another billion go to waste ??? CPF GONE !!

[madmansg]

Li & Fung cut costs

HONG KONG - HONG KONG sourcing giant Li & Fung has implemented a hiring freeze, cut travel expenses and could lay off some employees because of the slowing global economy, the company said.

The firm supplies global retailers, including US giant Wal-Mart, with goods ranging from clothes to gadgets, often made in southern China's factory belt.

'Due to worsening economic conditions which are impacting some of its customers, Li & Fung... announced that the company is undertaking a critical review of its cost structure,' it said in a statement issued late on Saturday.

'Initiatives include a hiring freeze in most locations, reduction of travel and other discretionary expenses and, as a last resort, employee downstaffing,' the statement added.

'At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant.'

Demand for goods from southern China has dropped dramatically in the past few months, manufacturers say, as the global slowdown squeezes demand in Europe and the United States. Thousands of factories have gone out of business. -- AFP

 

[singveld]

I thought china is super power. Going to take over the world. I see it only TALK only. Look like hongkong boom is going down as well, drag down by china.

of all the 4 dragons, all have trouble of their own.

 

[zhihau]

I thought china is super power. Going to take over the world. I see it only TALK only. Look like hongkong boom is going down as well, drag down by china.

of all the 4 dragons, all have trouble of their own.

me thinks China can still survive on internal sales, whilst the entire world in grinding to a halt, they can don't give a hoot or two and everything goes as per normal in there. they've done it before, they can do it again