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Sembcorp Marine posts S$535 million quarterly loss as orders shrink
- Thread starter yahoo55
- Start date
blame the saudis. they truly wish to kill off the shale oil business in canada and the u.s.
wow plenty of bad news
No wonder the PAP had early elections, of course they knew all about this.
With the severity of the coming recession I wonder how Sporeans are going to survive
Maybe in the next GE, more old & new Sporeans will vote for the opposition.
Totally agree. the main reason PAP called for the early GE is avoid having the election during a severe downtown. Already last year the economic data was getting from bad to worse, and interest rates were rising, PAP as well as others like myself knew that the Sinkie economy was heading for a recession soon.
Manufacturing, trade and exports have crashed, the only thing keeping the Sinkie GDP from sinking into recession now is the massive public spending by PAP on construction and infrastructure projects like new MRT lines and Changi airport expansion.
Singapore's total merchandise trade contracts by 9.5% in 2015
Published: 24 Feb 2016
Singapore's total merchandise trade dropped by 9.5% for 2015, reversing its measly 0.1% expansion in the preceding year.
- See more at: http://sbr.com.sg/economy/news/sing...ade-contracts-95-in-2015#sthash.3aed8754.dpuf
Published: 24 Feb 2016
Singapore's total merchandise trade dropped by 9.5% for 2015, reversing its measly 0.1% expansion in the preceding year.
- See more at: http://sbr.com.sg/economy/news/sing...ade-contracts-95-in-2015#sthash.3aed8754.dpuf
Singapore warns of “sudden and large” capital outflows as global growth slows
Published: 24 Feb 2016
Challenging economic conditions in emerging markets could lead to massive capital outflows for Asian economies, Singapore’s Ministry of Trade and Industry (MTI) warned in its annual Economic Survey.
The MTI noted that downside risks have increased as China’s slowing economy exacerbates softening global growth.
In particular, the report warned that if China’s aggressive economic reforms result in a significant drop in demand, regional economies will face heightened financial market volatility.
Increased volatility could in turn have negative spillover effects on the real economy, and the impact of the resulting slowdown could also be amplified through the financial system, the report said.
“With sustained low commodity prices and the beginning of the normalisation of US monetary conditions, regional countries could face sudden and large capital outflows, resulting in added pressures on their currencies and asset markets,” the MTI noted.
- See more at: http://sbr.com.sg/economy/news/sing...lows-global-growth-slows#sthash.KflQWxVH.dpuf
Published: 24 Feb 2016
Challenging economic conditions in emerging markets could lead to massive capital outflows for Asian economies, Singapore’s Ministry of Trade and Industry (MTI) warned in its annual Economic Survey.
The MTI noted that downside risks have increased as China’s slowing economy exacerbates softening global growth.
In particular, the report warned that if China’s aggressive economic reforms result in a significant drop in demand, regional economies will face heightened financial market volatility.
Increased volatility could in turn have negative spillover effects on the real economy, and the impact of the resulting slowdown could also be amplified through the financial system, the report said.
“With sustained low commodity prices and the beginning of the normalisation of US monetary conditions, regional countries could face sudden and large capital outflows, resulting in added pressures on their currencies and asset markets,” the MTI noted.
- See more at: http://sbr.com.sg/economy/news/sing...lows-global-growth-slows#sthash.KflQWxVH.dpuf
To be fair to the Saudis, they have learnt a very costly lesson in cutting oil production during the 80s oil glut and wants to avoid making the same mistake.
As seen in the 80s when the Saudis agreed to cut oil production by over 60% to boost oil prices, the other OPEC members and non-OPEC producers cheated and did not cut their production, and some even increased production. While the Saudis lost a massive chunk of revenue from the huge production cut and went into budget deficit, the other oil producers profited from higher oil prices at the Saudi's expense.
I doubt the Saudis refusal to cut oil production has much to do with the shale oil business in canada and the u.s.
The above article did not mention the companies in the O&G sector such as Keppel and Sembcorp Marine and many others, where there have also been lots of Sinkie retrenchments.
A few weeks ago, another O&G company Subsea 7 closed it's Singapore office and moved to Malaysia, retrenching 60 Sinkie staff.
Chart of the Day: No hope in sight for manufacturers after dismal 2015 performance
Published: 25 Feb 2016
Output will continue to shrink as woes mount.
