Chicago Sun-Times axes photo staff
POSTED: 31 May 2013 6:28 AM
The Chicago Sun-Times laid off its entire photography department Thursday at the large daily newspaper, parent firm Sun-Times Media said.
CHICAGO: The Chicago Sun-Times laid off its entire photography department Thursday at the large daily newspaper, parent firm Sun-Times Media said.
The group will use pictures and videos from its text reporters or freelancers, a source familiar with the situation told AFP.
The company also said it was eliminating staff photographers at its suburban newspapers.
The cuts come as the US newspaper industry is struggling to cope with years of sharp declines in advertising revenues and dramatic changes in the media environment.
Major dailies have folded or cut their print editions to three times a week while a growing number are seeking more revenue from readers by establishing online "paywalls" which require subscriptions.
Some 28 people at the Chicago Sun-Times and its suburban papers were called into a meeting on Thursday morning and told their jobs would be eliminated immediately, the source said.
The source declined to comment on whether severance packages were provided.
The union representing Sun-Times journalists said it was "stunned" and "appalled" that any newspaper would consider photojournalists to be "expendable."
"This is offensive and wrong on so many levels," said Bernie Lunzer, president of the Newspaper Guild-CWA.
"I have learned time and again how the eye of a professional photographer can see and express things that I can't," Lunzer said in a statement.
"Apparently some accountant/manager can see and express things that I can't understand. Because this makes no sense."
Pulitzer Prize winner John White, who is nearing retirement age, was among those who lost their jobs.
"Being in the room with John White when we got laid off was a highlight of my career," said Rob Hart, a photographer with the group's suburban Pioneer Press.
"As soon as (Sun-Times editor) Jim Kirk said they were going to have the reporters produce multimedia for their rapidly changing platforms, I just had to walk out," he told News Photographer magazine.
There was no mention of the layoffs on the Sun-Times website Thursday afternoon, which ironically displayed a brief obituary for former chief photographer Bob Kotalik.
The newspaper also offered few details as to its strategy or reasoning in a brief statement released upon request.
"The Chicago Sun-Times continues to evolve with our digitally savvy customers, and as a result, we have had to restructure the way we manage multimedia, including photography, across the network," the newspaper said.
"The Sun-Times business is changing rapidly and our audiences are consistently seeking more video content with their news. We have made great progress in meeting this demand and are focused on bolstering our reporting capabilities with video and other multimedia elements."
Sun-Times Media, which was driven into bankruptcy after press baron Conrad Black was caught raiding the coffers, publishes 42 suburban papers along with its flagship Chicago Sun-Times.
The Chicago newspaper is the nation's eighth largest daily, using a measure of print and digital subscribers, according to a survey from the industry's Alliance for Audited Media. Print circulated was 184,000 and total circulation 470,000.
- AFP/jc
- wong chee tat :)
POSTED: 31 May 2013 6:28 AM
The Chicago Sun-Times laid off its entire photography department Thursday at the large daily newspaper, parent firm Sun-Times Media said.
CHICAGO: The Chicago Sun-Times laid off its entire photography department Thursday at the large daily newspaper, parent firm Sun-Times Media said.
The group will use pictures and videos from its text reporters or freelancers, a source familiar with the situation told AFP.
The company also said it was eliminating staff photographers at its suburban newspapers.
The cuts come as the US newspaper industry is struggling to cope with years of sharp declines in advertising revenues and dramatic changes in the media environment.
Major dailies have folded or cut their print editions to three times a week while a growing number are seeking more revenue from readers by establishing online "paywalls" which require subscriptions.
Some 28 people at the Chicago Sun-Times and its suburban papers were called into a meeting on Thursday morning and told their jobs would be eliminated immediately, the source said.
The source declined to comment on whether severance packages were provided.
The union representing Sun-Times journalists said it was "stunned" and "appalled" that any newspaper would consider photojournalists to be "expendable."
"This is offensive and wrong on so many levels," said Bernie Lunzer, president of the Newspaper Guild-CWA.
"I have learned time and again how the eye of a professional photographer can see and express things that I can't," Lunzer said in a statement.
"Apparently some accountant/manager can see and express things that I can't understand. Because this makes no sense."
Pulitzer Prize winner John White, who is nearing retirement age, was among those who lost their jobs.
