Ford to cut up to 5,000 jobs
White-collar workers targeted: Embattled automaker also slashes full-year profit forecast by 40%
Thomas Watson, with files from David Steinhart
Financial Post
Scandal-scarred Ford Motor Co.'s problems may not be over -- even after yesterday's announcement the automaker is cutting between 4,000 and 5,000 salaried jobs, or 10% of its white-collar workers in North America.
Reeling from declining sales and market share, the Firestone tire and ignition system fiascos, recall-related lawsuits and safety issues surrounding its Explorer SUV, the company slashed its full-year earnings forecast by more than 40%, and also unveiled plans to pressure suppliers to cut costs.
nationalpost.com
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Auto parts firms feel the ripple effects of Ford's planned cuts
David Steinhart
Financial Post
Shares in Canada's major auto parts companies, including giant Magna International Inc., were hammered yesterday after Ford Motor Co. said it will dump 4,000 to 5,000 salaried employees by the end of the year.
Magna, Wescast Industries and Intier Automotive Inc. were all hit, even though the job cuts will come from non-production areas of Ford.
Magna stock was down almost 4% in intraday trading to $99.22 on the Toronto Stock Exchange. It closed at $99.27, down $3.62. Wescast closed at $49.55, down $2.96, while Intier closed at $22.30, down 80¢.
nationalpost.com
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Wave of bad news hits Wall Street
Banks sell-off on TSE
Financial Post, with files from news services
U.S. stocks slumped yesterday, with major market indexes hitting four-month lows, after job cuts and a bleak outlook by embattled car maker Ford Motor Co. and poor earnings from Dell Computer Corp. washed away investors' hopes for a recovery anytime soon.
nationalpost.com
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Certicom to cut workforce by 25 per cent
By TERRY WEBER
Globe and Mail Update
Security software firm Certicom said Friday it will post a loss in the first quarter and expects to cut its work force by 25 per cent by the end of the current three-month period.
For the quarter, Hayward, CA.-based Certicom said it expects to post a loss of 32 cents (U.S.) a share — excluding non-operating and restructuring charges — when it reports its first-quarter results Aug. 30.
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