Economic News

jasonjst · Sep 29, 2016

http://news.asiaone.com/news/singapo...migrate-survey

A recent online study has revealed that 42 per cent of Singaporeans want to migrate out of the country if given a chance.

The online study was conducted by global research company Ipsos and data solutions provider SSI in December 2015.

Iskandar Huat Ah .. 42% of 6.9M is about 2.9M sinkies want to migrate . Maybe only a small percentage got money can go ah moh countries . If JB RM500K is still too expensive to swim in , the next cheaper place to swim is bedok reservoir .

jasonjst · Sep 29, 2016

Tekkun said:
Just as we thought Iskandar properties are risky, this one even riskier.
I think only Fixed Deposit are the sure way of keeping money.

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After Swiber defaulted payment on its bonds and filed for liquidation, it is now Rickmers.

Over 50 note holders who together hold $26m worth want principal plus interest back

More trouble has struck financially-embattled container ship operator Rickmers Maritime, which wants bond holders to accept payouts far less than they invested.

Now a group of retirees, businessmen and others who have each sunk $250,000 or more into the bonds issued by the trust are demanding to get their principal back in full, with interest, immediately. They are trying to do this by exercising a so-called "acceleration" clause in the bond contract.

http://www.straitstimes.com/business/rickmers-note-holders-join-forces-to-get-payment

S$250K buy JB free hold property , how much can the JB agents con out of you ? Now a day Singapore Bankers are more " immoral " than JB con agents , retirees money also want to con ?

sgtsk · Sep 29, 2016

SINGAPORE: The Singapore economy is "in for a tough period that will last for a while", said Deputy Prime Minister Tharman Shanmugaratnam on Wednesday (Sep 28).

Speaking to reporters at the launch of the Wong Fong Industries headquarters in Joo Koon, Mr Tharman noted that for 2016, "we've had some growth at the start but the second half will be weaker; in the lower half of the 1 per cent to 2 per cent range".

jasonjst · Sep 29, 2016

sgtsk said:
SINGAPORE: The Singapore economy is "in for a tough period that will last for a while", said Deputy Prime Minister Tharman Shanmugaratnam on Wednesday (Sep 28).

Speaking to reporters at the launch of the Wong Fong Industries headquarters in Joo Koon, Mr Tharman noted that for 2016, "we've had some growth at the start but the second half will be weaker; in the lower half of the 1 per cent to 2 per cent range".

More will have to go swimming at bedok reservoir ?

Tekkun · Sep 30, 2016

jasonjst said:
More will have to go swimming at bedok reservoir ?

If Singapore economy go down, JB will also suffer. People will be tighten their belts and won't spend as much.
High end properties will not sell anymore. You will see more defaults in the property sectors.
Let's hope all go well. Prosper thy neighbour.

Investor888 · Sep 30, 2016

The next 2-3 years will see more and more properties in JB and Singapore kena lelong as the market is going downhill in Singapore due to the restriction of FT entering Singapore to throw their money. If anyone wants to buy any lelong properties, you can try in 2-3 years time. I am planning to hold on and tight for the next 2-3 years and hope the economy recovers. The economy is in very very bad shape right now but the Singapore media will never tell u the truth. My business friends who got dealings with SIA, PSA and Changi, Keppel etc are seeing less and less orders from these big names. Easily down by 50-70% from those peaks

winners · Sep 30, 2016

Investor888 said:
The next 2-3 years will see more and more properties in JB and Singapore kena lelong as the market is going downhill in Singapore due to the restriction of FT entering Singapore to throw their money.

Sinkies truly deserve it. They'd always complain of too many FTs and the government has listened and acted. I'm looking forward to more retrenchments and cutbacks. Nowadays, many of those work pass holders are being scrutinized more severely by the MOM before they are being renewed ( and only if applicable). After all, I'm not in the active workforce. Call me selfish, but this is 1 way to teach the Sinkies. They should have known better themselves.

jasonjst · Sep 30, 2016

winners said:
Sinkies truly deserve it. They'd always complain of too many FTs and the government has listened and acted. I'm looking forward to more retrenchments and cutbacks. Nowadays, many of those work pass holders are being scrutinized more severely by the MOM before they are being renewed ( and only if applicable). After all, I'm not in the active workforce. Call me selfish, but this is 1 way to teach the Sinkies. They should have known better themselves.

