“I think the great risk there is that you create some new uncertainty and concerns at the very time the financial condition of the banking industry is turning for the better,” Wayne Abernathy, an executive at the American Bankers Association and a former Treasury official said earlier on Monday.
via About 10 U.S. stress test banks to need more capital – Yahoo! Finance.
– Dr. Doom has an op-ed in the WSJ today. It’s basic message is: The rally is an illusion and the stress tests are a fraud due to overly optimistic assumptions. If you thought nationalization or bondholder restructuring were off the table, you were wrong. The banking sector, he says, will lose a total of $3.6 trillion, meaning it’s basically entirely insolvent.
Chip Bok - May 5
Mike: I’d like to bring your attention to a fine website, Recessionwire, that offers you the best in what you need to know today to survive and thrive in the recession. Check them out and I’m sure you’ll come away with some news you can use.
- Microsoft layoff buzz intensifies
- Amylin says it will cut about 200 sales positions
- US service sector contracts, but at slower pace
- MCY Mercury General Cuts Staff by 7% (360)
- Weak revenue prompts Cincy Bell job cuts (200)
- Diebold reports revenue, net loss; (300) job cuts on the way
- Wells Fargo says Charlotte layoffs reach 548
- Ford retooling Michigan Truck, may add 1,500 jobs
- American General Finance cutting 500 jobs
- 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
– Microsoft/Google/IBM and other Rumors & News –
– Microsoft CEO Steve Ballmer Tuesday morning informed employees that the company will be cutting more jobs as part of its previously announced plan to eliminate up to 5,000 positions by June 2010.
![[Report]](http://bloomberg.econoday.com/images/bloomberg/byconsensus_butt.gif)
10:00 AM ETStill, Tuesday’s reading was higher than economists expected and provided another sign the economy’s steep downturn could be bottoming out.
The services index is based on a survey of the institute’s members in 18 industries and covers such indicators as new orders, employment and inventories.
New orders surged last month, rising to 47, from 38.8 in March. Economists were encouraged by the jump and said it could be a sign of better days ahead since increased demand is a signal that production will need to rise in coming months.
via US service sector contracts, but at slower pace – Yahoo! Finance.
![[Report]](http://bloomberg.econoday.com/images/bloomberg/byreport_butt_new.gif)
7:45 AM ETOn a year-on-year basis, retailers saw sales fall 0.8% in the latest week.
via ICSC/Goldman Sachs Chain Store Sales Up 0.7% In May 2 Week.
– SHANGHAI (AP) — General Motors said Tuesday that sales in China soared 50 percent in April to a monthly record of 151,084 vehicles, thanks to strong demand for Buick brand cars and Wuling minivehicles.
Sales of the Buick Excelle sedan, a staple in GM’s Shanghai-produced portfolio, more than doubled from a year ago to 22,078, the company said in a statement.
via GM’s China sales surge 50 pct to monthly record: Financial News – Yahoo! Finance.
Matt Davies - May 5
Mike: While the banking and investment industries want us all to believe that they have financial matters under control, it’s wise to take a look at how they have brought this country and the world to the edge of financial meltdown. There are still many financial avenues that need cleansing before the economy sits on firmer ground:
– All around the world, pension tension is growing. You’re only beginning to see what I’ve been predicting for a long time. It’s one huge mess. Here is a small sampling of global pension tension:
Insolvent AbitibiBowater Inc. had no right to unilaterally rescind pension benefit improvements that had been negotiated in a collective agreement prior to the newsprint giant entering bankruptcy protection, a judge ruled today.
Air Canada said on Monday it was seeking support from its unions for ‘a moratorium and other conditions on funding’ its pension deficit, which is more than C$3 billion ($2.5 billion).
Connecticut Treasurer Denise Nappier said on Monday the state is terminating its investment agreement with Dallas-based private equity firm Aldus Capital LLC, after it was caught up in the criminal and civil probe of the New York State pension fund.
via naked capitalism.
