Goldman Sachs to go ahead with ‘modest’ job cuts after coronavirus pause – Reuters India

(Adds Goldman’s comment, shares, background)Sept 30 (Reuters) – Goldman Sachs Group Inc plans to move forward with “a modest number of layoffs”, a company spokesperson said on Wednesday, months after the Wall Street bank paused job cuts due to the COVID-19 pandemic.Bloomberg News, which first reported about the layoffs, said the bank was looking to…

(Adds Goldman’s comment, shares, background)Sept 30 (Reuters) – Goldman Sachs Group Inc plans to move forward with “a modest number of layoffs”, a company spokesperson said on Wednesday, months after the Wall Street bank paused job cuts due to the COVID-19 pandemic.Bloomberg News, which first reported about the layoffs, said the bank was looking to cut about 400 jobs, or roughly 1% of its workforce, citing people familiar with the matter.“At the outbreak of the pandemic, the firm announced that it would suspend any job reductions. The firm has made a decision to move forward with a modest nu
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Goldman Sachs to cut about 400 jobs – Bloomberg News – Reuters

FILE PHOTO: The Goldman Sachs company logo is seen in on the floor the New York Stock Exchange in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid(Reuters) – Goldman Sachs Group Inc GS.N plans to move forward with “a modest number of layoffs”, a company spokesperson said on Wednesday, months after the Wall Street bank…

FILE PHOTO: The Goldman Sachs company logo is seen in on the floor the New York Stock Exchange in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid(Reuters) – Goldman Sachs Group Inc GS.N plans to move forward with “a modest number of layoffs”, a company spokesperson said on Wednesday, months after the Wall Street bank paused job cuts due to the COVID-19 pandemic. Bloomberg News, which first reported about the layoffs, said the bank was looking to cut about 400 jobs, or roughly 1% of its workforce, citing people familiar with the matter.“At the outbreak of the pandemic, the firm announced that it would suspend any job reductions. T
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Breakingviews – Corona Capital: Chocolate M&A, Disney layoffs – Reuters

NEW YORK/MILAN/HONG KONG/LONDON (Reuters Breakingviews) – Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.The skyline of lower Manhattan is seen before sunrise in New York City, U.S., July 17, 2019. REUTERS/Brendan McDermidLATEST- NYC’s new casesDON’T FORGET ABOUT IT. New York City’s positive Covid-19…

NEW YORK/MILAN/HONG KONG/LONDON (Reuters Breakingviews) – Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.The skyline of lower Manhattan is seen before sunrise in New York City, U.S., July 17, 2019. REUTERS/Brendan McDermidLATEST- NYC’s new casesDON’T FORGET ABOUT IT. New York City’s positive Covid-19 test rate hit 3.25% on Tuesday, said Mayor Bill de Blasio, the highest since June. The Big Apple was an early hotspot, and its four largest counties have racked up over 223,000 confirmed cases, according to Johns Hopkins University. But it had made a dramatic turnaround – with weeks of daily rates mostly between one and two percent. And limited indoor dining is just starting on Wednesday – giving the city’s economy a jolt it desperately needs.The setback doesn’t have to be catastrophic. Around a quarter of new cases in the past two weeks are confined to only nine zip codes, which contain less than 8% of the city’s population, according to the New York Times. The main culprit seems to be populations violating mask rules, not reopening measures like outdoor dining. So the mayor doesn’t need to reverse course; he just needs to make sure New Yorkers cover up. (By Anna Szymanski)BITE SIZE. The pandemic has thrown confectionary giant Ferrero a tasty treat. The maker of Nutella chocolate spread and Kinder eggs may swallow UK-based Fox’s Biscuits, says Sky News. Though the family owned Italian group won’t comment, a deal would fit its strategy of diversifying from chocolate confectionary into packaged sweets. Ferrero, which earned 11.4 billion euros in revenue last year, could easily afford the reported price tag of 250 million to 300 million pounds.For Fox’s owner, a sale may also make sense. The maker of Crunch Creams and Viennese has done well while Britons snacked at home during lockdown. But it’s a tiny bite of the poultry-to-pies 2 Sisters Food Group empire. And Covid-19 has spurred British Prime Minister Boris Johnson to crack down on junk food. Yet as Ferrero’s $2.8 billion purchase of Nestlé’s U.S. candy business in 2018 showed, the company is happy to buck the health trend. (By Lisa Jucca)THE NOT SO HAPPY PLACE. Walt Disney is laying off about 28,000 workers, mostly part-time workers and parks employees. Its Florida park, Disney World, has been open with limited capacity while Disneyland in California has been closed since March. The $227 billion company has reopened some parks abroad, but socially distanced entertainment will require fewer employees. Revenue from parks and experiences fell 85% in the
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TC Energy lays off staff in Canadian gas operations and projects division – CTV Toronto

CALGARY — Restructuring at Calgary-based TC Energy Corporation has resulted in the loss of jobs. The move comes after the company, formerly known as TransCanada Corporation, signed a memorandum of understanding with Natural Law Energy which represents four First Nations in Alberta and one in Saskatchewan. The deal, which is expected to be finalized later…

CALGARY —
Restructuring at Calgary-based TC Energy Corporation has resulted in the loss of jobs.

