AP – The House passed the most ambitious restructuring of federal financial regulations since the New Deal on Friday, aiming to head off any replay of last year’s Wall Street failures that plunged the nation deep into recession.
Filed under: Software
TechCrunch, among other news outlets, reports that Adobe is cutting 680 employees as part of a restructuring plan. This is roughly 9 percent of the company’s workforce. The news comes on the heels of Electronic Arts’ decision to layoff 1,500 workers and a reduction of 600 from Adobe back in December. Adobe had purchased Omniture in September and reduced its workforce by 9 percent at that time.
The cost of restructuring for Adobe will total between $65 and $71 million, the TechCrunch article says.
The layoffs come just after Adobe announced that Flash Professional CS5 will be able to turn Flash projects into iPhone apps. The company has also recently released a version of its Photoshop.com Mobile app for the iPhone [iTunes link].
TUAWAdobe layoffs strike home, 680 to lose jobs originally appeared on The Unofficial Apple Weblog (TUAW) on Tue, 10 Nov 2009 23:30:00 EST. Please see our terms for use of feeds.
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Joost, the P2P online video service once hailed as the new way to watch TV, has announced that it’s ditching its consumer video offerings. Instead, the company plans to offer services to other media companies—such as cable and satellite providers—as a “white label video platform.” The company will be doing quite a bit of restructuring in order to accommodate its new role by shedding employees and replacing its CEO.
Joost originally sprang forth from the minds of Skype’s Janus Friis and Kazaa’s Niklas Zennström in 2006, dubbed originally as The Venice Project. The service was launched with the goal of offering ad-supported television content over the Internet, but through a distributed streaming model like that of BitTorrent—instead of pulling video content from a central server, it would instead stream it from multiple users around the ‘Net.
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Go to Hulu beatdown leads Joost to say goodbye to consumer video
AP – General Motors Corp.’s board of directors met for a second day Saturday to make the final decision on whether the automaker would complete its restructuring by filing for bankruptcy protection Monday.
Filed under: Car Buying, Hirings/Firings/Layoffs, GM, Earnings/Financials
General Motors Canada has announced that it has begun notifying its dealer body that it will be culling its sales networks by some 42 percent. The massive cut means that GM’s 709 dealers will be trimmed by around 245 stores. The cuts will come as the restructuring automaker will elect to not renew its sales and service contracts come October 2010.
It is not immediately clear how many of those stores are from marques that GM is looking to divest or fold (Hummer, Pontiac, Saab, Saturn), but it is estimated by the Canada Automobile Dealers Association that some 10,000 jobs related may be affected by the cuts. Official press release after the jump.
[Sources: CBCNews; General Motors]
Continue reading GM slashes Canadian dealership network by 42%
GM slashes Canadian dealership network by 42% originally appeared on Autoblog on Thu, 21 May 2009 10:57:00 EST. Please see our terms for use of feeds.
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AP – Chrysler will file for bankruptcy after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan, two administration officials said Thursday.
AP – General Motors Corp. could be majority owned by the federal government under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand.