Peugeot-Citroen cuts 8000 jobsJuly 12, 2012 - 18:36 AMT PanARMENIAN.Net - Struggling French carmaker PSA Peugeot-Citroen has announced a drastic cost-cutting plan to slash 8,000 jobs in France and close a factory north of Paris, as it faces diving sales in crisis-hit southern Europe, Belfast Telegraph said. Union members vowed to fight back and are planning protests. Company management announced the job cuts and closure plan during a meeting with its worker representatives. The company, which warns it faces a first-half loss of 700 million euro this year, is trying to save one billion euro as it struggles to compete in Europe's fiercely competitive car market. It is suffering particularly amid a slump in sales in the recession-hit south of Europe. Its sales plunged 20% in Europe in the first quarter. The restructuring plan includes the closure of Peugeot-Citroen's Aulnay-sous-Bois factory, one of the biggest car plants in France and seen as a bastion of car-making and of car workers' unions. The company will also cut 1,400 jobs at its Rennes factory and 3,600 jobs in other French sites. CEO Philippe Varin told reporters that the company is losing about 100 million euro per month. "No one will be left along the side of the road," he pledged. The company is hoping a new alliance with General Motors will allow it to return to long-term profitability. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. Byblos Bank Armenia celebrates Students' Day with scholarship recipients YSU students who received scholarships from Byblos Bank Armenia gathered in a casual setting to meet with the Bank's CEO, Hayk Stepanyan. Azerbaijan extends Rune Vardanyan’s arrest by 5 months A court in Azerbaijan has extended the arrest of former Nagorno-Karabakh leader Ruben Vardanyan by five months. Armenia border residents dissatisfied with delimitation Residents Kirants are dissatisfied with the results of the delimitation of the border between Armenia and Azerbaijan. |