Wagon Automotive may go bankrupt Lay off Job Cut: fires 4500 jobs in danger

Wagon Automotive, the largest car parts maker in the UK, may go bankrupt and file for bankruptcy. At the same time, Wagon Automotive is learnt to go for a massive layoffs or job cuts, all atttributing to the bankruptcy problems. The company is in the business of making car parts and products, and since the entire global markets and businesses are suffering from the downturn, this company also seeems to be affected.

As per the news, Wagon Automotive, one of the largest car parts maker in the UK, is taking steps to file for bankruptcy, a move which would reportedly cost up to 4,500 jobs.

How many jobs will be at stake due to Wagon Automotive Bankruptcy?
Around 4500 jobs will be at stake if the company declares bankruptcy.

What is the ownership and holding pattern for Wagon Automotive?
The company is controlled by WL Ross & Co, the entity run by American billionaire investor Wilbur Ross, which holds over 86 per cent stake in Wagon Automotive.

Any official statements issued by Wagon Automotive?
"Discussions with its principal stakeholders relating to the company's future funding position have broken down...the Board regrets to announce that it is taking steps to place the company into administration," the firm today said in a regulatory filing.

According to the regulatory filing, it is expected that Alastair Beveridge, Simon Appell and Stuart Mackellar of Zolfo Cooper LLP would be appointed shortly as joint administrators to Wagon plc and several UK subsidiaries.

Let's hope that alternative jobs are available to the affected employees of Wagon Automotive Layoffs Job Cut

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Dow Chemicals Lay off Job Cut: fires 5000, closes 20 plants

Dow Chemicals, one of the largest chemical companies of the world, is learnt to go for a massive layoffs or job cuts. Since the entire global markets and businesses are suffering from the downturn, this company also seeems to be affected.

How many employees will be fired in the Dow Chemicals Lay off Job Cut?
Around 5000 employees of 11% of the total employee headcount will see the job cuts.

Any plant that will be shut down by the Dow Chemicals?
Yes, the company is expected to close around 20 plants. It will also sell several businesses to reign in costs amid the economic recession.

How much savings can be achieved by the Dow Chemicals Lay off Job Cut?
It is expected that there will be a saving of about $700 million per year by 2010.

Any temporary employees affected by Dow Chemicals Lay off Job Cut?
Dow also will temporarily stall the work at 180 plants and cut back on 6,000 contractors from its payroll.

Any official statements by Dow Chemicals ?
"We are accelerating the implementation of these measures as the current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn," Chief Executive and Chairman Andrew N. Liveris said in a statement.

ANy reorganization for Dow Chemicals ?
Yes. It is expected that "the new Dow" will be only of 3 units:
1. Joint ventures; performance products;
2. and health and agriculture, advanced materials and
3. other market-facing businesses.

Let's hope that alternative jobs are available to the affected employees of Dow Chemicals Layoffs Job Cut.

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Nomura Asia Layoffs Job Cut: fires 100

Just few days back, we had reported that Nomura will be cutting 100 jobs in London. One of the largest financial companies of the world, which had recent taken over the bankrupt Lehman Brothers, is learnt to go for another round of layoffs or job cuts - this time in Asia. Since the entire global markets and businesses are suffering from the downturn, this company also seeems to be affected.

Where will Nomura Layoffs Job Cut happen?
The job cuts will be made primarily in Asia, but outside the home country Japan. Hence, it is expected that countries like India, Singapore, HongKong, etc. may see the layoffs by Nomura.

How many employees will be fired in Nomura Layoffs Job Cut
Around 100 employees will loose their jobs.

When will the Nomura Layoffs Job Cut happen?
It is learnt that the layoffs will be done by the end of December, meaning a bad New Year and Christmas for many affected employees.

What are the primary reasons for Nomura Layoffs Job Cut
Consolidation of Businesses after the takeover of Lehman Brothers, to achieve cost cutting.

Nomura took on about 1,500 employees from Lehman's operations in the Asia-Pacific region, excluding Japan. Shares of Nomura were up 8.7% at 686 yen in afternoon trade in Tokyo, outperforming the benchmark Nikkei average which was flat.

Let's hope that alternative jobs are available to the affected employees of Nomura Layoffs Job Cut.

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Barclays Layoffs Job Cut: fires 100 employees at Cardiff

One of the financial companies of the world, Barclays learnt to go for a round of layoffs or job cuts. Since the entire global markets and businesses are suffering from the downturn, this financial company also seeems to be affected. However, what might turn out to be irritating for the laid off employees is the fact that this move by Barclays is for outsourcing the jobs to a low cost center like India (or others), where Barclays offshore center is in Pune, India.

How many employees will be fired in Barclays Layoffs Job Cut
Around 109 employees will loose their jobs in the Barclays layoffs.

