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NEWS UPDATES Asean Affairs   3  March  2016  

Petronas says to cut 1,000 jobs

MALAYSIAN state energy firm Petronas said the day before yesterday it expects to cut about 1,000 jobs as it struggles with plunging global oil prices that have hammered the energy-dependent country.

The company, the single largest source of Malaysian government revenue and national export earnings, said the layoffs would take place over the next six months.

“Exhaustive efforts are ongoing to redeploy affected employees,” the company said in a statement.

On Monday Petronas reported a fourth-quarter net loss of 4.69 billion ringgit (US$1.1 billion).

The unlisted Petronas, Malaysia’s only Fortune 500 company, also announced cuts in capital and operating spending of 50 billion ringgit over the next four years, starting with 15 to 20 billion in 2016.

Petronas is not the only firm to suffer from sinking prices of oil and other commodities, which have battered Malaysia’s growth prospects.

Sime Darby Bhd, the world’s biggest listed palm oil producer, last Wednesday announced a 38 per cent plunge in second quarter profit due to weak commodity prices and China’s slowdown.

Full-year growth for Malaysia in 2015 was at five per cent, down from six per cent in 2014.

The government now expects economic growth of four to 4.5 per cent this year, down from an earlier projection of five per cent.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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