Neteller Togel Hongkong Cuts 250 Jobs
Neteller, the leading global independent online money transfer business, has cut 250 jobs with regard to its principal operations in Calgary, Canada and the UK.
As a result of the group’s voluntary withdrawal from the US market, the Group has substantially completed the necessary reorganisation and restructuring of its operations to reduce its headcount and align related costs with anticipated revenues of its worldwide business.
This rationalisation programme has focused on the Group’s Calgary-based Togel Hongkong operations where the principal teams serving the US market were employed. As previously highlighted, transfer volumes and customer enquiries through the Group’s contact centres have decreased substantially since the Group ceased processing transfers for US residents.
Staff reductions will total around 220 employees, across all levels, from the Group’s contact centre and security teams, as well as related support functions in marketing, processing and IT/ product support. Approximately half of the reductions were through the Group’s voluntary redundancy programme.
In addition, as part of the rationalisation of the Group’s UK facilities, it is expected that around a further 30 redundancies will arise from the relocation of the Group’s Gatwick-based operations to Cambridge where they will share premises with the Group’s NetBanx business. This move is expected to be completed by the end of March 2007.
Following these staff reductions, the Group will employ approximately 425 staff across its European, Americas and Asia Pacific operations, down from a peak of over 1,000 during 2006. A further part of the Group’s rationalisation programme will include a review of the Group’s property requirements and may include a sale or partial lease of certain of the Group’s Calgary-located facilities.
As stated in our trading update of 18 January 2007, the total cash costs associated with staff restructuring are expected to be in the region of US$ 1.1 million in 2006 and a further US$ 3.7 million in 2007.
UK National Lottery To Fund 2012 London Olympics
Welsh charities and sports bodies could lose up to £36 million if the UK government decides to divert national lottery funds to pay for the 2012 London Olympics according to Welsh culture minister Alun Pugh.
In a letter to Tessa Jowell obtained by the BBC, Pugh outlines concerns from a lottery body and a group working with voluntary organisations, who warn that a loss of funding would see a number of projects “go to the wall”
He said: “The fall in income will have a significant impact on the ability of distributors in Wales to meet their requirements and to fund worthy projects across the good causes.
“Any increase in the National Lottery’s commitment to the 2012 Olympic Games and the Paralympic Games will inevitably impact on Welsh distributors and Welsh good causes.”
Pugh went on to add that the letter was just sending an early word of caution about who actually would be picking up the tab for the cost overruns.
“If all cost overruns fell on the lottery, that could have quite a significant impact on sporting, artistic and cultural projects across Wales and that would be quite disappointing to see that happening,” he added.