Monday Microsoft Layoff Rumors – GM Dumps 1,000 in Dayton – Toyota Breaks Earnings Streak – Sharp Cuts 400 (12-22-08)

Mike: The rumor mill is buzzing with Microsoft layoff rumors. If you have any other tips or facts, pass them along and I’ll post them. Thanks:

Rumors of Upcoming Microsoft Cut-Backs

Rumors. Microsoft layoff and cut-backs and Reduction In Force rumors. That’s all I have for you. Rumors and second-hand speculation and the comments left by the fine, good-looking folks who participate in the conversation here. So pour yourself some holiday cheer and dive in.

via Mini-Microsoft: Rumors of Upcoming Microsoft Cut-Backs.

News Analysis. Blogger Mini-Microsoft says signs show layoffs coming to the software giant. The prediction: Jan. 15.

Microsoft employs more than 90,000 people, a number that could prove to be a liability during the worldwide economic downturn. Under normal conditions, Microsoft is like the federal government: Jobs are seemingly for life. Layoffs aren’t unheard of at Microsoft, but they’re rare enough occurrences.

via Microsoft Watch – Corporate – When Mini Speaks Layoffs, I Believe.

—Microsoft has so far avoided making any big staff cuts during the recession, but that could becoming to an end, according to the blog “Mini Microsoft.” The blog predicts that Jan. 15 will be the day of reckoning, one week before the company announces quarterly results. VentureBeat surmises this could mean the bottom 10 percent of performers at the Redmond software giant could get axed, or about 5,000 to 10,000 employees.

via Google’s Kirkland Site to Shrink, Microsoft Layoffs May Be Looming | Xconomy.

MS readying “substantial” job cuts?

A leak from a reported Microsoft insider and published Sunday may point to rare but substantial layoffs at the Windows developer. The company’s alleged job cuts are described as “substantial” and are said to involve many feedback meetings that are actually attempts to screen out underperforming employees or those with relatively little usefulness. As much as 10 percent of Microsoft’s finance department may be cut outright.

via Electronista | MS readying “substantial” job cuts?.

 

MORAINE, Ohio (AP) — General Motors Corp.’s financial woes have GM workers around the country worrying about what life without GM might be like. The 1,080 hourly workers at the automaker’s sport utility plant in this Dayton suburb are about to find out. For them, life without GM begins Tuesday.

That’s when the automaker pulls the plug on the plant that over the past 27 years has spit out cars, trucks and SUVs, helped pay mortgages and college educations, and provided a security blanket in turbulent times.

“The news was devastating at first,” said Jackie Wilson, a 39-year-old mother who has spent 15 years at the plant. “It’s all I’ve known.”

via The Associated Press: Ohio GM plant closing to leave 1,080 workers idle.

DAYTON — The closing of General Motors’ Moraine assembly plant on Tuesday, Dec. 23, will ripple through the region in many ways.

In addition to costing more than 1,100 hourly workers their jobs, the plant closing likely will add to a rising local tide of foreclosures, spur the shedding of more jobs at GM suppliers, erode corporate charitable giving, and increase demand at health-care clinics for the uninsured and other social-service agencies.

“With more local breadwinners losing their income, it will eventually impact some of their ability to stay on top of their mortgage,” said Beth Deutscher, executive director of the HomeOwnership Center of Greater Dayton.

via GM closing will have far-reaching impact.

WASHINGTON (MarketWatch) — The labor market faces persistent weakness in 2009, with more than 1 million jobs cuts expected due to weak spending among consumers and businesses, according to a Monday report from Challenger, Gray & Christmas Inc.

The incoming administration is working on a massive economic stimulus package to save or create millions of jobs. But it will take time for the stimulus measure to work, said John Challenger, chief executive of the outplacement firm,

via More than 1 million jobs cuts seen in 2009: Challenger – MarketWatch .

 

Mike: Employment in UK is going to be worse than the US. Bloodbath is an appropriate description:

Britain faces an unemployment “bloodbath” in the new year with many tens of thousands of jobs axed in the public and private sectors, according to a cabinet minister. Senior government figures are braced for a dramatic lengthening in dole queues in the first quarter of 2009, as employers delay announcing redundancies until after Christmas.

