1.
U.S. markets recover from steep losses
SANTA CLARA, Calif., Sept. 1 (UPI) -- Intel Corp. may eliminate 10,000 to 20,000 jobs in a massive layoff that could be announced right after Labor Day weekend, news reports said Friday.
The world's largest chipmaker could announce the layoffs as early as Tuesday after the U.S. stock markets close, CNET News.com reports, citing people familiar with the company's plans.
A company spokesman would not comment, but said the results of an internal "efficiency study" would be announced by the end of the month.
Intel has about 100,000 employees worldwide, so the cut could affect 10 percent to 20 percent of Intel's staff -- with the greatest cuts in marketing, CNET News.com said.
In late July, Intel posted its lowest sales and profit figures since 2004 and offered a weaker-than-expected sales forecast for the quarter ending in September.
Intel Chief Executive Paul Otellini has demanded the company reduce expenses by $1 billion by the end of the year.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
MELBOURNE, Fla., May 23 (UPI) --
Northrop Grumman says its Military Airworthiness Certification is closer for its re-engined EC-8 Joint Surveillance Target Attack Radar System aircraft.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
