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  1. Extracted from MSN (Small cars are still recession proof?): In the desperate-for-good-news department, the auto industry ranks right up there these days with Custer
  2. Still wanting to buy that Condo and nice Convertible? Cheap bargains will come in 2009 once the crisis hits! So hang on tight bros......cause GIC said so! http://news.asiaone.com/News/Latest%2BNews...0421-60960.html GIC says global recession, crisis likely Mon, Apr 21, 2008 Reuters SINGAPORE - A SINGAPORE state investment fund that bought multi-billion dollar stakes in beleaguered banks Citigroup and UBS said a global financial crisis and recession was increasingly likely but that its investments in western banks were long-term in nature. 'The financial contagion has now spread beyond US shores, increasing the likelihood of a global financial crisis and recession,' Government of Singapore Investment Corp deputy chairman Tony Tan told a staff meeting on Monday. 'We could be facing a recession which is longer, deeper and wider than any recession we have encountered in the last 30 years.' 'We regard our investments in UBS and Citigroup as long term investments which will give us good returns when markets stabilise and economic conditions return to more normal levels,' he said. GIC is the larger of Singapore's two sovereign wealth funds and bought 11 billion Swiss francs (S$15 billion) worth of mandatory convertible notes in UBS last December. In January, GIC invested US$6.88 billion (S$9.4 billion) in Citigroup in a capital raising by the US bank. 'We regard our investments in UBS and Citigroup as longterm investments which will give us good returns when marketsstabilise and economic conditions return to more normallevels,' he said. GIC previously said it has not yet decided whether to participate in UBS's subsequent 15 billion franc rights issue. Dr Tan said that GIC had entered the market turmoil well prepared after it had taken a more conservative stance in its investment portfolio by selling stocks in the third quarter and holding more cash. 'We are now entering a period of extreme uncertainty in the world economy and the global financial markets. As banks continue to de-leverage, cutting down on their lending activities and causing contraction in credit supply, the prospects for the US economy and even the world economy are fraught with considerable downside risks,' he said. GIC says it manages 'well above US$100 billion'. But analysts say the fund's assets could be larger than US$300 billion, making it one of the world's biggest sovereign wealth funds. Morgan Stanley said in February that GIC was the world's third-largest sovereign wealth fund with US$330 billion in assets under management, behind the Abu Dhabi Investment Authority with US$875 billion and Norway's Government Pension Fund with US$380 billion. Temasek Holdings, Singapore's other fund, has to date invested US$5 billion in Merrill Lynch. -- REUTERS
  3. http://www.manilastandardtoday.com/?page=business2_feb7_2009
  4. Recession: S'poreans come first Straits Times 4th Feb '09 While the H-1B programme has made companies more cost-effective, the numbers show that the top companies which have the most number of H-1B holders are Infosys, Wipro, Satyam and Tata. All four multinational companies are from India. The reverse is true for American giants like Microsoft, Google, Oracle and Yahoo. Google has H1-Bs for about 2.5 per cent of its staff. Microsoft, Oracle and Yahoo have kept their H1-B staff at minimal levels. As for Facebook? Only one. Does the same trend apply to Singapore? It would be interesting to find out. The figures from the Ministry of Home Affairs in 2006 show an average of only 8,500 foreigners take up citizenship. My personal observation is that many expatriate couples strategise by having one spouse take up Singapore citizenship to enjoy subsidies in housing, child care and education while the other retains the couple's native citizenship. Many expatriates flock to Singapore because they see Singapore as a land of opportunity, which is clean, safe and good for families. But not many think of Singapore as their sole homeland. We know of American citizens who cannot imagine giving up their US citizenship for a pink Singapore identity card. A friend of mine from India who, after working here as a librarian for more than 10 years, decided to give up Singapore permanent residency and migrate to Canada because she was concerned that her son must serve national service when he completes his A levels. Another friend from Indonesia remarked that she would return home if she cannot find a job of her choosing, after she serves her bond here. To sum up, most foreigners choose to stay here for utilitarian reasons, unlike the reasons why native-born Singaporeans live on this island. So, when times get tough and jobs are scarce, our immigration policy must put Singaporean citizens first. Edmund Lin
  5. So far, what effect has this recession affected you and your company? no need to put company name, just which industry will do. For me, from IT industry. All head count freeze. no traveling except rev generating activities. No pay cut.........yet (hopefully). Last quarter still see business growing but this quarter will be bad. :-(
  6. Hi all, Wonder whether the recession affected your make love frequency with your loved one. Do we predict a drastic drop in birth rate and women conceiving in the year of the OX? Regards,
  7. Just catch some part of the show on 9pm when I visited my mum yesterday...notice the logo of the show is damn stupid.... 团圆饭 looks like 才员饭.... Go to http://reuniondinner.mediacorptv.sg/ to see the logo... Damn stupid....but really timing very nice....
