Latest Posts By pharoah88
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| 15-Oct-2010 17:35 |
Genting Sing
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GenSp starts to move up again
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Friday: 15 OCT 2010 CLOSING
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| 15-Oct-2010 17:33 |
Genting Sing
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GenSp starts to move up again
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Friday: 15 OCTOBER 2010 CLOSING
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| 15-Oct-2010 08:37 |
All-S Equities Prop
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[][][]PROPERTY[][][] City Dev+ CapitaLand+ KepLand
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Singapore’s energy ‘trilemma’
Regulations and tiered pricing won’t be enough to help
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| 15-Oct-2010 08:36 |
Fixed Deposits
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$$$$ F D Interest Abnormalisation MLM BUBBLE $$$
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Singapore’s energy ‘trilemma’
Regulations and tiered pricing won’t be enough to help
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| 15-Oct-2010 08:34 |
Fixed Deposits
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## AGE Of ZERO Interest ## INFLATION ## POVERTY ##
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Singapore’s energy ‘trilemma’
Regulations and tiered pricing won’t be enough to help
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| 15-Oct-2010 08:32 |
User Research/Opinions
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&&&&&& PETRONAS CHEMICALS MALAYSIA &&&&&&
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Singapore’s energy ‘trilemma’
Regulations and tiered pricing won’t be enough to help
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| 15-Oct-2010 08:30 |
User Research/Opinions
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*** OIL *** CNOOC + PETROCHINA + SINOPEC
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Singapore’s energy ‘trilemma’ Regulations and tiered pricing won’t be enough to help
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| 15-Oct-2010 08:28 |
All-S Equities Fin
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SINGAPORE BANKS - UOB + OCBC + DBS
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Singapore’s energy ‘trilemma’ Regulations and tiered pricing won’t be enough to help
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| 15-Oct-2010 08:25 |
All-S Equities Prop
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[][][]PROPERTY[][][] City Dev+ CapitaLand+ KepLand
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$388 billion in Chinese loans at risk
BEIJING The results of the investigation were published yesterday on the front page of the official The probe is a first step in what the government has promised will be a thorough effort to clean up the mess left by a surge of stimulus spending to counter the global financial crisis last year. Local governments, which are officially barred from borrowing, launched thousands of hybrid government company bodies as financing vehicles to get around the restrictions and fund their expenditures, much of which went to infrastructure. According to the investigation, 24 per cent of the debt incurred by the local financing vehicles is fully backed by revenues from the projects that they have funded. A second batch of loans, about 50 per cent of the total, will not be recoverable directly from the projects that they have funded. However, these will be covered by secondary sources, such as government revenues. The third batch is the 26 per cent in serious trouble. “With the third kind of loans, projects did not conform to regulations; fiscal guarantees did not conform to regulations and there will be serious risks in paying them back. For example, the loans have been embezzled or used as investment capital,” the Large state-owned banks provided about 40 per cent of the loans to the financing vehicles, while smaller banks accounted for 26 per cent and government-controlled policy banks the remaining 30 per cent. — About a quarter of all loans to Chinese local government financing vehicles are at a serious risk of default, according to regulators, who estimate that 2 trillion yuan ($388.6 billion) of debt could turn sour.China Securities Journal.China Securities Journal reported.REUTERS |
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| 15-Oct-2010 08:23 |
User Research/Opinions
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$ CHINA BANKS $ ABC + BOC + CCB + ICBC $
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$388 billion in Chinese loans at risk
BEIJING
The results of the investigation were published yesterday on the front page of the official
The probe is a first step in what the government has promised will be a thorough effort to clean up the mess left by a surge of stimulus spending to counter the global financial crisis last year.
Local governments, which are officially barred from borrowing, launched thousands of hybrid government company bodies as financing vehicles to get around the restrictions and fund their expenditures, much of which went to infrastructure.
According to the investigation, 24 per cent of the debt incurred by the local financing vehicles is fully backed by revenues from the projects that they have funded.
A second batch of loans, about 50 per cent of the total, will not be recoverable directly from the projects that they have funded. However, these will be covered by secondary sources, such as government revenues.
The third batch is the 26 per cent in serious trouble.
“With the third kind of loans, projects did not conform to regulations; fiscal guarantees did not conform to regulations and there will be serious risks in paying them back. For example, the loans have been embezzled or used as investment capital,” the
Large state-owned banks provided about 40 per cent of the loans to the financing vehicles, while smaller banks accounted for 26 per cent and government-controlled policy banks the remaining 30 per cent. |
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| 15-Oct-2010 08:21 |
All-S Equities Fin
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SINGAPORE BANKS - UOB + OCBC + DBS
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$388 billion in Chinese loans at risk
BEIJING
The results of the investigation were published yesterday on the front page of the official
The probe is a first step in what the government has promised will be a thorough effort to clean up the mess left by a surge of stimulus spending to counter the global financial crisis last year.
