Showing posts with label financial crisis. Show all posts
Showing posts with label financial crisis. Show all posts
Friday, October 11, 2013
Sunday, January 10, 2010
Companies still concerned about rising costs, inflation
Companies still concerned about rising costs, inflation
By Wong Siew Ying, Channel NewsAsia | Posted: 09 January 2010 0042 hrs
By Wong Siew Ying, Channel NewsAsia | Posted: 09 January 2010 0042 hrs
SINGAPORE : Even as the Singapore economy shows signs of recovery, companies have said they are still concerned about rising business costs and inflation.
But economists believe excess capacity around the world may somewhat cushion the impact.
The Singapore Chinese Chamber of Commerce and Industry (SCCCI) said two key thrusts for the year are manpower training and tapping on opportunities in the services sector. But uncertainties in Western markets remain a threat.
Speaking at a seminar on Friday, Teo Siong Seng, president, SCCCI, said: "We hope there will be fewer surprises like the Dubai credit crunch, and also cost - manpower cost and oil prices firming up. There is a concern whether there will be an inflation pressure in 2010."
But some economists said excess global capacity may keep inflationary pressure in check for now. And companies re-stocking inventories could provide support to world economies.
David Cohen, director of Asian Economic Forecasting, Action Economics, said: "So far, all we have had is just a slowing in the reduction in inventory. We have not seen much rebuilding yet, so that could potentially still remain supportive for at least the near term. I do not think it poses a major threat to the outlook for 2010."
Mr Cohen also expects the MSCI Asia-Pacific Equity Index to grow by about 10 per cent this year, in line with global economic recovery. The index mounted a strong rebound at the end of 2009, gaining some 34 per cent.
Still, observers have warned that there may be some headwinds that could restrain recovery in 2010. They include sluggish G7 growth after the crisis, weak consumer spending in the US and potential foreign exchange pressures.
Industry players also expect central banks to tighten their monetary policy this year.
Speaking at the seminar, UBS said the three-month Singapore Interbank Offered Rate could reach 0.8 per cent by end-2010, from the 0.5 per cent currently.
Going forward, observers expect Asia to lead the global turnaround, partly due to stronger balance sheets and robust rebound in manufacturing and trade. In particular, the prospects for China, India and Indonesia are most promising.
Professor Bernard Yeung, dean, NUS Business School, said: "New growth has to come out from very sharp resource allocation.
"The challenges would be how do we deal with allocation efficiency problem, how do we deal with productivity enhancement issues, how do we deal with cleaning up the environment, giving people good education, good healthcare that we can keep ourselves as a high skill, high productivity, innovative economy."
Experts also warned about asset bubbles which could push prices beyond fundamentals.
- CNA/ms
- wong chee tat :)
Friday, April 3, 2009
US unemployment rate jumps to 8.5% in March
US unemployment rate jumps to 8.5% in March
WASHINGTON : The US unemployment rate leapt to a new 25-year high of 8.5 per cent in March as recession-battered employers shed another 663,000 jobs, the Labor Department reported on Friday.
The monthly snapshot of the labour market, seen as one of the best indicators of economic momentum, showed widespread losses across most sectors of the economy as the jobless rate rose from 8.1 per cent in February.
The figures failed to provide a clear signal that the US economy has hit bottom after the worst recession in decades, but some analysts said the data did appear to confirm some easing of the pace of economic decline.
Since the recession began in December 2007, a staggering 5.1 million jobs have been lost, with 3.3 million occurring in the past five months, the agency said.
The report was roughly in line with forecasts from private economists, who on average had expected 658,000 job losses and an unemployment rate of 8.5 per cent.
The jobless rate is the highest since November 1983.
The weak labour market offered a clouded outlook for what some analysts say is a "bottom" for an economy ravaged by a housing meltdown that has hammered the banking sector and squeezed credit.
"The losses continue to be severe but we do see, and I think the market sees, some apparent peaking in the rate of decline, and that stabilisation is providing a little bit of cheer to the market," said Peter Kretzmer, senior economist at Bank of America.
"We've moved to a different phase of the business cycle," he said, with consumer spending steadying but companies still cutting investment and inventories.
This suggests "several more months of severe declines before things start to improve," Kretzmer said.
Revised data showed January job losses rose to 741,000, from an earlier estimate of 655,000 lost. The loss for February remained unchanged at 651,000.
Some said the markets were bracing for a potentially worse report.
"We were braced for a reading of 720,000 before expecting the 'freak-out' button to get hit," said Jon Ogg at 24/7 Wall Street.
"All we can hope is that the slowdown in firings starts to come into play if things in the economy start to see drops that are not as bad as the Depression-trade was indicating just a month ago."
The total number of unemployed rose to 13.2 million in March, with the number of long-term unemployed - jobless for 27 weeks or more - rising to 3.2 million.
In March, the goods-producing sector lost 305,000 jobs including 161,000 in manufacturing and 126,000 in construction.
The service sector, which provides the majority of US jobs, shed 358,000 positions including 43,000 in the financial sector.
The only sector to add employment was education and health care, up 8,000, while government employment fell by 5,000.
The average work week contracted to 33.2 hours from 33.3 hours, which analysts said could mean lower production and income, hurting the economy.
The US economy contracted at a steep 6.3 per cent pace in the fourth quarter as the recession deepened. The government will estimate first-quarter gross domestic product later this month.
Julia Coronado, economist at Barclays Capital, called Friday's report "uniformly weak, with sizable job losses across all sectors".
Coronado is forecasting a 5.5 per cent drop in US output in the first quarter of 2009. But she said the latest data shows an 8.7 per cent quarterly drop in total hours worked, which she said offers a good proxy for economic output.
"So there is a risk (first-quarter GDP) could be worse," she said.
- AFP/ms
WASHINGTON : The US unemployment rate leapt to a new 25-year high of 8.5 per cent in March as recession-battered employers shed another 663,000 jobs, the Labor Department reported on Friday.
The monthly snapshot of the labour market, seen as one of the best indicators of economic momentum, showed widespread losses across most sectors of the economy as the jobless rate rose from 8.1 per cent in February.
The figures failed to provide a clear signal that the US economy has hit bottom after the worst recession in decades, but some analysts said the data did appear to confirm some easing of the pace of economic decline.
Since the recession began in December 2007, a staggering 5.1 million jobs have been lost, with 3.3 million occurring in the past five months, the agency said.
The report was roughly in line with forecasts from private economists, who on average had expected 658,000 job losses and an unemployment rate of 8.5 per cent.
