It's really getting serious. Last week when Sands decided to stop all its ongoing contruction works in Macau, thousands of construction workers and engineers from Hong Kong went out of jobs. They protested to the government to jump-start public works to create jobs for them. The government replied that they will try but most of the on-hand projects will take at least 1 or 2 years to implement. Then, HSBC announced retrenchment of 450 staff yesterday while Citi Group also announced to cut more than 50,000 positions worldwide. How many more people are going to lose their jobs? What is it like to lose one's job when the festive season is around the corner? It must be really tough...*sigh*
A couple of weeks ago, N was asking me what does it mean when the economy is bad. How do you explain to a 13 year old about the economic situation? How will the situation affect school-going children? Less pocket money? Less enrichment classes to go to? Less restaurant meals? No more exotic holidays? Should children be worried too? I personally do not prefer to worry my kids too much about the situation. We probably have to cut down on unnecessary expenses such as restaurant eats and holidays but surely we can pull it through together, can't we?
2 comments:
I'm sure we can (all of us are in this together, yah?). At the end of the day, it's really a cyclical thing and let's hope that the worst is already over.
Read from reports from home that Sands will be going through with their construction of the Marina casino in Singapore without Govt funding. Wonder whether that will go through till the end.
I surely hope so! I think Singapore really need the IR to boost the economy!
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