@ November 11, 2008 # No Comment Yet
Like many companies in the publishing industry, Time, Inc. has announced plans to layoff workers, citing a reduction in ad revenue. Magazines owned by Time, Inc. are looking for 83 volunteers to be laid off. Sports Illustrated, People, Time and, ironically, Fortune and Money, are all looking to trim jobs.
Print is dead, people. Stop killing [...]
@ November 11, 2008 # No Comment Yet
Shares of GM are trading at $2.92, the lowest price in 65 years, pulling down other automakers and parts suppliers. In order to survive, JP Morgan says that GM needs a bailout either from the US government or the parts suppliers. This would be over and above the $25 billion already allotted for loans to [...]
@ October 30, 2008 # No Comment Yet
Amid the current economic crisis, Electronic Arts (EA) reduced its profit outlook for the year after a decrease in sales and a 14% stock fall. The video game company announced it will cut 6% of its staff to cope with the unstable economy. EA reported a $310 million stock loss and hopes to save $50 [...]
@ October 30, 2008 # No Comment Yet
760,000 jobs have been eliminated as of September 2008, and a quarter of U.S. employers are expected to layoff many more within the next year. Employees in both Wall Street and middle America are feeling the impact of the current economic crisis. The Department of Labor has reported an estimated 110,000 job cuts in financial [...]
@ October 30, 2008 # No Comment Yet
74,000 jobs may be lost if GM and Chrysler reach an agreement on their proposed merger. The joint agreement could cost Chrysler 24,000 management and manufacturing jobs, along with 50,000 auto parts manufacturing jobs as a result of a reduction in car models and the closure of Chrysler plants. Automakers are facing an economic downturn [...]
@ October 30, 2008 # No Comment Yet
American Express is cutting 7,000 management jobs across the the country in hopes of saving $1.8 billion. The credit company has instituted a hiring and salary freeze and announced possible bonus reductions for its employees. AmEx will also reduce certain rewards programs for customers, as well as spending on marketing and advertising. Interest rates for [...]