Tag: cuts

Neiman Marcus, fresh out of bankruptcy, is starting a new round of staff cuts

Neiman Marcus is exiting its bankruptcy with a smaller workforce.

Significant staff cuts at both its Neiman Marcus and Bergdorf Goodman stores have started this week. The company wouldn’t say how many people are permanently losing jobs.

“We plan to separate from selling and nonselling associates,” the Dallas-based luxury retailer said in an emailed statement. “These are difficult decisions we must make at this time, and we are so grateful for our dedicated stores associates.”

The company was able to shed $4 billion in burdensome debt as a result of its bankruptcy reorganization, but the pandemic left it a smaller business. It’s going to take a couple of years for sales to recover to its pre-pandemic level of almost $5 billion a year.

Before it filed for bankruptcy in May, Neiman Marcus had more than 14,000 employees. That’s dropped by at least a couple of thousand as the company closed

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Swedish Technology Company Cuts Business Ties With Hong Kong

Computer Data Tech Following Unprecedented Global Cyberattack

Photographer: Chris Ratcliffe/Bloomberg

A Swedish firm that supplies law enforcement and government agencies with technology to extract data from mobile phones said it has pulled its business from Hong Kong.

The decision by Stockholm-based Micro Systemation AB came after a White House executive order on July 14 stripped Hong Kong of its special trading status, said Mike Dickinson, deputy executive officer. That status had granted Hong Kong more favorable treatment than China.

Dickinson said in an email that his company, known as MSAB, would no longer “supply solutions” to the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force, nor any other government agencies in the territory. He said the executive order “impacts our U.S. legal entity and presence in the U.S.A.

MSAB had pulled its business from China earlier in 2020 due to changes in “regulatory regimes and restrictions” related to

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U.S. Airlines Make Urgent Call for New Bailout Ahead of October 1 Job Cuts | Investing News

By David Shepardson and Tracy Rucinski

WASHINGTON/CHICAGO (Reuters) – Major U.S. airlines launched a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert tens of thousands of employee furloughs set to begin Oct. 1.

The chief executives of American Airlines

, United Airlines

and JetBlue Airways

and major aviation unions held a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll.

“We’re not going to give up,” American Airlines CEO Doug Parker said, affirming that the airline would furlough some 19,000 on Oct. 1 without fresh aid.

He reiterated, however, that the company itself is not at risk without assistance. “American Airlines is going to be fine,” Parker said.

On Monday, two key Republican senators introduced legislation that would authorize another

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Ralph Lauren Reorganizes Business, Cuts Workforce by 15 Percent

Ralph Lauren is taking steps to accelerate its Next Great Chapter plan to deliver long-term growth and value creation. Among them is a 15 percent reduction in its 24,000-member workforce in an effort to establish a simpler global organizational structure and the rolling out of enhanced technology platforms.

As reported last month, the $6.2 billion company began a strategic review to support future growth and profitability and create a sustainable cost structure. The review included three initiatives: The evaluation of team structures and ways of working; real estate footprint and related costs across distribution centers, corporate offices, and direct-to-consumer retail and wholesale doors, and the group’s brand portfolio.

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As part of the review of its headcount, Ralph Lauren plans to cut its global workforce by about 3,600 employees by the end of fiscal 2021, which is expected to result in a gross annualized pre-tax expense swing of

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Shell prepares for major production cuts to refocus on green strategy

A man fills his car at a Shell garage in Glasgow. Photo: Jeff J Mitchell/Reuters
A man fills his car at a Shell garage in Glasgow. Photo: Jeff J Mitchell/Reuters

Royal Dutch Shell (RDSB.L) is looking to cut up to 40% off its costs related to producing oil and gas as it focuses on the renewable energy and power markets.

That’s according to a source who spoke exclusively to Reuters.

The project is known internally as Project Reshape and is expected to be completed by the end of this year, said Monday’s report. There will be three main divisions of the business that are impacted by the cuts and they will reportedly be in addition to a $4bn (£3.1bn) target set in the wake of the COVID-19 crisis.

