American Express plans to cut 5,400 jobsJanuary 11, 2013 - 12:15 AMT PanARMENIAN.Net - American Express has announced plans to cut 5,400 jobs worldwide from its total workforce of 63,500 by the end of 2013, BBC News reported. The credit card provider said it took almost $600m (£370m) in after-tax charges in the fourth quarter of 2012. The company said that these charges would halve its net profit for the quarter from $1.2bn to $637m. It said the majority of the job losses would be in its travel business, which is being "fundamentally reinvented as a result of the digital revolution". American Express said it was having to adapt parts of the business as more customers make payments online or via mobile. It added that the job losses would be spread proportionally between the US and international markets. The charges include restructuring costs of $287m mostly related to redundancy payments, $212m for Membership Rewards expenses and $95m for card member reimbursements In the fourth quarter, spending by card members was 8% higher than a year ago, the company said, "despite a brief dip in late October/early November reflecting the impact of Hurricane Sandy on consumers and businesses in the north-eastern United States". Total revenues rose 5% on the year to $8.1bn. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |