SMEs pessimistic about first half of 2017: Survey
Despite the overall pessimism, the SBF-DP SME Index recorded ‘modest optimism’ in expectations of business expansion, capital investment and hiring. TODAY file photo
ANGELA TENG
angelateng@mediacorp.com.sg PUBLISHED: 4:00 AM, DECEMBER 22, 2016UPDATED: 11:13 AM, DECEMBER 22, 2016
SINGAPORE — In an ominous sign for the new year, small and medium enterprises (SMEs) here are pessimistic about their prospects for the first half of next year, an industry index showed yesterday — the first time the quarterly survey showed such negative sentiments since it was started seven years ago.
Despite a better official forecast for Singapore’s economy next year compared to this year, business owners expect turnover and profitability to sour in the coming months, according to the Singapore Business Federation (SBF)-DP SME Index, which fell by 0.4 point to 49.8, compared with the survey conducted in the previous quarter. The index seeks to measure a six-monthly outlook among SMEs, with a reading of 50 and above indicating optimism. This was the first instance where the index fell below 50, indicating pessimism.
Association of Small and Medium Enterprises president Kurt Wee said the pessimism was “not a surprise”.
“It is reflective of the current business sentiment and mood. Businesses are tightening their belts and not expecting a recovery in demand,” he said. “Businesses also expect an increase in cost of (financing) while operation costs remain high. The bright side is businesses have been preparing in the last 18 months for this situation.”
The index, which surveyed more than 3,600 SMEs between October and last month, recorded declines in five out of six sectors, compared with the survey in the previous quarter. SMEs had a negative outlook in commerce/trading, construction/engineering, manufacturing, retail/food and beverage, as well as transport/storage. Only firms in business services had positive sentiments.
The SBF and DP said index scores for turnover and profitability expectations were both at “record lows”. SMEs expect their profits to fall, “indicating how reduced sales and high operational costs are compressing already-lean profit margins and driving many SMEs into losses”, they added.
SBF CEO Ho Meng Kit said SMEs are facing “challenging conditions” in the current economic situation. “This is in line with the slowing overall economy,” said Mr Ho, noting that the Ministry of Trade and Industry (MTI) had cut the top end of its full-year growth forecast for this year by half a percentage point. The economy is now expected to grow between 1 and 1.5 per cent for the whole of this year. For next year, the MTI forecasts gross domestic product to grow between 1 and 3 per cent.
Mr Ho said that recommendations will be put forward for the Government’s Budget next year to help SMEs “navigate the immediate challenges of high business costs”. “The recommendations will also focus on helping SMEs sustain growth particularly during this current economic climate, as well as support scalable, local-based enterprises to develop into globally competitive companies,” he said.
SME owners told TODAY that they are feeling the strain.
Mr Kegan Tan, a retailer selling sports goods, recently closed down his shop at Tampines Safra after sales plunged. “It could be due to the economy or the location. In order to guard against choppy waters, we closed the retail shop a month ago. The lease was expiring and we decided not to renew it even though it was affordable,” he said. His company is looking at focusing more on its online business and other strategies. “Despite the change in the business focus, we are still optimistic,” he said.
Despite the overall pessimism, the SBF-DP SME Index recorded “modest optimism” in expectations of business expansion, capital investment and hiring.
CIMB Private Banking economist Song Seng Wun said: “The economy is affected by uncertainties from abroad, with a very uneven performance for the sectors. However, all is not lost. We keep our fingers crossed on global growth as there are signs of us turning the corner to better exports. Perhaps the worst may be behind us.”
- wong chee tat :)
Showing posts with label retrench staff. Show all posts
Showing posts with label retrench staff. Show all posts
Thursday, December 22, 2016
Wednesday, December 21, 2016
Fewer Singapore employers plan to increase headcount next year: Survey
Fewer Singapore employers plan to increase headcount next year: Survey
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
Sunday, December 18, 2016
Retrenchment On The Rise But Vacancies Still Exists?
