Shhhh...
Some people think when currency depreciate, its people will be poor.
And when currency is strong, its people will be rich.
Interesting.....
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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
Shhhh...
Some people think when currency depreciate, its people will be poor.
And when currency is strong, its people will be rich.
Interesting.....
Reuters. RM$2.9735
Shhhh...
Some people think when currency depreciate, its people will be poor.
And when currency is strong, its people will be rich.
Interesting.....
Good news to your countrymen!
Since you believes that when RM depreciates your countrymen are actually getting richer correspondingly!
Very interesting..........they should be happily looking forward to further fall in the RM.
Its now US$1:4.1 or S$1:2.97..........start rejoicing!
We do not rejoice but certainly we do not worry so much about getting RETRENCHED unlike others.
And we enjoy fixed deposit rate at 4.6% per annum.
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Do you know why a strong currency is not always a good thing?
Empty Stores Multiply as Singapore No Longer Shoppers’ Paradise
Bloomberg
By Pooja Thakur | Bloomberg – 17 hours ago
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(Bloomberg) -- Empty storefronts in Singapore’s prime shopping district may become a more common sight.
Vacancies in the city’s main Orchard Road area, a magnet for tourists lured by malls and Japanese department stores such as Takashimaya, have risen to a five-year high and across the island, they’ve soared to the highest since 2009. As economies around the region struggle with sluggish growth and consumers rein in spending, property brokers are expecting more retailers to scale back and close shop. And while rents have slumped from a peak in 2014, they haven’t fallen nearly enough to convince some brands to stay.
Here’s five reasons why Singapore can’t expect its status as a shoppers’ paradise to be restored anytime soon:
Tech Savvy
Singaporeans are among the most tech-savvy shoppers in Asia, with a greater percentage turning to online shopping than consumers in Hong Kong and Malaysia.
“Retail is changing because of e-commerce and malls will need to re-position themselves to cater for the future,” said John Lim, chief executive officer at ARA Asset Management, which owns malls in Singapore, Hong Kong and Malaysia. Malls will need to remodel to focus more on food-and-beverage outlets, entertainment, services and banking, and less on fashion and consumer products, he said.
Closing Stores
Some of the biggest retailers are fleeing. Al-Futtaim Group, the distributor in the city-state of major brands including Marks & Spencer and Zara, plans to shutter at least 10 stores in Singapore this year even as the conglomerate expands its footprint in cheaper Asian markets like Malaysia and Indonesia. British brand New Look and French menswear chain Celio plan to close shops in the second half of the year, with more tenants expected to follow suit, according to property broker Cushman & Wakefield Inc.
“After careful review, we’ve decided that Singapore does not have the same potential to be one of our key markets,” New Look said in an e-mailed response to queries from Bloomberg News. The company’s last store in the city-state will close on June 30, it said. Representatives for Al-Futtaim and Celio didn’t respond to requests seeking comment.
Chinese Pullback
Like Hong Kong, Singapore is reeling from the impact of China’s slowing economy and fewer flashy purchases by visitors from the mainland. Tourists are just not spending as much as they used to.
“Chinese tourists coming to Singapore are looking for experiences rather than goods,” Christine Li, director of research at Cushman & Wakefield in Singapore, said. “In today’s globalized world, where one can almost find the same brand everywhere, differentiation becomes the key ingredient for a successful retail scene, but regrettably, it is lacking in Singapore.”
Economic Headwinds
Domestic shoppers continue to pull back. Singapore’s consumer prices fell for a 17th consecutive month in March, the longest period of decline on record, reflecting the impact of lower oil costs and a weakening economy. If the economic headwinds persist and consumers cut back their discretionary spending amid heightened risks of pay cuts and job losses, prime shopping mall rents could drop as much as 5 percent this year, according to Colliers International.
Supply Rising
Rising supply of malls will add pressure to rents and raise vacancy levels. Singapore will add almost 4 million square feet of retail space over the next three years, according to data from Cushman & Wakefield.
To contact the reporter on this story: Pooja Thakur in Singapore at [email protected]. To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at [email protected], Andreea Papuc
©2016 Bloomberg L.P.
