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Strategies & Market Trends : Technical analysis for shorts & longs

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Jan 16 4:00 PM EST

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To: j g cordes who wrote (33261)	7/6/2001 6:19:44 AM
From: Clint E.	Read Replies (1) of 69827

IBM Hungary unit cuts staff by 500 to 5,500 Friday July 6, 5:45 am Eastern Time BUDAPEST, July 6 (Reuters) - The largest Hungarian unit of U.S. computer maker International Business Machines Corp. (NYSE:IBM - news) has cut staff numbers by 500 down to 5,500, local business daily Napi Gazdasag said on Friday. Quoting sources at the unit, IBM Storage Products Kft, the paper said the cut was because of a fall in orders. Communications Director of IBM Storage which is one of Hungary's largest companies and exporters by sales, said the company would not comment to foreign press. ``Our policy is that we cannot comment to non-Hungarian media,'' Balazs Horvath told Reuters. The company, headquartered in Szekesfehervar city in western Hungary, has begun a development programme worth several million dollars despite the staff cuts and hopes to increase its workforce again in the second half of the year, Napi said. The paper quoted company sources as saying that fluctuations in the order book could cause similar ups and downs in staff numbers in the future. The paper said a large number of the workers laid off were ethnic Hungarians from neighbouring Slovakia employed since last year. Western Hungary is struggling with a shortage of labour after sizeable greenfield investments there by multinationals in the past decade. Staff cuts at the new sites have been rare. The government encourages new investors to settle in the eastern part of the country where unemployment is higher and living standards are lower.

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