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  1. https://www.businesstimes.com.sg/government-economy/wuhan-virus-likely-to-have-much-wider-and-deeper-impact Wuhan virus likely to have 'much wider and deeper impact' China's economy and its trade with Singapore and the rest of the world have grown enormously since the Sars outbreak in 2003: Chan Chun Sing THE Wuhan virus outbreak is likely to have a much wider and deeper impact on the world economy than the severe acute respiratory syndrome (Sars) episode of 2003, and Singaporeans need to be mentally prepared for this, said Minister for Trade and Industry Chan Chun Sing on Sunday. Mr Chan was speaking to reporters during his visit to Oasia Hotel Downtown, where a 73-year-old Chinese national had stayed before testing positive for the coronavirus. He said: "I've heard a lot of people comparing this episode with the Sars episode many years ago in 2003. I think we shouldn't do that kind of direct comparison... Comparing 2003 to now, China's GDP (gross domestic product) has gone up by about four times. Our trade with China has also increased by nearly four times." China's GDP as a proportion of the entire world's GDP has more than doubled since 2003, from 9 per cent then to more than 19 per cent today. Mr Chan added: "The impact of any disruption to the Chinese economy and the supply chains is likely to be a much wider, much deeper impact because of the interlinkages with the global economy, and certainly with the Singapore economy." It is too early to say exactly how big the impact will be. But as the rest of the world progressively tightens their border controls, there will be "serious implications" on tourism and other industries, including manufacturing, Mr Chan said. On Friday, Singapore announced that it will bar anyone with a Chinese passport from entering the country, with exceptions made for Singapore permanent residents, those on long-term passes, and those who can show they have not been to China recently. Other visitors who have been to mainland China within the past 14 days will also be denied entry. In the 13 hours since these travel restrictions kicked in with effect from 11.59pm on Saturday, 15 travellers have been refused entry to Singapore. The bans do not affect existing work pass holders, although about 30,000 work pass holders who are of Chinese nationality left Singapore over the Chinese New Year break and have not returned, Manpower Minister Josephine Teo said on Sunday. These work visa holders, who would be required to go on a 14-day leave of absence when they return to Singapore, make up less than 1 per cent of the work force here, she said. Chinese tourists account for around 20 per cent of Singapore's total international visitor arrivals, with about 3.6 million visitors to Singapore in 2019. To dampen the punch for tourism businesses, the Singapore Tourism Board (STB) announced on Sunday that it will waive licence fees for hotels, travel agents and tourist guides. It will also defray enhanced cleaning costs of hotels that provided accommodation to confirmed and suspected cases of Wuhan virus infections. Mr Chan promised that the measures taken by STB to support affected businesses will be followed by a wider relief package that will be unveiled in the Budget speech on Feb 18. For example, some tour agents and F&B businesses have been very badly hit because 80 to 90 per cent of their business comes from the Chinese market, Mr Chan noted. "Even beyond the tourism related industries, what people are most concerned with is cash flow," Mr Chan said, noting that the ability of businesses to support jobs depends on their survival. "Companies have also asked if we can help them with temporary bridging loans. This is something that we are studying to see how to help them with their cash flow." The Ministry is also studying how it can help defray costs for the aviation sector while maintaining air connectivity between Singapore and China, he said. Mr Chan added: "For the taxi industry and the private hire industry, we will be looking into measures to see how we can help the drivers alleviate some of the temporary cash flow issues that they have at this point in time." He reassured Singaporean businesses and Singaporean workers that "we stand together with them", adding: "We do have the means to help them tide over this difficult moment, but we must do this with a long-term perspective. We must make sure that whatever we do is sustainable because we are not sure how long this crisis will last. "We must be mentally prepared, psychologically prepared that the impact of this, compared to Sars could be wider, deeper and longer."
  2. RadX

    2019/2020! Recession coming

    @wt_know say one
  3. Cheesey74

    2018! Are we in recession?

