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Pfizer To Cut 500 Jobs At UK Site As Part Of Wider Cost Cuts

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Pfizer will cut 500 jobs at its Sandwich, Kent site in the U.K. as part of its $3.5 billion cost-cutting plan, the drugmaker said on Tuesday.

 

The U.S. drugmaker announced the cost-cutting program in October after slashing its full-year revenue forecast due to lower-than-expected sales of its COVID-19 vaccine and treatment.

 

The demand slump also pushed the company to post its first quarterly loss since 2019.

Pfizer, which employs roughly 83,000 people globally, has not disclosed how many jobs will be affected by the cost-reduction program.

“Various areas of Pfizer’s global enterprise are making changes to operate more efficiently and effectively. These changes will be implemented on a rolling basis and will differ area to area,” a spokesperson said in an emailed statement.

The company said on Tuesday it would share further details on the program as part of the full-year forecast for 2024. Pfizer is expected to report fourth-quarter earnings in late January.

The company’s shares were up 2% on Tuesday. They have lost about 42% of their value this year through last close, largely due to concerns over demand for its COVID products.

Reporting by Christy Santhosh; Editing by Shailesh Kuber and Sriraj Kalluvila

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Breaking news: Minimum Wage: Labour rejects FG’s N54,000 offer

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The organised labour has rejected the Federal Government N54,000 new minimum wage proposal.

 

According to reliable source, the meeting on the ongoing negotiations on new minimum wage has been adjourned till Wednesday after the organised labour.

 

Media report has it that the Federal Government upped its offer from its earlier proposed N48,000 to N54,000.

Tuesday’s meeting came as a result of the walkout staged by members of the organised labour following the proposal of N48,000 as minimum wage by the Federal Government during last week’s meeting.

During that meeting, the OPS had also proposed N54,000 while labour insisted on its N615,000 living wage demand.

Our correspondent who spoke to sources who attended the follow-up meeting on Tuesday learnt that the Federal Government upped its offer from N48,000 to N54,000.

“Well, during the meeting, the government increased its offer from N48,000 to N54,000. However, labour rejected that offer and the meeting has been adjourned till Wednesday,” a source who asked not to be named said.

When asked if the government’s side was showing any sign of seriousness, the labour leader said, “No seriousness at all. Even state governors did not show up. Those who represented them, like Bauchi and Niger states, did not have the mandates to speak on their behalf.

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Real Madrid’s goalkeeper shares recovery insights after two injuries

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Real Madrid goalkeeper Thibaut Courtois has opened up about his recovery journey following two serious knee injuries.

 

Courtois said, “In August, I cried because the worst thing that can happen to you in football is a cruciate ligament injury. When I returned home, I said that I was going to work hard and come back stronger. That was my idea from the beginning: to stay positive, fight, never give up, and push my limits.

 

“Many thought my season was over, but I knew it wasn’t,” Courtois told Marca.

Recall that for most of the current season, Courtois missed out due to two injuries: a cruciate ligament tear and a meniscus injury. In his absence, first-choice goalkeeper was Chelsea’s loanee Kepa Arrizabalaga, and later, he faced competition from Andriy Lunin.

Upon his return, Courtois played in 3 La Liga matches, keeping clean sheets in all of them. In the last game against Alaves, the Belgian made 10 saves.

Earlier, it was reported that Courtois’ recovery from injury will be featured in a documentary series.

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