EXCLUSIVE: Caught between a Sino-U.S. trade war, political concerns over Chinese telecoms firm Huawei and slowing consumer demand, Singapore chipmakers cut jobs via geddiejdk RDchatters
SINGAPORE - Caught between a Sino-U.S. trade war, political concerns over Chinese telecoms firm Huawei and slowing consumer demand, chipmakers in Singapore have started slowing production and laying off hundreds of jobs, firms told Reuters.
“We are already seeing that this downturn is different,” said Ang Wee Seng, executive director for the Singapore Semiconductor Industry Association . UTAC, backed by private equity firm TPG, has 10,280 employees worldwide of which around 1,700 are based in Singapore. Global semiconductor sales are expected to decline 12-13% in 2019, according to industry association SEMI, on course for their biggest drop since the dotcom bubble burst in 2001.
Moosburger declined to comment on specifics but Singapore media reported as many as 600 people had been cut.The semiconductor industry made up 28% of Singapore’s total manufacturing output in 2018, and 76% of its electronics production, official data shows.
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