An anecdote: was talking to some Malay attendants at nearby petrol station. Apparently quite a good number of high end cars owners (BMW, Porsche, etc) pump petrol and left without paying. Police reports were made.
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Chitchat Unemployment and Layoffs rises among Singapore citizens in Q2
- Thread starter yahoo55
- Start date
Many losers here also taking max loans to buy car. Borrow here borrow there. Fuck.... wanna look good outside! One fucker I know park at HDB carpark then walk to his office - a good 20 mins walk. Come into office all sweaty!
COE is still trending up.......
Look good more important.........
Save and scrimp eat roti, but die die must drive car......
will f trashes be entrenching????
He din say anything abt his salary ......... paycut or anything like that???
Silly man la you. When shielding, there are those who are shielded and those who are used as shield. So simple you dunno? You must be the shield. Teehee!
like in sex there are those who fuck n those who get fucked................
http://sbr.com.sg/manufacturing/new...put-dips-36-in-july-2016#sthash.3InOb13o.dpuf
Singapore’s manufacturing output dips 3.6% in July 2016
Published: 26 Aug 16
Blame it on output declines in almost all clusters.
Singapore’s total manufacturing performance in July 2016 slipped 3.6% largely due to falloffs in almost all of industrial clusters. On a seasonally adjusted month-on-month basis, output went down 4.0%.
According to the city-state’s Economic Development Board, the transport engineering cluster shrank the most, 21.8% YoY in July 2016. This was the result of a weak marine and offshore engineering segment in which rig-building activities and demand for oilfield and gasfield equipment remained anemic amidst the low oil price environment. The cluster’s output sank 33.4% in the month under review. Aerospace and land transport segments also dropped 2.3% and 2.6% respectively.
General manufacturing industries cluster’s output recorded the next biggest contraction at 10.2% YoY. It was followed by biomedical manufacturing that plunged 9.7% mainly because of a 14.1% decrease in pharmaceuticals segment.
Precision engineering and chemical clusters also dipped 4.9% and 3.2% respectively, while the electronics cluster’s output was the only gainer ending 16.2% higher than in July 2015.
Singapore’s manufacturing output dips 3.6% in July 2016
Published: 26 Aug 16
Blame it on output declines in almost all clusters.
Singapore’s total manufacturing performance in July 2016 slipped 3.6% largely due to falloffs in almost all of industrial clusters. On a seasonally adjusted month-on-month basis, output went down 4.0%.
According to the city-state’s Economic Development Board, the transport engineering cluster shrank the most, 21.8% YoY in July 2016. This was the result of a weak marine and offshore engineering segment in which rig-building activities and demand for oilfield and gasfield equipment remained anemic amidst the low oil price environment. The cluster’s output sank 33.4% in the month under review. Aerospace and land transport segments also dropped 2.3% and 2.6% respectively.
General manufacturing industries cluster’s output recorded the next biggest contraction at 10.2% YoY. It was followed by biomedical manufacturing that plunged 9.7% mainly because of a 14.1% decrease in pharmaceuticals segment.
Precision engineering and chemical clusters also dipped 4.9% and 3.2% respectively, while the electronics cluster’s output was the only gainer ending 16.2% higher than in July 2015.
http://business.asiaone.com/news/manufacturing-shrinks-july-amid-weak-demand#sthash.e8WpFeRr.dpuf
Manufacturing shrinks in July amid weak demand
The Straits Times
Saturday, Aug 27, 2016
Manufacturing had a rough start to the second half of the year with weak global demand continuing to weigh on factory output.
The sector, which makes up a fifth of the economy, shrank 3.6 per cent in July compared with the same month last year, much worse than economists' expectations of 0.8 per cent growth. The numbers from the Economic Development Board yesterday are the latest in a series of dismal economic data and follow recent trade figures that showed a 10.6 per cent drop in non-oil domestic exports last month.
All key clusters posted declines in output, except the electronics sector which expanded 16.2 per cent year on year thanks to the semiconductor industry.
"The electronics cluster is riding on the low base in the same period last year. Whichever way you look at it, the numbers look bleak," said DBS senior economist Irvin Seah.
Biomedical output, which accounts for the second-largest share of output after electronics, slumped 9.7 per cent year on year.
Excluding biomedical manufacturing, which had propelled overall output in the first half of the year, factory production fell 2 per cent.
"Now that pharmaceutical production has subsided, we are seeing a clearer picture of Singapore's weak manufacturing environment this year," noted HSBC economist Joseph Incalcaterra.
Chemicals output dropped 3.2 per cent year on year last month, while precision engineering declined 4.9 per cent and general manufacturing - including printing and food and beverages - fell 10.2 per cent.
Transport engineering posted the largest plunge of 21.8 per cent, dragged down by marine and offshore engineering amid low oil prices.
