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McDonald's CEO Chris Kempczinski recently sent a letter to employees around the world saying the company will roll out cost-cutting programs, launch a massive restructuring, eliminate some jobs and lay off staff.

Please remove if already posted. If not please help to rename the title. Looks like a brighter future for bus commuters ..... if they succeed, http://www.sgcarmart.com/news/article.php?AID=12931 The Straits Times reported that Tower Transit which had submitted the third lowest bid, will operate the new Bulim Bus Depot - off Jurong West Avenue 2 - and 26 bus services from the Jurong East, Bukit Batok and Clementi bus interchanges progressively from the second quarter of 2016. These services are currently run by SMRT and SBS Transit. The company will get an estimated total fee of $556 million over the five-year contract period to run the services. Feeder services will run at shorter intervals of six to eight minutes. The current fleet of 290 buses serving the zone will grow to about 380. The Land Transport Authority said that commuters can expect higher service levels as all bus services will have scheduled headways of no more than 15 minutes in both directions during the morning and evening peaks. "The restructuring of the public bus industry and the injection of more competition will bring about even higher bus service levels for commuters. With bus contracting, the Government will plan bus services and can thus be more responsive to changes in ridership and commuter needs," said LTA's chief executive officer Chew Men Leong. Under the new regime, the Government owns the buses and other infrastructure, collects all the revenue from fares and pays transport firms to operate the routes.

Ailing PSA Peugeot Citroen Group has just been granted temporary approval by the European Union for 1.2 billion euros (S$1.9 billion) of French-backed bonds. As part of the deal to obtain final approval, PSA will have to submit a restructuring plan within the next six months to show how the group and its bank unit (Banque PSA Finance) intend to return to profitability without state help. "Now one needs to know what the commission will ask in terms of restructuring for the group and this remains unclear," said Pierre Bergeron, a credit analyst at Societe Generale in Paris. The temporary approval will allow the bank to pay back this year's maturities of 500 and 750 million euros in July and September respectively. In early 2012, PSA Group and General Motors announced the creation of a global strategic alliance to co-develop engines and a global purchasing joint venture for the sourcing of components and other goods and services. The alliance is expected to contribute to cost savings for both car manufacturers.

Fiat and Ferrari aren't the only ones undergoing a comprehensive restructuring as longtime rival (both on and off the track) McLaren has announced a major reorganization of its operations and several management changes. The biggest shift for McLaren is the split between McLaren Automotive (which will produce the new MP4-12C supercar) and the McLaren Group (which operates the racing team). The roadcar unit is being split off into its own operation, based out of the McLaren Production Centre, which shares its grounds with the McLaren Technology Centre next door. The two companies will now report to two separate boards, which will in turn be accountable to separate shareholders. But to keep things sufficiently confusing for the rest of us, most of the key players

Citigroup planning 'large' job cuts: report NEW YORK (AFP) - - Citigroup, America's second biggest banking group by market worth, is planning "large" job cuts just seven months after it announced a mass layoff of 17,000 employees, a media report said Monday. The CNBC business television channel said Citigroup, which has seen its finances stretched by multibillion dollar writeoffs largely tied to mortgage investments, was preparing a second round of big layoffs. Citing people with knowledge of the matter, CNBC said the total number of employees affected could be as high as 45,000. Citigroup currently employs 275,000 staff, according to its website. A Citigroup spokesman said the bank was assessing ways to cut costs. "We are engaged in a planning process in anticipation of our new CEO and our business heads are planning ways in which we can be more efficient and cost effective to position our businesses in line with economic realities. Any reports on specific numbers are not factual," the Citigroup spokesman told AFP. The banking giant is reeling from its exposure to the US housing slump and a related credit squeeze. The banking behemoth is also searching for a new chief executive officer after former CEO Charles Prince stepped down on November 5 as Citigroup revealed it was facing likely investment writeoffs of between eight and 11 billion dollars. Analysts at Goldman Sachs believe the company could be forced to absorb eventual writeoffs of up to 15 billion in the coming quarters as the housing and credit markets show no sign of improving anytime soon. Citigroup announced 17,000 job cuts on April 11 as part of a global putsch by top executives to overhaul its operations and save several billion dollars in costs. Mmz.. even the CEO can be ... with the new restructuring in place, any citibankers going to be affected? [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop] [sweatdrop]