    I guess a staple topic for every new year. How's everyone 2018 so far? Good increment? Good bonus? Good employment opportunities? What do u think 2018 will turn out to be in terms of both financial & political progress?
  4. Ok as requested! Are we in recession or not? Happy new year all Continued from here http://www.mycarforum.com/topic/2701178-2016-recession-year-gloom-and-doom-2017/
  5. this is good news for some of the young people. from personal experience i have seen some of the younger people from the last downturn come to do quite well after a few years. --- S'pore grads in recession catch up eventually Teh Shi Ning | The Business Times | Wed Nov 23 2011 SINGAPORE - Graduates entering the job market here in a recession start off with lower pay, but their salaries catch up with the wages of those who start in economic booms after about three years on the job. This compares with an 18-year disadvantage faced by graduates joining the United States workforce in a recession, says a study published in the latest issue of the Economic Survey of Singapore, released yesterday. Click here to find out more! Economists from the Ministry of Trade and Industry's (MTI) Economic Division found that a one percentage point increase in the unemployment rate at the time a university graduate starts work reduces his starting pay by about 6-8 per cent. The results of their statistical regressions are similar to those of a US study of graduates which finds an initial wage loss of 6-7 per cent for a one-point increase in the US unemployment rate. But this negative impact diminishes over time and disappears after a graduate has gained three years of work experience. "Singapore's labour market would thus appear to be efficient enough to prevent the perpetuation of downward wage persistence for 'unlucky' cohorts of graduates," the study's authors said. The US study found that it takes almost 18 years before a graduate's initial wage disadvantage is mitigated. Singapore's recovery period could be shorter due to higher job mobility of university graduates here, or greater variable and performance-linked components in the wage structures here, which could make it easier for "unlucky" graduates to catch up with the skills acquired, the MTI economists said. Their results do come with caveats though. The data available, from 2000 to 2007, covers just one recession and the short time frame may exclude long- term negative effects. Also, without information on individual ability and job switches, they were unable to assess how different segments of university graduates are affected - key because wage persistence can differ for people of varying abilities. The economists said that this exploration of whether joining the labour force in recession-time has a negative impact on wages is an area "of growing importance", given the "rising economic volatility in Singapore". There have been three recessions in the last 15 years, and only one before 1996. Job creation was stronger in Q3, with 32,300 jobs added in the quarter compared to 24,800 in Q2. But with economic slowdown now underway, economists like OCBC Bank's Selena Ling expect the labour market to "soften this quarter and next year". Pointing to recent official business expectations surveys, she notes that employers have already turned cautious about hiring. This article was first published in The Business Times.
  6. earlier this morning, China market plunges 7% and is suspended for the rest of today... second time already in this week all other markets are badly affected a very bad start to 2016 looks like the US interest rate hike and hard landing of China economy slowdown will create a global financial storm in 2016 retrenchments and pay freezes, zero bonuses are inevitable during recession the only good thing is.... COE may crash to 20+k or even lower
  7. Just wanted to look around to see how many folks are aware of the actual dismal performance of our Q2 GDP growth, which contracted by 4.7% on an annualized q-on-q basis? It's quite interesting looking at local media coverage of the Q2 GDP statistics, and foreign media coverage (i.e. BBC, Reuters, Bloomberg). Something that really stands out is how the local media headlines and emphasis is on the nominal y-on-y 1.8% GROWTH in GDP, with the actual negative contraction of 4.7% relegated to one or two sentence buried in the middle of the report. Whereas for foreign coverage, the emphasis is on annualised contraction of 4.7% in GDP. To put this into context, SG hasn't experienced such a sharp contraction in GDP on a quarterly annualised basis since the 1997 Asian Financial Crisis. Around my own circles, the non-finance or non-economics trained individuals didn't really have a clue that the economy just hit a hard landing and we are staring right into the abyss of quite a deep recession that is close approaching. Pretty much why explains why most people here are so tied up in debating on COE fluctuations and hypotheticals everyday :) See examples below. Local and official sources https://www.enterpriseone.gov.sg/en/News/2015/July/150714%20Singapores%20GDP%20Rose%20By%201pt7percent%20On%20Year%20In%20Q2%202015.aspx http://www.singstat.gov.sg/docs/default-source/default-document-library/news/press_releases/advgdp2q2015.pdf http://www.channelnewsasia.com/news/business/singapore-economy-grew/1982450.html Foreign sources: http://www.reuters.com/article/2015/07/14/singapore-economy-gdp-idUSL3N0ZQ34K20150714 http://www.cnbc.com/2015/07/13/singapore-2q-gdp-dropped-46-on-quarter-while-08-rise-expected.html
  8. For discussion.... Is this good news or bad news to Singapore .... Yahoo news: Japan slides into recession as tax hike takes toll TOKYO (AP) -- Japan's economy unexpectedly shrank in the third quarter as housing and business investment declined following a tax hike, dragging the country into a recession and further clouding the outlook for the global economy. The world's third-largest economy contracted at a 1.6 percent pace in the July-September quarter, the government said Monday, contrary to predictions it would grow after a big drop the previous quarter. The surprise deepens uncertainty when China's growth is slowing and the 18-country eurozone grew only 0.2 percent in the same quarter. The gross domestic product figures showed across-the-board weakness in demand among consumers, manufacturers and builders. Many individuals and companies had spent money before the sales tax was hiked in April from 5 percent to 8 percent, and spending has languished since then. "The impact of the sales tax was much more severe than expected," said Junko Nishioka, an economist at RBS Japan Securities. Housing investment plunged 24 percent from the same quarter a year ago, while corporate capital investment sank 0.9 percent. Consumer spending, which accounts for about two-thirds of the economy, edged up just 0.4 percent. The BOJ's move, along with a government decision to shift a large share of the public pension fund investments out of government bonds and into higher yielding but riskier shares, pushed Japan's share benchmark to seven-year highs this month. But in morning trading, the Nikkei 225 stock index tumbled 2.6 percent to 17,037.65. Monday's data is preliminary, with a revision due Dec. 8. Since some of the decline was due to reductions in inventory, things may not be as bad as the GDP reading suggests, economists said. Pierre Ellis, senior economist at Decision Economics in New York, said increased business orders in the past three months for machinery, industrial equipment and other big ticket items should boost output in the coming months. Abe already was expected to announce additional economic stimulus this week. The dismal Monday morning data will probably lead him to announce a package worth about 3 trillion yen to 4 trillion yen ($26 billion to $35 billion), Nishioka said. More of stories, link: https://sg.finance.yahoo.com/news/japan-says-economy-contracted-1-000844739--finance.html Good news is Japanese cars will be cheaper if Japan into recession and COE going down... Bad news is Japan is the World's third-largest economy can go into recession, will it affect SG also ......
  9. actually recession was expected? oh darn it...
  10. Engulfed by recession and high unemployment rate, Spain's new car sale for 2012 has plunged by 13.2%. According to Spanish car makers' association ANFAC, it was a dismal December when new car sales plunged 23% from a year ago, which led to this steep annual decline last year with little expectation of improvement in 2013. This is the lowest level ever recorded since data collection began in 1989. A similar situation is affecting France as well, where new car registrations hit a 15-year low in 2012. ANFAC commented that the figures could have been worse if not for a new car subsidy scheme introduced by the government on 1 October 2012 in an attempt to offset the effect of a 3% hike in value added tax that was introduced in September 2012. Most economists expect the Spanish unemployment rate to remain above 25% in 2013 and its economy to endure another year of recession. Spain, which is the Eurozone's fourth-largest economy, has been hit particularly hard by the collapse of the country's housing market, which forced the government to bail out the Spanish banking sector with assistance from the EU.
  11. RadX

