More bad news.
This time it’s Panasonic, which is reportedly shutting three plants in Asia. Media reports suggest the company is likely to report an annual net loss of some US$1.1 billion on the back of restructuring charges, a slump in demand for consumer electronics and a stronger yen. That would be its first net loss in six years.
The plants targeted for closure include two of the three Panasonic plants in Malaysia.
The Malacca plant, which produces capacitors for mobile phones, reportedly will be shut in March. Some 500 jobs will be lost.
Panasonic’s two electronics plants in Selangor will be “merged” into one by September. This move will reportedly not result in job losses. It remains to be seen if the company will use “redeployment”.
The government must ensure that all workers who lose their jobs are properly compensated.
When is it going to set up a National Retrenchment Fund?
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Shame to all of u.. Talk about BN minister sleeping… Our country is the best in the world… Dont blame the goverment if the world economy down… Please help the country and be a good citizen.. The goverment save us during the economy problemmm but u done nothing just said the govement corrupt. Ok. We should start with cina buisnesman from the small level to the big buisnes… The monopoly, the corruption, the black market product, the copy product, the submarine product, the lost content of the product and other. Are you dare ?????
Hi Wage earner, “wage earner on January 29th, 2009 at 10.22am Anil, a friend of mine runs a vending machines business that install vending machines in almost all factories in Selangor, especially in Shah Alan,Bangi and Nilai etc..” Heck, I will be tired of pushing money for “favors” It is just not corruption. I hope they will stop investing to show them, that the US is not for racism. Sure wage earners will be hurt, but this will surely turn them against the government for much needed reform. Look around Malaysia now, look at the sorry state it is in… Read more »
HEY Mr.Anil, Why did you remove the name of the company? Shouldn’t the current employees be sending their resumes off to have a head start( readers of your blog )? You have my email address.. ping me.
http://sg.finance.yahoo.com/q?s=JBL&d=t
(A producer of printed circuit boards in Penang) will be the next one to close, watch …
I hope all foreign entities close their shops to teach the (racists in) Malaysia a lesson. Sorry!!
Anil, a friend of mine runs a vending machines business that install vending machines in almost all factories in Selangor, especially in Shah Alan,Bangi and Nilai etc.. he started his biz 11 years ago.. biz was good initially with many factories but since 1999 a lot of factories had close down or move their operation to China, Vietnam, Thailand, Cambodia and even Indonesia. And the majority of them leaving are big Japanese household brand names. Me friend biz drops at least 60% due to close down or relocation to a more favorable neighboring country that don’t have outright corruption and… Read more »
Well,Mr.Anil,you are right but the problem is all the minister are still sleeping in the mansion the RAKYAT are paying million of RM A YEAR.They are still lying the consequence to the peoples.Like our DPM say Malaysia Boleh,Ask them what they BOLEH…..CORRUPTION.They are doing nothing to rectify the problem the country are facing at this hour of the year.The global recession is here and our neighbour are taking the necessary precaution to safe guard the econmy of the country.But our minister say the wind would not blow here,if this happened our economy are still stong.They always talk c***……for the past… Read more »
Businesses in our free trade zones factories are very badly hit (especially those which are involved in electronics/semiconductors) with many of them reporting volumes at 1/3 of what they normally produce in Q1 at the same period last year.
It is not inconceivable that more drastic actions (including closing, relocating and merging) affecting thousands of jobs from those MNCs will follow if business doesn’t pick up to at least a 70% level by July.
God help Malaysia if the present orders to factories stretch to 2010.
BN doing nothing, poor rakyat!
Again, BN should be washed away into the ocean of history
All talk and no action. the retrenchment fund is so slow in coming.
Nah…This is not happening.! It’s just your incorrect and perverted perception of reality… All we have to do is to just imagine the correct perspective and all will be well.. Hidup Barisan. After all, we in Malaysia are the only country who will escape the global recession. We are Malaysia Boleh..!
Dear Mr Anil,when you brought out the economy issues a few months ago, many readers, including myself have voiced our concern in our comments.(I have also voiced my concern in some other blogs and websites in 2008) At that time, the ministers did not agree with many of us and they continued to boost about the resilience of Bolehland’s economy.(How pathetic). The MSM echoes with these brainless cabinet flurs, and hence many of these flurs are caught pant down when companies like Panasonic, Western Digital, Intel start the ball rolling. We have predicted that the growth rate this year will… Read more »
The government, instead of warning the rakyat, and telling people to be more prudent, is dancing with the police with regards to Kugan’s funeral.