More Price increases Coming!
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Sure lah...and I am looking forward to that actually....stock and property are getting too expensive these days...next on the list will be UK. their housing market is catching a cold now...Originally posted by will4:Spore will kena hit too if US economy went into a recession considering the fact that this country is reliance on its export of products to US.
low interest rate and high inflation is perfect storm in the making -
How bad u think the local economy will be affected? Why are u looking forward it? U planning to buy stocks?Originally posted by Gazelle:Sure lah...and I am looking forward to that actually....stock and property are getting too expensive these days...next on the list will be UK. their housing market is catching a cold now...
low interest rate and high inflation is perfect storm in the making -
Good to see prices going up....let's see what happens then....it will breed resentment, unhappiness...let's see who has the last laugh and everyone will know what they have got themselves into in Sillypore...then let us all see what those civil servants in their comfy cushy jobs do when they lose them, lift them high and let them fall hard....pamper them so much that they won't know how to survive in the private sector......kekekeOriginally posted by mistyblue:Somehow the minister salary defied all logic, rules and even economic cycle.
Good let's all see prices go sky rocketing and let us all see the bubble burst. No wait, let's all see the bubble explode, in little red dot's case. -
If you are living in canada, the impact from a USA recession will be greated than us living in Singapore. We shall see who get the last laugh...kekekek..Originally posted by Coquitlam:Good to see prices going up....let's see what happens then....it will breed resentment, unhappiness...let's see who has the last laugh and everyone will know what they have got themselves into in Sillypore...then let us all see what those civil servants in their comfy cushy jobs do when they lose them, lift them high and let them fall hard....pamper them so much that they won't know how to survive in the private sector......kekeke
Good let's all see prices go sky rocketing and let us all see the bubble burst. No wait, let's all see the bubble explode, in little red dot's case.
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US economy seeing more trouble in months ahead.Originally posted by Gazelle:If you are living in canada, the impact from a USA recession will be greated than us living in Singapore. We shall see who get the last laugh...kekekek..
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FT&Date=20071031&ID=7723582 -
Strong Sing$ means that its more expensive to export. US can always source another supplier. Singapore is not unique in whatever we sell. -
will, your link never seems to work...is it my problem or your url?Originally posted by will4:US economy seeing more trouble in months ahead.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FT&Date=20071031&ID=7723582 -
Shop N save is ending their 2% gst absorption on 500 household items on december 31st.
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US$ is weak against all major currency not just singapore. instead of look at S$ strong, you should look at a weak US$.Originally posted by mistyblue:Strong Sing$ means that its more expensive to export. US can always source another supplier. Singapore is not unique in whatever we sell. -
This is an interesting article on oil companies n possibility of recession in US.
http://www.msnbc.msn.com/id/21295390/
http://www.msnbc.msn.com/id/21488676/ -
This is the impact on the European countries on weak $US for exporters in France.Originally posted by Gazelle:US$ is weak against all major currency not just singapore. instead of look at S$ strong, you should look at a weak US$.
http://www.msnbc.msn.com/id/21197568/ -
So far got anyone see school fees increase not ah?
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Next will be prices of Rubber increase -
Singaporeans stressed out from price increases will not need to use much rubber...Originally posted by noahnoah:Next will be prices of Rubber increase 
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Well whatever the price hikes, for whatever reasons, may a simple guess. Who will be footing all the bills ?
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Title : Oil crosses US$96 a barrel in Asian trade
By :
Date : 01 Nov 2007 1524 hrs (GMT + 8hrs)
SINGAPORE: Oil prices barrelled through new records of more than 96 dollars in Asian trade on Thursday after the Federal Reserve lowered interest rates and following news of a surprise decline in US crude stocks.
New York's main futures contract, light sweet crude for delivery in December, was trading at 95.64 dollars a barrel, up 1.11 dollars, or 1.2 percent, from its close of 94.53 dollars a barrel in US trades. It also smashed Wednesday's record of 94.74 dollars.