    Recession coming....

    ...but i thot we got one superhero who can STEER our way out steady wan?? tt time, i remember, steady hand, steady this, that.....smlj?? DPM Tharman warns of severe slowdown in global economy By Wayne Chan | Posted: 19 November 2011 1843 hrs SINGAPORE: Deputy Prime Minister Tharman Shanmugaratnam has warned of a possible severe slowdown in the global economy due to the debt crisis in Europe. He said that this could test the leadership of Singapore's government and union movement. Mr Tharman said: "Unfortunately, troubles are brewing once again, this time in the eurozone... We have to prepare for the possibility, the very real possibility of rough times ahead, a severe slowdown in the global economy. Once again, this will test leadership, leadership not just within government but leadership within the union movement." He was speaking at a graduation ceremony for the Ong Teng Cheong Labour Leadership Institute, where Mr Tharman and Labour Chief Lim Swee Say gave out certificates and diplomas to 99 graduates. Mr Tharman's comments come a day after the Monetary Authority of Singapore (MAS) warned that the global economy is at its most fragile state since the last financial crisis. However, Mr Tharman believes Singapore will be able to use crises to become fitter, more skilled and more ready to take on future opportunities. He said: "That has been the way we have dealt with past crises, not become all defensive, not retreat, but use the crisis as an opportunity to build up skills and build up competitiveness. "And if we go through difficulties once again next year and possibly beyond, we will be able to once again show the world how we use crises to build up our competitiveness and to emerge even stronger, just like we did the last time." Mr Tharman said Singapore's brand of tripartism (where the union works together with the government and companies), has resulted in Singaporean workers today enjoying better working conditions and higher salaries - something not many other countries have been able to achieve. But he added that there is still the ongoing battle to uplift those with low wages who are struggling to survive, and to correct working conditions which are still substandard in pockets of the economy. During the ceremony, Mr Tharman also highlighted graduates who made an effort to upgrade. One of them was 50-year-old Mohd Rasi Taib, president of the National Transport Worker's Union, who did not let age stop him from upgrading his skills. Another is Mr Ramanathan Doraisamy. He was retrenched but picked up leadership skills learnt at the institute and secured a new job as a quality assurance engineer. The graduates included union leaders, as well as industrial relations and human resource practitioners.
  12. Let's discuss how we can reduce our expenditure in this impending recession. 1) change cars less often 2) eat out less often 3) multi task per trip to reduce multiple trips 4) travel less, if have to, to nearby places etc.. bros and sis...got any inputs...let's share together
  13. Zanter

    Recession is good?