Yesterday's figures show also that manufacturing output - excluding biomedical - slumped 2.5 per cent in the first seven months of this year compared with the same period last year.
Domestic manufacturing growth could contract by 1.7 per cent year on year in the third quarter, reversing the 1.1 per cent "growth blip" seen in the second quarter, said OCBC economist Selena Ling.
"Manufacturing has been underperforming for a prolonged period and there really is no quick turnaround in sight due to the weak global demand and China slowdown," she said.
And should such sub-par manufacturing performance persist, there could be a gross domestic product contraction in the third quarter, Mr Seah of DBS added.
Manufacturing shrinks in July amid weak demand
The Straits Times
Saturday, Aug 27, 2016
Manufacturing had a rough start to the second half of the year with weak global demand continuing to weigh on factory output.
The sector, which makes up a fifth of the economy, shrank 3.6 per cent in July compared with the same month last year, much worse than economists' expectations of 0.8 per cent growth. The numbers from the Economic Development Board yesterday are the latest in a series of dismal economic data and follow recent trade figures that showed a 10.6 per cent drop in non-oil domestic exports last month.
All key clusters posted declines in output, except the electronics sector which expanded 16.2 per cent year on year thanks to the semiconductor industry.
"The electronics cluster is riding on the low base in the same period last year. Whichever way you look at it, the numbers look bleak," said DBS senior economist Irvin Seah.
Biomedical output, which accounts for the second-largest share of output after electronics, slumped 9.7 per cent year on year.
Excluding biomedical manufacturing, which had propelled overall output in the first half of the year, factory production fell 2 per cent.
"Now that pharmaceutical production has subsided, we are seeing a clearer picture of Singapore's weak manufacturing environment this year," noted HSBC economist Joseph Incalcaterra.
Chemicals output dropped 3.2 per cent year on year last month, while precision engineering declined 4.9 per cent and general manufacturing - including printing and food and beverages - fell 10.2 per cent.
Transport engineering posted the largest plunge of 21.8 per cent, dragged down by marine and offshore engineering amid low oil prices.
Yesterday's figures show also that manufacturing output - excluding biomedical - slumped 2.5 per cent in the first seven months of this year compared with the same period last year.
Domestic manufacturing growth could contract by 1.7 per cent year on year in the third quarter, reversing the 1.1 per cent "growth blip" seen in the second quarter, said OCBC economist Selena Ling.
"Manufacturing has been underperforming for a prolonged period and there really is no quick turnaround in sight due to the weak global demand and China slowdown," she said.
And should such sub-par manufacturing performance persist, there could be a gross domestic product contraction in the third quarter, Mr Seah of DBS added.
http://www.straitstimes.com/busines...s-losing-export-competitiveness-credit-suisse
Singapore is losing export competitiveness: Credit Suisse
Export growth will likely remain weak in coming years, bank's report says
Published 29 August 2016
Singapore is losing export competitiveness in the region and this is due to rising costs, according to Credit Suisse economists.
Their research also found that the Republic's small, trade-dependent economy is losing market share in the global goods trade, which means export growth will likely remain weak in the coming years.
Vietnam, the Philippines and China are winning the export race in Asia, according to the report by Credit Suisse head of South-east Asia and India economics and strategy Santitarn Sathirathai, economist Michael Wan and Mr Ray Farris, its head of Asia macro strategy.
The top three exporters have been gaining market share, thanks to improving competitiveness and having the right product mix.
Meanwhile, Indonesia, Taiwan and Singapore have underperformed global trade in recent years, driven by an erosion in their export competitiveness.
Economies in the "middle" include India, Thailand, Malaysia, and South Korea.
In Singapore, "wages have continued to rise in spite of low productivity growth, depressing corporate profits and pushing up unit labour costs, driven in part by the foreign- labour curbs imposed since 2010", the report noted.
As a result, investment growth has slowed and various surveys have indicated that businesses in Singapore intend to invest less.
"All these bode ill for the prospect of goods exports moving forward," the report added.
While Singapore's export growth has underperformed the pace of global trade, Vietnam's year-on-year export growth has outpaced global trade growth by 12 to 14 per cent on average since 2000.
There are also initial signs that the weakness in exports has spilled over beyond the goods sector into services.
The report said Singapore stands out because its deteriorating competitiveness comes alongside flagging economic growth, negative inflation and an extreme dependence on exports.
This mix is likely to prompt Singapore's central bank to ease monetary policy at its next meeting in October, the report's authors said.
Separately, a report released last Friday by ANZ Research noted that exports across Asia - with the exception of Vietnam - have been shrinking for two years amid weak demand. But with governments in the region pumping money into stimulating their economies, trade in Asia is becoming increasingly import-driven.