"Being in the room with John White when we got laid off was a highlight of my career," said Rob Hart, a photographer with the group's suburban Pioneer Press.
"As soon as (Sun-Times editor) Jim Kirk said they were going to have the reporters produce multimedia for their rapidly changing platforms, I just had to walk out," he told News Photographer magazine.
There was no mention of the layoffs on the Sun-Times website Thursday afternoon, which ironically displayed a brief obituary for former chief photographer Bob Kotalik.
The newspaper also offered few details as to its strategy or reasoning in a brief statement released upon request.
"The Chicago Sun-Times continues to evolve with our digitally savvy customers, and as a result, we have had to restructure the way we manage multimedia, including photography, across the network," the newspaper said.
"The Sun-Times business is changing rapidly and our audiences are consistently seeking more video content with their news. We have made great progress in meeting this demand and are focused on bolstering our reporting capabilities with video and other multimedia elements."
Sun-Times Media, which was driven into bankruptcy after press baron Conrad Black was caught raiding the coffers, publishes 42 suburban papers along with its flagship Chicago Sun-Times.
The Chicago newspaper is the nation's eighth largest daily, using a measure of print and digital subscribers, according to a survey from the industry's Alliance for Audited Media. Print circulated was 184,000 and total circulation 470,000.
- AFP/jc
- wong chee tat :)
Showing posts with label lay off staff. Show all posts
Showing posts with label lay off staff. Show all posts
Sunday, June 2, 2013
Wednesday, April 24, 2013
HSBC to cut headcount by over 1,000
HSBC to cut headcount by over 1,000
POSTED: 23 Apr 2013 10:47 PM
HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
LONDON - HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
"HSBC is today proposing changes within its UK business which will lead to a potential reduction of 1,149 roles," the British bank said in a statement.
"The changes reflect the changing nature of customer behaviour and regulation. A total of 3,166 employees will be impacted. However, the bank is creating 2,017 new roles and it is expected that the majority of these roles will be filled by displaced employees," it said.
The lender, which is Europe's biggest bank by market value, added: "Wealth remains a strategic business for HSBC.
"The proposed changes will ensure for the first time that all UK Premier customers who already hold over £50,000 ($76,000, 59,000 euros) of savings and investments with the bank, will have a relationship manager qualified to give financial advice as a single contact point for both their banking and wealth management needs."
Britain is tightening regulation surrounding financial advisors in the wake of the global economic crisis.
"Better serving our customers, particularly for their wealth management needs, is essential if we are to fulfil our aspiration of becoming the world's leading international bank," HSBC deputy chief executive Antonio Simoes said in Tuesday's statement.
"These proposals, together with the recent removal of all sales targets for our employees and the complete decoupling of incentives from those sales, mean our customers can expect us to fully focus on serving their needs and do the right thing.
"Evolving and improving our culture will take time but the changes announced today are another step in the right direction," he added.
HSBC employs 52,000 across Britain and a total of 261,000 worldwide. In March, HSBC announced that it had exceeded its target of saving up to $3.5 billion over two years -- after axing 30,000 jobs globally.
At the same time, it said that group net profit sank 16.5 percent to $14.03 billion in 2012, hit by US money-laundering fines, mis-selling scandals, rising tax costs and a huge accounting charge.
Founded in Hong Kong, HSBC currently sees Asia as its main market.
- AFP/al
- wong chee tat :)
POSTED: 23 Apr 2013 10:47 PM
HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
LONDON - HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
"HSBC is today proposing changes within its UK business which will lead to a potential reduction of 1,149 roles," the British bank said in a statement.
"The changes reflect the changing nature of customer behaviour and regulation. A total of 3,166 employees will be impacted. However, the bank is creating 2,017 new roles and it is expected that the majority of these roles will be filled by displaced employees," it said.
The lender, which is Europe's biggest bank by market value, added: "Wealth remains a strategic business for HSBC.
"The proposed changes will ensure for the first time that all UK Premier customers who already hold over £50,000 ($76,000, 59,000 euros) of savings and investments with the bank, will have a relationship manager qualified to give financial advice as a single contact point for both their banking and wealth management needs."
Britain is tightening regulation surrounding financial advisors in the wake of the global economic crisis.
