Saturday 26 November 2022
Cost cutting

HSBC to freeze salaries, hiring in 2016 to cut costs

Europe's largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, two sources familiar with the matter told Reuters. An email was sent to staff on Friday detailing the latest cost-saving meas


Gulf Air restructuring drive saves $67m

Gulf Air, the national airline of Bahrain, reported BD25.5 million ($67.62 million) in cost savings last year, following the adoption of several restructuring initiatives, said its chief executive. 'I am glad to report that our several


Citadel narrows Q3 losses on cost cutting

Egyptian private equity firm Citadel Capital said on Sunday it narrowed third quarter losses by 30 per cent in 2011 despite a challenging local and regional environment. The company said it made a standalone net loss of 20.7 million Egypt


Panasonic to hack 40,000 jobs to cut costs

Japanese consumer electronics giant Panasonic Corp will slash 40,000 jobs over the next two years in a bid to pare costs and keep up with ever-harsher competition from Asian rivals, a source said on Thursday. The company, which employs abo

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