HONG KONG/SHANGHAI -- Major Chinese energy companies' bottom lines are being hammered by weak domestic demand and lower prices of oil and coal. They are responding with payroll cuts.
Anton Oilfield Services (Group), a private-sector oil drilling company, has announced that it will shed more than 1,000 jobs by the end of June. That amounts to a quarter of its workforce. The Beijing-headquartered company says the layoffs will save some 186 million yuan ($30 million) and should help it get through the rough patch.