"Better serving our customers, particularly for their wealth management needs, is essential if we are to fulfil our aspiration of becoming the world's leading international bank," HSBC deputy chief executive Antonio Simoes said in Tuesday's statement.
"These proposals, together with the recent removal of all sales targets for our employees and the complete decoupling of incentives from those sales, mean our customers can expect us to fully focus on serving their needs and do the right thing.
"Evolving and improving our culture will take time but the changes announced today are another step in the right direction," he added.
HSBC employs 52,000 across Britain and a total of 261,000 worldwide. In March, HSBC announced that it had exceeded its target of saving up to $3.5 billion over two years -- after axing 30,000 jobs globally.
At the same time, it said that group net profit sank 16.5 percent to $14.03 billion in 2012, hit by US money-laundering fines, mis-selling scandals, rising tax costs and a huge accounting charge.
Founded in Hong Kong, HSBC currently sees Asia as its main market.
- AFP/al
- wong chee tat :)
Sunday, September 27, 2009
Job seekers in their 30s need reality check
Jos seekers in their 30s need reality check (Sunday Times 27 Sep)
Job seekers in their 30s need reality check
Experts advise lowering pay expectations as jobless rate for those in 30-39 age group goes up
By Shuli Sudderuddin
When Ms Cindy Lim was retrenched from her job in logistics in April, she realised that she had to lower her expectations if she were to get a new job quickly.
Rising unemployment
The labour market report for the second quarter of this year shows that the jobless rate for the 30 to 39 age group rose to 4.7 per cent, from 2.9 per cent last year. About 24,000 people were out of work, compared to 14,600 for the same period last year.
… more
Initially, the 34-year-old, who has a degree in logistics and supply chain management from the University of South Australia, expected to be paid close to what she got in her old job.
But this was a downturn and she did not get many responses despite sending resumes to many would-be employers.
She eventually landed a job in customer service last month. It was recommended by a friend and she took a $1,000 pay cut.
‘We can’t afford to be fussy,’ she said, referring to those in her age group.
Indeed, a readjustment of expectations is in order as statistics from the Ministry of Manpower show that those in the 30 to 39 age group have been hit hard by unemployment.
The labour market report for the second quarter this year shows that the jobless rate for this group rose to 4.7 per cent, from 2.9 per cent last year.
About 24,000 people in that age group were out of work, compared to 14,600 for the same period last year.
This represents an increase of 62.1 per cent, versus 39.4 per cent (for those below 30) and 48.5 per cent (for those aged 40 and over).
The jobless ranks among the 30 to 39 age group were across all educational groups, in particular those with degrees, polytechnic diplomas and below secondary school education.
HR experts said they could be shut out of new jobs because of pay expectations – even as the economy has hit a rough patch.
Mr David Ang, executive director of the Singapore Human Resource Institute, said they ask for higher pay as they are at the stage of their lives when they may need to care for young children and finance a home purchase.
‘They may only accept lower-paying jobs for a period because of this,’ he said.
Professor Richard Arvey, head of the department of management and organisation at NUS Business School, noted that employers are now cost-conscious and there might be a ’sensitivity to hiring older employees as they’re more expensive’.
Some in their 30s may also be reluctant to consider venturing into new careers, observed human resource firms.
But Mr Dhirendra Shantilal, senior vice-president (Asia-Pacific) at Kelly Services, feels that the jobless figures may be rooted in structural unemployment from the loss of jobs in certain sectors, which did not recover quickly enough and bore the brunt of the global crisis.
‘It is not an issue of employer attitude towards a certain age group or demographic segment,’ he said, noting that business clusters like finance, retail and manufacturing have suffered in the economic slowdown.
A spokesman for the Workforce Development Agency said that as of end-August, 19,000 job seekers were registered at the career centres at the community development councils.
About 4,600, or slightly above 20 per cent, were aged between 30 and 40.
The spokesman added that there are problems unique to this age group, such as childcare, which can hinder their ability to go for training, for instance.
‘There can also be mismatches in pay expectations between them and employers,’ she added, noting that some also lack the skills, such as resume writing and interview techniques, to secure a new job.
From December last year to last month, the career centres assisted and placed about 13,000 job seekers, of whom about 20 per cent were in their 30s.
Experts reassure those in this age group that they are a valuable asset to any company.
