4440 feel squeeze as Colgate cuts workforce
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CONSUMER goods giant Colgate-Palmolive has announced it will slash 4440 jobs and shut a third of its 78 factories worldwide in a bid to boost profits.
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US firmss have cut back on the total number of staff employed for the first time in four years, official data shows.
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Employers cut jobs for the first time in four years last month, the government reported yesterday, driving stock prices down in the United States and Europe and raising fears the slowdown in the housing and credit markets brought on by the crisis in subprime mortgages is spreading across the economy.
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Capital One says it expects to cut 2,000 jobs - about 7% of its workforce - as it battles rising competition.
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The Longaberger Co. is reducing the size of a planned layoff to 784 employees, down from its July estimate of 970. The Newark-based basket maker said the jobs will end Sept.
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Slashed earnings estimate pulls down shares.
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Colgate-Palmolive, the US consumer products company, has said that it plans to close about a third of its factories and cut more than 4,400 jobs over the next four years as part of a major restructuring effort to increase profit margins.
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Oracle Corp. ORCL.O, the  business software maker that recently acquired rival  PeopleSoft, said on Friday it plans to cut the combined work  force of the two companies by about 5,000 people, leaving a  total of 50,000 employees.
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Oracle Corp ORCL.O, the  business software maker that recently acquired rival  PeopleSoft, said on Friday it plans to cut the combined work  force of the two companies by about 5,000 people, leaving a  total of 50,000 employees.
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Legal team hunkers down Master of the "streamline," Transmeta today culled about 40 per cent of its workforce.â¦
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Stocks tumbled on Friday after data showed monthly hiring contracted for the first time in four years, fanning recession fears and adding pressure for a Federal Reserve interest-rate cut.
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Financial markets were hit hard by a disappointing jobs report.
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Colgate-Palmolive Co.  said on Tuesday it would cut about 12 percent of its 37,000-person work force as part of a four-year restructuring plan for which it anticipates after-tax charges of &#36;550 million to &#36;650 million.
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Marsh &amp; McLennan Cos., the world&#39;s largest insurer, announced a five-per-cent cut to its workforce on Tuesday, in hand with a big decline in its third-quarter results.
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Colgate-Palmolive, which makes consumer products including Ajax detergent and Irish Spring soap, plans to cut its work force by about 4,400 jobs as part of a restructuring plan aimed at boosting its sales and profits around the world.
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A demand for workers outpaced big losses from the unwinding of the housing boom and a slowing economy.
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Colgate-Palmolive Co. CL.N will cut  about 4,400 jobs, or 12 percent of its work force, and close  nearly a third of its factories under a restructuring, the  consumer products company said on Tuesday.