Source AP ©

Wolseley to cut 1,300 more jobs due to business recession

U.S. housing trade recession made Wolseley PLC, the world's largest distributor of plumbing products, clash 1 ,300 more jobs in the United States.

Wolseley has already cut 1,700 jobs in the U.S. and will cut a further 1,300 in the second fiscal quarter, it said in a statement.

"The group's results continued to be affected by the slowing U.S. housing market, low consumer confidence ... and the weakness of the dollar," Wolseley said. "Against this background, the group has taken further action to adjust its cost base."

The company said the combined annual savings relating to the job cuts, which represents about 5 percent of its total work force, will be 60 million pounds (US$124.2 million; EUR83.6 million).

The company also said revenue advanced more than 5 percent in the three months through Oct. 31. It did not give specific figures.

Wolseley shares dropped 1.9 percent to 629 pence (US$13.02; euro 8.76) on the London Stock Exchange.

When the bill was submitted to Congress on August 2, the reason for imposing the new sanctions on Russia was based on Russia's alleged interference in the US presidential election in 2016, but then something clicked

US sanctions to kill Russian banks and sovereign debt?
Comments
The Sham called Democracy
Ukraine dreams of what it can do to Crimea after winning war with Russia
Default more likely to hit American, rather than Russian economy
Putin in Austria: Europe doesn't like Russia very much, but it is fed up with USA too
Putin in Austria: Europe doesn't like Russia very much, but it is fed up with USA too
The Sham called Democracy
Saudi Arabia: War with Iran unavoidable
Default more likely to hit American, rather than Russian economy
Default more likely to hit American, rather than Russian economy
Moscow aware of NATO's plans to attack Russia
Ukraine and PMC Blackwater to poison Donbass with radioactive waste
Ukraine wants to have the army of Nazi zombies
Ukraine wants to have the army of Nazi zombies
Ukraine and PMC Blackwater to poison Donbass with radioactive waste
Ukraine dreams of what it can do to Crimea after winning war with Russia
Ukraine dreams of what it can do to Crimea after winning war with Russia
US sanctions to kill Russian banks and sovereign debt?
Most Russians do not notice absence of delicious foreign food products
Putin in Austria: Europe doesn't like Russia very much, but it is fed up with USA too
Default more likely to hit American, rather than Russian economy
Ukraine and PMC Blackwater to poison Donbass with radioactive waste