Origin slaughtered, cuts 800 jobs

Thursday, 20 August 2015

The rude awakening for LNG is here with Origin now down 13%:

And announcing big jobs cuts, from The Australian:

Origin Energy has flagged 800 job cuts, mainly in Brisbane and Melbourne, this financial year after it swung to an annual loss, squeezed by lower oil prices and impairment charges even as it plans to further clamp down on costs and spending.

And we haven’t even gotten to the main game of APLNG write downs and equity raisings yet!

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.