Reuters to cut staff in CY
Reuters to cut staff in CY
7/1/2005 12:24
The International Press Agency, Reuters, decided to proceed to cut its staff in Cyprus, within the framework of its strategic. Certain activities of the Business Service Centers will be transferred to India, where a new centre will cover Reuter’s activities worldwide.

Reuters Manager in Nicosia, Spryros Christodoulides told StockWatch that this decision – which affects 13 of the 24 staff members – concerns other Business Service Centers as well, in London, Amsterdam, Saint Lewis and Singapore. “The staff is already aware of the decision, which will be adopted in October 2005. And there is also a redundancy program”, Mr. Chrostodoulides said.

“Reuters has done what other multinational companies do. It aims at reducing the cost”, he continued.

The transfer to the new centre in India, where the wage level is lower, will contribute largely to the cost-saving with regard to the operation of the centres in the United Kingdom, the Netherlands, and the US and less to Cyprus and Singapore. “Cyprus has been a good choice for many years”, he concluded.

It is noted that similar decisions have been taken by other international and local companies, such as Arab Bank, Cyprus Airways, KEO, Cyprus Import Corporation, etc.

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