GMAT cheating worries US colleges
Thu, Dec 17, 2009
China Daily/Asia News Network
US universities are concerned about Chinese students' cheating on entrance exams across the country, according to experts.
"Anything from China is suspect in the United States now in the education realm," said Steven Dickinson, a China-based lawyer and former law professor at the University of Washington who worked with the school's admissions office to select international candidates.
The problem stems not necessarily from the students themselves but rather from the resources Chinese rely on to study for admissions tests, like the Graduate Record Examinations and the Graduate Management Admission Test (GMAT).
In 2008, 98,510 Chinese students went to study in the US, growing 21 percent over 2007, a report by the Institute of International Education said. China was the second largest source of foreign students in the US after India.
The Graduate Management Admission Council (GMAC), which distributes the GMAT exam, sued Passion for copyright infringement after it posted "live" test questions from GMAT exams online and distributed PDFs from test books.
A Beijing court ordered Beijing Passion Consultancy Ltd on Nov 23 to pay a fine of 520,000 yuan (S$106,496) for copyright infringement and publicly apologize for its actions.
Passion, a company that has trained around one third of Chinese students applying to the top 10 American business schools, said on Tuesday that it was sorry for selling GMAT materials without authorization.
After testing materials were removed, the traffic of Passion's website dropped by 70 percent in the past week, according to Internet traffic monitoring website Alexa.com.
Chinese students frequent a number of websites that reportedly hire staff to pose as test-takers and post reconstructed "live" questions from the exams for free online. Some of the proxy test-takers have employed hi-tech gadgets, including cameras and microphones, to obtain exam material.
"They will hire people to take the test and then steal the test book," Dickinson said. "Or they will get even more nasty and get an insider to send the text book that is coming out next and then get the answers to certain tests."
Even with GMAC's litigation against Passion, many other test-prep websites exist providing materials to Chinese students facing stiff competition to get into foreign schools.
Showing posts with label fired. Show all posts
Showing posts with label fired. Show all posts
Friday, December 18, 2009
Tuesday, June 16, 2009
IDA investing S$20m to help IT grads and professionals
IDA investing S$20m to help IT grads and professionals
By Valarie Tan, Channel NewsAsia Posted: 16 June 2009 1116 hrs
SINGAPORE: The Infocomm Development Authority (IDA) is investing S$20 million to help IT graduates and professionals stay employed during the current recession.
The money will be spent on two new programmes – iTAP (Infocomm Training and Attachment Programme) and iLEAD (Infocomm Leadership and Development Programme) – which are expected to benefit 1,000 people over the next two years.
iTAP offers attachment opportunities for fresh IT graduates and professionals at MNCs, local companies and start-ups.
Under iLEAD, IDA will work with the infocomm industry to prepare a pool of professionals for new growth areas through internships and specialised courses.
Acting Minister for Communications and the Arts Lui Tuck Yew gave these details at the official opening of Infocomm Media Business Exchange (imbX) 2009 on Tuesday morning.
He also announced that the Wireless@SG programme, which was launched in 2006, to complement connectivity in the home and office, will be enhanced and extended for another four years till March 2013.
The enhancements include improvements to access speeds of up to 1 Mbps, using a new seamless log-in process.
More services over Wireless@SG, such as cashless payments, location-based and facility-monitoring services, will also be introduced.
- CNA/so
- wong chee tat :)
By Valarie Tan, Channel NewsAsia Posted: 16 June 2009 1116 hrs
SINGAPORE: The Infocomm Development Authority (IDA) is investing S$20 million to help IT graduates and professionals stay employed during the current recession.
The money will be spent on two new programmes – iTAP (Infocomm Training and Attachment Programme) and iLEAD (Infocomm Leadership and Development Programme) – which are expected to benefit 1,000 people over the next two years.
iTAP offers attachment opportunities for fresh IT graduates and professionals at MNCs, local companies and start-ups.
Under iLEAD, IDA will work with the infocomm industry to prepare a pool of professionals for new growth areas through internships and specialised courses.
Acting Minister for Communications and the Arts Lui Tuck Yew gave these details at the official opening of Infocomm Media Business Exchange (imbX) 2009 on Tuesday morning.
He also announced that the Wireless@SG programme, which was launched in 2006, to complement connectivity in the home and office, will be enhanced and extended for another four years till March 2013.
The enhancements include improvements to access speeds of up to 1 Mbps, using a new seamless log-in process.
More services over Wireless@SG, such as cashless payments, location-based and facility-monitoring services, will also be introduced.