There are darker days ahead for Singapore’s struggling manufacturers, after the sector posted a disheartening 6.7% contraction in the fourth quarter of 2015. Analysts warn that the manufacturing sector will remain stuck in recession this year, as restructuring woes and weak demand continue to dampen output growth.
According to BMI Research, demand dynamics will remain skewed against export-oriented countries like Singapore on back of weak global growth. Meanwhile, manufacturers will continue to grapple with rising costs as Singapore struggles to shift away from a high dependence on foreign workers.
- See more at: http://sbr.com.sg/economy/news/char...-dismal-2015-performance#sthash.uflro7oQ.dpuf
Published: 25 Feb 2016
Output will continue to shrink as woes mount.
There are darker days ahead for Singapore’s struggling manufacturers, after the sector posted a disheartening 6.7% contraction in the fourth quarter of 2015. Analysts warn that the manufacturing sector will remain stuck in recession this year, as restructuring woes and weak demand continue to dampen output growth.
According to BMI Research, demand dynamics will remain skewed against export-oriented countries like Singapore on back of weak global growth. Meanwhile, manufacturers will continue to grapple with rising costs as Singapore struggles to shift away from a high dependence on foreign workers.
- See more at: http://sbr.com.sg/economy/news/char...-dismal-2015-performance#sthash.uflro7oQ.dpuf
Will extremely high corporate debt derail Singapore’s growth story?
Published: 25 Feb 2016
Corporate debt levels are at an all-time high.
Record-high corporate debt levels will act as a big drag to Singapore’s economic growth story this year, analysts warned.
Companies might be forced to reduce capital expenditure plans in order to service their debt, which in turn will result in greater pressure for the broader economy.
“Singapore's rising corporate debt levels will be increasingly difficult to service amid a backdrop of slowing economic growth not only domestically, but across the region. Particularly concerning is the fact that corporate leverage rose at a very rapid pace following the global financial crisis as firms looked to lock in record-low financing rates,” BMI Research said in a report.
BMI Research, which is part of the Fitch Group, cautioned that the breakneck pace of credit accumulation witnessed in the years after the global financial crisis is usually an indication of an upcoming economic slowdown or even another financial crisis.
BMI Research noted that corporate debt levels hover at 85.0% of the GDP, the highest on record.
In its most recent Financial Stability Report (FSR), the Monetary Authority of Singapore (MAS) warned that there are firms that look vulnerable should interest rates rise, or if earnings outlook weakens.
The central bank’s calculations showed that aggregate corporate leverage has begun to stabilize after rising sharply from 95% in 2010 to 145% in 2014. However, the number of firms with debt-to-equity ratios greater than 2.0x has increased to 7.0% of listed corporates in the second quarter of 2015, compared to just 5.7% in Q2 2014.
MAS data also show that firms with interest coverage ratios less than 2 in 2Q15 have increased to 23% of all listed corporates, compared to 21% in 2Q14. The corresponding corporate debt held by such firms increased to 11% in 2Q15.
In a report released late in 2015, Citi warned that high corporate debt could curb domestic demand at a time when the economy is increasingly reliant on local industries to drive growth.
“Whilst not of systemic proportions, increased stress on corporate balance sheets and cash flows are likely to slow capex plans and reduce banks’ willingness to lend to companies, with knock on effects on domestic demand.” Citi warned.
- See more at: http://sbr.com.sg/economy/in-focus/...singapore’s-growth-story#sthash.Sd2YrQcv.dpuf
Published: 25 Feb 2016
Corporate debt levels are at an all-time high.
Record-high corporate debt levels will act as a big drag to Singapore’s economic growth story this year, analysts warned.
Companies might be forced to reduce capital expenditure plans in order to service their debt, which in turn will result in greater pressure for the broader economy.
“Singapore's rising corporate debt levels will be increasingly difficult to service amid a backdrop of slowing economic growth not only domestically, but across the region. Particularly concerning is the fact that corporate leverage rose at a very rapid pace following the global financial crisis as firms looked to lock in record-low financing rates,” BMI Research said in a report.
BMI Research, which is part of the Fitch Group, cautioned that the breakneck pace of credit accumulation witnessed in the years after the global financial crisis is usually an indication of an upcoming economic slowdown or even another financial crisis.
