Wednesday, November 19, 2008

NOL will cut 1,000 Jobs

Another shocking news that will set off more grim outlook for Singapore's employment sector. I have just read the news online that Neptune Orient Lines is next on the list to be axing employees to stay afloat in this gloomy economy turmoil. NOL is the the world's seventh largest container carrier. About 9% of the workforce will be shed as it battles to weather the economy slowdown that is spread globally.

Even with the decision, analysts thinks that it will still be difficult to keep NOL in the black and is expected to lose $100 million in 2009 and $115 million in 2010. So far this year, NOL shares have fallen 74.4 percent.

Singapore's unemployment sector doesn't look too good.

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