Sembcorp Marine posts S$535 million quarterly loss as orders shrink

[johnny333]

wow plenty of bad news

No wonder the PAP had early elections, of course they knew all about this.
With the severity of the coming recession I wonder how Sporeans are going to survive

Maybe in the next GE, more old & new Sporeans will vote for the opposition.

 

[eatshitndie]

blame the saudis. they truly wish to kill off the shale oil business in canada and the u.s.

 

[yahoo55]

wow plenty of bad news

No wonder the PAP had early elections, of course they knew all about this.
With the severity of the coming recession I wonder how Sporeans are going to survive

Maybe in the next GE, more old & new Sporeans will vote for the opposition.

Totally agree. the main reason PAP called for the early GE is avoid having the election during a severe downtown. Already last year the economic data was getting from bad to worse, and interest rates were rising, PAP as well as others like myself knew that the Sinkie economy was heading for a recession soon.

Manufacturing, trade and exports have crashed, the only thing keeping the Sinkie GDP from sinking into recession now is the massive public spending by PAP on construction and infrastructure projects like new MRT lines and Changi airport expansion.

 

[yahoo55]

Singapore's total merchandise trade contracts by 9.5% in 2015

Published: 24 Feb 2016

Singapore's total merchandise trade dropped by 9.5% for 2015, reversing its measly 0.1% expansion in the preceding year.

- See more at: http://sbr.com.sg/economy/news/sing...ade-contracts-95-in-2015#sthash.3aed8754.dpuf

 

[yahoo55]

Singapore warns of “sudden and large” capital outflows as global growth slows

Published: 24 Feb 2016

Challenging economic conditions in emerging markets could lead to massive capital outflows for Asian economies, Singapore’s Ministry of Trade and Industry (MTI) warned in its annual Economic Survey.

The MTI noted that downside risks have increased as China’s slowing economy exacerbates softening global growth.

In particular, the report warned that if China’s aggressive economic reforms result in a significant drop in demand, regional economies will face heightened financial market volatility.

Increased volatility could in turn have negative spillover effects on the real economy, and the impact of the resulting slowdown could also be amplified through the financial system, the report said.

“With sustained low commodity prices and the beginning of the normalisation of US monetary conditions, regional countries could face sudden and large capital outflows, resulting in added pressures on their currencies and asset markets,” the MTI noted.

- See more at: http://sbr.com.sg/economy/news/sing...lows-global-growth-slows#sthash.KflQWxVH.dpuf

 

[yahoo55]

blame the saudis. they truly wish to kill off the shale oil business in canada and the u.s.

To be fair to the Saudis, they have learnt a very costly lesson in cutting oil production during the 80s oil glut and wants to avoid making the same mistake.

As seen in the 80s when the Saudis agreed to cut oil production by over 60% to boost oil prices, the other OPEC members and non-OPEC producers cheated and did not cut their production, and some even increased production. While the Saudis lost a massive chunk of revenue from the huge production cut and went into budget deficit, the other oil producers profited from higher oil prices at the Saudi's expense.

I doubt the Saudis refusal to cut oil production has much to do with the shale oil business in canada and the u.s.

 

[yahoo55]

https://vulcanpost.com/534241/list-of-companies-cutting-jobs/

Singapore Downturn? Here's The List Of Companies Cutting Jobs in Singapore Over The Past Few Months

Here’s the list of the companies laying off Singapore employees since late last year:

1. Standard Chartered
2. HSBC
3. RWS
4. Rakuten
5. Maersk
6. Yahoo Singapore
7. Barclays
8. Royal Bank of Scotland
9. Credit Suisse
10. Deutsche Bank AG
11. Goldman Sachs

Companies that have closed down all their Singapore outlets recently and retrenched their Singapore staff:

12. California Fitness
13. Comics Connection
14. M)phosis
15. Evernote Singapore

The above article did not mention the companies in the O&G sector such as Keppel and Sembcorp Marine and many others, where there have also been lots of Sinkie retrenchments.

A few weeks ago, another O&G company Subsea 7 closed it's Singapore office and moved to Malaysia, retrenching 60 Sinkie staff.