- CNA/so
- wong chee tat :)
Monday, June 15, 2009
S'pore's Q1 labour market sees 1st quarterly contraction in nearly 6 years
S'pore's Q1 labour market sees 1st quarterly contraction in nearly 6 years
By S.Ramesh, Channel NewsAsia | Posted: 15 June 2009 1026 hrs
This means the number of workers who left their jobs outstripped those who got hired.
The Manpower Ministry said falling external demand has severely affected the manufacturing sector, and along with employment losses in the external-oriented services industries more than offset gains in the domestic services and construction sectors.
At home, construction employment grew by 8,300 but less than the gains of 10,700 in the previous quarter.
Services added 7,500 workers, which was again substantially lower than the gains in the fourth quarter of 2008 which stood at 17,300.
The gains came mainly from community, social and personal services, supported by public sector hiring.
However, services industries with external exposure like hotels and restaurants went into the red and netted 2700 jobs, while financial services saw a net loss of 1,900 jobs.
Transport and storage and wholesale and retail trade were similarly affected.
- CNA/vm
- wong chee tat :)
Tuesday, April 7, 2009
CDCs see more people seeking help for jobs
CDCs see more people seeking help for jobs
By Satish Cheney, Channel NewsAsia
SINGAPORE: The number of people seeking job help from Singapore's five Community Development Councils (CDCs) is rising fast.
In January, there were about 14,000. The number rose past 17,000 in February.
According to Central Singapore CDC, retrenched workers make up about 10 to 20 per cent of those seeking help at its career centre.
To meet demand, CDC career centres have been beefing up their services over the past few months.
More staff have also been hired to cope with the workload, and new initiatives started to give applicants training in jobseeking skills.
Manpower Minister Gan Kim Yong was briefed on these measures at the Central Singapore CDC on Tuesday.
He said that the CDCs are also provided with job counsellors who work with the professionals, managers, executives and technicians or PMETs to assess their employment and training needs so as to better prepare them for job placements.
The CDCs are collaborating with other agencies as well as self-help groups to coordinate job placement efforts.
To help the PMETs, the CDCs have come up with new initiatives such as workshops and seminars. The first such programme was started in January. 50 people took part, and 80 per cent of them have found jobs.
- CNA/ir
- wong chee tat :)
By Satish Cheney, Channel NewsAsia
SINGAPORE: The number of people seeking job help from Singapore's five Community Development Councils (CDCs) is rising fast.
In January, there were about 14,000. The number rose past 17,000 in February.
According to Central Singapore CDC, retrenched workers make up about 10 to 20 per cent of those seeking help at its career centre.
To meet demand, CDC career centres have been beefing up their services over the past few months.
More staff have also been hired to cope with the workload, and new initiatives started to give applicants training in jobseeking skills.
Manpower Minister Gan Kim Yong was briefed on these measures at the Central Singapore CDC on Tuesday.
He said that the CDCs are also provided with job counsellors who work with the professionals, managers, executives and technicians or PMETs to assess their employment and training needs so as to better prepare them for job placements.
The CDCs are collaborating with other agencies as well as self-help groups to coordinate job placement efforts.
To help the PMETs, the CDCs have come up with new initiatives such as workshops and seminars. The first such programme was started in January. 50 people took part, and 80 per cent of them have found jobs.
- CNA/ir
- wong chee tat :)
Sunday, April 5, 2009
Grads among worst hit as jobless rate increases
Grads among worst hit as jobless rate increases
By Aaron Low
Thu, Mar 19, 2009
The Straits Times
GRADUATES are hurting the most among the growing pool of jobless Singapore residents battered by the economic crisis.
The number of out-of-work degree holders more than doubled last year to 14,800 in December, from 6,200 a year earlier.
They joined an expanding group of unemployed residents - comprising Singaporeans and permanent residents - whose numbers rose from 56,100 in September to 69,900 in December last year.
As a result, the resident unemployment rate worsened further. It rose to 3.7 per cent in December, from 3.3 per cent in September, according to the 2008 labour market report released by the Manpower Ministry yesterday.
Analysts like Nanyang Technological University (NTU) economist Choy Keen Meng blame the rapid rise of unemployed graduates mainly on the financial sector.
The sector, which employs many degree holders, has been downsizing and laying off workers since the global financial fallout erupted in September last year.
The National Trades Union Congress' assistant secretary-general Ong Ye Kung added that struggling companies were also retrenching corporate staff such as their administrative workers, who appeared to be seen as non-essential to the company's survival.
'I've noticed companies are hanging on to those who add directly to the company's bottom line, such as those on the production line or engineers,' he said.
The surge in white-collar layoffs began towards the end of last year. Half of the 7,500 workers retrenched in 2008's final quarter were professionals, managers, executives and technicians: PMETs.
