Chitchat Unemployment and Layoffs rises among Singapore citizens in Q2

[winnipegjets]

THE labour market is showing more signs of strain, as unemployment climbed in the second quarter of the year and lay-offs hit a seven-year high.:(:(:(

Strain is a understatement, with the Swiber thingy that employed at least 2700 employees and those related industries and down line industries.....It's going to be worse in the third quarter.

More PMETs going to be unemployed. The usual chorus will come in, retrain, repackage.......blah blah blah........
While there are countless FTs among Singaporeans.........

Really that bad that Singaporeans armed with their degrees from the NTU, NUS or SMU, Diplomas from the local polytechnics.....cant be compared and hold their own then to those from Philipines, India, China, etc......

What's the point of raising those passes levy or passes minimum scale. It does not go to the unemployed PMETs. It does not pit food on the table, it does not pay for their children school fees........

Its is indeed sad for the children of Singaporeans, seeing that the government can't even protect their own citizen, what more their citizen's children, so called future of Singapore.......

Seeing how their parents fight over their finances, while he/she must be wondering why are the FTs family over here living the good lives........

Don't worry, the PAP will get the retrenched the following 'benefits' ...$1500 for training and paid union dues for 1 year. That's the deal the union got from RWS in the recent retrenchment exercise and the union boasted about it.

 

[winnipegjets]

There are 2.5 million foreigners here ...kick out 2 million of them and there will be more jobs available for sinkees.

 

[tonychat]

Can you put properly as stupid sinkies (70%) ?
Be fair. Tks

Nope.. The smart ones left the country already.

 

[chootchiew]

Nope.. The smart ones left the country already.

you are 1 stubborn and unreasonable old man.:/

 

[mojito]

It means the retired can't make it without an income. Lagi bad.

No lah. They are bored so want to go get some exercise. You see Ah Gong when alive he got retire or not?

 

[yahoo55]

The economy continues to sink, lots more layoffs and pay cuts coming. And many more debt defaults and bankruptcies coming, Sinkieland has very high corporate debt and household debt.


http://www.channelnewsasia.com/news/singapore/singapore-exports-down-10/3050106.html

Singapore exports down 10.6% in July

Updated 17 Aug 2016 08:50


SINGAPORE: Exports in Singapore fell 10.6 per cent last month, after a 2.4 per cent drop in June.

Non-oil domestic exports (NODX) were hit by a decline in both electronic and non-electronic exports, according to latest figures released by International Enterprise (IE) Singapore on Wednesday (Aug 17).

Exports to all of Singapore’s top 10 markets - except the EU 28 - fell, with China, the US and Indonesia leading the decline. Exports to China - Singapore’s largest export market - remained weak, contracting 16.6 per cent after a 9.9 per cent decline in June and a 10.1 per cent fall in May.

Overall, exports of electronic products fell 12.9 per cent in June, following the 1.7 per cent contraction in the previous month. The decrease was largely due to PCs (-36.0 per cent), parts of ICs (-46.3 per cent) and diodes & transistors (-19.5 per cent).

Non-electronic exports shrank 9.5 per cent, after the 2.6 per cent contraction in June. The decrease was led by petrochemicals (-35.0 per cent), civil engineering equipment parts (-58.3 per cent) and specialised machinery (-16.7 per cent).

Non-oil re-exports (NORX) declined 1.2 per cent, in contrast to the 0.4 per cent increase in the previous month, due to an decrease in electronic re-exports which outweighed the rise in non-electronic re-exports.

 

[yahoo55]

http://business.asiaone.com/news/plunging-exports-point-hard-days-ahead-economy#sthash.xsCZK80l.dpuf

Plunging exports point to hard days ahead for economy

The Straits Times
Thursday, Aug 18, 2016


A worsening global economy stifled demand for products in the Republic's biggest export markets, leaving Singapore's exporters struggling in choppy waters.

Non-oil domestic exports (Nodx) plunged 10.6 per cent last month from a year earlier, prompting economists to warn of a difficult period for Singapore's economy in the months ahead.

The breadth of the decline made the poor showing even more worrying. Shipments to all top 10 markets tumbled, save for the European Union, which posted a 3 per cent year- on-year rise. Even economists were taken by surprise as a Bloomberg consensus estimate had projected a fall of just 2.5 per cent.

"The writing is on the wall. For those maintaining a sanguine view of the near-term outlook on the economy, this should be a wake-up call," warned DBS senior economist Irvin Seah.

He noted that economic growth figures across the region were being dialled down, posing a threat to Singapore's own growth forecast, which stands at between 1 per cent and 2 per cent for the full year.

Yesterday's trade data from IE Singapore bore this out.

Apart from sharp declines in Nodx to the United States and China, shipments to Indonesia and Malaysia - economies that have been growing - also sank.

And this was no blip. Trade across Asia has been continuously contracting over the past year, a trend not seen since the global financial crisis, said ANZ economist Ng Weiwen.

He noted: "This is not peculiar to Singapore. The region as a whole seems to be looking at a rather protracted trade recession lasting longer than the Asian financial crisis in 1997, the dot.com crisis in 2000 and the global financial crisis in 2008.