As domestic demand recovers, import growth should start gaining traction next year even though exports might still be lacklustre, the report said.
However, this might not turn out to be the case in Singapore, which was once again highlighted as a laggard. Domestic demand is expected to remain weak on the back of poor consumer confidence.
"The slump in consumer confidence suggests consumers will remain cautious, especially with the risk of external weakness spilling into domestic activity," the report's authors noted.
At the other end of the spectrum, the Philippines and Vietnam have reported the most resilient domestic demand among their fellow Asian economies.
Singapore is losing export competitiveness: Credit Suisse
Export growth will likely remain weak in coming years, bank's report says
Published 29 August 2016
Singapore is losing export competitiveness in the region and this is due to rising costs, according to Credit Suisse economists.
Their research also found that the Republic's small, trade-dependent economy is losing market share in the global goods trade, which means export growth will likely remain weak in the coming years.
Vietnam, the Philippines and China are winning the export race in Asia, according to the report by Credit Suisse head of South-east Asia and India economics and strategy Santitarn Sathirathai, economist Michael Wan and Mr Ray Farris, its head of Asia macro strategy.
The top three exporters have been gaining market share, thanks to improving competitiveness and having the right product mix.
Meanwhile, Indonesia, Taiwan and Singapore have underperformed global trade in recent years, driven by an erosion in their export competitiveness.
Economies in the "middle" include India, Thailand, Malaysia, and South Korea.
In Singapore, "wages have continued to rise in spite of low productivity growth, depressing corporate profits and pushing up unit labour costs, driven in part by the foreign- labour curbs imposed since 2010", the report noted.
As a result, investment growth has slowed and various surveys have indicated that businesses in Singapore intend to invest less.
"All these bode ill for the prospect of goods exports moving forward," the report added.
While Singapore's export growth has underperformed the pace of global trade, Vietnam's year-on-year export growth has outpaced global trade growth by 12 to 14 per cent on average since 2000.
There are also initial signs that the weakness in exports has spilled over beyond the goods sector into services.
The report said Singapore stands out because its deteriorating competitiveness comes alongside flagging economic growth, negative inflation and an extreme dependence on exports.
This mix is likely to prompt Singapore's central bank to ease monetary policy at its next meeting in October, the report's authors said.
Separately, a report released last Friday by ANZ Research noted that exports across Asia - with the exception of Vietnam - have been shrinking for two years amid weak demand. But with governments in the region pumping money into stimulating their economies, trade in Asia is becoming increasingly import-driven.
As domestic demand recovers, import growth should start gaining traction next year even though exports might still be lacklustre, the report said.
However, this might not turn out to be the case in Singapore, which was once again highlighted as a laggard. Domestic demand is expected to remain weak on the back of poor consumer confidence.
"The slump in consumer confidence suggests consumers will remain cautious, especially with the risk of external weakness spilling into domestic activity," the report's authors noted.
At the other end of the spectrum, the Philippines and Vietnam have reported the most resilient domestic demand among their fellow Asian economies.
http://www.straitstimes.com/business/companies-markets/insolvency-cases-running-high
Insolvency cases running high
Number of firms being wound up closing in on last year's figure, an 11-year high
Published 30 August 2016
The number of firms in Singapore being wound up after encountering financial trouble is set to be on a par with last year's number, which was the highest in 11 years.
These figures may even understate the levels of distress as such a formal procedure is always the last resort, industry observers note.
More companies seem to be going under, and the number of these cases could creep up to higher levels than during the global financial crisis, said Mr Chua Beng Chye, partner in the restructuring and insolvency practice at Rajah & Tann.
"What we are seeing now is a confluence of factors from various sectors leading up to a perfect storm - including escalating costs, record low oil prices, dampened property market and a slowing Chinese economy," he noted.
A total of 118 court winding-up petitions were filed in the first half of this year, compared with 129 in the same period last year, according to Ministry of Law figures.
And a total of 85 firms were actually wound up in the first half, compared with 97 previously.
In all, 255 court winding-up petitions were filed last year, while 189 firms were wound up. Both were the highest figures since 2004.
The continuing high figures come as no surprise amid a slowdown in economic growth. The Singapore economy grew 2 per cent last year, the slowest pace since the global financial crisis, and is tipped to grow just 1 to 2 per cent this year, noted UOB economist Francis Tan.
Six applications for judicial management - a less drastic step, leaving open the chance of regrouping - were filed in the first half of this year, compared with five in the same period last year.
Five of these orders were granted, up from four previously, according to figures from the Supreme Court.
Companies to have been wound up recently include boutique developer C&C Development. California Fitness is in liquidation.
