@mongster surviving the recession

mongpalatino:

In Japan small and medium enterprises which process raw materials are profitable today. Fast food outlets, e-commerce service providers, and the pachinko gaming industry are doing well too.

Many companies are hoping to make money from the stimulus plans in their countries. Part of Thailand’s stimulus plan covers the distribution of checks worth US$55 to every low-income worker. The beneficiaries can use the checks to purchase items at McDonald's, KFC, Pizza Hut and 18 other major business outlets in the country. KFC even awards 20 pieces of free chicken to stimulus beneficiaries who exchange their checks for store coupons.

Some airlines are increasing their flights to service returning migrant workers. For example, Philippine Airlines increased its operations in the United States and Canada, which can be interpreted as a sign that more and more retrenched Filipino migrant workers are now returning home.

Condom sales are on the rise too as people want to prevent pregnancies during the recession. This is good news for condom makers but bad news for countries with declining birthrates.

Instead of reducing the workforce, some companies in the Philippines are adopting shorter workweek hours. Because of low occupancy in their buildings, some landlords in Manila are lowering the rates for office space. A Japanese company in South Korea used its savings and accumulated profits over the years to protect the living of its workers.

Retail chain Ponto Frio in Brazil has an ingenious campaign to attract customers. The store provides free insurance to shoppers in case the latter become unemployed in the future.

Roshni Mahtani, founder and editor of www.theasianparent.com, suggests that small businesses can save money if they give up office space, use open source software, replace traditional phone connections with Skype, hire interns, conduct virtual meetings and maximize social media marketing.

How are individuals around the world coping with the recession? The crisis is obviously affecting the physical and mental health of many workers. This explains why gym and yoga studios are overcrowded in Singapore. Singaporeans who want to release the economy-related tension, and those who have been retrenched, are now spending more time on exercise.

A Bulgarian weekly asked its readers how the crisis is affecting them. Some answered they have stopped watching TV since the news is depressing. Some have more time to read these days while others have taken more interest in the rest of the world.

A worker in Qatar discovered that the financial crisis can somehow solve shopping addiction. She now spends less time buying consumer goods due to delayed paychecks.

In Brunei bloggers are criticizing bankrupt individuals who wanted to receive surplus funds from zakat collections. The paying of zakat, one of the pillars of Islam, is an act of giving up a percentage of one's wealth to the needy. Many were surprised that Bruneians with big credit card bills, automobile loans, and personal loans attempted to tap the zakat funds.

There are those who are so overwhelmed with money problems that the only solution they can think of is to commit suicide. It is sad to learn that more than 70 diamond polishers in Gujarat, India, committed suicide after losing their jobs.

Others have chosen to fight. Investors, mainly in Antigua, who lost their money after U.S. billionaire Allen Stanford was charged with investment fraud banded together and formed a coalition to recover their wealth. The Stanford Victims Coalition created a website to update other members about their case.

Because of the recession, some are learning to appreciate the basic laws of doing business like providing first-rate service to customers. A Brazilian popcorn seller has won recognition for his creative ways of doing business. He has already given many lectures on entrepreneurship.

Agriculture is popular again among Japanese youth and celebrities as more people search for economic activities that have stronger foundations than the financial sector.

Cambodia has reaffirmed its reliance on agriculture to promote economic growth. A Lao economist believes that the “agriculture-based, self-sufficient nature” of the country’s economy will protect Laos from the global financial crisis. The economist added that “people who live in industrialized countries live in fear of losing their jobs because they can’t grow vegetables and raise animals as people can in Laos.”

In Jamaica leaders of 21 private sector bodies have formed a pact of cooperation to offset the impact of the worsening global economic conditions. They have relearned the value of creating a “social partnership dialogue” between the government, opposition, labor, business and civil society.

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