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zugzwang

Rio Tinto Priced Out Of London

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Absurd. Surely they need to put their prices up to maintain a presence in what is in effect the world's capital? :rolleyes:

http://uk.reuters.com/article/2013/04/29/uk-riotinto-jobs-idUKBRE93S08320130429

(Reuters) - Mining group Rio Tinto (RIO.L) plans to almost halve the size of its London head office, according to an internal memo seen by Reuters, cutting more than 200 jobs as it tries to slash more than $5 billion in costs by the end of next year. Rio has been reviewing high-cost office locations including London since last year, as it battles falling commodity prices.

The internal announcement said the companylb_icon1.png aimed to reduce the number of London-based jobs to 262 from 479. It also wants cut the number of Johannesburg employees to 206 from 244, after reviews of its African operations meant it needed fewer administrative posts in South Africa.

"As you are aware, one of our priorities for 2013 is to significantly reduce costslb_icon1.png across the business," Rio's emailed memo to employees said. "Given the increasing volatility of our operating environment and challenging economic conditions, this is more necessary than ever."

Rio last year cut office staff in Australia, where much of the group is managed, targeting Melbourne and closing its Sydney office.

"Like others in the industry, Rio Tinto is facing the challenge of increasing costs and is taking action to tackle this," a Rio spokesman said on Monday.

"As a result there will be a reduction in the number of roles in London, so the company has begun a consultation process with staff."

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Melbourne, Sydney and now London - places where house prices are prohibitively expensive and hence it must find that it is paying higher and higher wages just to keep good people.

Probably realised that it can get similar staff much, much, much cheaper in other parts of the world.

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Guest eight

Surely they just need a small building foot print in a prime location and then they can expand downwards?

I used to have dealings with RTZ in Bradford. Maybe they can all relocate there?

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I used to have dealings with RTZ in Bradford. Maybe they can all relocate there?

In the 80s a lot of fairly large companies moved their HQ from London to other places! It was getting too expensive! My sister used to work for Volkswagen, in that toilet shaped building in South Croydon! They went to Milton Keynes, but she didn't! :huh:

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I work regularly at a central London institution.

They have been offered insane money to leave their premises. (Loft development company).

They have taken it.

I and maybe 20 others will lose work because of it.

They are seriously considering a move to Stratford for ******s sake.....

I'm hearing other such places are rolling over for the insane cash being waved about.

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I work regularly at a central London institution.

They have been offered insane money to leave their premises. (Loft development company).

They have taken it.

I and maybe 20 others will lose work because of it.

They are seriously considering a move to Stratford for ******s sake.....

I'm hearing other such places are rolling over for the insane cash being waved about.

Stratford east london stratford? Or the midlands one?

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Surely they just need a small building foot print in a prime location and then they can expand downwards?

They don't even need that. Just a small plot in Western Australia will do. They can bore to anywhere in the world.

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Stratford upon Lea is being considered.

Un******ingbelievable.

...apparently there is more unemployment now in London than many other growing vibrant places in the UK....high rents pricing both the employers and the employees out........the UK is a very small place in the scheme of things, doesn't take long to get to the majority of places.....not as if you have to travel to the other side of the world, we are all in effect neighbours. ;)

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I work regularly at a central London institution.

They have been offered insane money to leave their premises. (Loft development company).

They have taken it.

I and maybe 20 others will lose work because of it.

They are seriously considering a move to Stratford for ******s sake.....

I'm hearing other such places are rolling over for the insane cash being waved about.

this is effectively waht happened to many manufacturing companies up and down the country.

Brownfield re-developed plot of land would pay for all redundancy costs, cost of new facilities in another country, new equipment, the lot.

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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