The jobless rate is the highest since November 1983.
The weak labour market offered a clouded outlook for what some analysts say is a "bottom" for an economy ravaged by a housing meltdown that has hammered the banking sector and squeezed credit.
"The losses continue to be severe but we do see, and I think the market sees, some apparent peaking in the rate of decline, and that stabilisation is providing a little bit of cheer to the market," said Peter Kretzmer, senior economist at Bank of America.
"We've moved to a different phase of the business cycle," he said, with consumer spending steadying but companies still cutting investment and inventories.
This suggests "several more months of severe declines before things start to improve," Kretzmer said.
Revised data showed January job losses rose to 741,000, from an earlier estimate of 655,000 lost. The loss for February remained unchanged at 651,000.
Some said the markets were bracing for a potentially worse report.
"We were braced for a reading of 720,000 before expecting the 'freak-out' button to get hit," said Jon Ogg at 24/7 Wall Street.
"All we can hope is that the slowdown in firings starts to come into play if things in the economy start to see drops that are not as bad as the Depression-trade was indicating just a month ago."
The total number of unemployed rose to 13.2 million in March, with the number of long-term unemployed - jobless for 27 weeks or more - rising to 3.2 million.
In March, the goods-producing sector lost 305,000 jobs including 161,000 in manufacturing and 126,000 in construction.
The service sector, which provides the majority of US jobs, shed 358,000 positions including 43,000 in the financial sector.
The only sector to add employment was education and health care, up 8,000, while government employment fell by 5,000.
The average work week contracted to 33.2 hours from 33.3 hours, which analysts said could mean lower production and income, hurting the economy.
The US economy contracted at a steep 6.3 per cent pace in the fourth quarter as the recession deepened. The government will estimate first-quarter gross domestic product later this month.
Julia Coronado, economist at Barclays Capital, called Friday's report "uniformly weak, with sizable job losses across all sectors".
Coronado is forecasting a 5.5 per cent drop in US output in the first quarter of 2009. But she said the latest data shows an 8.7 per cent quarterly drop in total hours worked, which she said offers a good proxy for economic output.
"So there is a risk (first-quarter GDP) could be worse," she said.
- AFP/ms
Wednesday, February 25, 2009
DBS says crisis could cost Singapore 99,000 jobs
DBS says crisis could cost Singapore 99,000 jobs
Posted: 25 February 2009 1309 hrs
SINGAPORE: Singapore could lose a total of 99,000 jobs during the current recession, with more than half of the cuts in the key manufacturing sector, according to an analysis by local bank DBS on Wednesday.
"There will be a net loss of about 99,000 jobs due to the current recession and we also expect this to stretch into 2010", the bank said in its report.
Unemployment is likely to hit 4.8 per cent this year and peak at 5.0 per cent by the middle of 2010, it said.
"Labour markets are expected to deteriorate further," DBS added.
"The manufacturing sector is expected to be the worst hit with job losses of about 58,000 as the global recession chokes up demand for our manufactured exports."
The bulk of output from Singapore's manufacturing sector ends up as exports to the world's major economies, but recessions in those markets have severely affected local factories.
DBS said it has also downgraded its growth outlook for the city-state to a contraction of 4.8 per cent this year from 3.3 per cent previously, due to the "sharp collapse in global demand and export sales".
An "aggressive" stimulus package totalling 20.5 billion Singapore dollars (13.4 billion US) will only cushion the blows from the recession, the bank said.
Latest official data in Singapore said the seasonally adjusted unemployment rate rose to 2.6 per cent in December, and companies laid off 7,000 workers during the last three months of 2008.
Singapore's worst recession occurred in 1964, just before independence, when the economy shrank 3.8 per cent.
- AFP/so
After converting the system to linux, I went and look at the news and found this and decided to share. Anyway, the news is on CNA. ( In ST too,
"There will be a net loss of about 99,000 jobs due to the current recession and we also expect this to stretch into 2010", the bank said in its report. Oh no, this is very bad news indeed. Very bad news indeed.The figure is shock high!
This may also mean that more and more people will be jobless and at this current state that SG is in, she may not be able to recover fast. Also, don't forget that there are students graduating and looking for jobs too. Poly students and graduating students from 3 local unis. Now this poses a Demand and Supply problem.
Hopefully things do get better.
Note that additional emphasis in the article are mine.
- wong chee tat :)
Posted: 25 February 2009 1309 hrs
SINGAPORE: Singapore could lose a total of 99,000 jobs during the current recession, with more than half of the cuts in the key manufacturing sector, according to an analysis by local bank DBS on Wednesday.
"There will be a net loss of about 99,000 jobs due to the current recession and we also expect this to stretch into 2010", the bank said in its report.
Unemployment is likely to hit 4.8 per cent this year and peak at 5.0 per cent by the middle of 2010, it said.
"Labour markets are expected to deteriorate further," DBS added.
"The manufacturing sector is expected to be the worst hit with job losses of about 58,000 as the global recession chokes up demand for our manufactured exports."
The bulk of output from Singapore's manufacturing sector ends up as exports to the world's major economies, but recessions in those markets have severely affected local factories.
DBS said it has also downgraded its growth outlook for the city-state to a contraction of 4.8 per cent this year from 3.3 per cent previously, due to the "sharp collapse in global demand and export sales".
An "aggressive" stimulus package totalling 20.5 billion Singapore dollars (13.4 billion US) will only cushion the blows from the recession, the bank said.
Latest official data in Singapore said the seasonally adjusted unemployment rate rose to 2.6 per cent in December, and companies laid off 7,000 workers during the last three months of 2008.
Singapore's worst recession occurred in 1964, just before independence, when the economy shrank 3.8 per cent.
- AFP/so
After converting the system to linux, I went and look at the news and found this and decided to share. Anyway, the news is on CNA. ( In ST too,
"There will be a net loss of about 99,000 jobs due to the current recession and we also expect this to stretch into 2010", the bank said in its report. Oh no, this is very bad news indeed. Very bad news indeed.The figure is shock high!
This may also mean that more and more people will be jobless and at this current state that SG is in, she may not be able to recover fast. Also, don't forget that there are students graduating and looking for jobs too. Poly students and graduating students from 3 local unis. Now this poses a Demand and Supply problem.
Hopefully things do get better.
Note that additional emphasis in the article are mine.
- wong chee tat :)
Thursday, January 29, 2009
Global economic woes deepen
Global economic woes deepen
But there are signs of hope in Europe.
