Handling layoffs with care: company severance packages top requirements

Article Abstract:

Companies in Hong Kong that have laid off workers tend to be more generous than labor laws require them to be. A survey by KPMG revealed that 72% of companies that had fired staffers in 1998 gave out a bonus on top of the minimum severance pay set by the government. The KPMG report notes that this generosity is linked to the fact that many multinationals remain sensitive to the complaints of local workers, many of whom feel that their needs are overlooked as companies cut costs in a recessionary environment. The survey also showed that redundancy decisions were usually based on performance.

United States, Strategy & planning, Laws, regulations and rules, Hong Kong, KPMG, Layoffs, Severance pay

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Court puts Amcol Holdings under judicial supervision

Article Abstract:

A Singaporean court has placed Amcol Holdings Ltd. under judicial management with the appointment of three Price Waterhouse officials who will handle the financial rehabilitation of the firm. The move came in the light of a Price Waterhouse report wherein the need for huge cash infusions to maintain normal operations were highlighted. Moreover, the report pointed out the existence of various irregularities that may have led to Amcol's bankruptcy.

Financial Holding Companies, Offices of Bank Holding Companies, Holding Offices, Finance, Holding companies, Price Waterhouse L.L.P., Amcol Holdings Ltd.

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Coopers & Lybrand urges retailers to cautiously explore Chinese market

Article Abstract:

The Coopers and Lybrand accounting firm gives an encouraging outlook on the potential of the Chinese market and it believes Western retailers should actively explore opportunities in the country. However, the firm is also warning potential investors that China's retail sector is largely underdeveloped and it would be extremely difficult to maintain a modern retail operation in the country at this time.

Retail Store Chains, China, Retail industry, Retail trade, Chain stores, Coopers & Lybrand L.L.P.

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