Lowyat.NET: Latest topics by DAP

The use of recording devices in the workplace.

DAP — Tue, 16 Jun 2009 12:15:30 +0800

Is it true? An employment policy that prohibits the use of recording devices in the workplace.
Does Malaysian Industrial law covers this? How about your employer’s Employee Manual stated this?

On the surface, recording conversations can seem like a good solution to defending yourself in a bad work situation, but it can put you at even greater risk.

Federal and State laws address recording the conversations of others. In most cases, it is either unlawful or it can result in a legal action of another kind being filed against you. Some laws require that you get the permission of all people being recorded before doing so, but your boss is unlikely to agree and you must be able to prove agreement. Also, if the boss does agree, you can be sure s/he won't misbehave while being recorded. And, you can be sure that your bad boss will find other ways to make your life miserable because you considered recording.

In addition to laws prohibiting recording the conversations of others, your employer may have an employment policy that prohibits the use of recording devices in the workplace. If so, you could be terminated for recording a conversation. Understand your employer’s Employee Manual first.

In many place most of telephone conversation been recorded, to improve the telecommunication skills but some company use this to make your life miserable. Can this recorded conversation used in COURT?

Does Malaysian Industrial law covers this?

Any unionist here?

The 24/7 Wall St. Chapter 11 Watch )(MOT)(AMD)

DAP — Thu, 29 Jan 2009 09:36:28 +0800

The 24/7 Wall St. Chapter 11 Watch (SIRI)(GM)(CHTR)(MNI)(F)(NYT)(BAC)©(MOT)(AMD)

By 24/7 Wall St.
Last update: 10:08 a.m. EST Jan. 15, 2009

From time to time, the editors at 24/7 Wall St. look at the odds that a number of companies may have to file for Chapter 11 over the course of the next year. The analysis involves looking at SEC filings with a focus on balance sheet, cash flow, and risk factors. Also taken into account are stock price, earnings forecasts, and the ability of a company to raise cash.
In the current credit environment, many firms which would not have been on the list at the middle of last year would have to be considered now. We are covering what we feel are the chances that companies will be in front of a bankruptcy situation.

Sirius XM (SIRI) nearly a 1 in 1 chance. Negative operating income and huge debt due this year. Stock at $0.08.

Charter (CHTR) should technically be better than a 1 to 1 odds. Yep, seems better than 100% chance. Modest operating
income and $21 billion in debt. Recapitalization appears to be the ONLY alternative, and it waited far too long. Stock at $0.10.

GM (GM) 1 in 2. Restructuring may not work, UAW and creditors may not play ball. Falling revenue. Almost 100% dependent on graces of federal government "assistance."

McClatchy (MNI) 1 in 2. Newspaper revenue in free fall. Stock at $1.10, down over 90% in last year.

Ford (F) 1 in 4. In better shape than GM but if Detroit goes down F has supplier trouble. Falling revenue. If GM or Chrysler topple, management already warned its own fate as collateral damage.

Level 3 (LVLT) 1 in 4. History of razor thin margins and flat revenue. Long-term debt of roughly $6.5 billion. Recent credit downgrades. Customers believed to be cutting back here too.

Citigroup © 1 in 4. If and when it happens, it may not look like bankruptcy, but feds will own the company. What is left of it anyway. Citi odds are now essentially 1 in 1 that it looks different regardless of "bankruptcy odds."

AMD (AMD) 1 in 4. Results from peers Intel (INTC) and Nvidia (NVDA) awful and only getting worse. Almost $5 billion in debt. Only real relevance is that it keeps Intel from being true monopoly.

Motorola (MOT) 1 in 8, for now. More lay-offs and cost cuts. Handset business dropped 50% last Q. Big losses. Mountain of cash is the only positive here. If trends continue, these odds likely go to 1 in 5 chance a couple quarters out.

UAL (UAUA) 1 in 6. Fuel costs down but traffic falling off. Weak consumer almost as large of risk as fuel price hikes. AMR, DAL, CAL are likely in same range.

NY Times (NYT) 1 in 7.Debt due this year is not a problem, unless net collapses, which it could. Industry free fall is huge risk of collateral damage.

