Why world richest sinki suddenly need to borrow $$$$$, CDC Wowcheer not enough hah?

[k1976]

Jump in S'poreans aged 40-59 seeking loans to cope with cost-of-living pressures: Report​

Lim Li Ting/TODAY


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• The share of loan applications by middle-aged Singaporeans, aged 40 to 59, jumped nearly a third over the past two years
• This is according to a report issued by loan matching platform Lendela on Aug 8
• The report found that the most common reasons for borrowing are associated with living costs and debt — such as recurring bills, debt consolidation, and credit cards

By Renald Loh
Published August 13,

 

[k1976]

SINGAPORE — Over the past two years, a sharply higher proportion of middle-aged people here have sought loans to deal with cost-of-living pressures like household spending, medical expenses and credit card debt.

The trend was identified in data provided by loan matching platform Lendela, which matches people seeking loans with various bank and licensed non-bank lenders in Singapore.

According to a report issued on Aug 8, the share of loan applications from the middle-aged population (40 to 59 years old) has risen by as much as 28 per cent in the last two years. The average loan size for this group was S$22,000.

This group accounts for about one-third of loan applications today.

Young borrowers aged 18 to 29 account for over a quarter of applications to date, though their share of applications fell as much as 25 per cent since 2022.

Read also​

OCBC to give 4,600 junior staff in Singapore S$1,000 each to cope with rising cost of living​

While it did not provide absolute figures, citing commercial sensitivities, a Lendela spokesperson said that its figures were based on close to 200,000 applications from Singaporeans and permanent residents that the platform gathered from 2022 to 2024.
The spokesperson also said its data tracked loan applications, not loan disbursements, and there was a “slight difference” between these numbers.

 

[k1976]

Borrow Money to unlock speical power in____

1. HUAT Big Big
2. AmDL Pussy cat hunting
3. BUY Bitcoin
4. FLIP BTO
5. SOCCER Bet

Ans: ?

 

[k1976]

China’s Rare Loan Drop Stokes Fears of ‘Balance Sheet’ Recession​

• Key lending gauge contracted for first time since 2005 in July
• Inflation is hovering around zero as consumer confidence sags

By Bloomberg News
August 14, 2024 at 11:42 AM GMT+8


China’s first bank loan contraction in nearly two decades has fanned fears the world’s No. 2 economy is careening toward a “balance sheet recession” as Japan did decades ago.

A plunge in new corporate borrowing combined with households preferring to repay debt saw bank loans shrink last month for the first time since July 2005.

That deepened China’s years-long battle with weak credit demand, as families and companies battered by a property slump turned cautious in buying homes or expanding investment.
https://www.bloomberg.com/tips/

 

[NanoSpeed]

I see a lot of Mercedes Benz downstairs of my HDB leh.

Then the 3 charging stations always full house leh with BYD and MG.

Cost of living of course high lah.

CB now laksa got $15 one. How not to high ?

 

[k1976]

Chinese Data Expected to Show Economy Still Faltering​

• Consumption growth likely helped by low base and summer travel
• Economic momentum probably showed no sign of pickup in July

Shoppers at a mall in Beijing in July. Retail sales rose 2.6% in July from a year ago, according to economists polled by Bloomberg, up from a 2% gain in June that was the slowest monthly increase since December 2022.
Source: Bloomberg
By Bloomberg News
August 14, 2024 at 6:30 AM GMT+8
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China’s economy probably failed to turn the corner on its worst stretch in five quarters, with an uneven recovery in July held back by consumer spending still lagging industrial activity and investment.
Data due Thursday will show retail sales remained sluggish, according to the median forecasts compiled by Bloomberg, despite a slight improvement thanks to a more favorable base of comparison and the summer holiday season. Growth in the industrial sector and investment probably stagnated but continued to outpace consumption that accounts for nearly half of gross domestic product.