Thousands of civil servants and town hall workers will share the pain as government efficiency savings bite, while struggling retailers and manufacturing industry are heading for heavy redundancies.

via Britain’s job ‘bloodbath’ – Home News, UK – The Independent.

UK: More Than 1,400 Jobs Lost As MFI Ceases Trading

More than 1,400 staff at MFI across the UK have lost their jobs after the furniture retailer ceased trading on Friday. All 111 of the company’s stores have closed after administrators were unable to sell the furniture retailer’s stock and customer order book. Customers with outstanding orders have been advised to seek refunds.

via Namnews @ Kamcity.com.

 

Mike: Banks receive billions of taxpayer funds, but refuse to tell us where the money is going and they won’t say how it’s being tracked. Take five minutes and send your congress critters  a message asking how they can give billions to banks and not ask those robber baron banks to account for the funds. These same banks are giving millions in bonuses to their execs, who drove the bank into the ground, but refuse to be accountable. You may also consider taking your money from these bailed-out banks and depositing it in a reputable bank. Here’s a link that will help you easily contact your congress critter http://www.congress.org/congressorg/directory/congdir.tt:

WASHINGTON – It’s something any bank would demand to know before handing out a loan: Where’s the money going? But after receiving billions in aid from U.S. taxpayers, the nation’s largest banks say they can’t track exactly how they’re spending the money or they simply refuse to discuss it.

“We’ve lent some of it. We’ve not lent some of it. We’ve not given any accounting of, ‘Here’s how we’re doing it,'” said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. “We have not disclosed that to the public. We’re declining to.”

The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what’s the plan for the rest?

None of the banks provided specific answers. – 

via Where’d the bailout money go? Shhhh, it’s a secret – Yahoo! News.

 

Pat Oliphant - Dec. 22

Pat Oliphant - Dec. 22

 

 

Mike: The recession is world wide and as you can see some say that it’s much worse than expected:

– Foxconn Electronics (Hon Hai Precision Industry) chairman Terry Gou has said that the economic crisis is three times worse than expected and that Foxconn will have to issue more layoffs in order to reduce the company’s operating costs.

The company is already scheduled to layoff 1,500 employees at its plant in Hungary and tens of thousands of employees in China. The company is also planning to lay off 10-15% of its workforce in Taiwan.

In additional news, following reports that the Foxconn group’s PCB production lines in China have been in suspended operations for a period ranging from two weeks up to over four months, Foxconn has commented that it is merely transferring production to southern China for easier management.

via More Foxconn layoffs in China and Taiwan.

 

Mike: We can only hope that these world wide stimulus attempts have the desired outcome of more jobs, but it’s likely to be a very slow process:

BEIJING (AP) — China cut interest rates Monday for the fifth time in four months in a new effort to revive economic growth amid government anxiety about spreading job losses and worker protests.

The benchmark one-year lending rate will fall by 0.27 percentage point to 2.25 percent, effective Tuesday, the central bank said. That came just four weeks after China’s biggest rate cut in 11 years and left the benchmark rate at its lowest level since February 2004.

Beijing is trying to prod consumers and businesses to spend in an effort to support a massive government stimulus package intended to rev up domestic economic activity and shield China from a global downturn. Manufacturing, investment and other key drivers of the economy are still weakening despite earlier rate cuts.

via The Associated Press: China cuts interest rates in new growth effort.

Mike: CBS  News video describing the Chinese economy:

Vodpod videos no longer available.

more about “Chinese Economy In Turmoil Video – CB…“, posted with vodpod

Dec. 22 (Bloomberg) — Japan’s exports plunged the most on record in November as global demand for cars and electronics collapsed, signaling more factory shutdowns and job cuts are likely as the recession deepens.

Exports fell 26.7 percent from a year earlier, the Finance Ministry said today in Tokyo. That was more than the 22.3 percent decline estimated by economists and the sharpest since comparable data were made available in 1980.

via Bloomberg.com: Economy.

 

Mike: Toyota may not be cutting US jobs yet, but they are beginning to trim their workforce:

TOKYO – JAPANESE automakers Suzuki Motor Corp and Daihatsu Motor said on Monday they will get rid of more jobs for temporary-contract workers as demand slumps due to the global slowdown.

Daihatsu, a subsidiary of Toyota Motor Corp, said it will cut 500 to 600 jobs for casual workers by the end of March.

via Japan carmakers cut more jobs.

