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3/16/03
In an effort to return BMG to the black, Chairman
Mr. Schmidt-Holtz cut 1,500 jobs, or about 20% of the company's work
force, and sharply reduced such perks as the fresh flowers on every
floor of BMG's New York headquarters and the newspaper subscriptions
and evening limousine service for employees. More importantly, he
says he is trying to change the culture, insisting that BMG's labels
can't miss release targets because artists are late finishing their
albums -- an excuse music companies frequently give for missing their
quarterly earnings.
3/14/03
Philips Semiconductors, the chip division of the Dutch
electronics giant, announced that it will close semiconductor fabrication
facilities, or fabs, in San Antonio and in Albuquerque, N.M., this
year in an effort to return to profitability. It also plans to shutter
business offices in Europe and the United States. It plans to reduce
employee headcount by around 1,600 this year.
3/14/03
Infineon Technologies AG said it will cut 80 jobs in its
Berlin fiber-optics business as the telecommunications infrastructure
market continues to slump. The German semiconductor company is in
talks with labor representatives over the cutbacks in Berlin, where
it has a total of 320 employees.
3/14/03
Terayon Communication Systems Inc., a broadband technology
supplier, is eliminating 20% of its staff and closing some facilities
to cut expenses. The Santa Clara-based Terayon said about 100 people
will lose their jobs.
3/12/03
Verizon
New Jersey could be facing another round of job cuts. After eliminating
1,000 jobs last year -- including some 360 layoffs -- the president
of the company said that growing competition from rivals and falling
revenues could lead to more job reductions this year.
3/12/03
Vivendi Universal
SA's pay-TV unit, Canal Plus Group, said it will lay off 305
employees from its 3,038-strong work force, or roughly 10% of its
staff, as part of its restructuring. Of the job cuts, 251 will be
at Canal Plus Group's flagship French network, Canal Plus SA. The
remaining 54 posts will be cut at movie studio StudioCanal. Canal
Plus Group said it will also outsource an additional 138 jobs. The
layoffs are part of parent Vivendi Universal's drive to reduce the
troubled TV unit's heavy debts, slash its operating costs and restore
it to profitability this year.
3/12/03
Accenture Ltd. laid off about 760 employees, or 1% of its
work force. The Hamilton, Bermuda, management and technology consulting
company made the cuts as "part of an ongoing process to reshape
our work force," company spokeswoman Roxanne Taylor said. The
layoffs were primarily at U.S. locations and affected midlevel to
high-level employees.
3/11/03
Since the height of the dot-com frenzy, nearly 5,000 Internet
companies have been acquired or have shut their doors, highlighting
the shakeout in the beleaguered sector over the past three years,
a new report shows.
3/11/03
Dell Computer has laid off about 140 employees in the company's
product-development
group.
3/11/03
Intel, the world's largest microprocessor maker, cut 700
more jobs than it had planned to in 2002, according to the company's
annual report.
3/11/03
The final page has turned in the bankruptcy case of Egghead.com,
an e-commerce pioneer. Egghead's trustee and creditors have approved
a plan to distribute the company's remaining $10.5 million in cash
from liquidated assets over the next month. The law firm continues
to seek further compensation for creditors, mainly through litigation
against people who still owe Egghead money.
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