BMI Research noted that corporate debt levels hover at 85.0% of the GDP, the highest on record.
In its most recent Financial Stability Report (FSR), the Monetary Authority of Singapore (MAS) warned that there are firms that look vulnerable should interest rates rise, or if earnings outlook weakens.
The central bank’s calculations showed that aggregate corporate leverage has begun to stabilize after rising sharply from 95% in 2010 to 145% in 2014. However, the number of firms with debt-to-equity ratios greater than 2.0x has increased to 7.0% of listed corporates in the second quarter of 2015, compared to just 5.7% in Q2 2014.
MAS data also show that firms with interest coverage ratios less than 2 in 2Q15 have increased to 23% of all listed corporates, compared to 21% in 2Q14. The corresponding corporate debt held by such firms increased to 11% in 2Q15.
In a report released late in 2015, Citi warned that high corporate debt could curb domestic demand at a time when the economy is increasingly reliant on local industries to drive growth.
“Whilst not of systemic proportions, increased stress on corporate balance sheets and cash flows are likely to slow capex plans and reduce banks’ willingness to lend to companies, with knock on effects on domestic demand.” Citi warned.
- See more at: http://sbr.com.sg/economy/in-focus/...singapore’s-growth-story#sthash.Sd2YrQcv.dpuf
Wow, zero jobs created for Sinkies by the very overpaid PAP bums in 2015.
2016 is going to be worse as it will probably sink into negative jobs created for Sinkies, with lots more retrenchments and jobs being lost, especially the well paying PMET jobs. There will be lots more jobless Sinkies struggling to survive in very expensive Sinkieland.
Song boh 69%, you voted for this PAP shit.
Chart of the Day: Virtually zero jobs were created for locals in 2015
Published: 04 Mar 16
Employment growth was weakest since 2009.
Overall employment growth in Singapore dropped drastically in 2015. This chart from Citi shows that only 31,800 jobs were created for the entire year, a far cry from the 130,100 jobs created in 2014. And out of these 31,000 new jobs, virtually zero was for locals.
This caused job redundancies to jump to its highest level since the Global Financial Crisis in the fourth quarter. The poor numbers suggest that there is sluggish demand for higher-wage and cyclical jobs, Citi said.
“Further deterioration in the labour market may be of concern to policymakers. A continued moderation in unit labour costs in 4Q15 suggests wage pressures on core inflation may be milder than earlier anticipated,” Citi said.
- See more at: http://sbr.com.sg/economy/news/char...e-created-locals-in-2015#sthash.ERTuYeoY.dpuf
2016 is going to be worse as it will probably sink into negative jobs created for Sinkies, with lots more retrenchments and jobs being lost, especially the well paying PMET jobs. There will be lots more jobless Sinkies struggling to survive in very expensive Sinkieland.
Song boh 69%, you voted for this PAP shit.
Chart of the Day: Virtually zero jobs were created for locals in 2015
Published: 04 Mar 16
Employment growth was weakest since 2009.
Overall employment growth in Singapore dropped drastically in 2015. This chart from Citi shows that only 31,800 jobs were created for the entire year, a far cry from the 130,100 jobs created in 2014. And out of these 31,000 new jobs, virtually zero was for locals.
This caused job redundancies to jump to its highest level since the Global Financial Crisis in the fourth quarter. The poor numbers suggest that there is sluggish demand for higher-wage and cyclical jobs, Citi said.
“Further deterioration in the labour market may be of concern to policymakers. A continued moderation in unit labour costs in 4Q15 suggests wage pressures on core inflation may be milder than earlier anticipated,” Citi said.
- See more at: http://sbr.com.sg/economy/news/char...e-created-locals-in-2015#sthash.ERTuYeoY.dpuf
Wow, zero jobs created for Sinkies by the very overpaid PAP bums in 2015.
2016 is going to be worse as it will probably sink into negative jobs created for Sinkies, with lots more retrenchments and jobs being lost, especially the well paying PMET jobs. There will be lots more jobless Sinkies struggling to survive in very expensive Sinkieland.
Song boh 69%, you voted for this PAP shit.
Chart of the Day: Virtually zero jobs were created for locals in 2015
Published: 04 Mar 16
Employment growth was weakest since 2009.