BERLIN - A SURGE in German unemployment and Asian job cuts signalled deeper distress in the world economy on Thursday but an index of European confidence beat expectations and traders took heart from a US economic rescue package.
Official figures showed the jobless total in Germany jumped 387,000 in January over the previous month to almost 3.5 million, well above forecasts for Europe's largest economy.
The unemployment rate surged to 8.3 per cent of the workforce from 7.4 per cent in December.
There was also dismal news on the labour front in Asia's largest economy with Japan's Nippon Sheet Glass Company saying it will shed 5,800 jobs by 2010 and Toshiba announcing plans to cut 4,500 jobs this year after going into the red.
Toshiba chief executive Atsushi Nishida told reporters that the company aimed to cut 300 billion yen (S$5 billion) in costs in the next financial year to weather the global crisis.
Other titans of Japanese industry were also showing the strain with Sony Corporation warning it remained on course for its biggest ever loss in the year to March following a fall in demand for televisions, cameras and games consoles.
Even Nintendo, which has enjoyed spectacular growth in earnings in recent years thanks to surging sales of the Wii and other game consoles, cut its annual net profit forecast by one-third to 230 billion yen.
The news in Europe, despite the German jobless rate, was not uniformly grim.
The European Commission's economic sentiment indicator dropped to 68.9 points in January from 70.4 in December, hitting the lowest level since the survey began in January 1985.
But the slide, less sharp than declines seen in recent months, was also not as deep as economists had expected, with their forecasts - as polled by Dow Jones Newswires - anticipating a decline to 64.9 points.
Recent business and consumer surveys in Germany and France have also shown marginal improvements, fuelling hopes that the recession may have hit bottom.
More than a million French workers nevertheless walked off the job on Thursday on a national day of strikes and protests against President Nicolas Sarkozy's handling of the economic crisis.
Many in France fear they will lose their jobs in a crisis they blame on bankers and the failures of the market and are demanding protection from layoffs, a boost to low wages and an end to public sector cutbacks.
Investors and analysts were meanwhile pinning hopes on President Barack Obama's US$819 billion plan to spark some life into the recession-strapped US economy.
The US House of Representatives approved the measure on Wednesday, without support from the opposition Republican Party, and the Senate will now vote on its own version of the bill before a final draft reconciling the two goes to Mr Obama for signature.
'I hope that we can continue to strengthen this plan before it gets to my desk,' the president, who has pushed the Congress to pass a final measure by mid-February, said in a statement.
The stimulus plan includes about $275 billion in tax cuts, including a credit worth $500 for each worker and $1,000 for couples. Most of the package's value however is in infrastructure spending.
'The progress through the House of Representatives of the package with a comfortable margin will be cheering US sentiment but certainly no one will be under the illusion that this is the turning point for the economy,' said analyst James Hughes at CMC Markets in London.
Asian markets were lifted on Thursday by news of the plan's progress.
But Europe's main stock markets fall sharply in early trade, dragged down by the banking sector, which ended a brief rally on profit-taking.
In late morning deals, London fell 1.67 per cent. Frankfurt dropped 0.95 per cent and Paris lost 1.0 per cent nearing the half-way mark.
-- AFP
- wong chee tat :)
But there are signs of hope in Europe.
BERLIN - A SURGE in German unemployment and Asian job cuts signalled deeper distress in the world economy on Thursday but an index of European confidence beat expectations and traders took heart from a US economic rescue package.
Official figures showed the jobless total in Germany jumped 387,000 in January over the previous month to almost 3.5 million, well above forecasts for Europe's largest economy.
The unemployment rate surged to 8.3 per cent of the workforce from 7.4 per cent in December.
There was also dismal news on the labour front in Asia's largest economy with Japan's Nippon Sheet Glass Company saying it will shed 5,800 jobs by 2010 and Toshiba announcing plans to cut 4,500 jobs this year after going into the red.
Toshiba chief executive Atsushi Nishida told reporters that the company aimed to cut 300 billion yen (S$5 billion) in costs in the next financial year to weather the global crisis.
Other titans of Japanese industry were also showing the strain with Sony Corporation warning it remained on course for its biggest ever loss in the year to March following a fall in demand for televisions, cameras and games consoles.
Even Nintendo, which has enjoyed spectacular growth in earnings in recent years thanks to surging sales of the Wii and other game consoles, cut its annual net profit forecast by one-third to 230 billion yen.
The news in Europe, despite the German jobless rate, was not uniformly grim.
The European Commission's economic sentiment indicator dropped to 68.9 points in January from 70.4 in December, hitting the lowest level since the survey began in January 1985.
But the slide, less sharp than declines seen in recent months, was also not as deep as economists had expected, with their forecasts - as polled by Dow Jones Newswires - anticipating a decline to 64.9 points.
Recent business and consumer surveys in Germany and France have also shown marginal improvements, fuelling hopes that the recession may have hit bottom.
More than a million French workers nevertheless walked off the job on Thursday on a national day of strikes and protests against President Nicolas Sarkozy's handling of the economic crisis.
Many in France fear they will lose their jobs in a crisis they blame on bankers and the failures of the market and are demanding protection from layoffs, a boost to low wages and an end to public sector cutbacks.
Investors and analysts were meanwhile pinning hopes on President Barack Obama's US$819 billion plan to spark some life into the recession-strapped US economy.
The US House of Representatives approved the measure on Wednesday, without support from the opposition Republican Party, and the Senate will now vote on its own version of the bill before a final draft reconciling the two goes to Mr Obama for signature.
'I hope that we can continue to strengthen this plan before it gets to my desk,' the president, who has pushed the Congress to pass a final measure by mid-February, said in a statement.
The stimulus plan includes about $275 billion in tax cuts, including a credit worth $500 for each worker and $1,000 for couples. Most of the package's value however is in infrastructure spending.
'The progress through the House of Representatives of the package with a comfortable margin will be cheering US sentiment but certainly no one will be under the illusion that this is the turning point for the economy,' said analyst James Hughes at CMC Markets in London.
Asian markets were lifted on Thursday by news of the plan's progress.
But Europe's main stock markets fall sharply in early trade, dragged down by the banking sector, which ended a brief rally on profit-taking.
In late morning deals, London fell 1.67 per cent. Frankfurt dropped 0.95 per cent and Paris lost 1.0 per cent nearing the half-way mark.
