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Archive for the ‘Economy’ Category

The economy around the world is in bad situation.Moreover the Aviation Industry all around the world is getting worst everyday.As a lead to this the Kingfisher Airlines has made a salary cut to its 50 trainees in as pilot.After this salary cut,the Jet Airways has now announced that there will be 10 percent reduction in the salary for junior pilots and for the employees in maintenance side.Around 2000 employees are getting one lakh as salary.

The renumeration of the pilots here in JetAirways is said to be higher and now this will be reduced considerably.

According to aviation analysts, Jet Airways, which posted losses to the tune of Rs 384 crore in Q2 of the current financial year, is likely to post a net loss of Rs 1,890 crore in 2008-09.

Many aviation industries are involving in cost cutting strategies and layoffs.There may be more news related to cutting the expenses down from the aviation industries in near future.

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jpmorgan_logo

The world is facing the recession.As the economic condition globally goes worse, day by day,the companies are in fear to get into bankruptancy.Earlier it was Lehmann brothers and Meriyll Lynch which were the giant banking sectors of America announced their bankruptancy.

Many companies started to involve in cutting down their expenses and underwent all the strategies to save their company from downfall.In this line, now the banking giant of United States,JP Morgan has announced that it will reduce 10 percent of its workforce this year, i.e nearly 3000 employees will lose their jobs.After Goldman Sach’s layoffs,JP Morgan has announced this.Since there is no other option for the company to be financially strong in this economic gloom, they have to undergo firing the employees.

Moreover the company has announced that, they will freeze the salary of employees for the next year, who earned $60,000 to $70,000.These announcements made by JP Morgan will definitely have a great impact on the markets.

The economic gloom and the layoffs started to haunt the governments all over the world and especially India has started to feel the Buzz, since the IT companies here which are dependent on the financial sectors in United States, will be forced to loss, and the projects will be reduced affecting the outsourcing too.

The Unemployment in United States will also definitely have a significant impact on India and outsourcing might be cut down.Anyways lets hope the best to happen soon.

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The Global meltdown in economy resulted in large number of layoffs and many companies are still carrying on this.The Companies have no option , other than cost cutting through Layoffs.The employees are fired and even many are still in temporary postion, so that they may even have send off party soon.

The Global economy turmoil forced the companies to do this,many banks have started to have strategical plans to save their banks.The biggest banks got affected because of this economy slow down were Lehmann brothers, Meriyll Lynch,AIG,Citigroup.Following this now the HSBC bank also involved in layoffs and now it has announced that there may be 500 job cuts in Asia.This made the employees of HSBC to have red face and they are in edge of their seat to survive in this slowdown.

Though the number is less when compared to other companies layoffs,since there is very big investment in India by HSBC, the employees in India working for HSBC are facing the heat.They might be dropped down at any moment.Hope everything will go up and all these economic slowdown will be solved.

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The Global recession in economic, results in another downfall of a company.The America’s Second largest bank Citigroup has announced on monday that there will be around 50,000 job cuts around the world by next year.The company has decided to reduce its expenses and to bring down the number of employees as it was in 2005.The layoffs are said to be in sales unit and there expected to be more cutoffs in due course.The stocks fell into single digit and so the cost cutting  strategy is the only option for Citigroup.

After Goldman Sachs and Morgan Stanley now the Citigroup has came out with job cuts, but the number is high when compared to others.The company expenses is to be reduced drastically and it is said that the expense will be as in 2005.So many are expected for a send off.

All the companies are having a significant impact because of this economic turmoil and hope it could be solved with the economic strategies of Barack Obama and his administration side.Lets hope everything will be solved by next year.This is a long time recession and will be solved gradually.

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dunlop

As another victim of economic recession the Dunlop factory in WestBengal has announced that there will be an indefinite shutdown period for the company since they are losing the way to profit.The people from administration side said that the 1200 employees working in the factory have been asked to leave the factory and it is been said that they will be intimated for a comeback.

The production has been shut down for indefinite period and hope the date could come soon for a reopening.A week before, the Tata Motors also announced for a shut down and this says that slowly the auto industry is also facing the crisis since the exports are been reduced and there also been a drastic cuttoff in domestic sales.

Not Tata and Dunlop alone, many companies have decided to shut down their production for some days since they will be hit by the crisis severly.Even Ford has the plans to shut down its production, but according to the reports the reason for the civil works inside the factory.

However after the IT majors it is now the Auto Industry facing the crisis.According to recent reports the industry growth in Automobile sector have slowed down when compared to the previous year.

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queen

In Global Crisis even the Queen Elizabeth II have not escaped.Because of the current situation in the world economy the Queen lost nearly $86 million.Her property value was 2432 crores in Indian rupees value in April and due to the global crisis she lost 190 crores of that.Last week the Queen made a visit to the London school of Economics University and overthere she raised some queries related to the Global crisis in economy.She asked that, How the economists failed to calculate this crisis and how did they underestimated this one?

Her query has been answered by a Professor as “During the crisis people believed that the decisions taken by a some people will be good and wise, but everything went into fail resulting in further crisis and worst situation.All those miscalculations lead to the global crisis” the professor answered.

Everybody is suffereing because of this and hope the economic reforms can make a significant effect on the global crisis.

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dhl1

It is another sad news for United states as the DHL has decided to shut down its hub in United states,Wilmington.The leading German company in postal deliveries has been into loss in US and they have started to lose their customers in numbers.Moreover the current economic slowdown also made them to take this decision.The Deutsche post said that its office in Wilmington, Ohio wll be shut down since there is no profit and compnay is facing the crisis.The mayor of the state has urged the officers to consider their decision since it may lead on to a loss of 8000 jobs and ultimately the sufferers are going to be the Americans.

All the required steps to prevent this job cutting is being taken into action by the Senator, but the DHL officials are strong in going on further since they are facing the crisis and loss.

DHL officials said that the upcoming days will not be good for Wilmington.

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