PM Lee Foresee Massive Retrenchments Later This Year
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http://in.reuters.com/article/businessNews/idINIndia-41627720090808
Reuters India, 8 Aug 2009
Singapore PM warns of more retrenchments in 2009
SINGAPORE (Reuters) - Singapore's Prime Minister Lee Hsien Loong warned the city state to brace for further job retrenchments in 2009, although he said the economy did better than expected in the first half of the year.
"We might see another wave of retrenchments later in the year, so we must stay on guard for more challenges to come," Lee said in a recorded speech on state television on Saturday, the eve of national day.
Singapore's preliminary unemployment figure stayed at a seasonally adjusted 3.3 percent in the second quarter of 2009, unchanged from the first quarter, which was the highest in three years.
Lee said the economy contracted 6.5 percent in the first half of 2009 -- a smaller contraction than previously feared -- prompting the government to revise down the annual contraction to 4-6 percent from an earlier projection of a fall of 6-9 percent.
"It is too early to celebrate. The outlook remains clouded. The advanced economies are not expected to bounce back soon," he said.
Singapore leapt out of its worst recession in the second quarter of 2009 due to rising pharmaceuticals production and construction, preliminary government data showed. Final second quarter GDP data is due on Aug 11.
A Reuters survey showed analysts expected the revised data to show that the economy expanded at an annualised and seasonally adjusted rate of 19.2 percent, compared with an advance estimate of a 20.4 percent.
The latest data is expected to show that from a year earlier, gross domestic product fell 3.9 percent rather than 3.7 percent as earlier reported. __________________
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Wow, this incapable PM smiling so brightly and sincerely concerning more retrenchment. He is so happy about it.
Don't see he smile the same for other stuff, his usual smile is fake.
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He got an island for himself of course he has got reasons to smile.
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Minister says singapore workers not productive enough these days.
Haiz.
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Seagate and Hp are retrenching staff as they pull out plants from SINGAPORE.
Seagate retrech 2000 staff.
More US companies follow suit. -
Originally posted by Itedino:
Seagate and Hp are retrenching staff as they pull out plants from SINGAPORE.
Seagate retrech 2000 staff.
More US companies follow suit.Ultimately, singapore's situation depends a huge part on the US recovery.
No 2 ways about it.
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Seagate and HP would be wise not to come back to support the PAP rule. . . .besides Singapore has lost its appeal thanks to mismanagement and its rulers bloated ego. It's now sinking by the sheer weight of their false pride. Hahahahaha. A tragedy.
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Frankly, I don't get it.
With so much access to cheap labour from around the region, MNCs should not have a problem operating in sg.
Isn't that why the government opened the floodgates to cheap foreign labour in the first place?
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Originally posted by charlize:
Frankly, I don't get it.
With so much access to cheap labour from around the region, MNCs should not have a problem operating in sg.
Isn't that why the government opened the floodgates to cheap foreign labour in the first place?
Not that it's not cheap for MNC to operate in Singapore.
It's the citizens in the countries MNCs originates from are kao peh jobs went overseas. So to stem unemployment rates in their own country where their roots are.. they have to bring the jobs back to their own shores.
That;s the problem with relying so heavily on MNCs.
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Originally posted by charlize:
Minister says singapore workers not productive enough these days.
Haiz.
Go tell them look at themselves, overpay themselves millions but they are not doing much to help deal with inflation during this worst recession we are facing now.Don't always point fingers at us, the pap sickos are not doing good job to make our life better.
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Originally posted by jojobeach:
Not that it's not cheap for MNC to operate in Singapore.
It's the citizens in the countries MNCs originates from are kao peh jobs went overseas. So to stem unemployment rates in their own country where their roots are.. they have to bring the jobs back to their own shores.
That;s the problem with relying so heavily on MNCs.
The smart alec ruling party thought they are doing singapore good by having so many MNCs in sinkingpore.
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should offer another 10 year tax free holiday to seagate.
20 years ago they come set up @ Kallang block 16,
10 years ago they build @ AMK ave 5, but use Woodlands Media technology plant enjoy another 10 years tax holiday
so now without any more tax holiday, they will sure get out SINGAPORE
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90 Woodlands Avenue 7Singapore 737911
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16 Woodlands LoopSingapore 738340
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7000 Ang Mo Kio Avenue 5Singapore 569877
final remain mostly will be the one beside choper base
Seagate, 121 Woodlands Avenue 5, Singapore 739009
The Fleming, 59 Science Park Drive, Singapore 118239
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why he can foresee a massive retrenchment?? any pointers?
