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Mercedes-Benz lays off off 150 workers
News - Latest

16 February 2009

EAST LONDON (The Sowetan) - Mercedes-Benz SA has retrenched 150 workers at its East London plant, the vehicle manufacturer said on Friday.

“To minimise the impact on our employees as much as possible, we tried our best to be sensitive, without dragging out the process unnecessarily,” Johann Evertse, vice-president responsible for human resources and executive director, said.



Furthermore, to help employees who would ultimately receive voluntary retrenchment packages, Mercedes-Benz had put in place a number of support initiatives, Evertse said.

“An employment placement agency has been brought on site to assist these employees, free-of- charge, with professional guidance in preparing a CV, to provide face-to-face interviews with a consultant, to provide career advice and mentoring in preparing for interviews and to help with online job applications,” he said.

According to Mercedes-Benz, retrenchment has always been seen as a last resort.

Since the end of 2008 measures implemented at the company included working at adjusted production levels to maintain low inventory levels; an earlier year- end production shutdown; a cost efficiency program; a moratorium on employee appointments throughout the group; and an offer of voluntary early retirement or retrenchment. – I-Net Bridge


 
Home repossessions hit 12-year high
News - Latest

20 February 2009

LONDON (Reuters) - Forty thousand people lost their homes through repossession last year, the highest number since 1996 and analysts say the figures are only going to get worse as house prices slump and the recession takes its toll.

The Council of Mortgage Lenders said the number of home repossessions leapt by half in the three months to December compared with the same period in 2007 to 10,400, down slightly from 11,100 in the previous quarter.
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Personal and company insolvencies rocket
News - Latest

6 February 2009

LONDON (Reuters) - The seasonally adjusted quarterly data for companies show the highest number of insolvencies since that particular series began in 1998. On an unadjusted basis, the 4,525 companies that went bust in the fourth quarter of 2008 is the highest number since the first quarter of 1994.

Meanwhile the housing market is likely to face further pressure as banks repossess debtors' homes.
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Builder John Laing files for Chapter 11
News - Latest

20 February 2009

LOS ANGELES (Business from bizjournals) - The company that does business as John Laing Homes filed for Chapter 11 bankruptcy reorganization in Delaware on Thursday, claiming between $500 million and $1 billion in debts.

Irvine-based WL Homes LLC, which builds under the John Laing brand primarily in California, Colorado, Arizona and Texas, has an estimated 25,000 to 50,000 creditors, according to its bankruptcy filings.
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Trump Entertainment files for Chapter 11
News - Latest
20 February 2009
ATLANTIC CITY (Globe Newswire) - Trump Entertainment Resorts, Inc. (Nasdaq:TRMP) (the "Company") announced today that it received notification from the NASDAQ Stock Market indicating that the staff of the NASDAQ Stock Market had determined, in accordance with NASDAQ Marketplace Rules 4300, 4450(f) and IM-4300, that the Company's common stock will be delisted from the NASDAQ Stock Market in light of, among other things, the Company's announcement that it filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code.
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