costcutting

Dangote Refinery will establish an oil trading unit that will help source feedstock for its 650,000 barrels per day plant on the outskirts of Lagos, Reuters reported on Tuesday, citing sources. The oil trading arm, likely to be situated in London, takes away the need to hire commodity traders for crude supply and related services, which could help scale back costs. While it could soften spending pressure for a refinery just starting to find its feet in crude oil processing, it is a blow to big names like Vitol…

Orsted has launched a new plan with cost cuts, a pause in dividends, asset sales and new business priorities following a year beset by troubles in the U.S. Orsted has launched a new plan with cost cuts, a pause in dividends, asset sales and new business priorities following a year beset by troubles in the U.S. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is…

Fintech giant Paytm lays off over 1000 employees as cost-cutting measure Fintech giant Paytm lays off over 1000 employees as cost-cutting measure FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your…

One 97 Communications, parent of Paytm, has laid off more than 1,000 employees at multiple units, two people in the know told ET. The publicly listed financial services firm is looking to cut costs as it realigns its various businesses. The job cuts took place over the last few months, said one person. The move is likely to affect at least 10% of the overall headcount and comes on the back of Paytm withdrawing from small-ticket consumer lending and the ‘buy now pay later’ segment, following a regulatory clampdown on…

Spotify‘s global workforce will face a 17 percent reduction as the company chases profitability. On Monday, CEO Daniel Ek issued an internal memo to staff announcing the impending layoffs, the company’s third and biggest round this year. “I recognize this will impact a number of individuals who have made valuable contributions,” Ek wrote in the memo, which was later published through Spotify’s newsroom landing page. “To be blunt, many smart, talented and hard-working people will be departing us.” According to…

AT&T’s wireless profit center kept growing in the second quarter, prompting executives to back an upbeat estimate of earnings through the end of the year. AT&T’s wireless profit center kept growing in the second quarter, prompting executives to back an upbeat estimate of earnings through the end of the year. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary…

Maruti Suzuki Vitara Brezza. (Image: Manav Sinha/News18.com)CNG model also witnessed some updates. The company has removed some of the safety features from the vehicle. The homegrown car manufacturer Maruti Suzuki did a major cost-cutting from one of its hot-selling products Brezza. The brand silently updated the mid-size SUV, and removed the smart hybrid technology from the manual transmission.The company has also updated the SUVs brochure on its official webiste, informing the customers about new updates. However, the…

Image courtesy ‘CBS Sunday Morning’ via YouTube To say Warner Bros. has been in the firing line for a number of reasons recently is both entirely accurate and understating things dramatically, with the company now in the midst of irritating a number of Hollywood heavy hitters. The latest stage of the company’s massive cost-cutting drive has seen Turner Classic Movies whittled down to almost nothing, with a core staff of around 20 employees surviving the freshest batch of layoffs. Michael de Luca and Pamela Abdy…

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General Motors Co. cut several hundred full-time contract positions primarily from its engineering hub in suburban Detroit, the latest cost-reducing effort from the auto maker as it navigates an uncertain car market. The contract workers, from GM’s large product-development operation, were terminated over the weekend, a company spokeswoman said Monday. She said several hundred people were dismissed but declined to specify a number. General Motors Co. cut several hundred full-time…