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Popular apparel and accessories brand Esprit, which has been on a steady decline in valuation over the past decade, recently announced job cuts of up to 40% of its non-store staff. This is in addition to a drastic reduction in its product range. With the advent of online commerce and fast-fashion retailers, the Hong Kong-based clothing accessories company has been losing market share and facing tough competition on all fronts. It had recently announced the closure of all its stores in New Zealand and Australia recently. The company’s stock has seen a steep drop of almost 50% this year, and its workforce strength stands at 6,400 as of June 2018.
We had recently reported about GM being all set to announce the closure of its Canadian Plant at Oshawa. When the announcements were finally made, workers were left stunned and infuriated as they gathered in huge numbers to protest the move. Unifor, the worker’s union, had recently stated that GM was due to make the announcement soon, is now on a warpath as it vowed to protect the interest of the affected workers and their families, stating that the beleaguered auto major is now “In For One Hell Of A Fight”. Workers turned out in mass numbers waving the Union’s flag to protest the shutdown in the face of chilly weather after the announcement.
GM employees, especially union affiliated workers, are on tenterhooks for a major announcement scheduled for Monday. The announcement is most likely to effect a complete shutdown of its plant in Oshawa, near Toronto. This is likely to affect the 2,500 strong unionized workforces and approximately 300 white collars, salaried workers who are employed by the plant. The shutdown is speculated to be effective latest by December 2019. Although GM spokespersons refused to comment, GM has already been on a job cutting spree to align its white and blue collar employee strength to plunging sales across the North American market. With a specific cost-cutting target in mind, the company is likely to layoff even its white-collar workers in Canada, in continuation of its stance in North America
The world’s largest plug-in electric vehicle manufacturer, and the fourth largest seller of automobiles by volume, the Mitsubishi-Renault-Nissan Alliance has been on shaky ground for a while now. Following allegations of financial misconduct, Carlos Ghosn, the man instrumental in stabilizing the alliance since the controversies it faced in 2016, is likely to be removed from Mitsubishi Motors. His ouster from alliance partner Nissan has already been announced. This comes in the wake of a power struggle between alliance members Nissan and Renault, whose executives are already planning their contingencies following the fallout of Ghosn’s exit from Mitsubishi. Ghosn still remains the chairman and CEO of Renault.
Of the 50,000 Italians that the telecom giant employs, 30,000 people along with company assets could be transferred to the new company, which could be cumulative of Telecom Italia and Open Fiber. The aggregated assets could amount to $17 billion. However, that would leave 20,000 people jobless, a prospect acknowledged by the UILCOM trade union.
With a limping economy which now has only the cold shoulder of the International Monetary Fund, the problems of the government don’t seem to end anytime soon. Struggling to contain its biggest public demonstration for the last five years, a myriad of people from all ages took to the street. The government makes no bones about not having the financial impetus ($690 million) demanded by the public for wage raises.
Functions like human resources, accounting and marketing would form the elemental backbone of the employee profiles at Amazon’s new headquarters (New York & Virginia). The states have also put in the additives of granting tax-subsidies of up to $3 billion provided the company meets its job creation goals. The 25,000 jobs split between its upcoming corporate centers have already started luring people with an average annual salary of around $150,000.
For Denise Coates, it’s a reality. The famed founder & CEO of UK’s online betting portal Bet365, raked in £220 million as compensation last year. This, quite naturally, makes her one of the best-remunerated executives globally. Its an improvement to her performance the year prior to the last, wherein the salary was a few thousand-pounds shy of the 200-mark, at £199.3 million.
NASA recently announced that it would conduct checks the overall safety work culture in two of the world’s largest private space contractors, Boeing and Space X, even as the players gear up to send astronauts into space on their own. NASA announced its “cultural assessment” that would include compliance to a drug-free environment at both the companies, among speculation and reports that Space X chief Elon Musk was filmed drinking whiskey and smoking marijuana, shockingly enough, during a live podcast recently.
The two private companies will be selected for the commercial crew program aiming to send astronauts to space by next year. Both the companies stated that they were in full adherence to drug-free and healthy work environment guidelines.
