Recession just around the corner?

[teeroy]

Guess they are moving back home!

or just completing their cross country migration lol

 

[TylerG]

Another 350 jobs here at FINNING to go by end of Q4 (they say beginning of November), more facility changes, and more cost reductions.........

 

[Summitric]

Just read 2000 more jobs lost before middle of october....

 

[rzrgade]

"Just settle down....."

 

[rzrgade]

Another 350 jobs here at FINNING to go by end of Q4 (they say beginning of November), more facility changes, and more cost reductions.........

This is just the tip of the berg... T
at finning...

 

[Luke The Drifter]

Several guys let go from our fort mac branch and crane division this past week. Not looking good at all...

 

[neilsleder]

We are starting to see it get a bit busier on the drilling end of things. Hope it continues.


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[Joholio]

Oil was up a bit yesterday...

 

[handyandy]

So far looks like I'll still have a job come winter. Probably be short days though.

 

[800HMX]

Winter will be quiet. Very little free cash flow generated over the past year to fund much of a capital program. Most of the oil as gas hedges will be off by Fall. Oil and Gas companies will just hunker down over the winter.

 

[Luke The Drifter]

This is just the tip of the berg... T
at finning...

I'm curious to see how many of the 350 are skilled trades guys? I always find it odd that big companies like finning will skid people at the drop of a hat, especially guys/gals they have invested a lot of training into and that know the product well. Then when things pick up they start screaming for more trades people and the guys they let go so suddenly have moved on and found other places to work. I found it ironic that they let go 400+ people earlier this year, then turn around and buy Kramer Cat for ~$280 million (correct me if I'm wrong on that figure). Seems like a slap in the face to the folks that lost their job

 

[Stompin Tom]

I'm curious to see how many of the 350 are skilled trades guys? I always find it odd that big companies like finning will skid people at the drop of a hat, especially guys/gals they have invested a lot of training into and that know the product well. Then when things pick up they start screaming for more trades people and the guys they let go so suddenly have moved on and found other places to work. I found it ironic that they let go 400+ people earlier this year, then turn around and buy Kramer Cat for ~$280 million (correct me if I'm wrong on that figure). Seems like a slap in the face to the folks that lost their job

There is a vast difference in laying people off and investing in expansions to make your business more profitable. One of the tricks of large companies to survive slowdowns is buy out other companies in similar industries and amalgamate head office functions allowing them to reduce the overhead staffing levels and run much leaner.

Another point is you can always pay off a piece of equipment, but you can never pay off an employee, they costs go on and on.

 

[800HMX]

Companies are bearing down because commodity prices will be depressed for a extended period of time. Wages are one of the most significant expenses.


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[Keith Brown]

I started and have owned my own business in Alberta for over 32 years. Since the NDP has been in power our staff has dropped from 55 to 47 and we are working hard to prevent further lay offs. Yes there may have been some lay offs due to oil prices, but in 32 years of business in Alberta I have never felt so alienated by our provincial government. Our premier and her donkey dick cabinet feel that the solution to their spending problems' is taxing corporations. They continuously state as fact that business has not been paying their fair share. I call bull sh!t. Not one of the members of he NDP cabinet has run a credible business for any length of time. Simply put they are clueless and they live in socialist dream world which has not one redeeming benefit to business particularly resource based business's. Lay offs, no company big or small likes them. I know one thing for sure Nothead and her Donkey Dick cabinet are going to make a bad situation a whole lot worse!!!

 

[800HMX]

I started and have owned my own business in Alberta for over 32 years. Since the NDP has been in power our staff has dropped from 55 to 47 and we are working hard to prevent further lay offs. Yes there may have been some lay offs due to oil prices, but in 32 years of business in Alberta I have never felt so alienated by our provincial government. Our premier and her donkey dick cabinet feel that the solution to their spending problems' is taxing corporations. They continuously state as fact that business has not been paying their fair share. I call bull sh!t. Not one of the members of he NDP cabinet has run a credible business for any length of time. Simply put they are clueless and they live in socialist dream world which has not one redeeming benefit to business particularly resource based business's. Lay offs, no company big or small likes them. I know one thing for sure Nothead and her Donkey Dick cabinet are going to make a bad situation a whole lot worse!!!

Well, we (Alberta) voted them in big time! We are going to get what we deserve - hang on for the next four years.

 

[deaner]

Im not an NDP fan or voter in any way......but I find it funny how people are so quick to blame this all on them. The slowdown isnt just in alberta, it is global energy, and it was happening well before the NDP got voted in. And as far as the HUGE corporate tax increase that people are whining about.....it is an effective increase of 2 percent on NET profits. Give me a freaking break. So if you make an extra 100k in net profits, you will pay 12% instead of 10%. I highly doubt that has any meaningful effect on any well run company. I am about as far right wing as you get and dont believe in tax and spend politics, but the opposition to the corporate tax hike is ridiculous.

 

[Stompin Tom]

Im not an NDP fan or voter in any way......but I find it funny how people are so quick to blame this all on them. The slowdown isnt just in alberta, it is global energy, and it was happening well before the NDP got voted in. And as far as the HUGE corporate tax increase that people are whining about.....it is an effective increase of 2 percent on NET profits. Give me a freaking break. So if you make an extra 100k in net profits, you will pay 12% instead of 10%. I highly doubt that has any meaningful effect on any well run company. I am about as far right wing as you get and dont believe in tax and spend politics, but the opposition to the corporate tax hike is ridiculous.

So Deaner, you an employee or an employer?

We can spends hours and hours going around and around on the math again, but it is in fact a true 20% increase in direct costs to the company in a down turn economy. It hurts like hell.

 

[Caper11]

I started and have owned my own business in Alberta for over 32 years. Since the NDP has been in power our staff has dropped from 55 to 47 and we are working hard to prevent further lay offs. Yes there may have been some lay offs due to oil prices, but in 32 years of business in Alberta I have never felt so alienated by our provincial government. Our premier and her donkey dick cabinet feel that the solution to their spending problems' is taxing corporations. They continuously state as fact that business has not been paying their fair share. I call bull sh!t. Not one of the members of he NDP cabinet has run a credible business for any length of time. Simply put they are clueless and they live in socialist dream world which has not one redeeming benefit to business particularly resource based business's. Lay offs, no company big or small likes them. I know one thing for sure Nothead and her Donkey Dick cabinet are going to make a bad situation a whole lot worse!!!

Didn't prentice announce that he was going to raise personal and corporate taxes along with bringing back the Health care fee before he called a election?


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[sumx54]

For me it's not the fact that the NDP got elected but the fact the NDP is not capable AT ALL of getting is out of this.

 

[Keith Brown]

I guess it depends how you look at it. If your low man on the totem pole and your job is on the line $2.000 is a lot. Profit = New equipment, Trucks Etc. 80% of which is profit until 5 years is up. If it was easy everybody would be in business. You may consider your self right wing an maybe where your from you are right wing, but where I come from your kind of talk is way left of center to put it politely.

Im not an NDP fan or voter in any way......but I find it funny how people are so quick to blame this all on them. The slowdown isnt just in alberta, it is global energy, and it was happening well before the NDP got voted in. And as far as the HUGE corporate tax increase that people are whining about.....it is an effective increase of 2 percent on NET profits. Give me a freaking break. So if you make an extra 100k in net profits, you will pay 12% instead of 10%. I highly doubt that has any meaningful effect on any well run company. I am about as far right wing as you get and dont believe in tax and spend politics, but the opposition to the corporate tax hike is ridiculous.