-- AFP
- wong chee tat :)
Friday, January 16, 2009
Singapore wage council calls for wage freeze, cut
Singapore wage council calls for wage freeze, cut
Reuters
SINGAPORE, Jan 16 - Singapore's National Wages Council said on Friday unemployment will be "substantially higher" this year, and recommended firms affected by the economic downturn institute a wage freeze or wage cuts to stay competitive and save jobs. (Link, pdf & this ,pdf)
The council, which comprises representatives from government, employers and unions, however, ruled out cutting employers' contribution to the Central Provident Fund, the retirement fund for Singapore workers.
"It's not an ideal instrument, we don't want to use it," NWC Chairman Lim Pin said at a media conference.
He said cutting pensions hurt workers at firms that were doing well and also created longer-term problems since Singaporeans used the funds to cover medical costs and for their retirement.
The government had cut CPF contributions in a bid to lower labour costs during previous recessions.
Singapore was the first Asian economy to fall into a recession in 2008 and the government has warned that the economy may shrink as much as 2 percent this year.
Recommendations by the NWC are not binding on employers but are usually followed by state-linked firms such as Singapore Telecommunicationsand DBS Group .
The council usually meets in May but was convened four months ahead of time to set wage guidelines amid a worsening economic outlook.
- wong chee tat :)
Reuters
SINGAPORE, Jan 16 - Singapore's National Wages Council said on Friday unemployment will be "substantially higher" this year, and recommended firms affected by the economic downturn institute a wage freeze or wage cuts to stay competitive and save jobs. (Link, pdf & this ,pdf)
The council, which comprises representatives from government, employers and unions, however, ruled out cutting employers' contribution to the Central Provident Fund, the retirement fund for Singapore workers.
"It's not an ideal instrument, we don't want to use it," NWC Chairman Lim Pin said at a media conference.
He said cutting pensions hurt workers at firms that were doing well and also created longer-term problems since Singaporeans used the funds to cover medical costs and for their retirement.
The government had cut CPF contributions in a bid to lower labour costs during previous recessions.
Singapore was the first Asian economy to fall into a recession in 2008 and the government has warned that the economy may shrink as much as 2 percent this year.
Recommendations by the NWC are not binding on employers but are usually followed by state-linked firms such as Singapore Telecommunications
The council usually meets in May but was convened four months ahead of time to set wage guidelines amid a worsening economic outlook.
- wong chee tat :)
Tuesday, January 6, 2009
Survey shows most firms still hiring fresh graduates
Earlier, one of my friends ask me about my plans after graduation. We chatted a bit and we agreed that the job market in Singapore does not look that good because of the recession. But, can we make a difference?
Let's look at the article below:
Survey shows most firms still hiring fresh graduates (See video)
By Hoe Yeen Nie, Channel NewsAsia Posted: 05 January 2009 2113 hrs
Survey shows most firms still hiring fresh graduates
SINGAPORE: Thousands of fresh graduates are expected to enter the Singapore job market this year, flooding a labour pool that is seeing more retrenchments. Industries that are still hiring include accounting, engineering and sales.
Josh Goh, senior manager, Corporate Communications, The GMP Group, said: "The situation has changed. Fresh grads need to prepare themselves. They need to dress appropriately; they need to portray a very enthusiastic, willing-to-learn attitude."
Recruitment agencies said preparation, experience and presentation will help give applicants a winning edge, so internship and knowledge about the company and job matter.
One also has to be prepared to accept a salary range that is on average about 5 to 15 per cent lower than last year.
Despite widespread hiring freezes, a recent survey of some 120 firms by the National University of Singapore (NUS) showed that 90 per cent of these companies will take in fresh graduates. The survey covered industries such as manufacturing, finance, transport and the public sector.
The Singapore Management University (SMU) said some students are delaying their graduation to explore more internships. More have also gone to career service centres for advice, especially those who are hoping to find a job in banking or finance.
Universities, in turn, have revved up their outreach activities.
Loh Pui Wah, director, Career and Attachment Office, Nanyang Technological University (NTU), said: "We are approaching companies such as new and emerging industries that traditionally do not hire fresh graduates. We are also targeting the SMEs, so we are aggressively going out to them to discuss employment opportunities and inviting them to NTU."
Some students, however, remain unfazed about the challenges ahead. Economics major Lim Wensi, who is graduating from SMU in July, is feeling upbeat about getting a job in the tourism sector.
He said: "I'm not overly anxious about not getting a job because I feel there are still jobs out there, especially in the tourism industry. I'm also prepared to do contract work, part-time work during this time until the economy picks up. Well, the back-up plan would be to go overseas to do a Masters."
Observers said contract work can build up crucial job experience until a permanent position comes along.
- CNA/so
What are your thoughts? Hope 2009 is a good year! All the best to those graduating in 2009!
- wong chee tat :)
Let's look at the article below:
Survey shows most firms still hiring fresh graduates (See video)
By Hoe Yeen Nie, Channel NewsAsia Posted: 05 January 2009 2113 hrs
Survey shows most firms still hiring fresh graduates
SINGAPORE: Thousands of fresh graduates are expected to enter the Singapore job market this year, flooding a labour pool that is seeing more retrenchments. Industries that are still hiring include accounting, engineering and sales.
Josh Goh, senior manager, Corporate Communications, The GMP Group, said: "The situation has changed. Fresh grads need to prepare themselves. They need to dress appropriately; they need to portray a very enthusiastic, willing-to-learn attitude."
Recruitment agencies said preparation, experience and presentation will help give applicants a winning edge, so internship and knowledge about the company and job matter.
One also has to be prepared to accept a salary range that is on average about 5 to 15 per cent lower than last year.
Despite widespread hiring freezes, a recent survey of some 120 firms by the National University of Singapore (NUS) showed that 90 per cent of these companies will take in fresh graduates. The survey covered industries such as manufacturing, finance, transport and the public sector.
The Singapore Management University (SMU) said some students are delaying their graduation to explore more internships. More have also gone to career service centres for advice, especially those who are hoping to find a job in banking or finance.
Universities, in turn, have revved up their outreach activities.
Loh Pui Wah, director, Career and Attachment Office, Nanyang Technological University (NTU), said: "We are approaching companies such as new and emerging industries that traditionally do not hire fresh graduates. We are also targeting the SMEs, so we are aggressively going out to them to discuss employment opportunities and inviting them to NTU."
Some students, however, remain unfazed about the challenges ahead. Economics major Lim Wensi, who is graduating from SMU in July, is feeling upbeat about getting a job in the tourism sector.
