Effects of the economic downturn II

I just heard that a soon-to-be Singapore colleague who was supposed to go to Chicago for a global exchange program (GEP) in March is not going there after all. The company has just cancelled all global exchanges as such exchanges are now considered a luxury given that many of the employees in the host cities are losing their jobs. It does not make sense to continue having international employees coming into the US if those cities are in the midst of retrenching some really good people.

Now I am worried about my job in Singapore. Even though I am going to be a permanent hire and have already signed the employment contract, I can't help but worry that they might take back the offer any time just like what they did to the GEP employeees. Even my partner here in the US has advised me to go back asap as nothing is for certain nowadays.