  8. Hi all, lately, I went to a neighbourhood saloon to cut hair. I was told they have increased their haircut price by $3? I asked why? they told me politely that boss said recession and everything have risen in cost . Next, went over next door kopi thiam to have laksa, they have increase their price by another $0.50. I asked them recently price already increased but why again? They told me their supplies are getting expensive so have to raise price . What the heck is going on? I thought recession means price cutting to attract customers ? Can someone tell me why? Regards,
  9. http://www.youtube.com/watch?v=2I0QN-FYkpw Sadly, his opponents are jeering at him and downplaying the gravity...
  10. Would it be unreasonable to approach a 2nd hand car dealer to offer to buy a used car, let's say a 6 mth to 1 year old Merc, at "a little above" paper value? I wonder if they will entertain me or redicule/spit at me with disgust.
  11. Dear all, with the recent media reports and the economic crisis are we going to go into one soon or just an short one?
  12. Spending on defence is always a dead-weight loss, with no contribution to our GDP ... why spend so much on these planes when the economy is already in recession ??? http://www.channelnewsasia.com/stories/sin.../387475/1/.html
  13. i know reporter like to publish controversial story but what about miss lin, the student. what's in her mind when she do this interview ? can't believe she study in ntu, she must be a 'genius'. Mum and dad will provide... Miss Lin says she has never once run out of spending money. -- ST PHOTO: CHEW SENG KIM For 20-year-old undergraduate Agnes Lin, the recession could just be academic. The Nanyang Technological University first-year student has never been in need: She carries a $2,000 Louis Vuitton handbag to school and uses only Shiseido cosmetic and skincare products. She carries around the latest mobile phone and goes on overseas vacations with her friends where she would bust $1,000 on shopping alone. Twice monthly, she shops at her favourite stores - Topshop, Zara and Forever21. Mum, a private tutor, and Dad, a businessman selling polythene bags, pay for her expenses. Miss Lin is aware that Singapore faces a recession but the news does not bother her. She said: 'I think it is okay for me to maintain my current lifestyle. I may be spending a little bit more than my friends but I don't think I'm overspending.' At the moment, she has her eyes on the latest mobile phone in the market, the HTC Touch Pro, which costs about $700. Although her mother has said 'no' to her buying yet another mobile phone, Ms Lin has an inkling she will still get it. 'I think my mum will still buy it for me. My birthday is coming up!' she said with a giggle. She confessed that since young, she has never run out of cash. Her parents give her money whenever she asks. Since she was 16, her monthly pocket money has been $500. She has an older brother, also an undergraduate. The family live in a four-room flat in Marine Parade. She thinks a friend of hers, who is left with $20 to last until the end of the month, is silly to consider taking up a part-time job to earn some extra cash. 'I don't understand why she cannot just ask her parents for money,' sighed Miss Lin. She will enter the working world only after three years but she is already planning ahead. With her first pay packet, she will buy a $4,000 Chanel bag. 'After that, I will probably get more bags and watches,' she added.
  14. S'pore Q3 GDP contracts 0.5%, 2008 seen at 3% SINGAPORE - The economy shrank by 0.5 per cent in the third quarter of this year from the same period a year ago, resulting in the Ministry of Trade and Industry lowering its expectation on full year growth to 3 per cent. MTI made the announcement when it revealed the advance estimates for the quarter ending September on Friday. On a seasonally adjusted quarter-to-quarter annualised basis, real gross domestic product (GDP) dropped by 6.3 per cent in the third quarter after contracting 5.7 per cent in the previous quarter. With two consecutive quarters shrinking, economists say Singapore is now in a technical recession, the first in six years. The Ministry last revised downwards the GDP in August to 4.0-5.0 per cent, with growth expected to come in at the lower end of the range. Explaining the latest revision on the outlook for this year, MTI said, 'The worsening financial crisis in the US in recent weeks has deepened the credit crunch, making it more difficult for businesses to sustain economic activities.' 'With unemployment on the rise and house prices continuing to fall, US consumer sentiment has weakened further and will affect demand for exports from Asia and the rest of the world. Singapore's export-oriented sectors, such as manufacturing, will be affected.' Sectors The manufacturing sector continued to be weighted down by the negative growth in biomedical sciences, as pharmaceutical companies are still producing a mix of pharmaceutical ingredients with values lower than compared to a year ago. The precision engineering and chemical clusters also slowed, because of weaker external demand. The construction sector grew by 7.8 per cent in the third quarter, compared to the 18.3 per cent growth in the first half of 2008. 'Despite a strong pipeline of construction projects, a shortage of contractors, a tight labour market for engineers and project managers, and longer waiting times for equipment, have delayed the realisation of these projects.' MTI added in a press release that the financial services sector was likely to see slower growth in the coming months as the ongoing global financial crisis has heightened uncertainties for sentiment-sensitive segments such as stocks trading and fund management activities. The Republic's last technical recession was in 2002. -- BT ONLINE
  15. ASIAONE S'pore is in recession Fri, Oct 10, 2008 AFP SINGAPORE - Singapore's trade-sensitive economy has declined for a second straight quarter, the government said Friday, meaning the city-state has entered a recession for the first time in six years. On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, estimates from the Ministry of Trade and Industry said. It did not describe the economy as being in recession, but a technical recession is generally defined as two consecutive quarters of quarter-on-quarter contractions in economic output.