This has stiffened the competition that fresh graduates face. Said DBS economist Irvin Seah: 'They are fighting for the same jobs and fresh grads are at a disadvantage compared to those with experience.'
Between May and July this year, 12,000 fresh graduates are expected to enter the job market.
The plight of the young and jobless graduates has received Government attention. The Monetary Authority of Singapore will set aside $15 million to subsidise internships and attachments of fresh graduates in the financial industry over the next two years.
But Singapore Human Resource Institute executive director David Ang believes they can do with more help.
'The mid-career professionals have conversion programmes. Maybe something of this nature can be replicated for all fresh grads,' he said.
The jobless degree holders are part of a broader group of PMETs who have been hit hard by the recession. Some 5,820 PMETs were retrenched last year, forming 41.8 per cent of the 13,920 laid off.
To ease their plight, the Government launched the Professionals Skills Programme, which aims to retrain them for jobs in new growth sectors, such as health care and digital animation.
Such bleak prospects appear even more brutal when placed against last year's robust job growth: 221,600 jobs were created, just shy of the 234,900 record achieved in 2007.
Services added the most with 136,400 new jobs, followed by construction (64,000) and manufacturing (19,500).
But the gains were made largely in the first nine months. In the final quarter, the job losses jumped to 9,410 from 3,180.
DBS's Mr Seah believes 99,000 jobs will be shed by 2010.
Graduates like Mr Edwin Lim, 27, are now lowering their expectations. Mr Lim, who has a degree in commerce and finance from Australia, has been seeking a finance-related job for two weeks since his return home.
'Now I'm open to other options like marketing, or doing an internship in the finance industry,' he said, adding: 'What I want is to get the experience for a long-term job when the economy turns around.'
- wong chee tat :)
By Aaron Low
Thu, Mar 19, 2009
The Straits Times
GRADUATES are hurting the most among the growing pool of jobless Singapore residents battered by the economic crisis.
The number of out-of-work degree holders more than doubled last year to 14,800 in December, from 6,200 a year earlier.
They joined an expanding group of unemployed residents - comprising Singaporeans and permanent residents - whose numbers rose from 56,100 in September to 69,900 in December last year.
As a result, the resident unemployment rate worsened further. It rose to 3.7 per cent in December, from 3.3 per cent in September, according to the 2008 labour market report released by the Manpower Ministry yesterday.
Analysts like Nanyang Technological University (NTU) economist Choy Keen Meng blame the rapid rise of unemployed graduates mainly on the financial sector.
The sector, which employs many degree holders, has been downsizing and laying off workers since the global financial fallout erupted in September last year.
The National Trades Union Congress' assistant secretary-general Ong Ye Kung added that struggling companies were also retrenching corporate staff such as their administrative workers, who appeared to be seen as non-essential to the company's survival.
'I've noticed companies are hanging on to those who add directly to the company's bottom line, such as those on the production line or engineers,' he said.
The surge in white-collar layoffs began towards the end of last year. Half of the 7,500 workers retrenched in 2008's final quarter were professionals, managers, executives and technicians: PMETs.
This has stiffened the competition that fresh graduates face. Said DBS economist Irvin Seah: 'They are fighting for the same jobs and fresh grads are at a disadvantage compared to those with experience.'
Between May and July this year, 12,000 fresh graduates are expected to enter the job market.
The plight of the young and jobless graduates has received Government attention. The Monetary Authority of Singapore will set aside $15 million to subsidise internships and attachments of fresh graduates in the financial industry over the next two years.
But Singapore Human Resource Institute executive director David Ang believes they can do with more help.
'The mid-career professionals have conversion programmes. Maybe something of this nature can be replicated for all fresh grads,' he said.
The jobless degree holders are part of a broader group of PMETs who have been hit hard by the recession. Some 5,820 PMETs were retrenched last year, forming 41.8 per cent of the 13,920 laid off.
To ease their plight, the Government launched the Professionals Skills Programme, which aims to retrain them for jobs in new growth sectors, such as health care and digital animation.
Such bleak prospects appear even more brutal when placed against last year's robust job growth: 221,600 jobs were created, just shy of the 234,900 record achieved in 2007.
Services added the most with 136,400 new jobs, followed by construction (64,000) and manufacturing (19,500).
But the gains were made largely in the first nine months. In the final quarter, the job losses jumped to 9,410 from 3,180.
DBS's Mr Seah believes 99,000 jobs will be shed by 2010.
Graduates like Mr Edwin Lim, 27, are now lowering their expectations. Mr Lim, who has a degree in commerce and finance from Australia, has been seeking a finance-related job for two weeks since his return home.
