China Financial Daily

June 30, 2009

East Star Airlines will pay re-apply for reconstructing

Filed under: Financial News — Tags: — lily @ 10:46 pm -0700

East Star Airlines will pay re-apply for reconstructing
ɺˀϟstruggling in the East Star Airlines on June 30 made a special trip to Beijing, held a media information and communication will be issued a solemn statement, again questioned the Wuhan City Court designated by the legitimacy of the insolvency administrator credentials. East Star Airlines said that while in the hospital in Wuhan has rejected his application for bankruptcy reorganization, but the company will continue to apply.
East Star Airlines Long Legal Counsel Law Firm partner, said Liu Xiaoming, the Supreme People’s Court list of the provisions of the insolvency administrator, usually accounting firms, law firms and other social intermediaries, or that the insolvency administrator with qualified individuals. In the Wuhan East Star Court designated by the insolvency administrator of the Legislative Affairs Office of Wuhan City, the traffic committee composed of government departments and so on, obviously not in the list of the roster.

East Star Airlines authorized announced yesterday that matter, East Star Airlines is currently a total of more than 120 creditors, through the initial contact, 75% of the creditors are willing to choose bankruptcy reorganization, but questioned the strength of community-yu Shanghai. At present, East Star Airlines recognized the debt of about 420 million yuan.

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IKEA layoffs: IKEA 5000 layoffs, contrarian false alarm rather cautious expansion

Filed under: Financial News — Tags: — lily @ 10:43 pm -0700

IKEA layoffs: IKEA 5000 layoffs, contrarian false alarm rather cautious expansion
IKEA since May 18 at the sudden announcement to the staff, “the closure of Chengdu, Wuhan, Xiamen, three trading companies”, the IKEA of each movement are cause for concern. Recently, the major networks and newspapers to see the “IKEA will be in the global reduction of 5,000 employees,” the news that the job cuts mainly involve the global chain of 264 company-owned sales department and the Swedish manufacturer of home products swedwood. This is nothing more than to close shop in another three-breaking news. 5000, this is not a small sum. But then, public relations manager of IKEA China, Xu??´o the media that has been laid off 5,000 people “In the past when the” merger of IKEA China’s procurement and personnel adjustments have been completed.

Fortunately, this is not the future, when 5,000 job cuts, but also the CD is not the future layoffs is unknown, this, IKEA is theЄ?Żťmployees, the lack of a sense of security. IKEA said although related to the people being laid off some of the compensation is higher than the statutory criteria for countries, all affected employees will receive assistance, in-house or other company IKEA to look for new jobs, but the employees want is to ensure that the jobs, rather than the immediate compensation may seem high.

     IKEA downsizing through layoffs plan is not better than IKEA day, even in the IKEA did not see the financial loss, but the situation is very severe on the. Earlier an informed source, IKEA in early June and the relevant departments have signed an area of 150,000 square meters of the contract, the address of store would be set at the Beijing subway south along the outer rings. IKEA will be in Beijing for opening the second store that the public relations manager of IKEA China, said Xu??º “the size of stores as well as the time and did not shape, the matter has not completely settled.”

     IKEA action every step carefully to become abnormal and continue to “thin” or contrarian “expansion” has become a difficult next game IKEA.

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Corus layoffs: British Iron and Steel Group, Corus to lay off 2045 people

Filed under: Financial News — Tags: — lily @ 10:42 pm -0700

Corus layoffs: British Iron and Steel Group, Corus to lay off 2045 people
Beijing News Thursday night, the British steel maker Corus Group, plans to further reduction of more than 2000 staff, which is equivalent to the UK 10% of the total number of staff.

The company announced in January this year, will cut about 3,500 employees.

The union said the job cuts as “devastating” and called on the British Government to the troubled steel industry to help.

Corus said the new layoffs will be in its long products sector, which is the main supplier of steel for the construction industry, and the industry is affected by the economic downturn of the industry against one of the most serious.

The company said that since the economic recession since the beginning of several plant’s product demand has been “further deterioration.”

CEO?±ȑǁdams (Kirby Adams) said: “The European markets seem to have any recovery will take some time, so take the appropriate and responsible action is essential for us.”

He added: “In a global over-supply of the steel market, we need to achieve long-term, sustainable competitive. We will enhance our products to provide customers with quality and service to do this.”

The company said the layoffs will affect 2,045 employees, most of which are British employees, but there are also some of the staff of the Dutch factory.

Corus in the UK have more than 20,000 employees, annual output of more than 13 million tons of steel. The company said it would take all necessary measures to ensure that as much as possible for the voluntary layoff layoffs.

Community union (Community Union) Secretary-Generalµ?˶?(Michael Leahy) said: “For our members and their families, this is a devastating news.” And warned that the scope of the job cuts will be more iron and steel industry within the thousands of other employees, causing a chain reaction.

Joint trade union (Unite union) officials, John (John Rowse) said that it is time the Government “to intervene and take action,” the time has come.

British business ministerŁ̘³?ˍcFadden (Pat McFadden) that the Government was in collaboration with Corus in order to ensure that as much as possible future employees. The British Government has provided up to five million pounds (about 8,000,000 U.S. dollars) to support the training to ensure that the Corus factory employment.

Corus is part of the Indian steel giant Tata Iron and Steel Company (Tata Steel).

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