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UK workforce sees biggest fall in two years
The number of people in work falls, but so does unemployment between July and September, figures show.
Siemens Gamesa to cut as many as 6,000 jobs
Siemens Gamesa said on Monday it plans to cut as many as 6,000 jobs worldwide as it braces for sales to plunge by as much as a fifth next year. The job cut would amount to more than 20 percent of the company's total workforce of around 26,000.
Stein Mart to cut 10% of its corporate office workforce
Shares of Stein Mart Inc. slipped 0.4% in afternoon trade Thursday, after the Florida-based discount department store chain it would cut its corporate office workforce by 10%, as part of ongoing cost cutting efforts. The company expects to cuts to save about $10 million in 2018. The job cuts are in addition to previously-announced cost-cutting measures, such as the suspension of the dividend announced in May, lowering inventories by 15% and cutting capital expenditures by $22 million. "While we believe our sales-driving strategies are now taking hold, we are still in a very challenging retail environment," said Chief Executive Hunt Hawkins. The stock has plunged 78.4% year to date, while the SPDR S&P Retail ETF has slipped 7.2% and the S&P 500 has gained 14.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Verizon reports 160,100 employees at qtr-end vs about 163,400 at prior qtr-end - SEC filing
* Says company had workforce of about 160,100 employees as
of September 30 versus about 163,400 employees as of June 30 -
Source text - (http://bit.ly/2gL83D9)
Further company coverage:
How to maximize your Social Security benefits, retirement savings
New challenges face today’s workforce when it comes to retirement savings; here are a couple of strategies to maximize benefits.
Healthcare software provider Athenahealth to cut 9 pct of workforce
Athenahealth Inc(ATHN), which is under pressure from activist investor Elliott Management, said it would reduce about 9 percent of its workforce as part of efforts to generate $100 million to $115 million in savings by the end of 2018. The healthcare software provider employs 5,528 people, according to its website.
Blue Apron to lay off 6% of workforce
Blue Apron Holdings Inc. has reduced its workforce by 6% to "support its strategic priorities," the company said in a filing Wednesday. The layoffs happened in Blue Apron's corporate offices as well as fulfillment centers. The company said it expects about $3.5 million in employee-related expenses, mostly in severance payments incurred in the fourth quarter. Blue Apron had 5,393 employees as of June. Blue Apron "did not take this decision lightly, and I want to assure you that we believe it was necessary as we focus the company on future growth and achieving profitability," Chief Executive Matthew Salzberg said in a letter to employees in the filing. Shares of Blue Apron fell 1% in late trading after ending the regular trading day down 1.5%. The stock debuted on the New York Stock Exchange in June. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Sigma Designs to reduce workforce by a quarter amid restructuring
Sigma Designs Inc. late Wednesday said it was reducing its workforce by roughly a quarter as part of a restructuring to "accelerate the return to profitability," the Fremont, Calif., company said in a statement. Sigma estimated the move will lower fiscal year 2019 non-GAAP operating expenses by approximately $34 million. "As part of our business review, we have decided that in the near-term, the most prudent action is to significantly reduce expenses," Chief Executive Thinh Tran said. "This will not only bring expenses in line with our current revenue levels, but we believe it will also improve our ability to pursue other strategic alternatives," he said. Sigma plans to reduce its headcount to between 200 and 250 positions worldwide and to consolidate facilities. The company expects one-time charges for severance and lease termination of approximately $8 million to $10 million over the third and fourth quarters in the current fiscal year, it said. Shares of Sigma rose more than 3% in after-hours trading after ending the regular session up 0.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Americans believe rising workforce automation will increase inequality: Study
A majority of Americans think increased automation in the workforce will exacerbate inequality between the rich and poor, according to a new study.
BRIEF-Terraform Power says turnover and workforce reductions may cause to experience disruptions to operations
* Terraform Power says as result of relocation of
headquarters to New York, expects to experience significant
turnover in current workforce - SEC filing
BRIEF-Flowers Foods sees voluntary employee separation incentive resulting in reduction of about 3 pct of total ...
Flowers Foods Inc(FLO). * Flowers Foods(FLO) sees voluntary employee separation incentive resulting in reduction of about 3 pct of co's total workforce prior to implementation . * Flowers Foods (FLO) says expects to record aggregate charges of approximately $27 million to $30 million in Q3 2017 - SEC Filing.
