Australia expects jobs bounce-back as COVID-19 cases fall
Prime Minister Scott Morrison hopes the declining COVID-19 cases is a sign of better things to come for Australia’s job market.
Singapore won’t run out of jobs, says Minister for Trade and Industry
Trade and Industry Minister Chan Chun Sing said Singaporeans should not worry as there are 3.5 million jobs for 2.5 million locals.
Businesses in the Philippines struggling to cope with COVID-19
More micro, small and medium businesses have been forced to temporarily close in the Philippines than any other country in ASEAN.
SMEs in Hong Kong to receive financial support
New measures by the Hong Kong government include the raising of loan caps for SMEs, as well as an extended repayment period.
New Zealand enters into recession for the first time in a decade
The closure of borders since March 19 has had a detrimental effect on New Zealand’s economy. alongside restrictions imposed across the country.
Citigroup to resume retrenchment exercise to reduce costs
The bank had put a pause on its job cuts during the COVID-19 pandemic but will now resume the cost-cutting exercise.
Asia set for prolonged economic recovery period
In the wake of the COVID-19 pandemic, the Asian Development Bank expects most economies in Asia Pacific to contract in 2020.
Businesses receive cash grants as Victoria plans recovery
More than A$3 billion has been earmarked to help businesses in the Australian state of Victoria overcome the impact of COVID-19.
Indonesia faces uncertain economic recovery
Consumer sentiment continues to be downbeat as South-East Asia’s largest economy struggles with the financial impact of COVID-19.
Singapore Airlines Group to retrench about 4,300 employees
SIA CEO said it is the “hardest and most agonising decision”, and that the retrenchment will be done in a fair and respectful manner.
Worst yet to come for Singapore as more layoffs expected
The economic outlook remains uncertain and Singapore has yet to feel the full economic impact of the COVID-19 pandemic, experts said.
Vietnam set for modest economic growth in 2020
The South-East Asian country is continuing to feel the impact of the pandemic after record growth was recorded in the previous two years.
Philippines’ unemployment rate declines as economy reopens
The reopening of the economy in the Philippines has helped the country reduce its unemployment numbers.
Recovery from COVID-19 cannot happen in isolation, says IATA
The International Airport Transport Association has called on governments to open borders in a bid to save the ailing airline industry.
Australia experiences first recession in almost 30 years
The latest statistics provided by the Australian Bureau of Statistics also points to the country’s worst economic years in more than 60 years.
Singapore businesses continue to face economic uncertainty
While confident that they can tide over the pandemic, most businesses in Singapore acknowledge the challenges facing them.
Malaysia continues to put in place movement restrictions
The Recovery Movement Control Order (RMCO), which had been slated to end on August 31, will now be extended to the end of 2020.
Thailand aims to create over a million jobs with new stimulus
Further measures such as subsidies to encourage more hiring and domestic travel are expected to be rolled out in the near future.
Indonesia hands cash grants to workers and small business owners
Both workers and businesses will benefit from the stimulus programmes introduced by the Indonesian government.
Setting businesses on the road to recovery in Asia-Pacific
The IFC has earmarked a series of financial aid initiatives to provide COVID-19 support for MSMEs in Asia-Pacific.
SMEs in Vietnam plan recovery from COVID-19
Despite the uncertainty presented by the pandemic, SMEs in Vietnam will continue with their investment plans.
Thai SMEs to receive loan assistance to tide over COVID-19
57 billion baht worth of loan guarantees have been earmarked for Thai SMEs struggling under the weight of COVID-19.
Malaysia launches redeployment initiative for laid-off workers
The human resources ministry in Malaysia is working to reduce cases of local and foreign workers losing their jobs through the redeployment initiative
224,800 workers in Singapore affected by cost-cutting measures
The three most common cost-cutting measures are adjustments to monthly salary components, no-pay leave and shorter work weeks.
Malaysia’s labour productivity plunges for Q2 2020
This is in line with a 17.1% contraction of the economy in the same quarter, as total hours worked dropped because of COVID-19.
Thailand records biggest economic contraction in more than 20 years
The COVID-19 pandemic has crippled Thailand’s tourism industry, which is critical for the country’s economy.
Malaysia posts worst economic performance in more than two decades
Not since the Asian financial crisis of 1998 has the country experienced such a toll on its economy.
Over 11,000 Malaysians employed under Hiring Incentive Programme
The RM1.5 billion programme was introduced to help workers who have been displaced by the COVID-19 pandemic find jobs.
Businesses in the Philippines to be granted more access to credit
The Philippines government has set aside 120 billion pesos for a credit guarantee programme that will help small businesses gain access to loans.
Singapore Airlines introduces more cost-cutting measures
A new scheme offers cabin crew members the option of early release or retirement as the airline continues to struggle with the COVID-19 pandemic.