On 27th October, I mentioned the big fall of the Hang Seng Index and the financial tsunami which led to companies closing and people losing their jobs. Now the 2008 economic recession arrives.
In the fast few days, there was news about cutting staff in big companies like the HSBC. The second round of layoffs of HSBC cut 450 jobs. There will be more and more companies firing their employees starting from the financial business and the estate agencies. The middle of next year will be the peak season of the layoff period. Graduates from universities are worrying about finding jobs now. If people cannot find jobs they want, they will enter the educational field as a stepping stone. So next year will have a big rivalry on getting a teaching post.
The Sands syndicate closed down the construction site in Macau led to thousands of unemployment. I hope the price of staying in the hotels in Macau will fall :-) so we can go the Macau at Christmas at a cheaper cost.
