kueytoc

More job losses to come !!! Job losses in recession—hit Singapore could match levels of previous downturns Channel NewsAsia - 2 hours 15 minutes ago SINGAPORE: Acting Manpower Minister Gan Kim Yong has said the unemployment rate due to the current recession in Singapore could reach the levels recorded during the Asian financial crisis in 1998 and the economic downturn in 2001. And, with the US and European economies likely to recover only in the second half of this year, Trade and Industry Minister Lim Hng Kiang warned that recovery will be a slow process. Both ministers laid out the jobs situation in Singapore in Parliament on Monday. The industries that may be most affected by job losses are manufacturing, tourism, transport and wholesale trade. These are the sectors that are most exposed to the external economic environment. The financial services sector will also remain weak. Mr Gan said based on preliminary numbers, some 8,100 workers were either laid off or facing retrenchments in the fourth quarter of last year and over the next few months. Already, some 7,400 workers lost their jobs in the first three quarters of last year, two thirds of whom are locals. The silver lining is that more than 30,000 new jobs will be available in growth sectors such as construction, healthcare, public administration and the integrated resorts. Mr Gan said: "Close to 30,000 workers were retrenched in 1998 due to the Asian financial crisis, and about 26,000 workers were retrenched during the economic downturn in 2001. If our economy were to contract sharply this year, it is possible that retrenchments could reach these levels seen in previous recessions." Also speaking in Parliament, Minister Lim said Singapore’s job losses will increase and consumer sentiment will weaken as the manufacturing and financial industries slow further this year. He said the economic slump has spread to all parts of the economy. Mr Lim said 2009 will be a difficult year with consumer demand in key exports markets such as the US and Europe expected to remain weak. As such, the manufacturing sector will continue to face a slowdown. The financial sector meanwhile is expected to see a sharp decline because of the impact of the financial crisis. Mr Lim also said weaker consumer sentiment among Singaporeans has affected the retail sector and the property market. But he said there are still sectors that are showing positive growth. These sectors collectively make up slightly less than 10 per cent of the economy. As such, Mr Lim said their growth will not be able to compensate for the decline in other sectors. Mr Lim also said the government’s S$2.3 billion loan support package for businesses in Singapore has been "promising". Giving an update in Parliament, Mr Lim said banks’ loan commitments increased even before the scheme was introduced in December last year. For the whole of last year, loan commitments rose by 50 per cent to over S$1 billion, compared to S$680 million registered in the previous year. Since the government—backed loans for businesses were launched in December, some 500 applications were received in that month alone. Mr Lim added that the approved loans for December last year increased by 30 per cent over the same period in 2007, rising to S$80 million from S$62 million. — CNA/938LIVE/ir

Yeah !...the 'Wind of Change' told moi too !!!

Plenty to drool & 'Ta-Pao' at Great Ocean Reef-lapalooza !

Train to be a Marine Biologist lah...can pursue ya hobby at the same time.

Lemme know when U see any heaven & earth RED SCOOTER BLENNY there mate.

WAH !...another cool ACANs Collector ! That's an OXYPORA & the other pix below belonged to the FAVITES family.

Govt will do its part during recession, but community urged to help too Channel NewsAsia - Monday, January 12 SINGAPORE : Prime Minister Lee Hsien Loong on Sunday gave Singaporeans the assurance that the government will do its part to help, as the country grapples with the current recession. He however added that an important part of the country’s response will also be how the community itself reaches out to make extra help and support available to fellow citizens when things are tough. Giving out hong bao to needy residents in his constituency is an annual ritual for Mr Lee. This time, at least 275 needy residents received S$100 in cash and a S$50 NTUC voucher each. Still, things have not been easy for some residents he spoke to. While Mr Lee was giving out hong bao to residents in his constituency on Sunday, there was also attention about a possibly bigger hong bao to be given out to all Singaporeans on Budget Day at the end of the month. One resident said: "I was retrenched. So was my husband last month. Although we should not solely rely on the government for assistance, we still hope we can find a job through their help." Another added: "Give money to people to buy things, then businesses, (and) the economy can go up." And while help will be given, Mr Lee cautioned against over—reliance on handouts. He said: "We are in this together...not as individuals or even just as each family on its own, but as one big family which is the Singapore family. But if everything depends on government schemes and it becomes a matter of bureaucratic organisation and entitlement, I think we will make this impersonal and we will weaken ourselves as a society. "And instead of having a sense of mutual support and warmth and comradeship, we will cultivate a sense of reliance and ultimately a society that will not be as strong as it should be." And so, as the Year of the Ox approaches, the animal’s characteristics — which Mr Lee described as strong but not aggressive and completely dependable — will be the way that Singapore hopes to get through this tough year. — CNA/ms

