ArcelorMittal Spain ink temporary layoff plan
The News Review:
- ArcelorMittal Spain ink temporary layoff plan
- Jobless Rate in Europe Rises Further
- Spain to start housing rebound in 2012-BBVA
ArcelorMittal Spain ink temporary layoff plan
Reuters
AS) theworld’s largest steelmaker said it has sealed a deal with theSpanish government allowing temporary layoffs among its 12000Spanish workers in response to falling global demand for steel. The agreement made on Wednesday is valid until the end ofthe year and may be extended until June 1 2010 depending onmarket conditions ArcelorMittal said. The company’s move in Spain is part of its larger bid tocombat weak demand and soft prices by curbing productiontemporarily. Similar deals have been struck in other countriesin Europe. It added the number of lay-off hours would be limited to 40percent of the total number of working hours of the entireworkforce during the period. Arcelor said it has not yet sent any of its Spanish workershome but was currently evaluating its Spanish plants to seewhere temporary layoffs should be made. “This temporary lay-off plan will enable the company toadapt the activity of each plant to the actual volume of ordersthey are receiving” ArcelorMittal said in a statement.
Jobless Rate in Europe Rises Further
New York Times
8 percent in April 2008. Although there has been some evidence in recent weeks that the economic decline that intensified in Europe in the second half of last year is beginning to ease economists say that the labor market lags behind many economic indicators and that unemployment commonly rises after a downturn. Among European Union members the highest unemployment rates were seen in Spain at 18. 1 percent and Latvia with 17. The lowest unemployment rate was 3 percent recorded in the Netherlands followed by 4. 2 percent in Austria.
Related from Rop-jo: Poland Jobless Rate Falls In April
Spain to start housing rebound in 2012-BBVA
Reuters
BBVA said prices would fall 30 percent from their 2007 peakto the end of 2011 compared to a trebling of prices in the 10years to 2007. Sales have tumbled 34 percent in the year to March accordingto government figures amid Spain’s worst recession since the1936-39 Civil War and tight lending conditions. “It seems reasonable to assume that a good part of theadjustment could be over by 2012″ Mayte Ledo chief scenarioseconomist at BBVA’s research department said in a presentationto journalists in Madrid. The bank the country’s second biggest said it estimatedSpain had approximately 1. 2 million unsold new homes after aspeculative bubble encouraged a decade of rampant building alongthe coast and ringing almost every major town and city. The market would only start to absorb the extra stock fromthe first quarter of 2010 BBVA said as builders request lessthan 200000 new home permits this year and next compared toover 800000 in 2006.
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