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alstry (< 20)

Millions of Jobs cut around the world



November 27, 2008 – Comments (3)

LONDON (MarketWatch) -- Steel maker ArcelorMittal said Thursday that it is targeting up to 9,000 voluntary redundancies as part of its plan to cut expenditure by $1 billion. The firm said it is meeting with its European Works Council to present the plans Thursday. The focus is mainly on non-production employees and represents around 3% of the total workforce, the group said. "The global economic reality means that it is only sensible to adopt such measures," said Bernard Fontana, the executive vice president in charge of human resources.

You ask why does Alstry provide you with the similar facts over and over????  Because it is NOT the same is facts piled upon you are being told things are getting better.

As a matter of FACT...conditions are spiraling downward at an accellerating rate.  

3 Comments – Post Your Own

#1) On November 27, 2008 at 11:54 PM, alstry (< 20) wrote:

TEL AVIV (MarketWatch) -- Panasonic Co. slashed its forecast of fiscal 2009 net income by 97%, saying that "business conditions are deteriorating sharply."

Conditions are deteriorating sharply!!!!  Hmmmm..... 

Jobs being cut by the millions around the world.  Selling conditions deteriorating sharply.  Terror levels elevated. 

This could be the perfect time for a market rally and a nice glass of shiraz.

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#2) On November 28, 2008 at 12:17 AM, DarkToast (32.17) wrote:

Mmm, shiraz.

I hope Panasonic stays solvent, they make some cool stuff.

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#3) On November 28, 2008 at 2:25 AM, Turtleread (64.26) wrote:

3% of the non-production employees is not much of a cut back unless you are one of those employees.  I think that once things are normalized with the banking system and confidence has returned then production can resume.  However, the U.S. needs to stop playing the policeman all over the world and work with other countries to keep the peace.  We need to begin paying attention to our nation's problems and needs and coming up with both political and economic policies for the 21st contury that will serve our nation well. 

Many economists think that the recession may last through the second quarter of 2009.

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