More than 26,000 people have lost their jobs in Malaysia so far this year as the economic slowdown forced employers to cut back, state news agency Bernama reported Sunday.
Malaysian Employers Federation executive director Shamsuddin Bardan told Bernama he expected further job losses in the coming weeks.
He said a 16.2 billion dollar stimulus package unveiled earlier this month had not provided immediate incentive for companies to retain their workers.
The government has slashed its work permit approvals for foreign workers by almost 70 percent so far this year and cancelled work visas for 55,000 Bangladeshi workers after unions said the situation for Malaysians was bleak enough.
In January, the government also banned the hiring of new foreigners in the manufacturing and services sectors after a report forecast 45,000 Malaysians would lose their jobs in the next few months.
Malaysia is one of Asia's largest importers of labour and has an estimated 2.2 million foreign workers, who are the mainstay of the plantation and manufacturing sectors.
However, the government has become concerned about the ramifications of having such a large migrant workforce and periodically tries to reduce it.
Agencies
Showing posts with label Global crisis. Show all posts
Showing posts with label Global crisis. Show all posts
Sunday, March 29, 2009
Sunday, March 1, 2009
Indian IT sector may be significantly hurt by global crisis
The Indian IT industry is likely to be impacted significantly by the global financial crisis due to the loss of overseas markets as well as protectionist trends, according to PM's special envoy Shyam Saran.
Saran further said that the sector has been focused on the export market so far. It has not looked at the domestic market as a significant business opportunity.
"Now could be the time to do this. More competitive conditions in both domestic as well as external markets require Indian industry to be more efficient and productive," he told at a seminar on 'GeoPolitical Consequences of Current Financial and Economic Crisis: Implications for India'.
This is where the country's IT industry can play a significant role, but this will require the dynamic sectors of economy, the services and the manufacturing sector, to come together to deliver a major punch, once the global economy settles down into a new and altered landscape, he said.
He suggested that there should be a willingness in business and industry to think through and come up with an ambitious and potentially winning strategy.
They should seek government support for delivering on such a strategy rather than looking only for short-term relief, added Saran.
Agencies
Saran further said that the sector has been focused on the export market so far. It has not looked at the domestic market as a significant business opportunity.
"Now could be the time to do this. More competitive conditions in both domestic as well as external markets require Indian industry to be more efficient and productive," he told at a seminar on 'GeoPolitical Consequences of Current Financial and Economic Crisis: Implications for India'.
This is where the country's IT industry can play a significant role, but this will require the dynamic sectors of economy, the services and the manufacturing sector, to come together to deliver a major punch, once the global economy settles down into a new and altered landscape, he said.
He suggested that there should be a willingness in business and industry to think through and come up with an ambitious and potentially winning strategy.
They should seek government support for delivering on such a strategy rather than looking only for short-term relief, added Saran.
Agencies
Saturday, February 7, 2009
Japanese electronics major Sharp to layoff 1,500 jobs
Japan's Sharp Corp said that it would eliminate 1,500 domestic jobs as the electronics maker predicted its first-ever operating loss this year due to the recession.
"We have decided not to renew 1,500 contract workers in Japan," Tetsuo Onishi, the company's director for accounting, told a news conference.
"By doing so, we shall build a human resource structure that meets the size of sales," he said. Top managers will also accept pay cuts and forego bonuses, he said.
Agencies
"We have decided not to renew 1,500 contract workers in Japan," Tetsuo Onishi, the company's director for accounting, told a news conference.
"By doing so, we shall build a human resource structure that meets the size of sales," he said. Top managers will also accept pay cuts and forego bonuses, he said.
Agencies
Global crisis to hit China more than India, says ADB
Multilateral lending agency Asian Development Bank (ADB) on Saturday said that the impact of global financial meltdown will be much more on China than India as the Chinese economy is heavily dependent on exports.
"The extent of slowdown in China is much bigger than India because Chinese economy is more dependent on exports than Indian economy," ADB President Haruhiko Kuroda said in an interview to a news channel, adding that both China and India were not in recession.
Developing countries will have to restructure their economy and generate domestic demand besides sustaining high growth to avoid poverty, he said.
Even if the global economy recovers from the worst recession, global economic structure will be changed considerably and particularly Asian countries cannot rely on exports, he said.
Emerging economies will slowdown with negative impact on poor and Countries will have to sustain high growth to avoid poverty, Kuroda said.
The global downturn may be deeper and the recovery take longer than earlier expected, he said adding, developing Asia would not have miracle growth and further slowdown this year will be inevitable. However, Indian economy was expected to grow at around 7 per cent.
The Bank plans issuing 9-10 billion dollar bonds in the market this year. "In the next 12 months we can easily raise 9 to 10 billion dollar from capital markets Recently we issued one billion dollar bond and market response was very good", Kuroda said.
ADB yesterday announced stepping up its lending operations by several billion dollars to help Asian nations tide over the crisis.
In addition, the bank would increase the size of trade facilitation programme from $150 million to $1 billion in 2009.
The Manila-based bank facing resource constraint, however, has requested shareholders for an immediate and substantial capital increase for steps to mitigate the severity of the economic crisis in the region.
Agencies
"The extent of slowdown in China is much bigger than India because Chinese economy is more dependent on exports than Indian economy," ADB President Haruhiko Kuroda said in an interview to a news channel, adding that both China and India were not in recession.
Developing countries will have to restructure their economy and generate domestic demand besides sustaining high growth to avoid poverty, he said.
Even if the global economy recovers from the worst recession, global economic structure will be changed considerably and particularly Asian countries cannot rely on exports, he said.
Emerging economies will slowdown with negative impact on poor and Countries will have to sustain high growth to avoid poverty, Kuroda said.
The global downturn may be deeper and the recovery take longer than earlier expected, he said adding, developing Asia would not have miracle growth and further slowdown this year will be inevitable. However, Indian economy was expected to grow at around 7 per cent.
The Bank plans issuing 9-10 billion dollar bonds in the market this year. "In the next 12 months we can easily raise 9 to 10 billion dollar from capital markets Recently we issued one billion dollar bond and market response was very good", Kuroda said.
ADB yesterday announced stepping up its lending operations by several billion dollars to help Asian nations tide over the crisis.
In addition, the bank would increase the size of trade facilitation programme from $150 million to $1 billion in 2009.
The Manila-based bank facing resource constraint, however, has requested shareholders for an immediate and substantial capital increase for steps to mitigate the severity of the economic crisis in the region.
Agencies
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