The New York contract earlier surged to an all-time intraday summit of 96.24 dollars. Prices had risen 4.15 dollars, or about five percent, in New York Wednesday following the interest rate cut.
Brent North Sea crude for December delivery also erased the previous day's intraday high of 90.94 dollars to trade at 91.54 dollars.
"Now, it seems that triple digits is going to be the target," said Tony Nunan, manager for energy risk at Mitsubishi Corp in Tokyo, referring to oil at 100 dollars a barrel. "It's anybody's guess."
At current prices, oil is just four dollars off the 100-dollar mark.
"The increase in oil prices was driven by the release of the US Energy Information Administration's Weekly Petroleum Status report, which showed a large decline in US crude oil inventories," the Commonwealth Bank of Australia said.
Oil prices had earlier slumped below 90 dollars on Wednesday but staged a blistering rally after the Federal Reserve slashed key US interest rates by a quarter of a percentage point to 4.50 percent.
The cut is targeted to boost domestic consumption in the world's biggest economy and cushion the impact of a crisis in the US sub-prime mortgage housing market which has been rocked by defaults. A healthy US economy prompts higher demand for oil.
Oil prices also rose after the US Department of Energy's (DoE) weekly snapshot of energy reserves showed that crude inventories tumbled by 3.9 million barrels to stand at 312.7 million barrels in the week ended October 26.
That shocked the market because consensus forecasts had been for a gain of 400,000 barrels in the reserves of the world's biggest energy consumer and underscored a tight supply situation.
Compared with November last year and January 2007, current oil prices are more than 60 percent higher.
Peter Harbison, executive chairman of the Centre for Asia Pacific Aviation, said airlines are expected to ride through high oil prices because of strong travel demand.
"In this market you've got very strong economies which means strong demand and you haven't got enough seats flying," he told AFP on the sidelines of an aviation conference.
But Harbison also said the airline industry could still take a hit if the soaring oil prices lead to slower global economic growth.
Tony Fernandes, chief executive of Malaysian budget carrier AirAsia, said he was not worried about the rampaging oil prices.
"Oil is what it is, you got to live with it," he told AFP. "Basically, you've got to build a sustainable business model."
- AFP/so -
Title : Asian stocks mixed as investors digest Fed rate cut
By :
Date : 01 Nov 2007 1844 hrs (GMT + 8hrs)
TOKYO : Global stocks saw mixed fortunes Thursday with many investors remaining cautious about the outlook for the US economy despite the Federal Reserve's latest interest rate cut, dealers said.
Stock markets opened higher in Asia after the Fed acted again to cushion the US economy from a housing slump, a move which sparked a rally on Wall Street and sent gold prices above 800 dollars an ounce for the first time since 1980.
Better-than-expected US economic growth figures for the third quarter also helped to calm market fears about the impact on the global economy of recent mortgage and credit market turmoil.
Tokyo ended up 0.79 percent, Hong Kong gained 0.45 percent and Sydney surged 1.1 percent to an all-time.
But many markets in the region failed to sustain an early rally amid record high oil prices and lingering jitters about the outlook for the US economy.
Seoul ended down 0.1 percent, coming off a record high hit earlier in the day, while Taipei fell 1.17 percent and Wellington ended flat. Singapore was up 0.2 percent in late deals.
"The Fed's monetary easing brought relief to investors, which helped the market continue with its record-breaking rally at the opening," said Lim Dong-Min, an analyst at Dongbu Securities in Seoul.
But with the rate cut already priced in, investors were left to ponder more bearish factors such as high oil prices and the strength of the local currency, the won, he said.
Europe's main stock markets were also mixed in opening trade, with London down 0.07 percent as Frankfurt rose 0.06 percent and Paris added 0.08 percent.
The Fed cut its benchmark rate by 25 basis points to 4.50 percent Wednesday as expected, its second cut in less than two months, and said risks to the financial markets from the credit crisis had eased.
The Hong Kong Monetary Authority (HKMA) followed the Fed with a similar rate reduction, taking its base rate down to 6.0 percent.