National Wage Council to recommend pay cuts? Economists say NWC should address wage cut in current economic climate Channel NewsAsia - Thursday, January 8 SINGAPORE: Economic watchers are expecting the National Wages Council (NWC) to address the issue of salary cuts to brace for the current difficult economic times. Channel NewsAsia understands from employer and union representatives that the council, which was reconvened recently, met again on Wednesday. Its revised guidelines are expected next week. The last time the NWC recommended a wage cut to save jobs was in 2003 during the SARS period. In 2003, the NWC proposed that in view of the severe impact of SARS on the economy, companies directly affected by the outbreak implement appropriate wage cuts to survive the downturn and to save jobs. Economic watchers said the time has come for the NWC to revisit this need for companies to survive and save jobs. Dr Tim Phillippi, executive director, Singaporean—German Chamber of Industry and Commerce, said: "When it comes to workforce and flexibility, what would be helpful would be flexibility with regard to work time during the week. "Also, for companies, if it is necessary, the flexibility with regard to temporary pay cuts and temporary layoffs. With measures like these, companies would be prepared for the times after the crisis." Veteran Parliamentarian Inderjit Singh feels all is possible without affecting the CPF rates. He said the CPF rates are currently at an appropriate level, just enough for retirement savings. Mr Inderjit said: "Let’s not jump on this bandwagon for CPF cuts at this point in time because by cutting CPF, we will create a whole series of other problems. "We know we need to save for retirement. As it is, it is not enough and I wouldn’t want to use this tool so easily unless we have no other choice and it is one of last resort. "I am quite sure that through the modifying of salaries and the restructuring of the salaries to have variable components, this is the time to do it and we will be able to manage without having to cut CPF at this time." A union leader in the electronics industry hopes the recommendations will help turn the sector around. Cyrille Tan, general secretary, United Workers of Electronic and Electrical Industries, said: "It is a very difficult period within the manufacturing sector and orders are down and many workers are without jobs. "We hope that with SPUR and many other programmes coming in, employers within the sector will not go to retrenchment as a first resort, but try to give every worker a chance to go for retraining." Singaporeans would have to prepare themselves for several announcements about jobs, wages and the economy over the next two weeks. Channel NewsAsia understands that the NWC’s revised wage guidelines are scheduled to be announced on the Jan 16. The Trade and Industry Ministry is likely to give a fuller picture of last year’s economic performance just before Budget Day on Jan 22. — CNA/vm

Thanks bro. Yeah I was there last weekend but their size a bit too large for moi. Shall wait till next shipment.

Looking for small SEA HARES.

Any GEMs to collect during this 1st week of 2009 ?

Holy Trachys !...where did U bought those 'Open Brainys' gems ???

Upgrade ya tanky to 3-VIEWS lah !

WOW !...these swee-swee SPSes veri-veri familiar leh.

