European companies cut jobs in response to slowing economy
Here are some of the layoffs announced since the beginning of April:
CAR AND CAR PARTS MAKERS * STELLANTIS: The automaker agreed with trade unions to implement up to 200 voluntary redundancies at its Termoli plant in central Italy, it said on May 8. The Fiom-Cgil union said on May 7 that Stellantis would also cut up to 500 jobs through voluntary exits at its Melfi assembly plant in southern Italy, which employs around 5,000 people. On April 3, Stellantis said it would temporarily lay off 900 workers at five U.S. facilities in response to the Trump administration's tariff announcement. * VOLKSWAGEN: The German carmaker's CFO said on April 30 it had cut headcount in Germany by around 7,000 since starting cost savings in late 2023. * VOLVO: The Swedish truck maker plans to lay off as many as 800 workers at three U.S. facilities over the next three months, a spokesperson said on April 18. * VOLVO CARS: The Swedish carmaker said on May 7 it would cut 5% of the workforce at its U.S. plant in Charleston, South Carolina due to changing market conditions and evolving trade policies, including tariffs.
BANKS * COMMERZBANK: The German bank said on May 14 it had agreed with the works council on terms to cut around 3,900 jobs by 2028, part of a strategy to help it deliver more ambitious profit targets. * HSBC: The banking giant plans to cut 348 jobs in France through a voluntary redundancy scheme, amounting to about 10% of its workforce in the country, it said on May 14. * UBS: Switzerland's largest bank informed unions in Italy on April 1 of plans to cut 180 jobs in the country, around a third of its workforce in the country, documents reviewed by Reuters showed.
INDUSTRIALS AND ENGINEERING * STMICROELECTRONICS: The French-Italian chipmaker said on April 30 it would cut around 1,000 jobs in France, more than a third of the 2,800 layoffs planned in its cost-cutting program. * SYENSQO: The Belgian chemicals maker is speeding up restructuring measures, which include cutting around 200 jobs, due to demand uncertainty caused by global economic turmoil, it said on May 15.
RETAIL AND CONSUMER GOODS * AUCHAN: The French supermarket group will cut 710 jobs and close 25 stores in Spain as it seeks to adapt to changing habits of shoppers, it said on May 8. * BURBERRY: The British luxury brand will shed 1,700 jobs or around a fifth of its global workforce to cut costs to help revive its performance, it said on May 14. * LVMH: Financial Times reported on May 1, citing an internal video, that the luxury group's wine and spirit unit Moet Hennessy would cut its workforce by about 1,200 employees.
OTHERS * PROSIEBENSAT.1: The German media group will cut 430 full-time positions as part if its digital transformation, it said on May 7.
Sources: Regulatory filings, Reuters reporting and company websites
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Centre eases sulphur emission rules for coal power plants, reversing decade-old mandate
India has reversed a decade-old mandate to install $30 billion worth of clean-air equipment , easing sulphur emission rules for most coal-fired power plants , a government order said. Reuters in December reported the government was reviewing 2015 norms that required nearly 540 coal-based power units to install flue-gas desulphurisation (FGD) systems that remove sulphur from the plants' exhaust gases in phases starting in 2027. The federal environment ministry late on Friday issued a gazette notification that exempted 79% of the coal-fired power plants, outside a 10-km (6 mile) radius of populated and polluted cities, from the 2015 mandate. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The mandate to install FGD for another 11% of the plants near populated cities would be taken on a "case-to-case basis," the notification said. The balance of 10% of the coal-fired power plants closer to New Delhi and other cities with a million-plus population will be required to install the desulphurisation equipment by December 2027, according to the new mandate. Live Events The notification comes after state-run NTPC , India's top electricity producer, spent about $4 billion on installing the equipment at about 11% of the power plants, and about 50% of the units either placed orders for the desulphurisation systems or are installing them. The Friday notification did not mention the impact on the competitiveness or recovery of costs by these power plants. It said the decision was taken after the Central Pollution Control Board carried out a detailed analysis of the increase in "carbon dioxide emission into the atmosphere due to operation of control measures being deployed."