Said Mr David Wee, managing director of Lee Hecht Harrison, which helps clients recruit staff: ‘Companies know that it is important to retain high performers in their 30s – especially those who may have spent several years within an organisation and have gained considerable experience and expertise.’
He advised 30-somethings to make themselves more marketable by upgrading themselves with new skills and being more open to fresh opportunities.
For those out of work, he said: ‘In these formulative years, working on a contract or temporary basis for a while may also be a way back into the workforce.’
shulis@sph.com.sg
Changing dynamics.
- wong chee tat :)
Saturday, September 19, 2009
Rise in the chronic jobless
Sep 16, 2009
Rise in the chronic jobless
Grads in their 30s and 40s and lowly-educated find it hard to get hired
By Goh Chin Lian
In all, Singapore has 13,900 jobs in the first half. -- PHOTO: REUTERS
SINGAPORE'S job market is stabilising after a wave of layoffs, but two groups continue to struggle to find jobs. They are university graduates in their 30s and 40s, and the lowly-educated in their 40s.
Together, they formed the majority - eight in 10 - in a swelling rank of local residents who were chronically unemployed as of June this year. These are people who, after 25 weeks of job-hunting, failed to find a job or preferred to wait for a better option.
These figures, when coupled with a record low rate of re-employment, send a sobering note of caution when interpreting the stable unemployment rate and fewer layoffs given in a Ministry of Manpower (MOM) report released on Tuesday.
The report provides finalised job market figures for the April to June period, including the first half. In all, Singapore lost 13,900 jobs in the first half. This is 26 per cent fewer than MOM's estimate of 18,800 in July.
Looking ahead, Nanyang Technological University economist Choy Keen Meng sees the job market improving as the economy has been showing initial signs of a recovery in the past three to four months. Unemployment has stabilised, he added.
The latest MOM report shows unemployment stayed at 3.3 per cent as in the previous three months. At the same time, the resident unemployment rate fell from 4.8 per cent to 4.6 per cent.
But the reason for the decline, said MOM, is that many stopped seeking jobs to pursue courses, which means they are no longer counted as unemployed.
Other positive signs of an economic pick-up: Layoffs and premature release from contracts fell by more than half in the second quarter compared to the first three months.
Layoffs fell from 10,900 to 5,170, and early contract release, from 1,860 to 810. Job vacancies, on the other hand, soared 17 per cent to 24,500. Also, for the first time in six quarters, the ratio of job vacancies to unemployed people improved, from 31 to 33 openings for every 100 job-seekers.
Manpower Minister Gan Kim Yong told reporters during a factory visit on Tuesday that he expects fewer layoffs in the third quarter. But it is not time to celebrate yet, he said. 'The outlook remains uncertain. The labour market is likely to remain weak for the rest of the year,' he said, pointing out that bosses are still cautious about hiring.
Read the full story in Wednesday's edition of The Straits Times.
chinlian@sph.com.sg
- wong chee tat :)
Rise in the chronic jobless
Grads in their 30s and 40s and lowly-educated find it hard to get hired
By Goh Chin Lian
In all, Singapore has 13,900 jobs in the first half. -- PHOTO: REUTERS
SINGAPORE'S job market is stabilising after a wave of layoffs, but two groups continue to struggle to find jobs. They are university graduates in their 30s and 40s, and the lowly-educated in their 40s.
Together, they formed the majority - eight in 10 - in a swelling rank of local residents who were chronically unemployed as of June this year. These are people who, after 25 weeks of job-hunting, failed to find a job or preferred to wait for a better option.
These figures, when coupled with a record low rate of re-employment, send a sobering note of caution when interpreting the stable unemployment rate and fewer layoffs given in a Ministry of Manpower (MOM) report released on Tuesday.
The report provides finalised job market figures for the April to June period, including the first half. In all, Singapore lost 13,900 jobs in the first half. This is 26 per cent fewer than MOM's estimate of 18,800 in July.
Looking ahead, Nanyang Technological University economist Choy Keen Meng sees the job market improving as the economy has been showing initial signs of a recovery in the past three to four months. Unemployment has stabilised, he added.
The latest MOM report shows unemployment stayed at 3.3 per cent as in the previous three months. At the same time, the resident unemployment rate fell from 4.8 per cent to 4.6 per cent.
