Schlagwort-Archive: business

Corona, Job Losses And Economy

Fincial Times wrote in November of 2012 that the biggest Swuiss bank, UBS, plans to lay off 10,000 jobs, 1/6 of it‘s global work force.

The renowned German economy newspaper „Handelsblatt“ wrote on 8th of September 2019 that there were 30,000 job cuts in investment banking sector globally straight to recession risk, regulation and digitising.

Bloomberg reports that UBS has implemented a new regulation that hiring of one backoffice employee will be only possible in exchange for 5 employees who left the company, so Handelsblatt wrote.

The VW daughter Audi plans 10,000 job cuts to reduce costs and to begin to restructure the company to produce more electro-cars.

VW plans 5,000 to 7,000 job cuts to increase the profit to 5.9bio € pa by 2023 and automatization ratio.

The renowned german newspaper BILD reported an 09th of October 2020 that BMW plans to shrink the production and salary significantly. All every 74 seconds one new BMW car will be produced instead of 69 seconds before. On 13th of February 2020 Merkur reported that 17 weeks the production will be delayed because of corona virus.

Lufthansa chief Carsten Spohr said on rp-online that on 24th of April 2020 he will cut the work force by 10.000 employees. Lufthansa has to fight with strike waves in the recent 2 years as it‘s work force demand signifcantly more salary. Millions of passengers have ot switch their flights to other airlines which shrink the profit of Lufthansa signifcantly. The German government bought 20% of Lufthansa assetts to give Lufthansa the necessary liquidity and defend the company from merging and aquisition. German government also have bought an option for 5% and 1 assett more to receive the veto right if an aquisition threatens.

Procter and Gamble has announced in August of 2018 that with a globally workforce decreasing from 121,000 people in 2013 to 92.000 people in 2018, the number of jobs at the company is at an all-time low.

The German chemistry conglomerate Bayer will cut 1 in 7 of its 32,000 jobs in Germany. The company is undergoing a massive restructuring as it faces legal and financial tests. ( Source dw.com, 9th of April 2019 ).

The German car parts giant Continental prefigure the loss of 5,500 jobs by 2028 to save 500mio€ annually.

https://www.thelocal.de/20191120/german-car-parts-giant-continental-confirms-it-will-slash-5500-jobs

On May 17 2019When the Austrian billionaire and investor René Benko is taking complete control over the major German department store chain Galeria Karstadt Kaufhof, the union Verdi and the company works councils signed an agreement and redundancy plan to slash 2,000 full-time jobs—1,000 management and administrative staff (mainly in the old Kaufhof headquarters in Cologne) and another 1,000 full-time jobs in shops. The decision will result in more branch closures and cuts to jobs and wages.

https://www.wsws.org/en/articles/2019/06/15/kauf-j15.html

Marketwatch announced on Feb. 26, 2019 that General Electric Co. disclosed that it shed 30,000 workers last year as the conglomerate restructured its operations and sold off some business lines.

On 1 of February, 2019 CNBC announced that General Motors offered buyots to 17,700 employees in November 2019 while expecting to 4,000 invountary job cuts.

In a report on first of October 2019 dw.com announced that 2600 employees at the Opel factory in Germany’s Rüsselsheim will be working reduced hours for six months. The company is struggling long time as it‘s car sales has been very low. The french car conglomerate PSA has aquired and restructures the company. Opel makes now profit again. The corona crisis could bring it to losses again so there will be some government compensation for affected workers, including partial, untaxed pay from unemployment insurance.

The global economy has a period of 10 years of booming economy behind with indexes rising to all time highs. A correcting scenario was overdue. All those measures affecting the labour market are not caused by Corona virus but caused by market correction. And more, the new technologies will further affect the market. In USA the agriculture industry use self working agriculture devices like combine harvesters, tractors and so on. In Europe those devices are not in use. The robotic technologies will develop to serial production. Will this technology be in common use the workforce will shrink again, also with or without a corona pandemic szenario.

If we learn to think not in those old doctrines like capitalism, communism, mercantilism but in the fortunes which every of these old systems have, we could have the posibility to learn a new system within a content life will be possible. The free market is an illusion. We have to much regulation in each sector. Communism is also deprecated in the times of lean production and just-in-time delivery. And capitalism pushes the envelope. Civilisations which are not able to assimilate with the requirements will be melted and supplanted by an other, perhaps the West by the Asian, the USA by the Chinese.