Others which have opted for judicial management or are looking to restructure debt include energy sector victim Swiber Holdings, Technics Oil & Gas, interior design firm Serrano, Mercator Lines (Singapore) and Sembawang Engineering and Constructors.
Also, locally-listed China Fishery Group and its Hong Kong parent Pacific Andes Resources Development have filed for bankruptcy protection in the United States.
The sectors affected include shipping, oil and gas, commodities , construction and retail, said Mr Peter Greaves, restructuring leader at PwC Singapore.
Most of these sectors are set to face more heat in the coming months, he added. "Many of the current difficulties are rather unprecedented. Globally, shipping for example, is probably in its worst position since the early 1970s."
On a positive note, though, companies and their creditors appear to be more prepared to weather the storm, compared with during the global financial crisis.
"Complaints about the challenging global conditions have been on the cards since early last year. Many companies have already been preparing for the worst... (This) has helped both creditors and debtors," said Mr Azman Jaafar, deputy managing partner and head of corporate practice at RHTLaw Taylor Wessing.
Still, the number of cases of liquidation and its alternatives may not fully reflect the number of firms under financial pressure, said Mr Thio Shen Yi, senior counsel and joint managing director of TSMP Law.
"When times are very bad, companies just don't have the money. If creditors wind them up, and there is nothing, they still incur legal fees. So the creditors may not bother."
But in a situation where the economy is a bit better, creditors may make a court winding-up application as it could be an effective way of getting a debtor to pay up.
"In this environment, liquidation might be a last resort, or resorted to when there is suspicion of management wrongdoing. Certainly, among the local banks at least, you see greater sensitivity to the different types of restructuring options available," Mr Thio added.
So, to get a fuller picture of the levels of distress, we need to consider other negative indicators such as increasing debt levels or falling revenues or profits; and also consider when a firm's debt is maturing, noted Mr Greaves of PwC.
"The increasing trend in defaults in Singapore dollar denominated bonds also reflects the pain felt across a number of industries. Companies have to face a new normal of trading conditions, such that they may not be able to service existing debt levels."
Insolvency cases running high
Number of firms being wound up closing in on last year's figure, an 11-year high
Published 30 August 2016
The number of firms in Singapore being wound up after encountering financial trouble is set to be on a par with last year's number, which was the highest in 11 years.
These figures may even understate the levels of distress as such a formal procedure is always the last resort, industry observers note.
More companies seem to be going under, and the number of these cases could creep up to higher levels than during the global financial crisis, said Mr Chua Beng Chye, partner in the restructuring and insolvency practice at Rajah & Tann.
"What we are seeing now is a confluence of factors from various sectors leading up to a perfect storm - including escalating costs, record low oil prices, dampened property market and a slowing Chinese economy," he noted.
A total of 118 court winding-up petitions were filed in the first half of this year, compared with 129 in the same period last year, according to Ministry of Law figures.
And a total of 85 firms were actually wound up in the first half, compared with 97 previously.
In all, 255 court winding-up petitions were filed last year, while 189 firms were wound up. Both were the highest figures since 2004.
The continuing high figures come as no surprise amid a slowdown in economic growth. The Singapore economy grew 2 per cent last year, the slowest pace since the global financial crisis, and is tipped to grow just 1 to 2 per cent this year, noted UOB economist Francis Tan.
Six applications for judicial management - a less drastic step, leaving open the chance of regrouping - were filed in the first half of this year, compared with five in the same period last year.
Five of these orders were granted, up from four previously, according to figures from the Supreme Court.
Companies to have been wound up recently include boutique developer C&C Development. California Fitness is in liquidation.
Others which have opted for judicial management or are looking to restructure debt include energy sector victim Swiber Holdings, Technics Oil & Gas, interior design firm Serrano, Mercator Lines (Singapore) and Sembawang Engineering and Constructors.
Also, locally-listed China Fishery Group and its Hong Kong parent Pacific Andes Resources Development have filed for bankruptcy protection in the United States.
The sectors affected include shipping, oil and gas, commodities , construction and retail, said Mr Peter Greaves, restructuring leader at PwC Singapore.
Most of these sectors are set to face more heat in the coming months, he added. "Many of the current difficulties are rather unprecedented. Globally, shipping for example, is probably in its worst position since the early 1970s."
On a positive note, though, companies and their creditors appear to be more prepared to weather the storm, compared with during the global financial crisis.
"Complaints about the challenging global conditions have been on the cards since early last year. Many companies have already been preparing for the worst... (This) has helped both creditors and debtors," said Mr Azman Jaafar, deputy managing partner and head of corporate practice at RHTLaw Taylor Wessing.
Still, the number of cases of liquidation and its alternatives may not fully reflect the number of firms under financial pressure, said Mr Thio Shen Yi, senior counsel and joint managing director of TSMP Law.
