RecessionRoundup
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Recession Roundup: volume... oh nevermind
We like to spread good vibes around here, so believe us, we're getting pretty tired of this global economic collapse. However, there's more bad news to dole out. Kodak's reported a 24 percent sales drop and announced it's cutting up to 4,500 workers this year, while Toshiba posted its first loss in seven years, and announced cuts that would bring their expenditures down 80 percent from the current year. Finally, although this was previously predicted, Sony's announced that its profits were down a staggering 95 percent last quarter -- its first-ever third quarter loss posting. The Federation is not going to be pleased.Read - Kodak posts loss, to cut up to 4,500 jobsRead - Toshiba reports Q3 lossRead - Sony's quarterly net profits tumble 95 percent
Recession roundup: volume eleventeen zillion
We're getting rather tired of having to "roundup" the misery, loss of profits, and layoffs in this modern era of plenty and luxury, but there's seemingly no end in sight, so here we go. Texas Instruments announced plans to cut 12 percent of its workforce (apparently as a safety measure as its profits last quarter actually topped analysts' estimates). Meanwhile, Panasonic's announced some modest cuts of roughly 600 workers, in addition to closing some of its plants in Asia as it posted a net loss for the first time in six years. Moving on, Hewlett-Packard's laying off nearly 25,000 people in a "restructuring" scheme, while those IBM losses we've been hearing about (and which have been rumored to number nearly 16,000) are now quietly happening in several locales across the U.S. Finally, big boxer Best Buy's just confirmed impending cuts at their headquarters in Minneapolis, but won't release any hard numbers until February. Seriously, world: the future is disgusted with us.Read - Texas Instruments cutting jobsRead - Panasonic to cut 560 jobs, close plantsRead - IBM, HP quietly cut thousands of jobsRead - Best Buy plans layoffs at headquarters
Recession roundup: Monday morning edition
It wasn't that long ago that Monday mornings in the office were a depressing time -- another cheerful weekend gone; another long week of work ahead. But, these days, being in the office on a Monday is a good thing, because if your login still works you've survived another scary layoff Friday. Spare a thought, then, for those whose system access has been cut off, including 1,300 from Sun (the first wave of a total of 6,000 planned job cuts), 8,000 workers at Sprint who are due to receive pink slips, 6,000 from Philips, and an unannounced number of IBM workers (rumored to be 16,000) who have also found themselves to be on the wrong side of the cost-cutting ax. In one final bit of cheery news, AMD has reported a $1.4 billion loss in the fourth quarter of 2008 and, after shedding its handheld graphics unit, is now selling its manufacturing operations to Advanced Technology Investment. Oh, sorry, you were hoping for some genuinely good news? How about this: that loss is smaller than AMD's $1.8 billion loss from the same time last year. Now have a great day!Read - Sun confirms 1,300 layoffsRead - Sprint Nextel Plans to Cut 8,000 Jobs in QuarterRead - Philips to Release 6000 Employees into WildRead - Several IBM employees report being laid off on Alliance@IBMRead - IBM Confirms LayoffsRead - AMD Reports $1.4 Billion Loss
