SPH retrenching 140 employees due to Covid-19

[Vinceng]

1 hour ago, Mkl22 said:

this guy is the best. a real sinke sinker.... hahahahahahah

Quote from his wiki page. "On 19 May 2017, Reuters reported that CMA managed to turn Neptune Orient Lines around, with NOL posting a $26 million net profit for Q1 2017.[13] Ng has been criticised by numerous publications for not being able to do so, despite five years as CEO"

CMA bought NOL in June2016.... May 2017 can turn a profit liao..

 

For this, hats off to Ng and you must salute him for his ability to hold on to his golden rice bowl. 

Unable to perform at NOL but yet still got an iron rice bowl at SPH, and soon, probably at another govt statutory board..

 

[Mkl22]

Just now, Vinceng said:

For this, hats off to Ng and you must salute him for his ability to hold on to his golden rice bowl. 

Unable to perform at NOL but yet still got an iron rice bowl at SPH, and soon, probably at another govt statutory board..

 

Wish he can go to LTA. At least go there and cut some headcount. 

[Kklee]

IMHO.
I am a ST hardcopy subscriber - used to have it delivered to door step.
I dunno what to believe - one side retrenchment,  another side difficulties finding  replacement workers.
 

Email 

-----------------------------------------

Dear Subscriber,

Thank you for subscribing to our SPH publications, and for your support throughout the recent circuit breaker period when some of our newspaper deliveries were disrupted.

While the circuit breaker has ended, Covid-19 has left a permanent effect on our delivery workforce. Our newspaper vendors have been severely affected by manpower shortages as some of their workers have become permanently unavailable after the pandemic. 

We have also experienced difficulties hiring a sufficient number of local workers to replace them. This means that delivering the newspaper to your doorstep in a timely manner has become increasingly unfeasible. 

In order to keep delivery fees affordable for our subscribers, we seek your understanding to allow our vendors to continue delivering your newspaper to your letterbox. This will enable us to maintain the current delivery charges despite our smaller workforce. We will continue our practice of passing on these delivery charges wholly to our vendors and their workers. 

We will deliver your newspaper to your letterbox by 7:30 am each morning. Should you have any enquiries, please contact our Customer Service team at [email protected] or call our hotline at 6319 8878. 

We deeply apologise for any inconvenience that you might experience as a result of this delivery method, and thank you sincerely for your patience and understanding.

Sincerely,

SPH Circulation Customer Service

-----------------------------------------

[Lethalstrike]

33 minutes ago, ToyotaShuttle said:

Did he get a good price for the sale? If so, he has done his job. 

I realized that SPH is yet to be totally delisted. It's still trading today except share price is sliding down steadily over the past 5 years. 

The article stated that its taken out as a key component of the STI, meaning it's no longer a blue chip as it once was. 

Done his job? That depends. If expectations of him is just be there to liquidate and wind down the business, then probably he is doing it right. If his role as a CEO is to bring it back to profits and increase its share price, I am inclined to think Ng isn't the guy to deliver the results. 

[Kopites]

30 minutes ago, Kklee said:

IMHO.
I am a ST hardcopy subscriber - used to have it delivered to door step.
I dunno what to believe - one side retrenchment,  another side difficulties finding  replacement workers.
 

Email 

-----------------------------------------

Dear Subscriber,

Thank you for subscribing to our SPH publications, and for your support throughout the recent circuit breaker period when some of our newspaper deliveries were disrupted.

While the circuit breaker has ended, Covid-19 has left a permanent effect on our delivery workforce. Our newspaper vendors have been severely affected by manpower shortages as some of their workers have become permanently unavailable after the pandemic. 

We have also experienced difficulties hiring a sufficient number of local workers to replace them. This means that delivering the newspaper to your doorstep in a timely manner has become increasingly unfeasible. 

In order to keep delivery fees affordable for our subscribers, we seek your understanding to allow our vendors to continue delivering your newspaper to your letterbox. This will enable us to maintain the current delivery charges despite our smaller workforce. We will continue our practice of passing on these delivery charges wholly to our vendors and their workers. 

We will deliver your newspaper to your letterbox by 7:30 am each morning. Should you have any enquiries, please contact our Customer Service team at [email protected] or call our hotline at 6319 8878. 

We deeply apologise for any inconvenience that you might experience as a result of this delivery method, and thank you sincerely for your patience and understanding.

Sincerely,

SPH Circulation Customer Service

-----------------------------------------

You stay landed where the letter box right at your gate?

In a hdb, what is the different in hopping over to a 7-11 and opening a letter box?🤔

Edited August 19, 2020 by Kopites

[ToyotaShuttle]

29 minutes ago, Lethalstrike said:

I realized that SPH is yet to be totally delisted. It's still trading today except share price is sliding down steadily over the past 5 years. 

The article stated that its taken out as a key component of the STI, meaning it's no longer a blue chip as it once was. 

Done his job? That depends. If expectations of him is just be there to liquidate and wind down the business, then probably he is doing it right. If his role as a CEO is to bring it back to profits and increase its share price, I am inclined to think Ng isn't the guy to deliver the results. 

My bad. I was actually referring to NOL.

For SPH, I think we have to compare the performance against other similar media companies. Is it an industry issue or a company issue? If SPH shares performed better than the peers then Ng can be considered to have delivered.

