1.
Consumer Corner: Foreclosure settlement no magic bullet for economy
STOCKHOLM, Sweden, June 25 (UPI) -- Volvo Cars said Wednesday it would cut 1,200 jobs, including the entire third shift of a car plant in Gothenburg, Sweden.
The company also said it cut 300 overseas white-color jobs and terminated a contract with 500 consultants, the Swedish news service Tidningarnas Telegrambyra reported.
News of the job losses halted production at the Torslanda plant in Gothenburg for six minutes, the news service said.
"People are worried that we are next. This is anything but a normal situation for us at Volvo Cars." said union leader Mikael Sallstrom.
Volvo Chief Executive Officer Fredrick Arp said in a statement the company needed "to meet worsening market conditions, primarily in the American market."
The job cuts were a "difficult, but necessary, measure to reach a better financial position," Arp said.
Volvo is trying to trim operating costs by $661 million, the Swedish news service said.
|
|
|
| Additional Business News Stories | |
SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
|
WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
|
Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
|
Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
|
| Stories | Photos | People | Comments |
View Caption
