Every 3.69 minutes someone is going bankrupt (scary!)
According to Credit Action, the debtors’ charity, people go bankrupt at the rate of one every 3.69 minutes. A property is repossessed in the UK every 11.4 minutes. Spare a thought for the hard-worked staff of the Citizens Advice Bureau who handle an estimated 9.500 new debt problems every day. A staggering 16,348 individual bankruptcy petitions were made in the first three months of this year, along with 2,177 company winding-up petitions due to financial difficulty.
Source: The Independent
Armstrong World Industries to cut 163 jobs.
US-owned Armstrong World Industries said it had started a 90-day consultation with 163 staff at its factory in Stockton. The factory makes a range of products, including the Rhinofloor brand. The company said it had suffered a fall in demand in recent years and had long-term plans to move out of the European residential flooring market.
The withdrawal from the European residential business is considered to be necessary for Armstrong to focus on the commercial flooring business and those markets where we have leading positions in order to build a sustainable and profitable business.
Source: BBC News
Total Loss = 163
Realtime Worlds goes into administration.
Video game makers Realtime Worlds have confirmed they have gone into administration. The company, founded by the creator of Lemmings and Grand Theft Auto, was viewed as one of the biggest players in the UK computer games market.
They were behind the 2007 double-BAFTA winning hit ‘Crackdown’ and APB, which has recently been released.
Related Web Sources:
Total losses = 185
Confetti goes into administration.
Online wedding and celebrations supplies business Confetti has gone into administration. The Manchester-based firm, founded in 1999, has lost 48 of its 94 staff and closed its five high-street shops in Glasgow, Leeds, Birmingham, Reading and London.
Source: The Press Association
Total losses = 48
Show on mapKiss Flights the latest to blame it on ED!
London-based firm Flight Options Limited, which traded as Kiss Flights, officially ceased trading. Flight Options was launched in 1995 offering flights to various Mediterranean destinations. Kiss was set up as a seat-only operator in 2008 following XL Leisure Group‘s collapse.
In all, 13 travel firms have gone bust in the UK this year as a result of the recession, belt-tightening by travellers and the Icelandic volcanic ash cloud that threw European travel into turmoil. That compares with 33 last year.
Sources:
Related Websites:
- BMI announces 600 job losses due to worst recession ever.
- 1700 BA cabin crew members pushed out without parachutes.
- Japan Airline to cut 6800 jobs.
- India’s domestic airlines to cut 2500 jobs.
- Continental Airlines sacks 500 agents.
- Airline Crunch Victims Graveyard.
Mexico airline Mexicana files for bankruptcy.
Mexico’s biggest airline, Mexicana de Aviacion, has filed for bankruptcy protection after failing to reach a deal with trade unions on cost cutting. The heavily-indebted airline said flights would continue while it restructured its finances. Mexicana had proposed deep pay cuts for pilots and crew, as well as a 40% reduction in the workforce.
Mexicana is the biggest airline to go bankrupt since Japan Airlines. It does not come as a big shock: Mexican airlines have faced tough conditions lately, battling the deepest recession in the Americas.
Source: The Economist
Related Website Links:
- BMI announces 600 job losses due to worst recession ever.
- 1700 BA cabin crew members pushed out without parachutes.
- Japan Airline to cut 6800 jobs.
- India’s domestic airlines to cut 2500 jobs.
- Continental Airlines sacks 500 agents.
- Airline Crunch Victims Graveyard.
Twitter Weekly Updates for 2010-02-14
- BAE Cuts 230 Jobs At Cumbria Submarine Site – http://digg.com/u1N3jC #
- Birmingham City Council may axe 2000 jobs – http://digg.com/d11IMHm #
- 750 Jobs Axed at Halifax – http://digg.com/u1Mt3N #
- Vauxhall 'axe jobs at Luton site' – http://digg.com/u1Mt3F #
- 300 water company jobs to be axed – http://digg.com/u1Mt36 #
- Nokia to axe 285 jobs at Salo plant. – http://tinyurl.com/ycglrsw #
Powered by Twitter Tools
Nokia to axe 285 jobs at Salo plant.
Nokia Corporation will lay off 285 people in Finland, as the world’s largest mobile phone maker strives to cut costs and streamline operations. In November, Nokia axed 550 jobs in Japan, Denmark and Finland at research and development units that globally employ 17000 workers.
The latest layoffs, at the Salo handset unit where it has 2200 workers, are part of a drive “to further increase production speed and efficiency for a growing smart phone market.