Canada’s Government announced that it would pass legislation ensuring an end to the Canadian Union of Postal Workers’ strike ahead of the festive season. The strike, that had resulted in sudden stoppages of delivery services in several parts of the country on a rotational basis, was a call for increased medical benefits and job security from employer Canada Post. In response, the federal Labour Minister has said that while both parties are being encouraged to resolve the issues as soon as possible, possible legislation could also be in the works to ensure that the holiday season is not affected. Canada has a record of passing quick legislation to end strikes in important sectors.
Bangaly Kaba, one of the key personnel behind the stunning success of social sharing app Instagram, was hired by prospective unicorn Instacart as its new Vice President of Growth, according to an announcement made by the grocery delivery major on Tuesday. Bangaly Kaba comes with an impressive resume as a growth manager, having been with social networking behemoth Facebook since 2014 and having successfully led the growth of Instagram users to cross over 1 billion within a short span of 2 years. Kaba is expected to be focused on roping in new regular customers even as e-commerce giant amazon.com invades the online grocery delivery service market with all its might. Interesting times ahead for this segment.
The country owes its ratings to special emphasis on skill-training and education beating other A-listers like Norway, Denmark, and Canada to the game. It is the 5th time the Swiss have backed the World Talent Ranking, an annual report published by IMD Business School. The U.S. and the U.K. slotted comfort at the 12th and 23rd spots respectively.
Tania still recounts her horror as she was preparing to commence official duties post her third delivery. She was informed on a call of the same. She states in her recollections that her boss doubted her faculties to perform as she broke the news of her pregnancy to him. Tania lodged a gender discrimination complaint against Goldman in 2017, an information which was brought into the public domain via an intervention from the California Department of Fair Employment.
The CEO’s stern stance regarding management within Facebook is giving the firm’s top echelon a cold sweat. If reports are to be believed, a recent fallout with Sheryl Sandburg has the top CHRO unsure about her employment status. it is a lesser known truth that in June, Mark pledged to turn the tide on emerging management landmines, that it would result in higher executives leaving the company, few would have opined.
January 2019 shall mark the onboarding of Thomas Kurian, a once President of Product Development at Oracle. Greene has had a predilection for extraordinary endeavors within the education sector, which is where she admitted to heading in a blog post. She joined Google in 2015, whilst renowned for co-founding VMware which later mainstreamed virtualization among corporate firms.
U.S.’s financial behemoth had openly declared parting ways with 10 percent of its workforce by 2020. The professionals walking the green-mile out have been served with 2-month notices. Targeted lay-offs would entrench the banks’ Consumer Lending. Virtual Solutions and Innovations Group with 900 being from the home lending division alone. A three-year plan includes eventually letting go of 26,000 personnel.
Government officials of the debt-stricken Island now beseech the Courts of San Juan to deliver justice. The charges accuse the government of misleading workers to deposit $316 million in a retirement plan, with a 401(k)-styled cash-out options, only they were disallowed withdrawals post deposits. Time seems to be warping in a downward spiral for the region who has been embattled with a slew of court cases alleging misappropriation.
The tech space has been sneered at globally for being graveyard silent on the paltry representation of women or minorities and the case is no different in Britain. Only 8.5% of the senior executives in the industry belong to minorities, women accounting for 12.6% of the board, far behind the 1/3rd reservation for females achieved by the FTSE 100. For a sector that generated $200 billion in revenue last year for the economy, D&I is a road less traveled, to say the least.
Lauding the businesswoman’s towering contributions as PepsiCo’s first ever female CEO, the forum has announced Indra Nooyi as their debut honorary for the Global Titan Award. Ms. Nooyi will be the inaugural Keynote speaker, with the date for recognition set at 12th March 2019. With a whole host of business mavericks set to be honored alongside, the common theme seeks to acknowledge women empowerment at the workplace.
Craig Williams, who earned a name for himself at Coca-Cola, has been christened to be the new President of Nike’s Jordan Brand. Craig’s predecessor Larry Miller will forego the coveted title to officiate undertakings at Jordan Brand’s advisory board as its Chairman. Coca-Cola is bound to feel the departure of a personage who oversaw their recent contract negotiations with McDonald's.