He said: "I'm not overly anxious about not getting a job because I feel there are still jobs out there, especially in the tourism industry. I'm also prepared to do contract work, part-time work during this time until the economy picks up. Well, the back-up plan would be to go overseas to do a Masters."
Observers said contract work can build up crucial job experience until a permanent position comes along.
- CNA/so
What are your thoughts? Hope 2009 is a good year! All the best to those graduating in 2009!
- wong chee tat :)
Monday, December 15, 2008
Singapore's Parkway says to cut staff, salaries
Singapore's Parkway says to cut staff, salaries
Reuters
Reuters - Monday, December 15
SINGAPORE, Dec 15 - Singapore hospital and healthcare operator Parkway Holdings said on Monday it will cut salaries and lay off up to 4 percent of its staff in a bid to rein in costs.
"The group is not immune to the current global economic challenges," the firm said in a statement.
Parkway, part-owned by Malaysian sovereign wealth fund Khazanah Nasional Bhd, said its directors would not receive any fees for 2008 while senior managers' salaries would be cut by 15-35 percent.
For middle management, the reductions would be between 5 and 10 percent, it said. Parkway did not say how many people would be affected by the job cuts.
- wong chee tat :)
Reuters
Reuters - Monday, December 15
SINGAPORE, Dec 15 - Singapore hospital and healthcare operator Parkway Holdings
"The group is not immune to the current global economic challenges," the firm said in a statement.
Parkway, part-owned by Malaysian sovereign wealth fund Khazanah Nasional Bhd, said its directors would not receive any fees for 2008 while senior managers' salaries would be cut by 15-35 percent.
For middle management, the reductions would be between 5 and 10 percent, it said. Parkway did not say how many people would be affected by the job cuts.
- wong chee tat :)
Thursday, December 11, 2008
Philips Singapore to retrench nearly 100 employees
Philips Singapore to retrench nearly 100 employees
By Hetty Musfirah Abdul Khamid, Channel NewsAsia | Posted: 11 December 2008 1931 hrs
SINGAPORE: Retrenchment blues have hit close to 100 employees working for Dutch electronics company, Philips Singapore.
According to the company, the number of those retrenched makes up less than 3 per cent of its total staff strength of 3,200 here.
Affected staff are mainly from Philips' Consumer Lifestyle Division's Audio-Video and Multimedia business unit who make up about 5 per cent of the 1,920 staff in the division.
They were informed of the decision on Wednesday during an internal staff meeting and will start leaving the company by the end of this month.
Philips Singapore told Channel NewsAsia that the move is part of a global restructuring effort to optimise its worldwide business portfolio.
In this case, the affected business unit will be restructured to concentrate on three product categories, down from the previous five.
The move is said to be necessary for the long-term viability of its business and will enable Philips to focus on its core strengths in those three categories.
A spokesperson said the company had informed its staff union of the move before making the final decision. It is currently working with an outplacement agency to help the affected workers.
Efforts will also be made to relocate them wherever possible to other positions within or outside Philips.
In a meeting with investors and financial analysts in Amsterdam last week, CEO and president of Royal Philips Electronics Gerard Kleisterlee said: "These are unusual times and the rapid economic deterioration will have an impact on Philips' short-term financial targets.
"But we are taking actions to protect our margins and we have made progress to create a more balanced portfolio and strong balance sheet so we are in good shape to deliver and weather the storm."
- CNA/so
- wong chee tat :)
By Hetty Musfirah Abdul Khamid, Channel NewsAsia | Posted: 11 December 2008 1931 hrs
SINGAPORE: Retrenchment blues have hit close to 100 employees working for Dutch electronics company, Philips Singapore.
According to the company, the number of those retrenched makes up less than 3 per cent of its total staff strength of 3,200 here.
Affected staff are mainly from Philips' Consumer Lifestyle Division's Audio-Video and Multimedia business unit who make up about 5 per cent of the 1,920 staff in the division.
They were informed of the decision on Wednesday during an internal staff meeting and will start leaving the company by the end of this month.
Philips Singapore told Channel NewsAsia that the move is part of a global restructuring effort to optimise its worldwide business portfolio.
In this case, the affected business unit will be restructured to concentrate on three product categories, down from the previous five.
The move is said to be necessary for the long-term viability of its business and will enable Philips to focus on its core strengths in those three categories.
A spokesperson said the company had informed its staff union of the move before making the final decision. It is currently working with an outplacement agency to help the affected workers.
Efforts will also be made to relocate them wherever possible to other positions within or outside Philips.
In a meeting with investors and financial analysts in Amsterdam last week, CEO and president of Royal Philips Electronics Gerard Kleisterlee said: "These are unusual times and the rapid economic deterioration will have an impact on Philips' short-term financial targets.
"But we are taking actions to protect our margins and we have made progress to create a more balanced portfolio and strong balance sheet so we are in good shape to deliver and weather the storm."
- CNA/so
- wong chee tat :)
Tuesday, December 9, 2008
Sony says to cut 8,000 jobs, shut plants
Sony says to cut 8,000 jobs, shut plants
AFP
AFP - Tuesday, December 9
TOKYO (AFP) - - Japan's Sony Corp. said Tuesday that it was cutting 8,000 jobs worldwide and shutting some plants as part of an overhaul of its business to cope with the global economic downturn.
The electronics giant said it would axe about 10 percent of its manufacturing sites, cut investment in its electronics business by about 30 percent and downsize or withdraw from unprofitable areas.
Sony, seen as a bellwether of corporate Japan, said it would lay off about five percent of its 160,000 workers in its global electronics business. It will also reduce the number of seasonal and temporary workers.
"These initiatives are in response to the sudden and rapid changes in the global economic environment," it said in a statement.
Japan's electronics giants are facing tougher times after enjoying several years of strong profits thanks to brisk sales of flat televisions, digital cameras and mobile telephones.
The company will postpone a planned expansion of a plant in Slovakia that assembles liquid crystal display televisions for the European market.
Sony, which makes Bravia flat televisions, Cyber-shot digicams and PlayStation 3 video game consoles, will also end production at two overseas plants, including one in France, that make tape and other recording media.
It will also realign its network of plants and shift manufacturing to low-cost countries, while raising some product prices to mitigate the impact of the stronger yen.
The group said the measures should enable it to cut costs by more than 100 billion yen (1.1 billion dollars) a year by March 2010.
"In addition to these measures, Sony will continue to implement measures as required to help assure both short and longer-term profitability and growth," the statement said.
Sony said in October its operating profit plunged 90 percent in the second quarter of the financial year, hit by a surging yen, a weak global economy and intense price competition.
