Monday, December 8, 2008

Job Losses Continue

Nearly 17,500 Additional Job Cuts
Nearly 17,500 job cuts were announced on Monday is likely to lower investor confidence as the markets are expected to retain the gains from last week on positive sentiment. Ford Motor Co's Volvo Cars is expected to hand out pink slips to as many as 3,401 full-time jobs, which is 14 percent of the division's total workforce. These positions will include 2,721 workers in Sweden, with 2,367 blue-collar employees and 680 outside the country.... Dow Chemical Co. reported Monday that it plans to slash as many as 5,000 full-time jobs, which represent 11 percent of the company's total workforce...In a separate report, 3M Co., a manufacturing conglomerate, reported that in the current quarter it has slashed almost nearly 1,800 positions across the company, mainly in the developed economies of the U.S., Western Europe and Japan. This will generate $170 million in 2009...

Anheuser-Busch InBev Announces
Monday announced that, as part of its previously announced plans to effectively integrate Anheuser-Busch Inc., the U.S. business unit today communicated plans to cut approximately 1,400 U.S. salaried positions in its beer-related divisions, affecting about 6 percent of the company's total U.S. workforce.

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