Goldman Sachs Names Simon Lyons UK Investment Banking Co-Head 
US Federal Register Drops Alibaba Qwen AI Search Tool 
OpenAI Urges US-Led Global Standards for Frontier AI 
CNN, MS NOW and Politico Sue Trump Over White House Media Ban 
China Reviews Broadcom Switch Use in State Data Centres 
Trump Bans CNN, MS NOW and Politico From White House 
SpaceX Nasdaq 100 Weight to More Than Double in Rebalance 
White House Bars CNN, MS NOW and Politico Reporters 
Paramount Skydance Faces $30 Million Film Penalty in Warner Bros. Deal 
China Vanke Shares Jump as Beijing Moves to Ease Debt Pressure 
Nike Earnings at Risk as UBS Cuts Price Target to $42 
Volkswagen Shares Slide After 2026 Profit Outlook Cut 
Petrobras Joins Brazil Diesel Subsidy Program 
FCC Approves Foreign Investment in $110B Paramount-Warner Bros. Deal 
Meta Partners With Shopify to Bring Shop Pay Checkout to Muse AI 
Telix to Acquire Germany’s ITM in $1.65 Billion Radiopharma Deal 
Hyundai CEO Warns Chinese Automakers Could Disrupt US Market 
Add as a preferred source on Google
Heineken is a beer known around the world, but despite being sold globally, its manufacturer, which is a Dutch brewing company, Heineken N.V., was forced to remove 100 jobs in the U.K. This move will result in job loss of its 8,000 employees worldwide.
CEO explains why Heineken is cutting jobs
In his interview with Bloomberg, Heineken NV’s chief executive officer, Dolf van den Brink, revealed that the company was also negatively affected by the coronavirus pandemic. It hit their sales, and as the entire beer market has been down as well, they have lost around £204 million or $247 million, which is a 109% fall in profits compared to the previous year (2019).
The 8,000 workers who may go jobless soon is equivalent to 10% of the company’s total workforce. It was said that the job cuts will allow Heineken to save up to £2 billion or $2.4 billion until 2023. This plan has been proposed to save and allow the firm to continue the business.
The plunged in sales was obviously due to the closure of bars and pubs around the world as people are ordered to stay home. Although Heineken ranks as the second-largest brewer worldwide, it proved that even big corporations could be brought down by the pandemic too.
“It had been a year of unprecedented disruption and transition for the company,” CEO Van den Brink said. "The Covid-19 pandemic and governments' measures continue to have a material impact on our markets and business."
Heineken’s plan to offset its losses and lessen job cuts
The company stated that Heineken needs restructuring to avoid more layoffs. It is also hoping to restore its income at the pre-pandemic levels by redesigning its business system and reducing the number of products being sold. This plan will also help decrease the company’s spending.
“In a year of unprecedented disruption and transition, our teams rose to the occasion and quickly adapted while not losing sight of the need to continue investing for the future,” the Daily Mail quoted Van den Brink as saying in another report. “We took diligent cost mitigation actions balanced with continued investment behind our growth platforms.”
