You only need to read the worldwide headlines - or the expat forums - daily:
SINGAPORE - Shipper Neptune Orient Lines said on Wednesday it would cut 1,000 jobs as part of cost cutting measures to help ride out an expected severe downturn in the shipping sector.
In a statement, NOL said it would reduce its global workforce by 1,000, with the largest impact being in North America. There will also be 50 jobs cut in the Singapore office. -- REUTERS
DBS, one of the largest government-linked company in Singapore, has started to fire off the first round of the mass retrenchment exercise in this economic crisis. 900 staff were being laidoff, 600 from Singapore and the other 300 from Hong Kong.
BANK of America says it expects to cut up to 35,000 jobs over the next three years amid a sharp economic slowdown stemming from financial turmoil and its acquisition of Merrill Lynch.
"Bank of America expects to have a final plan early in 2009 and estimates it will project the reduction of approximately 30,000 to 35,000 positions over the next three years," the bank said in a statement.
New claims for US unemployment benefits rose 58,000 to 573,000 in the week ending December 6, the US Department of Labour said.
It was the largest number of people applying for benefits since November 1982.==========================================================
Every company is effected worldwide.
But we all have to remain as positive as we can. Yes, these are hard times and yes we will be effected somehow or other. But we have to be positive and try and plan ahead where possible.
I heard just yesterday that one of the large International Schools here in Singapore is losing TWO HUNDRED students. These are students that will be "going home for Christmas" never to return to Singapore.
I imagine that there maybe a few families that will be quite happy to be going home, but there will also be many where this whole situation is a dreadful emotional and financial experience for them all.
We must all think of our expat friends at this time that have had to leave this beautiful Island they called home for however long they were here.
Our prayers are with you.