"When times are very bad, companies just don't have the money. If creditors wind them up, and there is nothing, they still incur legal fees. So the creditors may not bother."
But in a situation where the economy is a bit better, creditors may make a court winding-up application as it could be an effective way of getting a debtor to pay up.
"In this environment, liquidation might be a last resort, or resorted to when there is suspicion of management wrongdoing. Certainly, among the local banks at least, you see greater sensitivity to the different types of restructuring options available," Mr Thio added.
So, to get a fuller picture of the levels of distress, we need to consider other negative indicators such as increasing debt levels or falling revenues or profits; and also consider when a firm's debt is maturing, noted Mr Greaves of PwC.
"The increasing trend in defaults in Singapore dollar denominated bonds also reflects the pain felt across a number of industries. Companies have to face a new normal of trading conditions, such that they may not be able to service existing debt levels."
http://sbr.com.sg/financial-service...ngapore’s-banks-analysts#sthash.I7prnJ37.dpuf
A high unemployment rate is bad news for Singapore’s banks: analysts
Published 31 Aug 2016
Only 5,500 jobs were created in 2Q.
While Singapore banks’ mortgage quality may be resilient to housing downturns, analysts say they’re only as stable as the city-state’s unemployment rate allows them to be.
According to a report by Fitch Ratings, mortgage quality should stay resilient as long as the unemployment rate stays low.
“History tells us that owner-occupied borrowers usually default on their home loans a last resort,” the report noted.
Meanwhile, the report added that this is supported by the close-to-90% correlation between unemployment and housing NPLs using data between 2001 and 2015.
A high unemployment rate is bad news for Singapore’s banks: analysts
Published 31 Aug 2016
Only 5,500 jobs were created in 2Q.
While Singapore banks’ mortgage quality may be resilient to housing downturns, analysts say they’re only as stable as the city-state’s unemployment rate allows them to be.
According to a report by Fitch Ratings, mortgage quality should stay resilient as long as the unemployment rate stays low.
“History tells us that owner-occupied borrowers usually default on their home loans a last resort,” the report noted.
Meanwhile, the report added that this is supported by the close-to-90% correlation between unemployment and housing NPLs using data between 2001 and 2015.
http://business.asiaone.com/news/the-unseen-perils-living-paycheck-paycheck#sthash.HSzLzWkK.dpuf
The Unseen Perils of Living Paycheck to Paycheck
Wednesday, Aug 31, 2016
Many Singaporeans assume that people who have trouble saving on a monthly basis are low-income earners without any room to buffer their expenditures. Unfortunately, that is rather far from the truth, according to Credit Counselling Singapore.
These days, many young working Singaporeans are finding themselves having to deal with accrued debt from month to month, and this is obviously eroding their ability to save money.
Some might argue that this is fine since they are not eating into anything beyond their monthly earnings, and that they're financially secure.
Here are a few things to consider that might change your perspective on living from paycheck to paycheck:
1. Increased Pressure to Keep Your Job
One of the things many people might not realise - at least not until their day-to-day spending exceeds their means - is the fact that living paycheck to paycheck actually requires them to be earning a paycheck in the first place.
This added pressure on your job security is obviously unnecessary and not only can it cause a lot of unwanted stress, it might also affect your work performance.
The last thing you would want is to become so stressed with keeping your job intact that, in an ironic turn of events, you end up losing it. This could come about from a multitude of things, ranging from a change in behaviour, to trying to stay under the radar, to not taking risks and learning new things because you're too scared to rock the boat.
A change in mindset from growing in your job to staying set in your ways can be especially damaging today, where having the bare minimum of skills to carry out your duties may just not be good enough for you to keep your job.
Nowadays, many employers are interested in employees who can contribute to the overall strategic growth of the company, and more often than not, this involves being able to look outside of your own job scope and see how you can benefit the wider company.
An overly-narrow focus on keeping your job can sometimes affect that and, ultimately, it's not going to allow you to see beyond your own desk - figuratively speaking, of course.
2. Lack of an Emergency Fund
You'll be surprised at how many Singaporeans either do not have an emergency fund, or don't know why it's important.
If that's you, well - you should definitely read this. Living from month to month and having to constantly rely on your next payday means that you probably won't have any savings at all, let alone the ability to build up an emergency fund.
The point of an emergency fund is to accommodate any financial emergencies, and this fund must be separate from your savings as it is used for a different purpose. The last thing you want is for your savings to be completely wiped out by unforeseen circumstances, and that is where an emergency fund comes in handy.
This point really doesn't need to be belaboured, but the very real danger of living from month to month without building up any buffer is having whatever little savings you have wiped out unexpectedly, and falling into a spiral of debt.