S'pore cuts growth outlook to -2% as recession bites Singapore sees biggest-ever quarterly GDP fall: govt AFP - 1 hour 23 minutes ago SINGAPORE, Jan 2, 2009 (AFP) - Singapore's economy could contract by as much as two percent this year, the government said Friday after data showed a deepening recession and the worst quarterly GDP decline on record. Real gross domestic product (GDP) fell by 12.5 percent in the fourth quarter, on a seasonally adjusted annualised quarter-on-quarter basis, which the trade ministry said is the biggest fall since records began in 1976. "The global economic crisis has worsened since November, with sharp declines in global demand, trade and investments," the Ministry of Trade and Industry said in a news release. It also cited the sharp fourth quarter contraction in the trade-dependent economy for its revised 2009 growth forecast, which now ranges between a contraction of 2.0 percent and expansion of 1.0 percent. "The fourth quarter was a little bit weaker than most of us were projecting," said David Cohen, director of Asian forecasting at global research house Action Economics. "This is clearly a major global downturn and Singapore is taking its lumps." The trade ministry downgraded its previous growth estimate, made in November, which ranged between a contraction of 1.0 percent and expansion of 2.0 percent in 2009. Singapore in October became the first Asian economy to enter a recession but since then major economies around the world -- including the city-state's key export markets the European Union and United States -- have also seen declining economic activity. Singapore is Southeast Asia's wealthiest economy in terms of GDP per capita but its heavy dependence on trade makes it sensitive to economic disturbances in developed economies. The quarter-on-quarter fall in GDP of 12.5 percent compared with a decline of 5.4 percent in the third quarter, the trade ministry said. In the second quarter, the economy fell by 5.7 percent. Measured against the fourth quarter last year, the economy contracted by 2.6 percent in real terms, after a 0.3 percent year-on-year fall in the third quarter. GDP is the value of all goods and services produced by an economy. The fourth-quarter figures are advance estimates based largely on October and November figures. More detailed information is to be released next month. In his New Year's Day message to the nation on Wednesday, Prime Minister Lee Hsien Loong warned of "a difficult year ahead" after the economy grew 1.5 percent in 2008. In 2007 the economy expanded by 7.7 percent, the trade ministry said. It noted that analysts have lowered their growth forecasts for the United States, Europe and Japan by about one percentage point, while the outlook for regional economies has also deteriorated. "These developments will affect the sectors in the Singapore economy that rely on the movement of goods and services in the region," the trade ministry said. Weaker global demand has affected Singapore's electronics and precision engineering industries, pulling the entire manufacturing sector down by an estimated 9.0 percent in the fourth quarter compared to the same time last year, the ministry said. Chemicals output also fell because of slowing external demand, while growth in the service industries slowed to an estimated 1.1 percent from 5.3 percent in the third quarter, it added. Cohen said the extent of the slowdown in services was unexpected. A contraction in industrial building saw construction sector growth slow to 13.3 percent, down from 18.6 in the preceding quarter, the ministry said. Cohen said his forecast for Singapore has been downgraded to a 2.0 percent contraction this year, from a one-percent shrinkage projected earlier. "It does look like we're going to see an annual contraction in 2009." That would leave the economy in its worse shape since 2001 when growth fell by 2.4 percent, according to official data.