 

[k1976]

World’s Biggest Steel Producer Warns of ‘Severe’ Industry Crisis​

• Cash now ‘more important than profit,’ leading producer says
• Slumping alloy prices and poor local demand among challenges

By Bloomberg News
August 14, 2024 at 11:27 AM GMT+8
Save

China’s steel industry is facing a crisis more serious than the downturns of 2008 and 2015, the world’s biggest producer warned, highlighting a need to preserve cash and likening conditions to a “severe winter.”

The crisis will likely be “longer, colder and more difficult to endure than we expected,” Hu Wangming, chairman of China Baowu Steel Group Corp., told the company’s half-year meeting, according to a statement.
https://www.bloomberg.com/tips/

 

[k1976]

Singapore lowers 2024 outlook for key exports to 4-5% growth​

For the second half of 2024, support for key exports is expected to come largely from the electronics recovery, driven by AI demand, Enterprise Singapore said. PHOTO: ST FILE

Timothy Goh
Updated

Aug 14, 2024, 05:51 AM

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SINGAPORE - Singapore expects growth in key exports to come in at 4 per cent to 5 per cent in 2024 – the lower end of its forecast range of 4 per cent to 6 per cent.

This comes as non-oil domestic exports (Nodx) fell 6.4 per cent in the second quarter of 2024 on the back of volatile pharmaceutical demand, faster than the 3.4 per cent decline in the previous quarter.

For the second half of 2024, support for Nodx is expected to come largely from the electronics recovery, driven by demand for artificial intelligence (AI) servers and consumer devices, Enterprise Singapore said on Aug 13.

The trade agency noted that the International Monetary Fund projected the global economy would grow by 3.2 per cent in 2024. Most of Singapore’s key trade partners, including China, the United States, Europe and Asean, are projected to grow in 2024.

“Key downside risks remain for the Nodx forecast, including a weaker-than-expected recovery in the second half of 2024, which could potentially lead Nodx growth for the year to come in below the forecast range,” it added.

Compared with a year earlier, domestic exports of electronic products grew by 3.8 per cent in the second quarter of 2024, reversing a 1.6 per cent decline in the first three months of 2024.

 

[k1976]

DBS Bank economist Chua Han Teng said that Singapore’s ongoing electronics recovery is expected to benefit overall Nodx.

“Singapore’s electronics shipments will see positive spillovers from the ongoing global tech-cycle upturn... Global tech demand is expected to be supported by the replacement of smartphones and personal computers, as well as the broadening use of AI applications,” Mr Chua said.

Domestic exports of non-electronic products declined by 9.2 per cent in the second quarter, following the 3.8 per cent drop in the previous quarter. The largest contributors to the decline in non-electronics Nodx were pharmaceuticals, non-monetary gold and food preparations.

 

[k1976]

OCBC Bank chief economist Selena Ling noted that domestic demand conditions in these three major trading partners are still weak, but Nodx to Asean countries generally recovered in the first half of 2024.

Ms Ling said that “front-loading” may occur ahead of the US election in November, with exporters shipping larger quantities to beat potential tariffs. If these tariffs do not materialise, a pullback in Nodx could occur in the first half of 2025.

“Overall, Singapore’s Nodx growth is still seeing a soft recovery this year,” she added.

Enterprise Singapore said that the outlook for total trade remains “cautiously optimistic” with support from high oil prices.

Total merchandise trade, which includes oil, expanded by 10.1 per cent in the second quarter of 2024, building on the 4.8 per cent growth in the first three months of the year.

Oil trade, which formed 20 per cent of total merchandise trade in the second quarter of 2024, grew by 16.9 per cent, after the 3.4 per cent growth in the first quarter.

Non-oil trade rose by 8.5 per cent, following the 5.2 per cent growth in the previous quarter.

 

[k1976]

Over 2.4 million Singaporeans to receive up to S$400 in September to help with cost of living​

People at a coffee shop in Chinatown, Singapore. (File photo: iStock)

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Daphne Yow
13 Aug 2024 12:18PM (Updated: 13 Aug 2024 01:23PM)
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SINGAPORE: Eligible Singaporeans will receive between S$200 (US$151) and S$400 next month, as part of measures to help them cope with cost-of-living concerns.
More than 2.4 million Singaporean adults will receive this one-off cash payment under the Assurance Package, said the Ministry of Finance (MOF) on Tuesday (Aug 13).