Published on Nov 18, 2016
While job redundancies have been on the increase, many sectors – from sales to engineering and accounting and finance – are struggling to fill vacancies. Ascent Solutions chief executive Lim Chee Kean explains why recruiting Singaporean engineers is an uphill task for small and medium enterprises, while mechanical engineering undergraduate Siang Xuan Yu shares why he is not confining his career options to what he studied in school. Accounting veteran Gerard Ee also talks about the leakage of professionals in the field who venture into other areas, such as entrepreneurship, and how smaller firms can woo accountants.
What are your thoughts?
- wong chee tat :)
Tuesday, November 3, 2015
Standard Chartered axes 15,000 jobs, announces US$5.1b capital raise
Standard Chartered axes 15,000 jobs, announces US$5.1b capital raise
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said.
POSTED: 03 Nov 2015 16:52 UPDATED: 03 Nov 2015 23:39
HONG KONG: Asia-focused British bank Standard Chartered said on Tuesday (Nov 3) it would axe 15,000 jobs and raise US$5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said. A Standard Chartered spokeswoman said she could not give any further details of the job cuts.
When contacted, a spokesperson from StanChart Singapore declined to say if the job cuts would affect Singapore operations.
More than half of the restructuring costs would come from potential losses on liquidating assets and businesses, the bank said in a statement.
The remaining charges would be from "potential redundancy costs" of a planned headcount reduction of 15,000, as well as goodwill write-downs, it added.
The bank reported an unexpected pre-tax quarterly loss of US$139 million compared with a US$1.53 billion profit a year earlier, in a performance described as "disappointing" by group chief executive Bill Winters.
Revenue was down 18.4 per cent to US$3.68 billion and impairment losses increased from US$536 million to US$1.23 billion for the quarter.
Shares in the bank plunged as much as 6.2 per cent on the Hong Kong stock exchange in the wake of the results and closed down nearly 3 per cent - its stock value has fallen around 30 per cent in the past year.
"I know a lot of people losing their jobs is not good, (but) from a business point of view, that's what they have to do," Hong Kong-based financial analyst Jackson Wong told AFP.
Wong said loan losses were the main reason the bank swung to a pre-tax loss, adding that it needed to "control costs and try to remodel (its) business".
RIGHTS ISSUE
Standard Chartered announced a plan to raise US$5.1 billion in capital through a rights issue, and a strategic review that raised its cost-cutting target to US$2.9 billion between 2015 and 2018.
It added it was refocusing on "affluent retail clients" rather than corporate and institutional banking businesses and would exit or restructure US$100 billion of assets.
"The business environment in our markets remains challenging and our recent performance is disappointing," Winters said in a statement filed to the Hong Kong bourse.
"The plans we have outlined today significantly reallocate resources to change fundamentally the mix of the group towards more profitable and less capital-intensive business," Winters said in a separate statement detailing the strategic plan.
Winters, former co-head of JP Morgan, took the reins from Peter Sands in June after shareholder calls for a boardroom cull following profit warnings.
The bank said in January it would axe 2,000 jobs around the world in 2015 in an attempt to make savings of US$400 million in a structural overhaul.
It had already shed 2,000 jobs in the three months before January.
Standard Chartered saw its profits plunge in the first half of this year, with net profit slumping 36.7 per cent in the six months to June compared to the period in 2014.
Bosses at the bank gave up their bonuses after profits fell by more than a third in 2014, sliding 37 per cent to US$2.51 billion.
- AFP/CNA/ec
- wong chee tat :)
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said.
POSTED: 03 Nov 2015 16:52 UPDATED: 03 Nov 2015 23:39
HONG KONG: Asia-focused British bank Standard Chartered said on Tuesday (Nov 3) it would axe 15,000 jobs and raise US$5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said. A Standard Chartered spokeswoman said she could not give any further details of the job cuts.
When contacted, a spokesperson from StanChart Singapore declined to say if the job cuts would affect Singapore operations.