Local governments, which are officially barred from borrowing, launched thousands of hybrid government company bodies as financing vehicles to get around the restrictions and fund their expenditures, much of which went to infrastructure.
According to the investigation, 24 per cent of the debt incurred by the local financing vehicles is fully backed by revenues from the projects that they have funded.
A second batch of loans, about 50 per cent of the total, will not be recoverable directly from the projects that they have funded. However, these will be covered by secondary sources, such as government revenues.
The third batch is the 26 per cent in serious trouble.
“With the third kind of loans, projects did not conform to regulations; fiscal guarantees did not conform to regulations and there will be serious risks in paying them back. For example, the loans have been embezzled or used as investment capital,” the
Large state-owned banks provided about 40 per cent of the loans to the financing vehicles, while smaller banks accounted for 26 per cent and government-controlled policy banks the remaining 30 per cent. |
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| 15-Oct-2010 08:19 |
User Research/Opinions
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%%%% WORLD ECONOMIC SUMMIT %%%%
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$388 billion in Chinese loans at risk
BEIJING
The results of the investigation were published yesterday on the front page of the official
The probe is a first step in what the government has promised will be a thorough effort to clean up the mess left by a surge of stimulus spending to counter the global financial crisis last year.
Local governments, which are officially barred from borrowing, launched thousands of hybrid government company bodies as financing vehicles to get around the restrictions and fund their expenditures, much of which went to infrastructure.
According to the investigation, 24 per cent of the debt incurred by the local financing vehicles is fully backed by revenues from the projects that they have funded.
A second batch of loans, about 50 per cent of the total, will not be recoverable directly from the projects that they have funded. However, these will be covered by secondary sources, such as government revenues.
The third batch is the 26 per cent in serious trouble.
“With the third kind of loans, projects did not conform to regulations; fiscal guarantees did not conform to regulations and there will be serious risks in paying them back. For example, the loans have been embezzled or used as investment capital,” the
Large state-owned banks provided about 40 per cent of the loans to the financing vehicles, while smaller banks accounted for 26 per cent and government-controlled policy banks the remaining 30 per cent. |
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| 15-Oct-2010 08:18 |
User Research/Opinions
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MAY BANK initiates GROWTH ERA tOday
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$388 billion in Chinese loans at risk
BEIJING
The results of the investigation were published yesterday on the front page of the official
The probe is a first step in what the government has promised will be a thorough effort to clean up the mess left by a surge of stimulus spending to counter the global financial crisis last year.
Local governments, which are officially barred from borrowing, launched thousands of hybrid government company bodies as financing vehicles to get around the restrictions and fund their expenditures, much of which went to infrastructure.
According to the investigation, 24 per cent of the debt incurred by the local financing vehicles is fully backed by revenues from the projects that they have funded.
A second batch of loans, about 50 per cent of the total, will not be recoverable directly from the projects that they have funded. However, these will be covered by secondary sources, such as government revenues.
The third batch is the 26 per cent in serious trouble.
“With the third kind of loans, projects did not conform to regulations; fiscal guarantees did not conform to regulations and there will be serious risks in paying them back. For example, the loans have been embezzled or used as investment capital,” the
Large state-owned banks provided about 40 per cent of the loans to the financing vehicles, while smaller banks accounted for 26 per cent and government-controlled policy banks the remaining 30 per cent. |
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| 15-Oct-2010 08:13 |
Fixed Deposits
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## AGE Of ZERO Interest ## INFLATION ## POVERTY ##
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$388 billion in Chinese loans at risk BEIJING The results of the investigation were published yesterday on the front page of the official The probe is a first step in what the government has promised will be a thorough effort to clean up the mess left by a surge of stimulus spending to counter the global financial crisis last year. Local governments, which are officially barred from borrowing, launched thousands of hybrid government company bodies as financing vehicles to get around the restrictions and fund their expenditures, much of which went to infrastructure. According to the investigation, 24 per cent of the debt incurred by the local financing vehicles is fully backed by revenues from the projects that they have funded. A second batch of loans, about 50 per cent of the total, will not be recoverable directly from the projects that they have funded. However, these will be covered by secondary sources, such as government revenues. The third batch is the 26 per cent in serious trouble. “With the third kind of loans, projects did not conform to regulations; fiscal guarantees did not conform to regulations and there will be serious risks in paying them back. For example, the loans have been embezzled or used as investment capital,” the Large state-owned banks provided about 40 per cent of the loans to the financing vehicles, while smaller banks accounted for 26 per cent and government-controlled policy banks the remaining 30 per cent. — About a quarter of all loans to Chinese local government financing vehicles are at a serious risk of default, according to regulators, who estimate that 2 trillion yuan ($388.6 billion) of debt could turn sour.China Securities Journal.China Securities Journal reported.REUTERS |