'Now I'm open to other options like marketing, or doing an internship in the finance industry,' he said, adding: 'What I want is to get the experience for a long-term job when the economy turns around.'
- wong chee tat :)
Unemployment rate for Q1 likely to be higher than Q4 2008
Unemployment rate for Q1 likely to be higher than Q4 2008
Channel NewsAsia
SINGAPORE: With the first three months of 2009 just over, Singapore’s Manpower Minister, Gan Kim Yong, said the unemployment rate for the first quarter of this year is likely to be higher than the last three months of 2008.
Speaking to reporters at a community event on Sunday, he said while his ministry is seeing more retrenchment notices being issued, schemes like the Skills Programme for Upgrading and Resilience (SPUR) is helping companies cut costs to save jobs.
Detailed statistics about the job market in the first quarter of this year will be released shortly, said the manpower minister.
But as the economy has yet to recover, the ministry’s immediate focus is the unemployment situation and it will continue pressing on with the various schemes like SPUR and Jobs Credit Scheme to tackle the downturn.
Mr Gan said: "SPUR, Jobs Credit Scheme and the Workfare Income Supplement Scheme — so many programmes have been put in place, and we will continue to work hard with the tripartite partners to help our workers cope with the downturn.
"But we cannot just focus on the downturn. We still have to focus on the longer term fundamental issues, such as re—employment, employment of older workers and women. This is because when the economy recovers, the labour market will tighten again and so we must ensure we have this source of workers to support our economic growth in future."
Mr Gan believes SPUR has been very successful in the last four months. He said it has helped many companies reduce the number of workers who could have ended up being retrenched. With SPUR in place, some companies have decided to defer retrenchment and make a decision later.
But how quickly the Singapore economy recovers depends much on external factors like the global economy’s performance.
Mr Gan said: "We must prepare ourselves for another few quarters of downturn. What is more important now is to focus on managing the downturn and managing costs so that we can save more jobs.
"Sometimes during a downturn, restructuring is inevitable and some retrenchments are unavoidable. If employees are retrenched, we want to reach out to them to help them to upgrade themselves and increase their employability so that they can find jobs faster."
Mr Gan added that there are several sectors in Singapore which have job openings and his message to job seekers is to be flexible and consider sectors they may not have worked in before.
— CNA/yt
- wong chee tat :)
Channel NewsAsia
SINGAPORE: With the first three months of 2009 just over, Singapore’s Manpower Minister, Gan Kim Yong, said the unemployment rate for the first quarter of this year is likely to be higher than the last three months of 2008.
Speaking to reporters at a community event on Sunday, he said while his ministry is seeing more retrenchment notices being issued, schemes like the Skills Programme for Upgrading and Resilience (SPUR) is helping companies cut costs to save jobs.
Detailed statistics about the job market in the first quarter of this year will be released shortly, said the manpower minister.
But as the economy has yet to recover, the ministry’s immediate focus is the unemployment situation and it will continue pressing on with the various schemes like SPUR and Jobs Credit Scheme to tackle the downturn.
Mr Gan said: "SPUR, Jobs Credit Scheme and the Workfare Income Supplement Scheme — so many programmes have been put in place, and we will continue to work hard with the tripartite partners to help our workers cope with the downturn.
"But we cannot just focus on the downturn. We still have to focus on the longer term fundamental issues, such as re—employment, employment of older workers and women. This is because when the economy recovers, the labour market will tighten again and so we must ensure we have this source of workers to support our economic growth in future."
Mr Gan believes SPUR has been very successful in the last four months. He said it has helped many companies reduce the number of workers who could have ended up being retrenched. With SPUR in place, some companies have decided to defer retrenchment and make a decision later.
But how quickly the Singapore economy recovers depends much on external factors like the global economy’s performance.
Mr Gan said: "We must prepare ourselves for another few quarters of downturn. What is more important now is to focus on managing the downturn and managing costs so that we can save more jobs.
"Sometimes during a downturn, restructuring is inevitable and some retrenchments are unavoidable. If employees are retrenched, we want to reach out to them to help them to upgrade themselves and increase their employability so that they can find jobs faster."
Mr Gan added that there are several sectors in Singapore which have job openings and his message to job seekers is to be flexible and consider sectors they may not have worked in before.
— CNA/yt
- wong chee tat :)
Monday, March 16, 2009
More S'pore grads jobless
More S'pore grads jobless
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago.
MORE graduates have joined the jobless ranks as companies hit by the economic downturn shed workers.
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago, according to the Ministry of Manpower labour market report released on Monday.