Bank of America (BAC) 1 in 8. A somewhat more healthy version of Citigroup, maybe. Turns out it can't afford the Countrywide and Merrill Lynch purchases on its own. New need for government money brings concerns front and center.

http://www.marketwatch.com/news/story/247-...55496CD493AA%7D

20 Largest Public Company Bankruptcy Filings in 2008

Company Bankruptcy Date Assets ($ million)
Lehman Brothers Holdings Inc. 09/15/08 691,063
Washington Mutual, Inc. 09/26/08 327,913
IndyMac Bancorp, Inc. 07/31/08 32,734
Downey Financial Corp. 11/25/08 13,409
Tribune Company 12/08/08 13,149
Fremont General Corporation 06/18/08 12,890
SemGroup, L.P. 07/22/08 6,140
Franklin Bank Corp. 11/12/08 5,537
Luminent Mortgage Capital, Inc. 09/05/08 4,721
PFF Bancorp, Inc. 12/05/08 4,102
Pilgrim's Pride Corporation 12/01/08 3,874
LandAmerica Financial Group, Inc. 11/26/08 3,853
Circuit City Stores, Inc. 11/10/08 3,745
WCI Communities, Inc. 08/04/08 2,891
TOUSA, Inc. 01/29/08 2,842
VeraSun Energy Corporation 10/31/08 1,863
Linens 'n Things, Inc. 05/02/08 1,740
Tropicana Entertainment, LLC 05/05/08 1,734
Quebecor World (USA), Inc. 01/21/08 1,731
Hawaiian Telcom Communications, Inc. 12/01/08 1,637

Source: BankruptcyData.com

Bankruptcy leads to layoff and unemployment, snowballing into reduced consumer spending and, ultimately, slower economic growth. If bankruptcies continue indefinitely, then this current financial recession we are experiencing will probably last for some more time. So be ready.

Short description of bankrupt companies

1. Lehman Brothers Holdings Inc.

A global financial-services firm that did business in investment banking, equity and fixed-income sales, research and trading, investment management, private equity, and private banking. Its bankruptcy filing is the largest in US history, involving debt amounting to $613 billion and assets worth $639 billion.

2. Washington Mutual, Inc.

A savings bank holding company and former owner of Washington Mutual Bank, then the largest savings and loan association in the US.

3. IndyMac Bancorp, Inc.

Holding company of IndyMac Bank, the largest savings and loan association in the Los Angeles area and seventh largest mortgage originator in the US during its time.

4. Downey Financial Corp.

Holding company for Downey Savings and Loan Association which provides various financial services to individual and corporate customers.

5. Tribune Company

Second-largest newspaper publisher in the US which owns the Chicago Tribune, Los Angeles Times, Hartford Courant, Orlando Sentinel, South Florida Sun-Sentinel and The Morning Call, among others. Through other subsidiaries, the Tribune Company also owns Tribune Broadcasting, Tribune Entertainment, Tribune Media Services, and the Chicago Cubs baseball team.

6. Fremont General Corporation

A financial services holding company that owns, among others, a California bank subsidiary, Fremont Investment & Loan, which provides various financial services.

7. SemGroup Energy Partners, L.P.

Provides terminalling, storage, gathering, and transportation services for companies engaged in the production, distribution, and marketing of crude oil.

8. Franklin Bank Corp.

Bank holding company for Franklin Bank, S.S.B., a savings bank that provided community banking products and services, and commercial banking services to corporations and other business clients, and originates single family residential mortgage loans primarily in Texas.

9. Luminent Mortgage Capital Inc.

A real estate investment trust (REIT) in the United States.

10. PFF Bancorp Inc.

A diversified financial services firm.

11. Pilgrim’s Pride Corporation

Producer of poultry products.

12. LandAmerica Financial Group, Inc.

Insurance underwriter.

13. Circuit City Stores, Inc.

Retailer of consumer electronics.

14. WCI Communities, Inc.

Homebuilding and real estate services company.

15. TOUSA, Inc.

Home builder.

16. VeraSun Energy Corporation

Producer of ethanol.

17. Linens ‘n Things, Inc.

Home furnishings retailer.

18. Tropicana Entertainment, LLC

Casino hotels.

19. Quebecor World (USA), Inc.

Commercial printing services.

20. Hawaiian Telcom Communications, Inc.

Telecommunications provider.

http://www.pinoymoneytalk.com/2009/01/26/l...rupt-companies/

NORTEL

Motorola & AMD in the list

Nortel Networks files for bankruptcy protection

DAP — Fri, 16 Jan 2009 09:55:31 +0800

Wednesday, 14 January 2009

Once a high-flying darling of the technology sector and a stock market heavyweight, Nortel Networks filed for bankruptcy protection on Wednesday in both Ontario and Delaware.

The move came a day before the Canadian telecommunications company was due to make a $107-million interest payment on its debt.

The board of directors of North America's largest telecom equipment maker met in Toronto on Tuesday night to discuss the company's financial options. In a release, the company said the decision to file for protection was a unanimous move by its board.

The company said the process will allow it to deal with its cost and debt burden, restructure its operations and narrow its strategic focus.

While Nortel said it has about $2.3 billion in cash, it owes about $4.5 billion US in long-term debt.

"Nortel must be put on a sound financial footing once and for all," said president and CEO Mike Zafirovski.

"These actions are imperative so that Nortel can build on its core strengths and become the highly focused and financially sound leader in the communications industry that its people, technology and customer relationships show it ought to be," he said in a release.

Federal Industry Minister Tony Clement said the government will continue to work with Nortel during its restructuring through Export Development Canada, the government's export financing arm.

