Is the World Economy on a rise?

• Walt Disney Co.’s ESPN television unit is laying off about 10% of its 1,000 on-air staff ensuring the company is quicker to respond to the changing viewing pattern of sports fans
• The Hampton Roads ship-repair industry is preparing to lay off more than 1,000 employees due to the US Federal government’s stopgap spending measure as well as the failure to approve a new national budget with adequate funding for maintenance of Navy Ships
• Nestle announced plans to cut almost 300 jobs in Britain which are non-related to Brexit
• Alitalia faces bankruptcy after employees rejected proposed salary cuts and layoff of 2,037 jobs that were aimed at securing investments and keeping the carrier afloat
• Mobile telecom equipment maker Ericsson based in Stockholm, Switzerland faces long and painful overhaul after shrinking markets, tough competition and restructuring costs pushed it to a quarterly operating loss. Ericsson cut its total workforce by almost 5,000 last year to around 111,000 as part of a drive to improve profitability
• Coca-Cola’s sales declined in the first quarter as it restricted its business. The world’s biggest beverage maker said it will cut 1,200 jobs starting later this year with the hope that the cuts would help it find another $800 million in annualized saving. The job cuts will come from its corporate staff around the world. That would represent about 22% reduction of its corporate staff of about 5,500 or 1% reduction in its total workforce of 100,300 employees
• Boeing warned employees that it is planning another round of involuntary layoff that would affect hundreds of engineering at its commercial airplanes unit
• The entire Retail industry is in trouble from Walmart, to Home Depot, to Bloomingdale and too many others to be mention. Between 2010 – 2014 e-commerce grew by an average of $30 billion annually. It is unfortunately the low-wage brackets earners in the general merchandise stores that are being laid off
• Commerzbank AG, Germany’s second-largest bank, has informed its works council that 7,800 jobs will be cut in Germany as part of a restructuring announced last year. These cuts would affect almost every part of the bank
• Amazon.com Inc. plans mass layoffs at its money-losing parenting products subsidiary Quidsi as part of a business restructuring. The e-commerce giant plans to terminate 263 employees in New Jersey this summer
• Alexion Pharmaceuticals Inc. said on Monday it has initiated a company-wide restructuring that will affect about 7% of its workforce. The rare-disease drug maker, which has been looking to steady the ship following the exit of its top management, had 3,121 employees as of Dec. 31.2016
• General Motors Co will lay off 1,100 workers in May at its Lansing Delta Township assembly plant in Michigan as it shifts production of a vehicle to Tennessee, and will cut 625 jobs at its auto assembly plant in Ingersoll, Ontario by the end of July and move the production work to Mexico
• Credit Suisse will cut up to 6,500 more jobs in 2017, job cuts come after Switzerland’s second-biggest bank reported a 2.44 billion Swiss franc ($2.43 billion) net loss for 2016. The bank cut a net 7,250 jobs in 2016 and said there would between 5,500 and 6,500 more will this year. It employed around 47,000 people at the end of 2016
• Zenefits is laying off nearly half its staff as the software start-up grapples with the fallout of insurance violations that resulted in hefty penalties from state regulators. The company, which offers free human-resources software to manage benefits and payroll while making its money as an insurance broker, said on Thursday that 430 employees would lose their jobs. That leaves 4-year-old Zenefits with about 500 employees, roughly a third of what it had a year ago
• Bell Media, a unit of Canadian telecom company BCE Inc, said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number. “The restructuring is the result of the challenges Bell Media and other Canadian media companies are facing due to increasing international competition, the evolution of broadcast technologies, and advertising and regulatory pressure”

• Hong Kong’s flag carrier Cathay Pacific Airways will cut jobs and consider shifting some flights to its short-haul arm after completing the biggest review of its business in two decades
• Great-West Life will cut 1,500 positions over the next two years in response to changing technology and customer expectations. The cuts — which will be mostly back-office functions across the organization — are equal to 13% of the Winnipeg-based company’s 12,000 employees in Canada
• Cognizant Technology Solutions India Pvt Ltd,a leading global IT and business process outsourcing services provider will most likely lay off 6,000-10,000 “redundant and non-performing” employees
• Some of the world’s best tech companies also announced layoffs: Cisco – a reduction of 7% of its global workforce in 2017, IBM plans to cut 5,000 jobs, Microsoft decided to cut 2,800 jobs in 2017 as it plans to wind up its smartphone business
• All major Canadian Banks such as CIBC, TD, Scotia, Royal Bank, started restricting in 2015 due to a slowing revenue environment and are hoping that smaller branch network will deliver savings

Bottom Line: As I review this list, I come to the gloom conclusion that no continent or industry are spared. The consequences of all these job cuts remain to be seen.

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