Overall employment growth in Singapore dropped drastically in 2015. This chart from Citi shows that only 31,800 jobs were created for the entire year, a far cry from the 130,100 jobs created in 2014. And out of these 31,000 new jobs, virtually zero was for locals.
This caused job redundancies to jump to its highest level since the Global Financial Crisis in the fourth quarter. The poor numbers suggest that there is sluggish demand for higher-wage and cyclical jobs, Citi said.
“Further deterioration in the labour market may be of concern to policymakers. A continued moderation in unit labour costs in 4Q15 suggests wage pressures on core inflation may be milder than earlier anticipated,” Citi said.
- See more at: http://sbr.com.sg/economy/news/char...e-created-locals-in-2015#sthash.ERTuYeoY.dpuf
If this is the case, then whatever happened to those graduate from ntu, nus, smu, sim, polytechnics, ite. All driving taxis????
Nevertheless, just hope that Singaporeans wake up to their frigging ideas.
More then 30k jobs created by none for them.
The way it is, it's going to get worse as 2016 wears on.........
Already seeing friends getting the pink slips and pay cuts...b4 and after CNY.....
Very worrying....
How right you are, construction sector is sinking into contraction with the oversupply and crashing demand, soon it will not be able to prop up the GDP from sinking into recession.
Chart of the Day: See the worrying collapse of construction demand in Singapore
Published: 08 Mar 16
Commercial and industrial contracts have dried up.
Construction demand in Singapore dropped markedly in 2015, with the value of both public and private sector contracts booking negative year-on-year growth for the full year.
According to Citi, public construction contracts were unable to cushion the overall demand slowdown last year.
"Despite a significant budgeted increase in public infrastructure, the reality is that any increase in civil engineering contracts has been small compared to the drop elsewhere," Citi said in a report.
"Besides the well-telegraphed weakness in the residential sector, the prospect of over-supply in the commercial and industrial property space has begun to put the brakes on construction contracts for these two segments," Citi added.
In its annual Economic Survey released in February, the Ministry of Trade and Industry (MTI) warned that prospects for the construction sector have weakened in 2016.
This was on back of the drop in contracts awarded in 2015 and continued sluggishness in private sector construction demand.
- See more at: http://sbr.com.sg/building-engineer...tion-demand-in-singapore#sthash.aUA7cZke.dpuf
It is now the calm before the storm, tip of the iceberg only. By later part of 2016, undertakers will smile to the bank.
fresh grads are still ok..they are getting very good starting pay.....they are replacing the fresh grads from the previous year which replaced the grads from the previous previous year and on and on until the locals reach 35 years old and retrenched and replaced by FTrashes....
Lots more retrenchments are coming ...
http://www.businesstimes.com.sg/ene...-on-hundreds-more-in-singapore-oil-gas-sector
Axe to fall on hundreds more in Singapore oil & gas sector
Published: 11 Mar 2016
BW Offshore, Modec, CB&I scaling down or exiting the country altogether after Keppel, Sembcorp cut almost 10,000 from workforce
Singapore - HUNDREDS more people in the oil and gas sectors will lose their jobs as industry contractors operating out of Singapore scale down further or exit the country altogether.
http://www.businesstimes.com.sg/ene...-on-hundreds-more-in-singapore-oil-gas-sector
Axe to fall on hundreds more in Singapore oil & gas sector
Published: 11 Mar 2016
BW Offshore, Modec, CB&I scaling down or exiting the country altogether after Keppel, Sembcorp cut almost 10,000 from workforce
Singapore - HUNDREDS more people in the oil and gas sectors will lose their jobs as industry contractors operating out of Singapore scale down further or exit the country altogether.
The non-landed private homes rent prices for February 2016 have fallen 15.2% from the peak in 2013, in other words the rent prices have fallen 15.2% in 2 years.
The rental prices for HDB flats have fallen 9.1 per cent in 1.5 years.
What's much worse for those newbie landlords, is the huge oversupply coming on-stream and the weak demand. It's a tenant's market now, many landlords will not be able to find tenants or have to slash rents to attract tenants. Without rental income, many landlords will be unable to finance their investment properties and have to try to offload them at losses.
With lots more retrenchments and pay cuts coming, the economy heading for recession and rising interest rates, weak demand and huge oversupply and skyrocketing vacancy rates, the overall Sinkie property market may drop 25% from 2015 prices by end 2017.
http://www.channelnewsasia.com/news/business/singapore/hdb-private-apartment/2587016.html
HDB, private apartment rents down in February: Property index
The number of HDB flats rented dropped 20.1 per cent in February compared to the previous month, while rental volume for private apartments declined 17.5 per cent, with an estimated 2,797 units rented.
