Abengoa plans cost cutting measures

Spanish renewable energy firm Abengoa, which is engaged with lenders, planned to undertake certain measures which could impact about 10% of its workforce.

The company employs around 5,000 workers in Spain and some 17,000 worldwide.

Source: Reuters

Boeing to cut 8,000 jobs

According to sources, aircraft manufacturing firm Boeing Co plans to cut about 8,000 jobs in 2016 in the commercial airplane division in an attempt to slash costs by $1bn and remain competitive with rival Airbus.

The company plans to cut 4,000 jobs in the commercial airplane division by mid-2016 and about 550 jobs from its unit conducting flight and lab tests.

Although Boeing has outpaced Airbus in terms of 70 new orders for Feb-16 as compared to Airbus’s 18, the company aims to continue operating with a lesser workforce.

Source:  Reuters

 

 

Lonmin sacks 5,000 workers as part of restructuring

South African-focused platinum producer Lonmin’s restructuring saw more than 5,000 layoffs, a reaction to depressed commodity prices.

Some confusion prevailed over the process after the worker’s union Association of Mineworkers and Construction Union (AMCU) stated on Wednesday that only around 75 Lonmin jobs would be lost.

Lonmin stated on 3 March 2016 that most of the workers had left on a voluntary basis.

Investor’s immediate reaction was positive as the company’s share price in Johannesburg rose more than 20% and was trading almost 16% higher in London as clarity around the restructuring emerged. However, the stock could be in the over-bought zone, said analysts tracking the share price.

Source: Reuters