    Many complains we hear about online will disappear for instance 1. Fewer more FTs cos they will go back home. 2. Property prices will be cheaper as a result of 1. Less demand for rentals so HDB flats may see their long awaited correction. 3. Cheaper petrol/energy cos recession 4. Cheaper electricity cos of 3. 5. Fewer cars of the road cos of economic slow down. 6. Cheaper COES. Less tax to Govt due to less demand for cars 7. Cheaper food, maybe. This is assuming we still have jobs to pay for 1-7, So lets try to look at the brighter side of a slow down.
  14. Unit at Hougang Green hits $809 psf 11 April 2011 ChannelNewsAsia Homes in suburbs such as Simei and Buangkok are enjoying a resurgence of interest owing to their affordability and accessibility as new malls and MRT lines are built. The appreciation in the prices of such property is prompting some homeowners to cash out at a profit. In Buangkok, prices at the 99-year leasehold Hougang Green recently hit a peak of $837 psf in February when a 764 sq ft unit on the 10th floor was sold for $640,000. This comes after the launch of a new executive condominium development a few streets away
  15. One day, the young lion asked his mom: "Mom, where is the happiness?" Mom replied: "It's on your tail." So the young lion keeps on chasing his tail. But after a whole day of trying, he failed to get the happiness that was on his tail. Then he told his mom about this, his mom smiled and said: "Son, you don't really need to chase after your happiness, as long as you keep going and moving forward, your happiness will always be with you." Wish everyone of you find your happiness. You can't decide the length of life, but you can control how you want to live it. You can't control the weather, but you can control your mood. You can't change your look, but you can smile. You can't control others, but you can control yourself. You can't foresee tomorrow, but you can utilize today wisely. You can't win everything, but you can try your very best to achieve that. Hope everyone can face the daily life positively and always happy...
  16. http://sg.news.yahoo.com/afp/20090812/tbs-...ty-0b9af05.html Not yet sleeping so I thought of sharing my view on the current property boom...I was in the east looking for a small apartment...Why?? I just need a small apartment to stay....If I buy a 3-room HDB...It's probably something which is quite old...If I am going to buy a 4 or 5 room in a more centralise area....It's probably going to cost me 70% of the money I required to get a freehold 2 bedder in the east/west or north etc....So why not i pay 30% more and buy something that can last for a long time... I went into the showroom...The salesman very helpful....explained to me the project...bring me look around....then tell me he got colleague that can discussed further with me....yes....it's going to be money talk I guess!!! Anyway since no more 2 bedder is available...I told him I got all the information I required....should i am intersted in the left over 2+1....I will let him know...He immediately told me to wait and bring out a piece of those seem like triple 5 notebook paper...and tell me he got customer whom are willing to let go....minimum 5 units in the paper I saw....I just ask him if that's the case....won't I be buying at a more expensive price? He brush off my question by rattling off again what unit he have to let go... 1 person have already at least 5 units of would be willing to sell units...simple maths...if there is only 20 sales pple and each have also 5 units on hand ready to let go....5 x 20 = 100 buyers whom are willing to give up their units at a profit...The development have a total of 300+ units...I think speculation is really getting hot !!!! Price are really being driven up....
  17. Regardless of whether you're a petrolhead or not, you should know this figure pictured above. He is Jeremy Clarkson, the famous (or some say infamous) presenter in BBC's popular motoring entertainment show, Top Gear. While most of the world was in a recession last year, Jeremy Clarkson took home a substantial
  18. Check this out: http://www.dailymail.co.uk/home/moslive/ar...-recession.html Revealed: The ghost fleet of the recession By Simon Parry The biggest and most secretive gathering of ships in maritime history lies at anchor east of Singapore. Never before photographed, it is bigger than the U.S. and British navies combined but has no crew, no cargo and no destination - and is why your Christmas stocking may be on the light side this year
  19. Dearjoshua

    With unemployment at a record high and the economy going from bad to worse, Joe Biden was forced to admit the obvious on Meet the Press on Sunday. "Everyone guessed wrong," he said about the impact of the administration
  20. 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
  21. http://www.manilastandardtoday.com/?page=business2_feb7_2009
  22. 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
  23. 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. :-(
  24. 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,