By Zakir Hussain

PRIME MINISTER Lee Hsien Loong has called on employers to think again before axing jobs.

Retrenchment should be 'the final choice rather than the first choice', he said, especially now that the Government has schemes in place to help companies cut wage costs.

Speaking on Monday after visiting pharmaceutical giant GlaxoSmithKline (GSK) on the first day of Chinese New Year, PM Lee said bosses should take a longer-term perspective and not just look at the immediate future.

Singapore 'facing downturn in strong position'

By Francis Chan

SINGAPORE is well-poised to take on challenges during these tough times, said President S R Nathan.

Speaking at the annual Chinese New Year gathering of the Singapore Chinese Chamber of Commerce & Industry (SCCCI) on Monday, Mr Nathan said Singaporeans should take heart from the fact that the Republic was facing the downturn in a stronger position than in previous recessions.

'Our economy is more diversified. Our banking sector, while not immune to the global financial turmoil, remains sound.

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