More Jobs cut, more bad news..........

In London; British mining group Anglo American said it would cut 19,000 jobs this year after reporting a 29-per cent fall in 2008 net earnings to US5.2 billion ( 4.1 billion euros) because of the global downturn.

In US; It was reported nearly 5 million people were collecting unemployment benefits, a record high amid the recession.

In Brazil; Brazilian aircraft manufacturer Embraer slash more than 4,000 jobs, or 20 per cent of it’s workforce, because of the “ unprecedented crisis hitting the world economy.”

In New Delhi; India’s finance minister said that workers may have to accept pay cuts if necessary to protect their jobs .

In Beijing; Multinational companies are hiring less or cutting existing staff in China as they struggle through the global economic crisis.

More…………More……….More……..


1) Nissan

There seems to be no end to the job-cutting spree all across the world. Thousands of more jobs are set to go in the coming months.
In one of its biggest layoffs, Japan's third largest auto company Nissan is planning to lay off 20,000 employees. The job cuts would take place during the next 14 months.
The company also plans to cut salaries and scale down investment plans. Nissan is likely to see a net loss of $2.89 billion in the financial year ending March 31, 2009.
For the October-December third quarter, Nissan posted an operating loss of 99.2 billion yen and a net loss of 83.2 billion yen.

2) General Motors:

General Motors Corp has announced that the company may need $30 billion in total government grants to tide over the crisis. The company has submitted a plan on the company's long term viability to the government.
The company plans to cut 47,000 jobs worldwide and shut down five more US factories.
GM was granted a $13.4 billion loan in December.
GM has closed down 12 manufacturing facilities in the US between 2000 and 2008. GM will shut down 14 more facilities by 2012, five more than were included in the December 2008 plan.


3) Pioneer:

Japanese electronics company Pioneer plans to slash 10,000 jobs.
The company struggling under the recession also plans to shut down its loss-making flat-screen television business. The fall in global sales had led to an earlier elimination of 5,900 jobs last year. Pioneer currently has a global workforce of 36,900.


4) ArcelorMitta:

Image: ArcelorMittal plant. Photograph: ArcelorMittal website
The world's largest steel producer is in trouble. It plans to lay off 9,000 employees across the globe. Of these, 6,000 jobs will be from Europe.
ArcelorMittal workers across Europe gathered in Brussels recently to protest against job losses.


5)Nike:

Nike plans to slash 1,400 jobs. It has a global workforce of 35,000.
The company will also slash its marketing budget to cut down expenses.