The electronics icon has endured a difficult spell in the face of tough competition from rival products such as Apple's iPod and Nintendo's Wii.
Last year it enjoyed a strong recovery under its first foreign boss, Howard Stringer, a Welsh-born US citizen. Under his watch, the group has shed non-core assets and axed thousands of jobs.
- wong chee tat :)
AFP
AFP - Tuesday, December 9
TOKYO (AFP) - - Japan's Sony Corp. said Tuesday that it was cutting 8,000 jobs worldwide and shutting some plants as part of an overhaul of its business to cope with the global economic downturn.
The electronics giant said it would axe about 10 percent of its manufacturing sites, cut investment in its electronics business by about 30 percent and downsize or withdraw from unprofitable areas.
Sony, seen as a bellwether of corporate Japan, said it would lay off about five percent of its 160,000 workers in its global electronics business. It will also reduce the number of seasonal and temporary workers.
"These initiatives are in response to the sudden and rapid changes in the global economic environment," it said in a statement.
Japan's electronics giants are facing tougher times after enjoying several years of strong profits thanks to brisk sales of flat televisions, digital cameras and mobile telephones.
The company will postpone a planned expansion of a plant in Slovakia that assembles liquid crystal display televisions for the European market.
Sony, which makes Bravia flat televisions, Cyber-shot digicams and PlayStation 3 video game consoles, will also end production at two overseas plants, including one in France, that make tape and other recording media.
It will also realign its network of plants and shift manufacturing to low-cost countries, while raising some product prices to mitigate the impact of the stronger yen.
The group said the measures should enable it to cut costs by more than 100 billion yen (1.1 billion dollars) a year by March 2010.
"In addition to these measures, Sony will continue to implement measures as required to help assure both short and longer-term profitability and growth," the statement said.
Sony said in October its operating profit plunged 90 percent in the second quarter of the financial year, hit by a surging yen, a weak global economy and intense price competition.
The electronics icon has endured a difficult spell in the face of tough competition from rival products such as Apple's iPod and Nintendo's Wii.
Last year it enjoyed a strong recovery under its first foreign boss, Howard Stringer, a Welsh-born US citizen. Under his watch, the group has shed non-core assets and axed thousands of jobs.
- wong chee tat :)
Tuesday, December 2, 2008
800 workers retrenched after wafer fab plan collapse
800 workers retrenched after wafer fab plan collapse
By Loh Chee Kong, TODAY | Posted: 31 October 2008 1216 hrs
SINGAPORE : In what is the first large-scale retrenchment here since the economy turned sour, IM Flash Technologies (IMFT) - a joint venture between chip giants Micron and Intel - has scrapped plans to build a wafer fabrication plant, laying off 800 employees in the process.
It became known on Thursday that the staff, 500 of whom are undergoing training in Utah, United States, were informed of the decision on October 13 in a meeting at the company's Lehi facility. The remaining 300 - hired as production operators and who are mostly from India - have already left the company.
At press time, IMFT's management, which is based in the US, could not be reached for comment. According to one affected Singaporean employee, the majority of the staff are non-Singaporeans. The employee told TODAY: "Prior to the meeting, everyone was already quite down. Because of the market conditions, some of us had suspicions (that there would be a massive layoff)."
Announced in 2005, the S$4.8-billion plant, which was intended to produce cutting-edge memory chips, was due to open in Woodlands later this year. It would have been one of the largest-ever investments in Singapore’s electronics industry.
But in May, its chief executive officer Rodney Morgan said the opening had been delayed until the middle of next year. While Mr Morgan reiterated the company's commitment to the project, the writing was on the wall when Micron announced on October 10 that it was laying off 15 per cent - or 3,000 - of its staff worldwide.
It said that as a result, IMFT would discontinue the supply of NAND flash memory from Micron's Boise facility in the US.
A Ministry of Manpower (MOM) spokesperson said it was "closely monitoring the employment situation and will work closely" with its tripartite partners and other relevant government agencies to "render employment assistance to workers who may be retrenched".
She added: "Companies that are considering retrenchment, or that have decided to do so, are strongly encouraged to give prior notification to MOM. Early notification will enable MOM and the relevant agencies to help companies on any potential labour relations issues as well as provide affected workers with employment assistance."
- TODAY/fa
(An update from the previous blog)
- wong chee tat :)
By Loh Chee Kong, TODAY | Posted: 31 October 2008 1216 hrs
SINGAPORE : In what is the first large-scale retrenchment here since the economy turned sour, IM Flash Technologies (IMFT) - a joint venture between chip giants Micron and Intel - has scrapped plans to build a wafer fabrication plant, laying off 800 employees in the process.
It became known on Thursday that the staff, 500 of whom are undergoing training in Utah, United States, were informed of the decision on October 13 in a meeting at the company's Lehi facility. The remaining 300 - hired as production operators and who are mostly from India - have already left the company.
At press time, IMFT's management, which is based in the US, could not be reached for comment. According to one affected Singaporean employee, the majority of the staff are non-Singaporeans. The employee told TODAY: "Prior to the meeting, everyone was already quite down. Because of the market conditions, some of us had suspicions (that there would be a massive layoff)."
Announced in 2005, the S$4.8-billion plant, which was intended to produce cutting-edge memory chips, was due to open in Woodlands later this year. It would have been one of the largest-ever investments in Singapore’s electronics industry.
But in May, its chief executive officer Rodney Morgan said the opening had been delayed until the middle of next year. While Mr Morgan reiterated the company's commitment to the project, the writing was on the wall when Micron announced on October 10 that it was laying off 15 per cent - or 3,000 - of its staff worldwide.
It said that as a result, IMFT would discontinue the supply of NAND flash memory from Micron's Boise facility in the US.
A Ministry of Manpower (MOM) spokesperson said it was "closely monitoring the employment situation and will work closely" with its tripartite partners and other relevant government agencies to "render employment assistance to workers who may be retrenched".
She added: "Companies that are considering retrenchment, or that have decided to do so, are strongly encouraged to give prior notification to MOM. Early notification will enable MOM and the relevant agencies to help companies on any potential labour relations issues as well as provide affected workers with employment assistance."
- TODAY/fa
(An update from the previous blog)
- wong chee tat :)
Wednesday, November 26, 2008
Singapore Oct manufacturing slides, outlook gloomy
Singapore Oct manufacturing slides, outlook gloomy
Reuters
Reuters - Wednesday, November 26
By Neil Chatterjee
SINGAPORE, Nov 26 - Singapore's factory output fell a larger-than-expected 12.7 percent in October from September after seasonal adjustments, as electronics and drugs output slid, suggesting recession extended into the fourth quarter.