HPE plans 5,000 job cuts -Bloomberg
Hewlett Packard Enterprise Co(HPE) is planning to cut at least 5,000 workers as part of a broader effort to reduce costs amid mounting competition, Bloomberg reported on Thursday, citing people familiar with the matter. The reductions of about 10 percent of the company's total workforce of 50,000 are expected to start before the end of the year, Bloomberg reported.
Equifax executives subject to criminal probe: report
The U.S. Justice Department has begun a criminal investigation into sales of stock by Equifax Inc. executives, Bloomberg News reported, citing people familiar with the investigation. The probe will look into the stock sales of its chief financial officer, John Gamble; its president of U.S. information solutions, Joseph Loughran; and its president of workforce solutions, Rodolfo Ploder. The Securities and Exchange Commission is working with the Justice Department on the investigation into whether they violated insider trading laws by selling stock after the company discovered it had been hacked but before disclosing the breach to the public, the report said. The transactions were not disclosed in regulatory filings for pre-scheduled trading activities. Lawmakers, state attorneys general and several regulators are scrutinizing the breach that compromised the privacy of 143 million U.S. consumers, according to Equifax statements. Equifax shares have fallen 35% since the breach was disclosed on Sept. 7 after the market close. The company and the executives didn't immediately respond to Bloomberg's requests for comment.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Alexion to fire 20% of global workforce in restructuring
Alexion Pharmaceuticals Inc. said early Tuesday that it plans to fire 20% of its global workforce as part of a restructuring effort. Alexion expects pre-tax savings of about $270 million in GAAP and about $250 million in non-GAAP each year by 2019, and said that expenses associated with the restructuring are expected to total $340 million to $440 million. The changes will affect GAAP EPS guidance but not the company's 2017 revenue guidance or 2017 non-GAAP EPS guidance. Alexion said the restructuring savings will allow it to meet financial ambitions, "including growing GAAP operating margin to 37% and non-GAAP operating margin to 50% in 2019," and that it plans to invest about $100 million a year into research and development starting next year. As part of the restructuring, the company said it plans to eliminate spend and workers associated with de-prioritized drug pipeline programs, close multiple company sites, including its Rhode Island manufacturing facility and certain regional and country-based offices, and outsource certain non-core finance and IT roles. Alexion also plans to relocate its headquarters from New Haven, Ct. to Boston, Ma. by mid-2018, with about 400 jobs based in Boston; New Haven will be Alexion's "Center of Excellence" with about 450 jobs based there in research labs, clinical supply and quality teams, nurse case management and enterprise business services. Alexion shares were not active in premarket trade. Shares have surged 33.7% over the last three months, compared with a 2.4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Eli Lilly to cut 3,500 jobs after part of cost cutting plan
Eli Lilly & Co. said it will cut about 3,500 jobs, or about 8.3% of its global workforce, as part of a streamlining plan aimed at cutting costs by $500 million a year. The drug giant expects most of the job cuts to come in the U.S. from a voluntary early retirement program, which it expects to be mostly completed by the end of the year. Other workforce reductions are expected to come from streamlining moves, including site closures. Lilly expects to record charges of $1.2 billion, or 80 cents a share, in the third and fourth quarters of 2017. The company plans to use the cost savings to improve its cost structure and reinvest in its business. "The actions we are announcing today will result in a leaner, more nimble global organization and will accelerate progress towards our long-term goals of growing revenue, expanding operating margins and sustaining the flow of life-changing medicines from our pipeline," said Chief Executive David Ricks. The stock, which slipped less than 0.1%, has gained 9.5% year to date through Wednesday, while the SPDR S&P Pharmaceuticals ETF has rallied 8.9% and the S&P 500 has tacked on 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
What Parts Of The Workforce Might Be Safe From Robots?
To kick off our series "Is My Job Safe?" NPR's Ari Shapiro asks Erik Brynjolfsson, director of the MIT Initiative on the Digital Economy whether artificial intelligence is threatening our jobs.
Acacia to reduce Tanzania operations, cut jobs
Sept 4 (Reuters) - Gold miner Acacia, which is
locked in a dispute with the Tanzanian government, said it will
have to reduce operations at its Bulyanhulu mine and cut its
mostly Tanzanian workforce as it aims to return to profitability
Food industry warns of Brexit workforce shortage
The food industry warns that a Brexit workforce shortage could leave a third of its businesses unviable.
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