More than half of the restructuring costs would come from potential losses on liquidating assets and businesses, the bank said in a statement.
The remaining charges would be from "potential redundancy costs" of a planned headcount reduction of 15,000, as well as goodwill write-downs, it added.
The bank reported an unexpected pre-tax quarterly loss of US$139 million compared with a US$1.53 billion profit a year earlier, in a performance described as "disappointing" by group chief executive Bill Winters.
Revenue was down 18.4 per cent to US$3.68 billion and impairment losses increased from US$536 million to US$1.23 billion for the quarter.
Shares in the bank plunged as much as 6.2 per cent on the Hong Kong stock exchange in the wake of the results and closed down nearly 3 per cent - its stock value has fallen around 30 per cent in the past year.
"I know a lot of people losing their jobs is not good, (but) from a business point of view, that's what they have to do," Hong Kong-based financial analyst Jackson Wong told AFP.
Wong said loan losses were the main reason the bank swung to a pre-tax loss, adding that it needed to "control costs and try to remodel (its) business".
RIGHTS ISSUE
Standard Chartered announced a plan to raise US$5.1 billion in capital through a rights issue, and a strategic review that raised its cost-cutting target to US$2.9 billion between 2015 and 2018.
It added it was refocusing on "affluent retail clients" rather than corporate and institutional banking businesses and would exit or restructure US$100 billion of assets.
"The business environment in our markets remains challenging and our recent performance is disappointing," Winters said in a statement filed to the Hong Kong bourse.
"The plans we have outlined today significantly reallocate resources to change fundamentally the mix of the group towards more profitable and less capital-intensive business," Winters said in a separate statement detailing the strategic plan.
Winters, former co-head of JP Morgan, took the reins from Peter Sands in June after shareholder calls for a boardroom cull following profit warnings.
The bank said in January it would axe 2,000 jobs around the world in 2015 in an attempt to make savings of US$400 million in a structural overhaul.
It had already shed 2,000 jobs in the three months before January.
Standard Chartered saw its profits plunge in the first half of this year, with net profit slumping 36.7 per cent in the six months to June compared to the period in 2014.
Bosses at the bank gave up their bonuses after profits fell by more than a third in 2014, sliding 37 per cent to US$2.51 billion.
- AFP/CNA/ec
- wong chee tat :)
Thursday, October 29, 2015
Deutsche Bank cutting 15,000 jobs as new CEO sets out strategy plan
Deutsche Bank cutting 15,000 jobs as new CEO sets out strategy plan
POSTED: 29 Oct 2015 18:10 UPDATED: 29 Oct 2015 18:15
FRANKFURT: Deutsche Bank is slashing 15,000 jobs and shedding assets in which some 20,000 staff are employed, as new Chief Executive John Cryan starts to implement a deep overhaul aiming to improve returns at Germany's biggest bank.
Cryan said the bank will sacrifice its 2015 and 2016 dividends as it seeks to bolster its finances and retain money to pay for sins of the past. "I do not think that 2016 and 2017 will be strong years," he told reporters on Thursday.
Shares in the bank were down 6 percent at 25.815 euros by 0850 GMT. "We still believe there are major risks here and therefore think a capital increase in 2016 is still highly probable," Citi analysts said in a note.
A trader said: "Investors are very disappointed. Two years of no dividends and CEO Cryan cautions 2016 and 2017 won’t be strong in terms of business either. That’s a long time and shareholders are wondering why they should stay invested."
Cryan is under pressure to overhaul Germany's biggest bank, with costly litigation from past scandals and fallout from a market rout in Asia pushing its valuation well below rivals.
"Deutsche Bank does not have a strategy problem. We know exactly where we want to go. But we have had a grave problem in implementing it," Cryan said, addressing reporters in German, in contrast to his predecessor Anshu Jain who regularly drew criticism for never mastering the language.