The Unseen Perils of Living Paycheck to Paycheck
Wednesday, Aug 31, 2016
Many Singaporeans assume that people who have trouble saving on a monthly basis are low-income earners without any room to buffer their expenditures. Unfortunately, that is rather far from the truth, according to Credit Counselling Singapore.
These days, many young working Singaporeans are finding themselves having to deal with accrued debt from month to month, and this is obviously eroding their ability to save money.
Some might argue that this is fine since they are not eating into anything beyond their monthly earnings, and that they're financially secure.
Here are a few things to consider that might change your perspective on living from paycheck to paycheck:
1. Increased Pressure to Keep Your Job
One of the things many people might not realise - at least not until their day-to-day spending exceeds their means - is the fact that living paycheck to paycheck actually requires them to be earning a paycheck in the first place.
This added pressure on your job security is obviously unnecessary and not only can it cause a lot of unwanted stress, it might also affect your work performance.
The last thing you would want is to become so stressed with keeping your job intact that, in an ironic turn of events, you end up losing it. This could come about from a multitude of things, ranging from a change in behaviour, to trying to stay under the radar, to not taking risks and learning new things because you're too scared to rock the boat.
A change in mindset from growing in your job to staying set in your ways can be especially damaging today, where having the bare minimum of skills to carry out your duties may just not be good enough for you to keep your job.
Nowadays, many employers are interested in employees who can contribute to the overall strategic growth of the company, and more often than not, this involves being able to look outside of your own job scope and see how you can benefit the wider company.
An overly-narrow focus on keeping your job can sometimes affect that and, ultimately, it's not going to allow you to see beyond your own desk - figuratively speaking, of course.
2. Lack of an Emergency Fund
You'll be surprised at how many Singaporeans either do not have an emergency fund, or don't know why it's important.
If that's you, well - you should definitely read this. Living from month to month and having to constantly rely on your next payday means that you probably won't have any savings at all, let alone the ability to build up an emergency fund.
The point of an emergency fund is to accommodate any financial emergencies, and this fund must be separate from your savings as it is used for a different purpose. The last thing you want is for your savings to be completely wiped out by unforeseen circumstances, and that is where an emergency fund comes in handy.
This point really doesn't need to be belaboured, but the very real danger of living from month to month without building up any buffer is having whatever little savings you have wiped out unexpectedly, and falling into a spiral of debt.
Very good. It shows that you are a sinkie winner.
All the bad news are good news to the losers in this forum.
With a car, you can be your own boss!
With a car LTA IS YOU BOSS, the BANKS ARE YOUR BOSS....the AH LOONG, AH LONG ARE YOUR BOSESS also.....
http://www.bloomberg.com/news/artic...op-investors-face-losses-as-bond-risks-spread
Singapore Mom-and-Pop Investors Face Losses Amid Bond Risks
Bloomberg
August 31, 2016
Singapore millionaires stung by the misery of recent bond defaults now have company as the fallout threatens losses for mom-and-pop investors.
All four new issues of Singapore dollar-denominated notes targeted at individuals this year have dropped below the par sales value, as failures in the broader market stoke speculation nonpayments will spread. UBS Group AG’s wealth management unit said in an Aug. 16 report that retail investors are being sold "weak" names, and Lombard Odier said they face default risks on securities with poorer credit profiles.
“Now with bonds of small-medium-enterprises with weaker credit profiles being sold to retail investors, this exposes mom-and-pop investors to the risks of a default and bond restructuring,” said Dhiraj Bajaj, senior vice president in Singapore at Lombard Odier.
The last time Singapore’s individual investors suffered default was in 2008, when Lehman Brothers Holdings Inc.’s collapse resulted in failure to pay structured notes called mini-bonds, according to Bloomberg-compiled data. Signs of stress are rising as the economy cools. Swiber Holdings Ltd. failed to pay a coupon earlier this month, Pacific Andes Resources Development Ltd. reneged on securities in January and PT Trikomsel Oke missed payments late last year. While none of those incidents involved mom-and-pop investors, they have raised alarms.
Economic Headwinds
The local-currency retail note market is expanding just as analysts forecast Singapore’s economy will grow at the slowest pace in seven years in 2016 at 1.8 percent growth.
“I think there is a growing risk of defaults happening with a slowing economy,” said Vishal Goenka, Singapore-based head of credit sales for Asia at Deutsche Bank AG.
Rather than using impartial analysis, investors have bought a lot of notes based on familiarity with the issuer’s name or just because they are from Singapore, according to Bajaj at Lombard Odier, which has been avoiding Singapore dollar bonds.
The 5.3 percent securities of Aspial Corp., a jewelry retailer and developer of high-rise condos, have dropped to 97 cents from about 100 cents at the end of July, according to exchange prices.
A spokeswoman for Aspial declined to comment.
