The political row over the future of Europe’s aircraft-maker, Airbus, was finally resolved as French and German shareholders agreed to a restructuring plan likely to lead to 10,000 job losses. The positive signal came when the main German shareholder, DaimlerChrysler, vacated its veto on the restructuring program drawn up by Louis Gallois, chief executive of [...]
In an interesting twist in the story, the French government, motivated by presidential candidates into responding to huge job cuts at Airbus, said that it was ready to pump cash into the ailing plane maker and shake up a Franco-German power-sharing pact. French Prime Minister Dominique de Villepin has also asked the Airbus parent firm [...]
Citigroup, the global banking giant, is preparing a round of cost cuts that could result in as many as 15,000 job losses and a $1 billion plus bill for redundancy pay-outs and other charges. The shake-up seems to be set to move beyond than Wall Street had been expecting. The restructuring process could result in [...]
Citigroup Inc, the world’s largest financial services firm, has announced that it will eliminate 17,000 jobs or almost 5 per cent of its total global workforce and plans to move 9,500 positions to India and other low-cost locations. The decision has been taken with a view to cut its annual expenses by $4.6 billion in [...]
Chrysler Group is planning to build two plants in Michigan to make the US automaker’s next generation V-6 engines, a published report said. According to state and company officials Chrysler Group is set to unveil plans to build two new plants in Michigan as part of a planned $3-billion investment in more fuel efficient vehicles. [...]
Procter & Gamble Co. has announced a far-reaching extensive overhaul of its operations, splitting into three new global units and breaking up the Gillette Co. business it had acquired in 2005, accompanied by an extensive reshuffle of top management. As part of the on going restructuring, the company will promote Susan Arnold to president, global [...]
