Press...media causing crisis to worsen

[TroyP]

i tot cannot anyhow spread bad news wan? :dunno:

It's called speculation and forecast. In most cases that sort of info is biased, and for someones financial gain.

No news is good news. We know times are bad now, and yet you constantly see people forecasting bad times ahead in the media. They are only making matters worse. When they stop going on about it, it will eventually start to improve because people won't be so fearful. People have money to invest, but don't feel confident about investing it when there's so much negativity spread in the media.

 

[aeskywan]

I think those who say that we are not affected are REALLY lucky.... Tons of people have lost their jobs and major financial institutions are falling like dominoes globally. Locally our banks, financial institutions and semi con have major retrenchments. It is nt that the media is scaring us... it is just that we have not faced the full brunt of the storm yet.

And Im not a supporter of the party but to say that it is to scare the people and give rebates and next year hold elections is a silly thing to say..... I mean come on people.... I think even our govt is sweating... esp when there is suspicions Temasek and GLC made losses.... losses on funds funded by our CPF....

No wonder Singaporeans are still shopping like no tomorrow and I still see long queues everyday at LV and no they are not tourist or rich Indonesians but Singaporeans.... Guess until the full brunt of the storm hits us, we just won't learn....

 

[sORe-EyEz]

with so much bad news, wun companies still resort to firing staff in the end just to "play safe"? :hung: :hung: :hung:

 

[aeskywan]

with so much bad news, wun companies still resort to firing staff in the end just to "play safe"? :hung: :hung: :hung:

I don't think that firing staff is anything a rational company would do...

firstly morale goes down with the remaining staff and consumer confidence is affected. Imagine the bank, service provider or electronic company announces heavy losses and massive job cuts. First thing as consumer you will be thinking, is my money safe with them? Is their products going to be half past six now that they have less staff and will they use cheaper materials?

and it is not an easy task to recruit the right people after such a massive firing.

yes there will be those that will fire for the sake of firing but dont think majority are like that. My only concern now is how much money did Temasek and GLC lose...... and if the Singapore's government promise to back any bank collapse can be met if it really happens.

 

[Canonised]

good news, bad news ....

there are always winners and losers ...:think:

 

[Sion]

The press will always reflect the reality some people want us to believe in. :bsmilie:

 

[pisduck]

I don't think that firing staff is anything a rational company would do...

firstly morale goes down with the remaining staff and consumer confidence is affected. Imagine the bank, service provider or electronic company announces heavy losses and massive job cuts. First thing as consumer you will be thinking, is my money safe with them? Is their products going to be half past six now that they have less staff and will they use cheaper materials?

??? actually no. If u FOLLOW the stock market, u will realise that the market rewards companies that does retrenchments and control their costs. I am not saying it is a good thing, but the market approves of it, and to the management, that is enough reason to do it.

Personally, if I am the company, I would rather do retrenchment than pay cuts, shorter work week etc. If u do retrenchment PROPERLY, u get rid of the dispensable people and keep your star performers. If u do pay cuts, the people u lose are those performers for can get a job elsewhere....

 

[pisduck]

how about when the papers were harping about how good the economy was last year?I thought that was worse than saying the economy is bad.At least we know the economy is bad. and don't you think that the people who actually affect the stock markets do abit more research than reading ST?

??? last year papers got say economy good meh??? I thought begining of the year already not good. The credit crisis is there already.

 

[TroyP]

October 07 was a turning point. Shares starting dropping around that time consistently until September 08 where they really crashed big time (and still falling now).
4 examples, all financial companies:

AIG, Freddie Mac, Fannie Mae, Citigroup

http://finance.google.com/finance?q=NYSE:AIG
http://finance.google.com/finance?q=NYSE:FRE
http://finance.google.com/finance?q=NYSE:FNM
http://finance.google.com/finance?q=NYSE:C

 

[sORe-EyEz]

Personally, if I am the company, I would rather do retrenchment than pay cuts, shorter work week etc. If u do retrenchment PROPERLY, u get rid of the dispensable people and keep your star performers. If u do pay cuts, the people u lose are those performers for can get a job elsewhere....

somehow there is a grain of truth, there is a time to "clean house"... :devil:

let's just not go into whether effective anot & who's going to clean the cleaner. :sweat:

 

[mattlock]

??? last year papers got say economy good meh??? I thought begining of the year already not good. The credit crisis is there already.

yes actually I was surprised at how exuberant the papers were about our growth (property, IR, service sector) when USA was looking very gloomy at that time already.