PM Lee: Prepare for 'difficult year' ahead Singapore economic outlook grim for 2009: PM Lee AFP - Thursday, January 1 SINGAPORE, Dec 31, 2008 (AFP) - Singapore's economy is likely to worsen next year after growing just 1.5 percent in 2008 , Prime Minister Lee Hsien Loong said Wednesday, urging Singaporeans to "prepare for a difficult year ahead." "Our economy will probably contract further. More companies will be forced to downsize. So far we have not seen many job losses, but I expect more retrenchments in the next few months. We must be psychologically prepared," Lee said in his New Year's Day message to the nation. More job losses are expected in the next few months as companies are forced to shed employees, Lee said. "As a small, open economy, Singapore cannot avoid being hit. We earn our living by trading with and servicing the world. So the fall in worldwide demand has hit our exports, our tourism sector, and our broader economy," he said. "We must therefore prepare for a difficult year ahead, and especially the first half of 2009. Singapore's key markets such as the United States, Japan and Europe have fallen into recession after a crisis in the US housing market spread to the financial sector and the larger economy. The city-state, one of Asia's wealthiest economies, went into a recession this year, although full-year growth came in at 1.5 percent, well below the official forecast of 2.5 percent and the 7.5 percent expansion in 2007. "The outlook is highly uncertain. At each stage of this crisis, events have turned out worse than the experts predicted," Lee said. While governments have been implementing monetary and fiscal measures and rescuing troubled financial institutions and key corporations, "no one is sure how the financial systems and economies will respond, or which policies will work," he said. This has led to a loss of business and consumer confidence, he said, warning against expectations of a quick recovery. "Quite likely the global recession will be followed not by a quick rebound, but by several more years of slow growth," he said. Next year's national budget, which has been brought forward to January, will focus on helping Singapore firms so that workers can keep their jobs, the premier said. "We will introduce measures to help them (companies) with their business costs, including rental and wage bills. We are also studying further financing support for companies," he said. The government will do its best to help workers keep their jobs and retrain those who have been laid off, he said, adding this will be done by helping businesses through the crisis.

MOE steps up recruitment drive with 7,500 new jobs Channel NewsAsia - Wednesday, December 31 SINGAPORE: The Education Ministry (MOE) is stepping up its recruitment drive. More than 7,000 teaching and teaching—support jobs will be available next year. In addition, the ministry is also looking at enhancing infrastructure and offering financial assistance schemes to students to cope with the economic downturn. MOE and its schools plan to fill 3,500 jobs, while a further 4,000 will come from institutes of higher learning and the kindergarten sector. This was announced at the appointment ceremony for 50 principals on Tuesday. The education sector in Singapore currently employs some 29,400 teachers. Education Minister Ng Eng Hen said: "We also recognise that the available source of people to recruit gives us an opportunity to push up recruitment now." In April this year, teachers and principals received a pay raise of as much as 18 per cent. With relevant work experience, teacher recruits can earn up to S$4,300 a month while they train to become a teacher. Trained teachers can earn up to S$5,000 immediately after training. Dr Ng says salary cuts across the board next year are unlikely. "For the education sector on a whole, I don’t think its government policy to say there’s a paycut for everybody. It doesn’t make sense economically because then you are basically controlling it centrally. Market forces will dictate." There will also be an accelerated training programme to help mid—career professionals become kindergarten teachers. Other mid—career options are positions like polytechnic lecturers and education policy analysts. Principal of Qiaonan Primary School, Victor Tan, who joined the teaching profession from the legal field, said: "I joined education in 1997 as a teacher and from then, they have provided huge opportunities for us to be developed as school leaders and it’s progressive in nature. “So, as a teacher, if you perform well, they do identify and provide training to move you up the value chain." Despite the economic turmoil, MOE says it will not be cutting back on enhancement programmes for teachers or infrastructure projects for schools. The ministry says it needs to spend more now in order to get more in certain areas. MOE also intends to capitalise on the recession by attracting top faculties from Singapore and overseas to improve its faculty—student ratio. The ministry will also assist students whose families face financial difficulties during the economic recession. Principal of Gan Eng Seng Primary School, Thian Ai Ling, said: "Whenever there are difficulties raised (by the students), we will do our best to help them." Schools will receive grants to help this group of students who may not meet eligibility criteria under normal circumstances. — CNA/yt

Nobodys fault in particular. Juz the sinful Plain Ol' GREED mate !

Anyone saw any RED SCOOTIES BLENNIES at SEALIFE ???

GO got plenty of GEMs in store from tonite shipment. So 'Move It Move It' !

Wat are U waiting for ???...CHEONG !!!

Ya lime greenie Carpet certainly stands out in the 'crowd'.

NICEeeez !!!

Now U can try a school of BLOTCHIIs in ya tanky...a bold & interesting Anthias I must say. For Angelic Upstart, U may wanna try Mushies-Mushies softies. They certainly will add colors to ya sandbed.