Time of India
an hour ago
- Time of India
Tesla's India entry puts spotlight on trade pact with US
As Tesla gets ready for its big showroom opening in Mumbai on July 15, India and the US will have perhaps wrapped up most parts of their bilateral trade agreement. President Donald Trump has already fired fresh salvos on a host of countries in the form of tariffs with Brazil hogging the headlines with a hefty 50 per cent. Peace has been made with China after the US realised that the latter was no easy pushover. Likewise, in the case of India, a separate deal will be finalised shortly where sectors like automotive will also feature in it. The US has made known that the reciprocal tariffs will kick in from August 1 and a host of countries have already been identified for levies. India and a handful of others have been exempt since they will be entering into exclusive pacts with the US. It is here that Tesla could benefit if import duties on completely built units from the US to India are slashed to levels of under 50 per centwhich will be lower than prevailing levels. Given that India's GST levels on electric vehicles are just 5 per cent, Tesla's CEO, Elon Musk , will have every reason to smile. The final cost of his Model Y will then be in the range of $60,000 (around ₹55 lakh or thereabouts). There is no question that Tesla and Musk still have tremendous appeal across the affluent class in India. However, that does not mean that sales will take off with a bang from Day observer The Tesla aura Even if the India-US trade pact does not provide for a dramatic slash in CBU levies, Tesla may still choose to partially subsidise its range in order to draw more customers. As an industry observer says, the company is aware that there is a certain aura it has that could work out to its advantage in the short-term. However, it will eventually have to walk the talk in terms of ensuring fast-charging infrastructure as well as timely after-sales service. 'There is no question that Tesla and Musk still have tremendous appeal across the affluent class in India. However, that does not mean that sales will take off with a bang from Day 1. Sure, there will be some initial euphoria in Mumbai and Delhi but this will not last forever,' said the observer quoted earlier. There is also no question that the massive halo that enveloped Tesla a few years ago has dimmed to an extent now thanks to the fact that it is no longer seen as the invincible EV brand. Today, the Chinese have taken over that slot with brands like BYD surging ahead in the electric vehicle race. Automakers from China are now pulling out all the stops in offering top-class design and features at competitive prices, a heady mix which Tesla and other brands from the West are unable to replicate. As an automotive CEO wryly added, 'If Chinese automakers had been allowed to invest here in India, they would have literally had a field day. Indians love the latest features in their cars and this is where brands from China would have left others way behind.' Right now, there is no love lost between India and China thanks to the border clashes which broke out in 2020 and relations have taken a nosedive since then. Rough run Tesla has also had a rough run in recent times thanks to the initial bromance between Trump and Musk which soured later and led to a falling out subsequently. The Tesla CEO's new avatar as a politician antagonised buyers in Europe who gave the cold shoulder to his cars and their sales have been falling dramatically across Germany, France, Italy and a host of other countries. It is unlikely if similar sentiments will extend to India where Musk continues to be a poster boy for EVs even while his company struggles against stronger Chinese rivals. On the contrary, industry sources believe that policymakers in India are still smitten by the Tesla CEO which explains why they literally rolled out the red carpet for him in the form of a new EV policy. Even this was no enough to attract Musk who is now determined not to produce cars in India and has opted to have them imported instead. With the new trade policy between India and the US also expected to be more liberal towards CBU imports, he will be happy sticking to this route with a handful of stores spread across India for the rich and famous who still swear by the Tesla brand. The big question still remains…will Tesla end up being a huge success story in India or will the magic fade fast? After all, Indians are fastidious when it comes to price and features along with levels of customer support for the cars. There will also be concerns about resale value which possibly explains why many prefer the lease option for EVs instead of outright ownership. Pioneering status According to an automobile executive, Tesla derives its halo 'equally from its pioneering status' of creating a new category in the market coupled with the 'genius' of Elon Musk. He said BYD was getting increasing recognition for its superior technology even while the 'opaqueness' of Chinese pricing 'casts a shadow' on the authenticity of its competitiveness. Will Tesla then stay the course in India? The executive was of the view that the brand's status symbol in India of being the first few customers to own a car would actually subside very quickly. This was because of superior electric offerings from the stables of companies like BMW for instance. 