22 April 2009 14:44 [Source: ICIS news]
TORONTO (ICIS news)--The economic crisis will likely continue through mid-to-end 2010, with “the worst yet to come,” BASF CEO Juergen Hambrecht said in an interview with German business journal manager-magazin on Wednesday.
“I am working on the assumption that we have not yet seen the worst,” Hambrecht told the journal, which issued a press release on the interview.
"It's getting tighter and tighter, globally," Hambrecht said.
However, consumer sentiment would worsen with rising unemployment, he said.
Avoiding job losses was a top priority in the crisis, Hambrecht said, but he would not rule out cuts, even at BASF’s base in
Under a 2004 deal with workers, BASF committed to maintaining employment at
However, that agreement was sealed during much better times and could be re-opened to address unforeseen events such as the current economic crisis, Hambrecht told the journal.
Asked about BASF’s Schwarzheide site in eastern
Hambrecht also called on the government to extend subsidised short-time working programmes to 24 months, from 18 months.
Last week, BASF announced it was preparing short-time working for up to 3,000 employees at the
Economists have warned that the many short-time working schemes implemented by companies were hiding the true extent of underemployment in
According DIW, a Berlin-based economic research institute, some 800,000 German workers were on short-time working hours. These government-subsidised schemes are time-limited, usually run out after 18 months.
manager-magazin will publish the full interview with Hambrecht in its hardcopy issue on Friday, it said.
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