But the reason for the decline, said MOM, is that many stopped seeking jobs to pursue courses, which means they are no longer counted as unemployed.
Other positive signs of an economic pick-up: Layoffs and premature release from contracts fell by more than half in the second quarter compared to the first three months.
Layoffs fell from 10,900 to 5,170, and early contract release, from 1,860 to 810. Job vacancies, on the other hand, soared 17 per cent to 24,500. Also, for the first time in six quarters, the ratio of job vacancies to unemployed people improved, from 31 to 33 openings for every 100 job-seekers.
Manpower Minister Gan Kim Yong told reporters during a factory visit on Tuesday that he expects fewer layoffs in the third quarter. But it is not time to celebrate yet, he said. 'The outlook remains uncertain. The labour market is likely to remain weak for the rest of the year,' he said, pointing out that bosses are still cautious about hiring.
Read the full story in Wednesday's edition of The Straits Times.
chinlian@sph.com.sg
- wong chee tat :)
Sunday, April 5, 2009
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
Job losses this year expected to exceed 29,000, says SNEF
Job losses this year expected to exceed 29,000, says SNEF
By Asha Popatlal, Channel NewsAsia
SINGAPORE: This year's retrenchment figures are likely to bust the record of 29,000 jobs lost in 1998 during the Asian financial crisis, according to Singapore National Employers Federation’s (SNEF’s) president, Stephen Lee.
Mr Lee was commenting on a survey finding by HR firm Manpower Staffing Services where 636 employers across seven industry sectors were polled.
The survey found that 50 per cent of employers anticipate a cut in headcount, 29 per cent expect no change, while only seven per cent expect to increase staff strength in the second quarter.
On an industry basis, the survey found that the bleakest prospects are in the transport and utilities sectors, followed by public administration and education.
Hiring prospects are also weak in the trade and retail and services sectors, although quarter-over-quarter, there has been a slight improvement in the outlook for the finance, insurance and real estate sectors.
One emerging trend is more contract hiring, which gives more flexibility to employers.
SNEF has seen such numbers growing from 172,000 in 2006 to 190,000 last year and expects it to strengthen further.
SNEF says the silver lining here are the few sectors that are still hiring like the integrated resorts and start-ups, and encouraging take-up rates for training.
13,000 workers from 30 companies are taking up the national training programme SPUR.
But the job situation is likely to get worse before it gets better.
Mr Lee said: "NTUC's secretary-general Lim Swee Say had already said most likely in the first quarter, retrenchment figures will hit 10,000. So if we work on that sort of figure, then I anticipate that in the second quarter, it (retrenchment figures) will continue to escalate. I don't think we have seen the worst yet. Hopefully it will peak out in the second quarter of this year."
- CNA/yt
By Asha Popatlal, Channel NewsAsia
SINGAPORE: This year's retrenchment figures are likely to bust the record of 29,000 jobs lost in 1998 during the Asian financial crisis, according to Singapore National Employers Federation’s (SNEF’s) president, Stephen Lee.
Mr Lee was commenting on a survey finding by HR firm Manpower Staffing Services where 636 employers across seven industry sectors were polled.
The survey found that 50 per cent of employers anticipate a cut in headcount, 29 per cent expect no change, while only seven per cent expect to increase staff strength in the second quarter.
On an industry basis, the survey found that the bleakest prospects are in the transport and utilities sectors, followed by public administration and education.
Hiring prospects are also weak in the trade and retail and services sectors, although quarter-over-quarter, there has been a slight improvement in the outlook for the finance, insurance and real estate sectors.
One emerging trend is more contract hiring, which gives more flexibility to employers.
SNEF has seen such numbers growing from 172,000 in 2006 to 190,000 last year and expects it to strengthen further.
SNEF says the silver lining here are the few sectors that are still hiring like the integrated resorts and start-ups, and encouraging take-up rates for training.
13,000 workers from 30 companies are taking up the national training programme SPUR.
But the job situation is likely to get worse before it gets better.
Mr Lee said: "NTUC's secretary-general Lim Swee Say had already said most likely in the first quarter, retrenchment figures will hit 10,000. So if we work on that sort of figure, then I anticipate that in the second quarter, it (retrenchment figures) will continue to escalate. I don't think we have seen the worst yet. Hopefully it will peak out in the second quarter of this year."
