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Ford to cut global workforce
Posted on 6th October 2018
US automaker Ford -- which announced a major restructuring in July -- unveiled plans Friday to reduce its workforce worldwide, without specifying the extent of the plan.

"We are in the early stages of reorganizing our global salaried workforce to support the company's strategic objectives, create a more dynamic and empowering work environment, and become more fit as a business," Ford said late Friday.

"The reorganization will result in headcount reduction over time and this will vary based on team and location. We will announce more specifics at the appropriate time."

On July 25, Ford announced that a revamping of the company's operations could result in one-time charges of $11 billion over the next three to five years.

But it did not say whether this would result in job cuts or plant closures, rather indicating that it was considering redesigning certain models, reallocating cash to profitable segments and reconsidering certain strategic partnerships.

In April, Ford surprised many analysts by announcing massive cost-cutting targets and plans to phase out many sedans in North America amid surging demand for sport-utility vehicles and other trucks.

Ford said in late September that the company was seeing profits slashed by $1 billion due to tariffs imposed by President Donald Trump.

Related Companies: Ford India Limited   

Other Latest News
Indian Oil hopes to raise funds under new working capital norms in 20 days
Posted on 16th October 2018
An executive of state-owned Indian Oil Corporation on Tuesday said the company was hoping to raise at least $300 million under the new working capital norms within 20 days from now.

IOC had last week said it would invest Rs 54.63 billion in setting up a city gas distribution network for retailing CNG to automobiles and piped cooking gas to households in seven districts.


#MeToo: Women journalists demand M J Akbar's dismissal, write to President
Posted on 16th October 2018
A panel of female journalists has written to President Ram Nath Kovind demanding the dismissal of Union Minister M.J. Akbar who has been accused of sexual harassment by a dozen women in the wake of the #MeToo movement.

We are extremely concerned that he continues to be a minister in the Union council of ministers even as he pursues whatever legal course of action he plans.


ICICI Bank gets RBI clearance to appoint Sandeep Bakhshi as its MD and CEO
Posted on 16th October 2018
Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years.

After resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer (COO) Bakshi as the new managing director and CEO for five years until October 3, 2023, subject to regulatory and other approvals.


Rupee weakens 9 paise to 73.92 against US dollar in early trade
Posted on 16th October 2018
The rupee weakened by 9 paise to 73.92 against the US dollar in early trade Tuesday on increased demand for the American currency from banks and importers.

At the Interbank Foreign Exchange, the domestic currency opened higher at 73.79 but lost ground and fell to 73.92.


Good news: Pink Line Delhi Metro to open by Diwali
Posted on 16th October 2018
The Delhi Metro's Pink line will be opened by Diwali, according to various media reports. Pink line for Shiv Vihar-Trilokpuri Metro was scheduled to be opened in August as per a previous plan but then the deadline got extended.

Pink Line Metro will ease connectivity between North East Delhi and South Delhi by connecting Shiv Vihar and Lajpat Nagar.


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