Singapore's top carrier hit from finance crisis

Singapore's top carrier SingTel cost cuts as it said its operations were starting to feel some impact from the global financial crisis, a Reuters report said.

'It's no longer business as usual for our Singapore operations,' said Allen Lew, CEO for SingTel's Singapore operations, quoted by the Reuters report.

'We are adopting a framework that will take into consideration 12-18 months of uncertainty and economic slowdown,' Lew added.

Global markets are reeling from the worst financial crisis in 80 years. The US has passed a multibillion financial rescue plan, while European governments have offered guarantees to savers as well as come to the aid of troubled lenders.

But policymakers' efforts have failed to calm investor nerves as the spectre of a deep global recession looms.

Lew said Southeast Asia's largest telecoms firm would provide more details of the impact of the global crisis on its regional operations with its quarterly results next month.

Meanwhile, SingTel would focus on cost cuts but not axe any jobs in Singapore for now. Staff who resigned would not be replaced, Lew added.

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