- CNA/yt
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 :)
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 :)
Friday, January 30, 2009
Chartered Semiconductor announces Q4 loss, cuts 540 jobs in Singapore
Chartered Semiconductor announces Q4 loss, cuts 540 jobs in Singapore
By Wong Siew Ying, Channel NewsAsia | Posted: 30 January 2009 1229 hrs
SINGAPORE: Chartered Semiconductor, one of the world's largest microchip makers, announced on Friday it would cut 600 jobs worldwide - about eight per cent of its total workforce.
This will help the company save some US$16 million annually in payroll and benefits.
Channel NewsAsia understands that about 540 workers in Singapore will be affected by the retrenchment exercise.
Chartered said it is currently working with the unions on a retrenchment package for affected staff.
This came as the company, which is listed in Singapore as well as on the Nasdaq in New York, reported a fourth-quarter net loss of US$114 million.
It said revenues for the three months ended December 31 were down by 24 per cent at US$351.7 million, compared to the third quarter of 2008.
The fall was largely due to the "unprecedented rate of decline in semiconductor demand worldwide".
For the full year 2008, Chartered reported a net loss of US$92.6 million compared with a net income of US$101.7 million the previous year.
Looking ahead, Chartered said the negative macroeconomic environment and weakening demand will continue to affect its business in a significant way.
It is already projecting a 32 per cent fall in revenues for the first quarter of 2009, compared with the fourth quarter of 2008.
- CNA/yb
- wong chee tat :)
By Wong Siew Ying, Channel NewsAsia | Posted: 30 January 2009 1229 hrs
SINGAPORE: Chartered Semiconductor, one of the world's largest microchip makers, announced on Friday it would cut 600 jobs worldwide - about eight per cent of its total workforce.
This will help the company save some US$16 million annually in payroll and benefits.
Channel NewsAsia understands that about 540 workers in Singapore will be affected by the retrenchment exercise.
Chartered said it is currently working with the unions on a retrenchment package for affected staff.
This came as the company, which is listed in Singapore as well as on the Nasdaq in New York, reported a fourth-quarter net loss of US$114 million.
It said revenues for the three months ended December 31 were down by 24 per cent at US$351.7 million, compared to the third quarter of 2008.
The fall was largely due to the "unprecedented rate of decline in semiconductor demand worldwide".
For the full year 2008, Chartered reported a net loss of US$92.6 million compared with a net income of US$101.7 million the previous year.
Looking ahead, Chartered said the negative macroeconomic environment and weakening demand will continue to affect its business in a significant way.
It is already projecting a 32 per cent fall in revenues for the first quarter of 2009, compared with the fourth quarter of 2008.
- CNA/yb
- 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 :)
Monday, January 19, 2009
Job losses in recession—hit Singapore could match levels of previous downturns
Job losses in recession—hit Singapore could match levels of previous downturns
Channel NewsAsia
Channel NewsAsia - Tuesday, January 20
SINGAPORE: Acting Manpower Minister Gan Kim Yong has said the unemployment rate due to the current recession in Singapore could reach the levels recorded during the Asian financial crisis in 1998 and the economic downturn in 2001.
And, with the US and European economies likely to recover only in the second half of this year, Trade and Industry Minister Lim Hng Kiang warned that recovery will be a slow process.
Both ministers laid out the jobs situation in Singapore in Parliament on Monday.
Mr Gan said based on preliminary numbers, some 8,100 workers were either laid off or facing retrenchments in the fourth quarter of last year and over the next few months.
Already, some 7,400 workers lost their jobs in the first three quarters of last year, two thirds of whom are locals.
Mr Gan said: "Close to 30,000 workers were retrenched in 1998 due to the Asian financial crisis, and about 26,000 workers were retrenched during the economic downturn in 2001. If our economy were to contract sharply this year, it is possible that retrenchments could reach these levels seen in previous recessions."
The industries that may be most affected by job losses are manufacturing, tourism, transport and wholesale trade as these sectors are most exposed to the external economic environment, said Mr Lim.
He said consumer demand in Singapore’s key exports markets such as the US and Europe is expected to remain weak in 2009. As such, the manufacturing sector in Singapore will continue to face a slowdown.
The financial services sector will also remain weak.
The silver lining is that more than 30,000 new jobs will be available in growth sectors such as construction, healthcare, public administration and the integrated resorts.