Empty Stores Multiply as Singapore No Longer Shoppers’ Paradise
Bloomberg
By Pooja Thakur | Bloomberg – 17 hours ago
ShareTweet
(Bloomberg) -- Empty storefronts in Singapore’s prime shopping district may become a more common sight.
Vacancies in the city’s main Orchard Road area, a magnet for tourists lured by malls and Japanese department stores such as Takashimaya, have risen to a five-year high and across the island, they’ve soared to the highest since 2009. As economies around the region struggle with sluggish growth and consumers rein in spending, property brokers are expecting more retailers to scale back and close shop. And while rents have slumped from a peak in 2014, they haven’t fallen nearly enough to convince some brands to stay.
Here’s five reasons why Singapore can’t expect its status as a shoppers’ paradise to be restored anytime soon:
Tech Savvy
Singaporeans are among the most tech-savvy shoppers in Asia, with a greater percentage turning to online shopping than consumers in Hong Kong and Malaysia.
“Retail is changing because of e-commerce and malls will need to re-position themselves to cater for the future,” said John Lim, chief executive officer at ARA Asset Management, which owns malls in Singapore, Hong Kong and Malaysia. Malls will need to remodel to focus more on food-and-beverage outlets, entertainment, services and banking, and less on fashion and consumer products, he said.
Closing Stores
Some of the biggest retailers are fleeing. Al-Futtaim Group, the distributor in the city-state of major brands including Marks & Spencer and Zara, plans to shutter at least 10 stores in Singapore this year even as the conglomerate expands its footprint in cheaper Asian markets like Malaysia and Indonesia. British brand New Look and French menswear chain Celio plan to close shops in the second half of the year, with more tenants expected to follow suit, according to property broker Cushman & Wakefield Inc.
“After careful review, we’ve decided that Singapore does not have the same potential to be one of our key markets,” New Look said in an e-mailed response to queries from Bloomberg News. The company’s last store in the city-state will close on June 30, it said. Representatives for Al-Futtaim and Celio didn’t respond to requests seeking comment.
Chinese Pullback
Like Hong Kong, Singapore is reeling from the impact of China’s slowing economy and fewer flashy purchases by visitors from the mainland. Tourists are just not spending as much as they used to.
“Chinese tourists coming to Singapore are looking for experiences rather than goods,” Christine Li, director of research at Cushman & Wakefield in Singapore, said. “In today’s globalized world, where one can almost find the same brand everywhere, differentiation becomes the key ingredient for a successful retail scene, but regrettably, it is lacking in Singapore.”
Economic Headwinds
Domestic shoppers continue to pull back. Singapore’s consumer prices fell for a 17th consecutive month in March, the longest period of decline on record, reflecting the impact of lower oil costs and a weakening economy. If the economic headwinds persist and consumers cut back their discretionary spending amid heightened risks of pay cuts and job losses, prime shopping mall rents could drop as much as 5 percent this year, according to Colliers International.
Supply Rising
Rising supply of malls will add pressure to rents and raise vacancy levels. Singapore will add almost 4 million square feet of retail space over the next three years, according to data from Cushman & Wakefield.
To contact the reporter on this story: Pooja Thakur in Singapore at [email protected]. To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at [email protected], Andreea Papuc
©2016 Bloomberg L.P.
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Heard Orchard Road retails are empty and devoid of customers but the quantity of maids and blanglas congregating have increased. They should aptly rebrand Orchard Road as Blangla Road
This is the true situation, thanks to unbridled intake of foreigners. Kick back one big group and Orchard will be OK.
They should have a sign which ban maids or blanglas from evening entering Orchard Road. The moment they tap their ezilink to come down the bus or MRT stations, screen for their nationality and deport them back into the buses or MRT and ship them back to their dorms. It shall be a Criminal offence for them to congregate in Orchard road from Tanglin More to PS
Once I was around Lucky Plaza, I can't even walk through the side lanes. There are thousands and thousands of them sitting on the road, pavements, flower pots, steel barricades,whatever and just doing nothing. Some just stare into empty space......just unbelievable. No wonder even locals are avoiding that place. What a shame.
Cheaper the Ringgit, higher the foreign investments in Malaysia.
Now you know why people are setting up shops in Malaysia?