Keppel axes over 6,000 O&M workers as contracts dry up

Published: 22 Jan 16

- See more at: http://sbr.com.sg/energy-offshore/n...om-workers-contracts-dry#sthash.soEZQhID.dpuf

Another O&M player exits Singapore for Kuala Lumpur

Feb 03, 2016

It used to be a tale of two cities with Singapore and Kuala Lumpur each competing to host regional headquarters for offshore and marine (O&M) players. But against a backdrop of persistently low oil prices, fresh concerns have emerged over Singapore's competitiveness as an O&M hub, following a decision made by a fourth top-tier international subsea contractor to ship out most of its operations to Kuala Lumpur.

A fortnight ago, Oslo and Nasdaq-listed Subsea 7 reached a decision to move its regional headquarters to Kuala Lumpur from Singapore.

The Business Times understands the move, to be completed by the third quarter of 2016, will see about two thirds of the 90-strong staff in Singapore made redundant. An informed source told BT Subsea 7 will offer only a handful of its staff in Singapore relocation options to Kuala Lumpur. The offshore crewing and logistics supply chain management will remain in Singapore, which would mean its Loyang supply base will stay, while its business address in PSA Building would likely have to be relinquished.

- See more at: http://business.asiaone.com/news/another-om-player-exits-singapore-kuala-lumpur#sthash.j7DdjBy4.dpuf

 

[yahoo55]

Chart of the Day: No hope in sight for manufacturers after dismal 2015 performance

Published: 25 Feb 2016

Output will continue to shrink as woes mount.

There are darker days ahead for Singapore’s struggling manufacturers, after the sector posted a disheartening 6.7% contraction in the fourth quarter of 2015. Analysts warn that the manufacturing sector will remain stuck in recession this year, as restructuring woes and weak demand continue to dampen output growth.

According to BMI Research, demand dynamics will remain skewed against export-oriented countries like Singapore on back of weak global growth. Meanwhile, manufacturers will continue to grapple with rising costs as Singapore struggles to shift away from a high dependence on foreign workers.

- See more at: http://sbr.com.sg/economy/news/char...-dismal-2015-performance#sthash.uflro7oQ.dpuf

 

[yahoo55]

Will extremely high corporate debt derail Singapore’s growth story?

Published: 25 Feb 2016

Corporate debt levels are at an all-time high.

Record-high corporate debt levels will act as a big drag to Singapore’s economic growth story this year, analysts warned.

Companies might be forced to reduce capital expenditure plans in order to service their debt, which in turn will result in greater pressure for the broader economy.

“Singapore's rising corporate debt levels will be increasingly difficult to service amid a backdrop of slowing economic growth not only domestically, but across the region. Particularly concerning is the fact that corporate leverage rose at a very rapid pace following the global financial crisis as firms looked to lock in record-low financing rates,” BMI Research said in a report.

BMI Research, which is part of the Fitch Group, cautioned that the breakneck pace of credit accumulation witnessed in the years after the global financial crisis is usually an indication of an upcoming economic slowdown or even another financial crisis.

BMI Research noted that corporate debt levels hover at 85.0% of the GDP, the highest on record.

In its most recent Financial Stability Report (FSR), the Monetary Authority of Singapore (MAS) warned that there are firms that look vulnerable should interest rates rise, or if earnings outlook weakens.

The central bank’s calculations showed that aggregate corporate leverage has begun to stabilize after rising sharply from 95% in 2010 to 145% in 2014. However, the number of firms with debt-to-equity ratios greater than 2.0x has increased to 7.0% of listed corporates in the second quarter of 2015, compared to just 5.7% in Q2 2014.

MAS data also show that firms with interest coverage ratios less than 2 in 2Q15 have increased to 23% of all listed corporates, compared to 21% in 2Q14. The corresponding corporate debt held by such firms increased to 11% in 2Q15.

In a report released late in 2015, Citi warned that high corporate debt could curb domestic demand at a time when the economy is increasingly reliant on local industries to drive growth.

“Whilst not of systemic proportions, increased stress on corporate balance sheets and cash flows are likely to slow capex plans and reduce banks’ willingness to lend to companies, with knock on effects on domestic demand.” Citi warned.