– Lansing — Gov. Jennifer Granholm will order about $302 million in state budget cuts today, including 100 state police trooper layoffs, 4 percent across-the-board spending cuts, $40 million less in revenue sharing with local governments and up to six unpaid days off for state employees, according to sources familiar with the order.
via Mich. budget cuts to lay off 100 state troopers | detnews.com | The Detroit News.
– Letters will be mailed today to 574 district support employees, notifying them that their jobs will be eliminated for the next school year.
– US and some Canada Layoff News –
– Redmond, Wa – Software giant Microsoft laid off 3,000 people today – part of its plan to cut costs.
The job losses will be spread equally between the USA and other geographies, but Microsoft has also committed to re-hiring as soon as the economic meltdown eases.
– Drugmaker Amylin Pharmaceuticals Inc. said Monday it will eliminate about 200 jobs, or more than a third of its sales force, as it combines its primary care and specialty drug sales units.
– “In North America, there have been 900 in the last 12 months,” he said, noting that several hundred jobs were eliminated when Harman closed a factory in Martinsville, Ind., that manufactured Harman Kardon, JBL and Infinity speakers. “We’re also consolidating our consumer products unit.”
via More job cuts announced at Harman – The Connecticut Post Online.
– Sportswear manufacturer Adidas said today it planned to remove a tier of regional management after profits fell 97 per cent to 5 million euros in the first three months of 2009.
via Adidas to cut management jobs after loss in first quarter – Crain’s Manchester Business .
– SAN FRANCISCO—Machine vision vendor Cognex Corp. Monday (May 4) announced additional cost-cutting measures including the elimination of about 85 jobs and reported that first quarter sales fell 30 percent compared to the same period of 2008.
via EETimes.com – Machine vision firm Cognex cuts 85 jobs.
– – Modular house manufacturer Palm Harbor Homes will close its Athens and Dawsonville outlets and move them to the company’s McDonough location.
via Home builder to close in Athens, Dawsonville | News | OnlineAthens.com.
– The operators of Thunder Valley Casino laid off about 100 part-time employees, which the casino says is about a 5 percent reduction.
via Thunder Valley cuts about 100 jobs – Sacramento Business Journal: .
– By cutting its staff by 7%, or about 360 employees mostly from California, Mercury General (NYSE: MCY | Quote | Chart | News | PowerRating) of Los Angeles said it recorded an $8 million expense during the first quarter 2009 but expected the cost-reduction programs would result in annual cost savings of $20 million. This will begin to be seen in the second quarter this year.
via MCY Mercury General Cuts Staff by 7% While Posting First-Quarter Profit.
– The job cuts amount to about 200 positions, and the staff reduction will come through a combination of attrition, voluntary retirements and involuntary separations, said a company spokeswoman.
via Weak revenue prompts Cincy Bell job cuts – Dayton Business Journal: .
– These additional actions include implementing further headcount reductions through hiring restrictions, attrition and job eliminations —representing an overall reduction of approximately 300 full-time positions.”
via Public Companies | Diebold reports revenue, net loss; job cuts on the way | ATM Marketplace.
– Guaranty Bank plans to close its GB Mortgage LLC division, which will leave 62 local employees without jobs.
via Guaranty Bank unit closing costs 62 jobs – The Business Journal of Milwaukee: .
– Wells Fargo told state officials this week that it has issued layoff notices to 548 employees in uptown Charlotte, as it absorbs Wachovia and suffers from the weak economy.
via Wells Fargo says Charlotte layoffs reach 548 | CharlotteObserver.com.
– Wells Fargo & Co. will eliminate about 150 jobs in San Leandro, the latest indication that the fallout from a cascade of banking mergers in recent years has smothered the East Bay employment sector.
via Wells Fargo cuts 150 East Bay jobs – Inside Bay Area.
– The announcement came this morning, during a meeting of employees. A company spokesperson placing the blame on the economy. CSX will stop rail car processing at Frontier Yard, which means trains will no longer be divided onto different tracks at this yard. 337 employees will remain, while 132 positions will be cut.
via Jobs Cut At Frontier Yard | WKBW – TV Buffalo, New York | Local News .
