Manigong Bagong Taon! Happy New Year!

2009 is here. There's a mixed feeling in welcoming the year of the earth ox. Is it good or bad for the Singapore economy? For businessmen and jobseekers alike, there's no cause for celebration this time. Singapore Prime Minister Lee Hsien Loong gave the below message in his New Year's Day speech:  

"Our economy will probably contract further. More companies will be forced to downsize. So far we have not seen many job losses, but I expect more retrenchments in the next few months. We must be psychologically prepared." 

WK01 news summary: 

The first week of the new year brought not much good news on the employment scene, except maybe for the Singapore stock market performance and MOE stepping up its recruitment drive. Below are some of the relevant news for the week that affects the employment scene.

CNA: Volunteer groups see more foreign workers seeking help

CNA: Unemployment blues hit disabled community

CNA: Labour movement to focus on 3 priorities to help S'poreans weather downturn

The Business Times: Semicon sector revenue may drop 16.3% this year

CNA: Singapore shares close 3.9% higher

CNA: Ministry of Education (MOE) steps up recruitment drive with 7,500 new jobs