Indeed, analysts said the manufacturing sector, which accounts for about a quarter of Singapore's trade-dependent economy, was facing tougher times ahead with the global outlook deteriorating quickly and demand weakening in key export markets.
From a year earlier, factory output fell 12.6 percent, the Economic Development Board said.
"The poor October manufacturing data marks a bad start for the fourth-quarter gross domestic product for Singapore, and manufacturing is likely to continue reprising its role as the main drag on growth in that quarter," said Alvin Liew at Standard Chartered.
"The risk to our full-year 2008 GDP of 3 percent is clearly on the downside due to the manufacturing outlook. This should be negative for the Singapore dollar."
Singapore slipped into recession after the economy contracted in for two consecutive quarters -- the second and the third -- a common definition for recession.
The central bank, which sets monetary policy by managing the Singapore dollar against a secret basket of currencies, eased policy in October to a neutral bias for the dollar, to head off a financial storm that has pushed the economy into recession.
The Singapore dollar stood at 1.5105 versus the U.S. dollar by 0603 GMT, from 1.5100 before the data.
The central bank says it has no plans to change policy before a review scheduled in April, though economists think it still might loosen policy before then as growth weakens and inflation cools.
The government, which is trying to diversify away from manufacturing into service industries such as finance and tourism, has said the economy could contract next year and is planning an expansionary budget in January to give it a boost.
"The good news is that the government is responding reasonably aggressively but sadly it can do little to avoid the recession continuing for a few months yet," said Robert Prior-Wandesforde, economist at HSBC.
The monthly manufacturing data follows a better-than-expected rise of 7 percent in September when drug output jumped. Drugs production is volatile, but economists say demand for pricier drugs has weakened as consumers cut medical spending.
"Pharmaceuticals explain much of the collapse in production...it is worth stressing that the most worrying aspect of recent Singapore data has been signs of weakness in services," added Prior-Wandesforde.
Electronics, which account for about a third of output, fell 14 percent in October from a year ago. Drug production, which accounts for about a fifth of the total, slumped 31.2 percent.
- wong chee tat :)
Reuters
Reuters - Wednesday, November 26
By Neil Chatterjee
SINGAPORE, Nov 26 - Singapore's factory output fell a larger-than-expected 12.7 percent in October from September after seasonal adjustments, as electronics and drugs output slid, suggesting recession extended into the fourth quarter.
Indeed, analysts said the manufacturing sector, which accounts for about a quarter of Singapore's trade-dependent economy, was facing tougher times ahead with the global outlook deteriorating quickly and demand weakening in key export markets.
From a year earlier, factory output fell 12.6 percent, the Economic Development Board said.
"The poor October manufacturing data marks a bad start for the fourth-quarter gross domestic product for Singapore, and manufacturing is likely to continue reprising its role as the main drag on growth in that quarter," said Alvin Liew at Standard Chartered.
"The risk to our full-year 2008 GDP of 3 percent is clearly on the downside due to the manufacturing outlook. This should be negative for the Singapore dollar."
Singapore slipped into recession after the economy contracted in for two consecutive quarters -- the second and the third -- a common definition for recession.
The central bank, which sets monetary policy by managing the Singapore dollar against a secret basket of currencies, eased policy in October to a neutral bias for the dollar, to head off a financial storm that has pushed the economy into recession.
The Singapore dollar
The central bank says it has no plans to change policy before a review scheduled in April, though economists think it still might loosen policy before then as growth weakens and inflation cools.
The government, which is trying to diversify away from manufacturing into service industries such as finance and tourism, has said the economy could contract next year and is planning an expansionary budget in January to give it a boost.
"The good news is that the government is responding reasonably aggressively but sadly it can do little to avoid the recession continuing for a few months yet," said Robert Prior-Wandesforde, economist at HSBC.
The monthly manufacturing data follows a better-than-expected rise of 7 percent in September when drug output jumped. Drugs production is volatile, but economists say demand for pricier drugs has weakened as consumers cut medical spending.
"Pharmaceuticals explain much of the collapse in production...it is worth stressing that the most worrying aspect of recent Singapore data has been signs of weakness in services," added Prior-Wandesforde.
Electronics, which account for about a third of output, fell 14 percent in October from a year ago. Drug production, which accounts for about a fifth of the total, slumped 31.2 percent.
- wong chee tat :)
Friday, November 14, 2008
Labour chief disappointed with DBS' sudden retrenchments
Labour chief disappointed with DBS' sudden retrenchments
By Valerie Tan, Channel NewsAsia Posted: 14 November 2008 1708 hrs
SINGAPORE: Labour chief Lim Swee Say has expressed his disappointment in the sudden decision by DBS Bank to cut 900 jobs.
In a statement, Mr Lim said that the bank had not consulted with the DBS Staff Union on other alternatives to cutting costs. As a result, the perception on the ground is that DBS Bank decided on retrenchment as a first resort.
He added that this has weakened the trust between the management and union, and that the reaction on the ground is critical and highly negative. Mr Lim said that "trust takes a long time to build, but a short time to destroy."
His message came in an eight-paragraph statement to the media, which urged companies not to use retrenchment as the first resort.
He stressed that whether retrenchment will reach a high of 30,000 next year, like in 1998, will depend on how companies conduct themselves during this downturn.
It was not that the National Trades Union Congress demanded zero retrenchment, but that the company should explore alternatives with the union. For example, ways to cut cost and save jobs include having a shorter work week, reducing the year-end bonus, and re-training of excess manpower.
And if retrenchment is still unavoidable after mutual consultations, Mr Lim pledged that unions will stand by the management to help explain, and "carry the ground".
In response, DBS defended its decision, and said that cuts affect 3.5 per cent of junior ranks, compared to 16 per cent of senior management.
The bank also said a hiring freeze was already in place before it decided on retrenchments.
It had also thought long and hard about cutting wages, but decided against it due to different labour laws in countries the bank has branches in.
When contacted, other banks like OCBC said they will engage the union when making major decisions concerning employees. A week ago, UOB said that it would only use retrenchment as a last resort.
So while it was business as usual on Friday, it was D-day for some staff at DBS Bank who had till the end of the week to know if they still had their jobs.
According to some staff members, those who had been retrenched were older employees and holding positions in middle and senior management. Their duties were also expected to be outsourced or taken over by junior officers.
