Pharma Smith & Nephew eliminating 800 jobs

It has been a tough few days for medical device manufacturer Smith & Nephew ($SNN) and particularly for its Memphis, TN-based division.

The company has already eliminated 220 of the 800 positions to be cut. Olivier Bohuon (photo), CEO of the London-based medical device company, did not give details, but said much of the restructuring would come from consolidating back office work.

The company announced Monday that it would pay the U.S. $22.2 million in fines and profit disgorgement to settle claims that it won business in Greece by bribing doctors in that country’s public health service. Its U.S. subsidiary, Smith & Nephew Inc., based in Memphis, is shouldering $16.8 million of the settlement with the Justice Department.
The settlement came days after the company announced that it would cut about 800 jobs from its orthopedics unit and place emphasis on emerging markets and research and development.

The bribery charges date to 2007 when an investigation found that the company, with the help of a distributor, paid $9 million in bribes to Greek doctors. The company agreed to maintain an enhanced compliance program to be reviewed by an outside monitor for 18 months.

S&N, Europe’s largest artificial knee and hip maker by sales, also will take a $200 million hit related to the job reductions but expects to save $150 million annually. The reduction amounts to 7% of its 11,000 global workforce.

The company announced in November that it would reduce its workforce but only outlined the cuts during a conference call Thursday. The company reported a fourth quarter profit of $279 million–compared with $278 million a year earlier–and said orthopedic sales lagged areas like wound care.

From: Ping.fm

Lloyds to Cut 990 Jobs

LONDON—Lloyds Banking Group PLC on Tuesday said it is cutting close to 1,000 U.K. positions and closing some offices, as the bank continues to reduce costs and streamline its business.

The bank, in which the U.K. government has a 41% stake following a bailout after the 2008 and 2009.

From: Ping.fm

European Stock Futures Slide as Fitch Considers France Downgrade

Image by trackrecord via Flickr

Dec. 19 (Bloomberg) — European stock-index futures declined, indicating the Stoxx Europe 600 Index will extend last week’s slide, after Fitch Ratings said it may downgrade France, Spain and Italy. U.S. futures and Asian shares retreated after North Korean leader Kim Jong Il died.

Danske Bank A/S may move after the lender said its chairman, Eivind Kolding, will become its next chief executive officer. Royal Bank of Scotland Group Plc may be active following a report that the U.K.’s largest government-owned lender is considering plans to close more than half of its 18,900-worker investment banking unit.

Futures on the Euro Stoxx 50 Index expiring in March dropped 0.8 percent to 2,177 at 7:29 a.m. in London, while FTSE 100 Index futures expiring the same month retreated 1 percent.

“There’s the very real prospect of some significant credit-ratings downgrades in Europe to contend with, whilst the breaking news of the death of North Korean leader Kim Jong Il is going to bring the geopolitical situation in North East Asia very much back onto the agenda too,” Terry Pratt, institutional trader at IG Markets in Melbourne, said. “The prospect of fresh news coming from Europe is therefore likely to dominate in the shorter term and with little in the way of high profile economic announcements expected today, bond yields could well be instrumental in setting the tempo in markets.”

From: http://ping.fm/qrz71

Esprit Shuttering All 93 North American Stores – CoStar Group

With its business in North America losing money despite continued efforts and investment, Hong Kong-based Esprit had decided to divest its business.

The planned divestment mainly involves closing down 93 directly managed retail stores in North America.

Esprit is also exiting retail operations in Spain, Denmark and Sweden.

In its most recent fiscal year, Esprit’s North American operations lost $39.6 million before store closure costs.

Esprit’s expansion in the future will be focused on the opportunities in Europe and China.

From: http://ping.fm/9zJET

US Meltdowns and the world goes with it!

George reports again about reality, not about false data that main stream media loves to feed us with.

Economic collapse is going on in California, yes, but it is not the only states going in shambles, nor the US the only country with an economy that is cracking, the countries of Europe and Asia are suffering immensely as well.

Would this problem hit Latin América? Of course, we live, very unfortunately, a destructive globalization financial system that is going to affect all countries of the world. Hopefully, the severity of the financial collapse won´t be so bad as it is going to be in other countries in the world.

One of Heinz plants in S.J. closing | Recordnet.com

Get your ketchup ready, ladies and gentlemen!

By The Record
October 01, 2011 12:00 AM
STOCKTON – One of two remaining H.J. Heinz Co. plants in San Joaquin County will close Dec. 2.

The Heinz ketchup and canned-tomato production facility at 2800 S. El Dorado St. – which employs 140 workers – will cease to operate as part of the company’s “global initiative to drive productivity … and help offset rapidly rising commodity costs,” Heinz said Friday.

Production from the Stockton plant will be moved to three new locations – two in the Midwest and the other in Escalon.

A Pittsburgh-based company spokesman didn’t respond to inquiries about whether the Stockton workers would be relocated to Escalon. Local employees referred questions to the corporate office.

In a written response, Jessica Jackson, a group leader in the company’s corporate communications office, said “Heinz has reached the difficult but necessary decision to cease production in its Stockton facility effective Dec. 2.”

In addition to its production of small ketchup packets, the Stockton facility also was involved in developing tomato seeds that produce plants bearing naturally sweeter and thicker fruit with brighter red color.

