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China’s job market has worsened amid trade war, sharper slowdown ahead, Nomura report suggests

A recent surge in online searches for keywords such as “lay-offs” and “job seeking” suggests the job market in mainland China has deteriorated amid its ongoing trade war with the United States. According to a report released on Friday by Japanese investment bank Nomura, searches by Chinese internet users for the word lay-off have surged since October last year, reaching a record high in December. Similarly, searches for the words job seeking have risen since November and hit a record high in January. China takes steps to support jobs as…

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Didi said to begin major job cuts as it overhauls ride-hailing business in China after safety backlash

Didi Chuxing will eliminate about 2,000 jobs, kicking off one of the biggest rounds of cutbacks in China’s technology sector, people familiar with the matter said. Co-founder Cheng Wei announced the cuts, representing 15 percent of its workforce, during an internal meeting on Friday, where he said some businesses will be re-evaluated and cut back if needed, the people said. But the company plans to hire 2,500 workers to staff other areas during 2019, the people said, asking not to be identified talking about a private matter. After driving Uber…

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As Foxconn changes US manufacturing plans, job promises fall short

It has been 18 months since Foxconn Technology Group, the world’s largest electronics contract manufacturer, announced to great fanfare that it was building a US$10 billion factory to make television screens on farmland in southeastern Wisconsin in the United States. The plan was as big as it was audacious: Fuelled with billions in taxpayers subsidies, the Taiwanese company, formally known as Hon Hai Precision Industry, would build a 22 million square-foot campus, filled with 13,000 highly paid workers. In the process, it would transform the sleepy village of Mount Pleasant,…

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Singapore 

Aloysius Pang was ‘qualified and competent’ to do his job in exercise: Army chief, Singapore News

SINGAPORE – While on an overseas live firing exercise last week, Corporal First Class (NS) Aloysius Pang was part of a team that was called in to diagnose a suspected fault with the Singapore Self-Propelled Howitzer (SSPH). Before the diagnosis could begin, the gun barrel had to be lowered to a neutral position, which left CFC (NS) Pang caught between the end of the barrel and the interior of the howitzer. This caused the serious chest and abdominal injuries that led to the Singaporean actor’s death on Wednesday (Jan 23).…

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China 

China’s bankers and traders face smaller year-end bonuses and fewer job opportunities in 2019 amid trade war and market rout

China’s bankers and traders are facing smaller bonuses and fewer job opportunities, as the nation’s securities industry stutters after years of rapid growth. The sector, adjusting to a slowing economy, tightening credit and plunging stocks, last year saw its first annual headcount cut since 2014, the earliest official data available. A drop in stock sales meant most securities firms didn’t win a single mandate last year, and a third of them will not pay bonuses for 2018, according to Eric Zhu, a Shanghai-based manager at global recruiter Morgan McKinley. While…

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Singapore 

Salary not the biggest driver of job satisfaction for Singapore workers: Survey, Singapore News

SINGAPORE – Salary is not the biggest driver of satisfaction among Singapore employees, according to a study by data collection platform Qualtrics with more than 500 participants from Singapore. These results are part of a larger survey on more than 6,000 participants globally, including countries like Australia and the United States. The survey was done in a multiple-choice format with a five-point scale for participants to choose from, ranging from “always” to “never” or “extremely satisfied” to “extremely dissatisfied”. The report released on Wednesday (Jan 16) sought to provide details…

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BlackRock to axe Hong Kong retail sales head’s job among global lay-off of 500 positions

BlackRock, the world’s largest asset manager, will make about 500 jobs, or 3 per cent of its global staff, redundant in the weeks ahead, according to an internal memo to employees. A single-digit number of positions in Hong Kong will be affected, including the head of retail business held since late 2012 by Julia Lee Siu-lie, according to two people familiar with the matter. Discussions for the employees’ exit are ongoing, they said. “Market uncertainty is growing, investor preferences are evolving and the ecosystem in which we operate is becoming…

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Asia stocks rally after White House says Fed chief’s job is safe and US equities stage history-making surge

Asian shares shot up on Thursday after the White House calmed jittery markets by voicing support for the US Federal Reserve chairman and US stocks surged in their largest post-Christmas rally ever. Kevin Hassett, chairman of the White House Council of Economic Advisers, said on Wednesday that Federal Reserve Chairman Jerome Powell’s job is “100 per cent” safe, according to media reports. Earlier reports had said President Donald Trump wanted to fire Powell, blaming his interest rate increases for a recent ugly downturn on Wall Street. Concern had grown that…

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China 

China’s makers stave off trade war job losses – but for how long?

China’s private sector, the driving force behind the country’s economic miracle over the last 40 years, is struggling amid the Chinese government’s campaign to reduce national debt and the trade war with the United States. This is the fourth story in a series that will detail the challenges private firms face and outline the government’s attempts to address them. It’s a frustrating time for Chinese furniture makers like Jason Chen, whose meagre profits have fallen victim to the US-China trade war. But the dark cloud of that conflict has one…

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Singapore 

My last job is ensuring a strong 5G team: ESM Goh Chok Tong, Singapore News

SINGAPORE – Ensuring that Singapore has strong leaders in the pipeline to carry the country forward is on Emeritus Senior Minister Goh Chok Tong’s to-do list. “I’m a strong believer in managed political succession,” he said, adding that he hopes to help current leaders bring in new blood before he retires. Mr Goh, 77, who was Singapore’s second prime minister from 1990 to 2004, was speaking at a dialogue held during a book festival on Saturday (Dec 22) where he responded to a question on what his last job for…

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