Sin Heng Heavy Machinery, one of the leading heavy lifting service providers in Singapore focusing on the mid-to-high lifting capacity segment, has seen its earnings impacted last year due to the economic slowdown but is now seeing a recovery in demand and buying interest, moving into the current year.
Posts Tagged ‘economic slowdown’
China Zaino posts 42.2% fall in 3Q net profit to $10.9m
November 11th, 2009 |
No Comments
China Zaino International, the manufacturer of backpacks, recorded a revenue and net profit of RMB453 million and RMB53.5 million respectively for the 3 months ended 30 September 2009 (3Q09).
China Zaino says revenue decreased y-o-y by 22.5% to RMB453.3 million in 3Q09 as compared to RMB585.3 million in 3Q08 mainly due to the decrease in backpack sales. Sales of backpacks in 3Q09 were affected by a combination of lower consumer spending in view of the economic slowdown in China and outbreak of H1N1 since the beginning of the year. As such, the distributors purchased less from the group in 3Q09. The group sold 2.5 million units of backpacks in 3Q09 as compared to 4.5 million units of backpacks in 3Q08.
Worldwide Security Software Market to See 8% Increase in 2009
September 21st, 2009 |
No Comments
Analysts at Gartner say the security software market is on track to see an 8 percent increase for the year, growing to $14.5 billion. The analyst firm also expects to see more security acquisitions in the near future after buys by Symantec, McAfee and Sophos this year.
– Gartner is predicting the worldwide market for security software will
jump 8 percent over last year, despite the economic slowdown.
The analyst firm expects the market to total $14.5 billion in 2009.
According to Gartner, roughly $6.5 billion of that amount will be in
the
United States, an 11…
Stop Blaming the Economy and Start Goals for Your Business
August 14th, 2009 |
No Comments
It is fact that we are in recession right now. Nevertheless, that does not give you the opportunity to blame all of your sales woes on the economy.The market may be partly to blame as not many people are spending the way they used to spend before. However, not all blame should be put on [...]
Eurozone jobless at 10-year high
July 31st, 2009 |
No Comments
Eurozone unemployment hit 9.4% in June – the highest in 10 years and another sign of the economic slowdown.
The number of jobless grew by 158,000 during the month, taking the total number of unemployed in the area using the euro to 14.9 million.
The figures came as separate data showed that inflation had declined more than expected in the eurozone in July.
Consumer prices in the 16-nation area fell a record 0.6% compared to a year earlier, according to Eurostat.
It was the second month in a row of negative inflation following June’s decline of 0.1%.
"That is the lowest inflation rate for the 16 countries sharing the euro in more than 50 years," said economist Martin Van Vliet of ING.
He said it should provide "a stark reminder" to the European Central Bank that inflation may fall further in the medium-term.
‘Inflexible labour market’
As consumers lose their jobs and tighten their belts, this leads to lower spending. To attract customers, retailers have been cutting prices further.
The European Central Bank predicts that consumer prices will decline for a few months due to the comparison with record high oil and food costs a year earlier.
Eurostat has calculated that 3.17m people living in the eurozone have become unemployed since June 2008, when the unemployment rate was 7.5%.
Analyst Juergen Michels of Citigroup said: "We expect in the coming months to see further increases in unemployment and that is likely to have a negative effect on consumption."
Spain was particularly badly hit with unemployment up 18.1% in June, and a youth unemployment rate of 36.5%.
Economist Jorg Radeke of the CEBR said the country was suffering from a "collapse in the construction sector and an inflexible labour market". </p
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Strong profits at India’s Wipro
July 22nd, 2009 |
No Comments
Indian third-largest outsourcing firm, Wipro, has reported quarterly profits 12.8% higher than a year ago, helped by cost-cutting measures.
Net income for the quarter to July was 10.1bn rupees ($210m; £128m), said Wipro, whose clients include Citigroup, Credit Suisse, and Cisco.
Wipro offers IT services such as system integration, software development and back-office operations.
In January the firm had said it faced a "tough year" in the economic slowdown.
It has repeated its cautious outlook for the rest of 2009 because of uncertainty about the strength of the global economy.
However, shares in Wipro – which employs more than 90,000 people worldwide – were up 0.7% at 461 rupees after its results announcement. </p
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Peru president reshuffles cabinet
July 12th, 2009 |
No Comments
By Dan Collyns
BBC News, Lima
Peruvian President Alan Garcia has overhauled his cabinet appointing a new prime minister, Javier Velasquez Quesquen, and replacing seven others.
The move comes a month after the worst political violence Peru has seen in years, when at least 33 police officers and protesters were killed in clashes.
The violence came as security forces tried to end a blockade of roads and fuel pipelines by indigenous people.
They were protesting at what they see as exploitation of ancestral lands.
The changes at the top of Peruvian politics are intended to breathe fresh air into a cabinet which has been widely discredited.
It was criticised for its handling of protests by indigenous groups over Amazon land rights.
The new Prime Minister, Javier Velasquez Quesquen, is an insider in the governing party, and the president of Congress.
He replaces Yehude Simon, a former leftist who was chosen to build bridges with groups opposed to the government.
The controversial Interior Minister, Mercedes Cabanillas, who denied responsibility for last month’s deadly police operation, has been replaced by former national police chief, Octavio Salazar.
The defence, commerce, work, justice, agriculture and industry ministers have also been replaced.
President Garcia said he would make the changes earlier this week ahead of a three-day national strike.
Critics say Mr Garcia’s government is in the midst of its worst political crisis since he took office three years ago.
Much of the discontent stems from an economic slowdown and rising unemployment.
Poorer Peruvians say they have not benefitted from Mr Garcia’s free market policies. </p
This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.