  16. Guest

    Is recession around the corner?

    oil price up, subprime crisis , USD down, more US companies report losses, stock market down....something is brewing here[smallcry] any market guru care to comment?
  17. http://www.bloomberg.com/apps/news?p...e04&refer=asia Singapore's Economy Probably Slipped Into Recession (Update1) By Shamim Adam Sept. 26 (Bloomberg) -- Singapore will probably slip into a recession this quarter for the first time since 2002 after exports and manufacturing slumped and fewer tourists visited the city state, economists said. Growth in the $161 billion economy faltered as exports dropped for four consecutive months, and industrial output declined in July and August. Gross domestic product contracted 6 percent in the second quarter from the preceding three months. The government will announce third-quarter data in October. Asian policy makers are warning of a deepening slowdown in their economies as demand from the U.S., Europe and Japan weakens amid turmoil in global financial markets. Goldman Sachs Group Inc. last month estimated that half of the world economy faces recession, with richer nations faring the worst. "The Singapore economy is facing headwinds on multiple fronts,'' said Alvin Liew, an economist at Standard Chartered Plc in Singapore. "Manufacturing is down, the government thinks tourism will fall short of targets and the unraveling of the global financial crisis will slow banking activity here.'' Economists at DBS Group Holdings Ltd. and United Overseas Bank Ltd., the nation's two largest lenders, today lowered their 2008 forecasts for growth and said Singapore will probably fall into a recession this quarter. Currency Weakens An economic slowdown may prompt the central bank to stop favoring currency appreciation and adopt a neutral policy, said DBS economist Irvin Seah. The currency fell 0.4 percent to S$1.4276 against the U.S. dollar at 6:13 p.m. local time. "The underlying growth momentum of the economy is undeniably slowing down,'' Seah said. "With growth fast heading south and inflationary risk likely to remain benign, we expect the Monetary Authority of Singapore to adopt a neutral exchange- rate policy stance in the forthcoming review in October.'' The island nation of 4.8 million people would join others in posting a technical recession, defined as two straight quarters of negative growth. New Zealand's economy contracted in the three months to June, driving the nation into its first recession in 10 years. Japan's economy shrank 3 percent last quarter, the steepest drop since 2001, while the euro-area contracted 0.2 percent in the same period. Australia's expansion last quarter was the weakest in more than three years as consumers cut spending, and Taiwan's central bank Governor Perng Fai-nan yesterday warned of higher "downside'' growth risks. Estimates Cut Singapore's government last month lowered its estimate for 2008 growth to between 4 percent and 5 percent from an earlier forecast of as much as 6 percent. The economy may grow less than 4 percent, the Straits Times reported this week, citing Trade and Industry Minister Lim Hng Kiang. The possibility of a recession in Singapore can't be ruled out amid the worst financial turmoil in global markets since the 1930s, Finance Minister Tharman Shanmugaratnam said on Sept. 21, according to a report by the Today newspaper. Central banks around the world have pumped over $300 billion into their financial systems to provide liquidity and revive confidence among banks after credit markets seized up. The credit crunch triggered by a housing slump in the U.S. led Lehman Brothers Holdings Inc. to file for bankruptcy and forced the sale of Merrill Lynch & Co. to Bank of America Corp. Risks Intensify "The financial crisis has likely intensified the downside risks to external demand and the property market,'' said Kit Wei Zheng, an economist at Citigroup Inc. in Singapore. "A likely tightening of financial conditions will impose its own drag on the domestic economy, independently of the external slowdown.'' The Singapore government last month warned that manufacturing, which makes up a quarter of the economy, will remain weak amid easing demand for pharmaceuticals, chemicals and electronics from its biggest markets. Industrial production dropped 12.2 percent last month after a 21.5 percent decline in July, the Economic Development Board said today. The country's services industry, which accounts for about two-thirds of the economy, is also showing signs of weakening. Visitor arrivals dropped 7.7 percent in August from a year earlier, the biggest tumble since the outbreak of a respiratory virus in Asia froze travel in 2003. Meeting a 2008 target for 10.8 million tourists will be "more challenging,'' Senior Minister of State S. Iswaran said last week. An inflation rate that's still near the highest in 26 years may prompt the central bank to allow slower gains in the currency rather than shift to a neutral policy, said Mark Tan, an economist at Goldman Sachs in Hong Kong. The monetary authority in April allowed a faster appreciation in the currency to damp consumer-price gains. "There is still a need to stay vigilant on the inflation front and we think policy makers will be uneasy about easing to an outright neutral stance at their October meeting,'' he said. To contact the reporter on this story: Shamim Adam in Singapore at [email protected]