Channel NewsAsia - 09 Mar 2016 23:04
The rental prices for HDB flats have fallen 9.1 per cent in 1.5 years.
What's much worse for those newbie landlords, is the huge oversupply coming on-stream and the weak demand. It's a tenant's market now, many landlords will not be able to find tenants or have to slash rents to attract tenants. Without rental income, many landlords will be unable to finance their investment properties and have to try to offload them at losses.
With lots more retrenchments and pay cuts coming, the economy heading for recession and rising interest rates, weak demand and huge oversupply and skyrocketing vacancy rates, the overall Sinkie property market may drop 25% from 2015 prices by end 2017.
http://www.channelnewsasia.com/news/business/singapore/hdb-private-apartment/2587016.html
HDB, private apartment rents down in February: Property index
The number of HDB flats rented dropped 20.1 per cent in February compared to the previous month, while rental volume for private apartments declined 17.5 per cent, with an estimated 2,797 units rented.
Channel NewsAsia - 09 Mar 2016 23:04
Sinkie retrenchments are escalating and will be worse this year, 71% of the retrenchments are PMET jobs.
While the very overpaid PAP bums happily enjoy their high life and world's highest public salaries without any accountability, Sinkie peasants and PMETs suffer retrenchments and big pay cuts and high debts. Song boh 69% dumbfucks, you voted for this PAP shit.
http://www.todayonline.com/singapore/lay-offs-rose-205-last-year-mom-report
Lay-offs rose 20.5% last year: MOM report
Published: 12:29 PM, March 15, 2016
SINGAPORE – The number of workers laid off last year was the highest since the global financial crisis in 2009, the latest Ministry of Manpower (MOM) labour market report showed.
Released on Tuesday (March 15), the report said that a total of 15,580 workers were made redundant last year, up about 20.5 per cent from 12,930 in 2014. In 2009, more than 23,000 workers were laid off.
Professionals, managers, executives and technicians (PMETs) made the up of bulk (71 per cent) of redundancies.
While the very overpaid PAP bums happily enjoy their high life and world's highest public salaries without any accountability, Sinkie peasants and PMETs suffer retrenchments and big pay cuts and high debts. Song boh 69% dumbfucks, you voted for this PAP shit.
http://www.todayonline.com/singapore/lay-offs-rose-205-last-year-mom-report
Lay-offs rose 20.5% last year: MOM report
Published: 12:29 PM, March 15, 2016
SINGAPORE – The number of workers laid off last year was the highest since the global financial crisis in 2009, the latest Ministry of Manpower (MOM) labour market report showed.
Released on Tuesday (March 15), the report said that a total of 15,580 workers were made redundant last year, up about 20.5 per cent from 12,930 in 2014. In 2009, more than 23,000 workers were laid off.
Professionals, managers, executives and technicians (PMETs) made the up of bulk (71 per cent) of redundancies.
In 2015, 15,580 retrenched Sinkies + PRs, 71.1% of the retrenchments are PMET jobs.
64.5% of the retrenched Sinkies last year are 40yrs old and above, and 43.9% are degree holders.
http://www.straitstimes.com/singapore/manpower/high-skilled-workers-make-up-bulk-of-lay-offs-in-2015
High-skilled workers make up bulk of lay offs in 2015
Published Mar 16, 2016, 5:00 am SGT
Losing a job would be a blow for those over 40 years old and with higher skills as they tend to have higher financial obligations such as mortgages and children's study loans, but at the same time they are more costly to employers, said DBS economist Irvin Seah.
64.5% of the retrenched Sinkies last year are 40yrs old and above, and 43.9% are degree holders.
http://www.straitstimes.com/singapore/manpower/high-skilled-workers-make-up-bulk-of-lay-offs-in-2015
High-skilled workers make up bulk of lay offs in 2015
Published Mar 16, 2016, 5:00 am SGT
Losing a job would be a blow for those over 40 years old and with higher skills as they tend to have higher financial obligations such as mortgages and children's study loans, but at the same time they are more costly to employers, said DBS economist Irvin Seah.
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