Thursday, November 29, 2007

Wolseley set to cut 1,300 US jobs

Building and plumbing firm Wolseley plans to cut around 1,300 more jobs in North America after being hit by the slowing US housing market.

The move comes after the firm reduced headcount by 1,700 in the three months to the end of October.
Low consumer confidence and the weak dollar were making trading tough in the US, it said. The firm says the combined cuts will help save the firm £60m.
Reading-based Wolseley saw its overall quarterly profits fall 15%.
Meanwhile the firm, which has the brands Plumb Center and Build Center, saw European profit rise 15% during the three months to the end of October.
"The group continues to take swift and decisive action in the more challenging business conditions" said Chip Hornsby, group chief executive of Wolseley.
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ICICI Bank is India's second-largest bank with total assets of Rs. 3,446.58 billion (US$ 79 billion) at March 31, 2007 and profit after tax of Rs. 31.10 billion for fiscal 2007. ICICI Bank is the most valuable bank in India in terms of market capitalization and is ranked third amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation*. The Bank has a network of about 950 branches and 3,300 ATMs in India and presence in 17 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance Centre and representative offices in the United States, United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established a branch in Belgium.
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