  18. SINGAPORE may slide into a recession as slowing global economic growth undermines demand for the city-state's exports, the finance minister said. A recession - typically two consecutive quarters of economic contraction - 'cannot be ruled out,' Finance Minister Tharman Shanmugaratnam said through a spokesman in an emailed response to an Associated Press inquiry. 'We had to expect slower growth than previously expected, given the downward adjustments in the US, Europe and even parts of Asia compared to expectations just 3 months ago,' Mr Shanmugaratnam said. Singapore's economy grew 2.1 per cent in the second quarter compared to the same quarter a year earlier, down from 6.9 percent growth in the first quarter. Last month it lowered its growth forecast for this year to between 4 per cent and 5 per cent. Mr Shanmugaratnam said it was too early to revise the forecast again 'given the extreme fluidity of developments in the US currently.' Earlier on Monday, Singapore's trade minister Lim Hng Kiang also painted a gloomy picture on Singapore's economiy, saying that economic growth may dip below 4 per cent this year, even as global financial markets try to turn the corner. 'The financial difficulties in the US has led to de-leveraging and credit contractions, therefore slowing global growth,' said the Minister, who was speaking to the media on the sidelines of the Latin Asia Business Forum 2008. 'That means more difficult export markets for Singapore companies and for our economy...later this year and going into next year.' Mr Lim added that he expects economic growth to be 'closer to 4 per cent, maybe even a bit below 4 per cent, depending on how the financial crisis pans out over the next few weeks and months'. Singapore's non-oil exports, which account for about 70 per cent of gross domestic product, have been hit hard by the recent economic slowdown in developed countries. Non-oil exports, led by electronic goods and pharmaceuticals, tumbled 14 per cent in August from the same month a year earlier and 5.8 per cent in July. Hmmm ... do u think the govt sector slash pay or reduce variable bonus? Cos no pts tellg us what we hv already know.
  19. Source: http://www.channelnewsasia.com/stories/sin.../376538/1/.html
  20. I believe the downturn will hit in the next 12 months. Am thinking of selling my 5 rm flat in exchange for a cheap 3rm flat or just cash out and wait. Have got alternative accomodation. However it seems the prices of HDB flats are seemingly very resilient. With the Govt's policy of further increasing the FT numbers beyond the 1M mark, maybe the prices may not dip so much. Inflation is oso another big concern. So holding onto cash if the expected recession does not materialise will be a big mistake. What do you guys think?
  21. Read in ST today that our Finance Minister said recession is not in sight. What are your views on this?
  22. Just want to find out if that really happens, what are the ways and means to best manage such a crisis?
  23. Source: http://www.channelnewsasia.com/stories/sin.../342691/1/.html By Ng Baoying, Channel NewsAsia | Posted: 21 April 2008 1311 hrs SINGAPORE: The world could be facing its worst recession in 30 years, said Deputy Chairman and Executive Director of the Government of Singapore Investment Corp (GIC) Dr Tony Tan. He shared this view with over 500 GIC staff at a conference on Monday. "The financial contagion has now spread beyond US shores, increasing the likelihood of a global financial crisis and recession. We could be facing a recession which is longer, deeper and wider than any recession that we have encountered in the last 30 years," he said. Dr Tan added that this could be mitigated if timely actions are taken by policymakers around the world, boosting both markets and investor sentiment. If this does not happen within the next three to four months, it will be up to the markets to work out current problems, and this is expected to be a long, painful and drawn-out process. He said: "What is clear is that the financial and investment markets will be extremely nervous and volatile over the next one or two years." While that means GIC's multi-billion-dollar investments in UBS and Citigroup remain shaky in the short term, Dr Tan pointed out that these are long-term investments and they are expected to give good returns when markets stabilise and economic conditions return to normal levels. GIC invested US$10.8 billion in UBS in December last year and US$6.88 billion in Citigroup this January. At the staff conference, GIC also unveiled three new group committees
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