 

[mattlock]

??? actually no. If u FOLLOW the stock market, u will realise that the market rewards companies that does retrenchments and control their costs. I am not saying it is a good thing, but the market approves of it, and to the management, that is enough reason to do it.

Personally, if I am the company, I would rather do retrenchment than pay cuts, shorter work week etc. If u do retrenchment PROPERLY, u get rid of the dispensable people and keep your star performers. If u do pay cuts, the people u lose are those performers for can get a job elsewhere....

agreed
I'm sure a lot of people were hired during the period where demand was (unsustainably) high, so it doesn't make sense to retain so much manpower if demand isn't goign to recover to those levels.

We need new markets for new jobs to be created instead of just trying to save jobs...

 

[Lady Ice]

The question is what can we do to turn the negativity into something more positive?

Is it possible to use this forum as a mini think tank to help each other?

Is it possible to help each other?

It is said that the depression of the 1930s became worst when countries did not want to cooperate with each. Everyone was out for themselves......and then a war solved the problems..........

 

[Dovedo]

I don't think that firing staff is anything a rational company would do...

firstly morale goes down with the remaining staff and consumer confidence is affected. Imagine the bank, service provider or electronic company announces heavy losses and massive job cuts. First thing as consumer you will be thinking, is my money safe with them? Is their products going to be half past six now that they have less staff and will they use cheaper materials?

and it is not an easy task to recruit the right people after such a massive firing.

yes there will be those that will fire for the sake of firing but dont think majority are like that. My only concern now is how much money did Temasek and GLC lose...... and if the Singapore's government promise to back any bank collapse can be met if it really happens.

Eagle Services Asia is an aviation company that is related to and partly owned by SIA and also does service SIA enginees. Last month, the company fired 70 people of which 20 out of the 70 were given the golden handshake. SO yes, even companies that are related to Temasek Holdings and Government link companies such as SIA do also retrench staff.

 

[night86mare]

The question is what can we do to turn the negativity into something more positive?

you need to spend more time hanging around kopitiam.

it is really the most positive place in the world, when it comes to local affairs.

 

[Lady Ice]

you need to spend more time hanging around kopitiam.

it is really the most positive place in the world, when it comes to local affairs.

hahaha you mean with a Sion zing!

 

[azul123]

??? actually no. If u FOLLOW the stock market, u will realise that the market rewards companies that does retrenchments and control their costs. I am not saying it is a good thing, but the market approves of it, and to the management, that is enough reason to do it.

Personally, if I am the company, I would rather do retrenchment than pay cuts, shorter work week etc. If u do retrenchment PROPERLY, u get rid of the dispensable people and keep your star performers. If u do pay cuts, the people u lose are those performers for can get a job elsewhere....

But the reverse happen when Citi announced worldwide manpower cut, their stocks took a big hit.

../azul123

 

[azul123]

October 07 was a turning point. Shares starting dropping around that time consistently until September 08 where they really crashed big time (and still falling now).
4 examples, all financial companies:

AIG, Freddie Mac, Fannie Mae, Citigroup

http://finance.google.com/finance?q=NYSE:AIG
http://finance.google.com/finance?q=NYSE:FRE
http://finance.google.com/finance?q=NYSE:FNM
http://finance.google.com/finance?q=NYSE:C

:sweat:

2 of the above I still have stocks in...guess I also have to use the same answers when my wife ask about it... it is for long term investment 20-30years lah..

../azul123

 

[Sion]

you need to spend more time hanging around kopitiam.

it is really the most positive place in the world, when it comes to local affairs.

Because lovebirds live here?

 

[dreaming]

The question is what can we do to turn the negativity into something more positive?

Is it possible to use this forum as a mini think tank to help each other?

Is it possible to help each other?

It is said that the depression of the 1930s became worst when countries did not want to cooperate with each. Everyone was out for themselves......and then a war solved the problems..........

so we always need a bad guy.. so that all good guys will come together..