But the below secondary educated formed the largest group of unemployed residents at 21,300, or 31 per cent. Many of them were 40 years or older, making up 15,400 or 22 per cent of all unemployed residents.
'Consequently, long term unemployment for locals at both ends of the education spectrum more than doubled over the year. As at December 2008, 12,900 of the unemployed residents had been looking for work for at least 25 weeks, up from 8,700 in December 2007,' said MOM.
They formed 0.7 per cent of the resident labour force, higher than 0.5 per cent a year ago.
Fewer vacancies
There were 26,100 job vacancies in December, down by 27 per cent from September, and 30 per cent from a year ago.
Many industries reported fewer vacancies than a year ago. The major exception was community, social and personal services, supported by public sector hiring.
Together with higher unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons fell for the fourth straight quarter to 51 openings for every 100 job seekers in December, said MOM. This is comparable to the level in December 2005.
Earnings down
Nominal earnings rose over the year by 2.4 per cent in the fourth quarter, lower than the 5.5 per cent in the preceding quarter. This cut the earnings growth in 2008 to 5.4 per cent over the 6.2 per cent in 2007.
After discounting for inflation which stood at 6.5 per cent in 2008, real earnings declined by 1.1 per cent for the year, after rising by 4 per cent in 2007.
Productivity falls
Dragged down by the contraction in output, labour productivity fell by 12 per cent in the fourth quarter, deeper than the 9 per cent drop in the earlier quarter. In 2008, productivity slid by 7.8 per cent, following the decline of 0.8 per cent in 2007.
'This reflected slower GDP growth and strong employment gains in the first half of 2008,' said MOM.
The labour market is available on the MOM's website at http://www.mom.gov.sg/mrsd/publication.
This is really worrying. Will this batch of graduating students and next batch of graduating students faced the same problems too?
- wong chee tat :)
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago.
MORE graduates have joined the jobless ranks as companies hit by the economic downturn shed workers.
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago, according to the Ministry of Manpower labour market report released on Monday.
But the below secondary educated formed the largest group of unemployed residents at 21,300, or 31 per cent. Many of them were 40 years or older, making up 15,400 or 22 per cent of all unemployed residents.
'Consequently, long term unemployment for locals at both ends of the education spectrum more than doubled over the year. As at December 2008, 12,900 of the unemployed residents had been looking for work for at least 25 weeks, up from 8,700 in December 2007,' said MOM.
They formed 0.7 per cent of the resident labour force, higher than 0.5 per cent a year ago.
Fewer vacancies
There were 26,100 job vacancies in December, down by 27 per cent from September, and 30 per cent from a year ago.
Many industries reported fewer vacancies than a year ago. The major exception was community, social and personal services, supported by public sector hiring.
Together with higher unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons fell for the fourth straight quarter to 51 openings for every 100 job seekers in December, said MOM. This is comparable to the level in December 2005.
Earnings down
Nominal earnings rose over the year by 2.4 per cent in the fourth quarter, lower than the 5.5 per cent in the preceding quarter. This cut the earnings growth in 2008 to 5.4 per cent over the 6.2 per cent in 2007.
After discounting for inflation which stood at 6.5 per cent in 2008, real earnings declined by 1.1 per cent for the year, after rising by 4 per cent in 2007.
Productivity falls
Dragged down by the contraction in output, labour productivity fell by 12 per cent in the fourth quarter, deeper than the 9 per cent drop in the earlier quarter. In 2008, productivity slid by 7.8 per cent, following the decline of 0.8 per cent in 2007.
'This reflected slower GDP growth and strong employment gains in the first half of 2008,' said MOM.
The labour market is available on the MOM's website at http://www.mom.gov.sg/mrsd/publication.
This is really worrying. Will this batch of graduating students and next batch of graduating students faced the same problems too?
- wong chee tat :)
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 :)
Tuesday, February 24, 2009
Micron to cut 2,000 more jobs
Micron to cut 2,000 more jobs
BOISE (Idaho) - JUST two months after saying more local job cuts weren't expected, computer chip maker Micron Technology Inc announced it will slash as many as 2,000 workers by the end of August and phase out certain manufacturing operations at its Boise, Idaho facility, amid the weak economy and lower demand for its DRAM memory chips.
The company said late on Monday it will end manufacturing of DRAMs on 200-millimetre wafers in Boise, cutting 500 jobs in the near term. The 200-millimetre wafers are being shelved in favour of 300-millimetre wafer plants, which are more cost-effective.
