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Lenovo to slash 2,500 jobs worldwide - update
Wednesday January 07, 2009 19:51:00 EST
(RTTNews) - PC maker Lenovo Group Ltd. (LNVGY.PK), Wednesday announced that it expects to reduce its worldwide employees by 2,500 during the first quarter of 2009, representing about 11% of its total workforce, as a part of its resource redeployment plan designed to increase its efficiencies and become more competitive in the face of the continuing global economic downturn. The company also expects to report a net loss for the third quarter of fiscal 2008.
Like other rivals in the industry, Lenovo is also facing a tough time with slumping consumer demand amid the difficult economic conditions prevailing worldwide.
Yang Yuanqing, Lenovo's chairman of the board, said, "Although the integration of the IBM PC business for the pas (continued...)
Economic News
Wednesday January 07, 2009
- Australia November New Building Approval Value Down 9.9%
20:30:00 EST - Australia Posts A$1.45 Billion Nov Trade Surplus
19:58:00 EST - Foreigners Net Sellers Of Japan Stocks, Bonds, Notes Last Week
19:55:00 EST - *Australia November Residential Building Approvals Down 12.8% On Month, Private Sector House Approvals Down 9.7% On Month
19:36:00 EST - *Australia November Total New Building Approval Value Down 9.9% On Month,
19:34:00 EST - *Australia November Imports Up 2.0% On Month, Exports Down 4.0% On Month
19:31:00 EST
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Industry News
Wednesday January 07, 2009
- South Korean market trades lower on negative Wall Street lead, profit taking
21:40:00 EST - Thai Stocks Tipped Lower On Thursday
21:30:00 EST - *Hong Kong's Hang Seng Index opens lower; currently losing 262 points, or 1.75%, to 14725
21:03:00 EST - Indonesian Stocks May See Further Decline
20:57:00 EST - Hong Kong Stocks Set To Extend Losses
20:46:00 EST - *China's SSE Composite Index is presently down 43 points or 2.24% to 1,881
20:43:00 EST
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| DOW Transports | 3,567.26 | -150.00 (-4.04%) | |
| DOW Utilities | 372.31 | -7.22 (-1.90%) | |
General News
Wednesday January 07, 2009
- Pakistan Sacks National Security Adviser For Confirming Mumbai Attacker's Nationality
19:28:00 EST - Lenovo To Eliminate 2,500 Jobs
19:04:00 EST - *Lenovo To Cut 2,500 Jobs; 11% Of Total Workforce
18:53:00 EST - Turkish Police Detain 40 In Coup Plot Probe
18:51:00 EST - Israel Welcomes French-Egyptian Gaza Peace Initiative
18:21:00 EST - North Korea To Hold Parliamentary Elections In March
16:24:00 EST