Which location will the Barclays Layoffs Job Cut happen?
The layoffs will happen at Welsh capital, Cardiff, UK.

Which business segment will be affected by the Barclays Layoffs Job Cut
The affected division is the one which handles the accounts of deceased customers.

The move was greeted with dismay by the banking sector union Unite, which said it had grave concerns about outsourcing such a sensitive function.

Where will the jobs be transferred or outsourced after the Barclays Layoffs Job Cut
The jobs will be transferred to a third party outsourcer based in Warwickshire beginning in Easter 2009.

As per the news, The latest move is a double blow for the Cardiff City workforce, following Barclays' decision in July to shutter its Firstplus loans operation with the loss of 300 jobs.

Let's hope that alternative jobs are available to the affected employees of Barclays Layoffs Job Cut.

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Sony Layoffs Job Cut: fires 16000 employees

One of the big electronics companies of the world, Sony is learnt to go for a round of massive layoffs or job cuts. Since the entire global markets and businesses are suffering from the downturn, this company also seeems to be affected and affected in a big way to cut more than 16000 jobs. Just few days back, we had reported about Sony Ericsson Lay off Job Cut Firing 450 employees, then there were Sony job cuts recently in France. Now the list is going multi-folds.

How many employees will be fired in Sony Layoffs Job Cut?
Around 16,000 employees will be laid off in Sony Layoffs.

Which segment of employees will be affected in the Sony Layoffs Job Cut?
Around 16,000 permanent and part-time jobs from its worldwide electronics division will be cut.

Which locations will see the Sony Layoffs Job Cut?
The layoffs by Sony will be worldwide and all regions across the globe are expected to be affected.

How is Sony going to cope up with the economic problems?
SOny's layoffs are the first step to cut back on cost and make some efficient savings. Then it is learnt that it will raise prices for its gadgets in the face of dwindling consumer spending.
Then there will be massive restructuring, which will see a lot of ups and downs. Many units will be shut down which are learnt to be unprofitable loss-making and not in the core of Sony business.

Any specific divisions which will be affected by Sony Layoffs Job Cut?
The video games and movie businesses are the ones that are on radar. The move will not affect its flagship Playstation3 games console, but will push up prices of Blu Ray disc players and batter the competitiveness of core Sony products at a critical time.

When will the Sony Layoffs Job Cut happen?
It will be a bad new year for many employees as the job cuts are expected to happen in early Next Year.

Let's hope that alternative jobs are available to the affected employees of Sony Layoffs Job Cut.

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Wyndham Worldwide Layoffs Job Cut: fires 4000 employees

The economic situation is worsening in multiple sectors. The latest one to add to the list is the Wyndham Hotelss Group WYN which has decided to layoff 4000 employees.

How many employees will be affected by the Wyndham Worldwide Layoffs Job Cut
Around 4000 employees will loose their jobs as a part of the layoffs by the Hotels group.

When will the layoffs actually happen by Wyndham Worldwide Layoffs Job Cut
The layoffs would happen in the first quarter or first 3 months of 2009

What are the primary reason for Wyndham Worldwide Layoffs Job Cut
Restructuring of business, and scale back of the timeshare business are the main reasons for layoffs. Wyndham's hotels include Ramada, Days Inn and Super 8 chains.

How much % does the Wyndham Worldwide Layoffs Job Cut represent?
The 4000 job cuts are about 12 percent of the company's overall work force.

How much savings can be made by Wyndham Worldwide Layoffs Job Cut
Around $75 million can be saved with the job cuts.

As per the news, Wyndham now expects sales in the timeshare business will be $1.2 billion in 2009, down from $2.0 billion in 2008, as it eliminates sales offices and marketing programs. Wyndham also reiterated its fourth quarter and 2008 guidance. But based on the changes to its timeshare business and current economic conditions, the company says it now expects to earn revenue of $3.7 to $4.1 billion for 2009, down from previously announced expectations of $4.1 to $4.5 million for the year

Let's hope that alternative jobs are available to the affected employees of Wyndham Layoffs Job Cut.

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Danaher Layoffs Job Cut: fires 1700 employees

The economic situation is worsening in multiple sectors. The latest one to add to the list is the Danaher Corporation, a fortune 500 company has decided to layoff 1700 employees.

Danaher Corporation is into manufacturing business and is based in Washington, and makes tools, sensors and medical equipment, makes everything from Craftsman tools to water treatment systems and dental equipment

How many employees will be laid off in Danaher Layoffs Job Cut?
Around 1700 employees will be fired in the layoffs.

Any locations and facilites affected by Danaher Layoffs Job Cut
Yes. It is learnt that along with the job cuts, 13 facilities will be shut down.

