Page 16 - Job Cuts
New wave of job cuts likely across US as Covid-19 crisis crushes economy
The Labor Department's weekly jobless claims report on Thursday is also expected to show the number of people on jobless benefits hitting a new record high in mid-May
 "New wave of job cuts likely across US as Covid-19 crisis crushes economy")
Top 10 biz headlines: Boeing cuts 12,000 jobs, SBI slashes FD rate and more
Here are the top 10 headlines on Thursday morning
 "Top 10 biz headlines: Boeing cuts 12,000 jobs, SBI slashes FD rate and more")
10-15% moderation in salaries not to impact lending practice: HDFC Bank
If the corporates are looking at moderation in salaries or in the increments, the same needs to be watched carefully from a prudential perspective, said the bank's country head for retail lending
 "10-15% moderation in salaries not to impact lending practice: HDFC Bank")
Uber trims a quarter of its India workforce, lays off 600 employees
The move is part of a global restructuring plan announced earlier by Uber CEO Dara Khosrowshahi in view of dwindling fortunes amid Covid-19 lockdowns in several countries, including India
 "Uber trims a quarter of its India workforce, lays off 600 employees")
Rolls-Royce to axe 9K jobs in air travel slump, to save GBP 1.3 bn a year
The 9,000 jobs, out of a global staff of 52,000, will go predominantly from Rolls's civil aerospace business, which generates just over half of its 15 billion pounds ($18 billion)of annual revenues
 "Rolls-Royce to axe 9K jobs in air travel slump, to save GBP 1.3 bn a year")
Cure.fit lays off 10% of its trainers, other staff; cuts pay across board
Sources also said that, these employees are asked to either resign with effect from May 1 or even by the end of May as an extra month would be added to their work experience if they want
 "Cure.fit lays off 10% of its trainers, other staff; cuts pay across board")
Top headlines: MPs take 30% salary cut, service sector activity contracts
Business Standard brings you top headlines of the day
 "Top headlines: MPs take 30% salary cut, service sector activity contracts")
Street signs: Nifty at critical juncture, fear of job cuts, and more
Last week, the volatility indicator fell sharply even as the Nifty fell 6.5 per cent. Analysts, however, say the weakness in financial stocks is a pain-point for the market
 "Street signs: Nifty at critical juncture, fear of job cuts, and more")
Covid-19: Big banks reassure staff on layoffs owing to future uncertainty
There could be a sudden surge in activity once cities re-open, people get back to work and markets normalize in a few months - leaving banks unprepared if they fire staff that seem unnecessary now
 "Covid-19: Big banks reassure staff on layoffs owing to future uncertainty")
HSBC plans to slash 35,000 jobs after profits slid by a third last year
The Asia-focused lender has been trying to lower costs as it faces a multitude of uncertainties caused by the grinding US-China trade war
 "HSBC plans to slash 35,000 jobs after profits slid by a third last year")
Walmart-owned Myntra scales down operations, cuts 80 jobs from Gurugram hub
Myntra has a strength of 3,000 employees and the lay-offs have taken place across functions such as business operations, product and technology, and marketing
 "Walmart-owned Myntra scales down operations, cuts 80 jobs from Gurugram hub")
Tata Motors JLR to cut 500 jobs at UK factory to optimise production
There are currently just under 4,000 employees at Halewood, excluding agency staff, and the latest announcement is likely to affect around 500 jobs at the site, the company said
 "Tata Motors JLR to cut 500 jobs at UK factory to optimise production")
After scorching start, Oyo looks to get its business basics right
The firm is said to be firing 2,400 employees, or 20 per cent of its workforce in India, mainly in sales and business development
 "After scorching start, Oyo looks to get its business basics right")
How inflation may make your fav snack a little more expensive
However, your soft drinks and juices will remain immune to the hike, despite the recent surge in sugar prices. Thanks to Coca-Cola and PepsiCo.
 "How inflation may make your fav snack a little more expensive")
Opel prepares to slash up to 4,100 jobs amid a car sales slowdown
The historic German carmaker, which Peugeot bought from US-based General Motors in 2017, has already slashed almost 7,000 jobs since the takeover
 "Opel prepares to slash up to 4,100 jobs amid a car sales slowdown")
How commodity price inflation is prompting FMCG firms to increase prices
The last of a two-part series looks at how commodity price inflation is prompting firms to increase prices
 "How commodity price inflation is prompting FMCG firms to increase prices")
Oyo continues to trim workforce, plans to let go 1,200 in India in 4 months
It has let go of 5 per cent of its 12,000 employees in China partly due to non-performance
 "Oyo continues to trim workforce, plans to let go 1,200 in India in 4 months")
Tata Steel Europe has no option, but to cut jobs to curtail costs: Analyst
Tata Steel Europe's current production capacity stands at 12.5 million tonne and it has 21,000 employees
 "Tata Steel Europe has no option, but to cut jobs to curtail costs: Analyst")
Tata Steel confirms 3,000 job cuts in Europe, 1,000 of those in UK
The job cuts had been announced by Tata Steel last week as part of a wider transformation programme
 "Tata Steel confirms 3,000 job cuts in Europe, 1,000 of those in UK")
Continental to slash 5,500 jobs globally by 2028 to save 500 million euros
The jobs cull would support Continental's "urgently needed technological transition and thus the strengthening of our competitiveness and future viability", CEO Elmar Degenhart said
