Economic News

[snowbird]

Malaysia’s Petronas Posts 96% Profit Drop on Lower Oil Price

Profit dropped 96%!
Net income fell to RM348 million in the three months through June, from RM9.1 billion a year ago!
And this is despite major cost-cutting measures.
Expect more drastic cuts everywhere especially capital expenditure and operating expenses.
With revenue down so much, the 2017 National Budget will be greatly affected.

http://www.bloomberg.com/news/artic...-quarterly-profit-decline-on-lower-oil-prices

 

[Manhattan]

Yongnam moving production to Johor.

http://www.businesstimes.com.sg/com...ustrial-land-to-move-factory-operations-there

 

[snowbird]

Yongnam moving production to Johor.

http://www.businesstimes.com.sg/com...ustrial-land-to-move-factory-operations-there

This is exactly the kind of manufacturing companies JB should concentrate to attract to set up shop there - big and cheap factory space, low tech, plenty of unskilled workers, using local products, etc.

 

[rotikok]

Malaysia’s Petronas Posts 96% Profit Drop on Lower Oil Price

Profit dropped 96%!
Net income fell to RM348 million in the three months through June, from RM9.1 billion a year ago!
And this is despite major cost-cutting measures.
Expect more drastic cuts everywhere especially capital expenditure and operating expenses.
With revenue down so much, the 2017 National Budget will be greatly affected.

http://www.bloomberg.com/news/artic...-quarterly-profit-decline-on-lower-oil-prices

Still got GST to get some revenue, no problem. Next year election, BN will want it ASAP before mahathir party getting stronger. Any mega project that will attract votes will proceed, getting loan from AIIB, money wise no problem, want makan, china can help since they dont want lose to japan, china more than happy to do dirty.
Petronas rapid project continue on, even team up with aramco for building the refinery.

 

[sgcount]

With so many Australian banks not willing to lend to foreigners, what happens to those who have already placed their deposits? Are they allowed to pull out based on the reason that they cannot secure a bank loan?

Not so easy to buy leh.
---------------------------------------------------------
Westpac withdraws from real estate lending to foreigners

By business reporter Elysse Morgan
Updated 27 Apr 2016, 2:32pm

It is the third major bank to clamp down on lending to non-residents, home buyers with foreign self-employed income and those who hold temporary visas in Australia.Westpac Bank and its subsidiaries are no longer lending money to foreigners wanting to buy residential property.

ANZ and the Commonwealth Bank moved earlier this month.
NAB said its current rules for non-resident buyers stipulate that they must be employed, not self-employed or shareholders, must be met face-to-face and will only be lent up to 70 per cent of the value of the property.

Westpac's new rules are similar to the other banks.
From 26 April it will no longer permit any lending to a non-resident, even if the applicant's income is not relied on to meet serviceability.

http://www.abc.net.au/news/2016-04-27/westpac-withdraws-from-real-estate-lending-to-foreigners/7364398

 

[Tekkun]

With so many Australian banks not willing to lend to foreigners, what happens to those who have already placed their deposits? Are they allowed to pull out based on the reason that they cannot secure a bank loan?

I think booking fee is refundable as long as you have not signed the S & P.
However, it is widely reported that banks suddenly reduced the loan amount to whatever level without notice and buyers are asked to pay the difference before vacant posession. Many foreign buyers who borrow maximum are caught.

 

[cow138]

You believed that dumb story?

Yes. It's pretty unbelievable. Unless you're paying by cash, else I doubt the bank valuation can match.. That would be the first warning sign for the buyer.

 

[potter]

You believed that dumb story?

Yes. it's a singaporean. :p

 

[whoami]

I think booking fee is refundable as long as you have not signed the S & P.
However, it is widely reported that banks suddenly reduced the loan amount to whatever level without notice and buyers are asked to pay the difference before vacant posession. Many foreign buyers who borrow maximum are caught.

Aussie Boleh juga...

 

[snowbird]

Still got GST to get some revenue, no problem. Next year election, BN will want it ASAP before mahathir party getting stronger. Any mega project that will attract votes will proceed, getting loan from AIIB, money wise no problem, want makan, china can help since they dont want lose to japan, china more than happy to do dirty.
Petronas rapid project continue on, even team up with aramco for building the refinery.

Wonder you know what you are talking.
A National Budget is derive from govt. proposed income for next year against national spending also for next year.
Already there were budget deficits for last few years that a current Budget has to be revised downwards.
This also means that for the last few years, the govt. is spending much more than when they could earn plus a keep shrinking national reserve.
Petronas is always the major contributor for govt. revenue throughout the years and with such a drastic drop of 96% in earnings, this is the first major problem.
In fact, Petronas had just completed a sales of equity agreement with JX Nippon Oil & Energy to take up some stake in one of its wholly owned subsidiary.
The second will be the claim of US$6.5 billions by IPIC whereby the MY govt. is the guarantor of 1MDB.