The Fed's statement that the risks between higher inflation and weaker growth were balanced, hinting this would be the last rate cut this year, was taken positively by investors in Hong Kong, said Peter Lai, director at DBS Vickers.
"While (Fed chairman Ben) Bernanke did not say that the worst is over for the subprime crisis, at least he signalled that the government will not let the US economy go into a recession," Lai said.
In Tokyo, investors took their cue from Wall Street where the Dow Jones index gained 1.0 percent Wednesday after the Fed move.
News that US gross domestic product (GDP) grew at an annual rate of 3.9 percent in the third quarter, better than the 3.0 percent growth forecast by economists, provided an additional lift to sentiment.
The robust growth performance added to speculation that Wednesday's US rate cut could be the last for this year.
"The Fed has signalled that it has got a neutral bias for the short term at least, so the chances of a December rate cut seem to be less than they were," said Malcolm Wood, a Hong Kong-based strategist for Morgan Stanley.
"But expectations for additional rate cuts were not huge. The US market reaction would suggest that they are happy that the Fed is on their side and I think that should be the reaction here in Asia," he said.
But Shanghai gave up early gains to end down 0.68 percent, snapping four days of gains amid concerns the nation's social security fund may reportedly scale back its stock holdings, dealers said.
The dollar saw mixed fortunes in the region, falling to a fresh 23-year low against the Australian currency but edging higher against the yen as investors chased higher yields.
- AFP /ls -
Oil prices topple record highs ahead of US reserves data
Posted: 07 November 2007 0448 hrs
NEW YORK : Oil prices hit new peaks on Tuesday amid frenzied buying on the eve of a weekly US reserves report expected to show dwindling supplies in the world's largest energy consumer.
New York's main futures contract, light sweet crude for delivery in December, jumped 2.72 dollars a barrel to close at a record high 96.70 dollars a barrel. It hit an all-time high of 97.10 dollars in intra-day trade.
In London, Brent North Sea crude for December delivery jumped 2.77 dollars a barrel to settle at a record 93.26, after earlier reaching a record 93.56 dollars.
It was the first time oil futures had breached 97 dollars in New York and 93 dollars in London.
Oil prices moved steadily toward the symbolic 100-dollar level ahead of the US Department of Energy's (DoE) report on energy supplies.
The record-breaking run came as traders bet on a further decline in US crude supplies ahead of the northern hemisphere winter, when demand for heating fuel is expected to shoot higher, analysts said.
The DoE is set to release Wednesday its energy reserves report for the week ended November 2. Crude supplies had fallen in the previous two weekly reports.
"If the inventory figures are bad again then (New York crude) could push up," said CMC Markets trader Nas Nijjar.
"It still feels as though there will be a test of the 100-dollar level ... We're not seeing any large sellers in this market."
Analysts' consensus forecast is for US crude reserves to have fallen by 1.7 million barrels following recent disruptions to Mexican output.
The US Energy Information Administration (EIA) said Tuesday the outlook for global supply would likely remain tight, supporting high prices.
"Global oil markets will likely remain stretched, as world oil demand has continued to grow much faster than oil supply outside of the Organization of the Petroleum Exporting Countries (OPEC), putting pressure on OPEC and inventories to bridge the gap," the EIA said.
"Additional fundamental factors contributing to price volatility include ongoing geopolitical risks, OECD inventory tightness, and worldwide refining bottlenecks. As a consequence, crude oil prices are expected to remain high and volatile."
The DoE unit forecast global demand to rise by 1.5 million barrels a day in 2008, a day after reporting that US crude oil reserves had declined four percent in 2006.
World oil prices fell on Monday in profit taking after a series of surges to record highs, but rebounded as supply concerns loomed.
"Despite concerns about a potential slowdown in energy consumption and slower global economic growth, there is still plenty of support to crude prices and especially with US fuel inventories running low ahead of winter," Sucden analyst Michael Davies said.
Victor Shum, an analyst with energy consultancy Purvin and Gertz, said on Tuesday, said: "What we can expect going forward is extreme volatility in the oil market, driven by profit-taking and traders buying back positions."