Royal Dutch Shell shares were trading lower on Monday at around 2:30pm London time. They are down 1.9%, falling to annual lows amid the wider market slump.

The business is looking to revamp its strategy with more of a green energy focus. Chart: Yahoo Finance
The business is looking to revamp its strategy with more
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China denounces US student visa cuts as racial discrimination


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China Denounces U.S. Student Visa Cuts as Racial Discrimination

(Bloomberg) —



a close up of a piece of paper: This photo illustration shows a visa stamp on a foreign passport in Los Angeles on June 6, 2020.


© Photographer: Chris Delmas/AFP via Getty Images
This photo illustration shows a visa stamp on a foreign passport in Los Angeles on June 6, 2020.

The U.S. has revoked the visas of more than 1,000 Chinese students and researchers for national security reasons, drawing protests and a threat of possible retaliation from Beijing.

The visas were revoked under a measure intended to keep Chinese graduate students and researchers from stealing “technologies, intellectual property and information to develop advanced military capabilities,” a spokesman for the U.S. Embassy said Thursday in a statement. Those affected “represent a small subset” of visiting students and scholars, the Embassy said, adding that the U.S. continued to welcome “legitimate” students and researchers.

The Chinese Foreign Ministry denounced the U.S. action as “blatant political persecution and racist discrimination,” saying the move infringed on the students’ legitimate rights. “China reserves the right to take further

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S&P cuts rating of Australia’s AMP to ‘BBB-minus’ on strategic uncertainty

By Paulina Duran

SYDNEY, Sept 7 (Reuters)Ratings agency S&P Global downgraded by a notch on Monday the credit rating of Australian financial planning giant AMP Ltd AMP.AX, to ‘BBB-minus’, moving it closer to “junk” status, citing challenges to its strategic direction.

The agency said AMP, which announced last week that it was considering a sale of its assets, was exposed to challenges that could disrupt its strategic direction, while its governance standards were weaker than previously thought.

“In our view, uncertainty hangs over the strategic course that has been set for the various business units,” S&P said in an emailed statement.

The BBB-minus credit rating is the last “investment” grade, with bonds rated below that considered highly speculative, or “junk”, by the agency.

S&P added that the departure of some senior executives and board members from parts of the group had fed into its decision.

AMP

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States plan for cuts as Congress deadlocks on more virus aid

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FILE – In this May 14, 2020, file photo, California Gov. Gavin Newsom discusses his revised 2020-2021 state budget during a news conference in Sacramento, Calif. Spending cuts are compounding for schools and state programs, reserve funds are dwindling, and some governors have begun proposing new taxes and fees to shore up state finances shaken by the coronavirus pandemic. With Congress deadlocked over a new coronavirus relief package, many states haven’t had the luxury of waiting to see whether more federal money will come their way.

AP

Spending cuts to schools, childhood vaccinations and job-training programs. New taxes on millionaires, cigarettes and legalized marijuana. Borrowing, drawing from rainy day funds and reducing government workers’ pay.

These are some actions states are considering to shore up their finances amid a sharp drop in tax revenue caused by the economic fallout from the COVID-19 pandemic.

With Congress deadlocked for months

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States plan for cuts as Congress deadlocks on more virus aid – News – Austin American-Statesman

Spending cuts to schools, childhood vaccinations and job-training programs. New taxes on millionaires, cigarettes and legalized marijuana. Borrowing, drawing from rainy day funds and reducing government workers’ pay.

These are some actions states are considering to shore up their finances amid a sharp drop in tax revenue caused by the economic fallout from the COVID-19 pandemic.

With Congress deadlocked for months on a new coronavirus relief package, many states haven’t had the luxury of waiting to see whether more money is on the way. Some that have delayed budget decisions are growing frustrated by the uncertainty.

As the U.S. Senate returns to session Tuesday, some governors and state lawmakers are again urging action on proposals that could provide hundreds of billions of additional dollars to states and local governments.

“There is a lot at stake in the next federal stimulus package and, if it’s done wrong, I think it could

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