- See more at: http://sbr.com.sg/economy/in-focus/...singapore’s-growth-story#sthash.Sd2YrQcv.dpuf

 

[yahoo55]

Wow, zero jobs created for Sinkies by the very overpaid PAP bums in 2015.

2016 is going to be worse as it will probably sink into negative jobs created for Sinkies, with lots more retrenchments and jobs being lost, especially the well paying PMET jobs. There will be lots more jobless Sinkies struggling to survive in very expensive Sinkieland.

Song boh 69%, you voted for this PAP shit.

Chart of the Day: Virtually zero jobs were created for locals in 2015

Published: 04 Mar 16


Employment growth was weakest since 2009.

Overall employment growth in Singapore dropped drastically in 2015. This chart from Citi shows that only 31,800 jobs were created for the entire year, a far cry from the 130,100 jobs created in 2014. And out of these 31,000 new jobs, virtually zero was for locals.

This caused job redundancies to jump to its highest level since the Global Financial Crisis in the fourth quarter. The poor numbers suggest that there is sluggish demand for higher-wage and cyclical jobs, Citi said.

“Further deterioration in the labour market may be of concern to policymakers. A continued moderation in unit labour costs in 4Q15 suggests wage pressures on core inflation may be milder than earlier anticipated,” Citi said.

- See more at: http://sbr.com.sg/economy/news/char...e-created-locals-in-2015#sthash.ERTuYeoY.dpuf

 

[lifeafter41]

Wow, zero jobs created for Sinkies by the very overpaid PAP bums in 2015.

2016 is going to be worse as it will probably sink into negative jobs created for Sinkies, with lots more retrenchments and jobs being lost, especially the well paying PMET jobs. There will be lots more jobless Sinkies struggling to survive in very expensive Sinkieland.

Song boh 69%, you voted for this PAP shit.

Chart of the Day: Virtually zero jobs were created for locals in 2015

Published: 04 Mar 16


Employment growth was weakest since 2009.

Overall employment growth in Singapore dropped drastically in 2015. This chart from Citi shows that only 31,800 jobs were created for the entire year, a far cry from the 130,100 jobs created in 2014. And out of these 31,000 new jobs, virtually zero was for locals.

This caused job redundancies to jump to its highest level since the Global Financial Crisis in the fourth quarter. The poor numbers suggest that there is sluggish demand for higher-wage and cyclical jobs, Citi said.

“Further deterioration in the labour market may be of concern to policymakers. A continued moderation in unit labour costs in 4Q15 suggests wage pressures on core inflation may be milder than earlier anticipated,” Citi said.

- See more at: http://sbr.com.sg/economy/news/char...e-created-locals-in-2015#sthash.ERTuYeoY.dpuf

If this is the case, then whatever happened to those graduate from ntu, nus, smu, sim, polytechnics, ite. All driving taxis????

Nevertheless, just hope that Singaporeans wake up to their frigging ideas.
More then 30k jobs created by none for them.

The way it is, it's going to get worse as 2016 wears on.........
Already seeing friends getting the pink slips and pay cuts...b4 and after CNY.....
Very worrying....

 

[virus]

Forget o&g. Now the construction sector also kena. More to cum.

 

[yahoo55]

Forget o&g. Now the construction sector also kena. More to cum.

How right you are, construction sector is sinking into contraction with the oversupply and crashing demand, soon it will not be able to prop up the GDP from sinking into recession.


Chart of the Day: See the worrying collapse of construction demand in Singapore

Published: 08 Mar 16

Commercial and industrial contracts have dried up.

Construction demand in Singapore dropped markedly in 2015, with the value of both public and private sector contracts booking negative year-on-year growth for the full year.

According to Citi, public construction contracts were unable to cushion the overall demand slowdown last year.

"Despite a significant budgeted increase in public infrastructure, the reality is that any increase in civil engineering contracts has been small compared to the drop elsewhere," Citi said in a report.

"Besides the well-telegraphed weakness in the residential sector, the prospect of over-supply in the commercial and industrial property space has begun to put the brakes on construction contracts for these two segments," Citi added.

In its annual Economic Survey released in February, the Ministry of Trade and Industry (MTI) warned that prospects for the construction sector have weakened in 2016.