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| 15-Oct-2010 08:07 |
Fixed Deposits
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$$$$ F D Interest Abnormalisation MLM BUBBLE $$$
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Colin Tan
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| 15-Oct-2010 08:05 |
Fixed Deposits
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$$$$ F D Interest Abnormalisation MLM BUBBLE $$$
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‘noise’ in the market Economists have an explanation for this. Almost all of them agree that an excessively loose monetary policy — with interest rates kept low for too long invariably leads to asset inflation and this includes property. [lOw interest rate is the EVIL which drIves dOmestIc Internal InflatIOn ? ? ? ?] At the micro level, individuals cannot comprehend this. It does not help that there is a lot of “noise” in the market. Instead they see rising asset prices — of houses, stocks, bonds — touted as a reflection of the real wealth being created. At a seminar on Asia’s property markets last month, a speaker said exuberance in the Asian property sector is hard to rein in once the market has accelerated. Despite government cooling measures, he said the inflow of money from the United States and Europe into Asia will continue. On the local scene, we are seeing buyers slowly returning as developers push out more projects. In the aftermath of the latest cooling measures, the current market sentiment dictates that developers either go for sales or prices. The majority appear to go for prices. Not surprisingly, sales have slowed but are showing signs of improving. Meanwhile, developers continue to bid for land and secure redevelopment plots from collective sales even as they know future supply is growing ever larger. When will it stop? I think not, if there continues to be reasonably healthy buying. Although sales of HDB resale flats have cooled, I am still not sure whether prices have or will correct in the short term. Looking at the statistics, the fresh supply of resale flats will get worse before it gets better. This number is fixed by the number of flats the HDB has completed over the past five to seven years. They are available for resale once the minimum occupation period of five years have been fulfilled. Is the clampdown on buying of resale flats for investment sufficient to turn the market? It depends on how big this component was before the measures were announced. Of late, we have seen some of these monies go into HUDC flats. |
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| 15-Oct-2010 07:46 |
Fixed Deposits
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$$$$ F D Interest Abnormalisation MLM BUBBLE $$$
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MAS tightens monetary policy Mr Seah added: “The impact of a strong Singapore dollar on the tourism industry here will probably be quite minimal because our major markets are the regional countries and most of these countries’ currencies are expected to appreciate too.” Association of Small and Medium Enterprises president Lawrence Leow noted that the volatile global currency movements have been “troubling a lot of companies because some of them have businesses in multiple locations”. Wholesalers such as Mr Pierre Yap pointed out that a stronger Singapore dollar “will mean that our margins will probably suffer ... and we won’t be as competitive”. Still, Mr Wong Hong Mong, who owns Food Corporation Singapore, felt that rising costs was the biggest concern for businesses for now. [hIghest cOntrIbUtIOn tO street fOOd prIces is the hIgh RENT ? ? ? ? and fOOd cOUrt mIddleman and wet market mIddleman and hawker centre mIddleman ? ? ? ?] Said Mr Wong: “Demand has dropped but we’re more worried about inflation rising for a prolonged period.” OCBC economist Selena Ling felt that overall, the appreciation of the Sing dollar “should benefit the man on the street”. [S$ rIsIng agaInst USD bUt fallIng agaInst AUD ? ? ? ? There are mOre fOOd impOrts frOm Australia rather than USA ? ? ? ?] She expects inflation to hit 4.7 per cent in the fourth quarter, with full-year inflation keeping within the Government’s forecast, at 3 per cent. Said Ms Ling: “Most of our food are imported, so the impact on food prices should be minimal. And as long as labour market remains tight, wage expectations and wage increments should adjust higher too.” |
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| 15-Oct-2010 07:34 |
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$$$$ F D Interest Abnormalisation MLM BUBBLE $$$
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Monetary policy tightened MAS signals its intent to combat inflation, even as economic growth slows Millet Enriquez and Teo Xuanwei emelita@mediacorp.com.sg SINGAPORE The move, which allayed the fears of business owners and consumers about rising costs, sent the Singapore dollar soaring to a record high against the greenback — it also sent the US dollar tumbling against a wide range of currencies. The US dollar was at 1.2953 against the Singapore dollar and was being quoted at a record low of 1.2893 shortly after MAS’ announcement. While some experts worldwide expressed surprise at the global impact of MAS’ move, a Barclays Capital report pointed out that Singapore was “seen as a barometer of Asian economic growth” and investors may read MAS’ move “as a sign of greater willingness” on the part of other central banks in the Asian emerging economies to allow the US dollar to further depreciate. In its half-yearly policy review yesterday, MAS announced that in its bid to head off inflation, the slope of its policy band “will be increased slightly, with no change to the level at which the band is centred”. The policy band will also be “widened slightly in view of the volatility across international financial markets” — the last time it did so was in September 2001, after 911. Domestic inflation “rose significantly” from 0.9 per cent in the first quarter to 3.2 per cent in July and August, the MAS noted. nOthIng is dOne ? ? ? ? tO address Internally-Generated InflatIOn ? ? ? ? rIsIng hIgh transpOrt cOst Is KEY drIver Of ALL Internal InflatIOn ? ? ? ?
