Nokia to Layoff 1700 Worldwide

Nokia Corp. said Tuesday it will lay off 1,700 people worldwide to cut costs, as the global economic downturn strikes deeper into the mobile phone sector.

The world’s top mobile phone maker said the job cuts will affect several sectors, including its devices and markets units, the corporate development office and global support functions.

“The number of employees we have to reduce is 1,700,” Nokia spokeswoman Arja Suominen said, adding that details would be announced after the company begins negotiations with employees.

Nokia shares fell 2 percent in Helsinki to close at euro8.65 ($11.25) after the announcement, which came as the industry bellwether continues to struggle with falling demand and handset prices.

In January, Nokia warned of major cost-cutting measures after its fourth-quarter net profit crashed 70 percent to euro576 million ($744 million). It also lost market share, which fell to 37 percent from 38 percent in the previous quarter and 40 percent in the fourth quarter of 2007.

Nokia said it would aim for annual savings of euro700 million at its handset unit, but gave no details at the time.

Last month, Nokia said it will close a research center, ax up to 320 jobs and temporarily lay off 2,500 workers in Finland. It also announced a global voluntary resignation program, open to employees until May 31, in a move aimed at cutting personnel by 1,000.

It has also said it plans to increase short-term unpaid leaves and sabbaticals, and has appealed to employees to accept holiday time as payments, instead of cash, for overtime work in 2009.

Based in Espoo near Helsinki, Nokia last year remained the No.1 cell phone maker selling 468 million handsets, up 7 percent on 2008. It employs 128,400 people worldwide.

Toro Co. to lay off about 235 from Tomah site

MADISON, Wis. - The Toro Co. has told Wisconsin officials it will lay off about 235 workers from its Tomah site next month.

The Bloomington, Minn., company makes products for landscape maintenance.

A Toro executive told Wisconsin officials in a letter last week the layoffs are expected to occur on or about April 20.

The Wisconsin Department of Workforce Development released Toro's letter on Tuesday, as well as notices from three other companies.

Potash Corp. extends layoff of 940 workers

Potash Corp. of Saskatchewan plans to extend the temporary layoff of 940 workers who were let go in January.

The layoff covers workers at Potash’s Saskatchewan plants in Rocanville, Lanigan and Allan.

Workers at those fertilizer sites were initially laid off for eight weeks.

The extended layoffs come one day after Potash said it is reducing its 2009 potash production by an additional 1.5 million tonnes, bringing the total expected cut of its capacity to at least 3.5 million tonnes this year.

With inventories in its key markets expected to be mostly depleted in the second quarter of this year, the company said it is expecting a strong rebound in potash demand in the second half of 2009 that should continue into 2010.

“Farmers, like other consumers, have been on a buying hiatus but they cannot remain on the sidelines indefinitely,? said PotashCorp CEO Bill Doyle.

?People need to eat, farmers need to grow and sell crops, and maintaining soil fertility is essential for those things to happen,” he said in a release.

With files from Canadian Press

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CAT Announces More Layoffs

Caterpillar Inc. (CAT) plans to lay off 2,454 employees across 5 plants in Illinois, Indiana and Georgia to cut costs amid recessionary conditions.

The stock is trading marginally down 0.5% while volumes are at lower-than-average levels. The world’s largest manufacturer of mining and construction equipment said the layoff will impact 2,365 support and management workers for 6 months, while 89 will be let go permanently.

CAT had announced the elimination of 22,000 positions in January coupled with an up to 50% reduction in executive compensation.

Analysts have already slashed fiscal 2009 earnings estimates by 8 cents over the past month and by $2.22 over the past 60 days.

CAT is currently a Zacks #5 Rank ("Strong Sell") stock.

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HSBC CLOSES LENDING UNITS; 6,100 CUT

By KAJA WHITEHOUSE

Last updated: 4:20 am
March 3, 2009
Posted: 4:20 am
March 3, 2009

Getting a loan just got a lot tougher.

British bank HSBC, often referred to as the nation's second-largest provider of US consumer loans, announced yesterday that it's shuttering two units dedicated to consumer lending.

The closure of the two units - HFC and Beneficial - will result in 6,100 job losses and the closing of 800 branches that provide mortgage refinancing and personal loans, among other forms of debt financing.

Beneficial has three branches in the New York area, including one in Brooklyn and another in Sunnyside, Queens, according to the firm's Web site. HFC also has three branches in the region, including one in Bayside, Queens.

HSBC's bank branches, which are scattered throughout Manhattan and the boroughs, won't be affected. HSBC will continue to underwrite residential mortgages through the bank branches, said a spokeswoman for the company.

The move comes as the parent company, HSBC Holdings, reported a 70 percent drop in 2008 net profit amid losses tied to the US mortgage and subprime loans.

The company, one of the few to have avoided a government bailout, is seeking to raise $17.7 billion from shareholders through a share sale.