{"id":17885,"date":"2016-02-17T11:56:36","date_gmt":"2016-02-17T16:56:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17885"},"modified":"2016-02-17T11:56:36","modified_gmt":"2016-02-17T16:56:36","slug":"bombardier-thanks-canada-for-1-billion-bailout-by-firing-7000-people","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17885","title":{"rendered":"Bombardier Thanks Canada For $1 Billion Bailout By Firing 7,000 People"},"content":{"rendered":"

Bombardier Thanks Canada For $1 Billion Bailout By Firing 7,000 People<\/a><\/h3>\n
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Back in October, Quebec\u00a0put taxpayers on the hook<\/a>\u00a0for a $1 billion bailout of planemaker Bombardier, which was having one hell of a hard time creating a buzz around its CSeries commercial jet program.<\/p>\n

Bombardier has been around for nearly 8 decades and employs more than 40,000 people in the province. The company\u2019s role in the provincial economy is \u201cincalculable,\u201d Quebec\u2019s Economy Minister Jacques Daoust said last year. \u201cHow can I let them go?<\/strong>\u201d he asked.<\/p>\n

For its money, Quebec would get a 49.5% stake in a new business that will own the assets and liabilities of the CSeries commercial jet program, which isn’t exactly going well. In exchange, the company promised to manufacture the aircraft in the province for at least 20 years. \u201cHow confident is Quebec that this will fan out for the economy and taxpayers?\u00a0That\u2019s what we don\u2019t know<\/strong>,\u201d Paul Boothe, a former senior Canadian official who was the federal government\u2019s lead negotiator with the domestic units of GM during bailout talks in 2009 said at the time.<\/p>\n

Well, now we do know. On Wednesday,\u00a0Bombardier announced it\u2019s cutting 7,000 jobs as part of a \u201cglobal workforce optimization.<\/strong>\u201d<\/p>\n

\u201cImpacted positions are mostly based in Canada and Europe,\u201d the company said this morning, after reporting results that missed estimates on both the top and bottom line. Here\u2019s the breakdown:<\/p>\n

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So obviously that sounds bad, but don’t worry because the job losses will be “partially offset” by hiring in “certain growth areas.” Like the CSeries program. Which is “growing” so fast that the company had to take a $1 billion bailout from the provincial government to shore it up.<\/p>\n

“Production rates for some models have been modified,” Bombardier goes on to say, in an attempt to explain the layoffs, “due to macroeconomic conditions<\/strong>.” For those who don’t read a lot of quarterly reports, that’s a polite way of saying this: “demand is really, really soft.”<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bombardier Thanks Canada For $1 Billion Bailout By Firing 7,000 People Back in October, Quebec\u00a0put taxpayers on the hook\u00a0for a $1 billion bailout of planemaker Bombardier, which was having one hell of a hard time creating a buzz around its CSeries commercial jet program. Bombardier has been around for nearly 8 decades and employs more […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2015,10348,103,1379,4318],"class_list":["post-17885","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bailout","tag-bombardier","tag-canada","tag-quebec","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17885"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17885\/revisions"}],"predecessor-version":[{"id":17886,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17885\/revisions\/17886"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}