Assessing Exposure
The 6 percent perpetual bonds sold to mom-and-pop investors by water company Hyflux Ltd. have declined to 95.4 cents from about 100 cents as recently as Aug. 12, exchange prices show.
Hyflux’s group chief financial officer Lim Suat Wah said the company has a cash balance of S$494 million as at end June 2016 and also recently completed project finance for two major projects. “There is sufficient cash as well as available lines such that the company does not need to raise additional funds to redeem any maturing facilities,” she said.
Rising risks in Singapore’s bond market were highlighted in the missed payment by Swiber, which operates construction vessels to support the offshore oil and gas industry.
Its default places attention on high-yield securities amid mounting regulatory scrutiny, according to Magdalene Teo, fixed income analyst at Julius Baer.
“While the current low interest rate environment offers some reprieve to companies in terms of lower funding costs, those companies with higher leverage may find it challenging to refinance their upcoming maturities as local banks assess their exposure," said Teo.
Singapore Mom-and-Pop Investors Face Losses Amid Bond Risks
Bloomberg
August 31, 2016
Singapore millionaires stung by the misery of recent bond defaults now have company as the fallout threatens losses for mom-and-pop investors.
All four new issues of Singapore dollar-denominated notes targeted at individuals this year have dropped below the par sales value, as failures in the broader market stoke speculation nonpayments will spread. UBS Group AG’s wealth management unit said in an Aug. 16 report that retail investors are being sold "weak" names, and Lombard Odier said they face default risks on securities with poorer credit profiles.
“Now with bonds of small-medium-enterprises with weaker credit profiles being sold to retail investors, this exposes mom-and-pop investors to the risks of a default and bond restructuring,” said Dhiraj Bajaj, senior vice president in Singapore at Lombard Odier.
The last time Singapore’s individual investors suffered default was in 2008, when Lehman Brothers Holdings Inc.’s collapse resulted in failure to pay structured notes called mini-bonds, according to Bloomberg-compiled data. Signs of stress are rising as the economy cools. Swiber Holdings Ltd. failed to pay a coupon earlier this month, Pacific Andes Resources Development Ltd. reneged on securities in January and PT Trikomsel Oke missed payments late last year. While none of those incidents involved mom-and-pop investors, they have raised alarms.
Economic Headwinds
The local-currency retail note market is expanding just as analysts forecast Singapore’s economy will grow at the slowest pace in seven years in 2016 at 1.8 percent growth.
“I think there is a growing risk of defaults happening with a slowing economy,” said Vishal Goenka, Singapore-based head of credit sales for Asia at Deutsche Bank AG.
Rather than using impartial analysis, investors have bought a lot of notes based on familiarity with the issuer’s name or just because they are from Singapore, according to Bajaj at Lombard Odier, which has been avoiding Singapore dollar bonds.
The 5.3 percent securities of Aspial Corp., a jewelry retailer and developer of high-rise condos, have dropped to 97 cents from about 100 cents at the end of July, according to exchange prices.
A spokeswoman for Aspial declined to comment.
Assessing Exposure
The 6 percent perpetual bonds sold to mom-and-pop investors by water company Hyflux Ltd. have declined to 95.4 cents from about 100 cents as recently as Aug. 12, exchange prices show.
Hyflux’s group chief financial officer Lim Suat Wah said the company has a cash balance of S$494 million as at end June 2016 and also recently completed project finance for two major projects. “There is sufficient cash as well as available lines such that the company does not need to raise additional funds to redeem any maturing facilities,” she said.
Rising risks in Singapore’s bond market were highlighted in the missed payment by Swiber, which operates construction vessels to support the offshore oil and gas industry.
Its default places attention on high-yield securities amid mounting regulatory scrutiny, according to Magdalene Teo, fixed income analyst at Julius Baer.
“While the current low interest rate environment offers some reprieve to companies in terms of lower funding costs, those companies with higher leverage may find it challenging to refinance their upcoming maturities as local banks assess their exposure," said Teo.
Those who got retrenched or unable to find jobs, well, they deserved it for voting the pappies in last GE. Why are foreigners still flocking to sinkie land for jobs if locals are being retrenched?
Something is seriously wrong with pappies' policies of continuously importing foreigners to get jobs in the island while locals got retrenched. Pappies are indeed sinners.
http://sbr.com.sg/energy-offshore/n...osure-another-2-quarters#sthash.SRNz0LMC.dpuf
Banks will suffer prolonged agony from O&G exposure for another 2 quarters
Published 01 Sep 2016
Bad loan ratio is likely to hit 20%-50%.
The recent oil & gas sector fiasco continues to take its toll on banks, with their asset quality likely to still get pressured for at another two quarters.
