Cars Ford to cut its Asian and North American workforces by 10%

18:45  22 may  2017
18:45  22 may  2017 Source:   Autocar

Living standards 'squeeze' concerns raised as jobless total hits 42-year low

  Living standards 'squeeze' concerns raised as jobless total hits 42-year low Workers are facing a living standards "squeeze" as wage rises fall below inflation despite record numbers in work, the Government is being warned. Union and business leaders issued similar comments on the prospects for household earnings as official figures showed wages rose at a slower pace than inflation for the first time in two-and-a-half years.The Office for National Statistics (ONS) said wages excluding bonuses went up by 2.1% in the three months to March, while average weekly earnings in real terms - adjusted for inflation - fell by 0.2%.This is the first fall since the third quarter of 2014.

A source close to the plan said that the cuts , which will let go 10 % of Ford 's North American and Asian salaried workforce are part of a billion (around £2.3bn) cost- cutting scheme, as the brand aims to maximise its profits and correct a fall in its stock price.

Ford is looking to cut down its salaried workforce in North America and Asia by about 10 per cent as it endeavours to increase profits and its sliding stock price.

Ford to cut its Asian and North American workforces by 10% © Autocar Ford to cut its Asian and North American workforces by 10%

3,000 Ford employees in North America could lose their jobs, with further cutbacks in Asia, in the brand’s latest cost-cutting measures prompted by money troubles, Reuters reports.

A source close to the plan said that the cuts are part of a $3 billion (around £2.3bn) cost-cutting scheme, as the brand aims to maximise its profits and rectify a fall in its stock price. Only salaried workers will be affected.

After seemingly appeasing US president Donald Trump last year with the cancellation of a proposed $1.7bn Mexico-based factory and the announcement of a $700 million investment into a plant in Michigan, US, the move could anger the famously nationalistic Republican president. Prior to his inauguration, Trump crusaded against the outsourcing of America’s car industry to Mexico.

Soundgarden scrap North American tour dates following singer's death

  Soundgarden scrap North American tour dates following singer's death Soundgarden have officially cancelled the remaining dates on their North American tour following the death of singer Chris Cornell on Wednesday night (17May17). The frontman is believed to have committed suicide in a hotel room in Detroit, Michigan following a show in the city, and his bandmates have opted not to continue with the tour or reschedule the six shows they have left. The shows included stops at the Rock on the Range and Pointfest festivals this weekend (19-20May17). Pointfest organisers have already cancelled the festival on Saturday following Cornell's death. Friday night's Rock on the Range event in Columbus, Ohio will continue without the band and musical tributes are being planned to honour Cornell. Tributes from the late singer's rock peers have been pouring in since news of his death broke and in the latest offering, Linkin Park's Chester Bennington shared a heartfelt letter to his late friend, in which he described waking up on Thursday morning to learn about the passing of a pal. "Thoughts of you flooded my mind and I wept," he wrote in a letter posted to his social media pages. "I’m still weeping, with sadness, as well as gratitude for having shared some very special moments with you and your beautiful family. You have inspired me in many ways you could never have known. "Your talent was pure and unrivaled. Your voice was joy and pain, anger and forgiveness, love and heartache all wrapped up into one. I suppose that’s what we all are. You helped me understand that I can’t imagine a world without you in it. I pray you find peace in the next life. I send my love to your wife and children, friends and family. Thank you for allowing me to be a part of your life.

Ord Motor Co plans to shrink its salaried workforce in North America and Asia by about 10 percent as it works to boost profits and its sliding stock price, a source familiar with the plan told Reuters on Monday.

Ford Motor Co plans to shrink its salaried workforce in North America and Asia by about 10 percent as it works to boost profits and its sliding stock price, a source familiar with the plan told Reuters on Monday. 1, but does not plan cuts to its hourly workforce or its production.

Previous reports suggested a 20,000 job cut from Ford’s 200,000-strong global workforce, but Reuters’ source disputed this.

Ford also recently called into question the future of its investments in its UK plants ahead of Brexit negotiations and stated its desire for a transition agreement if trade agreements can’t be reached within two years. In 2016, Ford knocked £81m off of its £181m investment in its engine plant in Bridgend, Wales.

A Ford spokesman said: “We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally under-performing areas of our core business and investing aggressively, but prudently, in emerging opportunities. Reducing costs and becoming as lean and efficient as possible also remain part of that work. We have not announced any new people efficiency actions, nor do we comment on speculation.”

Soundgarden scrap North American tour dates following singer's death

  Soundgarden scrap North American tour dates following singer's death Soundgarden have officially cancelled the remaining dates on their North American tour following the death of singer Chris Cornell on Wednesday night (17May17). The frontman is believed to have committed suicide in a hotel room in Detroit, Michigan following a show in the city, and his bandmates have opted not to continue with the tour or reschedule the six shows they have left. The shows included stops at the Rock on the Range and Pointfest festivals this weekend (19-20May17). Pointfest organisers have already cancelled the festival on Saturday following Cornell's death. Friday night's Rock on the Range event in Columbus, Ohio will continue without the band and musical tributes are being planned to honour Cornell. Tributes from the late singer's rock peers have been pouring in since news of his death broke and in the latest offering, Linkin Park's Chester Bennington shared a heartfelt letter to his late friend, in which he described waking up on Thursday morning to learn about the passing of a pal. "Thoughts of you flooded my mind and I wept," he wrote in a letter posted to his social media pages. "I’m still weeping, with sadness, as well as gratitude for having shared some very special moments with you and your beautiful family. You have inspired me in many ways you could never have known. "Your talent was pure and unrivaled. Your voice was joy and pain, anger and forgiveness, love and heartache all wrapped up into one. I suppose that’s what we all are. You helped me understand that I can’t imagine a world without you in it. I pray you find peace in the next life. I send my love to your wife and children, friends and family. Thank you for allowing me to be a part of your life.

Ford Motor Co plans to shrink its salaried workforce in North America and Asia by about 10 percent as it works to boost profits and its sliding stock price, a source familiar with the plan Ford declined to comment on any job cuts but said it remains focused on its core strategies to "drive profitable growth".

Ford to cut its Asian and North American workforces by 10 %, say reports Autocar.co.uk 13:58 16-May-17. Ford to cut 10 % of workforce in North America & Asia RT 13:49 16-May-17. Ford reportedly will reduce salaried workers; WSJ says entire workforce Autoblog 13:37 16-May-17.

______________________________________________________________________________________

Related: Cars that are made in surprising places (Provided by Read Cars)

Where in the world: 20 cars made in surprising places: Back in the day, you could pretty much tell where a car was made by its badge. Not so now – cars aren’t always manufactured where you might think.We’ve been scanning through the ‘country of origin’ for many of the best known cars on the market, and a few new ones too, and we’ve unearthed a few surprises.For instance, did you know that BMW’s X3, X4, X5 AND X6 SUVs are made in America, or the Ford EcoSport is manufactured in India?One thing is for sure, unless you do some digging, you’re unlikely to know where the car you’re driving was assembled… Where in the world: 20 cars made in surprising places

North Korea reinvents the 'iPad' .
North Korea has a state-controlled economy, and it produces devices such as tablets and computers for its citizens who can afford them. This isn't really news. But Myohyang IT, a state-owned North Korean tech company, just announced a new tablet that will raise some eyebrows: It's called . . . the iPad.That's right. While North Korea hasn't exactly been respectful of intellectual property and trademarks in the past, this blatant violation sets a new bar for the military dictatorship. It's pretty safe to say that Apple is likely not happy about this development.Myohyang IT Company calls its tablet the Ryonghung iPad.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!