From The Irish Times:
  • Intel's 5,500 strong Irish workforce will escape the immediate impact of a massive restructuring that will see the loss of 10,500 jobs worldwide, but the company suggested yesterday that job cuts next year could affect its Irish operations.

    In a widely predicted announcement yesterday, Intel's chief executive Paul Otellini said the world's biggest microchip manufacturer would shed one-tenth of its workforce within the next 12 months in an effort to stem losses and regain market share. "These actions, while difficult, are essential to Intel becoming a more agile and efficient company, not just for this year or the next, but for years to come," he said.

    Most of job losses this year will affect management, marketing and information technology functions, but the company said that cuts in 2007 "will be more broadly based as Intel improves labour efficiency in manufacturing, improves equipment utilisation, eliminates organisational redundancies, and improves product design methods and processes".
Panic over, for now. Is this an indication of the potential downsides of the government's emphasis on technology investment? When the big companies leave our shores, what next?

More at RTE.ie and BreakingNews.ie.