- Friday, 31 July 2009Oil giant Royal Dutch Shell is to axe thousands of jobs as it adjusts to the lowest global demand for oil since 1980.
The company, which currently employs over 100,000 people, is to make the cuts in response to a 70 per cent decrease in profits in the second quarter of this year.
News of further job cuts will add fuel to the fire concerning the rise of debt help needs both within the UK and Europe as increased unemployment raises the likelihood of more people requiring debt help.
Peter Voser, Royal Dutch Shell chief executive, said: "We simply don't know when the global economy will recover and we have to plan on the basis that this downturn could last quite some time."
The global demand for oil has fallen by more than two million barrels per day - the greatest decrease for nearly 30 years.
Shell made 17,000 jobs cuts between 2003 and 2008.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960