MONTREAL: Canadian plane and train maker Bombardier Inc. will shed jobs for the second time this year, cutting about 7,500 positions over two years in a continued push to turn around its rail division.
The Montreal-based company, which has struggled in recent years with cost overruns in its aerospace unit, said about two-thirds of the cuts will be in Bombardier Transportation, the Berlin, Germany-based rail unit. The rest will be in aerospace.
Chief Executive Officer Alain Bellemare said he did not expect the cuts, which include 1,500 workers in Quebec and 500 in the rest of Canada, to affect talks with the federal government over a $1 billion investment in its CSeries jet program.
“We understand these are difficult decisions ... but in the end what we are going to be left with is a leaner, stronger organization,” Bellemare said in an interview. Shares fell 2.2 percent to C$1.74 at the open before recovering to C$1.77.
In February, the company said it was cutting 10 percent of its workforce, also over two years. Nearly half of those cuts are in its rail arm, which has a large staff in Europe. It had 70,900 employees as of the end of 2015.
The rail division has struggled to deliver on some high-profile public transit contracts, including in Toronto.
Bombardier to cut another 7,500 jobs through 2018
Bombardier to cut another 7,500 jobs through 2018
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