"Electronic exports fell 12.9 per cent from July last year, mainly due to fewer shipments of PCs, parts of integrated circuits, and diodes and transistors. Non-electronic exports declined 9.5 per cent, led by a drop in sales of petrochemicals, civil engineering equipment and specialised machinery.

Singapore's total trade fell 11.1 per cent last month in nominal terms from a year earlier, after declining 5.1 per cent in June.

 

[yahoo55]

http://www.theedgemarkets.com/my/article/singapore-economy-treading-thin-ice

Singapore economy treading on thin ice


August 18, 2016 : 1:15 PM MYT


SINGAPORE (Aug 18): Two-thirds of Singapore’s economy is already in technical recession and the worst is yet to come, says DBS Group Research.

With the release of detailed 2Q GDP data on Aug 11, Singapore has cut the top end of its 2016 growth forecast from 3% to 1-2%, after its economy expanded less than previously estimated on the back of a weakening global environment.

“A negative shock from the external environment could tip the economy into contraction,” warns analyst Irvin Seah in a Thursday report. Among other forecasts, Seah is predicting:

Bleak outlook for 3-4Q

DBS continues to expect a growth rate of 1.5% for the full year. That’s the slowest to be seen in Singapore’s economy over the last seven years. While the headline figure has averaged 2.1% y-o-y in 1H16, this was partly due to the low base in the same period last year.

Seah believes the opposite will occur in the coming two quarters since GDP accelerated in the 2H15. Such high base effect implies that in y-o-y terms, such that one can expect the headline figure to “fall sharply” in the next two quarters.

Slump in services sector

The services sector has notably registered two consecutive quarters of contraction. To Seah, this signals that Singapore is “technically” in a recession as the sector accounts for two-thirds of the economy.

“The bigger concern is that if the doldrums in the services sector persist, it could eventually drag the entire economy down,” says the analyst, who highlights the sector as the key driver of Singapore’s growth. “When the services sector turns, the economy follows. Plainly, risk of a contraction in GDP has risen,” he adds.

Manufacturing won’t save the day

In Seah’s view, there is no hope that manufacturing could pick up the slack in the services sector, given that manufacturing grew an average of just 0.3% y-o-y in 1H16. Its expansion was largely driven by the biomedical cluster. Without the spur of growth from biomedical which the analyst refers to as a “jab in the arm”, the manufacturing sector would have contracted overall by 2.7% y-o-y in the first half of the year instead.

 

[yahoo55]

http://sbr.com.sg/economy/news/high-wages-forced-42000-businesses-exit-in-1h16#sthash.qOVBtQyo.dpuf

High wages forced 42,000 businesses to exit in 1H16
Aug 22, 2016

The exodus spurred recession fears among Singaporeans.

Singapore businesses are branching out in other economies as they struggle to keep up with high wages in the expensive city, prompting nearly 42,000 businesses to end operations in 1H16 against almost 49,000 in the whole of 2015. Analysts caution this may pull the Lion City to economic recession.

According to a report by Reuters, high wages in Singapore are raising business costs at a time when the export-oriented city has been hard hit by a cooling China, subdued domestic consumption, a downturn in commodities and global uncertainty due to Britain's vote to leave the European Union. Read the full report here:

http://www.reuters.com/article/us-singapore-economy-idUSKCN10W0ZR?il=0

High wages flash recession warnings in Singapore

REUTERS
Sun Aug 21, 2016 11:40pm EDT

 

[yahoo55]

http://sbr.com.sg/economy/news/domestic-wholesale-trade-sinks-205-in-2q16#sthash.EsSYiPyt.dpuf

Domestic wholesale trade sinks 20.5% in 2Q16

Published: 19 Aug 16


Singapore’s domestic wholesale trade plunged 20.5% YoY in 2Q16 as prices of petroleum and chemical products tumbled from a year ago. Discounting petroleum products which dropped 26.4% YoY in the quarter, domestic wholesale trade still slipped 15.5% compared to the same period last year.

Department of Singapore’s 2Q16 Wholesale Trade Index (WTI) revealed YoY declines in almost all products except for transport equipment with 11.9% expansion, food, beverages and tobacco with a measly 1.0% growth, and household equipment and furniture with an even tinier increase of 0.6%.

The largest slump was in ship chandlers and bunkering that plummeted 39.3% YoY followed by general wholesale trade at -30.0% YoY. Electronic components products did not deliver well either. It is the same thing with industrial and construction machinery, telecommunications and computers, and metals, timber and construction materials, all of which recorded two-digit contractions.

WTI showed that foreign wholesale trade also decreased 16.6% YoY. Without petroleum products, foreign wholesale trade still dipped 13.1% compared to 2Q15.

 

[yahoo55]

http://www.straitstimes.com/busines...ng-record-debt-maturities-as-home-prices-drop

Singapore property firms, trusts facing record debt maturities as home prices drop

Published Aug 12, 2016


SINGAPORE (BLOOMBERG) - Singapore's real-estate firms are facing record debt maturities, just as home sales post their longest-ever losing streak, straining the finances of builders less prepared to weather the storm.

