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US firm announces Singapore job losses

An American company has announced the biggest mass retrenchment in Singapore this year.

Disc drive maker Maxtor says it will immediately lay off 700 employees in Singapore, representing 10 percent of its local work force.

Analysts say it is the clearest indication yet of the problems facing the Singapore economy, which has been hit by the economic slowdown in the United States and the weakening demand for electronics products.

22/06/01 22:06:14 | ABC Radio Australia News

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