'So, these are emotional more than rational purchases of the wannabes,' he added. The purchasing pattern in India, like the rest of the world, would also follow a layered route with different categories like innovators and early adopters leading the way while the more circumspect would follow after gauging market reaction. This is typical for all products and perhaps a little longer for those with hefty price tags. By the end of the day, added the executive, customers are comfortable with products that are represented by 'great brands, look great, perform reliably and durably, are backed by good service, feel comfortable and offer great value for money, including resale value'. When it comes to a new beast like electric, the buying process could quite naturally take a more cautious and introspective route since big bucks are involved. I just don't understand why India is so obsessed with Elon Musk. His coming to India is not going to make a difference except for a few hundred people who will buy a Auto Industry Leader On a roll Before his entry into politics and during the period when he was literally on a roll, Musk had everyone eating out of his hand. Every single statement hinting at an India entry was met with politicians across the landscape literally imploring him to set up shop in their individual States. At a national level too, the EV policy was tailored to meet the Tesla CEO's whims and fancies except that he refused to bite the bait and play ball. These levels of hero worship irked some industry leaders who wondered what the big fuss was about when there were other automakers who were also doing a great job in the electric space. One of them told this writer in no uncertain terms, 'I just don't understand why India is so obsessed with Elon Musk. His coming to India is not going to make a difference except for a few hundred people who will buy a Tesla. If he wants to come to India, he has to come on our terms and not on his (terms).' Affordable imports The only difference this time around is that despite his recent falling out with the US President, Musk will still enjoy the backing of a trade deal with India which will clearly help him at least from the viewpoint of more affordable CBU imports. Assuming this does happen, other carmakers in India will also seek similar concessions given that they have invested in EVs. This is where free trade agreements with Europe and ASEAN may just pave the way for CBU import even though there will be a cap on their numbers. It will also be interesting to see if an India-US trade pact will change the business models of companies like Ford which have already announced their comeback plans. Will this also encourage Harley-Davidson (a favourite reference point for Trump) to have a rethink on India beyond the current alliance with Hero MotorCorp? Tesla has thrown its hat into the India ring finally. What this will mean for India's auto sector and the tariff scenario remains to be seen. Doubtless, the White House will be watching the turn of events carefully and given Trump's unpredictable nature, India will play its cars very safely.
Mint
an hour ago
- Mint
Credit Agricole Seeks Approval to Raise BPM Stake Over 20%
(Bloomberg) -- Credit Agricole SA is seeking to further increase its stake in Banco BPM SpA, reinforcing its position as a major shareholder and potentially complicating UniCredit SpA's effort to acquire the Italian lender. The French bank has requested authorization from the European Central Bank to raise its holding in Banco BPM above 20%, according to a statement late Friday. Credit Agricole currently owns 19.8% after increasing its stake earlier this year. The step comes as UniCredit continues to explore its options for a potential takeover, a process that has been hindered by regulatory conditions imposed by the Italian government. Those hurdles have prompted the bank, led by Andrea Orcel, to pursue legal action. A ruling on the conditions affecting UniCredit's bid is expected in the coming days, potentially influencing the chances of a deal. Orcel has previously warned he would likely walk away if Rome doesn't clarify its demands, which include exiting Russia, keeping loans at a certain level in relation to deposits, and preserving domestic investment at Banco BPM's asset manager, Anima Holding SpA. UniCredit launched its unsolicited takeover bid for Banco BPM last year, which spurred Credit Agricole to ramp up its shareholding. The ECB had previously approved Credit Agricole's request to increase its stake to just below 20% from 9.9%. Italy is Credit Agricole's largest market outside France, and the French bank has been Banco BPM's largest shareholder for some time, collaborating with the Italian lender on consumer credit and non-life insurance ventures. At the same time, Credit Agricole's asset management arm, Amundi SA, relies heavily on UniCredit for distribution in Italy. Credit Agricole said it 'intends to buy a sufficient number of shares' in Banco BPM to push its stake 'just above' 20%, but it doesn't intend 'to acquire or exercise control,' it said. UniCredit's Orcel said in February that he wasn't engaged in active discussions with Credit Agricole regarding the Banco BPM bid. --With assistance from Sonia Sirletti. (Updates with context throughout) More stories like this are available on