From: http://ping.fm/WqIX9

Benefits Shut Off for 41,000 Michigan Welfare Recipients — Society’s Child — Sott.net

Detroit has been hit hard by the economic depression going on since March 2009, the detritus around the empty buildings is creating some airborne disease. With the benefits shut off for 41 thousand Welfare recipients, I just can imagine how the environment with terrible unhealthy conditions that exist now, are only going to worsen there.
My thoughts: these Welfare cuts in Michigan are just the tip of the iceberg. Hope not, but I´m afraid I am right.
Good luck to all and my best wishes.

On Saturday, Oct. 1, 41,000 Michigan welfare recipients will lose cash benefits in the amount of approximately $515 each. Gov. Rick Snyder capped maximum welfare payments at 48 months. Several Michigan recipients filed a class action lawsuit to overturn the four-year cap.



Five years was the original cap on cash assistance for welfare. In some cases, extensions were available for those in need. The lawsuit says that the welfare cap violates the due process clause of the 14th amendment. They claim that the cutoff notices were vague and generic. The plaintiffs are asking a federal judge to issue a temporary restraining order against the cap.


Exemptions are available for those with disabilities that make them unable to work. Those over 65, caring for a disabled spouse or child, who don’t qualify for social security or who receive low benefit payments may also get an extension.


There is some concern among taxpayers about what qualifies a person as unable to work. Chronic alcoholism, drug addicts and obesity are three problematic disabilities. These don’t qualify specifically as handicaps, but some of the resulting health conditions do qualify them. There is also concern about how welfare payments, especially food stamps, are spent.


Welfare cash assistance cuts aren’t the only economic issue plaguing Michigan. Cuts are happening everywhere. In August, 11.2 percent of Michiganders were unemployed. Let’s look at Michigan’s deteriorating economy, by the numbers.


* 2.5 million: People in Michigan who receive one or more form of welfare benefits.


* 220,000 thousand: People in Michigan who receive cash benefits. The four-year cap would reduce it to 180,000 people.


* 21,000-25,000: The number of welfare recipients in Detroit alone (Michigan’s largest city) who had their cash benefits cut.


* 30,000: The number of children in Michigan who will lose welfare benefits.


* 1 out of 10: The ratio of children in Detroit and Flint whose no longer qualify for cash assistance.


* 2,000: The number of adults in Detroit’s 48205 zip code alone that will lose cash welfare benefits.


* 1,500: The number children in the 48025 zip code that will no longer be covered.


* 5 square miles: The area of Detroit’s 48205 zip code district.


* 30,000 : The number of college students who lost food stamps benefits in Michigan this year.


* 1 percent: The jump in Michigan’s unemployment from April, 2011 to August, 2011.


* 2.9 percent: The difference between Michigan’s unemployment at its peak (14.1 percent) in 2009 and now.


* 23 percent: The amount unemployment benefits will be reduced in 2012. Gov. Snyder passed legislation reducing benefits from 26 to 20 weeks for new applicants.


* 27.5 percent: Unemployment rate in Pontiac, Mich.


* 22.5 percent: Unemployment rate in Detroit, Mich.


* 19.7 percent: Unemployment rate in Flint, Mich.


* 16.6 percent: Unemployment rate in Saginaw, Mich.


* 14.7 percent: Unemployment rate in Warren, Mich.


These are some of Michigan’s largest cities. They are also the areas hardest hit by both unemployment and welfare cuts.


Marilisa Kinney Sachteleben writes about people, places, events and issues in “Pure Michigan.”

From: http://ping.fm/a1m0F

Bank Of America increases charges on Debit Cards

I like this kind of video: short and concise. Just info, short for the weekend.

Inflation Hyperinflation Brought to you by Ben Bernanke!

The U.S. Federal Reserve will act if the economy weakens further and has the tools to do so, a top Fed official said on Friday.

St. Louis Fed President James Bullard said he expects the economy to grow modestly over the next year—though the sluggish pace leaves it vulnerable to shocks.

“Should economic performance deteriorate, monetary policy will respond,” Bullard said, according to slides of a presentation he was scheduled to make. “The Fed is not now, or ever, ‘out of ammunition’.”

With interest rates near zero, Bullard said, the Fed can support the economy through inflation and inflation expectations and asset purchases are a “potent tool”.

From: http://ping.fm/KwgxT

Over 1,000 workers face final Hanford work day – Mid-Columbia News | Tri-City Herald : Mid-Columbia news

Today or Friday will be the final day of Hanford nuclear reservation employment for more than 1,000 workers.

Friday is the last working day of fiscal 2011, but many Hanford workers are on an extended work day schedule that includes a day off every other Friday, which falls this week.

CH2M Hill Plateau Remediation Co. has announced plans to lay off 1,039 workers as of Friday, but started processing them last week because of the large number. They will be paid through this week.

Mission Support Alliance announced plans to lay off 276 workers, with today their last day. Those layoffs and CH2M Hill’s layoffs are linked to the end of most federal economic stimulus spending, although a mix of both new and more experienced workers will lose their jobs.

In addition, Washington River Protection Solutions is cutting 76 union positions as of Friday, with additional nonunion positions to be cut in October. Those cuts are linked to the uncertain fiscal 2012 budget.

Some workers for the three contractors volunteered for the layoffs, but most of the cuts are involuntary. The Hanford severance package includes a week’s pay for every year worked up to 20 years.

From: http://ping.fm/qlvsR