The move comes after the company, formerly known as TransCanada Corporation, signed a memorandum of understanding with Natural Law Energy which represents four First Nations in Alberta and one in Saskatchewan.

The deal, which is expected to be finalized later this year, will see Natural Law Energy purchase an equity stake in the Keystone XL pipeline.

“Our Canada Gas Operations & Projects team is implementing a new structure to ensure the optimal skill sets to navigate the next tranche of our expansion and operations,” said TC Energy in a statement released Tuesday afternoon. “TC Energy continually reviews our organizational structure and processes to ensure we continue to deliver safe and re
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Disney lays off 28,000 at US theme parks

Image copyright Getty Images Walt Disney has announced it will lay off 28,000 employees, mostly at its US theme parks. Disney cited the parks’ limited visitor capacity and uncertainty about how long the coronavirus pandemic would last as reasons for the layoffs. The company’s theme parks have taken a major hit from the pandemic. Disney…

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Getty Images

Walt Disney has announced it will lay off 28,000 employees, mostly at its US theme parks. Disney cited the parks’ limited visitor capacity and uncertainty about how long the coronavirus pandemic would last as reasons for the layoffs. The company’s theme parks have taken a major hit from the pandemic. Disney shut all its parks earlier this year as the virus spread, but only Disneyland in California remains closed. “We have made the very difficult decision to begin the process of reducing our workforce at our
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Disney Lays Off a Quarter of U.S. Theme Park Workers

The company said it would eliminate thousands of jobs at its resorts in Florida and California, which have been hit hard by the pandemic.Walt Disney World in Florida reopened in July but attendance has been weaker than the company anticipated.Credit…Eve Edelheit for The New York TimesSept. 29, 2020Updated 9:14 p.m. ETLOS ANGELES — For six…

The company said it would eliminate thousands of jobs at its resorts in Florida and California, which have been hit hard by the pandemic.Walt Disney World in Florida reopened in July but attendance has been weaker than the company anticipated.Credit…Eve Edelheit for The New York TimesSept. 29, 2020Updated 9:14 p.m. ETLOS ANGELES — For six months, Disney has kept tens of thousands of theme park workers on furlough with full health-care benefits in hopes that a light at the end of the pandemic tunnel would appear. On Tuesday, Disney conceded that none was coming.The company’s theme park division said it would eliminate 28,000 jobs in the United States. Theme parks will account for most of the layoffs, although Disney Cruise Line and Disney’s retail stores will also be affected.“As heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of Covid-19 on our business, including limited capacity due to physical distancing requirements and the continued uncertainty regarding the duration of the pandemic,” Josh D’Amaro, chairman of Disney Parks, Experiences and Products, said in an email to “cast members,” Disney’s term for its theme park workers.About 67 percent of the layoffs will involve part-time jobs that pay by the hour. However, executives and salaried workers will also be among those laid off. Disney’s theme parks in California and Florida employed roughly 110,000 people before the pandemic. The job cuts will come from both resorts.Disneyland in California has remained closed because Gov. Gavin Newsom has not allowed theme parks in the state to restart operations. About 32,000 people work at the Disneyland complex and the majority are unionized and have been on furlough since April.Mr. D’Amaro said in a statement that the layoffs were “exacerbated in California by the state’s unwillingness to lift restrictions that would allow Disneyland to reopen.” Disney held a virtual news conference on Sept. 22 in an attempt to pressure Mr. Newsom to lift restrictions. “The longer we wait, the more devastation to the Orange County and Anaheim communities,” Mr. D’Amaro said then. “It’s time.”In a statement on Tuesday evening, Dr. Mark Ghaly, secretary of the California Health and Human Services Agency, said: “Without a vaccine it is impossible to eliminate the economic impacts caused by this virus.” By taking a “science-based approach” to reopening, he continued, “we can minimize the health and economic risks that would be caused by opening and shutting repeatedly.”In Florida, where government
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Disney to lay off 28000 at its parks in California, Florida – CTV News

ORLANDO, FLA. — Squeezed by limits on attendance at its theme parks and other restrictions due to the pandemic, The Walt Disney Co. said Tuesday it planned to lay off 28,000 workers in its parks division in California and Florida. Two-thirds of the planned layoffs involve part-time workers but they ranged from salaried employees to…

ORLANDO, FLA. —
Squeezed by limits on attendance at its theme parks and other restrictions due to the pandemic, The Walt Disney Co. said Tuesday it planned to lay off 28,000 workers in its parks division in California and Florida.

