Siemens to cut 7,800 administrative jobs worldwideFebruary 6, 2015 - 16:47 AMT PanARMENIAN.Net - Industrial machinery maker Siemens AG says it will cut 7,800 administrative jobs worldwide as part of an effort to streamline the sprawling company and its many businesses, the Associated Press reports. Munich-based Siemens said in a statement Friday that 3,300 of the job losses will be in Germany. Siemens CEO Joe Kaeser said the cuts were part of an ongoing restructuring whose aim was to "get the company back on a sustainable growth path and close the profitability gap to our competitors" Siemens said the cuts would save 1 billion euros ($1.14 billion) this year alone that the company could put into growth initiatives such as research and development. As a result, it said overall head count would remain roughly the same. Siemens had 341,000 employees at year-end in more than 200 countries. 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 | Mirzoyan says meeting with Bayramov was “constructive” At the moment, Ararat Mirzoyan said, there is no basis for additional comments. OSCE vows support for Armenia “in all three directions of security” Achieving stable peace between Armenia and Azerbaijan remains a priority of the OSCE, said Ian Borg. 151 detained as civil disobedience campaigns continue in Yerevan Citizens have been blocking streets in the Armenian capital, demanding Nikol Pashinyan’s resignation. France welcomes Armenia-Azerbaijan meeting in Almaty France has welcomed the new round of negotiations between the foreign ministers of Armenia and Azerbaijan. |