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HPE plans 5,000 job cuts -Bloomberg
Hewlett Packard Enterprise Co(HPE) is planning to cut at least 5,000 workers as part of a broader effort to reduce costs amid mounting competition, Bloomberg reported on Thursday, citing people familiar with the matter. The reductions of about 10 percent of the company's total workforce of 50,000 are expected to start before the end of the year, Bloomberg reported.
Equifax executives subject to criminal probe: report
The U.S. Justice Department has begun a criminal investigation into sales of stock by Equifax Inc. executives, Bloomberg News reported, citing people familiar with the investigation. The probe will look into the stock sales of its chief financial officer, John Gamble; its president of U.S. information solutions, Joseph Loughran; and its president of workforce solutions, Rodolfo Ploder. The Securities and Exchange Commission is working with the Justice Department on the investigation into whether they violated insider trading laws by selling stock after the company discovered it had been hacked but before disclosing the breach to the public, the report said. The transactions were not disclosed in regulatory filings for pre-scheduled trading activities. Lawmakers, state attorneys general and several regulators are scrutinizing the breach that compromised the privacy of 143 million U.S. consumers, according to Equifax statements. Equifax shares have fallen 35% since the breach was disclosed on Sept. 7 after the market close. The company and the executives didn't immediately respond to Bloomberg's requests for comment.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Alexion to fire 20% of global workforce in restructuring
Alexion Pharmaceuticals Inc. said early Tuesday that it plans to fire 20% of its global workforce as part of a restructuring effort. Alexion expects pre-tax savings of about $270 million in GAAP and about $250 million in non-GAAP each year by 2019, and said that expenses associated with the restructuring are expected to total $340 million to $440 million. The changes will affect GAAP EPS guidance but not the company's 2017 revenue guidance or 2017 non-GAAP EPS guidance. Alexion said the restructuring savings will allow it to meet financial ambitions, "including growing GAAP operating margin to 37% and non-GAAP operating margin to 50% in 2019," and that it plans to invest about $100 million a year into research and development starting next year. As part of the restructuring, the company said it plans to eliminate spend and workers associated with de-prioritized drug pipeline programs, close multiple company sites, including its Rhode Island manufacturing facility and certain regional and country-based offices, and outsource certain non-core finance and IT roles. Alexion also plans to relocate its headquarters from New Haven, Ct. to Boston, Ma. by mid-2018, with about 400 jobs based in Boston; New Haven will be Alexion's "Center of Excellence" with about 450 jobs based there in research labs, clinical supply and quality teams, nurse case management and enterprise business services. Alexion shares were not active in premarket trade. Shares have surged 33.7% over the last three months, compared with a 2.4% rise in the S&P 500 .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Eli Lilly to cut 3,500 jobs after part of cost cutting plan
Eli Lilly & Co. said it will cut about 3,500 jobs, or about 8.3% of its global workforce, as part of a streamlining plan aimed at cutting costs by $500 million a year. The drug giant expects most of the job cuts to come in the U.S. from a voluntary early retirement program, which it expects to be mostly completed by the end of the year. Other workforce reductions are expected to come from streamlining moves, including site closures. Lilly expects to record charges of $1.2 billion, or 80 cents a share, in the third and fourth quarters of 2017. The company plans to use the cost savings to improve its cost structure and reinvest in its business. "The actions we are announcing today will result in a leaner, more nimble global organization and will accelerate progress towards our long-term goals of growing revenue, expanding operating margins and sustaining the flow of life-changing medicines from our pipeline," said Chief Executive David Ricks. The stock, which slipped less than 0.1%, has gained 9.5% year to date through Wednesday, while the SPDR S&P Pharmaceuticals ETF has rallied 8.9% and the S&P 500 has tacked on 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
What Parts Of The Workforce Might Be Safe From Robots?
To kick off our series "Is My Job Safe?" NPR's Ari Shapiro asks Erik Brynjolfsson, director of the MIT Initiative on the Digital Economy whether artificial intelligence is threatening our jobs.
Acacia to reduce Tanzania operations, cut jobs
Sept 4 (Reuters) - Gold miner Acacia, which is
locked in a dispute with the Tanzanian government, said it will
have to reduce operations at its Bulyanhulu mine and cut its
mostly Tanzanian workforce as it aims to return to profitability
Food industry warns of Brexit workforce shortage
The food industry warns that a Brexit workforce shortage could leave a third of its businesses unviable.
PRESS DIGEST- British Business - Aug 18
The following are the top stories on the business pages of British newspapers. The Times. - Mobile telecom gear maker Ericsson is understood to be seeking sweeping job cuts outside its native Sweden that may affect its workforce of 3,500 in the United Kingdom. http://bit.ly/2vNnY7j.
Governor tours Wisconsin by air to tout Foxconn agreement
A Rust Belt state that built a manufacturing legacy through assembly-line jobs will have to quickly transition to a more highly skilled workforce now that Foxconn has selected Wisconsin as the site of its coveted U.S. electronics plant.
BRIEF-Honeywell says recognized repositioning charges of $123 mln for workforce reductions in Q2
* Says in quarter-ended June 30, recognized repositioning
charges of $123 million for workforce reductions of 1,902
manufacturing, administrative positions
Weird Science: First jobs of some leading scientists
NEW YORK (Reuters) - While top scientists may be deploying their brainpower on critical projects such as climate change research and conservation, they often entered the workforce in far more modest...
Tesco to axe 1,200 head office jobs
The UK's biggest supermarket will cut a quarter of its workforce in Welwyn Garden City and Hatfield.
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