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30th of December 2010
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News Tag: restructuring

August 6, 2010

RBS reports first half profit

by Kay Murchie
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, today announced a profit for the six months ended June, boosted by falling charges for bad debt. The bank posted a net profit of £9 million ($14.3 million) compared with a £1.04 billion net loss in the same period a year earlier. Meanwhile, it added it was on target to meet ...

December 30, 2009

Japan Airlines shares hit fresh record low

by Kay Murchie
Japan Airlines shares hit fresh record low
Shares in troubled Japan Airlines (JAL) plummeted to a fresh low today, losing 24% to 67 yen. The stock plummeted for a second consecutive day amid reports that the carrier is heading towards bankruptcy under a state restructuring plan. The airline, which is Asia’s largest carrier, has been struggling amid the global economic downturn which has led to a slump in demand. Many ...

October 28, 2009

Threshers Off-Licence jobs at risk

by Kay Murchie
Thousands of jobs are at risk at Threshers and Wine Rack after a source close to the company revealed to The Times that administration could not be ruled out as the group struggles amid the economic downturn. The off-licence’s owner, First Quench Retailing, has confirmed it is looking at "restructuring options" after warning earlier this year of its ability to continue as a ...

September 22, 2009

Over 1,000 jobs at risk at Vauxhall

by Kay Murchie
It has been reported that around 1,100 Vauxhall jobs could go as a result of Canadian parts maker Magna's restructuring of Opel. While full details have not yet emerged, there is speculation that the Luton plant will be worst hit but jobs will also go at Ellesmere Port. Vauxhall has around 5,500 workers at the two sites. Opel has a European ...

August 28, 2009

Network Rail proposes 1,800 UK job cuts

by Kay Murchie
Network Rail, which owns Britain's railway infrastructure, is embarking on a cost-cutting programme, which will see the loss of 1,800 positions. The rail operator said it hopes to avoid any compulsory redundancies and said the jobs will be eliminated by April 2011. The firm, which has a workforce of 33,000 people throughout the country, said: “We are looking at restructuring our ...

June 9, 2008

1,800 jobs to go at Norwich Union

by Kay Murchie
Aviva is to cut up to 1,800 jobs at its Norwich Union business, as it looks to streamline its insurance operations. Britain's biggest insurer is to slash the administration jobs by 2010 as it reduces its customer service and back office centres for general insurance from 22 to 7. The company has pledged to try to find people other jobs ...