Cryan said staff will feel the pain. "I have said that it would not be all sweetness and light," he said, adding it would be unacceptable not to share some of the cost of the settlement of interest-rate rigging and consequences of poor past behavior.
In the context of the group making a 2015 loss, its supervisory board will discuss if it will be appropriate for the board to pay bonuses, he said.
Co-CEO Juergen Fitschen acknowledged the bank has not yet done enough in changing its behavioral culture. "Cultural change ... it needs to be filled with content. What we have brought about is only the beginning," Fitschen said.
The lender is to axe 9,000 full-time jobs and 6,000 external contractor positions. Three quarters of the other 20,000 jobs to go are at retail unit Postbank , which Deutsche Bank is spinning off.
"We were concerned that our shareholders thought cost-cut goals were not ambitious enough. We think they are realistic based on the need to remain competitive," Cryan said.
"We think we should retain capital in order to strengthen the company. Because we have to run business on the basis that we could encounter stress. We need to build a buffer above the minimum."
ELIMINATION OF DIVIDEND
Deutsche Bank said late the previous day it was targeting a reduction of its risk-weighted assets to about 320 billion euros (US$349 billion) by end-2018 from 416 billion at the end of June, towards the top end of analysts' expectations.
"The plan is based on the elimination of the Deutsche Bank common share dividend for the fiscal years 2015 and 2016," it said in a statement, adding it aimed to resume paying dividends thereafter.
Ever since its post-World War Two reestablishment in 1952, Deutsche Bank has always paid a dividend.
Earlier this month, the lender announced it would split its investment bank in two and part ways with three of its eight management board members.
The bank also said it was aiming to bring down adjusted non-interest expenses to less than 22 billion euros by 2018 from 23.8 billion in 2014, and to reduce its cost/income ratio to 70 percent in 2018 from 84.3 percent at the end of June.
By comparison, Barclays , Credit Suisse and UBS , which are also cutting costs and devising new strategies, currently only spend 64 to 77 cents to earn a euro.
Other major international banks such JP Morgan and UBS made swifter changes to address persistently low interest rates and tighter regulation after the financial crisis.
While Credit Suisse, which also intends to slim down its investment bank, plans to raise 6 billion Swiss francs (US$6 billion) from investors to bolster capital, Deutsche Bank has not so far signaled it is considering such a step.
Deutsche Bank also posted a 20 percent rise in revenue at its lucrative bond trading business in the third quarter, helping take the sting out of a record 6 billion euro group pretax loss.
Revenue at its Corporate Banking and Securities business rose 2 percent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets.
Peers such as Morgan Stanley and Goldman Sachs reported steep declines in bond trading performance in the quarter.
The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.
(Reporting by Arno Schuetze and Jonathan Gould; Editing by Georgina Prodhan and David Holmes)
- Reuters
- wong chee tat :)
POSTED: 29 Oct 2015 18:10 UPDATED: 29 Oct 2015 18:15
FRANKFURT: Deutsche Bank is slashing 15,000 jobs and shedding assets in which some 20,000 staff are employed, as new Chief Executive John Cryan starts to implement a deep overhaul aiming to improve returns at Germany's biggest bank.
Cryan said the bank will sacrifice its 2015 and 2016 dividends as it seeks to bolster its finances and retain money to pay for sins of the past. "I do not think that 2016 and 2017 will be strong years," he told reporters on Thursday.
Shares in the bank were down 6 percent at 25.815 euros by 0850 GMT. "We still believe there are major risks here and therefore think a capital increase in 2016 is still highly probable," Citi analysts said in a note.
A trader said: "Investors are very disappointed. Two years of no dividends and CEO Cryan cautions 2016 and 2017 won’t be strong in terms of business either. That’s a long time and shareholders are wondering why they should stay invested."
Cryan is under pressure to overhaul Germany's biggest bank, with costly litigation from past scandals and fallout from a market rout in Asia pushing its valuation well below rivals.
