Awesome Retrenchment Package for NOL Yankee Employees! AntiUSee Go Fxxx Spider!

[makapaaa]

<TABLE cellSpacing=0 cellPadding=0 width=591 border=0><TBODY><TR><TD class=newstitle width=328>Singapore News</TD><TD class=newstitle vAlign=bottom align=right width=263 colSpan=3><TABLE cellSpacing=0 cellPadding=0 width=259 border=0><TBODY><TR><TD align=right width=143> </TD><TD width=99> </TD><!-- Add 13 Nov 2008 Start --><!--<td width="28"> </td><td width="28"> </td>--><!-- Add 13 Nov 2008 End --><!--<td width="58"> </td>--></TR></TBODY></TABLE></TD></TR><TR><TD style="BACKGROUND-COLOR: #cccccc" colSpan=4>

</TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=0 width=596 border=0><TBODY><TR><TD colSpan=3 height=26> </TD></TR><TR><TD vAlign=top width=5> </TD><TD vAlign=top width=591 colSpan=2>NOL to slash 1,000 jobs to combat industry downturn
By Pearl Forss, Channel NewsAsia | Posted: 19 November 2008 1043 hrs
<TABLE cellSpacing=0 cellPadding=0 width=260 align=right border=0><TBODY><TR><TD align=right width=20> </TD><TD align=right width=240>

</TD></TR><TR><TD vAlign=top height=60> </TD><TD class=update vAlign=top height=60><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD width=138 bgColor=#f6f6f6>Photos </TD><TD width=47 bgColor=#f6f6f6>1 of 1</TD><TD width=18 bgColor=#f6f6f6><INPUT id=btnPrev disabled onclick=Prev(); type=image height=15 width=18 src="http://www.channelnewsasia.com/images/butt_previous.gif" value="<< Previous"></TD><TD width=19 bgColor=#f6f6f6><INPUT id=bntPlay onclick=Play() type=image height=15 width=19 src="http://www.channelnewsasia.com/images/butt_stop.gif" value="Play - Stop"></TD><TD width=18 bgColor=#f6f6f6><INPUT id=btnNext disabled onclick=Next(); type=image height=15 width=18 src="http://www.channelnewsasia.com/images/butt_next.gif" value=" Next >> "></TD></TR></TBODY></TABLE>

Neptune Orient Lines (NOL) building in Singapore</TD></TR><TR><TD> </TD><TD class=update> </TD></TR><TR><TD> </TD><TD></TD></TR></TBODY></TABLE>
SINGAPORE: Global cargo transport and logistics company Neptune Orient Lines (NOL) is cutting 1,000 jobs, or 9 per cent of its workforce, worldwide.

The reductions will come mainly from its North American operations, with 50 from its headquarters in Singapore. The Singapore-listed shipper hires about 11,000 people globally.

The company will incur a restructuring cost of US$33 million in its fiscal fourth quarter, with more to come in 2009.

=> Or NOL retrench Yankees with each getting USD33k. Will Sporns get such kang tau?


The latest cost-cutting measures mark a second phase of NOL's restructuring exercise.

Last month, NOL said its container shipping business, APL, will reduce capacity in Asia-Europe trade by about 25 per cent. This would save the group some US$200 million in costs next year.

NOL also warned that its profit outlook for 2009 appears grim due to an extended downturn expected for the shipping industry.

The shipper said it does not see a recovery from the challenging conditions for quite some time and that the situation could persist for the next few years.

NOL said the market environment has worsened considerably over the past month and that it anticipates further deterioration in trading conditions going forward.

The shipping industry has been hurt by slowing economies in the US and Europe. Shipments have also been delayed or cancelled due to the global credit crisis, which has made it more difficult to insure cargo.

Last month, NOL reported an 82 per cent fall in third-quarter profit to US$35 million. It also said then that it was expecting an operating loss in the fourth quarter.

