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Breaking News. Sickipoora export collapsed so PAP to hold election asap.
- Thread starter A Singaporean
- Start date
So sad, no one is buying those 'safe and effective' Covid shots anymore?
They are a key part of non-oil exports.
https://www.fiercepharma.com/manufa...ngapore-will-retrofit-mrna-vaccine-production
They are a key part of non-oil exports.
BioNTech buys Novartis plant in Singapore, will retrofit for mRNA vaccine production
Nov 14, 2022https://www.fiercepharma.com/manufa...ngapore-will-retrofit-mrna-vaccine-production
Isn't this a bit too obvious as we have been holding the SGD pretty strong against esp the USD and Yen? If I may recall, exports were more robust when Trump was POTUS, cos whatever tariffs US slapped on China, they would just slap the Made in Singapore sticker on it to prevent the tariffs, hence boosting our exports...and need to ask RealDonaldTrump why can't we weaken our SGD...is it to save SIA, or...?
Fear factor during poor economy can help them to win more votes
Economics
UBS Plans Another Round of Job Cuts
Unmute
UBS Plans Another Round of Job Cuts
By Gillian Tan and Jan-Henrik Foerster
April 18, 2024 at 3:07 AM GMT+8
UBS Group AG is planning another round of job cuts as the firm continues to trim headcount following its rescue of Credit Suisse, according to people with knowledge of the matter.
The job cuts are expected to affect more than a hundred positions across the firm’s global investment bank, the people said, asking not to be identified discussing private information.
The reduction in force — which goes beyond a routine pruning of underperformers — is scheduled to take place in the coming weeks, they said.
UBS Plans Next Round of Layoffs in Credit Suisse Integration
- Cuts expected in banking, markets and wealth management
- Swiss bank has said it aims to save billions in staff costs
UBS Plans Another Round of Job Cuts
Unmute
UBS Plans Another Round of Job Cuts
By Gillian Tan and Jan-Henrik Foerster
April 18, 2024 at 3:07 AM GMT+8
UBS Group AG is planning another round of job cuts as the firm continues to trim headcount following its rescue of Credit Suisse, according to people with knowledge of the matter.
The job cuts are expected to affect more than a hundred positions across the firm’s global investment bank, the people said, asking not to be identified discussing private information.
The reduction in force — which goes beyond a routine pruning of underperformers — is scheduled to take place in the coming weeks, they said.
https://www.xm.com/research/markets...e-integration-bloomberg-news-reports-53815485
April 17 (Reuters) -UBS Group UBSG.S is planning another round of job cuts after its takeover of Credit Suisse that is expected to affect over a hundred positions across the group's global investment bank, Bloomberg News reported on Wednesday.
The layoffs are scheduled to take place in the upcoming weeks, the report said, citing people with knowledge of the matter, adding that the job cuts are expected in the wealth management and markets units.
UBS declined to comment on the report.
UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023 to avert Credit Suisse's collapse.
After the takeover last year, UBS embarked on a more than $10 billion cost-cutting plan, which led to an over 3,000 jobs cut in Switzerland.
Later in the year, it also cut Credit Suisse's securities researchunit's around 70% of Hong Kong-based staff headcount.
April 17 (Reuters) -UBS Group UBSG.S is planning another round of job cuts after its takeover of Credit Suisse that is expected to affect over a hundred positions across the group's global investment bank, Bloomberg News reported on Wednesday.
The layoffs are scheduled to take place in the upcoming weeks, the report said, citing people with knowledge of the matter, adding that the job cuts are expected in the wealth management and markets units.
UBS declined to comment on the report.
UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023 to avert Credit Suisse's collapse.
After the takeover last year, UBS embarked on a more than $10 billion cost-cutting plan, which led to an over 3,000 jobs cut in Switzerland.
Later in the year, it also cut Credit Suisse's securities researchunit's around 70% of Hong Kong-based staff headcount.
https://www.efinancialcareers.com/news/Singapore-bank-layoffs
The bank I worked for was forever restructuring. Every two to three years it seemed that a new unit was set up and another unit demolished. The staff in the unwanted unit were retrenched. A handful would be asked to apply for other internal postings, but there was never any guarantee they'd get anything. They had to go through the process of interviewing repetitively, just like an external applicant.
