Bosch Layoffs: German autoparts maker to cut 1,100 jobs; assembly line and back-office roles at risk
Advertisement
This layoff will affect people who are involved in the site's assembly line as well as in back-office roles, reported the news agency, citing the German autoparts maker.
'The European market for steering systems is driven by price and hard fought with new suppliers,' said Bosch's electronics chief, Dirk Kress, amid the rising competition from the Chinese manufacturers in recent years. German car manufacturers have been struggling with this issue in recent times as the Asian nation contests for market share.
'The required cuts are not easy, but they are essential to secure the future of the site,' he said, according to the news agency's report.
Losing the 'competitive' edge
According to the agency report citing the autoparts maker, steering system sales were declining partly due to the sluggish uptake of electric vehicles.
Advertisement
Also Read | Stocks to buy under ₹100: Experts recommend two shares to buy tomorrow
'Manufacturing steering systems at the Reutlingen site is no longer competitive,' said Bosch, highlighting that the plant would now focus on manufacturing semiconductors.
However, the company did not say whether the job cuts would involve compulsory redundancies or rely on voluntary measures such as early retirement.
Other automotive suppliers like Schaeffler and Continental have made layoffs in the past year, while sports car maker Porsche last Friday warned workers of a 'serious situation' amid collapsing demand in China. In November 2024, Bosch also announced a 5,500-employee layoff across the company, according to the agency report.
Bosch is a listed company in the Indian stock market, and the shares closed 1.37% lower at ₹37,750 after Tuesday's stock market session, compared to ₹38,320 at the previous market close.
Advertisement
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of Mint. We advise investors to check with certified experts before making any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
33 minutes ago
- Economic Times
Cryptic poser: Does your rival find you fit and proper for crypto biz?
MUMBAI: Amid the crypto frenzy fuelled by Trump and the digital asset making inroads, new players planning to set up shop in India are dealing with a curious rule: they need 'fit and proper' certificates-not from government agencies or any of financial market regulators, but from existing cryptocurrency service a regulatory void, judging the 'fit and proper' quality of a new applicant has been left to existing virtual digital asset (VDA) service providers (SPs). Some of the applicants are discovering that the rule, introduced early this year, not only runs into conflict of interests, but poses other complexities as cryptos are vulnerable to money laundering and cyber heists. Regulations in most financial markets too insist on such a certificate to evaluate the integrity, ethical standing, and track record of new managers and entities. For instance, in safeguarding the interests of depositors and investors, persons applying for a banking license and intermediaries like stock brokers have to qualify as 'fit and proper'. But, here the assessment is done by the respective regulator (RBI or Sebi)-and not by peers or other business and competing organisations in the case of VDAs, the rule stems from a January 2025 communique to VDA SPs from the Financial Intelligence Unit (FIU). An agency under the ministry of finance, FIU is dedicated to curb money laundering and terror finance. VDASPs like crypto platforms exchanges, brokers, and custody service firms providing crypto wallets are "reporting entities" sharing information, as banks do, with the 'fit and proper' is one of the conditions a VDA SP must satisfy to register itself with FIU. Failure to register is in itself a non-compliance with the Prevention of Money Laundering Act. NO DEFINED PARAMETERSAccording to the January 2025 notification, one of the steps towards registration requires "fit and proper certificate from the FIU IND registered VDA SP(s), in all cases where the applicant VDA SP is into relationship/agreement (B2B/broker/other relationship etc) with the former (either ongoing/prospective/intended)."This widely-worded directive can be interpreted to mean that a new applicant (be it a crypto exchange or an intermediary) could require multiple certificates from different SPs. A custody provider may partner with multiple exchanges and intermediaries, while an exchange may draw liquidity from another platform. According to Purushottam Anand, advocate and founder of Crypto Legal, a Bengaluru-based blockchain and crypto-focused law firm, "The 'fit and proper' requirement effectively introduces a disqualification criterion for entities seeking registration as VDASP. Yet, it provides no defined parameters or standards for registered VDASPs to apply during their assessment. There is a complete lack of guidance on the manner, scope, or extent of scrutiny to be conducted by existing VDASPs. In the absence of clarity, new applicants may be compelled to disclose sensitive and confidential business information to potential competitors. Courts have consistently held that vague, arbitrary, and subjective conditions-particularly those introduced through delegated legislation-are legally untenable and liable to be struck down." The requirement may prove self-defeating where an applicant is compelled to seek certification from a competitor, said Harshal Bhuta, partner at the CA firm P. R. Bhuta & Co. "Moreover, obtaining such certification from several service providers may not be straightforward, given the recent cyberattacks and the liability associated with issuing such certificates. A more effective alternative would be for the government to provide recognition to Self-Regulatory Organisations (SROs) and authorise them to issue certificates," said the past one year, two Indian crypto exchanges lost substantial amounts in cyberattacks. And law enforcement authorities fear that cryptos are misused to move money across the border, bypassing banking channels. Coins withdrawn from an exchange wallet can be transferred to private wallets and other wallet owners in various jurisdictions. Recently, FIU advised platforms to keep a watch on transactions linked to persons in border areas. Data requests from the agency has also gone up, said an exchange official."The ministry has streamlined the registration process, which includes having an in-person meeting with the FIU-IND, submission of prescribed documents, etc. These requirements should be carefully looked into by applicants, especially the clause which requires the VDA-SP to furnish a 'fit and proper' certificate from FIU-IND registered VDA-SPs in all cases where the applicant VDA-SP is into a relationship with the former," said Raghav Bajaj, counsel, Khaitan & to FIU and the crypto industry lobby BharatWeb3 went unanswered till the time of going to press.