Micron makes DRAM, or dynamic random access memory, a type of memory chip that has suffered in the last two years from oversupply and pricing pressure on chips used in personal computers and the slumping automobile industry. Its rivals also are hurting. South Korea's Hynix Semiconductor has posted five consecutive quarterly losses, including nearly US$1 billion (S$1.5 billion) in the three months ending Dec 31, while German memory-chip maker Qimonda AG filed for bankruptcy protection in January.
Hynix has said DRAM prices dropped 43 per cent from the third quarter.
Micron's latest cuts come on top of a 15 percent companywide layoff announced last October, in which it eliminated about 3,000 of its 19,000 total positions. About 1,500 of those were in Boise, as it shut down the NAND flash memory plant it operated as part of a joint venture with Intel Corp.
Now, Micron will employ just over 5,000 people in the state, down from more than 10,000 two years ago. Once Idaho's largest private employer, it will trail St. Luke's hospitals and Wal-Mart Stores Inc, which have some 7,500 workers here.
The latest action will cost Micron about US$50 million, but is expected to generate annual cash savings of about US$150 million.
Micron plans to keep its 300mm research and development fabrication facility at its site in the desert near Boise, where it does product design and support, quality control and also has corporate and general services offices.
Spokesman Dan Francisco called those vital services for the company.
He said the 200mm wafer manufacturing facilities being shuttered will be kept in a 'warm-down state' and could eventually be used for additional, unspecified manufacturing activities. The company doesn't expects the moves will result in any disruption in product supply to customers.
'We remained hopeful that the demand for these products would stabilize in the marketplace and start to improve as we moved into the spring. Unfortunately, a better environment has not materialized, and we are at a point where we wanted to let our employees and the community know in advance what will occur later this summer,' said Steve Appleton, Micron chairman and chief executive, in a statement.
-- AP
- wong chee tat :)
BOISE (Idaho) - JUST two months after saying more local job cuts weren't expected, computer chip maker Micron Technology Inc announced it will slash as many as 2,000 workers by the end of August and phase out certain manufacturing operations at its Boise, Idaho facility, amid the weak economy and lower demand for its DRAM memory chips.
The company said late on Monday it will end manufacturing of DRAMs on 200-millimetre wafers in Boise, cutting 500 jobs in the near term. The 200-millimetre wafers are being shelved in favour of 300-millimetre wafer plants, which are more cost-effective.
Micron makes DRAM, or dynamic random access memory, a type of memory chip that has suffered in the last two years from oversupply and pricing pressure on chips used in personal computers and the slumping automobile industry. Its rivals also are hurting. South Korea's Hynix Semiconductor has posted five consecutive quarterly losses, including nearly US$1 billion (S$1.5 billion) in the three months ending Dec 31, while German memory-chip maker Qimonda AG filed for bankruptcy protection in January.
Hynix has said DRAM prices dropped 43 per cent from the third quarter.
Micron's latest cuts come on top of a 15 percent companywide layoff announced last October, in which it eliminated about 3,000 of its 19,000 total positions. About 1,500 of those were in Boise, as it shut down the NAND flash memory plant it operated as part of a joint venture with Intel Corp.
Now, Micron will employ just over 5,000 people in the state, down from more than 10,000 two years ago. Once Idaho's largest private employer, it will trail St. Luke's hospitals and Wal-Mart Stores Inc, which have some 7,500 workers here.
The latest action will cost Micron about US$50 million, but is expected to generate annual cash savings of about US$150 million.
Micron plans to keep its 300mm research and development fabrication facility at its site in the desert near Boise, where it does product design and support, quality control and also has corporate and general services offices.
Spokesman Dan Francisco called those vital services for the company.
He said the 200mm wafer manufacturing facilities being shuttered will be kept in a 'warm-down state' and could eventually be used for additional, unspecified manufacturing activities. The company doesn't expects the moves will result in any disruption in product supply to customers.
'We remained hopeful that the demand for these products would stabilize in the marketplace and start to improve as we moved into the spring. Unfortunately, a better environment has not materialized, and we are at a point where we wanted to let our employees and the community know in advance what will occur later this summer,' said Steve Appleton, Micron chairman and chief executive, in a statement.
-- AP
- wong chee tat :)
Sunday, February 15, 2009
'Afraid of graduating'
'Afraid of graduating'
Some who had nailed cushy bank jobs even before graduation get regret letters
By Estelle Low
Heard this? You are fired even before you are hired.
For final-year economics student J. Lim, this was not funny - she was 'retrenched' even before she started work.
The National University of Singapore (NUS) student was overjoyed when, in September last year, an American bank wrote to say she would be hired as an investment banking officer when she graduates in July this year.
Ms Lim, 23, even made plans to use her first pay cheque for a holiday in Europe. But in December, another letter arrived. 'The letter stated that the bank was freezing its headcount and thus had to withdraw its job offer,' she said.