These sectors collectively make up slightly less than 10 per cent of the economy. As such, Mr Lim said their growth will not be able to compensate for the decline in other sectors.
MPs also raised their concerns about what may be an oversupply of foreign workers during this current downturn, leading to foreign workers without jobs or competing for jobs with Singaporeans.
Mr Gan said his ministry will monitor the situation and calibrate companies’ access to foreign workers. He also warned that if foreign workers were the first to be laid off in a retrenchment exercise, this may adversely affect the competitiveness of companies.
Mr Gan said: "On the supply side, the Dependency Ratio framework helps to ensure local employment since companies’ access to foreign workers is dependent on the number of local workers they employ.
"The foreign worker levy, on the other hand, helps to moderate demand for foreign workers. If companies are required to retrench only foreign workers, they may be forced to close down or move to countries where they can have unlimited access to even cheaper labour.
"This will result in more job losses and in turn affect Singaporeans who work for these companies. This is a lose—lose outcome," said Mr Gan.
— CNA/ir
- wong chee tat :)
Channel NewsAsia
Channel NewsAsia - Tuesday, January 20
SINGAPORE: Acting Manpower Minister Gan Kim Yong has said the unemployment rate due to the current recession in Singapore could reach the levels recorded during the Asian financial crisis in 1998 and the economic downturn in 2001.
And, with the US and European economies likely to recover only in the second half of this year, Trade and Industry Minister Lim Hng Kiang warned that recovery will be a slow process.
Both ministers laid out the jobs situation in Singapore in Parliament on Monday.
Mr Gan said based on preliminary numbers, some 8,100 workers were either laid off or facing retrenchments in the fourth quarter of last year and over the next few months.
Already, some 7,400 workers lost their jobs in the first three quarters of last year, two thirds of whom are locals.
Mr Gan said: "Close to 30,000 workers were retrenched in 1998 due to the Asian financial crisis, and about 26,000 workers were retrenched during the economic downturn in 2001. If our economy were to contract sharply this year, it is possible that retrenchments could reach these levels seen in previous recessions."
The industries that may be most affected by job losses are manufacturing, tourism, transport and wholesale trade as these sectors are most exposed to the external economic environment, said Mr Lim.
He said consumer demand in Singapore’s key exports markets such as the US and Europe is expected to remain weak in 2009. As such, the manufacturing sector in Singapore will continue to face a slowdown.
The financial services sector will also remain weak.
The silver lining is that more than 30,000 new jobs will be available in growth sectors such as construction, healthcare, public administration and the integrated resorts.
These sectors collectively make up slightly less than 10 per cent of the economy. As such, Mr Lim said their growth will not be able to compensate for the decline in other sectors.
MPs also raised their concerns about what may be an oversupply of foreign workers during this current downturn, leading to foreign workers without jobs or competing for jobs with Singaporeans.
Mr Gan said his ministry will monitor the situation and calibrate companies’ access to foreign workers. He also warned that if foreign workers were the first to be laid off in a retrenchment exercise, this may adversely affect the competitiveness of companies.
Mr Gan said: "On the supply side, the Dependency Ratio framework helps to ensure local employment since companies’ access to foreign workers is dependent on the number of local workers they employ.
"The foreign worker levy, on the other hand, helps to moderate demand for foreign workers. If companies are required to retrench only foreign workers, they may be forced to close down or move to countries where they can have unlimited access to even cheaper labour.
"This will result in more job losses and in turn affect Singaporeans who work for these companies. This is a lose—lose outcome," said Mr Gan.
— CNA/ir
- wong chee tat :)
Wednesday, January 14, 2009
One in 5 Singaporeans expect rise in unemployment
One in 5 Singaporeans expect rise in unemployment
Tue, Jan 13, 2009
AsiaOne
A recent survey conducted by TNS and Gallup International showed that 78 per cent of Singaporeans expect the number of unemployed to rise this year.
However, only 30 per cent of those with employment think that there is a chance that they could be the ones to lose their job.
A great majority, 77 per cent, also feel that Singapore's economic prosperity will decline.
A higher percentage of Singaporeans seem to be more pessimistic, with 63 per cent saying they expect the coming year to be worse for them. This is in sharp comparison to a global average of just 35 per cent. In relation to this, only one in five persons in Singapore (20 per cent) think it will be better while 17 per cent believe it will be about the same. The global averages for these are 27 and 31 per cent respectively.
