Newsletter July 2010
Greetings from the Innovare Team! What a busy and eventful year it has been. Here’s a quick update:
MBO of The Albany Group
We are pleased to inform you that we have successfully completed the management buyout of the Asia Pacific companies of the Albany Group. We believe that the rebranding under the new ownership structure will better meet the needs of our customers. We thank you for your support and look forward to serving you even better in the future.
Employed Solutions in Asia Pacific
Innovare has managed contractors, with solutions throughout Asia Pacific:
Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Papua New Guinea, Singapore, Taiwan, Thailand, Vietnam.
We continue to be specialists in workforce management in Asia Pacific.
In particular, we have further strengthened our Mandarin-speaking workforce with the addition of Jeffrey Ang to our team. Jeffrey has already begun engaging the increasing number of Mandarin speaking contractors from China.
Apart from English as the main language, we are able to assist contractors in Mandarin, Bahasa Malaysia/ Indonesia and Tagalog.
Refer a Contractor
If you are a contractor who had used our services in the past, refer a contractor to Innovare and be rewarded! Contact us for more details.
Asia Pacific – on the Growth Trajectory
Recently, the headlines seem to indicate contrasting trends between the slowing economies in Europe, the UK, US and the expanding ones in Asia Pacific.
There is a growing fear of a double dip recession in the former group, arising from the large budget deficits and sovereign debt. In the US, the negative indicators are beginning to show :
- Service sector’s expansion in June was less than forecast. Institute for Supply Management index of non-manufacturing businesses fell to a four-month low of 53.8.
- Private hiring in May rose less than forecast
- Housing transactions are showing signs of renewed weaknesses following the end of a government tax credit (up to US$8k)
Consumer confidence is falling
This is further aggravated by the shakiness in the Eurozone precipitated by countries like Greece, Portugal and Spain. Austerity programs that are being rolled out in the UK and Europe are necessary but will be a hindrance to near term growth.
This contrasts with Asia Pacific headlines like :
- China hikes 2009 growth estimate to 9.1%
- New Zealand economy grows for fourth straight quarter
- Citi economist hoist Singapore growth forecast to 12.5%
- Bank of Japan seen upping Japan economic growth forecast.
(Articles can be made available on request)
On the ground, we see the resurgence of projects in Asia Pacific as Western-based multinationals begin to look East.
We hope to give you regular updates on the industry and economic climate in Asia Pacific. If there are specific topics you would like us to cover, please let us know.
The Innovare Team
+65 6336 7966
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