Ford Announces 1400 Salaried Job Cuts

19 Mai, 2017, 22:27 | Author: Marc Bacque

The move comes as Ford struggles to boost sales and earnings after a sharp slump in recent months. Since Fields became CEO in 2014, Ford's stock price has fallen almost 40 percent.

Ford Motor said Wednesday it would cut its salaried workforce in North America and Asia by almost 10% as it seeks to boost profitability amid a falling stock price.

Job cuts form part of Ford's previously announced strategy to generate $3 billion in cost reductions, a target that the company's management team believes is necessary to boost profitability in the face of flagging sales in the world's two largest auto markets, the USA and China.

Ford, in an official statement, did not confirm it is slashing jobs.

The buyouts are part of a strategy Ford laid out last September at its investor day conference, when CFO Bob Shanks said the automaker would be looking to save about $3 billion per year each of the next three years as costs rise.

Telegram gets one step closer to video calling with video messages
That's what Telegram - which has some 100 million users - is promising, with the launch of its new Bot Payments. This basically means you can put up a video which can be viewed by anyone from Telegram's public channels .


Sweden drops case, but WikiLeaks' Assange not in the clear
American authorities have prepared charges to seek Arrange's arrest, CNN reported, citing US officials familiar with the matter. Sweden's top prosecutor says she is dropping an investigation into a rape claim against WikiLeaks founder Julian Assange after.


Kulbhushan Jadhav case: Pakistan to change lawyers after ICJ stays execution
India stated that Jadhav was kidnapped from Iran where he was involved in business activities after retiring from the Indian Navy. Responding to a question, Rohatgi asserted that the ICJ's interim verdict on Thursday was binding on both India and Pakistan.


Ford's profits dropped by 35 percent in the first quarter of 2017 as a result of rising costs, pricey recalls and a drop in fleet sales.

Ford's shares have lost more than a third of their value since Mark Fields became CEO in 2014. Earlier this year, it announced it would add 700 workers to a suburban Detroit plant in 2018 to make electric and self-driving vehicles. But that move set off a political firestorm during the presidential campaign past year, then-candidate Donald Trump launching a Twitter attack on Ford and threatening retaliatory measures, including a border tax.

After seemingly appeasing US president Donald Trump past year with the cancellation of a proposed $1.7 billion (Rs 10,738 crore) Mexico-based factory and the announcement of a $700 million (Rs 4,421 crore) investment into a plant in Michigan, US, the move could anger the famously nationalistic Republican president. In reality, the maker said it changed plans due to declining passenger auto demand. About half of Ford's employees live in America. The good news - for now - is that it won't impact hourly employees.

Blessed with the best-selling vehicle in the USA, the enormously profitable F-series pickup truck, which would be a Fortune 500 company on its own, Ford remains endowed with strong financials.

"We have not announced any new people efficiency actions, nor do we comment on speculation", he said. It expects to rake in 9 billion dollars this year, down 1.4 billion dollars from 2016.

Conseillé:

  • Martin Freeman and Sarah Lancashire sign up for Labour Party play

    Martin Freeman and Sarah Lancashire sign up for Labour Party play

    Freeman was last seen on stage in Jamie Lloyd's production of Richard III at Trafalgar Studios. Graham's other work includes Privacy , The Angry Brigade and Finding Neverland .

    Gary Neville makes Tottenham transfer prediction about Harry Kane

    Speaking after his side's emotional farewell to White Hart Lane, where they signed off in style with a 2-1 win over Manchester United, Kane said: "We're a family on and off the pitch".
    Un journaliste de la BBC se fait gifler après un geste indélicat sur une jeune femme

    Un journaliste de la BBC se fait gifler après un geste indélicat sur une jeune femme

    Un instant interloquée, la jeune femme s'est finalement vengée en lui donnant une tape sur l'épaule, avant de s'en aller. Alors qu'il était en pleine interview, un journaliste de la BBC a été importuné par une passante.
  • Former US Rep. Anthony Weiner faces charges in sexting case

    Former US Rep. Anthony Weiner faces charges in sexting case

    It reported that the messages, which began when the girl was a sophomore in high school, indicated Weiner knew she was a minor. He said he ended the habit, but it resurfaced in 2013, leading him to pull out of the race for NY mayor that year.