According to UOB analyst Jonathan Koh, after a stress test on banks' earnings and target prices, asset quality for (offshore and support services) OSS will dramatically deteriorate in the second half of the year and (non-performing loans) NPL ratio for OSS will reach 2O%-50%.
The stress test was based on NPL ratio in the vulnerable offshore support services (OSS) segment within the O&G sector, as well as correction in collateral values.
"Our stress test indicates current share prices imply DBS’ and OCBC’s NPL ratios for OSS would hit 40-50% and valuation for collaterals would decline by a massive 70-80%," Koh said.
More so, the analyst argued that banks set aside specific provisions for the amount not covered by the recovery from collaterals in 2H16.
"For example, a loan of S$30m was extended to purchase vessels worth S$50m. The vessel owner defaulted. Banks would need to set aside specific provisions of S$20m if the vessel was disposed at S$10m, assuming a decline of 80% in the valuation of collateral," he explained.
With this, Koh deemed that the banks are in a fragile state due to a slower global growth.
"Banks faces risk from deterioration in asset quality from the O&G sector. In addition, sentiment remains fragile due to slower global growth and geopolitical uncertainties relating to the aftermath following Brexit and the US presidential election," Koh said.
Banks will suffer prolonged agony from O&G exposure for another 2 quarters
Published 01 Sep 2016
Bad loan ratio is likely to hit 20%-50%.
The recent oil & gas sector fiasco continues to take its toll on banks, with their asset quality likely to still get pressured for at another two quarters.
According to UOB analyst Jonathan Koh, after a stress test on banks' earnings and target prices, asset quality for (offshore and support services) OSS will dramatically deteriorate in the second half of the year and (non-performing loans) NPL ratio for OSS will reach 2O%-50%.
The stress test was based on NPL ratio in the vulnerable offshore support services (OSS) segment within the O&G sector, as well as correction in collateral values.
"Our stress test indicates current share prices imply DBS’ and OCBC’s NPL ratios for OSS would hit 40-50% and valuation for collaterals would decline by a massive 70-80%," Koh said.
More so, the analyst argued that banks set aside specific provisions for the amount not covered by the recovery from collaterals in 2H16.
"For example, a loan of S$30m was extended to purchase vessels worth S$50m. The vessel owner defaulted. Banks would need to set aside specific provisions of S$20m if the vessel was disposed at S$10m, assuming a decline of 80% in the valuation of collateral," he explained.
With this, Koh deemed that the banks are in a fragile state due to a slower global growth.
"Banks faces risk from deterioration in asset quality from the O&G sector. In addition, sentiment remains fragile due to slower global growth and geopolitical uncertainties relating to the aftermath following Brexit and the US presidential election," Koh said.
http://sbr.com.sg/building-engineer...r-outlook-in-q4-crumbles#sthash.2E5Fxoj6.dpuf
Construction sector outlook in Q4 crumbles
Published 01 Sep 2016
Lower demands are wrecking its business sentiments.
While the overall business optimism for Q4 saw a slight uptick, the construction sector continues to draw a downtrend, with only one of the six indicators passing a positive outlook.
According to Singapore Commercial Credit Bureau's latest quarterly Business Optimism Index (BOI), the decline in private building projects has caused sector's outlook to crash.
To recall, Singapore's Building and Construction Authority data showed total demands for construction declined from $27.03 billion to $15.30 billion in June.
Based on the index, sector's outlook on volume of sales fall significantly, experiencing a contraction of from 20% in the previous quarter to 0%.
Outlook for net profit sank into the red, from a flatline 0% to -20%.
"Both net profits and selling price deteriorated into the contractionary zone from 0 percentage point in Q3 2016 to -20.0 percentage points in Q4 2016," the report said.
Meanwhile, both orders and employment levels have also moderated downwards, both registering a 0% outlook in Q4.
Construction sector outlook in Q4 crumbles
Published 01 Sep 2016
Lower demands are wrecking its business sentiments.
While the overall business optimism for Q4 saw a slight uptick, the construction sector continues to draw a downtrend, with only one of the six indicators passing a positive outlook.
According to Singapore Commercial Credit Bureau's latest quarterly Business Optimism Index (BOI), the decline in private building projects has caused sector's outlook to crash.
To recall, Singapore's Building and Construction Authority data showed total demands for construction declined from $27.03 billion to $15.30 billion in June.
Based on the index, sector's outlook on volume of sales fall significantly, experiencing a contraction of from 20% in the previous quarter to 0%.
Outlook for net profit sank into the red, from a flatline 0% to -20%.
"Both net profits and selling price deteriorated into the contractionary zone from 0 percentage point in Q3 2016 to -20.0 percentage points in Q4 2016," the report said.
Meanwhile, both orders and employment levels have also moderated downwards, both registering a 0% outlook in Q4.
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