The following is some trending news in the business world that may interest you this week.
The US top ten job killing companies
- Staffing firm, Challenger, Gray, and Christmas has recently released its top ten list of US companies which have announced the most layoffs this year. Most of these firms deal in oil, and all their layoffs are attributable to plunging oil prices on a global scale. National Oilwell takes the first position with 17,550 layoffs. It is a large supplier of equipment which is utilized in oil and natural gas drilling and is based in Houston Texas.
- Walmart takes the second spot with its January announcement of the imminent closure of 269 of its stores. This move will affect up to 16,000 associates, 10,000 of which are currently operating in the US. The cause for these Walmart layoffs, according to this discount retailer is due to the major shift by consumers, most of whom now prefer doing their shopping online. Schlumberger takes the third place with 12,500 layoffs, which it attributes to poor oil prices.
- The tech giant Intel takes the fourth position with 12,000 layoffs, which it claims is due to its new restructuring strategy.
- Halliburton takes the fifth spot with 10,200 layoffs that it claims was triggered by dismal global oil prices.
- The computer giant Dell will also be laying off 10,000 of its staff, which like Intel it attributes to its restructuring and takes sixth place in this list.
- The oil giant Chevron takes the seventh position with its recent announcement of its decision to lay off 7,500 workers due to low oil prices.
- While Buffet LLC takes eighth place, by laying off 6,000 of its staff due to bankruptcy.
- Devon Energy takes the ninth position with 6,000 layoffs, which it attributes to low oil prices. Finally, DuPont takes tenth place by its move to lay off 6,000 workers that it claims was triggered by its recent merger with Dow Chemicals.
Warren Buffet endorsed group launches bid for Yahoo
An investment group that is backed by veteran financier Warren Buffet has joined the many bidders for Yahoo’s core internet business. This particular group is headed by Dan Gilbert, who happens to be the founder of Quicken Loans and also the owner of the Cleveland Cavaliers. Yahoo started to receive bids since April, and numerous big tech giants and media groups have been rumored to have expressed their interest.
Verizon has been widely deemed by industry insiders as the most likely to win the bidding process. Of late, it has been venturing into the digital content and advertising sphere. Verizon quite recently bought AOL for a reported price of more than 4 billion. During its heydays at the turn of the century, Yahoo had a worth of $255 billion. However, thanks to a series of costly errors and six CEOs in the past years, its worth has fallen to only $35 billion.
Forbes releases its world top 20 best countries for business list
Finally, another piece of news in the business world this week is Forbes highly anticipated top 20 best countries for business list. For the second year in a row, Denmark has been named by Forbes Magazine as the top country for business. Forbes has been publishing this global “league table” for the past ten years now. The release of this listing came in the wake of World Bank ranking Denmark as the top country in Europe in its “Doing Business” report.
Danish foreign affairs minister, Kristian Jensen, has welcomed the new Forbes ranking. He stated that the recurring international recognition of the Danish business climate would be able to attract many more foreign companies to invest in his country. This state of affairs in the Danish business climate has been attributed to this European nation having a flexible labor market.
Companies operating in Denmark can easily hire or fire their employees at will. While most of the out of work Danish adults are in a position of accessing unemployment benefits, totally unlike most other European nations. Additionally, the Danish workforce is also reported to be arguably the most productive in the whole of a Europe, and there are virtually no restrictions regarding overtime work`.
This and many other factors have enabled quite a large number of companies operating in Denmark to conduct their business operations on a 24/7/365 basis. Hence the unanimous recognition by the World Bank and Forbes Magazine. Hope that this review of news in the business world this week has been insightful to you.