Two-thirds of the planned layoffs involve part-time workers but they ranged from salaried employees to hourly workers, Disney officials said.

Disney’s parks closed last spring as the pandemic started spreading in the U.S. The Florida parks reopened this summer, but the California parks have yet to reopen as the company awaits guidance from the state of California.

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In a letter to employees, Josh D’Amaro, chairman of Disney Parks, Experience and Product, said California’s “unwillingness to lift restrictions that would allow Disneyland to reopen” exacerbated the situation for the company.

D’Amaro said his management team had worked hard to try to avoid layoffs. They had cut expenses, suspended projects and modified operations but it wasn’t enough given limits on the number of people allowed into the park because of social distancing restrictions and other pandemic-related measures, he said.

“As heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of COVID-19 on our busin
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Disney to lay off 28,000 at its parks in California, Florida

ORLANDO, Fla. (AP) — Squeezed by limits on attendance at its theme parks and other restrictions due to the pandemic, The Walt Disney Co. said Tuesday it planned to lay off 28,000 workers in its parks division in California and Florida.Two-thirds of the planned layoffs involve part-time workers but they ranged from salaried employees to…

ORLANDO, Fla. (AP) — Squeezed by limits on attendance at its theme parks and other restrictions due to the pandemic, The Walt Disney Co. said Tuesday it planned to lay off 28,000 workers in its parks division in California and Florida.Two-thirds of the planned layoffs involve part-time workers but they ranged from salaried employees to hourly workers, Disney officials said.Disney’s parks closed last spring as the pandemic started spreading in the U.S. The Florida parks reopened this summer, but the California parks have yet to reopen as the company awaits guidance from the state of California.In a letter to employees, Josh D’Amaro, chairman of Disney Parks, Experience and Product, said California’s “unwillingness to lift restrictions that would allow Disneyland to reopen” exacerbated the situation for the company.D’Amaro said his management team had worked hard to try to avoid layoffs. They had cut expenses, suspended projects and modified operations but it wasn’t enough given limits on the number of people allowed into the park because of social distancing restrictions and other pandemic-related measures, he said.“As heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of COVID-19 on our business, including limited capacity due to physical distan
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Steady growth to record crash: How the pandemic recast Trump’s economic record – Reuters India

WASHINGTON (Reuters) – U.S. President Donald Trump and Democratic rival Joe Biden hold the first of three debates Tuesday night ahead of the Nov. 3 election, and the economy is expected to be a key topic.FILE PHOTO: U.S. President Donald Trump walks on the tarmac as he arrives on campaign travel at Dobbins Air Force…

WASHINGTON (Reuters) – U.S. President Donald Trump and Democratic rival Joe Biden hold the first of three debates Tuesday night ahead of the Nov. 3 election, and the economy is expected to be a key topic.FILE PHOTO: U.S. President Donald Trump walks on the tarmac as he arrives on campaign travel at Dobbins Air Force Reserve Base in Marrietta, Georgia, U.S., September 25, 2020. REUTERS/Tom Brenner/At issue: What did Trump accomplish for the economy in three tumultuous years of trade wars and tax cuts? How much blame should he bear for the mass layoffs and slump triggered by the coronavirus pandemic? Can Biden convince voters he will be a better steward of the world’s largest economy?Before March, Trump had a clear argument for reelection. Record-low unemployment and rising wages were helping the less well-off, while a record stock market buoyed richer Americans.Even at that point, however, growth seemed to be slowing as the impact of 2017’s tax cut, which slashed taxes for companies, ebbed.Stacked against his campaign promises from 2016, Trump’s record was mixed on issues including eliminating the trade deficit and locking in 3% annual economic gr
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Britain’s Informa to issue euro bonds worth £640 million – Reuters UK

By Reuters Staff1 Min Read(Reuters) – The world’s largest exhibitions group Informa INF.L said on Tuesday it would issue euro bonds worth 640 million pounds ($821.70 million) as part of its COVID-19 action plan.The events f

By Reuters Staff1 Min Read(Reuters) – The world’s largest exhibitions group Informa INF.L said on Tuesday it would issue euro bonds worth 640 million pounds ($821.70 million) as part of its COVID-19 action plan.The events f
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