Ford to Cut 1400 Jobs in Profitability Push

22 Mai, 2017, 05:01 | Author: Marc Bacque

Ford is cutting 1,400 jobs in North America and Asia Pacific this year in an effort to boost profits.

The company said a large group of salaried workers would not be covered by the planned cuts, including those in product development and in the Ford Credit unit.

The move comes as the multi-year U.S. auto boom begins to ebb.

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.

The cuts are not expected to affect hourly workers at Ford's factories or operations in Europe and South America, which have already endured workforce reductions.

Ford's stock price has fallen almost 40 percent over the last three years as investors worry that USA sales are peaking.

Ford shares fell 0.4 percent in pre-market trading to $10.90. In March, Ford announced a plan to create or retain 130 jobs at a MI engine plant.

We are one people, Theresa May insists in plea to Scottish voters
Your browser doesn't recognise available video formats. "Strengthen my hand as I fight to strengthen our Union". Across the United Kingdom, we may be four nations, but at heart we are one people.

South Korea: North Korea fires unidentified 'projectile'
North Korea has launched at least 10 missile on seven occasions since President Donald Trump took office in January. But North Korea has said its missile testing is in reaction to threats against it by the South, the US and Japan.

Theresa May redefines Conservatism as Tories move on from Thatcher
In the first quarter of 2017, there were 157,000 Australian and New Zealand-born workers in the UK Labour market. She added: "Margaret Thatcher was a Conservative, I am a Conservative, this is a Conservative manifesto".

Analysts say Ford has failed to respond effectively to dramatic shifts, notably the boom in light truck sales; utility vehicles and pickups now account for almost two-thirds of the American new vehicle market.

But that move set off a political firestorm during the presidential campaign a year ago, then-candidate Donald Trump launching a Twitter attack on Ford and threatening retaliatory measures, including a border tax.

What's more, the US auto market, where Ford makes the bulk of its profit, appears to have peaked in 2016, meaning Ford must find other areas to bolster the bottom line. "Car companies coming back to U.S. JOBS!"

"We're frustrated, but our business is performing well". Ford said it expects it will hit the targets through voluntary offers, spokesman Mike Moran said. Ford hired more than 15,000 factory workers between 2011 and 2015.

"We are continuing our intense concentration on cost and the factor for that is not just conscious of the current environment that we remain in, but also I believe preparing us a lot more for a slump scenario", CEO Mark Fields told experts.

Profits for the Detroit-based automaker fell 35% during the first quarter to $1.6 billion, the first such decline in seven years.

The Dearborn, Mich., auto maker has booked substantial profits in recent years, including two consecutive years of record earnings, but Ford's market capitalization earlier this year sunk below that of electric-car startup Tesla Inc.


  • Oracle Corp Receives a New Rating from Top Analyst

    Investors may also be paying close concentration to some simple moving average indicators on shares of Oracle Corporation (ORCL ). After $0.63 actual EPS reported by Oracle Corporation for the previous quarter, Wall Street now forecasts 15.87% EPS growth.

    Ritchie Bros Auctioneers Inc (RBA) Given Consensus Recommendation of "Hold" by Brokerages

    FNY Managed Accounts LLC purchased a new stake in Ritchie Bros Auctioneers during the first quarter worth about $176,000. TD Securities reaffirmed a "sell" rating on shares of Ritchie Bros Auctioneers in a research note on Tuesday, May 9th.

    PSA et Renault augmentent fortement leurs commandes — GM&S

    Le conseil régional de la Creuse espère qu'il repoussera sa décision pour laisser le temps au potentiel repreneur GMD de formuler une offre.
  • WannaCry ransomware decryption tools released for free

    Specialized tools can restrict file access and require user permission and training, but they're too complicated for most people. Security patches would be available for clients with older machines, but only if they paid for custom support agreements.

    Donald Trump didn't threaten James Comey through his tweet, Sean Spicer confirms

    Speaking on an Air Force One flight to Lynchburg, Virginia, Mr Trump said: "I think the process is going to go quickly". Andrew McCabe was the FBI's deputy director until the abrupt departure of his boss.