With the economy already operating at close to full employment, coupled with higher external commodity prices, such costs could be passed on to consumers. This, MAS said, may result in inflation hitting around 4 per cent by the end of this year and stay high in the first half of 2011. CIMB regional economist Song Seng Wun said MAS’ move is mainly “to cope with the unprecedented amount of liquidity that’s sloshing around the world”. DBS economist Irvin Seah described MAS’ move as “definitely good news for consumers. For instance, those looking to travel [hOw Often ? ? ? ? hOw mUch can be saved ? ? ? ? hOw many % Of sIngapOreans ? ? ? ?] will benefit from savings on the exchange rate”. — Taking global markets by surprise, the Monetary Authority of Singapore (MAS) tightened its monetary policy yesterday — signaling its intent to combat inflation even as the Republic’s economic growth slows. |
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| 15-Oct-2010 07:18 |
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$$$$ F D Interest Abnormalisation MLM BUBBLE $$$
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Updated: 14/10/2010
Singapore dollar hits record as MAS moves to tame inflationThe Singapore dollar hit a record high on Thursday after the central bank moved to tighten monetary policy as fresh data affirmed forecasts that the economy could grow 13-15 percent this year. Despite concern over rising currencies in the region, the Monetary Authority of Singapore (MAS) highlighted inflation as its main concern, pushing the city-state's unit to as high as 1.2886 against the US dollar. The move contributed to further US dollar weakness in Asian trade with the euro briefly rising to 1.41 dollars for the first time in nine months. A stronger Singapore dollar will lower the cost of imports for the city-state, which buys most of its needs from abroad. The Ministry of Trade and Industry said the economy expanded an annual 10.3 percent in the third quarter. While slower than the second quarter's 19.6 expansion, the July-September data showed Singapore was on track to achieve blistering growth projections after last year's 1.3 percent contraction caused by the global downturn. Singapore shares closed 7.14 points, or 0.22 percent, lower at 3,195.02. The MAS said that while gross domestic product growth was slowing to a "more sustainable pace", domestic cost pressures were rising due to the "high level of resource utilisation" and tight labour market in particular. "Thus, the balance of risks is weighted towards inflation going forward," the central bank added. The central bank projects underlying inflation, which excludes accommodation cost and private transport, to average 2.0 percent this year and 2.0-3.0 percent in 2011. The last time inflation became a major concern was in 2008 when it hit 6.5 percent, the highest in nearly three decades, before the global slowdown. Singapore's monetary policy is conducted via the local dollar, which is traded against a basket of currencies of its major trading partners within an undisclosed band. The MAS said "the slope of the policy band will be increased slightly" -- a signal that essentially means authorities will allow the Singapore dollar to continue to appreciate. "We believe it is concerns about inflation that have prompted MAS to increase the slope of the policy band," said analysts from Barclays Capital, the investment banking division of Barclays Bank. DBS Bank said in a market commentary that the MAS "surprised the market yet again" with its policy statement. "Indeed, the focus is on inflation in the coming months as external inflationary pressure is expected to pick up on higher commodity prices," the statement added. DBS said it was maintaining its 2010 growth forecast of 15 percent GDP growth for the city-state, adding that the slowdown in the second half was "much in line with the normalisation process in Asia". The trade and industry ministry said the decline in growth momentum in the third quarter was "an expected correction from the exceptional growth in the first half of the year". "Growth in the rest of the year will be underpinned by a number of industry-specific factors. "In particular, continued growth in global demand for electronic products will lend some support to the electronics and precision engineering clusters," the ministry added. During the third quarter, the manufacturing sector grew 12.1 percent from a year ago, substantially slower than the 46.1 percent surge in the previous quarter, the ministry said. The slower momentum came largely from the biomedical industry, particularly pharmaceuticals. |
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| 15-Oct-2010 00:26 |
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Hong Kong ceases property-for-residency scheme
Its government will temporarily remove real estate from its Capital Investment Entrant Scheme, which was set up to encourage foreigners to invest to gain residency, Chief Executive Donald Tsang said in his annual policy address yesterday. HONG KONG — Residency will no longer be offered to foreigners who buy property in Hong Kong, as the city intensified efforts to cool home prices that have jumped almost 50 per cent from last year. |
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