An NOL spokesman in Singapore told Channel NewsAsia that affected employees will be notified by the end of the year, and departures are likely to be progressive over the next few months.

NOL's staff strength in Singapore is 800. The spokesman said retrenchments would be across the board.

The shipper said that besides severance payments, it will provide a range of support services to affected employees. This will include counselling, job search and training assistance.

NOL emphasised that it has already taken steps to tackle the adverse economic climate, among them, reducing the capacity of its APL container ship network by between 20 to 25 per cent in the Asia-Europe and trans-Pacific trades. It also imposed headcount and salary freezes.

But even with these measures, the outlook is for a severe and prolonged downturn in global container shipping. As such, the company has to adjust its organisation and cost base, and it has taken the difficult decision to reduce staff.

- CNA/yb/ir
</TD></TR></TBODY></TABLE>

 

[flkyflky]

HUAT AH! ANG MOH!

Why news corrected 3 X ?

Very strange!

CORRECTED-UPDATE 3-Neptune Orient Lines to cut 1,000 jobs
Reuters
Reuters - 2 hours 23 minutes ago

* To shed 9 pct of workforce
ADVERTISEMENT

* Will incur $33 mln restructuring charge in Q4

* Sector faces a prolonged downturn

* Stock down around 4 pct

By Melanie Lee

SINGAPORE, Nov 19 - Neptune Orient Lines <NEPS.SI>, the world's seventh-largest container carrier, said on Wednesday it will shed 9 percent of its workforce and warned the outlook was grim as the shipping sector faces up to a prolonged downturn.

NOL shares fell nearly four percent after the firm said in a statement it will cut 1,000 jobs, mostly in North America, as it battles to weather a global economic slowdown.

"We too expect a grim 2009 for the container shipping industry in light of weakening demand and growing supply," said Deutsche Bank analyst Joe Liew.

The Singapore-based firm said last month its container shipping business, APL, will reduce capacity in Asia-Europe trade by about 25 percent and in transpacific trade by 20 percent, measures that will save $200 million in costs next year.

In the latest statement on Wednesday it said the firm will incur a $33 million restructuring cost in its fourth quarter.

While analysts were positive about NOL's move to cut costs, they expected NOL to incur losses over the next two years as the shipping industry faces a double-whammy of slowing demand and growing supply.

Deutsche's Liew said in a client note that he expects NOL to lose $100 million in 2009 and $115 million in 2010, while Citigroup cut its price target for the firm to S$0.90 from S$1.10 on a rapidly deteriorating industry outlook.

Regional brokerage CIMB said the job cuts alone would not be enough to keep NOL in the black.

"While we are positive on the measures announced by NOL, the cost-cutting initiatives may not be able to offset the severe top-line pressure at the Asia-Europe trades," said Raymond Yap, CIMB analyst.

OUTLOOK GRIM

The container shipping industry is closely correlated to the health of the world economy. Shipping freight rates have fallen this year as major economies such as Germany and Japan slipped into recession.

NOL also issued a "grim" outlook for next year and said it did not see a recovery in the near-term.

"This reflects our considered view that what we are seeing goes beyond a normal cyclical downturn," Chief Executive Ron Widdows said in a statement.

NOL, which is 66 percent owned by Singapore state investor Temasek Holdings [TEM.UL], last month posted an 82 percent plunge in third-quarter net profit to $35 million and forecast an operating loss in the fourth quarter.

The firm dropped out of a race to acquire TUI AG's <TUIGn.DE> Hapag-Lloyd container shipping unit in early October, leaving TUI to sell the world's fifth-largest container shipping firm to German investors for 4.45 billion euros , including debt.

NOL shares have fallen 74.7 percent so far this year, underperforming the benchmark Singapore index <.FTSTI>, which is down by 52 percent.

 

[Neh_Neh_Pok]

At least NOL do some help to the retrenched. DBAss just ask those 900 balik kampung