The Sunday Times learnt that at least three other yet-to-graduate university students share her plight. The cushy bank jobs they thought they had nailed after their internships did not materialise.
After reading this piece of article, the situation is quite not so rosy now.
What are your views?
-http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_338660.html
- wong chee tat :)
Some who had nailed cushy bank jobs even before graduation get regret letters
By Estelle Low
Heard this? You are fired even before you are hired.
For final-year economics student J. Lim, this was not funny - she was 'retrenched' even before she started work.
The National University of Singapore (NUS) student was overjoyed when, in September last year, an American bank wrote to say she would be hired as an investment banking officer when she graduates in July this year.
Ms Lim, 23, even made plans to use her first pay cheque for a holiday in Europe. But in December, another letter arrived. 'The letter stated that the bank was freezing its headcount and thus had to withdraw its job offer,' she said.
The Sunday Times learnt that at least three other yet-to-graduate university students share her plight. The cushy bank jobs they thought they had nailed after their internships did not materialise.
After reading this piece of article, the situation is quite not so rosy now.
What are your views?
-http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_338660.html
- wong chee tat :)
Wednesday, February 11, 2009
650 jobs axed at STATS ChipPAC
650 jobs axed at STATS ChipPAC?
By Leong Wee Keat, TODAY
SINGAPORE: Her night shift was over but Madam Marzna Sulaiman stood outside the STATS ChipPAC factory in Yishun for more than 45 minutes Tuesday morning, waiting to have a last breakfast meeting with friends.
“I don’t know when I will next see them,” said the 55-year-old production auditor, who was one of 650 workers — both production and professional — laid off by the chip-testing company over a two-day period starting Tuesday.
Madam Marzna joined the growing ranks of workers being retrenched in the electronics industry: There have been 2,350 laid off so far this year, just 24 less than the total for the whole of last year.
STATS had announced in December plans to reduce its global workforce by 1,600. Then, the company — which has operations in 10 countries — had said “the majority of the restructuring will be made outside of Singapore”. When asked to comment Tuesday on why so many of the job losses were here, STATS declined to comment.
Of the 650 workers affected, it is not known how many are locals. But at least five of the 20 affected workers TODAY interviewed were Singaporean.
Half of the foreigners, including Malaysians, Filipinos and Chinese nationals, said they had volunteered to be retrenched. Three workers told TODAY they did not like the new shift arrangements. One, who wanted to be known as Jamaliah, said: “The package is quite good. I will take a rest then hope to find work later.”
The package seems to be the market norm: A month’s pay for each year of service, for those with the company for more than three years; while those who worked for less than three years get two week’s pay per year, according to the workers.
The United Workers of Electronic and Electrical Industries (UWEEI) union — which represented the workers in negotiations — felt a “fair deal” was struck, said executive secretary Halimah Yacob. The affected workers will be put through an employability camp; those not retrenched will also be offered assistance in re-training, she said.
Global semiconductor sales were severely hit by the economic turmoil, resulting in the first year-on-year drop since 2001. According to the United States-based Semiconductor Industry Association, in the Asia-Pacific, sales were down nearly 22 per cent in December from a year before.
Mdm Halimah said UWEEI would continue to work with companies through the Government-subsidised Skills Programme for Upgrading and Resilience to save jobs. “We will do whatever we can to help both workers and companies,” she vowed.
Mdm Marzna, who was with STATS for 12 years, said she would take a break to look after her grandchild. But her friend, who declined to be named, plans to sign up for re-training immediately. “I don’t know how long money will last,” said the 29-year-old mother of two. “The economy seems bad and I don’t want to take chances.”
- http://www.todayonline.com/articles/301466.asp
- wong chee tat :)
By Leong Wee Keat, TODAY
SINGAPORE: Her night shift was over but Madam Marzna Sulaiman stood outside the STATS ChipPAC factory in Yishun for more than 45 minutes Tuesday morning, waiting to have a last breakfast meeting with friends.
“I don’t know when I will next see them,” said the 55-year-old production auditor, who was one of 650 workers — both production and professional — laid off by the chip-testing company over a two-day period starting Tuesday.
Madam Marzna joined the growing ranks of workers being retrenched in the electronics industry: There have been 2,350 laid off so far this year, just 24 less than the total for the whole of last year.
STATS had announced in December plans to reduce its global workforce by 1,600. Then, the company — which has operations in 10 countries — had said “the majority of the restructuring will be made outside of Singapore”. When asked to comment Tuesday on why so many of the job losses were here, STATS declined to comment.