Singapore builders and trusts have an unprecedented S$1.8 billion of local currency bonds maturing this quarter, S$1.2 billion in the final quarter and another S$3.7 billion in 2017. Credit Suisse Private Banking said it doesn't recommend smaller builders due to "relatively high" leverage. JPMorgan Chase & Co said these companies are "most exposed" to a further property market correction given their weakening financial profiles.

"Many bonds are un-rated and investors aren't adequately rewarded and have under-priced the risk," said Ben Sy, head of fixed income, currencies and commodities at the private banking arm of JP Morgan in Hong Kong. The finances of smaller builders are weakening and leverage is rising in a local market that lacks sufficient scrutiny, he said.

Home prices in Singapore have dropped 9.4 per cent from the peak in 2013 and the declines show no signs of abating. An index tracking private residential prices fell for the 11th quarter in the three months ended June 30 and the government on Thursday cut its 2016 economic growth forecasts. The smallest 50 real estate firms and trusts listed on the Singapore Exchange are in a weaker position to repay debt, with operating earnings dropping to 9.2 times interest expenses from 15.8 times five years ago.

"Unlike the commodity sectors, the Singapore property sector - while softening - is still perceived to be relatively stable, given the generally moderate pace of decline in prices," said Chua Jen-Ai, a research analyst at Bank Julius Baer Singapore Ltd. Stresses are only likely to appear next year, when developers stop benefiting from the sales boom that ended in 2013, Chua said.

Investors are demanding bigger premiums to hold notes from smaller borrowers. Heeton Holdings Ltd, which builds homes along Holland Road known for its cafes and restaurants, has seen the yield on its 2017 bonds rise about 130 basis points to 6.5 per cent from a year ago, according to Bloomberg-compiled data. The firm, which also develops condominiums, has total debt of S$369.2 million and cash and equivalents of S$11.2 million as of June 30, according to company results.

The yield on the 2017 securities of Aspial Corp, a jewelry retailer and developer of high-rise condos, has jumped to about 9.8 per cent, the highest in data going back to November 2014, according to Bloomberg-compiled prices.

 

[mojito]

Spreading fear again yahoo? Properties are doing fine, if not how come even jewellers now developing condos?

 

[yahoo55]

http://www.straitstimes.com/busines...nd-rents-weaken-for-11th-straight-quarter-ura

Singapore private home prices weaken for 11th straight quarter, vacancy rate hits 16-year high

Published Jul 22, 2016


SINGAPORE - Private home prices and rents fell for an 11th straight quarter in the second quarter of this year, although this was at a slower pace than previously.

But vacancy rates of private residential units jumped 1.4 percentage points in the quarter to 8.9 per cent, the highest highest since 9.1 per cent in the second quarter of 2000.

A total of 30,310 private residential units were vacant in the second quarter, a rise of 5,391 units from the first quarter.

Overall private home prices are now 9.4 per cent lower than its last peak in the third quarter of 2013. They started declining after a round of Government cooling measures including loan curbs were introduced in June 2013.

Private home rents are now 9.6 per cent lower than its recent peak, as housing supply continues to outweigh rental demand.

Private home prices fell 0.4 per cent quarter on quarter, after slipping 0.7 per cent in the first quarter, according to data from the Urban Redevelopment Authority on Friday (July 22).

Private home rents slipped 0.6 per cent in the second quarter after a 1.3 per cent decline in the first quarter.

 

[yahoo55]

http://sbr.com.sg/residential-property/news/condo-rents-dip-04-in-july#sthash.XC9bt2Ra.dpuf

Condo rents dip by 0.4% in July

Published: 11 Aug 16


Rentals are slowly declining for condos in Singapore, as rents in core central region and outside central region decreased by 0.7% and 1.1% respectively.

“Year-on-year, rents in July 2016 were down by 4.8% from July 2015. In individual sectors, CCR, RCR and OCR posted 1.6%, 7.0% and 6.3% year-on-year decrease in price, respectively,” SRX Property noted.

SRX Property added that rents are now down by 16.9% from their January 2013 peak.

Meanwhile, rental volume also decreased by 5% from 4,316 units rented the previous month.

“Year-on-year, rental volume in July 2016 was 3.4% lower than 4,243 units rented in July 2015,” the report noted.

 

[Narong Wongwan]

Good la maybe when more sinkies no more coolie rice to eat then they will wise up

 

[Scrooball (clone)]

Now is a good time to buy car

 

[jw5]

Crisis for some, opportunity for others. :o

 

[winners]

I just love it when more Sinkies are out of jobs. Besides, I'm not in the Sinkie workforce for eons.

 

[yahoo55]

http://www.srx.com.sg/singapore-property-news/22772/one-in-five-condo-owners-sitting-on-paper-losses

One in five condo owners sitting on paper losses

Posted on 19 Aug 2016

 

[johnny333]

I find it interesting that In the National Day rally LHL made no mention of the recession. He talked about changes to the elected presidency, return of Heng Swee Keat, leadership succession, elder shield review, terrorism, South China Sea disputes, foreign policy.

So I don't think the recession is high in his priority. Sporeans are on their own.