Retrench

Seagate to pull out of Singapore? and enlarge production in china

Seagate Technology LLC (NASDAQ: STX | Quote | Chart | News | PowerRating) will move its Singapore-based factory to China in 2010, as an effort to cut manufacturing costs and raise profitability, according to Banseng Teh, the hard disk giant’s manager director for Asia Pacific sales.
The Singapore factory will be closed next yearend, with its [...]

RBS to cut 3,700 jobs

ROYAL Bank of Scotland, rescued by the British government in the wake of the global financial crisis, said on Monday that it planned to axe about 3,700 jobs across its retail operations in Britain.
‘RBS has begun a process of consultation with staff in the UK regarding a restructuring of its Retail Banking division that will [...]

Seagate Technology to lay off 2,000 employees in Singapore

Seagate Technology announced on Tuesday it would relocate its hard disk drive manufacturing operations from Ang Mo Kio to other existing Seagate facilities by end-2010, laying off some 2,000 employees in the process.
The company said in a statement that this consolidation is necessary in order for it to further increase efficiency and reduce costs by [...]

12,400 jobs lost in Q2

SOME 12,400 jobs were lost in the second quarter, double the losses in the first three months when 6,200 workers were laid off, said the Ministry of Manpower on Friday.
This is the first time that employment has contracted for two consecutive quarters since the 2003 economic downturn.
Manufacturing again bore the brunt of job losses, [...]

Singapore labour market to remain soft

Singapore’s labour market will continue to be soft for the next two quarters as the economic outlook remains uncertain.
Manpower Minister Gan Kim Yong also said anecdotal feedback from unions and employers suggests retrenchment may be lower in the second quarter because most of it had been done after the Lunar New Year.
Nonetheless, the unemployment rate [...]

Jobs credit to be paid in June

THE second of four payments under the Jobs Credit scheme goes out at the end of this month to more than 100,000 employers who have some 1.4 million local workers on their payroll.
This tranche amounts to some $900 million.
Under the Jobs Credit scheme, the Government gives employers funds for every resident worker on their [...]

2nd wave of retrenchments possible as outlook remains uncertain

SINGAPORE: There could be a second wave of retrenchments in Singapore as the global economic outlook for the rest of the year remains uncertain, said Labour Chief Lim Swee Say.
Mr Lim said there may be early signs of economic recovery in the United States but the world economy is not out of the woods yet [...]

Micron Semiconductor Asia to lay off 10% of employees?

We are receiving reports that Micron Seminconductor Asia announced today the lay offs of 10% of its employees, this follows rumours that have been spread around for the past few months about retrenchment.
If you are working at Micron or have any more information, don’t hesitate to contact us.

RBS to split & sell Asian arm

LONDON – THE Royal Bank of Scotland is poised to break up its Asian business after its attempted auction hit problems, the Sunday Times reported.
The newspaper said a string of regulatory hurdles had emerged in recent weeks, derailing efforts to package the bank’s operations across China, India and southeast Asia into one saleable business.
Australia and [...]

Survey: More hiring than firing

Survey shows sentiment has changed but HR analysts remain cautious
EMPLOYERS planning to hire will outnumber those looking to shed workers in the third quarter of the year, according to a survey.
This marks a turnaround in hiring sentiments by Singapore bosses for the first time this year, said global human resource consultancy Manpower Inc.
Of the [...]