[Lethalstrike]

12 minutes ago, ToyotaShuttle said:

My bad. I was actually referring to NOL.

For SPH, I think we have to compare the performance against other similar media companies. Is it an industry issue or a company issue? If SPH shares performed better than the peers then Ng can be considered to have delivered.

Traditional print media is on the decline worldwide, along with it the revenues from printed ads. 

Thing is, SPH is unique as it literally dominates the market its operating in, with full blessings from the government. We can't say its a company issue as they are their own competition here, so there isn't a reasonable benchmark to decide whether SPH had performed better than its peers or not. 

What is clear to see is that Ng has failed to arrest the declining share price since he took over the top job since 2017. As a CEO, if the share price kept falling under your watch, I would say you're a failure. This applies to any usual commercial entity or enterprises, but the CEO's KPI for a quasi-governmental organisation such as the SPH might well be different. 

[Weez911]

2 hours ago, RH1667 said:

Will SPH be sold ? 

Will we be reading Snake Times or Sin Hua Times soon? 😄

http://investor.sph.com.sg/main_shareholder.html

These are the largest shareholders of SPH:

The holders of above management shares have 200 votes per management shares when it comes to appointment or dismissal of a director or any member of staff of SPH.

Largest shareholders of OCBC:

As evidenced above, OCBC and Temasek have a big say in the appointment and dismissal of key personnel of SPH.

Obviously there is nothing to comment about Temasek...

Next, we have to wonder why OCBC (and GE controlled by them) is happy with the people running the media business (Fatty Ng is safe because of SPH other businesses). Is it because they do not have majority of the management shares? Not sure, but you can see Temasek everywhere literally.

Edited August 19, 2020 by Weez911

[Watwheels]

Maybe this CEO is hired to piggyback black woks. Cannot be so zhun where ever he goes to sure tank. Someone has to do it.

[Mockngbrd]

Quote

 We can't say its a company issue as they are their own competition here,

This part not true. Locally, Mediacorp is the other big competitor (and they are really Gahmen $$$) and also non-traditional news/media companies. Even tho SPH has some links to Gahmen, it is still a company that needs to make its own $$$. Advertisers the biggest wld be those property launches which have pretty much dried up also during CB. 

Edited August 19, 2020 by Mockngbrd

[Lala81]

1 hour ago, Lethalstrike said:

I realized that SPH is yet to be totally delisted. It's still trading today except share price is sliding down steadily over the past 5 years. 

The article stated that its taken out as a key component of the STI, meaning it's no longer a blue chip as it once was. 

Done his job? That depends. If expectations of him is just be there to liquidate and wind down the business, then probably he is doing it right. If his role as a CEO is to bring it back to profits and increase its share price, I am inclined to think Ng isn't the guy to deliver the results. 

SPH was removed as a component of STI (30 largest cap stocks in SG) due to it's falling market cap over the last maybe 12-15 years.
Hence some ETFs/institutions sold off their holdings in it.

Delisting means taken private like Breadtalk (no common stock for retail investors to own).

[Vinceng]

2 hours ago, RH1667 said:

Will SPH be sold ? 

Will we be reading Snake Times or Sin Hua Times soon? 😄

SPH and MediaCorp are sunken ships that have the strong backing of Temasek Holdings

Edited August 19, 2020 by Vinceng

[Watwheels]

7 minutes ago, Vinceng said:

SPH and MediaCorp are sunken ships that have the strong backing of Temasek Holdings

How can you say that? These are very important political tools to sell propaganda to the ppl.

They are worth every penny.

Edited August 19, 2020 by Watwheels

[Scion]

4 hours ago, ToyotaShuttle said:

Any impact on this forum and hardwarezone?

for one, wish they shut down HWZ that extremely toxic and childish forum

the tech review and magazine can stay though

[Scion]

should send him to North Korea to impersonate Kim Jong IL when the great leader died

so he can bring NK to the ground and maybe that leads to a unified Korea 🤣

[ToyotaShuttle]

43 minutes ago, Scion said:

for one, wish they shut down HWZ that extremely toxic and childish forum

the tech review and magazine can stay though

genie is out of the bottle. shut down one forum, people will just move to another.

[Lethalstrike]

4 hours ago, Mockngbrd said:

This part not true. Locally, Mediacorp is the other big competitor (and they are really Gahmen $$$) and also non-traditional news/media companies. Even tho SPH has some links to Gahmen, it is still a company that needs to make its own $$$. Advertisers the biggest wld be those property launches which have pretty much dried up also during CB. 

I guess SPH is pretty much screwed with the decline in big $$$ printed ads (property developers as you mentioned). 

My impression is that Mediacorp dominates the likes of broadcasting, SPH for the traditional printed stuff (newspapers) and the non-traditional news/media companies have their piece within the online sphere? Perhaps you are in a better position to elaborate more as you have experience within the advertising industry. 

I wrote that SPH is their own competition here, on the basis that there isn't any equivalent here to compete against them in the business of traditional printed media (newspapers as the core business). 

 

 

[StreetFight3r]

Will this affect mycarforum? I do read edmw sometimes their discussion move fast alot is nonsense chatting but they appear in alot of search results. I read  their credit card threads....