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European companies cut jobs as economy falters By Reuters

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© Reuters. FILE PHOTO: The H&M logo is displayed outside the store on its closing day, as the fashion retailer exits the Russian Market, in Moscow, Russia, on November 30, 2022. REUTERS/Evgenia Novozhenina

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(Reuters) – Decades-high inflation and the impact of the war in Ukraine are forcing companies across Europe to lay off workers or freeze hiring.

Here are some of the companies that announced the cuts:

Airlines, cars, travel

* Air France: Le Figaro reported in June that the main French airline was in talks to lay off nearly 300 ground jobs through voluntary layoffs.

* Finnair: The Finnish airline will cut about 150 jobs, 90 of them in its home country, as part of a plan to return to profitability.

* Michelin: The tire maker plans to cut 1,600 jobs in France, which is less than the 2,300 estimated in its initial voluntary redundancy plan as it seeks to protect production.

STELLANTIS: The world’s fourth-largest automaker has indefinitely laid off an unspecified number of workers at its Michigan stamping plant to mitigate supply chain impacts.

Industry and engineering

Alfa Laval: The Swedish engineering group has launched a restructuring campaign in its power and marine units affecting around 500 employees.

* HUSQVARNA: The maker of garden equipment and tools will cut 1,000 jobs, the vast majority of which are related to switching from gasoline to battery-powered tools.

* SIEMENS GAMESA: The Spanish wind turbine maker plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability

* VALMET: Valmet launched negotiations in May to lay off workers temporarily at its valve factory in Helsinki for up to three months, affecting about 340 employees, due to lower orders due to the war and China’s COVID-19 restrictions.

Food, general and consumer goods retailers

* CLAS OHLSON: The Swedish hardware store chain said it would cut about 85 full-time jobs among other measures to achieve cost savings and reduce consumption.

* H&M: The Swedish fashion giant, which employs nearly 155,000 people, will cut about 1,500 jobs as part of a campaign to save 2 billion kronor ($189.5 million).

* ICA Gruppen: The Swedish retailer said it would cut about 200 jobs due to rising costs, inflation and lower disposable income in order to save about SEK 1 billion a year.

– Jeter: A source told Reuters that the Turkish grocery express delivery company plans to cut 14 percent of its employees globally due to high inflation and costs.

Salmar: A Norwegian fish farmer has announced 851 temporary layoffs as the Norwegian government plans to raise taxes on salmon farms to help them fight inflation.

* HENKEL: The German company behind Schwarzkopf will cut about 2,000 jobs due to lower demand for its products, as well as rising costs and global supply chain issues.

Banks and Finance

* KLARNA: The Swedish payments company cut 10% of its 7,000-strong workforce after rampant inflation and the war in Ukraine hit business sentiment.

* MONTE DEI PASCHI DI SIENA: The Italian state-owned bank has agreed with the unions to cut 4,125 employees, out of a total of 21,015, by the end of the year through a costly and voluntary early retirement scheme.

Technique

* Philips: The Dutch medical equipment maker will cut about 4,000 jobs, or 5% of its workforce, to cope with falling sales and after a massive recall of its breathing machines.

* SINCH: The Swedish cloud communications company will lay off 150 employees, roughly 4% of its workforce, as it targets total savings of at least SEK 300 million annually.

else

* BASF: The German chemical maker announced a new savings program that will include an undisclosed number of job cuts, and later said its European operations needed a “permanent” downsizing.

Source: Regulatory filings, Reuters stories, and corporate websites

($1 = 10.4142 SEK) (This story has been rewritten to fix a typo in the title)

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Red Flags That Your Spouse Is Hiding Money (And What To Do About It)

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Marriage can be hard enough without one spouse hiding money from the other.

When financial infidelity occurs in the form of “hidden cash,” a marriage or a live-forever relationship can easily be ended.

The truth is About 30% of American couples suffer from financial infidelity. Other evidence shows that more than 75% of couples describe the hidden money situation as negative and common 10% of these scenarios end in divorce.



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US judge orders Norwegian Cruise Line to pay $110m for use of Cuba port By Reuters

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© Reuters. Norwegian American Airlines cruise ship Marina arrives in Havana Bay, Cuba on March 9, 2017. REUTERS/Alexander Meneghini/File/File Photo

Written by Brian Ellsworth

MIAMI (Reuters) – Norwegian Shipping Line (NYSE) has to pay $110 million in compensation for the use of a port confiscated by the Cuban government in 1960, a US judge said Friday, marking a significant milestone for Cuban Americans. Who are seeking reparations for the Cold War era. Assets confiscation.

The decision by US District Judge Beth Bloom in Miami follows her decision in March that use of the Havana Cruise Terminal constituted smuggling of forfeited property belonging to the plaintiff, Delaware-registered Havana Docks Corp.

The decision read: “The judgment is made in favor of Plaintiff Havana Docks Corporation and against Norwegian Cruise Line Holdings, Ltd.”

“The plaintiff was awarded $109,848,747.87 in damages,” it says, adding that the Norwegian must also pay an additional $3 million in legal fees and costs.

Norwegian Cruise Line did not immediately respond to a request for comment.

Cuban President Miguel Diaz-Canel has sharply criticized the Helms-Burton Act, calling it an extraterritorial violation of international law.

Havana Docks also sued Carnival Cruise Lines (NYSE: ), Royal Caribbean (NYSE:) and MSC under the Helms-Burton Act, which allows US citizens to sue over the use of property seized in Cuba after 1959.

The ruling could fuel more lawsuits by Cuban exiles pursuing claims, worth $2 billion, according to one estimate, over asset seizures under late Cuban leader Fidel Castro.

It may also serve as a reminder to multinational companies of the complexities that can come with doing business in Cuba.

In 2016, US cruise ships began traveling to Cuba for the first time in decades after a détente negotiated by former President Barack Obama eased some provisions of a Cold War US embargo.

But the Trump administration in 2019 ordered a halt to all such cruises amid efforts to pressure Cuba over its support for Venezuelan President Nicolas Maduro, Washington’s ideological foe.

The Trump administration has also allowed US citizens to sue third parties for using property seized by Cuban authorities, a provision of the Helms-Burton Act that every previous president has waived since the law was passed in 1996.

Havana Docs says Cuba, which has been under a US trade embargo for decades, has never compensated it for taking the drug.

The four cruise lines sued in 2019 in the US District Court for the Southern District of Florida. Bloom in March held the companies liable for damages under the Helms-Burton Act, also known as the Libertad Act.

According to the US-Cuban Economic and Trade Council, a nonprofit organization that provides information on relations between the two countries, 5,913 validated claims related to property seized in Cuba represent an estimated liability of nearly $2 billion.

Forty-four lawsuits have been filed under Title III of the Helms-Burton Act, the organization says.

“For the current plaintiffs of Cuban descent, (the decision) will give them a moment of relief,” said John Cavulich, the group’s president. “It will give them a moment to say ‘You can run but you can’t hide,'” Cavulich said.

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Is a Royal Caribbean or Carnival beverage package worth it?

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An all-inclusive beverage package that gives you access to beer, wine, liquor, bottled water, soda, specialty coffee, and even shakes/juices may cost more than your cruise fare.

This is especially true right now when many cruise cabins are being sold at discounted prices while the drinks package prices have gone up.

Deciding whether to purchase a drink package is a challenge because you have to estimate whether you will be drinking enough to cover the cost. Or, more importantly, whether you’d spend more if you decided not to purchase a drink package.



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