Thread,
Some news out of Cisco Systems, all concerning Asia. Chambers is CEO of the largest data networking company for those that didn't know. The statement about China I found the most interesting.
MikeM(From Florida)
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Cisco Says to Expand Asian Staff
By Jalil Hamid
KUALA LUMPUR, Sept 15 (Reuters) - U.S. data networking supplier Cisco Systems Inc said on Tuesday it planned to expand its Asian workforce by 20 percent in the next 12 to 15 months despite the region's economic crisis. The company, the world's largest network equipment vendor, raised its Asian headcount by over 150 percent in the last 18 months, said Cisco president and chief executive John Chambers.
"We would be here for the long run," he told Reuters.
Chambers was visiting Malaysia as part of an Asian tour that also takes in Singapore, Hong Kong and China. He was due to meet Malaysian Prime Minister Mahathir Mohamad later on Tuesday. On Malaysia's new currency controls, Chambers said he hoped they would be temporary. "Capital controls, I and others believe that it should be a temporary issue," he said. Malaysia recently clamped controls on foreign exchange in a move aimed at sheltering the local currency.
"This year we plan an increase," he said. "Everyone else was shrinking. We moved the other way and we would probably grow by another 20 percent over the next 12 to 15 months -- that's regardless of the economy." Cisco had 425 staff in Asia in July, up from 175 at end-1997.
For the quarter ended July 25, Cisco said Asia's sales contribution to the company fell to between seven and eight percent from about 17 percent 15 to 18 months ago. Its worldwide sales in that quarter rose 35 percent to US$2.39 billion. Chambers said Japan now accounted for just four percent of the company's sales, down sharply from 11 percent. He said that except for Japan and South Korea, the company's Asian business was growing. Business in China registered the most dramatic growth at 70 percent, he added.
Chambers said Asia's economic recovery could be slow. "My view is some countries will be in for a long downturn, probably in excess of four to five years. Other countries will perhaps be in a downturn that will last for one or two years," he said.
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