NEWS Intel starts global cuts as Irish staff in the dark
Chip giant Intel has begun the process of trimming more than 15,000 jobs from its workforce around the world as part of a big cost-cutting plan to get the company back on track. Intel said earlier this month that it would cut more than 15% from its
workforce worldwide and suspend its dividend in a bid to slash costs and turn around the once-leading chipmaker’s business. The restructuring is hoped to save $10 billion in 2025. The company said it would offer early retirement and voluntary redundancies to staff, with the packages varying according to location. Irish-based workers are understood to be waiting for further detail on before the full scale of the departures is known. There is little detail so far on the plans for Intel’s Irish workforce, which stands at more than 5,000. A spokeswoman for the company did not employed in Ireland, although the company said it would be following all
Irish manufacturing hit year-long low in June
The AIB S&P Global manufacturing PMI for Ireland sank to 47.4 in June, down from 49.8 in May, indicating the sector’s fastest contraction in a year. growth since late 2022. Firms have blamed the drop on the challenging economic climate, which is dampening both domestic and international demand. New export global headwinds. Despite Ireland’s domestic economy showing 1.4% growth in Q1
2024, manufacturers are cutting inventory levels and facing employment challenges as demand falters. Increased cost pressures are adding further strain, making it tough for the sector to bounce back. The decline in Irish manufacturing could signal broader economic implications, particularly for investors eyeing the Eurozone’s stability. Ireland’s manufacturing struggles highlight a critical issue: the wavering global demand. As countries grapple with economic instability and This environment compels policymakers worldwide to recalibrate
strategies, ensuring domestic policies are robust enough to withstand such external pressures. The situation serves as a bellwether for potential economic slowdowns in other manufacturing-reliant nations.
local laws when implementing the packages. The company has invested billions in its campus in Leixlip, Co Kildare, where it recently opened Fab 34 to manufacture its new generation of chips.
Grant scheme opens for food and drink manufacturing in NI
More than £40 million of government grants are being made available to Northern Ireland food and drink manufacturers. The £46m scheme is part of the economy minister’s plan to boost poor productivity. One aspect of Northern Ireland’s productivity problem is its relatively
low rate of investment. The new grants’ scheme aims to encourage investment by covering up to 35% of the cost of new equipment. It should unlock around £300m of private sector spending over the
next four years. The scheme is being run by the economic development agency Invest NI. Kieran Donoghue, Invest NI’s chief executive, said: “The aim of this new
initiative is to improve the overall competitiveness of Northern Ireland’s agri-food and drink processing sector. “To this end, we are particularly seeking projects which are innovative and demonstrate how they will improve the productivity and sustainability of the business.”
4 August 2024 Irish Manufacturing
www.irish-manufacturing.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44
