Hi Stitch
It just keeps getting better/worse and better/worse.(depending on where your playing the market from) I just posted this on the WDC thread and thought you might be interested in light of our recent conversations. Combined with the "reductions" in Penang and Ipo this is major numbers of folks out of work. You can bet that a good number of the 30,000 Thais will be affected too.
To All:
Article excerpts from Thursday's New Straits Times Business.
SEAGATE EXPECTED TO LAYOFF STAFF IN SINGAPORE; US electronics giant Seagate Technology International, the second largest private sector employer here, is widely expected to announce a major retrenchment soon, a report said yesterday.
....to be across the board "from management level downwards" , a source was reported....
Other sources said some staff had been warned by managers to be prepared for lay-offs while other staff were expecting to be notified by tomorrow....
Seagate, the largest employer here after Singapore Airlines Ltd. with an 18,000 strong staff....
Rumors of a 20% cut of Seagate staff here have been circulating for a week...
The expected lay-offs in Seagate are but the "tip of the iceberg" for Singapore's electronics industry, which is suffering from excess capacity, falling prices, lacklustre end-user demand, and the region's currency problem....
This is the first company specific data I have seen published, relative to the current "crisis" in Asia.
Regards
bt |