Our Master finally realized that keep import FTs doesn't work anymore. In the 80s to 2000s we have less FTs more Sinkies , productivity was like 10% growth every year. From 2000s onward , as they import more FTs , productivity actually keep dropping until now become negative grow ! Kena cancer already , must cut away those lazy FTs that suck the system dry. :biggrin:

"First, structurally, we are now in the new mode of growth. We can't keep growing by increasing manpower. We have to get productivity up. But even if things go well in Singapore, structurally we are talking about normal growth being 2 to 3 per cent – which is relatively good if we go by the standards of most developed economies," Tharman was quoted saying according to reports

cow138 · Sep 30, 2016

Well said. The govt only interested in the short term gains at the expense of long term benefits.
We are paying the price now. The current third generation of leaders have destroyed what the first has painstakingly built up

Tekkun · Oct 1, 2016

cow138 said:
Well said. The govt only interested in the short term gains at the expense of long term benefits.
We are paying the price now. The current third generation of leaders have destroyed what the first has painstakingly built up

I think we can say to the Iskandar developers, no need to be so hopeful buying will be strong from Singapore investors.
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Speaking to 300 students at the Polytechnic Forum 2016 yesterday, Minister Chan Chun Sing tackled various questions posed by the students.

He told the poly students that they should go beyond just relying on good grades alone to find jobs. He said that they should possess the four “As” — an awareness of current affairs, analytical skills, being able to adapt to various scenarios, and to anticipate change.

He also told the students that being a Singaporean is “not a God-given right”.

“Success, security cohesion is not what we can promise you … all of you have to work hard to stay ahead of changes and stay competitive,” he said. “To be a Singaporean is not a God-given right, it requires hard work to fight for that right to be called Singaporean.”

Singaporeans fighting for their basic survival – by driving cabs

Indeed, his government has opened the floodgates in recent years to get many foreigners to work and to compete with Singaporeans in Singapore. To compete not just for jobs but also in career promotions.

Singaporeans now have to fight very hard, not just to be called Singaporeans, but also for their own basic survival. These days, many Singaporean PMETs are being forced to drive taxis or become Uber drivers, despite having years of working experience in their respective industry.

Take for example, Mr Chin, a former IT Engineer in the computer industry for 10 years, was retrenched when the company restructured to cut costs. But later, he found out that his job was actually taken over by a “foreign talent” who was cheaper. He was unemployed for awhile and many of his job applications went unanswered. Finally, disgusted by the inflow of foreign talents crowding the IT industry, he decided to quit the industry altogether to drive a cab.

In another example, a former general manager Mr Long Khin Keong also ended up driving a cab. He used to work in the oil and gas industry, drawing about $15,000 a month. For 6 years, he can’t find a suitable job. Finally, he also decided to drive a cab in order to feed his family. These days, it takes 8 months for him to earn the $15,000 as a cab driver. “I’m not asking to become a GM again, I just want to be somewhere I can contribute with my experience,” he said.

Chan: You decide what kind of Singapore you want

Back at the forum while responding to the various issues thrown at him by the students, Minister Chan said that while the Government today may have a position on each of these issues, future generations will have to decide for themselves what kind of Singapore they want.

“You have to decide for your generation what option you want to pursue,” he said.

When fielding questions, Mr Chan urged students to think of the effects of policies on different segments of society, and whether they were appropriate for the times. He also encouraged them to be inquisitive and to think for themselves.

It’s interesting to note that Chan’s present generation of government has decided to opt for a 6.9 million population for Singapore to help grow its economy (i.e, throwing bodies into the economy to increase consumption). One of his elite member of the establishment even called for the number to be increased to 10 million.

With millions of foreigners flooding Singapore in the near future, even if the next generation of government wants to reduce the population, they are going to have a hard time doing so. Hence, what Chan’s government is doing now will not leave the next generation of government much choice, despite what he is telling the poly students.

winners · Oct 1, 2016

jasonjst said:
Our Master finally realized that keep import FTs doesn't work anymore. In the 80s to 2000s we have less FTs more Sinkies , productivity was like 10% growth every year. From 2000s onward , as they import more FTs , productivity actually keep dropping until now become negative grow ! Kena cancer already , must cut away those lazy FTs that suck the system dry.

