Business & Finance
Breaking ranks with most other major airlines, Lufthansa said it plans to hire 2,550 more employees if "the market remains stable." The German carrier said it needed flight attendants, pilots, and ground-support staff, mostly at its Frankfurt and Munich terminals. Lufthansa is Europe's second-largest passenger airline and the world's No. 2 cargo carrier.
A deep new round of layoffs is expected to be announced as soon as today by Fidelity, the largest US manager of mutual funds, The Financial Times reported. In its online edition, the newspaper said the cuts all in the company's US operations would amount to 10 percent of the workforce, or at least 3,000 employees. Citing a source "close to Fidelity," The Financial Times said the company lost $2 billion in revenue from 2000 to 2001 and appears likely to lose another $1 billion this year.
Bombardier, the giant Canadian builder of transportation systems, will lay off almost 2,000 workers in its aerospace division, published reports said. The company, based in Montreal, also said it is halting aircraft production there and in Toronto temporarily, affecting another 1,600 workers. The jobs cuts will come mostly in Canada but also will include plants in Wichita, Kansas; Tucson, Ariz., and Belfast, Northern Ireland.
Officials of Prudential would neither confirm nor deny a union's claim that just under 1,000 jobs would be transferred from Britain to Bombay, India, over the next two years. Company employees already had been notified of the plan, which is aimed at saving 80 percent in salary costs for the affected jobs, the union said. Prudential, which is based in London, is not affiliated with the US underwriter of the same name.