    Carnival Corp (CCL) Position Cut by TD Asset Management Inc

    Its North America segment includes Carnival Cruise Line, Princess Cruises (Princess), Holland America Line and Seabourn. Following the sale, the director now directly owns 26,684 shares in the company, valued at approximately $1,555,410.36.
    Pogba to return for Manchester United on Sunday

    Pogba to return for Manchester United on Sunday

    Southampton boss Claude Puel: "Any teams have a debrief at the end of the season and this is normal but the end of the season is after the last game".
  • Will Smith gets embroiled in Netflix debate

    Will Smith gets embroiled in Netflix debate

    When the topic was raised at the press conference Wednesday, Almodovar sided with the theater owners. And now they get to find those artists and they get to look them up online and they make contact.

    Trump denies asking Comey to drop probe; decries 'witch hunt'

    Cornyn said Rosenstein asked for "a single point of contact so that we can coordinate and facilitate this". Trump cited displeasure with the FBI's Russian Federation probe as a factor in dismissing Comey.

    New exec order will target Trump's voter fraud claims

    She said the commission would lend legitimacy to state efforts to enact discriminatory voting laws. USA intelligence agencies have concluded that Moscow sought to tilt the election in Trump's favor.
  • N'Golo Kante humble after winning Football Writers' Association award

    N'Golo Kante humble after winning Football Writers' Association award

    But Kante collected more than 65 per cent of the nominations, which were spread over a record number of 17 different players. From the Chelsea family, you're the pride and joy".
    Gianvito Rossi Accused of Racial Discrimination

    Gianvito Rossi Accused of Racial Discrimination

    Wilburn who is also Black, says Mazzilli reduced her responsibilities and sabotaged her until she was sacked in January. During that time, her suit says Mazzilli was 'hostile to Wilburn based upon her race and age'.
    1 dead, 2 hurt after van hits school bus in Kenosha County

    1 dead, 2 hurt after van hits school bus in Kenosha County

    The remaining students were transported to the Trevor Fire Department to be released to school officials and parents. A vehicle and a school bus were involved in an accident in Kenosha County Friday morning, authorities said.


Populaire

Qualcomm attaque Foxconn et Pegatron pour refus de verser les royalties — IPhone
Les quatre sont des acteurs importants pour Apple: il s'agit des sous-traitants qui assemblent les iPhone et les iPad. Qualcomm est accusé de profiter de sa position dominante dans le domaine des modems pour augmenter ses tarifs.

Gérald Darmanin dit son "attachement" à la fonction publique
Malheureusement, ma famille politique a connu des difficultés et n'a pas su se hisser au second tour de l'élection présidentielle.

Army will fight terrorists, society should fight extremism: Gen Bajwa
Referring to the rising extremism in India, the army chief said it has given in to extremism and hate has been mainstreamed there. Today's event was to find collective solutions against extremism which affects everyone, including the young people, he said.

So This is Why Baker Hughes Incorporated (BHI) Is So Strong
The company reported EPS of $-0.24, below the consensus estimate calling for EPS of $-0.21 - a negative surprise of -12.62%. Sumitomo Mitsui Asset Management holds 0.04% of its portfolio in Baker Hughes Incorporated (NYSE:BHI) for 30,865 shares.

China installs rocket launchers on disputed South China Sea island
The naval exercises between the countries are aimed at increasing interoperability between the two navies. The tribunal struck down China's expansive claims over the area based on historical hold.

Manchester United boss Jose Mourinho more focused on silverware than top four
United will play Southampton on Wednesday before ending their domestic campaign with a home contest against Crystal Palace on Sunday.

Lookout for Price Target? Deere & Company (DE), The Home Depot, Inc. (HD)
Wedbush reiterated a "neutral" rating and set a $145.00 target price on shares of Home Depot in a report on Friday, February 10th. Harbour Capital Advisors LLC acquired a new position in Home Depot during the first quarter valued at approximately $1,799,000.

Trump says he's 'very close' to naming an FBI director
Senate gave a solid thumbs down to President Donald Trump's announcement that he is likely to choose retired Sen. Several candidates have withdrawn from consideration: Rep.

Le Wydad de Casablanca champion — Botola PRO
A deux journées de la fin de la Botola, le Wydad de Casablanca (WAC) s'est déjà adjugé le titre de champion. Les rouges et blancs ont vite remis les pendules à l'heure grâce a leur serial buteur William Jebor.

Tottenham striker Harry Kane eyes Premier League century
Kane won last year's Golden Boot with 25 goals but he surpassed that total with his fourth against Leicester on Thursday night. Tottenham finish away at Hull on Sunday but Mousa Dembele is likely to be rested for at least one of the remaining games.