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Petrofac, a major oilfield services provider, has filed for administration in the UK, putting around 2,000 jobs at risk due to a debt crisis. The company, which operates extensively in the North Sea, is facing significant financial difficulties. Meanwhile, Petrofac has been named the lowest bidder for a project in Kuwait, despite its ongoing bankruptcy proceedings, potentially putting an additional 7,300 jobs at risk.

Nestlé, the multinational food and drink processing conglomerate, has announced a significant restructuring plan that involves cutting 16,000 jobs worldwide. The company, which employs around 273,000 people globally, aims to reduce costs and improve efficiency. The job cuts, which represent approximately 6% of Nestlé's workforce, will be implemented over the next two years. The majority of the cuts, around 12,000, will be white-collar roles. The company's new CEO, Mark Schneider, is leading the cost-cutting campaign, which is part of a broader effort to boost sales growth. The impact on Nestlé's Dutch operations is still unclear.

ADP, a key player in the growing global recruitment software market, saw increased investment from Allspring Global, with its jobs report influencing U.S. stock market sentiment.

ADP Report Shows First Job Losses in Two Years, Surprising Markets and Impacting Global Currencies

ADP Report Shows First Job Losses in Two Years, Surprising Markets and Impacting Global Currencies