Lucid Group announced an 18% reduction in its U.S. workforce, the elimination of the COO role, and the departure of Marc Winterhoff, aiming for $158 million in annualized cost savings. The move includes cutting a production shift at its Arizona factory and is part of efforts to align production with demand and reduce inventory.
Life Insurance Corporation of India has launched two new joint life insurance savings plans: LIC’s New Jeevan Sathi Single Premium and LIC’s New Jeevan Sathi Limited Premium. These non-par, non-market linked plans offer couples financial protection and long-term savings with guaranteed additions and fixed benefits.
Staff warned news operations face 15% cut, above BBC-wide 10% target, as corporation pushes through £600m savings planThe BBC’s news operation is to cut costs by a steeper-than-expected 15%, with staff told to expect heavy redundancies.The division, home to about a quarter of all BBC staff, is being saddled with one of the highest cost-cutting targets as the corporation attempts to cut as many as 2,000 jobs in the biggest downsizing of the public service broadcaster in 15 years. Continue reading...
Whitbread, owner of Premier Inn, announces 3,800 job cuts in UK and Ireland as part of a five-year plan to save £250m and overhaul restaurant operations. The company will replace restaurants at 197 hotels with an integrated food and drink model and cut £1bn from its capital building programme. Pre-tax profit fell 19% to £298m for the year to February.