Time of India
an hour ago
- Time of India
Tourism dept set to showcase state's heritage at UPITS 2025
Lucknow: To position UP as a global tourism hub, the state's tourism department launched extensive preparations for the Uttar Pradesh International Trade Show (UPITS) 2025. The event is due to take place at India Expo Mart in Greater Noida between Sep 25-29. Officials said, "For this, the department will establish a spacious stall spanning approximately 465 square metres in hall number seven. The stall will creatively display the state's heritage sites, temple architecture, thematic tourism circuits and PPP-based tourism projects, alongside showcasing local crafts and One District One Product (ODOP) items." To enhance visitor engagement, officials noted, "The department will introduce digital tourism tools such as mobile applications, websites and QR codes, facilitating easy access to information and seamless travel planning. The integration of technology with immersive visual storytelling aims to strengthen Uttar Pradesh's tourism brand image both nationally and internationally." The exhibition stall is designed with three open sides and features a stylish front façade, illuminated signage with CNC cutting, LED walls, modern lighting, carpeting and display units. Officials also revealed that the stall will include a VVIP lounge, meeting tables, coffee machines, a pantry and a reception counter to provide a comfortable experience for guests. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo To attract visitors, the stall will feature auto-navigation screens showcasing popular tourist destinations in Uttar Pradesh. An Augmented Reality (AR) based digital touch panel will allow visitors to take selfies with images of at least six famous tourist sites. A 10-15 square metre area within the stall will be allocated to live cultural performances. Preparations are on to host traditional dances such as Mayur Nritya from the Braj region, tribal dance forms from Sonbhadra and Lakhimpur, Bundeli Folk Dance from Jhansi and Kathak from the Lucknow Gharana.
India Today
an hour ago
- India Today
Iran to continue nuclear talks with Europe amid looming UN sanctions
Iran said it would continue nuclear talks with European powers after "serious, frank, and detailed" conversations on Friday, the first such face-to-face meeting since Israel and the US bombed Iran last the meeting in Istanbul, Iran also pushed back on suggestions of extending the United Nations resolution that ratifies a 2015 deal, nearing expiry, that was designed to curb its nuclear from the European Union and so-called E3 group of France, Britain and Germany met Iranian counterparts for about four hours at Iran's consulate for talks that the UN nuclear watchdog said could provide an opening to resume inspections in AND EUROPEANS PRESENT IDEAS Iranian Deputy Foreign Minister Kazem Gharibabadi said afterward that both sides had presented specific ideas on sanctions relief and the nuclear issue."While seriously criticising their stances regarding the recent war of aggression against our people, we explained our principled positions, including on the so-called snapback mechanism," he said."It was agreed that consultations on this matter will continue."The European countries, along with China and Russia, are the remaining parties to the 2015 deal - from which the US withdrew in 2018 - which lifted sanctions on Iran in return for restrictions on its nuclear programme.A deadline of October 18 is fast approaching when the resolution governing that deal that point, all UN sanctions on Iran will be lifted unless the "snapback" mechanism is triggered at least 30 days before. This would automatically reimpose those sanctions, which target sectors from hydrocarbons to banking and give time for this to happen, the E3 have set a deadline of the end of August to revive diplomacy. Diplomats say they want Iran to take concrete steps to convince them to extend the deadline by up to six WANT NUCLEAR COMMITMENTS FROM IRANIran would need to make commitments on key issues including eventual talks with Washington, full cooperation with the UN's International Atomic Energy Agency (IAEA), and accounting for 400 kg (880 pounds) of near-weapons-grade highly enriched uranium, whose whereabouts are unknown since last month's the talks, an Iranian foreign ministry spokesperson had said Tehran considered talk of extending UN Security Council Resolution 2231 to be "meaningless and baseless".IAEA head Rafael Grossi said he was optimistic that nuclear inspection visits might be able to restart this year and that it was important to discuss the technical details now."We need to agree on where to go, how to do it. We need to listen to Iran in terms of what they consider should be the precautions to be taken," he told reporters in United States held five rounds of talks with Iran prior to its airstrikes in June, which US President Donald Trump said had "obliterated" a programme that Washington and its ally Israel say is aimed at acquiring a nuclear NBC News has cited current and former U.S. officials as saying a subsequent US assessment found that while the strikes destroyed most of one of three targeted nuclear sites, the other two were not as badly denies seeking a nuclear weapon and says its nuclear programme is meant solely for civilian purposes.- Ends