-------------------------------------------------
TOKYO (Reuters) - Toyota Motor Corp said on Wednesday it will invest about 49 billion yen ($450 million) to build a new, 50,000-cars-a-year factory in Malaysia to meet growing demand in the Southeast Asian country.
http://finance.yahoo.com/news/toyota-invest-450-million-build-041650298.html
Now you know why people are setting up shops in Malaysia?
-------------------------------------------------
TOKYO (Reuters) - Toyota Motor Corp said on Wednesday it will invest about 49 billion yen ($450 million) to build a new, 50,000-cars-a-year factory in Malaysia to meet growing demand in the Southeast Asian country.
http://finance.yahoo.com/news/toyota-invest-450-million-build-041650298.html
For the past 5 years I think can count on both hands how many times my family went Orchard Road for shopping. We now prefer to shop in MY.
several friends are retrenched from an electronics mnc recently.
more retrenchment will come for another big electronics mnc in july.
all are pmet in 40s. research engineers. postgraduates. not factory staff.
those in 50s already asked to go.
anyway, the good thing is more manpower available for the service industry now.
more retrenchment will come for another big electronics mnc in july.
all are pmet in 40s. research engineers. postgraduates. not factory staff.
those in 50s already asked to go.
anyway, the good thing is more manpower available for the service industry now.
Are your friends able to get new jobs? I think it's going to be tough depending on which sector they are in.
I empathize those who are in their late 40's and 50's suddenly get retrenched but still got mouths to feed at home. Not the rich ones as I know they can survive. More like the lower to mid-income workers who will suffer.
At the same time, you have people picking and choosing jobs based on the most trivial things.
Sometimes I do find you kinda dense.
When the currency depreciates, the common folks will have to pay more for the same thing.
Result? High inflation!
As for Singaporeans, if they put $$ in MY, the high interest rate will be completely wiped off with the rapid falling RM.
As for retrenchment..............well, look out for the news or rather BAD NEWS, it was reported that PM's recent visit to Russia was to offer sales of some Petronas's assets!
The govt's demand of high dividends from Petronas, the country's only golden goose, despite its negative earnings is making Petronas bankrupt in no time.
Anyway, Petronas, despite cost cutting by reducing capital expenditure, is already considering retrenching 51,000 people. https://www.malaysiakini.com/news/327674
Frankly, personally I won't hate it if RM drop like stone. I am more than happy but I am not telling why.
We had gone through many recessions and we know what is called right sizing. We know what is called buying within our own country. We do not need to import so much for our daily needs. We have our own chickens, rice and water. We won't die of hunger.
Why of all papers you quote Malaysiakini? LOL
http://www.nst.com.my/news/2016/05/147684/petronas-denies-talk-assets-stake-sale-russian-company
KUALA LUMPUR: State oil firm, Petronas, has defused news that it was in discussions with any Russian party for the sale of assets and stake.
“We wish to clarify that Petronas has not been and is currently not in discussions with any Russian party for the abovementioned purpose,” it said in a statement here today.
Petronas was referring to a number of recent press reports originating from Russia on purported discussions for the disposal of specific Petronas “assets” and “stake”.
that is why it is advisable to get married and have kids earlier.
say if you have kids around 30, by the time retrenched say 50/55, kids already grown up and go to univ.
if you do not have a big loan, you can use the sg rental plus cpf to retire anywhere. if in jb, kids no need to run back and forth. they just stay in uni on weekdays. and you can enjoy doing little renos to the house, unless truly enjoy joining the service industry and serving people.
say if you have kids around 30, by the time retrenched say 50/55, kids already grown up and go to univ.
if you do not have a big loan, you can use the sg rental plus cpf to retire anywhere. if in jb, kids no need to run back and forth. they just stay in uni on weekdays. and you can enjoy doing little renos to the house, unless truly enjoy joining the service industry and serving people.
This news was released out of the blue while the PM was in Russia. http://tvsarawak.com/2016/05/23/rus...the-assets-of-the-malaysian-petronas-company/
No smoke without fire!!
And it took all Malaysians, including the Petronas people by surprise.
Obviously it was just an initial offer for sales talk to seek out interested buyer.
When the big boss is broke and wants to sell assets, what can the people do?
After all, they have already sold power plants, which some people consider sensitive assets, to China.
As usual, when the WSJ first broke the news last year about US$700 million being banked into the PM's personal account, it was also total denial by all, including the one concerned.
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