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BMW Cutting Jobs in Germany - Reason, $ to Euro Exchange Rate

Discussion in 'Member Introductions' started by CraigBMW2002, Mar 1, 2008.

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    This was the lead story on the Deutsche Welle TV news on February 28. Deutsche Welle is the overseas service of German public broadcasting. If you would like a transcription of the German language text, or the video clip, please email me.

    Craig - BMW CCA member #4264

    from GERMANY
    DATE: February 28, 2008 (THURSDAY)
    SELECTION: From the Beginning of the News Broadcast.


    News Anchor Birgit Keller: Thousands of jobs will be eliminated. Despite record profits, large German corporations are planning job cuts. Whether you are talking about laundry detergent maker Henkel, or Siemens or now the auto manufacturer BMW, the companies want to increase their profitability and are letting people go in grand style. Politicians and the unions are outraged - BMW alone is cutting 8100 positions. Employees are reacting to this cost cutting with anger and indignation.
    Reporter Michael Wetzel: Shift change outside the BMW (motorcycle) plant in Berlin. The workers are worried and upset because the job reduction primarily impacts the plants in Germany.
    First BMW Worker: "No matter how you see it, it is not very good, because just a few months ago they were saying that they are taking the high road. But now they are going ahead with job cuts, and so BMW is indeed going in a different direction."
    Second BMW Worker: "Of course, everyone is hoping that is won't hit us, not at our plant."
    Reporter Michael Wetzel: Costs should be reduced. By 2012, BMW wants to save six billion Euro. This should improve the bottom line and should really make the stock-holders happy because since hitting a record high in June of 2007, the stock price has lost almost a third of its value. This cost reduction program should give the stock price a push upward. But for BMW employees, it could even get worse. If the Euro exchange rate remains stuck at $1.50, the word today in Munich that another job cut would be on the way - with the total number of positions eliminated over 8100.

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