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10/18/02
Fujitsu Ltd. said about 1,100 employees at its two telecommunications
equipment plants in Japan will voluntarily resign through early retirement
programs. The early retirements are part of the Japanese electronics
maker's ongoing restructuring aimed at coping with a severe downturn
in the global telecom industry.
10/17/02
Video-on-demand service Intertainer Inc. will shut its consumer
operation as it continues an antitrust lawsuit against several major
movie studios. The closely held company will stop delivering films
and other programming through its Web site (www.intertainer.com) and
via cable operators Oct. 23.
10/17/02
Sun Microsystems Inc. missed its reduced revenue target but
posted a narrower-than-expected loss for its fiscal first quarter.
The company also said that it plans to reduce its work force by approximately
11%, or about 4,300 of its 39,000 employees.
10/17/02
Delta is cutting 7,000 to 8,000 more jobs in an effort to stem
steep financial losses following last year's terrorist attacks. After
the latest cuts, the airline's work force will have shrunk by a quarter
since the attacks.
10/16/02
Honeywell International Inc. swung to profit in the third quarter
but announced job cuts as part of its continuing efforts to counter
sliding sales. In a conference call with analysts, the CEO said Honeywell
still expects relatively flat earnings for the year, and will likely
book a restructuring charge during the fourth quarter after cutting
3,000 to 5,000 jobs, or roughly 5% of its total work force.
10/16/02
Dynegy Inc.'s president and operating chief is resigning amid
a shake-up at the energy company that will include eliminating its
struggling trading business, resulting in significant layoffs. The
Houston energy giant's plan to exit the marketing and trading businesses
will force more layoffs, but timing and the number of employees affected
will be announced "in the near future." Dynegy, which now employs
5,500 world-wide, laid off 340 workers in June shortly before announcing
a plan to raise $2 billion to strengthen finances and improve its
image on Wall Street.
10/16/02
J.P. Morgan Chase & Co.'s third-quarter net income fell 91%
amid revenue weakness and high credit costs at its investment-banking
division, where the company said it will cut about 2,000 jobs. J.P.
Morgan said in addition to cutting about 2,000 jobs from its investment
bank it plans to reduce the number of consultants it employs.
10/15/02
United Kingdom semiconductor designer ARM Holdings PLC announced
a 10% cut in its work force and warned that it doesn't expect an upturn
in revenue for the foreseeable future.
10/15/02
Adobe Systems Inc. said it plans to take a $10 million to $14
million restructuring charge for an undisclosed number of job cuts
in the current quarter. That could translate into the dismissal of
200 to 300 employees, one analyst said.
10/14/02
OpenTV Corp. said it will cut 315 jobs, or about 47% of its
work force, and close eight regional offices as part of a restructuring
plan to slash expenses.
10/14/02
Primix Solutions Inc. announced that the company
plans to file for protection under Chapter 7 of the Bankruptcy Code.
The company expects that such a filing will be made within the next
few weeks.
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