 

[nabeifuckpap]

It's true @Sinkiesuk

 

[sbfuncle]

Over 2.4 million Singaporeans to receive up to S$400 in September to help with cost of living​

People at a coffee shop in Chinatown, Singapore. (File photo: iStock)

Listen to this article
2 min
New: You can now listen to articles.

This audio is generated by an AI tool.


Daphne Yow
13 Aug 2024 12:18PM (Updated: 13 Aug 2024 01:23PM)
BookmarkShare

SINGAPORE: Eligible Singaporeans will receive between S$200 (US$151) and S$400 next month, as part of measures to help them cope with cost-of-living concerns.
More than 2.4 million Singaporean adults will receive this one-off cash payment under the Assurance Package, said the Ministry of Finance (MOF) on Tuesday (Aug 13).

In order to receive $400 you need to earn <22k p.a means less than 2k per mth, including all the retirees, housewives, the unemployed and those with plenty of hidden $ and not working (like me).

So if there are really 2.4mil sinkies belonging to the this group (which is more than half of sinkie population) , pap can jiak sai liao. What first world cuntry? What median income 5k+?

 

[k1976]

In order to receive $400 you need to earn <22k p.a means less than 2k per mth, including all the retirees, housewives, the unemployed and those with plenty of hidden $ and not working (like me).

So if there are really 2.4mil sinkies belonging to the this group (which is more than half of sinkie population) , pap can jiak sai liao. What first world cuntry? What median income 5k+?

Cannot beee...all jiuhu kaki say S8ngaporean jin rich

 

[Scrooball (clone)]

Since there are zero beggars in Singapore, we must assume that everyone is doing well.

 

[k1976]

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Markets

Singapore Dollar Notches New 2024 High Amid Tighter Policy View​

• Central bank expected only to ease in 2025: Bloomberg survey
• RBC sees Singapore dollar falling to 1.35 per USD by 2024 end

Singapore now sees the economy growing this year by between 2% to 3%, narrowing its forecast from an earlier projection of 1% to 3%.

Photographer: Nicky Loh/Bloomberg
By Marcus Wong
August 14, 2024 at 12:18 PM GMT+8
Updated on
August 14, 2024 at 12:56 PM GMT+8
Save

The Singapore dollar extended gains to touch a fresh 2024 high versus the greenback as forecasts for the local central bank to keep a tighter monetary policy relative to the Federal Reserve this year favored the Asian currency.

Singapore’s dollar rose as much as 0.1% to 1.3163 per dollar on Wednesday, the highest since Dec. 28. The currency posted its biggest monthly gain since November 2023 in July and is the third-best performer among Asian currencies so far this year after the Malaysian ringgit and the Hong Kong dollar.

 

[k1976]

Since there are zero beggars in Singapore, we must assume that everyone is doing well.

No wallorry....many many overnight millionaires minted with BTO flip

 

[k1976]

Number of million-dollar HDB flats resold hit all-time high in June as resale prices rise 1.8%

Resale prices rose across all room types and in both mature and non-mature estates from the previous month. PHOTO: ST FILE
Vivienne Tay
Updated

Jul 08, 2024, 07:41 PM

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SINGAPORE – The number of million-dollar resale Housing Board flats hit an all-time high in June, nearing 100 units, while resale prices clocked record gains.

Flash estimates from SRX and 99.co released on July 8 showed that HDB resale prices jumped 1.8 per cent in June, extending gains for the ninth straight month.

Resale prices rose across all room types and in both mature and non-mature estates from the previous month.

 

[Loofydralb]

Congratulations to the stupid that voted for PAP and ended up having to take loans in their 50s!!!

HAHAHA

 

[mojito]

U and I. No no not a loan!