NAGOYA, Japan (AP) — Toyota Motor Corp. projected its first-ever operating loss since it began such reports, acknowledging Monday that its nine-year stretch of global vehicle-sales growth had stalled.

Crashing auto demand, especially in its key U.S. market, and the profit erosion from a surging yen proved too much for Japan’s top automaker, which had been booming on the success of its fuel-efficient models, incluading the Camry sedan and Prius gas-electric hybrid.

Gloom dominated the annual news conference by Toyota’s president, who in recent years had outlined ambitious expansion plans. This year, Toyota President Katsuaki Watanabe even refused to give a worldwide vehicle sales goal for 2009.

-“The tough times are hitting us far faster, wider and deeper than expected,” he told reporters at Toyota’s Nagoya office. “This is an unprecedented crisis requiring urgent action.”

via The Associated Press: Toyota projects first operating loss since 1941.

 

“It kills me, it eats me up inside,” said Raymond Vaughn, who has been out of work for seven months, since he lost his job as a window installer. His fiancée now pays the bills. “I go into this fantasy world where I’m like, I’m in the wrong life and I’m actually a millionaire. It really bothers me I can’t do the things I’d like for her. Sometimes you get where you feel less than a man.”

via A Reeling City Is a Snapshot of Economic Woes – NYTimes.com.

 

Mike: Might as well make the best of a bad situation. Laid off? No matter, it’s party time!

(CBS) A new trend on Wall Street and elsewhere has people who are out of work gathering at “pink slip parties.”

They’re for the recently laid off, and not-so-recently, reports Early Show financial contributor Vera Gibbons.

Job hunters show up and, in some such get togethers, put on brightly-colored bracelets. At a party Gibbons went to, pink was for job seekers, green for career coaches and recruiters.

Attendees mingle to get career advice, network, and commiserate.

via $ign Of The Times: “Pink Slip Parties”, Early Show ‘s Vera Gibbons: They Offer Novel Approach To Learning Job Hunting Skills, Networking, Commiserating – CBS News.

Vodpod videos no longer available.

more about “The Early Show video: Wall Street’s P…“, posted with vodpod

 

 

A shop which has been at the heart of Norwich for more than a decade is closing down as cheap online goods forces them to close their doors.

Artique has stood in White Lion Street for 15 years but will shutting its doors for the last time early next year….

Four staff will be left jobless, with two full-time and two part-time staff joining the city’s growing list of unemployed.

via Evening News 24 – City centre shop set to close.

Update: Silicon Storage Technology, the Sunnyvale maker of flash memory, said it is in the process of cutting 120 employees, or 17 percent of its staff, according to a filing it made Friday. The action is being taken “to streamline the organization going forward” so as to “to reflect changes in anticipated levels of business.”

via Silicon Storage to layoff 120, or 17 percent of workforce | Docu-Drama.

SPENCER, Iowa – Layoffs are in store at the Eaton Hydraulics plant in Spencer.

Company officials have announced that 103 workers, or one-fourth of the company’s workforce, will be laid off because of a drop in demand.

via Spencer company lays off 100 workers — chicagotribune.com.

Several longtime employees told us this morning they can remember numerous times in years past when they worried their plant might shut down.

This time, however, is different.

And some employees say they feel they really were picking up their final paycheck from DESA.

“We’re here to get our last check and find out if we’re going back to work or not… and the way it looks… we’re not.”

via Employees Pick Up Their Last Paychecks At DESA .

SAN FRANCISCO (MarketWatch) — Caterpillar Inc (CAT:

41.81, -0.88, -2.1%) said Monday it will cut pay and institute a hiring freeze in 2009 because of the weakened economy. The company said it will cut executive pay by up to 50%, senior managers pay by 5% to 35%, and management and support staff pay by up to 15%. Caterpillar will also give employees the option of signing up for a voluntary separation plan by Jan. 12, as well as making temporary and permanent layoffs.

via Caterpillar to cut pay in 2009, offers severance packages – MarketWatch .

 

GREENVILLE, S.C. (AP) – Kemet Corp., which makes parts for electronic devices, said Monday it is responding to a greater-than-expected sales decline by axing jobs and cutting salaries, 401(k) contributions and pension benefits.