– American General Finance plans to cut 500 jobs and close 150 offices, the company said Tuesday.
– -SpA Aims to close 10 Fiat/Opel manufacturing plants, cut 18,000 jobs in planned takeover – FAZ cites internal document dated April 3
via BRIEF-Fiat aims to cut 18,000 jobs in planned Opel takeover – German paper FAZ – Forbes.com..
– Linde AG, the world’s second-biggest maker of industrial gases, said it will cut about 3,000 jobs this year and it’s no longer counting on increasing 2009 profit and sales.
– Chief Executive Officer Herbert Hainer said he’ll cut more than 1,000 jobs and close regional offices as part of a plan to save 100 million euros. Asian demand fell as gains from last year’s Beijing Olympics weren’t sustained, and the company incurred 80 million euros of extra costs in the quarter, partly to integrate Reebok’s back office with the Adidas brand.
— More than 500 Ford workers at the Transit van factory in Hampshire have taken voluntary redundancy or retirement.
via BBC NEWS | UK | England | Hampshire | Ford workers leave after job cuts.
-CMS Cameron McKenna has announced that around 80 London jobs could go as a result of a firmwide review of the business.
– Berwin Leighton Paisner (BLP) has launched a redundancy consultation that is likely to affect 85 staff in the firm’s City headquarters.
– The Karhula Glass Factory employs around 100 people. Glass manufacturing ends this summer with silk screen print operations terminating next year.
via Finland’s Only Glass Bottle Plant Closing | News | YLE Uutiset | yle.fi.
– Thousands of expatriates have lost their jobs in the Gulf trade and tourism hub of Dubai since the financial crisis triggered a real estate crash late last year that brought a six-year economic boom story to bust in a matter of months.
via Dubai layoffs continue; real estate hardest hit | Manila Bulletin.
– The merger between Spanish low-cost carriers Clickair and Vueling (MCE:VLG) will close by late June and will reduce the two companies workforce by 200 employees, ADP News reported on 5 May 2009 quoting Vueling chairman Josep Pique.
via AEOPF Vueling, Clickair to complete merger by June, cut 200 jobs.
– Hymer has reduced its workforce, including temporary staff, by 10 percent to about 3,150, Pfaff said.
– Hiring News and News You Can Use–
– In Pictures: America’s 25 Best-Paying Jobs
In Pictures: America’s 25 Worst-Paying Jobs
via America’s Best- And Worst-Paying Jobs – Forbes.com.
– Hutchinson has been selected as the site for a new wind turbine plant that will create an estimated 400 jobs, Siemens Energy said today.
via Wind turbine plant to employ about 400 in Hutchinson | News Updates | Wichita Eagle.
– Ford Motor Co. is expected to announce Wednesday a $400 million investment in its Wayne factory complex, which is being retooled to produce small cars from Europe — a move that could lead to the creation of 1,500 new jobs during the next five years.
via Ford retooling Michigan Truck, may add 1,500 jobs | detnews.com | The Detroit News.
– BUFFALO (2009-05-05) Hundreds of jobs for people interested in serving their community are being made available with funding from the Federal Stimulus package.
For more information, call 558-3330 or Click Here
via WNED: WNY AmeriCorps to Fill 300 Jobs (2009-05-05).
– Sustainable Textile Group LLC, a manufacturer of fabric made from pre-consumer waste, will establish a new facility in Rowan County, investing $11 million and creating 223 jobs during the next two years.
Mike: The layoff announcements were busier later in the day. I was a little behind in posting, but I think I listed the bigger action. Have a good evening…………………….
Mike: I’d like to bring your attention to a fine website, Recessionwire, that offers you the best in what you need to know today to survive and thrive in the recession. Check them out and I’m sure you’ll come away with some news you can use.
Mike Luckovich - May 5
Tags: COBRA, cut jobs, economic, employment, factory closing, firing, hiring, IBM, job loss, jobs cut, laid off, layoffs, plant closing, positions eliminated, redundancies, staff cuts, unemployment, workforce reduction