"First, structurally, we are now in the new mode of growth. We can't keep growing by increasing manpower. We have to get productivity up. But even if things go well in Singapore, structurally we are talking about normal growth being 2 to 3 per cent – which is relatively good if we go by the standards of most developed economies," Tharman was quoted saying according to reports

Very interesting findings indeed. Let me ask you can productivity continue to grow indefinitely for the existing type of works? No, because there is a limit to everything. Take for example the bus transportation system. It had started with a 2-man system: driver and conductor. So, to increase productivity, it became OMO (one-man-operation). To further increase productivity, double-decker buses were introduced, automatic transmissions were implemented to help ease the fatigue of the driver from the long hours, etc. Currently, can there be anymore significant productivity growth in this profession? You may say driverless buses. But this will involve even more newer and sophisticated technologies, if it ever materializes, because how will the system identify if there are commuters at the bus-stops? Not every one (especially the elderly) is using Smartphones and Apps or even connected to data usage on their phones.

I only believe that to enhance further productivity growth, it can only be done through automation, but this also has its limits. Japan is a good leading example with their vast implementation of robotics applications in many fields. However, robotics are best suited for large production batches of the same type throughout the year. It will take many man hours to retool, reprogram, testing and trouble-shooting whenever there is a change of production type/model. Why doesn't Japan introduce driverless buses currently? This vocation will require constant changes during its course of operation, especially in identifying the commuters at the bus-stops and there is still no ideal technology to do so at the moment.

In conclusion, I can only say that everyday, the Ministers will always talk of increase productivity, but they don't want to acknowledge the fact that there is a limit and it has almost reach its apex for many of the existing professions, unless someone comes up with newer and better (proven) technologies, which may/may not happen, and not in every profession.

rotikok · Oct 1, 2016

winners said:
Very interesting findings indeed. Let me ask you can productivity continue to grow indefinitely for the existing type of works? No, because there is a limit to everything. Take for example the bus transportation system. It had started with a 2-man system: driver and conductor. So, to increase productivity, it became OMO (one-man-operation). To further increase productivity, double-decker buses were introduced, automatic transmissions were implemented to help ease the fatigue of the driver from the long hours, etc. Currently, can there be anymore significant productivity growth in this profession? You may say driverless buses. But this will involve even more newer and sophisticated technologies, if it ever materializes, because how will the system identify if there are commuters at the bus-stops? Not every one (especially the elderly) is using Smartphones and Apps or even connected to data usage on their phones.

I only believe that to enhance further productivity growth, it can only be done through automation, but this also has its limits. Japan is a good leading example with their vast implementation of robotics applications in many fields. However, robotics are best suited for large production batches of the same type throughout the year. It will take many man hours to retool, reprogram, testing and trouble-shooting whenever there is a change of production type/model. Why doesn't Japan introduce driverless buses currently? This vocation will require constant changes during its course of operation, especially in identifying the commuters at the bus-stops and there is still no ideal technology to do so at the moment.

In conclusion, I can only say that everyday, the Ministers will always talk of increase productivity, but they don't want to acknowledge the fact that there is a limit and it has almost reach its apex for many of the existing professions, unless someone comes up with newer and better (proven) technologies, which may/may not happen, and not in every profession.

American astronaut spends million to invent a pen that can write on zero gravity space while russian use pencil. I think if current technology able to detect pedestrian sudden appearance on road, and able to break abruptly, detecting ppl inside bus stop should not be technical hurdle. Even it is, simple solution would be create a button in the bus stop pillar. Ah gong ah ma if dunno how to press a button, i have worry whether they are human beings at all. Solution simple enough?

Driverless bus or taxi mean many ppl who were in this industry will have to find other jobs. In future, there will be less doctor, lawyer, accountant and many more professional jobs needed. While some professional jobs like sai gong (taoist dead ritual priest), celebrity, labour jobs like repairer, robotic mechanic etc will likely unreplaceable by automation.

winners · Oct 1, 2016

rotikok said:
Even it is, simple solution would be create a button in the bus stop pillar. Ah gong ah ma if dunno how to press a button, i have worry whether they are human beings at all. Solution simple enough?

