent of U.S. adults expected to have difficulty paying for health insurance or healthcare services in the next three months.
– US chain store sales fall 0.4 pct last week-ICSC
Mike: Maybe these companies realize that the more you spend to lobby our elected representatives, the more money they will give you for bailouts; of course without asking for any executive compensation limits………
– WASHINGTON – The top 10 recipients of the government’s $700 billion financial bailout spent about $9.5 million on federal lobbying during the first three months of the year.
The biggest spender was bailed-out automaker General Motors Corp., which devoted $2.8 million to lobbying in the first quarter of 2009. It has received $13.4 billion in government loans and could get $5 billion more, according to a government report released Tuesday.
– EL PASO – Commissioners Court on Monday issued a freeze on hiring for most county jobs for the rest of the 2009 fiscal year.
– The mayor said city residents should expect cuts in jobs and services but no tax hike.
– New London – The Board of Education Finance Committee Monday eliminated six full-time teachers as part of a $980,372 cut to the 2009-10 school budget.
– The job cuts are expected to continue in the next couple of months in other areas of district staff such as paraeducators, tutors, other classified staff and possibly administrators, Koester noted.
– The King City Union School District Board of Trustees unanimously voted to lay off three office clerks and reduce the hours of eight food service employees earlier tonight.
– An estimated 5,500 employees at 120 school districts in the state were recently handed pink slips warning them they may not have jobs next school year, an Arizona Republic survey has found.
About 4,000 of those employees are teachers.
– Lexmark International Inc., which provides printing services to businesses, said Tuesday it will cut 360 jobs and close one factory, as first-quarter income fell 42 percent on weak demand.
– CHICAGO – A published report says Sun-Times Media Group Inc. trimmed about 140 jobs last week to reduce costs during its bankruptcy reorganization.
– Mauldin-based Mt. Vernon Mills said Monday it is closing its Williamston plant in 60 days, affecting 140 employees.
“There’s a lot of people being affected by this,” said Gary Williams, the company’s vice president of human resources.
– Northwest Airlines will begin fading from view early next month at Mobile Regional Airport, as Pinnacle Airlines Corp. stops providing ground services for its three daily Northwest Airlink round trips to Memphis.
– A-Boy Supply Co. Inc., a chain of Portland hardware stores for nearly 50 years, will close four of its six remaining locations on June 25.
– CEDAR RAPIDS — Nordstrom Direct told employees Monday that it will lay off 62 employees at its Cedar Rapids fulfillment center and 10 at its Seattle contact center.
– The Division of Campus Services eliminated 47 positions as a part of its response to the $2.5 million decrease in the University’s facilities and campus services budgets, effective last Friday.
– Plattsburgh Mill General Manager Kirk Stallsmith said Monday that the layoffs will happen as older, narrow-sheet bath-tissue manufacturing lines are shut down.
– Early Monday morning, ERMCO announced an upcoming reduction in its workforce affecting approximately 90 people.
– LANCASTER – Diamond Power plans to lay off 20 people, the company announced Monday. The layoffs take effect immediately.
– SPRINGFIELD – MassMutual Financial Group laid off 53 sales people Monday from its retirement income business, one week after laying off 65 workers.
– Spokesperson Kathy Budinick said on Monday that they eliminated 39 positions last week in both the Columbia Falls and Evergreen plants. A variety of different positions were cut, including 24 salaried and 15 hourly employees.
– Faced with lower enrollment projections and decreased donations, Lincoln Christian School administrators have laid off the equivalent of six teachers plus other staff members.
– CARLINVILLE — The Curry Companies, a cement and trucking firm in Carlinville, has cut its work force as a result of the construction slowdown, but company owner Jim Curry said Monday he hopes to recall some employees once the economy picks up.
– It’s cutting four full-time and three part-time workers and delaying part of a renovation project.
– The Victoria A Channel has cut 18 jobs and cancelled its morning show as part of a restructuring by parent company CTV as it faces anticipated losses of $100 million this year.
– The Brooklyn-based company also cut 40-some jobs from its Carlton Cards division at company headquarters.
– HOUSTON: Facing declines in income and revenue, oilfield services company BJ Services had reduced its global work force by around 11 percent.
– UMBC’s Erickson School of Aging Studies laid off nine of its eleven staff members and two out of six full-time faculty members on Monday, April 13, due to a lack of program funding.
via The Retriever Weekly.
– The Marshall University Foundation has laid off four employees and kept a fifth position vacant as it struggles with declining investment returns brought on by the recession.
– The Port of Tacoma plans layoffs as the organization attempts to recalibrate its staff to match its shrinking business.
Port Executive Director Tim Farrell said Monday he didn’t have a timeline for the staff cuts or a number of positions the port would eliminate. He did say that the cuts would be done in the second quarter.
– BOSTON — MBTA General Manager Daniel Grabauskas is ordering a cap on salaries, instituting mandatory furloughs and laying off 75 employees as the transit agency labors under mounting debt.