    Theresa May Unveils Tory Manifesto

    Asked about her shift away from the approach of former premier Margaret Thatcher, May insisted: "This is good solid Conservatism". Their manifesto is a typical nasty party attempt to set generations against each other.
  • Tillerson: Trump told Russians about Comey to show he's not distracted

    "I don't remember exactly what the president said ", McMaster said in an interview on ABC's "This Week With George Stephanopoulos".

    U.S. embassy move would 'end peace process': PLO official

    Trump is still planning to visit the Western Wall , and will be accompanied by the on-site rabbi, not Netanyahu. Trump said as a candidate he would move the embassy to Jerusalem , but now says he's studying the issue.
    Chez Manuel Valls, pas de candidat PS, mais... Francis Lalanne — Législatives

    Chez Manuel Valls, pas de candidat PS, mais... Francis Lalanne — Législatives

    Francis Lalanne tiendra sa première conférence de presse jeudi avec Jacques Borie , dans restaurant indien d'Evry. Francis Lalanne , lui, s'est déjà présenté aux élections européennes sous une étiquette écologiste.
  • WannaCry ransomware decryption tool released

    Wanna Decryptor, also known as WannaCry or wcry, is the ransomware program behind the global cyber-attack that affected the NHS. French researchers have developed a tool to save Windows files encrypted by WannaCry's ransomware attack.

    Netflix film Okja is booed at Cannes Film Festival following technical glitch

    For horror films in particular the cinema was infinitely superior, said Kelly Greer, a 24-year-old student from Nashville. A young girl named Mija tries to stop a multi-national company from kidnapping Okja , who happens to be her best friend.

    Predators vs. Ducks live stream, Game 5

    LINE HISTORY: The Ducks opened as -111 home favorites for Game 5 and by Friday evening that money line was up to -116. Anaheim return home looking to do what no other team has done in the playoffs beat Nashville in back to back games.


Police find body of Toronto man in Kawartha Lakes, Ont.
They say more information will be released as it becomes available, and they're asking anyone with information to come forward. A homicide investigation is underway in Kawartha Lakes after police found the body of a missing Toronto man.

Left Attacks Black Miss USA for Saying Health Care Not a 'Right'
McCullough's win also marks the second time in a row that the victor of the pageant has been the Miss D.C. representative. The scientist says she hopes to inspire children to pursue careers in science, technology, engineering and mathematics.

IPL'17: Mumbai Indians wins the final
Rohit Sharma, skipper of MI scored 26 and he along with Krunal Pandya managed to build a partnership of 54 runs. The Jharkhand cricketer, playing his second IPL match this season, struck a full Karn offering to long-on.

Chinese state media says US should take some blame for cyberattack
It said that the USA had "no credible evidence" to support a ban on Chinese tech companies in the US following the cyberattack. The malware attack began on Friday and is believed to be linked to North Korea-run hacking organizations.

Crews battling large fire near Wharton State Forest
With the wind coming from a mostly northerly direction, the smoke is blowing to the south. They also have been conducting backfire operations between the main fire and the homes.

Arsene Wenger saddened by criticism from former Arsenal skipper Tony Adams
And though I modified that in the final article, it didn't go down well. After that, what happens to me is less important.

Melania Trump s'affiche sans voile en Arabie saoudite
Trump était accompagné de sa femme Melania, sa fille Ivanka et l'époux de cette dernière Jared Kushner. Donald Trump entame sa première visite officielle à l'étranger, loin des affaires.

La Juve en finale
La Juventus atteint donc logiquement la finale, où l'attend sans doute le Real Madrid, vainqueur 3-0 à l'aller contre l'Atletico. Les Monégasques ont eu de la réussite sur certaines actions offensives de notre part avec des derniers gestes loupés.

Is Nabors Industries Ltd. (NBR) a good buy?
This Beta value of Nabors Industries Ltd. (NBR ) shows that it has historically moved 157% for every 100% move in the benchmark. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company.

Investors Must See: Wal-Mart Stores Inc. (WMT)
Following the transaction, the insider now owns 10,507,127 shares of the company's stock, valued at approximately $756,408,072.73. The retailer reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $0.96 by $0.04.