"Deutsche Bank does not have a strategy problem. We know exactly where we want to go. But we have had a grave problem in implementing it," Cryan said, addressing reporters in German, in contrast to his predecessor Anshu Jain who regularly drew criticism for never mastering the language.
Cryan said staff will feel the pain. "I have said that it would not be all sweetness and light," he said, adding it would be unacceptable not to share some of the cost of the settlement of interest-rate rigging and consequences of poor past behavior.
In the context of the group making a 2015 loss, its supervisory board will discuss if it will be appropriate for the board to pay bonuses, he said.
Co-CEO Juergen Fitschen acknowledged the bank has not yet done enough in changing its behavioral culture. "Cultural change ... it needs to be filled with content. What we have brought about is only the beginning," Fitschen said.
The lender is to axe 9,000 full-time jobs and 6,000 external contractor positions. Three quarters of the other 20,000 jobs to go are at retail unit Postbank , which Deutsche Bank is spinning off.
"We were concerned that our shareholders thought cost-cut goals were not ambitious enough. We think they are realistic based on the need to remain competitive," Cryan said.
"We think we should retain capital in order to strengthen the company. Because we have to run business on the basis that we could encounter stress. We need to build a buffer above the minimum."
ELIMINATION OF DIVIDEND
Deutsche Bank said late the previous day it was targeting a reduction of its risk-weighted assets to about 320 billion euros (US$349 billion) by end-2018 from 416 billion at the end of June, towards the top end of analysts' expectations.
"The plan is based on the elimination of the Deutsche Bank common share dividend for the fiscal years 2015 and 2016," it said in a statement, adding it aimed to resume paying dividends thereafter.
Ever since its post-World War Two reestablishment in 1952, Deutsche Bank has always paid a dividend.
Earlier this month, the lender announced it would split its investment bank in two and part ways with three of its eight management board members.
The bank also said it was aiming to bring down adjusted non-interest expenses to less than 22 billion euros by 2018 from 23.8 billion in 2014, and to reduce its cost/income ratio to 70 percent in 2018 from 84.3 percent at the end of June.
By comparison, Barclays , Credit Suisse and UBS , which are also cutting costs and devising new strategies, currently only spend 64 to 77 cents to earn a euro.
Other major international banks such JP Morgan and UBS made swifter changes to address persistently low interest rates and tighter regulation after the financial crisis.
While Credit Suisse, which also intends to slim down its investment bank, plans to raise 6 billion Swiss francs (US$6 billion) from investors to bolster capital, Deutsche Bank has not so far signaled it is considering such a step.
Deutsche Bank also posted a 20 percent rise in revenue at its lucrative bond trading business in the third quarter, helping take the sting out of a record 6 billion euro group pretax loss.
Revenue at its Corporate Banking and Securities business rose 2 percent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets.
Peers such as Morgan Stanley and Goldman Sachs reported steep declines in bond trading performance in the quarter.
The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.
(Reporting by Arno Schuetze and Jonathan Gould; Editing by Georgina Prodhan and David Holmes)
- Reuters
- wong chee tat :)
Friday, October 25, 2013
Sunday, June 2, 2013
Chicago Sun-Times axes photo staff
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 :)
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 :)
Saturday, November 7, 2009
What recovery? Unemployment shoots past 10 percent
What recovery? Unemployment shoots past 10 percent
AP
By JEANNINE AVERSA and CHRISTOPHER S. RUGABER, AP Economics Writers Jeannine Aversa And Christopher S. Rugaber, Ap Economics Writers – Fri Nov 6, 6:39 pm ET
WASHINGTON – Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.
The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.
Economists had not expected the 10 percent mark to come so quickly and immediately darkened their forecasts. Mark Zandi, chief economist at Moody's Economy.com, and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent.
Unemployment at 11 percent would be a post-World War II record. Only once since then has joblessness hit double digits in the United States — from September 1982 to July 1983, topping out at 10.8 percent.