The Greenville, S.C.-based Kemet said it expects sales to decline by 14 percent to 17 percent in the third quarter ending Dec. 31 compared with the previous quarter.

via Kemet cuts jobs, salaries pensions to reduce costs: Associated Press Business News – MSN Money.

The Greenville-based Kemet said it expects sales to decline by 14 percent to 17 percent in the third quarter ending Dec. 31 compared with the previous quarter.

Accounting for currency-exchange rates, primarily the euro, the decline is from 9 percent to 12 percent, Kemet said. Previously, it said it expected sales to fall about 7 percent.

Kemet said it is eliminating about 1,500 manufacturing jobs, which represent 14 percent of its work force. The job cuts will begin immediately and be completed by mid-January.

via Kemet to cut 1,500 jobs beginning in January | GreenvilleOnline.com | The Greenville News.

 

Another 116 Whitehall Industries employees were laid off Friday, bringing the companys total layoffs to 211 this month.

These are hopefully temporary layoffs, said Whitehall President and CEO Ken Rocco. Words dont describe how terrible we feel right now about having to lay off this significant number of folks who have done a fine job for this company.

via Ludington Daily News – News.

JOLIET — The city’s decision to stop operating its two recycling drop-off points means four part-time employees will lose that work for the new year.

The East Side drop-off center at 818 E. Cass St. will reopen in late January or early February, but it will be run by Will County without any staff on site.

via Jobs lost with recycling sites :: Herald News :: News.

Horsehead Corporation, a wholly owned subsidiary of Horsehead Holding Corp (Nasdaq:ZINC), stated on 19 December that the company intends to reduce operating costs by stopping work on its recycling facilities in the last week of 2008, reduce the number of people drawing salary and form a new construction strategy for the new facility in South Carolina.

via ZINC Horsehead Corporation to reduce operating costs.

Approximately 400 employees at Shape Corp. have been notified they will soon be unemployed.

The layoffs are unprecedented for the Grand Haven-based automotive parts supplier, which said it has strived to keep its workers even during down times.

“Shape Corp. has historically weathered all economic storms without laying off any of its workforce,” read the announcement provided to the Tribune on this afternoon. “Given the current economic conditions in the United States, coupled with the recent announcement that General Motors is closing 20 plants for January, Ford has various plants closing for the month and Chrysler is idling all its plants in January, Shape now finds it necessary to adjust the size of our workforce in order to better align our workforce to our production demands.”

via West Michigan News from the Grand Haven Tribune a Michigan Newspaper – Sharp notifies about 400.

The University of Tennessee Health Science Center has reported it will lay off 200 workers beginning Jan. 7, according a recent filing with the Tennessee Department of Labor and Workforce Development.

The layoffs are expected to be complete by the end of March, according to the filing. The employees are not part of a collective bargaining agreement.

via UTHSC to lay off 200 workers – Memphis Business Journal: .

The failing economy has struck close to home for Mac gamers: Famed Mac and PC game publisher Aspyr Media has confirmed layoffs of staff members at its Austin, Texas headquarters. Aspyr did not announce how many employees were affected by the layoffs, but sources close to the company put the number at more than 30.

via Aspyr Media confirms layoffs | Macworld.

Unisys on Monday said it was laying off around 1,300 workers worldwide as part of an “aggressive” effort to cut costs and return to profitability.

The headcount reductions have already begun and will continue into 2009, Unisys said in a statement. All told, the company expects to save around US$225 million annually through cost-cutting measures that include salary freezes, slashing its 401(k) retirement plan contributions and consolidation of facilities. Most employees will not get raises in 2009, the company said.

via Unisys to cut 1,300 jobs.

 

Mike: I’ll end today’s post with a some humorous poetry titled “Layoff Poem, a la Poe,”  which is courtesy of http://www.netfunny.com/rhf/jokes/90q4/layoffp.html – 

I’ll post the beginning verses, but visit the site for the entire read:

ODE TO ED

At my terminal I sat typing,
Trying hard to fight off napping.
When there came a slight, soft rapping,
Rapping on my office door,
Only that and nothing more.
Then I sat up, startled, freaking
Just to hear a voice a-speaking
"Your presence now I am a-seeking,
Seeking on the lobby floor,
Bring your badge and nothing more"

Completed at:  http://www.netfunny.com/rhf/jokes/90q4/layoffp.html
Mike: Till Tuesday….... 

 

 

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