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massive retrechment?
where got sia?
ppl still go ion and shop at LV,
eat at exp places
go overseas for holiday,
invest in this and that?
where where where
got retrenchment?
Raffles place mrt still so jam pack with executives le
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Originally posted by noahnoah:
massive retrechment?
where got sia?
ppl still go ion and shop at LV,
eat at exp places
go overseas for holiday,
invest in this and that?
where where where
got retrenchment?
Raffles place mrt still so jam pack with executives le
i dunno how you sell properties leh...if u are our agent, we will make u a sad bag,..he said end of this Year,...not now! Now is sucking time ok. Till dry do us part.
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Originally posted by angel7030:
i dunno how you sell properties leh...if u are our agent, we will make u a sad bag,..he said end of this Year,...not now! Now is sucking time ok. Till dry do us part.
aiya those retrenchmentnormally from factory one lar
seagate - first of all its hardisk cant make it
at all!!!
without Seagate, Sg will collapse overnight
?
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Originally posted by noahnoah:
aiya those retrenchmentnormally from factory one lar
seagate - first of all its hardisk cant make it
at all!!!
without Seagate, Sg will collapse overnight
?
of the 2000, only a thousand are singaporeans, rest are foreigners lah. But why PM Lee said that there will be more retrenchment at the end of this year?? especially with stock up, property up, market up, IR up, banks up, everything seem to move up, only some lame men move down. -
aiya
this Pm always
like to quote on the safe side one lar
if me Pm hor
me also will quote the same one
but who really care about wat retrenchment
The Rich dun care at all!
my buyer asked me
what liao A
where to park my profits ar?
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No, he got his reasons, ...as the economy pick ups..
1. The Jobs credit scheme that encourage employers to employ Singaporeans will end by this end of the year
2. The Govt will stop pumping money to help those unskill, they have given enough time and sustantial sponorship to them, they will deem that all or those who care to upgrade themselves are upgraded, there got to be a limit to all things.
3. The surge in current economy is partly due to year end season greetings and celebration, goods is now been ordered and prepared for year end, ships and carriers will move, people will have work, banks will be seeing profit from credits interest, consumers index will be high, people will travel and buy. But by Decemeber, all these goods will be no more in demand, we will see a over stocking of goods, bad debts, loan and credit problem and maybe force selling of properties and of course, retrenchment.
4. As our economy moved toward a service sector such as tours, IR, investment, pubs etc etc ..manufacturing will suffer leading to high retrenchment as manufacturing is no more competitive for us in the global economy
5. As more firms will be operating their HQ and high end research here, factory and plant operation will move out.Seagate being the smart one first to move.
6. Lastly, by next year, most firms will not be giving out bonuses or freeze wages leading to less spending and production. All these lead to retrenchement. What you see now are smart rich and middle class peoples spending on their last year fat bonuses. By next year, only the rich survive, the rest better start to save for rainy day again. As for the poor or lower income, god bless you.
Thank you
Angel
Social and Economy Dept
JCU
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"It is too early to celebrate. The outlook remains clouded." Who can afford to celebrate but the million $ ministers?
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angel, come come, I ask you question. Are you sure your idol leehsienloong is straight (not gay)? From the way he walks and pink being the colour he wears most of the time seems he hahahahah . . . . . . . NOt forgetting that he walks like guniang, wahahhah!
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Originally posted by Fantagf:
angel, come come, I ask you question. Are you sure your idol leehsienloong is straight (not gay)? From the way he walks and pink being the colour he wears most of the time seems he hahahahah . . . . . . . NOt forgetting that he walks like guniang, wahahhah!
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as always, Aunty fantagf and Uncle Chew alway come together to attack me..haiz!
Hey, i am only reasoning things out in my post, no offensive on opposition rite??
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Originally posted by angel7030:
as always, Aunty fantagf and Uncle Chew alway come together to attack me..haiz!
Hey, i am only reasoning things out in my post, no offensive on opposition rite??
just ...
only leh... funny mah.I didn't say anything yet!
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Originally posted by angel7030:
as always, Aunty fantagf and Uncle Chew alway come together to attack me..haiz!
Hey, i am only reasoning things out in my post, no offensive on opposition rite??
You silly lau aunty mamasan, I asked you a question and you turned around say I attack you. Why do you like to misinterpret?
Please give me your answer.