"It's not a good report," said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. "What we're seeing is a validation of the idea that a jobless recovery is perfectly on track."
The Labor Department, using a survey of company payrolls, said the economy shed 190,000 jobs in October. A separate survey of households found 558,000 more people were unemployed last month than in September. Some 15.7 million Americans are out of work.
The survey of companies doesn't count the self-employed and undercounts employees of small businesses. So the economic picture could be even more dire.
One struggling small business, homebuilder Miller and Smith Inc. of McLean, Va., has trimmed its work force to about 100 from 350 at the height of the housing market in 2005. The company has been hurt by a slowdown in building and surging health care costs.
Troubles for small businesses could have a disproportionate effect on the economy, because they account for about 60 percent of the nation's jobs. They tend to rely on credit cards and home equity lines — both of which banks have tightened — for cash flow.
And the unemployment rate doesn't include people without jobs who have stopped looking, or those who have settled for part-time jobs. Counting those people, the unemployment rate would be 17.5 percent, the highest since at least 1994.
Economists had expected unemployment to rise to no more than 9.9 percent, up just a tick from September's 9.8 percent, and the surprising jump added to fears that the recovery could fizzle if Americans don't spend.
Already, consumer confidence for October came in well below what analysts were expecting. Shoppers' sentiments about the state of the economy are the gloomiest in nearly three decades.
Stores, always with an eye on holiday sales, are especially worried this year.
"This is a situation where the recovery balloon is getting off the ground but might not have enough power to keep rising," said Brian Bethune, economist at IHS Global Insight.
Sitting at a St. Louis unemployment center, Paul Branyon, who was laid off in July from a Williams-Sonoma factory in Tennessee and now lives with relatives, shook his head and laughed at the notion that the recession is over.
"It's getting actually harder right now," the 26-year-old said. "It seems like everywhere you go, people are losing jobs. People are cutting back. So it's going to get harder before it gets easier."
The economy actually grew from July to September for the first time in a year, but that's no consolation for people like Jose Betancourt, 57, who goes to a Miami-area career center twice a week to take computer education classes.
Betancourt has been out of work since July, when he was laid off from his supermarket maintenance job. He lives on about $600 a month in unemployment benefits, barely enough for the rent for his efficiency apartment, food and utilities.
He has trouble believing the recession is over. In his neighborhood, he sees other jobless people and empty stores.
"It's as if they just gave the economy a nice coat of varnish to make everyone feel better," he said. "I'm in a state of anxiety, and I see it all around Miami."
The worst recession since the 1930s may be over, but the recovery isn't expected to be strong enough to stem job losses and get businesses hiring again. And the unemployed are staying out of work longer. The count of people jobless for six months or longer stands at a record 5.6 million.
As for employers, few are confident enough in the recovery to hire. Art McKeen, plant manager of the Baldor Electric Co. factory in suburban St. Louis, says the plant has no plans add workers any time soon.
Baldor cut back production last year and put workers on part-time hours rather than lay them off. Orders have picked up again, but not enough to justify hiring. "We don't have the need for them right now," McKeen said.
Prospects that the government might pass a second stimulus bill appear dim. Congress is already grappling with sweeping health care legislation, raising concerns about further swelling the federal deficit.
"More debt, more spending ... clearly has not worked — particularly in a time of double-digit unemployment," said Senate Republican leader Mitch McConnell of Kentucky. Democrats said the economy would have been in worse shape without the first stimulus.
October was the 22nd straight month the U.S. economy has lost jobs, the longest on record dating back 70 years. Losses at factories, construction companies, retailers and financial services companies far outweighed gains in education and health care, professional and business services and elsewhere. Government payrolls were flat.
One faint sign of hope: Temporary employment grew by 33,700 jobs, its third straight month of gains after steep losses earlier this year. Employers are likely to add temporary workers before hiring permanent ones.
Chris Rupkey, an economist at the Bank of Tokyo-Mitsubishi, called the big jump in the jobless rate "a kick in the stomach" and predicted a slog ahead. It could take at least four years for the jobless rate to drop to more normal levels of 5 or 6 percent.
