April 4, 2012 |
Yahoo Inc.'s decision to slash 14% of its workers is the biggest restructuring in the company's history, an analyst said. About 2,000 workers will be laid off, the Sunnyvale, Calif., company said Wednesday. It expects to record a pretax expense of $125 million to $145 million, most of which will come in the second quarter. "It may be the only way CEO [Scott] Thompson can effectively focus on the next generation of Yahoo," Think Equity analyst Ronald Josey said in an research note.
March 20, 2012 |
Looks like Oprah Winfrey has had one of her trademark "aha!" moments. Winfrey and Discovery Communications Inc., partners in the Oprah Winfrey Network, announced cutbacks and an executive restructuring at the struggling cable channel. The moves follow OWN's decision Friday to cancel its high-profile Rosie O'Donnell talk show and will result in 30 staffers being let go and executives from Discovery Communications being brought in to oversee key operations. The changes come as OWN continues to struggle to find its voice.
March 10, 2012 |
Better a big loss than chancing even greater losses. That's the bet that big banks and private investors wagered on, the Greek Finance Ministry said Friday, when they agreed to commit $227 billion of their holdings of Greek bonds to a debt restructuring deal designed to offer assurances to the world that a Greek default can be stalled. The landmark exchange, the largest debt restructuring in history, buys time for the small Mediterranean nation to fix its economy while clearing the way for a new injection of bailout funds toGreece'scash-strapped coffers.
March 6, 2012 |
He has only been on the job for two months, but Yahoo's new chief executive, Scott Thompson, is already preparing a bold plan to turn around the struggling Internet company. Thompson is weighing a significant restructuring of Yahoo that could include thousands of layoffs, according to technology blog All Things D. The moves, the first major ones from the former PayPal president, could be announced as early as this month, Kara Swisher reported, citing anonymous sources. Yahoo recently hired the Boston Consulting Group to focus on the cuts to its products group.
January 20, 2012 |
Eastman Kodak Co.'s grand days as a vanguard American company, responsible for the millions of photos stuffed in family albums and shoe boxes across the country, seemed far away when the company finally filed for a long-expected bankruptcy. But although many knew that Chapter 11 restructuring was coming for the storied brand - long buckling under competitive and technological pressures and liquidity woes - the announcement still left many in a somber mood. "There's a romanticism that everybody feels with Kodak - it's like holding a blank canvas," said Damon Berger, co-founder of the Disrupt/Group production house in Hollywood.
November 5, 2011 |
Before a noticeably cool but polite audience of conservative activists, Mitt Romney redoubled his efforts Friday to align his agenda with that of the tea party — laying out a plan to slash $500 billion from the federal budget, in part through major changes to the nation's entitlement programs. Romney's proposals to reduce federal spending to 20% of the nation's gross domestic product by 2016 were far-reaching but often lacked specifics. The former Massachusetts governor said he would lower the cost of Social Security by raising the eligibility age for benefits, but he did not specify how quickly those changes would be phased in. He estimated that he could achieve tens of billions of dollars in savings by capping the cost of Medicaid, the federal program that provides medical care to the poor, and allowing the states to take it over — a move his campaign said would "empower them to innovate.
August 17, 2011 |
Here's the good news about the pageant of economic fecklessness staged this summer by Congress and the White House: The widespread voter disgust it generated improves the chances for President Obama to reset the debate by proposing a set of bold initiatives. Obama is wrapping up a three-day bus tour of the Midwest to promote a jobs package. Thus far his program's ambitions are meager indeed, encompassing a $30-billion infrastructure improvement bank and $160 billion from unemployment and payroll tax extensions.
July 18, 2011 |
After more than 50 years of high school sports competition, Van Nuys Montclair Prep, a private school in the San Fernando Valley, announced Monday it will discontinue its sports program, stunning alumni and creating a scramble for its top athletes with eligibility remaining. "As a result of this economy and overwhelming requests for financial aid, we had to restructure," said the school's director, Mark Simpson. Besides the sports program being eliminated, the school, which was founded in 1956, will no longer offer financial aid and will drop its teaching program for seventh- and eighth-graders, becoming a 9-12 school.
CALIFORNIA | LOCAL
June 19, 2011 |
Restructuring the Costa Mesa Police Department to reduce costs could put the city at risk for more crime and mean fewer officers dedicated to traffic enforcement, narcotics operations and other specialties, the police chief warned. But some city officials — trying to shore up the budget — said there may be little choice but to follow at least some of a consultant's recommendations to restructure the force. Such reorganization, the consultant says, would save $1.3 million the first year and $1.8 million annually afterward.