This was on back of the drop in contracts awarded in 2015 and continued sluggishness in private sector construction demand.

- See more at: http://sbr.com.sg/building-engineer...tion-demand-in-singapore#sthash.aUA7cZke.dpuf

 

[GoldenDragon]

It is now the calm before the storm, tip of the iceberg only. By later part of 2016, undertakers will smile to the bank.

 

[50000]

If this is the case, then whatever happened to those graduate from ntu, nus, smu, sim, polytechnics, ite. All driving taxis????..

fresh grads are still ok..they are getting very good starting pay.....they are replacing the fresh grads from the previous year which replaced the grads from the previous previous year and on and on until the locals reach 35 years old and retrenched and replaced by FTrashes....

 

[yahoo55]

Lots more retrenchments are coming ...


http://www.businesstimes.com.sg/ene...-on-hundreds-more-in-singapore-oil-gas-sector

Axe to fall on hundreds more in Singapore oil & gas sector

Published: 11 Mar 2016

BW Offshore, Modec, CB&I scaling down or exiting the country altogether after Keppel, Sembcorp cut almost 10,000 from workforce

Singapore - HUNDREDS more people in the oil and gas sectors will lose their jobs as industry contractors operating out of Singapore scale down further or exit the country altogether.

 

[yahoo55]

The non-landed private homes rent prices for February 2016 have fallen 15.2% from the peak in 2013, in other words the rent prices have fallen 15.2% in 2 years.

The rental prices for HDB flats have fallen 9.1 per cent in 1.5 years.

What's much worse for those newbie landlords, is the huge oversupply coming on-stream and the weak demand. It's a tenant's market now, many landlords will not be able to find tenants or have to slash rents to attract tenants. Without rental income, many landlords will be unable to finance their investment properties and have to try to offload them at losses.

With lots more retrenchments and pay cuts coming, the economy heading for recession and rising interest rates, weak demand and huge oversupply and skyrocketing vacancy rates, the overall Sinkie property market may drop 25% from 2015 prices by end 2017.


http://www.channelnewsasia.com/news/business/singapore/hdb-private-apartment/2587016.html

HDB, private apartment rents down in February: Property index


The number of HDB flats rented dropped 20.1 per cent in February compared to the previous month, while rental volume for private apartments declined 17.5 per cent, with an estimated 2,797 units rented.

Channel NewsAsia - 09 Mar 2016 23:04

 

[yahoo55]

Sinkie retrenchments are escalating and will be worse this year, 71% of the retrenchments are PMET jobs.

While the very overpaid PAP bums happily enjoy their high life and world's highest public salaries without any accountability, Sinkie peasants and PMETs suffer retrenchments and big pay cuts and high debts. Song boh 69% dumbfucks, you voted for this PAP shit.


http://www.todayonline.com/singapore/lay-offs-rose-205-last-year-mom-report

Lay-offs rose 20.5% last year: MOM report

Published: 12:29 PM, March 15, 2016


SINGAPORE – The number of workers laid off last year was the highest since the global financial crisis in 2009, the latest Ministry of Manpower (MOM) labour market report showed.

Released on Tuesday (March 15), the report said that a total of 15,580 workers were made redundant last year, up about 20.5 per cent from 12,930 in 2014. In 2009, more than 23,000 workers were laid off.

Professionals, managers, executives and technicians (PMETs) made the up of bulk (71 per cent) of redundancies.

 

[yahoo55]

In 2015, 15,580 retrenched Sinkies + PRs, 71.1% of the retrenchments are PMET jobs.

64.5% of the retrenched Sinkies last year are 40yrs old and above, and 43.9% are degree holders.


http://www.straitstimes.com/singapore/manpower/high-skilled-workers-make-up-bulk-of-lay-offs-in-2015

High-skilled workers make up bulk of lay offs in 2015

Published Mar 16, 2016, 5:00 am SGT

Losing a job would be a blow for those over 40 years old and with higher skills as they tend to have higher financial obligations such as mortgages and children's study loans, but at the same time they are more costly to employers, said DBS economist Irvin Seah.

 

[Stompiss]

Any signals that 50 days moving average is turning?