– University of Central Florida President John Hitt warns that hundreds of faculty and staff jobs could be lost and academic programs could be closed if state budget cuts are anywhere near the $57 million called for in the House version of the state budget.
– Mystic Seaport announced this afternoon that it has laid off 18 full-time employees or 11 percent of its workforce.
– Oshkosh B’gosh’s parent company confirms about 100 jobs at the Otter Street headquarters will be relocated or eliminated by the end of this year.
– These cost-cutting measures include 85 employee and contractor jobs cut, reductions in some executive salaries, cancellation of most current open positions, mandatory shut-down days, reduction in company contributions to employee 401(k) plans, cuts in discretionary spending and reduction in leased office space.
– FITCHBURG — Munksjo Decor is ceasing its manufacturing operations at 642 River St. in June, eliminating about 120 jobs, the company president and chief executive officer said today.
via telegram.com News.
– MAITLAND — Two hundred and forty people at Invista’s local plant will lose their jobs by the end of the year, shrinking the facility’s workforce by nearly two thirds, as the company sheds its nylon intermediates production amid the global recession.
– Vauxhall’s 5,000 UK employees are waiting to learn if they will keep their jobs as it emerged last night that General Motors (GM), the American parent company, was prepared to sell the business at a knockdown price.
Mike: While detaining corporate heads that inflict pain on their workers seems a little extreme to some, I admire how the French take to the streets to protest job losses at the hands of these corporate kings. As with the Chrysler article at the top of this post, the corporate executives chop the workforce to the bone, but they won’t sacrifice pay, bonuses or golden parachutes to see workers or their companies survive.
– TOULOUSE, France, April 21 (Reuters) – Factory staff in southwestern France detained two managers on Tuesday to protest against their site’s closure in the latest incident of workers locking up their bosses.
– Seventy jobs cuts and a possible move to a nine-day fortnight are being proposed by Fairfax Media as it continues to slim down its New Zealand operations.
– Financial services giant AXA Asia Pacific detailed plans to cut as many as 120 staff as part of efforts to rein in costs as the meltdown in global markets continue to hammer the wealth management industry.
– ONE of Scotland’s leading architectural practices is set to shed dozens of jobs at its offices in Edinburgh and Glasgow.
RMJM, the firm which helped design the Scottish Parliament building at Holyrood, has also asked its 1,000-strong workforce around the world to take a 10 per cent pay cut
– Seven Pacific Brands staff in Palmerston North have lost their jobs as the company prepares for a possible sale.
– One of Dublin’s top hotels is seeking to cut 32 jobs as part of a voluntary redundancy programme.
-HONG KONG: Global banking giant HSBC said on Tuesday it had laid off 100 private bankers in Hong Kong as demand for their services has shrunk amid the economic downturn.
Mike: If every state followed this move by Wisconsin, those looking for stimulus related work would have one-stop shopping. It’s also a great way to keep track of which companies are getting what money:
– All job postings tied to Wisconsin projects paid for with federal stimulus money will be posted on the same state Web site.
Gov. Jim Doyle announced Monday he has signed an executive order requiring all contractors and subcontractors involved with those projects to post job openings on http://www.jobcenterofwisconsin.com.
– TAMPA – A Tampa manufacturing facility expects to create about 200 jobs, starting later this year, as part of a planned $16.5 million expansion.
– Boral Bricks Inc. is rehiring 33 employees at its manufacturing plant at 1630 Arthern Road.
– Using Facebook, Twitter and other social-networking sites to tell your family and friends you’ve been laid off is healthy, useful and a good idea, according to corporate psychologist Michael Mantell and etiquette expert Peter Post. But choose your words carefully. If you see an update from one of your friends that he or she has been laid off, be sure to respond in a way that is helpful. Here are some tips.
– The South Carolina State Ports Authority (SCSPA) Board of Directors today advanced the development of a 280-acre container terminal at the former Navy Base by awarding a $55-million construction project to a local firm. The project is estimated to support almost 720 local jobs and provide a $78.4-million impact to the Charleston metro region.
– Dallas strip clubs said their clubs are filled with customers and job seekers. Craft said his clubs have been inundated with laid-off workers who never dreamed they’d work in the adult entertainment industry.
“In the past year, we’ve seen our applicant pool probably double,” said Steve Craft, vice-president of Burch Management which owns at least five strip clubs in Dallas.
Because of the influx of applicants, Cabaret Royale will host a job fair on Wednesday.
– Construction of Whitfield County’s newest high school is expected to create 400 to 500 new jobs — more than half of them local — over two years, officials said.
Mike: The day ended with a bang as Yahoo announced poor earnings and layoffs of up to 700. GM plans to drop 1600 this week and SUN may also purge the system. On a positive note, stimulus funds seem to be getting to the states and that should alleviate some job loss. Till Wednesday.………..
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