Source: The Associated Press
Total losses = 285
Twitter Weekly Updates for 2010-02-07
- Shell to axe 1000 staff after 75% slump in profits. – http://tinyurl.com/y88px3s #
- Jobless rate hits 5-month low but payrolls fall – http://digg.com/u1MXfN #
- GMAC cutting 554 jobs – http://digg.com/u1MUEF #
- Tulsa public school lay offs 114 employees – http://digg.com/u1MUE7 #
- Unemployment rate falls to 9.7 percent, 20,000 jobs cut – http://digg.com/u1MUAH #
- Frontier Airlines cut about 175 Lynx jobs – http://www.bizjournals.com/denver/stories/2010/02/01/daily60.html?surround=lfn #
- 250 job losses as council counts the costs – http://digg.com/u1MSti #
- Oil Companies Announce Job Cuts – http://digg.com/u1MON7 #
- Bridgewater newsprint mill put into administration – http://digg.com/u1MF5a #
- The Bengal Brasserie II goes into administration after three months – http://digg.com/u1MEsg #
- Scots chocolate firm Kshocolat goes into administration with loss of 25 jobs – http://digg.com/u1MEsV #
- Sixty more jobs axed by Conservative Westminster Council – http://digg.com/u1MEry #
- Baglan construction company consult on job losses http://digg.com/u1MEqL #
- Toyota to axe 750 British jobs – http://tinyurl.com/y9trnpf #
- Redundancy tracker: UK job losses and job cuts – http://digg.com/u1M30O #
- U.S. Bank Cutting 50 Positions Near Chicago – http://tinyurl.com/yb9dve2 #
- Ericsson announces more job losses as profits slump – http://bit.ly/aZtsqq #
- RT @crunchvictims Lloyds job losses on course to reach 16,000 – http://digg.com/u1LxF1 #
- Is the UK recession really over? – http://tinyurl.com/yhpxhj2 #
- Astra-Zeneca to slash 8000 jobs in next 4 years. – http://tinyurl.com/yav58wq #
- GlaxoSmithKline expected to axe 4000 jobs. – http://tinyurl.com/yk9fzku #
- Shop Direct closes with 1500 job losses. – http://tinyurl.com/yhu299d #
Powered by Twitter Tools
Shell to axe 1000 staff after 75% slump in profits.
Oil giant Shell is axing another 1000 staff after revealing a 75% slump in profits. The multi-national’s latest clear-out is on top of 5,000 redundancies announced by the firm last year.
Bosses were tight-lipped on where the latest cuts would fall but hundreds of UK workers lost their jobs in the last round. It comes amid fears for 900 staff at Shell’s Stanlow oil refinery.
Source: The Mirror.co.uk
Total losses = 1000
Is the UK recession really over?
According to the site UK Recession the recession is over but what does that really mean to you and I?
Can the country stop blaming ED for everything?
GlaxoSmithKline expected to axe 4000 jobs.
Drugs giant GlaxoSmithKline is expected to announce plans to axe up to 4000 jobs this week as part of its ongoing restructuring. It is thought the majority of the cuts will be made to its European and US workforce, as the group shifts its focus to emerging markets.
Glaxo is expected to announce the planned job cuts alongside its full-year results on Thursday, when it is thought the group will report a return to annual profits growth, following an 11% fall during the previous financial year, boosted by sales of its swine flu vaccination.
Source: The Press Associated.
Total losses = 4000
Astra-Zeneca to slash 8000 jobs in next 4 years.
8000 more jobs are to be slashed across Astra-Zeneca’s global operations under a sweeping job cuts programme that has already seen 12,600 roles axed at the pharmaceuticals giant.
The jobs will go over the next four years across global functions, including sales and marketing, business infrastructure, research and development and the supply chain.
Source: neBusiness.co.uk
Related Stories: GlaxoSmithKline expected to axe 4000 jobs.
Total losses = 8000
Shop Direct closes with 1500 job losses.
Britain’s biggest catalogue shopping group is closing three call centres with the loss of up to 1500 jobs. Shop Direct, which owns Kays and Littlewoods, will axe 900 in Sunderland, 420 in Burnley and 180 in Newtown.
Union representatives said the news of the likely job losses was “disastrous”.
RAF Kinloss to lose 108 skilled MR2 Nimrod staff.
Scores of civilian jobs are to be axed at a Moray airbase which has played a key role in the Afghan and Iraq wars. RAF Kinloss will lose 108 skilled staff who maintain and service its fleet of 11 MR2 Nimrod surveillance aircraft.
Total losses = 108
Related Web Links:
