Viernes, 18 Agosto, 2017

Ford plans big job cuts

Irune Rengel | 20 May, 2017, 06:07

Ford Motor Co. said Wednesday it aims to reduce its salaried workforce in North America and Asia by 10%, a cost-cutting move aimed at shoring up profits amid cooling sales in the once-booming US and Chinese auto markets.

Ford Motor Co confirmed Wednesday that it plans to reduce 10% of its salaried workforce in its North America and Asia Pacific divisions this year.

Ford Motor, facing pressure to improve profitability amid a lagging stock price, confirmed Wednesday that it would cut almost 10% of its salaried workforce in its North America and Asia Pacific divisions. "Ford has said it expects its profits to fall in 2017 and has flagged slowing sales in the USA and China-two of the world's largest auto markets", the Journal notes. At the same time, Ford is investing heavily in autonomous driving and other newer technologies.

Flynn hasn't responded to Senate panel's subpoena, chairman says
Then-National Security Adviser Michael Flynn speaks during the daily news briefing at the White House in Washington, Feb. 1, 2017. Yet he still emerged as the newly sworn-in president's national security adviser.

Employees in neither South America nor Europe are included in this announcement, Moran said, because they "already have completed people actions or have them under way". The automaker is under intensifying pressure from shareholders to improve its profits and boost its lagging stock price.

The No. 2 USA auto maker is also facing weaker profits in Asia-Pacific, where softer sales and intensifying price competition in China are dinging profits for the region.

Ford's global headcount sits at some 200,000 employees, so 10 percent comes out to about 20,000 potentially lost jobs.

GST Council meet from today to fix rates on goods, services
Services are likely to be placed in two slabs of 12 per cent and 18 per cent, with a likely status quo for now exempted services. The meeting of the Fitment Committee and preparatory meeting of the officers was convened at SKICC here today in this regard.

While Shanks said the rest of the year would remain flat against the previous fiscal, changed market dynamics with the U.S. auto sales taking a turn from a record-growth phase could bring the company's North America margins further down further after a significant drop in the most recent quarter.

Ford plans to make the cuts through early retirements and "special separation packages" (also expected to be voluntary) for those not eligible for early retirement.

Ford's stock fell to a 52-week low Wednesday morning, trading down about 1.5 percent as of 10:47 a.m.to $10.78 a share.

CVS Health Corporation (NYSE:CVS) Stock Valuation in Focus
TRADEMARK VIOLATION NOTICE: This piece of content was posted by Sports Perspectives and is the property of of Sports Perspectives. About CVS Health Corp CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company.

The Detroit automakers have been under pressure from U.S. President Donald Trump to add jobs in the United States, but declining U.S. sales and stalled share values are exerting a stronger force.

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