Boeing adds to job cuts

Article Abstract:

Boeing has announced plans to eliminate 20% or 48,000 positions from its 238,000-strong workforce by the year 2001, citing the reduction of its production from 51 jets a month to 38.5 by the end of 2000. The aircraft manufacturer, which blamed the Asian economic crisis for the job cuts, will increase from 28,000 to 38,000 the number of employees to be removed in 1999. An additional 10,000 will be removed in 2000. The company also announced that it expects 1999 earnings to reach $1.5-1.8 billion, down from the previously announced estimate of $2 billion.

Labor force information, Aircraft Manufacturing, Standard Jet, Boeing Co.

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Ruling expands workers' rights

Article Abstract:

The National Labor Relations has greatly expanded the Weingarten rights to include most of the 102 million non-union workers in the US. The law provides non-union employees with the right to have a co-worker sit in on disciplinary meetings with a boss that are expected to result in a performance review and a subsequent disciplinary action. Companies, interpret the law as a further intrusion by the government.

Government regulation (cont), Legal Protection

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Fleet to buy BankBoston in $16B deal

Article Abstract:

Fleet Financial Group Inc announced that it will acquire BankBoston for $16 billion in all-stock deal. The merged bank, which is still unnamed, will have assets of $180 billion and 20 million customers. Fleet CEO and chmn Terrence Murray said their acquisition was prompted by their strategic objective of attaining the size and operational scope needed to compete effectively.

Commercial Banking, Asset sales & divestitures, Acquisitions & mergers, Commercial Banks, BankBoston Corp.

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