Motorola cuts jobs – Again!

15 01 2009

Motorola Inc will slash another 4,000 jobs, or an estimated 6 percent of its workforce, and warned that it would have a fourth-quarter loss as sales of mobile phones were weaker than expected.

Analysts had been expecting a new round of job cuts at Motorola, after 6,700 employee departures in 2008, as the economic downturn and a slump in demand for mobile phones add more pressure on a company that had already been losing market share to rivals like Nokia .

Motorola said on Wednesday that the latest move brings its cost cuts to $1.5 billion for 2009 — $700 million in new savings on top of a previously announced plan for $800 million in expense cuts.

Read here for more details.

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Nortel Files for Bankruptcy Protection!

15 01 2009

In another incident of the worsening global recession Nortel Networks Corp, North America’s biggest maker of telephone equipment, filed for bankruptcy protection in Wilmington, Delaware, amid the global credit crunch and declining sales.

Nortel, based in Toronto, had more than $1 billion in assets and debt, according to today’s Chapter 11 filing of its US subsidiary. The company said that several Canadian affiliates will also seek court protection.

Canadian investor Gavin Graham recalls the time when Nortel Networks Corp. was so big, with a market value of almost $250 billion, that fund managers had to own shares just to keep up with the benchmark index.

“You were pilloried if you didn’t own the stock,” said Graham, who helps oversee more than $30 billion as director of investments at Bank of Montreal Asset Management in Toronto. “Nowadays, I try not to embarrass people by asking who still owns Nortel.”

Nortel, North America’s biggest maker of telephone equipment, in business for 113 years, filed for bankruptcy protection today, capping one of the greatest corporate collapses in Canadian history. The stock fell 69 percent to 12 cents by 4:15 p.m. in trading today on the Toronto Stock Exchange, for a market value of C$60 million ($48 million).

At its peak in 2000, Nortel had annual revenue of $28 billion and employed about 93,000 people in more than 150 countries. The stock traded as high as C$1,245, adjusting for stock splits, for a market value of C$366 billion, making it the biggest company in Canada. The shares quadrupled in 1999 on expectations the Toronto-based phone equipment maker would benefit from the surge in demand for Internet-based technology.

Nortel accounted for 37 percent of the Toronto Stock Exchange 300 Composite Index, as it was called then. That created a problem for Canadian mutual fund managers, since Canadian law bars mutual funds from holding more than 10 percent of assets in any one stock.

Source:  Bloomberg

See also a timeline of events in the company here.





Sony cuts 8000 jobs!

9 12 2008

In what seems like another Japanese company in trouble, citing falling revenues and stronger yen, Sony Corporation plans to cut 8000 jobs. This results in them reducing their investment by 30 % in the electronics business by the fiscal end of 2010.

Sony has about 160,00 employees as of now and aims to save upwards of 100 billion yen (roughly $ 1.1 billion) by such measures which also include shutting down manufacturing plants.

This news comes after the surprise pullout of Honda from F1 citing the same reasons which was unexpected given the reaction of the FIA.

Wipro in India is also cutting costs by recruting engineers for it’s BPO division instead of the engineering division. Although the company says it will ensure that these jobs will count as valid work experience for an engineering role in the future, the situation remain bleak for the company. In a related story on IBN the BPO companies are themselves looking for a bailout from the government. According to NASSCOM the Indian BPO sector employs roughly 700,000 people. Due to the current recession, cuts of about 250,000 jobs starting 2009 is expected. Thats a whopping 35% reduction in number of employees.

Some experts suggest this recession might last for 10 years!

All I can say is that stick on to your job, cause it just got more valuable.

Do let me know how the recession is affecting you..wherever you are.





Do you Symbaloo??

24 11 2008

I happened to come across Symbaloo.com which is probably the best browser start page there is.

This is a page that allows you to setup bookmarks to your favorite websites in an easy to use intuitive blocks format. Its simple and you don’t even have to sign up to start creating your very own personalized home bookmark page.

The UI is fast and responsive and highly customizable, allowing you to create your favorite links in your personal color blocks. You can customize the icon for the block you created or customize the whole pane for the type of bookmark, for example news, feeds and the likes.

So Red for news, White for Finance, Yellow for Search – its easy, fun and convinent.


The only con I can think of is its name- its not a great name for a website and they could have done a little more markeitng for it…apart from that its a pretty good website.

Give it a try at www.symbaloo.com





Second Life Murder!!

24 10 2008

This has got to be the funniest incident to have been reported from the virtual world.

A woman in Japan who was married to a man in Second Life was arrested of hacking when she killed her divorced husband online..

Check out the news here