Posted on 08/01/2011 2:10:02 AM PDT by Recovering_Democrat
There was an article in Bloomberg a couple of days ago about about Merk slashing 15k jobs.
Obamanomics is striking all over the place.
Say, didn’t the folks who opposed the bank reform bill warn of this?
” . . . will cut back on retail operations in some parts of the world and instead focus on fast growing markets in Mexico and Turkey.”
More investment in Mexico and Turkey. What could possibly go wrong with that?
(MENAFN) Merck, the second-largest United States drugmaker, reported that it plans to cut up to 14 percent of the company’s workforce, which stand for about 12,000 to 13,000 jobs, by the end of the year 2015, in a bid to cut costs and expand a restructuring program that aims to save as much as USD4.6 billion a year, reported Bloomberg.
The Whitehouse Station, New Jersey-based drugmaker said that the number of the jobs that the company is planning to cut is yet to be defined, but the preliminary figures are set to be 14 percent of the company’s 91,000 employees.
Merck is still working on its cutting costs plan, expanding in emerging markets and spending on research and development. The thing that would give the company a momentum before it loses its exclusive rights next year on its Singulair medicine for asthma.
It is worth noting that the company has just introduced a new hepatitis C drug, Victrelis, and is preparing an experimental treatment to raise good cholesterol in a 30,000-patient trial.
http://www.menafn.com/qn_news_story_s.asp?storyid=1093432385
The budget arguments in Washington are raising concern about future industry shifts, too, as lawmakers try to squeeze savings and revenue from the drug companies.
Two weeks ago, the industry trade group Pharmaceutical Research and Manufacturers of America warned that proposed cuts by President Obama to drug reimbursements in Medicare Part D would have “a devastating effect on American jobs.”
And medical device makers say they will cut jobs unless Congress reverses a new 2.3 percent device tax imposed by the health care overhaul that takes effect in 2013.
The employment reductions have followed a wave of company mergers producing overlapping responsibilities, as well as more outsourcing of research and trimming of sales forces.
Merck, based in Whitehouse Station, N.J., said it was meeting its target of cutting 20,000 jobs by the end of this year after its $41 billion purchase of Schering-Plough in November 2009. From that merger through 2015, the company said, restructuring will save more than $4 billion a year in combined operational costs.
“The environment we operate in is changing rapidly and dramatically, and these steps will help us more efficiently serve customers and patients around the world,” Kenneth C. Frazier, president and chief executive, said in a statement.
Mr. Frazier, in an earnings call with analysts, said Merck would cut 13 percent of its employees, the top end of an estimate in the statement saying 12 to 13 percent. The jobs are cut from a base as measured Dec. 31, 2009, the statement said, a time that Merck employed 100,000 people, according to its annual report. The company now employs 91,000.
The new round of cuts, Mr. Frazier said in the analyst call, would “come disproportionately from the elimination of nonrevenue-generating positions such as administrative and headquarters personnel, consolidation of office facilities and ongoing sale or closure of manufacturing sites, including Animal Health facilities.”
Jami Rubin, analyst with Goldman Sachs, said the cuts were “very good news” for investors. Merck announced second-quarter sales of $12.1 billion, up 7 percent over last year’s quarter, and profits of $2.9 billion, up 9 percent, largely in line with estimates. Merck stock fell by more than 2 percent on Friday, closing at $34.13 amid a market sell-off caused by disappointing economic and political news from Washington.
http://prescriptions.blogs.nytimes.com/2011/07/29/merck-plans-more-job-cuts/
Worse still is the DeathCare provision which taxes home sales above $500k at 3.8%.
“No tax in this act is to be considered a tax.”
Cisco’s 6,500 Job Cuts Could Hurt Push for Offshore Tax Holiday
Jul 21, 2011 11:24 AM CT
RIM CALLS 2,000 JOB CUTS ‘PRUDENT AND NECESSARY’
July 25, 2011
Research in Motion, the embattled BlackBerry maker, on Monday announced that it was cutting 2,000 jobs, reflecting about 10 percent of its workforce.
The Canada-based company plans to notify affected employees in North America and certain other countries this week, and the company noted all impacted employees will receive severance packages and outpace
http://www.channelpartnersonline.com/news/2011/07/rim-calls-2000-job-cuts-prudent-and-necessary.aspx
He’s been working hard to destroy this country and its getting results. He is a very successful President when you look at it that way.
This summer the pace of layoffs seems to be accelerating all over the nation. Just check out what has been happening over the past few weeks....
-Lockheed Martin has made “voluntary layoff offers” to 6,500 employees.
-Detroit is losing even more jobs. American Axle & Manufacturing Holdings has told the remaining 300 workers at its manufacturing facility in Detroit that their jobs will be ending in early 2012.
-Layoff notices have been sent to 519 employees of Milwaukee Public Schools, and more than 400 open positions are going to go unfilled.
-The Gap has announced that up to 200 stores will be closed over the next two years.
-Cisco has announced plans to lay off 9 percent of their total workforce.
-Chicago Mayor Rahm Emanuel says that 625 city employees will be losing their jobs as a result of cutbacks.
-Pharmaceutical giant Merck recently dumped 51 workers from an office in Raleigh, North Carolina.
-Perkins has revealed that they will be closing 58 restaurants.
-This week, Goldman Sachs announced that they will be eliminating 1,000 jobs.
-Cracker Barrel is rapidly reducing staff at its headquarters.
-Telecommunications and web marketing firm Crexendo has announced that it will be laying off about 30 percent of its workforce.
-Borders has announced that they will be shutting down their remaining 399 stores and that 10,700 employees will lose their jobs.
-Now that the space shuttle program has ended, thousands of NASA employees will be losing their jobs.
Sadly, there are hundreds of more examples of recent layoffs and job losses. One website that tracks these layoffs daily is Daily Job Cuts. It is pretty sad when there are entire websites that are devoted to chronicling how fast our economy is bleeding jobs.
http://www.benzinga.com/11/07/1791500/layoffs-layoffs-everywhere-you-look-there-are-layoffs
Every day, there is more for the Punk to celebrate. We are indeed witnessing a “radical transformation of America”. FOUR MORE YEARS, FOUR MORE YEARS......!!!
Union worries about job losses in NStar merger
07/08/2011 10:34 AM
By Erin Ailworth, Globe Staff
Following the Federal Energy Regulatory Commission’s approval of a proposed merger between Boston’s NStar and Connecticut-based Northeast Utilities, the president of a local utility workers union said he is concerned about the jobs that would be lost if the companies combine.
The utilities have said the merger, which still needs state approval, would allow them to cut nearly 350 administrative jobs over five years, mostly through attrition. But on Monday, an NStar executive told utility regulators that at least some of those lost jobs could be union positions, said David Leonardi, president of the Utility Workers Union of America Local 369, which represents roughly 1,850 NStar employees.
Local 369, headquartered in Braintree, is an intervenor, or interested party, in the state Department of Public Utility’s review of the merger.
The CHANGE we have been waiting for!! (hic)
2012 is coming, VOTE the Obama BUM OUT!
Reading all these headlines.
I think ALL the Dems and rinos are freaked out.
Their future is very dim.
Al least they got ‘free medical care’ (s).
a Chicom owned bank.....
good riddance.
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