Latest news with #costcutting
Bloomberg
a day ago
- Business
- Bloomberg
What Is DOGE Without Elon Musk?
In May, the Department of Government Efficiency, or DOGE, lost its architect and de facto leader, Elon Musk. But without Musk, who brandished a literal chainsaw as a symbol of the group's aggressive cost-cutting program, the Trump administration is continuing to make cuts — and quietly insinuating DOGE into the fabric of government. Musk left government and publicly cut ties with President Donald Trump over the deficit impact of Trump's signature tax-and-spending bill. But DOGE lives on as a decentralized collection of federal employees and consultants in the White House, the budget office, and dozens of federal departments and agencies — all still tasked with identifying places to cut spending.
Bloomberg
2 days ago
- Business
- Bloomberg
HKMA to Cut Costs, Freeze Hiring as City Battles Deficit, Report Says
Hong Kong's de-facto central bank is planning to cut costs next year, according to a local news report, as the city takes steps to reduce its fiscal deficit. The Hong Kong Monetary Authority plans to cut 5% of its general operating costs in 2026 on the basis of this year's budget, and will also make no new extra headcount, Hong Kong Economic Journal reported, citing unidentified sources.
Yahoo
3 days ago
- Business
- Yahoo
Intel plans to slash 25,000 jobs in 2025 as new CEO warns, ‘There are no more blank checks'
Intel CEO Lip-Bu Tan sent a memo to employees Thursday informing them of significant ongoing layoffs and other cost-cutting measures. The company has struggled to maintain a competitive edge amid ongoing financial losses and strategic setbacks in the AI and semiconductor markets. 'There are no more blank checks,' Tan wrote in a memo to employees, published by Reuters. 'Every investment must make economic sense. We will build what our customers need, when they need it, and earn their trust through consistent execution.' The memo directly addresses … A reduction of about 15% (over 25,000 jobs) via layoffs and attrition Operational streamlining to 'drive greater efficiency and increase accountability at every level' Cancellation of new factory projects in Germany and Poland, and a slowdown in Ohio facility construction, adjusting spending to actual market demand Relocation of manufacturing operations from Costa Rica to Asia, while maintaining select engineering functions in Costa Rica 'We are making hard but necessary decisions to streamline the organization, drive greater efficiency, and increase accountability at every level of the company,' wrote the CEO, who took over in March. Intel's stock jumped early in 2025 as optimism built around new leadership, but shares fell over 9% after Thursday's Q2 earnings and layoff announcement, threatening to erase most yearly gains. Intel has lost ground to Nvidia in the AI sector and to AMD in the traditional computing market. Unlike other Silicon Valley giants, it doesn't have booming AI or cloud businesses to offset its losses. Microsoft, IBM, and Google have also shed thousands of workers this year. CEOs, including Meta's Mark Zuckerberg and Microsoft's Satya Nadella, have said they are cutting staff to streamline operations and free up capital to invest billions in AI. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Sign in to access your portfolio
Daily Mail
3 days ago
- Entertainment
- Daily Mail
ITV bosses 'plan major Coronation Street and Emmerdale shake-up' as 'one in ten cast members face axe'
ITV bosses are thought to be planning a dramatic shake-up of their flagship soaps Coronation Street and Emmerdale, with proposals to 'cut one in ten cast members' as part of sweeping cost-cutting measures. The broadcaster has announced plans to slash £15million from its budget, after revealing profits have plunged by 44 per cent to £99million for the first half of the year. Now, both soaps are reportedly being targeted in a bid to bring spiralling production costs under control. It has been reported that around 10 per cent of the current cast lists - which include 84 regulars on Corrie and 70 on Emmerdale - are expected to be dropped. Scripts and episode structures are also under review, with producers being told to reduce the number of scenes per episode and tighten shooting schedules. A source told The Sun: 'It's brutal. We've known it was on the cards for a while, but they're really cranking it up now and it's across the soaps. 