Bombardier to cut 10% of global workforce
Canadian transporter Bombardier is to cut 7,000 jobs over the next two years – close to 10% of its global workforce – after revenues slumped by 10% in 2015.
Bombardier, the world’s third largest maker of jet aircraft, posted revenues of $18.2 billion in the year to 31 December 2015, down from $20.1 billion in 2014.
The company said it plans to reduce the number of shares it has outstanding with a reverse stock split to boost its attractiveness to investors.
Markets have reacted favourably despite the results. It’s stock price has increased more than 30% since 16 February.
The third generation family business is chaired by family member Pierre Beaudoin who was replaced as chief executive by non-family executive Alain Bellemare in February last year.
Cemex posts strong full-year results
Mexican building materials giant Cemex has announced a net income of $75 million for its fourth quarter.
The results represent the first time net income figures at the business have shown a positive in six years.
Cemex’s cash flow for 2015 stood at $ 881 million, more than double the $399 million at the end of 2014.
According to the press release, the increase in net sales was due to higher product prices and higher sales volume, primarily in the US.
Last year the paid off the remnants of a $15 billion debt refinancing agreement that came about as a result of a facilities agreement in 2012.
Cemex was founded in Monterrey in 1906 and produces 162 million tonnes of cement each year.
Walmart forecasts sluggish sales growth
Declining prices for grocery products and sluggish demand for apparel has hit Walmart in its quarterly results, with sales up just 0.6% compared to the same period last year.
For the full year, the company reported total revenues of $482.1 billion.
The US hypermarket retailer, controlled by the second generation of the Walton family, said it expected net sales to be flat in the new fiscal year, down from previous forecasts of 3 to 4% growth.