EDC has agreed to provide up to $30 million US in 30-day financing, although that hinges on a court granting EDC some security over the assets of Nortel's Canadian units.

'A bit of a cushion'
Colin Cieszynski, an analyst with CMC Markets Canada, said Nortel's current cash level means the company can continue operations without the risk of running out of money, as General Motors had suggested when it appealed to the U.S. government for financial aid.

"[Nortel has] got a bit of a cushion that, hopefully, will be able to get them through this process, and they can come out a stronger company on the other side," he said.

Some watchers of Nortel believe the company will wind up being sold off in pieces.

"As a whole, I don't see any buyer coming out and saying, 'I want to buy Nortel together,'" said Vijay Jog, a corporate finance professor at the Sprott School of Business at Ottawa's Carleton University. "It hasn't worked with Nortel management, why would it necessarily work with new management."

Duncan Stewart, financial analyst for DSAM Consulting, said he expects some assets will be sold, but he doesn't expect many jobs will be cut at the company.

"Nortel has already cut from 100,000 employees to [25,000]," he said. "So I don't think we're going to see a lot more job cuts."

Employees react
In Ottawa, some Nortel employees expressed concerns for the future of their company.

"It's a sad situation, it really is," said Dave Hesidence, who works in business development. "It's a wonderful company, it's a Canadian icon. It's a shame it's come to this."

In Montreal, some Nortel employees who work in the company's research division hoped they would keep their jobs.

"I think our division will be sold over the next month so we should not care about Nortel but more who will buy us," said product engineer Marco Poulin outside the company's offices in Ville St-Laurent. Prof. Tamas Michel Koplyay from the University of Quebec in the Outaouais said the research arm of Nortel may be less affected by layoffs compared to other parts of the company such as marketing and human resources.

He said that could be good news for Ottawa and Montreal where many research jobs are based.

"If the company is going to have any value at all on the market, you have to keep the future in mind," said Koplyay, who is also the director of research for the country's largest high-tech association, the Canadian Advanced Technology Alliance.

Shares down
Nortel 3-month TSX chart After being halted for the announcement, Nortel resumed trading at 11 a.m. ET, opening at eight cents, before closing at 12 cents. That was down from Tuesday's close of 38.5 cents.

The TSX said it was reviewing Nortel shares with respect to the exchange's continued listing requirements.

Cieszynski said shareholders will most likely be left with little in a Nortel reorganization, pointing to similar results from bankruptcy protection filings by Air Canada and Stelco earlier this decade.

At its peak during the heyday of the technology boom, Nortel shares got as high as $124.50 a share, or $1,245 after factoring in the 10-for-one stock consolidation the company undertook in late 2006.

After the credit protection filing, Dominion Bond Rating Services lowered its ratings on Nortel's stock from CCC to D.

Sources : http://www.cbc.ca/technology/story/2009/01...ro.html?flyingspaghettimonster=rss

Over 4,700 workers to be retrenched in Malaysia

DAP — Tue, 23 Dec 2008 22:57:31 +0800

Tuesday December 23, 2008
Over 4,700 workers to be retrenched, says Subra
By ROYCE CHEAH

PETALING JAYA: At least 4,749 workers, mostly from the electronics sector, will be retrenched by 137 employers in the next three months, Human Resources Minister Datuk Dr S. Subramaniam said.

He said the figures, including some 1,500 Western Digital workers in Kuching, were updated as of yesterday.

“My ministry will ensure that the workers get the compensation due to them.” he said after a dialogue with Malaysian Training Providers Berhad.

He said under the Employment (Termination And Lay-off Benefits) Regulations, workers would be compensated a part of their salary for each year of service.

For workers who have been with a company for two years or less, compensation would be 10 days of salary per year of work.

For those who clocked in between two and five years, it would be 15 days of salary per year and for those above five years, 20 days.

Dr Subramaniam said the Government would look into getting alternative employment for the workers or retrain them.

“So far, we have not held dialogues with these workers but we will be contacting them soon and setting up counselling sessions,” he said.

Dr Subramaniam said he was not sure whether the number of retrenched workers would increase but added that some things were beyond the Government’s control.

“However, we will ensure the retrenchment is done fairly,” he said.

He said any employer intending to retrench, lay off, offer voluntary separation schemes or reduce salaries would have to inform the ministry 30 days before such action is taken.

On foreign workers, Dr Subramaniam said the employment contract agreed between the employer and the worker had to be honoured and that the foreign worker would have to go back home if he or she was retrenched.

http://thestar.com.my/news/story.asp?file=...7849&sec=nation

--- 1,500 Western Digital workers in Kuching
--- (unknown numbers of employee in SEAGATE Penang ) given VSS on last MONDAY. The employee was ask to leave the plant in 1/2 day work.

Please update over here if you heard any VSS , VRS in any company ....