SURVEY: BUSINESS LEADERS EXPECT DOWNTURN TO END BY 2010

KUALA LUMPUR, May 7 (Bernama) -- Majority of business leaders expect the
current economic downturn to be over by end of 2010, according to accounting
body CPA Australia.

Extensive cuts in staff numbers, bonuses, research and development
expenditure, production and capital expenditure are likely to precede any
upturn, it said in a statement Thursday.

In its survey on international business sentiment, CPA Australia found that
businesses are experiencing considerable difficulty accessing finance due to
restricted access to credit, particularly in Asia.

"The results confirmed what many in the business and finance sector have
cited as a major problem in the wake of the global financial crisis, which is
lack of access to finance," said CPA Australia Malaysia Division president Lee
Kam Soon.

The survey, conducted in March this year, covered nearly 300 business
leaders around the world, mainly in Australia and Southeast Asia, including
Malaysia.

It found that large companies are more likely to consider possible staff
reductions (57 percent), rather than cuts to executive renumeration and bonuses
(47 percent).

"This is a reflection that talented leadership has never been on greater
demand than now," Lam said.

According to him, executives who can demonstrate strategic leadership,
particularly in the global marketplace, will be sought by companies with the
budget and an eye on the future, looking to keep or secure their best and
brightest talent.

CPA Australia is the world's seventh largest accounting body, representing
more than 122,000 finance, accounting and business professionals located mainly
in Australia, Asia and Europe.

-- BERNAMA