Schaeffler cuts 700 jobs as automotive slump reaches industrial hubs
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The automotive sector has begun to contract at home. German supplier Schaeffler is cutting 700 jobs in Slovakia, part of a set of austerity measures being handed down from its headquarters. For a country where the economy relies heavily on the health of foreign carmakers, the announcement is a signal that the broader industrial malaise in Europe has arrived.
Businesses have until January to prepare for new invoicing rules that are expected to increase costs across the board. The transition may be difficult: a digital postman system designed to manage the new paperwork is currently used by only a fraction of companies. Meanwhile, the legal system remains busy with the past as the 'Chachaland' case moves toward the Constitutional Court and new testimony emerges in the 'Čurillovci' proceedings.