Mechanical push buttons will be a no-no because how long can they last if they are being pressed hundreds of times everyday? You'll get the technicians too busy making their rounds to replace those push buttons at the bus-stops instead with the additional replacement costs and wages involved. Sensor touch buttons will also give problems due to contaminants from the fingers, leading to false or even no detection. Also, how will the driverless bus cope with wheelchair bound commuters?

Detection of obstacles by driverless vehicles still has much more refinements to be made. Otherwise, some TESLA owners would not have been killed because their system cannot detect certain objects ahead of them. The biggest obstacle I foresee is the combine use of both the driver and driverless vehicles concurrently on the same road. It'll become more the onus of the "driver" vehicles to cause future collisions, which the driverless ones cannot avoid because of sudden change of course by the former. On the contrary, if all the vehicles will be driverless, I'll feel safer instead. But this implementation cannot be changed just overnight. Furthermore, I doubt there will ever be a "riderless" motorcycle.

snowbird · Oct 2, 2016

Petronas-Aramco seek $10b loan for Johor project

Talks with banks have begun; however, analysts say profit squeeze could force rethink of Canadian gas plans

Indeed, if it was 3 years ago, when Petronas was flushed with cash, they could easily went ahead with this project without having to seek a bank loan or even have to seek partnership.
But in a time when banks are all jittery with the G&O industries and with major banks actually making huge provisions for bad loans, this loan may take some time to be finalized.
Also, just a couple of months ago, Petronas had just publicly announced drastic cut on capital expenditure by as mush as RM20 billion and now, seek US$7.5billion in loan is contradicting.
Some were even suspecting that Petronas was used as a front for the loan on behalf of 1MDB to settle its massive debt (no one will ever lend to 1MDB while Petronas is the only credible GLC that can take such big loan).

Tekkun · Oct 2, 2016

snowbird said:
Petronas-Aramco seek $10b loan for Johor project

Talks with banks have begun; however, analysts say profit squeeze could force rethink of Canadian gas plans

Indeed, if it was 3 years ago, when Petronas was flushed with cash, they could easily went ahead with this project without having to seek a bank loan or even have to seek partnership.
But in a time when banks are all jittery with the G&O industries and with major banks actually making huge provisions for bad loans, this loan may take some time to be finalized.
Also, just a couple of months ago, Petronas had just publicly announced drastic cut on capital expenditure by as mush as RM20 billion and now, seek US$7.5billion in loan is contradicting.
Some were even suspecting that Petronas was used as a front for the loan on behalf of 1MDB to settle its massive debt (no one will ever lend to 1MDB while Petronas is the only credible GLC that can take such big loan).

Malaysia's national oil corporation Petronas and the Saudi Arabian Oil Company (Saudi Aramco) have begun negotiations with Malaysian-based banks to raise a record US$7.5 billion (S$10 billion) syndicated loan to finance a planned refinery and petrochemical complex in Johor.
Bankers familiar with the loan syndication said that the 50-50 joint venture between the two international oil giants will be a straight-forward loan ahead of a much larger bond issue further down the road to finance the Refinery and Petrochemical Integrated Development Project, or Rapid, as it is called in the Pengerang industrial zone in Johor.
"The bridging loan is being guaranteed individually by Petronas and (Saudi) Aramco, and once the project is completed, a bond will be issued by the joint-venture concern," explained a chief executive of a Malaysian-based bank involved in the loan syndication. Rapid is expected to come onstream sometime in 2019, he said.
http://www.straitstimes.com/asia/se-asia/petronas-aramco-seek-10b-loan-for-johor-project

Tekkun · Oct 2, 2016

You won't believe how many Singaporeans are desperately wanting to migrate

More than half wishes to send their children to study abroad.

Singapore often scores high in terms of safety, standard of education, economy and in other measures but a new study released by Ipsos & SSI show that 42% of Singaporeans will still choose to leave the country if given the chance.