"The last two recoveries from recession in the '90s and 2001 were jobless, and this one is clearly headed down the same road," he said.
___
Associated Press Writers Jim Kuhnhenn and Anne Flaherty in Washington, Emily Fredrix in Milwaukee, Christopher Leonard in St. Louis, Adrian Sainz in Miami, Andrew Vanacore in New York and Tom Murphy in Indianapolis contributed to this report.
This is not a piece of good news. What will happen over here in Singapore?
- wong chee tat :)
AP
By JEANNINE AVERSA and CHRISTOPHER S. RUGABER, AP Economics Writers Jeannine Aversa And Christopher S. Rugaber, Ap Economics Writers – Fri Nov 6, 6:39 pm ET
WASHINGTON – Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.
The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.
Economists had not expected the 10 percent mark to come so quickly and immediately darkened their forecasts. Mark Zandi, chief economist at Moody's Economy.com, and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent.
Unemployment at 11 percent would be a post-World War II record. Only once since then has joblessness hit double digits in the United States — from September 1982 to July 1983, topping out at 10.8 percent.
"It's not a good report," said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. "What we're seeing is a validation of the idea that a jobless recovery is perfectly on track."
The Labor Department, using a survey of company payrolls, said the economy shed 190,000 jobs in October. A separate survey of households found 558,000 more people were unemployed last month than in September. Some 15.7 million Americans are out of work.
The survey of companies doesn't count the self-employed and undercounts employees of small businesses. So the economic picture could be even more dire.
One struggling small business, homebuilder Miller and Smith Inc. of McLean, Va., has trimmed its work force to about 100 from 350 at the height of the housing market in 2005. The company has been hurt by a slowdown in building and surging health care costs.
Troubles for small businesses could have a disproportionate effect on the economy, because they account for about 60 percent of the nation's jobs. They tend to rely on credit cards and home equity lines — both of which banks have tightened — for cash flow.
And the unemployment rate doesn't include people without jobs who have stopped looking, or those who have settled for part-time jobs. Counting those people, the unemployment rate would be 17.5 percent, the highest since at least 1994.
Economists had expected unemployment to rise to no more than 9.9 percent, up just a tick from September's 9.8 percent, and the surprising jump added to fears that the recovery could fizzle if Americans don't spend.
Already, consumer confidence for October came in well below what analysts were expecting. Shoppers' sentiments about the state of the economy are the gloomiest in nearly three decades.
Stores, always with an eye on holiday sales, are especially worried this year.
"This is a situation where the recovery balloon is getting off the ground but might not have enough power to keep rising," said Brian Bethune, economist at IHS Global Insight.
Sitting at a St. Louis unemployment center, Paul Branyon, who was laid off in July from a Williams-Sonoma factory in Tennessee and now lives with relatives, shook his head and laughed at the notion that the recession is over.
"It's getting actually harder right now," the 26-year-old said. "It seems like everywhere you go, people are losing jobs. People are cutting back. So it's going to get harder before it gets easier."
The economy actually grew from July to September for the first time in a year, but that's no consolation for people like Jose Betancourt, 57, who goes to a Miami-area career center twice a week to take computer education classes.
Betancourt has been out of work since July, when he was laid off from his supermarket maintenance job. He lives on about $600 a month in unemployment benefits, barely enough for the rent for his efficiency apartment, food and utilities.
He has trouble believing the recession is over. In his neighborhood, he sees other jobless people and empty stores.
"It's as if they just gave the economy a nice coat of varnish to make everyone feel better," he said. "I'm in a state of anxiety, and I see it all around Miami."
The worst recession since the 1930s may be over, but the recovery isn't expected to be strong enough to stem job losses and get businesses hiring again. And the unemployed are staying out of work longer. The count of people jobless for six months or longer stands at a record 5.6 million.
