Jobs President My MAGA! (Editorial)

by Frank Antinone

Yesterday, President Donald Trump and his band of GOP disciples gave loud claps and standing ovations over all that his highness has done over the past year in his SOTU address.  What a joke, because most of it was nothing but lies.  Most voters knew this because he had 8 million less viewers than Obama got at his address in 2013.

As you can see from articles that I put on the website today, layoffs upon layoffs.  Yes, some small companies but not all of them.  There has been over 246,000 layoffs in the last 322 days, on the current POTUS watch, he can’t blame Obama for this one.  You know the guy that brags about being the jobs president.

Trump and his cronies want nothing more than to get rid of the middle class and only have the rich and the poor.  Guess what, it’s working.  I can’t believe the middle class got him elected!  The tax cut is nothing more than a scam so the wealthy don’t have to pay taxes like before.  It isn’t for the middle class like Trump said, but he lies about everything.  But that’s OK!

The Stock Market is at an all time high, oh that’s mainly for the wealthy too.  Most of us are lucky to have enough money to put food on the table.  Let’s talk about the tax cut for us.  Ours is only temporary, until 2020.  That’s right, we get a small break at tax time.  The wealthy get a permanent tax cut.  Funny how that works!

I hope all registered voters remember this past year, and band together to vote the circus out in November!

Remember, if you elect a clown; you get a circus!

141 total views, 3 views today

Chesapeake Energy cuts 13% of workforce, mostly at Oklahoma City headquarters

Published: Jan 30, 2018 2:41 p.m. ET

About 400 jobs lost as ‘transition service agreements’ from recent asset sales have ended
Bloomberg
Chesapeake Energy CEO Robert D. Lawler
By
Tomi
Kilgore
Reporter and editor
Shares of Chesapeake Energy Corp. sank Tuesday, after the natural gas and oil exploration company laid off 13% of its workforce, primarily at its Oklahoma City campus.
The employees impacted, which numbered about 400, worked in all functions of the company. The cuts left Chesapeake’s workforce at about 2,900.
“The decision to reduce head count did not come easily for the leadership team. Dedicated, value-driven, hardworking people have been affected,” Chief Executive Doug Lawler wrote in a letter to employees. “You have my personal assurance that we are treating these employees fairly, respectfully, and with considerable effort to assist them with their personal and career transition.”
The stock CHK, -3.58% fell 5.5% in active afternoon trade. Volume topped 49 million shares, enough to make the stock the second most actively traded on major U.S. exchanges, according to FactSet.
A 1.6% drop in crude-oil futures prices CLH8, +0.20% Tuesday, on renewed supply concerns as U.S. production increases, may also be weighing on the shares. See Futures Movers.

The job cuts come as Chesapeake has divested about 25% of its wells over the past couple of years, in an effort to pay down debt. While those asset sales led to job cuts in the field, the company didn’t make corresponding staffing changes in Oklahoma City because of “transition service agreements” with the buyers of the assets.
“As those transition arrangements have now come to an end, and we continue to see increased efficiencies across the company, we needed to respond accordingly,” Lawler wrote.

The company has struggled relative to its peers and the broader market in recent years, given declining oil and gas prices and a heavy debt burden. The company has been selling off assets to reduce debt, but shares have continued to struggle despite the recent bounce in oil and gas prices.
The stock has lost 5.0% over the past three months, and closed at a 19-month low as recently as last month, while crude oil futures have run up 19% and natural gas futures NGH18, -1.34% have climbed 7.9% over the same time.
Meanwhile, analyst Jason Wangler at Imperial Capital said in a recent not to clients that well results from multiple plays “are demonstrating the success of Chesapeake’s operational improvements.” In addition, as the company’s focus on asset sales “can help as [Chesapeake] looks to reduce its debt load in the months and years ahead.”
In the company’s latest quarterly filing with the Securities and Exchange Commission, Chesapeake said it had no short-term debt, and an estimated fair value of $9.9 billion in long-term debt, as of Sept. 30, 2017, compared with $511 million in short-term debt and $9.9 billion in long-term debt as of Dec. 31, 2016.
Chesapeake is scheduled to report fourth-quarter results on Feb. 22.

135 total views, no views today

Whirlpool in the midst of layoffs

By TONY WITTKOWSKI – HP Staff Writer Jan 31, 2018 Updated 14 hrs ago

 

Whirlpool Corp.’s Riverview Campus in downtown Benton Harbor is pictured Jan. 24. The appliance maker began making job cuts at its Twin City locations this week.
Don Campbell / HP file photo

 

BENTON HARBOR — Whirlpool Corp. began making layoffs in its Benton Harbor and St. Joseph locations this week.
A Whirlpool spokesperson said there have been layoffs within the company, but did not say which departments will be affected. The company released a statement Tuesday in response to the cuts.
“Late last year, Whirlpool Corp. publicly committed to reducing global fixed costs by $150 million to better position our company for future growth and profitability. We are doing this through a number of actions that touch all of our regions,” the statement read. “Some reduction of jobs is part of those actions and those who are potentially affected have been notified. Where jobs are impacted, we are treating our employees fairly and with respect throughout the process.”

Sources familiar with the situation, who spoke with The Herald-Palladium on condition of anonymity, described the work atmosphere at Whirlpool’s Twin City buildings as “tense.”
Tuesday proved especially difficult for workers, as sources say people were escorted out of buildings.
Whirlpool has not said if more layoffs are expected this week. Whirlpool is one of Southwest Michigan’s largest employers, with about 4,000 workers in the region. The company has about 97,000 workers globally.
The company-wide layoffs comes weeks after the appliance maker announced the creation of 200 jobs at its Clyde, Ohio, plant.
Last week, Whirlpool’s fourth quarter results revealed a net loss of $268 million, due in large part because of a one-time tax charge.
Other than the job cuts and a dismal fourth quarter, Whirlpool’s 2018 is off to a good start.
President Donald Trump’s decision to impose tariffs on imported washing machines came at an opportune time for Whirlpool.

The Trump administration will slap a 20 percent tariff on the first 1.2 million imported large residential washing machines in the first year of the new policy. The tariff will increase to 50 percent on any additional machines above that number.
The tariffs are expected to help Whirlpool compete with Asian competitors like Samsung and LG.
Since last week, Whirlpool’s shares on the New York Stock Exchange have increased from $178.97 to $182.07 at the close of Tuesday.

216 total views, 3 views today