Melanie Ng, Head of Ipsos' Market Understanding Unit explained that while Singapore is indeed a fantastic' city to live in, for some Singaporeans, freedom of choice may be more important than the comfort and safety the country can provide.
"In Singapore, a typical complaint is the fast pace of life that is synonymous with city living, and another being the relatively limited opportunities to explore niche careers such as those in arts and music. Hence the impetus to migrate perhaps stems from a person's desire for a different lifestyle, or for a place where someone's unique interests are viable career opportunities," she said.

Furthermore, the study found that Although 74% of Singaporeans rated the Standard of Education here as good/excellent, 56% would still encourage their children to study outside of Singapore.

To this, Melanie adds, "While there has been considerable effort put in place to ensure that a university degree is accessible to all Singapore children, studying and living overseas is thought to provide a richer learning experience – opening students up to new cultures and perspectives – and teaching them to be independent and accountable. By going overseas, our students also have the choice to pursue broader study streams that we may not be able to offer at the moment."

http://www.msn.com/en-sg/news/other...migrate/ar-BBwOirh?li=AAaGkVj&ocid=spartandhp

rotikok · Oct 2, 2016

winners said:
Mechanical push buttons will be a no-no because how long can they last if they are being pressed hundreds of times everyday? You'll get the technicians too busy making their rounds to replace those push buttons at the bus-stops instead with the additional replacement costs and wages involved. Sensor touch buttons will also give problems due to contaminants from the fingers, leading to false or even no detection. Also, how will the driverless bus cope with wheelchair bound commuters?

Detection of obstacles by driverless vehicles still has much more refinements to be made. Otherwise, some TESLA owners would not have been killed because their system cannot detect certain objects ahead of them. The biggest obstacle I foresee is the combine use of both the driver and driverless vehicles concurrently on the same road. It'll become more the onus of the "driver" vehicles to cause future collisions, which the driverless ones cannot avoid because of sudden change of course by the former. On the contrary, if all the vehicles will be driverless, I'll feel safer instead. But this implementation cannot be changed just overnight. Furthermore, I doubt there will ever be a "riderless" motorcycle.

Well, haha, seem like you are trying hard to maintain your stance. A button, i never say it wouldnt break down ah. But how long to do maintainence, how long it take to replace a mechanical button? Even use china brand break down half yearly, just proceed la, at least give some job to repairer. When everything become automation, still need to adjust and repair right, the way you sound like anything that can broke down will be a no go, why make life so miserable. Wheelchair can use delivery belt from the bus reach out to the ground and transfer the user into the bus.

You see, when car first invented, how to minimize user injury when crash happen? Seat belt, simple? But it was invented years later. Even the break also lau ya, cant break fast enough have to put out a leg to stop the car. The point is, when thing come to automation, no need 100%, 0 flaws happen only we embrace them. It will get better and better, and all it need to show is, it prevent accident better than human beings, can already. Why need riderless motorcycle leh, sit there do nothing, car better, motor i think rider would enjoy their ride riding their own.

winners · Oct 2, 2016

rotikok said:
Wheelchair can use delivery belt from the bus reach out to the ground and transfer the user into the bus.

This sounds something very similar to what cartoons will always present. Get real. lol.

rotikok · Oct 2, 2016

winners said:
This sounds something very similar to what cartoons will always present. Get real. lol.

Well cartoon ady happened. https://youtu.be/xzS16JCrRoM

Cartoon would be something like "place a rocket behind wheelchair and fly into the bus". Hope you know what is real, what is unreal in this world. Takes time.

winners · Oct 2, 2016

rotikok said:
Well cartoon ady happened. https://youtu.be/xzS16JCrRoM

Cartoon would be something like "place a rocket behind wheelchair and fly into the bus". Hope you know what is real, what is unreal in this world. Takes time.

You are very insistent. Go ahead and satisfy yourself if you so desired because currently, it still needs the intervention of the driver to execute. Can you get this into perspective?

I think we shouldn't ponder on this too much because until the day it happens in front of my eyes in a driverless model, I'll then say you're proven correct, happy? Or if you are so free, continue to search the YouTube. Maybe they'll have 1 video showing on an SBS bus.

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