 

[Tekkun]

World's 10 most expensive cities in which to live in 2016

1. Singapore
2. Zurich, Switzerland
2. Hong Kong
4. Geneva, Switzerland
5. Paris
6. London
7. New York
8. Copenhagen, Denmark
8. Seoul, South Korea
8. Los Angeles

http://edition.cnn.com/2016/03/10/travel/most-expensive-cities-2016/index.html

 

[mpan12]

Another misleading article to sensationalize the news. What criteria are they using? Usually it's the cost of a car and private property. Being a small city state, naturally these will be expensive.

For most purposes, a car is not necessary due to the excellent transport connectivity and affordable fares. Public housing is reasonably huge and well-designed, and most buy to own rather than rent, in contrast to those countries mentioned.

What the report didn't take into account, is that all else are so much cheaper in Singapore compared to the other countries. Eg: food, public transport, movie tickets, etc.

The article mentioned: "Transportation costs in Singapore are 2.7 times higher than in New York." What rubbish! This is not true at all.

Incidentally, I don't see expensive cities like Tokyo and Sydney in the top 10?

World's 10 most expensive cities in which to live in 2016

1. Singapore
2. Zurich, Switzerland
2. Hong Kong
4. Geneva, Switzerland
5. Paris
6. London
7. New York
8. Copenhagen, Denmark
8. Seoul, South Korea
8. Los Angeles

http://edition.cnn.com/2016/03/10/travel/most-expensive-cities-2016/index.html

 

[Tekkun]

Another misleading article to sensationalize the news. What criteria are they using? Usually it's the cost of a car and private property. Being a small city state, naturally these will be expensive.

For most purposes, a car is not necessary due to the excellent transport connectivity and affordable fares. Public housing is reasonably huge and well-designed, and most buy to own rather than rent, in contrast to those countries mentioned.

What the report didn't take into account, is that all else are so much cheaper in Singapore compared to the other countries. Eg: food, public transport, movie tickets, etc.

The article mentioned: "Transportation costs in Singapore are 2.7 times higher than in New York." What rubbish! This is not true at all.

Incidentally, I don't see expensive cities like Tokyo and Sydney in the top 10?

Good things don't come cheap.

Singapore is expensive but safe and clean.
New York is cheaper but not so safe and not so clean.

 

[mpan12]

Good things don't come cheap.

Singapore is expensive but safe and clean.
New York is cheaper but not so safe and not so clean.

Yah. But New York is also not cheap man. The properties there, especially in downtown areas, only tycoons can buy. Subway fares are more expensive than SG's MRT. And the stations are smelly with pee. Trains are old too. So I don't believe the survey's findings.

 

[Tekkun]

Yah. But New York is also not cheap man. The properties there, especially in downtown areas, only tycoons can buy. Subway fares are more expensive than SG's MRT. And the stations are smelly with pee. Trains are old too. So I don't believe the survey's findings.

It is an honour to be No.1.
Johor not even worthwhile mentioning.

 

[jasonjst]

Another misleading article to sensationalize the news. What criteria are they using? Usually it's the cost of a car and private property. Being a small city state, naturally these will be expensive.

For most purposes, a car is not necessary due to the excellent transport connectivity and affordable fares. Public housing is reasonably huge and well-designed, and most buy to own rather than rent, in contrast to those countries mentioned.

What the report didn't take into account, is that all else are so much cheaper in Singapore compared to the other countries. Eg: food, public transport, movie tickets, etc.

The article mentioned: "Transportation costs in Singapore are 2.7 times higher than in New York." What rubbish! This is not true at all.

Incidentally, I don't see expensive cities like Tokyo and Sydney in the top 10?

Yah right , the survey only applicable to expat FT . Local stay in affordable HDB , eat at hawkers that bus or Mrt , so is cheap cheap

 

[ECboy]

It is an honour to be No.1.
Johor not even worthwhile mentioning.

JB the New Jersey/Brooklyn of New York? I'll take that!

 

[mpan12]

Yah right , the survey only applicable to expat FT . Local stay in affordable HDB , eat at hawkers that bus or Mrt , so is cheap cheap

Yup. But even for angmoh or expats, they don't need to drive a car or stay in a swanky condo in town. It's because they expect to enjoy these benefits that they feel SG is so expensive.

 

[mpan12]

It is an honour to be No.1.
Johor not even worthwhile mentioning.

Sarcasm!!

Johor not expensive. Why should be number 1?

 

[whoami]

Yah right , the survey only applicable to expat FT . Local stay in affordable HDB , eat at hawkers that bus or Mrt , so is cheap cheap

3rm BTO pigeon hole oreidi cost S$280K - $307K at Non-matured Bt Batok town. Cheap?

http://www.hdb.gov.sg/cs/infoweb/pr...ercise-24022016?resolvetemplatefordevice=true

Bus service....1st 3.2km only oreidi cost 0.78cts (fare card) but cost $1.40 if paid by cash. Pity those who uses cash. Cheap?

http://www.ptc.gov.sg/FactsAndFigures/fares.htm