How much savings can be made due to Danaher Layoffs Job Cut
Around 100 million USD can be saved by the layoffs and closure of facilities.

When will the Danaher Layoffs Job Cut happen?
The developments will take place in the fourth quarter of 2008.

What are the reasons for Danaher Layoffs Job Cut
The company blamed the "current economic backdrop."

Any pay cuts by Danaher ?
Yes. the company will be imposing a wage and salary freeze across most of its businesses, moves it said would allow it to "outperform during these challenging times."

As per the news, it now expects to report fourth quarter 2008 adjusted earnings in the range of $1.03 to $1.10 a share, well below the range of $1.17 to $1.25 a share it provided in mid-October and down from last year's $1.12 a share. It said its net profit, which includes a variety of one-time items, including the restructuring charges, would fall in the range of 82 to 89 cents a share, down from 97 cents last year.

Let's hope that alternative jobs are available to the affected employees of Danaher Layoffs Job Cut.

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ArcelorMittal Layoffs Job Cut: fires 1550 employees

The economic situation is worsening in multiple sectors and that includes the big giants equally within each industry sector. We had reported last month about the ArcelorMittal Lay off Job Cut and now the company has decided to add to the list of layoffs - another 1550 employees may be fired in European countries.

How many employees will be fired in the ArcelorMittal Layoffs Job Cut?
Around 1550 employees will be fired in the layoffs.

Which locations will see the ArcelorMittal Layoffs Job Cut
The layoffs will happen in Germany and Belgium.
Around 750 jobs (450 in Bremen and 300 in Eisenhttenstadt) will be cut in Germany. While in Belgium, a voluntary separation programme for 800 employees is planned.

What are the primary reasons for the ArcelorMittal Layoffs Job Cut
Same old story, economic downturn, financial crisis and low demands.

As per the news, The L N Mittal-led company said that the jobs of another 450 employees at its Bremen unit and 300 at the other German plant would be affected temporarily. However, they will not have to leave the company but will have reduced working hours and can apply for part-time work at the units where they are working now, Langner said.

Will there be any ArcelorMittal Layoffs Job Cut in India?
The company did not say anything about the job cuts in India.

Langner said the company is enforcing semi-retirement plans, reduced working hours and part-time work to beat the recessionary trends globally.
The company has cut output by as much as 35%. ArcelorMittal produced about 116 million tonnes and clocked a revenue of USD 105.2 billion last fiscal.

Let's hope that alternative jobs are available to the affected employees of ArcelorMittal Layoffs Job Cut.

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Lehman Brothers Bonds Latest News: Effect of Lehman Brothers Bankruptcy

As reported in the article, Effect on Lehman Brothers Bonds: Lehman Brothers Bankruptcy, the biggest question that faces the investors of Lehman Brothers is about their Lehman Brothers stocks and Lehman Brothers bond holdings. The Lehman Brothers Stock Price is as available from the various exchanges on which the LEH stock is trading and it went down by more than 95%. The big questions that is haunting the investors is What is the status of Lehman Brothers Bonds, i.e. the Bonds issued by Lehman Brothers.

Here are some more interesting but disturbing news about the developments for the Lehman Brothers Bonds:
It was in HongKong, now a part of China, where angry investors of Lehman Brothers Bonds clashed with police outside Bank of China's Hong Kong headquarters Wednesday and demanded the repayment of investments linked to failed US bank Lehman Brothers.

Thousands of investors who have lost their earnings of life due to investments in the Lehman Brother Bonds due to the Lehman Brothers Bankruptcy have also stormed other major banks and demanding help from the law keepers to regain their money.

The biggest problem is that it was not the invetors who have directly selected to invest in the Lehman Borthers Bonds, but they had selecteed schemes like mutual funds, investment vehicles and other savings schemes which invested their money in the Lehman Borthers Bonds. The protestors, who complain that the banks which sold them the so-called "mini-bonds" had not fully explained the risks involved, held placards and shouted slogans to demand a full refund of their investments.
Lawmakers, grabbed by protesters as they were on their way to the first session of the new legislature, promised to do all they could to pressure the government to take more aggressive action against the banks.
People from all Walks of Life were complaining how they were "cheated" and "mis-lead" by the so called "investment advisors" and fund managers about how safe their investment is going to be. People are complaining that they had invested their lives earnings and now they are down to zero with their investments.

Political parties said they would meet with some of the banks Wednesday afternoon to discuss plans to resolve the crisis.
The government proposed on Monday that the banks buy back the products at their estimated value from investors, who bought an estimated 12.7 billion dollars (1.63 billion US) of the products.
But the proposal failed to pacify bond holders, who said the market value of the products is now much lower than their purchasing price.
Let's hope that there can be some way to redeem to investors hard earned money, with the help of the government and banks.



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