Indian-owned Tata Steel is planning to cut approximately 3,000 jobs at its plant in Wales, as the steel industry continues to face challenges in financing greener production. The company is expected to announce the closure of two blast furnaces at the Port Talbot steelworks, resulting in the loss of over one-third of its workforce. Talks with unions have taken place, and the move is seen as a significant setback.
Finnish telecom gear group Nokia is set to cut up to 14,000 jobs in a cost reduction effort following a 20% decline in third-quarter sales. The decreased sales are attributed to reduced demand for 5G equipment in countries like the US. Nokia and rival Ericsson have been striving to offset this decline with higher sales to India, a low-margin market. Nokia’s cost-cutting program aims to save 800 million to 1.2 billion euros by 2026.
Indian education firm Byju’s is set to cut around 5,500 jobs as part of a business restructuring plan. The company’s chief executive of India business, Arjun Mohan, informed senior executives about the upcoming changes, which are expected to roll out in the coming weeks. The job cuts will only affect Byju’s parent company, Think & Learn, and not any of its subsidiaries. Byju’s plans to focus on bringing more students to offline centres as a means to sustain operations over time.
Volkswagen is looking to reduce staff at its Zwickau plant in Germany due to lower demand for electric cars. The carmaker plans to let fixed-term contracts expire, which could impact a few hundred employees. This decision comes as Volkswagen faces increased competition and decreased demand in the European electric vehicle market.
Google has announced plans to cut hundreds of jobs globally. This move comes as the tech giant aims to streamline its operations and improve efficiency. The decision has been met with mixed reactions, with some expressing concern for the affected employees and others seeing it as a necessary step for the company’s future growth. Read on to learn more about the reasons behind Google’s job cuts and the potential implications.