No one outside the bank appreciates the constant precarity because no one talks about it. Insiders say nothing, and the retrenched staff simply disappear. They sign a non-disclosure form, which means that their bonus or severance package will be forfeited if they complain to outsiders.
The bank I worked for was forever restructuring. Every two to three years it seemed that a new unit was set up and another unit demolished. The staff in the unwanted unit were retrenched. A handful would be asked to apply for other internal postings, but there was never any guarantee they'd get anything. They had to go through the process of interviewing repetitively, just like an external applicant.
No one outside the bank appreciates the constant precarity because no one talks about it. Insiders say nothing, and the retrenched staff simply disappear. They sign a non-disclosure form, which means that their bonus or severance package will be forfeited if they complain to outsiders.
https://dollarsandsense.sg/business...es-need-to-be-ready-for-retrenchment-in-2024/
Moreover, reducing headcount during such uncertain times can also prepare businesses to stay nimble – and go in a new direction more easily when new opportunities arise.
For the rest of 2024, here are 3 reasons why employees need to be ready to lose their jobs – and be prepared to find a new role.
Why Singapore Employees Need To Be Ready For Retrenchment In 2024
- byDinesh Dayani
- March 24, 2024
Moreover, reducing headcount during such uncertain times can also prepare businesses to stay nimble – and go in a new direction more easily when new opportunities arise.
For the rest of 2024, here are 3 reasons why employees need to be ready to lose their jobs – and be prepared to find a new role.
#1 Companies Are Retrenching – Potentially Viewing It As A Path To Sustainability
We’ve been reading about a wave of companies retrenching their employees this year. Some that have made it into the news in Singapore include Shopback letting go 24% of its employees, Lazada letting go an estimated 100 people, Unilever realigning its marketing team in Singapore, PropertyGuru laying off 79 employees, Tetra Pak closing down in Singapore and 300 employees will be affected, Electrolux relocating its regional HQ from Singapore to Bangkok, and more.This trend is not unique to Singapore either. Many of the biggest (and possibly smallest) companies globally are also looking to align its workforce with its requirements. They include Amazon to Google to Discord and Twitch.
#2 Retrenchment Statistics Are On The Rise
According to the Ministry of Manpower (MOM) the rate of retrenchments more than doubled in 2023. 14,590 workers were retrenched in 2023 compared to 6,440 in 2022.
While more people may be looking for new roles, they will also be hit by a slowdown in job vacancies. In December 2023, the job vacancy to unemployment ratio was 1.74, compared to 2.30 in December 2022.
According to the Ministry of Manpower (MOM) the rate of retrenchments more than doubled in 2023. 14,590 workers were retrenched in 2023 compared to 6,440 in 2022.
While more people may be looking for new roles, they will also be hit by a slowdown in job vacancies. In December 2023, the job vacancy to unemployment ratio was 1.74, compared to 2.30 in December 2022.
#3 Global Trends: Higher For Longer Interest Rates; Rise Of AI; E-Commerce Slowdown
As a small and open economy, Singapore has to adhere to global trends to stay relevant. An environment of higher interest rates will inevitably affect global growth – including in Singapore.With a signal that interest rates may stay elevated for a longer in 2024, investment sentiments may dampen on the back of higher borrowing costs.
At the same time, the post-pandemic explosion in e-commerce has meant that many businesses pivoted into it. Not doing so would be akin to giving up the potential growth. Now, it may be time for companies to relook their initial hires.
With technology constantly evolving, and potentially more companies jumping on the AI bandwagon now, there may be greater “churn” in the economy – as DPM and Finance Minister Lawrence Wong mentioned in his Singapore Budget 2024 speech.
At the same time, AI and e-commerce are trends that are supposed to eventually lead to fewer headcount – and not more. Once the initial gains have been made, the sensible thing may be to stay lean.
90%
Got CDC vouchers IN June and Jan + Fear Factor for upcoming global economic upheaval
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