However, in terms of job security, Singaporeans are more in line with the global response. 66% of working respondents worldwide think unemployment is set to rise, yet only 27% are concerned they will lose their own
jobs.
Finding a new job
When asked to assess the difficulty in finding a job if they lost their current one, 79 per cent fear that it will take too long and only 17 per cent feel that they will get a new job quickly.
Again, Singaporeans are more pessimistic than their global counterparts, with responses of 54 and 31 per cent respectively.
In Asia, only Japan is more pessimistic than Singapore. Only 13 per cent of Japanese respondents feel that they can find a new job quickly.
China is the most optimistic, with 47 per cent responding that they think they would be able to find a new job quickly after losing their old one.
Commenting on the results in Singapore, Mr. Wade Garland, the Managing Director of TNS in Singapore and Hong Kong, says the increased unemployment forecast reflects the bearish views being expressed by many of the most respected business organizations in Singapore and recently by the Prime Minister.
'Prime Minister Lee Hsien Loong warned in his New Year message that the global financial crisis had hit Singapore hard, and that the economic outlook was uncertain. The government now expects Singapore's GDP to come in between a decline of 2% and growth of 1% in 2009, which is lower than the previous forecast of a 1% decline to 2% growth made earlier in November. Currently the unemployment rate in Singapore is around 2% and GDP has declined by 12.5% in the fourth quarter of 2008 and revised downwards its growth estimates for 2009,' he comments.
'Media reports of these types of forecasts, the financial difficulties of several major local retailers, falling property prices, and the layoffs already taking place in some companies have made people realise that the global economic turmoil is having an impact on Singapore. Surprisingly this is not yet undermining their confidence about their own personal future in the coming year,' he adds.
- wong chee tat :)
Tue, Jan 13, 2009
AsiaOne
A recent survey conducted by TNS and Gallup International showed that 78 per cent of Singaporeans expect the number of unemployed to rise this year.
However, only 30 per cent of those with employment think that there is a chance that they could be the ones to lose their job.
A great majority, 77 per cent, also feel that Singapore's economic prosperity will decline.
A higher percentage of Singaporeans seem to be more pessimistic, with 63 per cent saying they expect the coming year to be worse for them. This is in sharp comparison to a global average of just 35 per cent. In relation to this, only one in five persons in Singapore (20 per cent) think it will be better while 17 per cent believe it will be about the same. The global averages for these are 27 and 31 per cent respectively.
However, in terms of job security, Singaporeans are more in line with the global response. 66% of working respondents worldwide think unemployment is set to rise, yet only 27% are concerned they will lose their own
jobs.
Finding a new job
When asked to assess the difficulty in finding a job if they lost their current one, 79 per cent fear that it will take too long and only 17 per cent feel that they will get a new job quickly.
Again, Singaporeans are more pessimistic than their global counterparts, with responses of 54 and 31 per cent respectively.
In Asia, only Japan is more pessimistic than Singapore. Only 13 per cent of Japanese respondents feel that they can find a new job quickly.
China is the most optimistic, with 47 per cent responding that they think they would be able to find a new job quickly after losing their old one.
Commenting on the results in Singapore, Mr. Wade Garland, the Managing Director of TNS in Singapore and Hong Kong, says the increased unemployment forecast reflects the bearish views being expressed by many of the most respected business organizations in Singapore and recently by the Prime Minister.
'Prime Minister Lee Hsien Loong warned in his New Year message that the global financial crisis had hit Singapore hard, and that the economic outlook was uncertain. The government now expects Singapore's GDP to come in between a decline of 2% and growth of 1% in 2009, which is lower than the previous forecast of a 1% decline to 2% growth made earlier in November. Currently the unemployment rate in Singapore is around 2% and GDP has declined by 12.5% in the fourth quarter of 2008 and revised downwards its growth estimates for 2009,' he comments.
'Media reports of these types of forecasts, the financial difficulties of several major local retailers, falling property prices, and the layoffs already taking place in some companies have made people realise that the global economic turmoil is having an impact on Singapore. Surprisingly this is not yet undermining their confidence about their own personal future in the coming year,' he adds.
- 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 :)
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