Business
Dyson To Cut Nearly One Third Of UK Workforce
In a move that has sent shockwaves through the business world, Dyson, the renowned technology company behind the invention of them bag-less vacuum cleaner, has announced plans to cut nearly a third of its UK workforce. The proposal, which would see approximately 1,000 of its 3,500 UK based employees lose their jobs, is part of a broader restructuring effort aimed at preparing the company for the increasingly competitive global market.
The decision, described by CEO Hanno Kirner as “painful but necessary,” comes on the heels of a global operational review initiated earlier this year. The review, which began before the general election was called in May, is not connected to the policies of the new Labour government.
Dyson’s decision to downsize its UK workforce is the latest in a series of moves aimed at adapting to the evolving global landscape. In 2019, the company relocated its headquarters from the UK to Singapore, citing the need to be closer to its manufacturing sites and supply chains. The move was seen as a significant blow to the UK economy, with many viewing it as a vote of no confidence in the country’s business environment.
The job cuts are expected to impact Dyson’s campus in Malmesbury, Wiltshire, which will continue to serve as a major research site and home to the Dyson Institute ². The company has assured employees that those whose roles are at risk of redundancy will be supported through the process.
The announcement has sparked concerns among employees, with many expressing fears about the future of the business in the UK. The move has also drawn criticism from some quarters, with Labour’s Rachel Reeves describing it as a “significant blow” to the UK economy ⁴.
Dyson’s decision to cut jobs in the UK is not entirely surprising, given the company’s recent struggles in the country. In 2022, the company’s UK sales dropped by 10% to £376 million, despite global sales increasing from £6 billion to
£6.5 billion ². The company has also faced challenges in recent years, including the closure of its Russian operations and supply chain disruptions.
The job cuts are the latest in a series of challenges facing the UK economy, which has been grappling with the impact of Brexit and the COVID-19 pandemic. The country’s economy has been experiencing a slowdown in growth, with many businesses struggling to adapt to the new reality.
Despite the challenges, Dyson remains a highly profitable company, with revenues hitting £7.1 billion in 2023. The company has also been investing heavily in research and development, with plans to invest £100m in a new research and development hub in central Bristol ⁴.
The announcement has raised questions about the future of the business in the UK, with many wondering if the company will continue to maintain a significant presence in the
country.
While the job cuts are undoubtedly a setback for the UK economy, it remains to be seen how the company will adapt to the changing global landscape in the months and years
ahead.
Dyson’s decision to cut nearly a third of its UK workforce is a significant development that has sent shockwaves through the business world. The move is a testament to the company’s commitment to adapting to the increasingly competitive global market, even if it means making tough decisions. As the company navigates this challenging period, it remains to be seen how it will emerge from this process and what the future holds for its UK
operations.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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