In fact, some junior officers said morale is still "high" amongst their group. One even said that he would "take it in his stride" and find another job if he was axed.
But older bank officers said they were saddened by the news despite the substantial pay packages retrenched staff would receive. They were also "worried" not only for themselves but for colleagues they had worked with for years.
DBS Bank has said that officers asked to leave will get one month's pay for every year of service, plus medical benefits and staff mortgage benefits for another six months.
Besides advice and counselling, DBS has also given its retrenched staff a list of 20 other companies who are hiring.
When contacted, OCBC Bank and UOB Bank denied rumours that they too were cutting staff.
Channel NewsAsia also understands that Singapore's branch of the Royal Bank of Scotland is not affected by the company's worldwide 3,000 job cut. Those affected are from RBS' global banking and markets divisions.
- CNA/vm
- wong chee tat :)
Sunday, November 9, 2008
Credit crunch could boost science sector: analysts
Credit crunch could boost science sector: analysts
The global financial crisis could boost recruitment to science and engineering firms as young high-fliers shun Wall Street for the lab, analysts say.
With thousands of job cuts at investment banks and hiring freezes at others, school-leavers and maths and science graduates could be increasingly attracted to the world of research and development.
"The glamour of the Wall Street jobs is gone, and that leaves more room for science and technology," said Georges Haour, a professor of technology and innovation management at the IMD business school in Lausanne, Switzerland.
"Although the salaries are not the same, the salaries (in finance) are zero because people are being fired," he told AFP.
Britain's government has also marked the financial crisis as an opportunity to boost science and technology.
Science minister Lord Paul Drayson last month urged scientists who went to work in the City of London financial district to switch to teaching science subjects or science-related businesses.
"My message to them is: You have been a rocket scientist in the City, now become a real scientist again," he told the Financial Times.
As a sign of the importance the government attaches to science, Drayson is one of a small handful of junior ministers who attend Cabinet meetings.
The country's demand for engineers is also illustrated by its "Shortage Occupation List" -- jobs for which there are shortfalls in the British labour market.
Though there is only one occupation category in the finance industry in which there is a need, actuaries, there are 31 different categories of engineers or engineering specialists that are seen as being in demand.
Major financial firms around the world, meanwhile, have shed large numbers of jobs in recent months, as the global credit crunch has hammered several lenders.
Swiss banking giant Credit Suisse has cut 2,000 jobs since the financial crisis began. UBS has cut 6,000 jobs in a year. HSBC is to cut 1,100 jobs globally and German bank WestLB forecasts up to 1,500 job losses.
They might not earn quite as much in the science sector: while Britain's biggest defence manufacturer BAE Systems pays its graduateds up to 27,500 pounds (43,300 dollars, 34,000 euros) a year, university-leavers entering the world of finance used to be able to command upwards of 30,000 pounds annually.
But Haour said that, in his discussions with the presidents of universities around the world, they had reported increases in applications for technology-related courses.
For example, he noted that the University of Tokyo had seen a "big surge" in applications for engineering and science. "The young ones adapt very quickly. They see what's going on, they draw conclusions," Haour said.
Elspeth Farrar, head of the careers service at Imperial College, London -- one of the world's premier maths and science universities -- said the downturn was perhaps good news for the science sector.
"Engineering companies who, in the past, have struggled to recruit the numbers they really want, this year might be a good year for them," she said.
While it would take time for hard evidence to become available, "inevitably there are going to be fewer jobs directly in the finance and banking sector," she added.
"So I think automatically that will mean more science and engineering students will be thinking about continuing in their sectors.
"The students, they see the news, they know what's going on -- inevitably they must realise that it's possibly going to be an even more competitive market to get into banking," she said.
- wong chee tat :)
The global financial crisis could boost recruitment to science and engineering firms as young high-fliers shun Wall Street for the lab, analysts say.
With thousands of job cuts at investment banks and hiring freezes at others, school-leavers and maths and science graduates could be increasingly attracted to the world of research and development.
"The glamour of the Wall Street jobs is gone, and that leaves more room for science and technology," said Georges Haour, a professor of technology and innovation management at the IMD business school in Lausanne, Switzerland.
"Although the salaries are not the same, the salaries (in finance) are zero because people are being fired," he told AFP.
Britain's government has also marked the financial crisis as an opportunity to boost science and technology.
Science minister Lord Paul Drayson last month urged scientists who went to work in the City of London financial district to switch to teaching science subjects or science-related businesses.
"My message to them is: You have been a rocket scientist in the City, now become a real scientist again," he told the Financial Times.
As a sign of the importance the government attaches to science, Drayson is one of a small handful of junior ministers who attend Cabinet meetings.
The country's demand for engineers is also illustrated by its "Shortage Occupation List" -- jobs for which there are shortfalls in the British labour market.
Though there is only one occupation category in the finance industry in which there is a need, actuaries, there are 31 different categories of engineers or engineering specialists that are seen as being in demand.
Major financial firms around the world, meanwhile, have shed large numbers of jobs in recent months, as the global credit crunch has hammered several lenders.
Swiss banking giant Credit Suisse has cut 2,000 jobs since the financial crisis began. UBS has cut 6,000 jobs in a year. HSBC is to cut 1,100 jobs globally and German bank WestLB forecasts up to 1,500 job losses.
They might not earn quite as much in the science sector: while Britain's biggest defence manufacturer BAE Systems pays its graduateds up to 27,500 pounds (43,300 dollars, 34,000 euros) a year, university-leavers entering the world of finance used to be able to command upwards of 30,000 pounds annually.
But Haour said that, in his discussions with the presidents of universities around the world, they had reported increases in applications for technology-related courses.
For example, he noted that the University of Tokyo had seen a "big surge" in applications for engineering and science. "The young ones adapt very quickly. They see what's going on, they draw conclusions," Haour said.
Elspeth Farrar, head of the careers service at Imperial College, London -- one of the world's premier maths and science universities -- said the downturn was perhaps good news for the science sector.
"Engineering companies who, in the past, have struggled to recruit the numbers they really want, this year might be a good year for them," she said.
While it would take time for hard evidence to become available, "inevitably there are going to be fewer jobs directly in the finance and banking sector," she added.
"So I think automatically that will mean more science and engineering students will be thinking about continuing in their sectors.
"The students, they see the news, they know what's going on -- inevitably they must realise that it's possibly going to be an even more competitive market to get into banking," she said.
- wong chee tat :)
Subscribe to:
Posts (Atom)