As for employers, few are confident enough in the recovery to hire. Art McKeen, plant manager of the Baldor Electric Co. factory in suburban St. Louis, says the plant has no plans add workers any time soon.
Baldor cut back production last year and put workers on part-time hours rather than lay them off. Orders have picked up again, but not enough to justify hiring. "We don't have the need for them right now," McKeen said.
Prospects that the government might pass a second stimulus bill appear dim. Congress is already grappling with sweeping health care legislation, raising concerns about further swelling the federal deficit.
"More debt, more spending ... clearly has not worked — particularly in a time of double-digit unemployment," said Senate Republican leader Mitch McConnell of Kentucky. Democrats said the economy would have been in worse shape without the first stimulus.
October was the 22nd straight month the U.S. economy has lost jobs, the longest on record dating back 70 years. Losses at factories, construction companies, retailers and financial services companies far outweighed gains in education and health care, professional and business services and elsewhere. Government payrolls were flat.
One faint sign of hope: Temporary employment grew by 33,700 jobs, its third straight month of gains after steep losses earlier this year. Employers are likely to add temporary workers before hiring permanent ones.
Chris Rupkey, an economist at the Bank of Tokyo-Mitsubishi, called the big jump in the jobless rate "a kick in the stomach" and predicted a slog ahead. It could take at least four years for the jobless rate to drop to more normal levels of 5 or 6 percent.
"The last two recoveries from recession in the '90s and 2001 were jobless, and this one is clearly headed down the same road," he said.
___
Associated Press Writers Jim Kuhnhenn and Anne Flaherty in Washington, Emily Fredrix in Milwaukee, Christopher Leonard in St. Louis, Adrian Sainz in Miami, Andrew Vanacore in New York and Tom Murphy in Indianapolis contributed to this report.
This is not a piece of good news. What will happen over here in Singapore?
- 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 23, 2009
UBS lays off S'pore team
UBS lays off S'pore team
UBS, the world's biggest wealth manager, has axed a team of six private bankers in Singapore, who were managing wealth for Turkish clients, sources familiar with the situation told Reuters on Monday.
UBS is struggling after losing billions in the risky US housing market, which forced it to obtain financial aid from the Swiss government.
The Singapore team was managing clients' assets worth between US$200 million (S$) to US$300 million and was hired from Swiss rival Credit Suisse two years ago, a source briefed on the situation said.
Singapore acts as an offshore booking centre for UBS' clients from Asia and Europe.
A second source said the firm has no plans to exit wealth management for Turkish clients despite the removal of the team in Singapore, which was done as part of a group restructuring.
'Like any organisation, UBS continually reviews its strategic needs and resources the businesses according to the environment and its outlook,' a UBS spokesman said in a statement.
'Asia Pacific remains a strategic priority for UBS, and a region in which the group will continue to invest,' she said.
UBS declined comment on the layoffs.
-- THOMSON REUTERS
- wong chee tat :)
UBS, the world's biggest wealth manager, has axed a team of six private bankers in Singapore, who were managing wealth for Turkish clients, sources familiar with the situation told Reuters on Monday.
UBS is struggling after losing billions in the risky US housing market, which forced it to obtain financial aid from the Swiss government.
The Singapore team was managing clients' assets worth between US$200 million (S$) to US$300 million and was hired from Swiss rival Credit Suisse two years ago, a source briefed on the situation said.
Singapore acts as an offshore booking centre for UBS' clients from Asia and Europe.
A second source said the firm has no plans to exit wealth management for Turkish clients despite the removal of the team in Singapore, which was done as part of a group restructuring.
'Like any organisation, UBS continually reviews its strategic needs and resources the businesses according to the environment and its outlook,' a UBS spokesman said in a statement.
'Asia Pacific remains a strategic priority for UBS, and a region in which the group will continue to invest,' she said.
UBS declined comment on the layoffs.
-- THOMSON REUTERS
- 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 :)
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 :)
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 :)
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 :)
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