Avon Eliminating Hundreds of Jobs; Leaves Ireland
NEW YORK — Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe, including an exit from Ireland. The company said Monday that the job cuts, which equate to about 1 percent of Avon’s 39,100 employees, will occur across all regions and segments. It is part of a turnaround plan under CEO Sheri McCoy, with the goal of achieving mid-single digit percentage revenue growth and $400 million in cost savings by 2016. Avon expects to complete almost all the cuts before year’s end. The New York company will take charges of around $35 million to $40 million before taxes and expects annualized savings of between $45 million and $50 million. (MORE: Report: Google Fiber Coming to Austin as Cities Race to Increase Web Speeds) The jobs cuts come on top of the 1,500 positions trimmed in December, when the company announced that it was exiting Vietnam and South Korea. The direct seller of beauty products ...
South Korea Warns Military Action An 'Option'
The country's defence minister says he will consider military force as China expresses "serious concern" over Korean peninsula.
BRICS "Big Five" find it hard to run as a herd
DURBAN, South Africa - At a summit in South Africa on Wednesday, Vladimir Putin likened the BRICS nations - Brazil, Russia, India, China and South Africa - to Africa's "Big Five" game beasts of trophy hunting lore - the lion, elephant, buffalo, leopard and rhinoceros.
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A bank of, for, and by, the developing world
Leaders of the BRICS nations -- Brazil, Russia, India, China and South Africa -- are wrapping up a summit today. They have a new plan to create a bank to fuel economic growth in the developing world.
China, Brazil sign local currency trade deal
DURBAN, South Africa -- China and Brazil signed an agreement Tuesday to do billions of dollars of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro....