Monday, November 3, 2008
About this Blog
Nov 3, 2008
Global downturn quickens
LONDON - PROFITS evaporated at top European banks on Monday and authorities worldwide pressed on with efforts to bolster weakening economies as data from Europe and China suggested a sharp global downturn was gathering pace.
Nov 3, 2008
Slowdown hits Australia
CANBERRA (Australia) - AUSTRALIAN house prices rose at their slowest pace in almost three years, September retail sales slid, and job advertisements fell for a sixth consecutive month in new evidence on Monday that the economy is slowing.
House prices in state capitals fell by 1.8 per cent on average in the three months to September for an annual growth rate of just 2.8 per cent, the latest Australian Bureau of Statistic's house price index shows.
Nov 3, 2008
China's export orders fall
BEIJING - CHINA'S manufacturing activity slowed sharply in October amid weaker export demand despite a flurry of official measures to boost flagging growth in the world's fourth-largest economy, an industry group reported on Monday.
Nov 3, 2008
HK retail sales slow to 6.9%
HONG KONG - HONG KONG retail sales growth slowed to 6.9 per cent year-on-year in September as weak consumer spending linked to the world economic crisis began to bite, the government said on Monday.
Nov 3, 2008
Eurozone in recession?
BRUSSELS - THE 15 countries using the euro have slumped into a shallow recession in the face of the worst financial crisis in generations, the European Commission estimated on Monday.
Nov 3, 2008
S.Korea unveils stimulus
SOUTH Korea unveiled an economic stimulus plan on Monday and markets geared for more interest rate cuts in Europe and Australia in a frantic campaign to keep the financial crisis from plunging the world into its worst recession in decades.
Nov 3, 2008
Vietnam to cut prime rate
HANOI - VIETNAM'S central bank said it would cut the benchmark interest rate by one percentage point to 12 per cent on Wednesday in a bid to free up credit for businesses amid the global financial turmoil.
Nov 3, 2008
Indon inflation rises 11.77%
JAKARTA - INDONESIA'S inflation rate eased to 11.77 per cent year on year in October, the Central Statistics Agency said on Monday.
Nov 3, 2008
Consumer debt goes up
It indicates more people are unable to meet payments as crisis worsens
Posted by Anonymous in the Singapore Property Forum
May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase
Global Economic Crisis Worsens by the day
Just some of today's Straits Times reports... see a trend?Nov 3, 2008
Global downturn quickens
LONDON - PROFITS evaporated at top European banks on Monday and authorities worldwide pressed on with efforts to bolster weakening economies as data from Europe and China suggested a sharp global downturn was gathering pace.
Nov 3, 2008
Slowdown hits Australia
CANBERRA (Australia) - AUSTRALIAN house prices rose at their slowest pace in almost three years, September retail sales slid, and job advertisements fell for a sixth consecutive month in new evidence on Monday that the economy is slowing.
House prices in state capitals fell by 1.8 per cent on average in the three months to September for an annual growth rate of just 2.8 per cent, the latest Australian Bureau of Statistic's house price index shows.
Nov 3, 2008
China's export orders fall
BEIJING - CHINA'S manufacturing activity slowed sharply in October amid weaker export demand despite a flurry of official measures to boost flagging growth in the world's fourth-largest economy, an industry group reported on Monday.
Nov 3, 2008
HK retail sales slow to 6.9%
HONG KONG - HONG KONG retail sales growth slowed to 6.9 per cent year-on-year in September as weak consumer spending linked to the world economic crisis began to bite, the government said on Monday.
Nov 3, 2008
Eurozone in recession?
BRUSSELS - THE 15 countries using the euro have slumped into a shallow recession in the face of the worst financial crisis in generations, the European Commission estimated on Monday.
Nov 3, 2008
S.Korea unveils stimulus
SOUTH Korea unveiled an economic stimulus plan on Monday and markets geared for more interest rate cuts in Europe and Australia in a frantic campaign to keep the financial crisis from plunging the world into its worst recession in decades.
Nov 3, 2008
Vietnam to cut prime rate
HANOI - VIETNAM'S central bank said it would cut the benchmark interest rate by one percentage point to 12 per cent on Wednesday in a bid to free up credit for businesses amid the global financial turmoil.
Nov 3, 2008
Indon inflation rises 11.77%
JAKARTA - INDONESIA'S inflation rate eased to 11.77 per cent year on year in October, the Central Statistics Agency said on Monday.
Nov 3, 2008
Consumer debt goes up
It indicates more people are unable to meet payments as crisis worsens
Posted by Anonymous in the Singapore Property Forum
May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase
Saturday, November 1, 2008
About this Blog
"AIA S'pore lays off 20: More job losses expected in cost-cutting exercise begun before crisis hit its US parent."
Bull said:
What is 20 retrenchment??? compare to 200,000 new jobs we created this year.If you are not choosy, be realistic with your pay & jobs, no problem lah.
Bear said:
don't forget we've thousands of fresh-grad looking for jobs every year?
don't forget most new jobs created are in the construction industry .. can our retrenched bankers or even factory operators now go and take over blanga's constructional workers' positions?
be realistic with your pay and job... well said ... but how are you going to pay for the million dollar condo you committed earlier this year?
Another Bear said:
Moral of the story do not over commit to those overpriced condo..
Yet Another Bear said:
AIA axes 20 ... just slightly more than a week ago, Merrill Lynch also axed about 20 persons. i heard that very recently, standard charted also axed some (anyone care to confirm??)...
while I am not surprised that banks are cutting fat, these few... maybe 50 people are the "higher income" whose salaries and bonuses combined can easily be used to pay for 1000 workers in the construction and services industry... see the comparison???
so we create 200,000 jobs. Yeah, these are majority the low paying ones. But at the top line, our best paying industry (i.e. banks) are retrenching, most of it on the quiet and not so "visibly" like right now. This looks to me like incomes are going to shrink. The people in the banking & finance industry that were laid off... they were also the very same people that had the money in the first place to buy the condominiums. Many of them did indeed buy during the boom and they aren't necessarily going to be able to get a job with similar pay... let alone better pay to finance their earlier purchases. In fact, the higher up you are, when you are axed, the more difficult it is to find an equivalent job.
Guess what... this is going to be a vicious cycle. When their jobs are unstable, even the ones with loads of cash in the bank will think thrice about buying expensive properties.
May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase
Property Buyers be Prudent: Fewer Jobs, More Retrenchments Ahead
The following is a forum exchange on the deterioriating job market in Singapore (extracted from the Singapore Property Forum):"AIA S'pore lays off 20: More job losses expected in cost-cutting exercise begun before crisis hit its US parent."
Bull said:
What is 20 retrenchment??? compare to 200,000 new jobs we created this year.If you are not choosy, be realistic with your pay & jobs, no problem lah.
Bear said:
don't forget we've thousands of fresh-grad looking for jobs every year?
don't forget most new jobs created are in the construction industry .. can our retrenched bankers or even factory operators now go and take over blanga's constructional workers' positions?
be realistic with your pay and job... well said ... but how are you going to pay for the million dollar condo you committed earlier this year?
Another Bear said:
Moral of the story do not over commit to those overpriced condo..
Yet Another Bear said:
AIA axes 20 ... just slightly more than a week ago, Merrill Lynch also axed about 20 persons. i heard that very recently, standard charted also axed some (anyone care to confirm??)...
while I am not surprised that banks are cutting fat, these few... maybe 50 people are the "higher income" whose salaries and bonuses combined can easily be used to pay for 1000 workers in the construction and services industry... see the comparison???
so we create 200,000 jobs. Yeah, these are majority the low paying ones. But at the top line, our best paying industry (i.e. banks) are retrenching, most of it on the quiet and not so "visibly" like right now. This looks to me like incomes are going to shrink. The people in the banking & finance industry that were laid off... they were also the very same people that had the money in the first place to buy the condominiums. Many of them did indeed buy during the boom and they aren't necessarily going to be able to get a job with similar pay... let alone better pay to finance their earlier purchases. In fact, the higher up you are, when you are axed, the more difficult it is to find an equivalent job.
Guess what... this is going to be a vicious cycle. When their jobs are unstable, even the ones with loads of cash in the bank will think thrice about buying expensive properties.
May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase
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