Weatherford To Cut An Additional 3,000 Jobs -- October 23, 2015; UK Going Nuclear -- Intermittent Energy Fad Must Be Dying

Rigzone is reporting: Weatherford to cut an additional 3,000 jobs --

The oilfield services provider successfully completed its previously announced headcount reduction of 11,000, according to its 3Q report. Weatherford stated it has now increased its workforce reduction target to 14,000, “with an increased focus on support positions to be completed by year end.”

In addition to the job cuts, Weatherford has also closed five of its seven planned manufacturing and service facilities. The company said it will close one additional office by the end of the year and the remaining closure will occur in 2016. Weatherford has closed more than 70 operating facilities in North America through Sept. 30, with plans to close 90 by the end of 2015. Weatherford believes these efforts will “mitigate the effects of the downturn,” but noted that a challenging market may continue and that the company plans to further reduce its cost structure to reflect the current environment.

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Micro-Radar Start-Up In North Dakota

The Bismarck Tribune is reporting:

When Meir Zorea stepped foot in Grand Forks on Thursday, there were more than 6,000 miles between where his company was founded and where its future could be.

Zorea is the chairman of Israeli startup company ARTsys360, which manufactures a 3-D micro radar system, and is looking for a potential U.S. location for the firm.

As the company's product could find use in the unmanned aircraft systems industry, North Dakota is one option Zorea is investigating. Two features that have captured the ARTsys360's attention are the state's UAS resources and harsh weather conditions in which the radar's capabilities can be tested.

The cost of radar can put it out of reach for many that aren't associated with the military, Zorea said, leaving some potential uses for the technology unexplored.

A smaller, less expensive micro radar system--ARTsys360's product runs about $5,000--could be used for various means, including detecting unmanned aircraft flying into restricted zones or allowing the aircraft to detect other objects and avoid colliding with them during flight.

In the 1950's it was railroad hobbyists. In the 2020's it's going to be backyard airfields, drones, and micro-radar systems.

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UK Going Nuclear

The AP is reporting:

Britain will be China's "partner of choice" in the West, Prime Minister David Cameron declared Wednesday, as China demonstrated its commitment by putting down a 6 billion-pound ($9.3 billion) stake in the U.K.'s first nuclear power plant since the 1980s.

Chinese President Xi Jinping signed the nuclear agreement on the second day of a four-day visit that has seen the two countries agree more than 30 billion pounds ($46 billion) in business deals.

Cameron said the "historic agreement" would create 25,000 jobs and eventually provide power to 6 million homes.
The nuclear deal will see the new Hinckley Point plant in southwest England built jointly by Electricite de France and China's state-owned China General Nuclear Power Corporation.

For the past several years it seems I saw no end to all the intermittent energy stories coming out of Britain: the Thames Array being just one example. This $10-billion nuclear deal with China tells me that intermittent energy in Britain is pretty much dead.

More:

DF said Wednesday that it would take a 66.5 percent share in the 18 billion-pound ($28 billion) plant and CGN 33.5 percent. The two firms also agreed to develop two further nuclear power stations in southeast England — one of which would be Chinese-designed and majority Chinese-owned.

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Apple and the Swiss

Updates

February 20, 2016: Apple Watch Sales Estimated at 5.1 Million in Holiday Quarter, Swiss Watch Sales in Trouble.

The latest data from Strategy Analytics reveals that the Apple Watch remained the most popular smartwatch through the fourth quarter of 2015, capturing 63 percent global market share based on an estimated 5.1 million sales in the three-month period.

Samsung trailed in second place with 16 percent market share and an estimated 1.3 million sales. Apple and Samsung together accounted for 8 in 10 of all smartwatches shipped worldwide during last year's holiday shopping season, based on the data.

Global smartwatch sales rose to an estimated 8.1 million units in the fourth quarter of 2015, an increase of 316 percent from 1.9 million in the year-ago quarter. The growth was led by North America, Western Europe, and Asia.

The record-breaking smartwatch growth contrasted the troubled Swiss watch market, which declined 4.8 percent in Q4 2015 over the year-ago quarter. Swiss watch sales totaled 7.9 million units in Q4 2015, down from 8.3 million in Q4 2014.

Original Post

 

I remember all that "brave" talk coming out of Switzerland that their timepieces had no cause to worry with Apple getting into the market. CNBC is reporting:

The swathe of smart watches entering the market led by Apple's Watch has dented sales of Swiss-made timepieces and looks set to continue weighing on the sector.

Swiss watch exports slowed sharply in the year to September with their value sinking around 8 percent compared to September 2014, with Asia and U.S. shouldering the brunt of the decline.

Demand dropped off the most in the lower end of the market, with watches that export for below 500 Swiss francs ($520) being hit the hardest. Alternatives to the luxury watches, such as the Apple Watch, have made retailers nervous of stocking cheaper Swiss watches as technological advances are likely to make them "obsolete," luxury analysts warn.

Times have changed, I guess. For me, the "lower end of the market" used to be $8 Casios.