Of the 650 workers affected, it is not known how many are locals. But at least five of the 20 affected workers TODAY interviewed were Singaporean.
Half of the foreigners, including Malaysians, Filipinos and Chinese nationals, said they had volunteered to be retrenched. Three workers told TODAY they did not like the new shift arrangements. One, who wanted to be known as Jamaliah, said: “The package is quite good. I will take a rest then hope to find work later.”
The package seems to be the market norm: A month’s pay for each year of service, for those with the company for more than three years; while those who worked for less than three years get two week’s pay per year, according to the workers.
The United Workers of Electronic and Electrical Industries (UWEEI) union — which represented the workers in negotiations — felt a “fair deal” was struck, said executive secretary Halimah Yacob. The affected workers will be put through an employability camp; those not retrenched will also be offered assistance in re-training, she said.
Global semiconductor sales were severely hit by the economic turmoil, resulting in the first year-on-year drop since 2001. According to the United States-based Semiconductor Industry Association, in the Asia-Pacific, sales were down nearly 22 per cent in December from a year before.
Mdm Halimah said UWEEI would continue to work with companies through the Government-subsidised Skills Programme for Upgrading and Resilience to save jobs. “We will do whatever we can to help both workers and companies,” she vowed.
Mdm Marzna, who was with STATS for 12 years, said she would take a break to look after her grandchild. But her friend, who declined to be named, plans to sign up for re-training immediately. “I don’t know how long money will last,” said the 29-year-old mother of two. “The economy seems bad and I don’t want to take chances.”
- http://www.todayonline.com/articles/301466.asp
- wong chee tat :)
Tuesday, January 20, 2009
Employment outlook for fresh graduates less rosy this year
Employment outlook for fresh graduates less rosy this year
Channel NewsAsia - Wednesday, January 21
SINGAPORE: The employment outlook for new graduates this year will be less rosy compared to previous years.
Acting Manpower Minister Gan Kim Yong said despite the weak economic outlook, there are still growth areas that will see continuing demand for workers.
For example, the healthcare sector and civil service are continuing to hire while integrated resorts are expected to create 20,000 jobs for the tourism sector.
In his written reply to a parliament question from Holland—Bukit Timah MP Liang Eng Hwa, Mr Gan said the Manpower Ministry and the Workforce Development Agency will work with the education institutions to organise job fairs for graduating students.
Universities and polytechnics are also stepping up their efforts to secure job placements for graduates.
Mr Gan said some of the graduating students could consider continuing with post—graduate studies and defer entering the job market until the situation improves.
— CNA/vm
For those who are graduating this year (2009), what are your plans? Continue to study?
- wong chee tat :)
Channel NewsAsia - Wednesday, January 21
SINGAPORE: The employment outlook for new graduates this year will be less rosy compared to previous years.
Acting Manpower Minister Gan Kim Yong said despite the weak economic outlook, there are still growth areas that will see continuing demand for workers.
For example, the healthcare sector and civil service are continuing to hire while integrated resorts are expected to create 20,000 jobs for the tourism sector.
In his written reply to a parliament question from Holland—Bukit Timah MP Liang Eng Hwa, Mr Gan said the Manpower Ministry and the Workforce Development Agency will work with the education institutions to organise job fairs for graduating students.
Universities and polytechnics are also stepping up their efforts to secure job placements for graduates.
Mr Gan said some of the graduating students could consider continuing with post—graduate studies and defer entering the job market until the situation improves.
— CNA/vm
For those who are graduating this year (2009), what are your plans? Continue to study?
- 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 :)
Saturday, January 3, 2009
Creative Tech cut workforce by half in 2008
Creative Tech cut workforce by half in 2008-report
Reuters - Saturday, January 3
SINGAPORE, Jan 3 - Singapore's Creative Technology, which makes digital music players, has cut its workforce by 2,700, or almost half, after the firm sold its manufacturing unit in Malaysia, a newspaper reported on Saturday.
The jobs were axed in the 12 months ending June 30 last year and were reported in an annual filing on Dec. 31, the Business Times said.
Creative Technology has been struggling for years to wrest market share from Apple Inc'smore popular iPod.
According to Reuters data, Creative Technology reported a net loss of $32.2 million in the three months ending September 30 last year.
- wong chee tat :)
Reuters - Saturday, January 3
SINGAPORE, Jan 3 - Singapore's Creative Technology
The jobs were axed in the 12 months ending June 30 last year and were reported in an annual filing on Dec. 31, the Business Times said.
Creative Technology has been struggling for years to wrest market share from Apple Inc's
According to Reuters data, Creative Technology reported a net loss of $32.2 million in the three months ending September 30 last year.
- 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 :)
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 :)
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