'They're looking to save millions and Corrie and Emmerdale are the obvious places. They're very expensive shows.' Most actors are contracted per episode and guaranteed a set number annually - a system which is thought to have become unsustainable. Some long-serving cast members are reportedly concerned about their job security, particularly those who rely on a steady income from the soaps. The source added: 'Many who have been there for a long time are reliant on their income staying as it is. 'The amount of cast has spiralled out of control and focusing on dialogue, not action, could also save money.' The proposed cuts come as ITV undergoes a wider restructuring across its daytime programming, with major job losses already hitting shows including Good Morning Britain, Lorraine, This Morning and Loose Women. MailOnline has contacted ITV for comment. It comes after the broadcast channel has already started undergoing changes to its daytime format. As previously reported by MailOnline, the fourth series of The 1% Club, which is normally shown on Saturday nights, ended in May - but will now be back in Autumn, in a brand new form. Instead of airing just one night per week, ITV announced the programme will be transformed to create a five-day special event renamed The 1% Club Rollover. The basic gameplay will remain the same - but if the prize pot is not won on one episode, it will roll over to the next. Also in May, ITV announced there would be dramatic changes to Lorraine Kelly's show slashed from an hour to 30 minutes and, like Loose Women, will only air 30 weeks of the year. The new regime, set to come into effect in January, will cost a potential 300 staff members their jobs as a consultation period begins, thought to last until September, before employees are finally let go in December. A source told The Sun: 'The tension is unbearable. There's a lot of rage towards This Morning, which everyone feels is constantly favoured despite it being the lame duck of the daytime flock. 'There's a feeling that Loose Women and Lorraine are delivering resilient, solid ratings while This Morning is always in the Press for its tumbling viewing figures. Loose Women is even winning awards. Instead of airing just one night per week, ITV announced the programme will be transformed to create a five-day special event renamed The 1% Club Rollover 'Never mind the Phillip Schofield scandal and then Holly Willoughby leaving, This Morning is like the black sheep and yet that's the show that is not facing any cuts. 'Everyone is absolutely furious that This Morning has got away with it yet again.' A source added that some of the older members of the ITV presenting teams are worried that bosses will favour younger stars for the roles that are left.
The Sun
3 days ago
- Entertainment
- The Sun
ITV will SACK 1 in 10 cast members from Corrie and Emmerdale in savage cost-cutting bloodbath
ITV chiefs are plotting a bloodbath on their two flagship soaps by axing one in ten cast members in the latest round of savage cost-cutting. Proposed plans also include slashing the number of scenes per episode for Coronation Street and Emmerdale — after the broadcaster announced it is cutting a further £15million from its total budget. 2 ITV's profits have slumped by 44 per cent to £99million for the first six months of this year. Now insiders have revealed executives are putting pressure on their top soaps to slash their spiralling budgets, cutting the soaps' cast lists by ten per cent. Coronation Street has 84 permanent cast members and Emmerdale has 70. Staffing on both soaps has risen rapidly in recent years, with many actors guaranteed a minimum number of episodes and episode fees per year. It is also suggested scenes per episode could be cut. Both soaps have about 20 scenes per show. And the number of cast used each episode could also be trimmed. A soap source said: 'It's brutal. We've known it was on the cards for a while, but they're really cranking it up now and it's across the soaps. They're looking to save millions and Corrie and Emmerdale are the obvious places. They're very expensive shows. 'Many who have been there for a long time are reliant on their income staying as it is. 'The amount of cast has spiralled out of control and focusing on dialogue, not action, could also save money.' Coronation Street and Emmerdale announce huge 'crossover' special episode in UK soap first Some older cast members have full-time contracts with a salary, but the majority are paid by the episode. It comes amid cuts across the ITV daytime schedule, with hundreds of staff axed from Good Morning Britain, Lorraine, This Morning and Loose Women. ITV said of the proposals: 'This is complete speculation.' 2