"But the overall market sentiment is still bullish and prices appear to be on an uptrend towards the 100-dollar mark. If we have a combination of a draw-down in inventories and a cold spell in the US, that could cause a surge in pricing," he added.
Shum said oil prices could reach 100 dollars before the end of 2007. "the market sentiment is that it's just a matter of time," he noted.
Prices also were supported by the sliding US dollar.
A weak US unit encourages demand for dollar-priced commodities because it makes them cheaper for buyers using stronger currencies.
Earlier on Tuesday, the euro hit a record 1.4570 dollars, the highest level since the European single currency's creation in 1999. - AFP/de -
As and when there is price hikes due to whatever reasons,
who is the one who will pay and pay for these? -
Petrol in China is cheap, was talking to a friend, said current prices in China now is RMB 5++ and they consider it expensive.
RMB 5.12 = SGD 1.00
Petrol in Singapore is around 1.80++ for 98 octane rating fuels.
Singapore has a refinery in Jurong Island, I wonder why were the cost savings not passed on to consumers. -
Obviously your friend didnt tell you thatOriginally posted by maurizio13:Petrol in China is cheap, was talking to a friend, said current prices in China now is RMB 5++ and they consider it expensive.
RMB 5.12 = SGD 1.00
Petrol in Singapore is around 1.80++ for 98 octane rating fuels.
Singapore has a refinery in Jurong Island, I wonder why were the cost savings not passed on to consumers.
a) China has to ration their diesel in some province
b) China is a oil producing country
c) China is subsidizing billions of dollars on petrol -
The western countries has cheaper pump prices than Singapore too!!!Originally posted by Gazelle:Obviously your friend didnt tell you that
a) China has to ration their diesel in some province
b) China is a oil producing country
c) China is subsidizing billions of dollars on petrol
In case you don't know. -
Are you sure?Originally posted by maurizio13:The western countries has cheaper pump prices than Singapore too!!!
In case you don't know. -
Singapore Pump Prices
Shell Formula 98(98UL) = SG$1.929 per litre
Shell Formula 95 (95 UL) = SG$1.858 per litre
Shell Formula 92 (92 UL) = SG$1.827 per litre
Shell V-Power (98UL) = SG$2.089 per litre
Source: http://www.shell.com/home/content/sg-en/shell_for_motorists/fuels/discounts/price_board_0720.html
USA / California
USD 3.231 / US Gallon
**(1 US Gallon = 3.785 litres) & (US$ 1 = SG$ 1.44)
Therefore, 1 litre = SG$1.229.
Our Shell Formula 92 (92 UL) is already SG$1.827 per litre, while California the most expensive state pricing for petrol is only SG$1.229 per litre.
Source: http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp
Australia / Perth
Unleaded = AU$1.219 per litre
**(AU$1 = SG$1.33)
Thererfore 1 litre Shell unleaded in Perth is SG$1.62, our Shell Formula 92 (92 UL) = SG$1.827 per litre.
Source: http://www.shell.com/home/page/au-en/shell_for_motorists/petrol_pricing/price_search/app_price_search_0221.html
Thailand
Shell Advance Unleaded 95 = 31.19 Baht (THB) per litre
**(SG$ 1 = THB 21.83)
Therefore 1 litre of Shell 95 Unleaded = SG$1.428, our Shell 92 is SG$1.827 per litre.
Source: http://www.shell.com/home/thailand-en/html/iwgen/shell_for_motorists/price_board/pricineng.html
Canada / Edmonton
CAD 0.964 / litre
**(CAD 1.00 = SG$ 1.5265)
1 litre of gasoline in Canada is SG$1.47
Source: http://www.gasticker.com/pricelist.php?location=8 -
what about the whole of Europe. If you want to include thailand as a Western country, you might as well add Saudi Arabia, their petrol only cost S$0.30 per ltr plus why didnt you include the cost of diesel in your comparison? and why compare singapore to a oil producing country?