Bloomberg: SG's Fairy Tale Economy Ends...
-
Originally posted by TCH05:
You are so concern about TS disclosing the NAME of the country where he does his business, while you are sharing with us all the details of your research on the comsmetic industry.
I am not sure what is your motive behind all these. To prove you have more power than others?
What I have shared is what can be easily found. What I have not shared is information that are not as easily found. Furthermore, that is information from me, thus I have the right to share. You are asking information from him, which he deems personal, and thus no necessity to tell you. Yet you continuously demand more from him. What is your motive behind all these? You want to feed his competitors?
-
Originally posted by eagle:
What I have shared is what can be easily found. What I have not shared is information that are not as easily found. Furthermore, that is information from me, thus I have the right to share. You are asking information from him, which he deems personal, and thus no necessity to tell you. Yet you continuously demand more from him. What is your motive behind all these? You want to feed his competitors?
If TS want to brag about his prediction of a GREAT FALL and how smart he is to shift his business out of sinking Singapore, I think we all deserve to know how GREAT this fall he is talking about, especially if it is something he claims he predicted 5 years ago. And shouldn’t we also know which country would be in a better position to handle the storm from the slowdown from US economy.
As for you, you agreed with TS that the above questions are PERSONAL and by warn that if TS reply to my questions, he will run a risk of leaking his BUSINESS STRATEGY, even without telling us what sort of business he is dealing with.
My question to you is, suppose if he said VIETNAM, what sort of business strategy will you learn from the word V I E T N A M?
You then use telco industry as an example claiming that if he disclose it, his competitors will know etc and I counter your argument by saying that telco industry is regulated by government and if there is a license to grab, it will be awarded by tender process, not first come first serve basis.
You than go on to challenge that information is still power and ask me 2 questions about SPA Treasures, 1) Where do they source their products from, 2) why is their products not approved by HSA.
After 20mins of search on the internet, I reply your questions by saying that the concerning company get their products from Israel and it is a Singapore registered web based company with a shared office at a Maxwell Road. Plus I suspect that it is a one-man company own by a lady with some name and her mobile number. And I also provided you with the address and email of HSA cosmetic department so that you can, through the Internet, contact them to ask them if an online e-commerce company need to get their product registered and approved by HSA.
You then tell us a whole bunch of details about cosmetic industry without anyone asking and you now claim that those are information available from the Internet and there are no risks of exposing your BUSINESS STRATGY to competitors because you are withholding more powerful information
Comparing the information you shared about the cosmetic industry to what I was asking TS, it will be like comparing an elephant to a rat. And you seem to be more concern about the rat stealing your cheese than the elephant running over you.
If these information belongs to you, then I am sure those information should belongs to the TS isnt it?
-
For the Vietnam question, if you would use a bit of your brains, you would see that my description is a general thing of what any other other industry would do; it is not limited to only the telco industry, which is raised only as an example. Do you mean that there are competitive industries who will not check on their competitors should their competitors make a new business move? Are you such an entrepreneur? So supposed it is the electronics market? A mp3 player market? A F&B market? Do you not think businesses would check against their competitors too? Why are you so narrow-minded and can't think laterally?
I'm surprised you need to spend 20 minutes searching for those information and only coming up with partial, shallow and unsatisfactorily answers. You need to think deeper. Also, I had thought one would only need less than 5 minutes on that little piece of information. My little bunch of details came from near to 2 weeks of research, and it includes much more that I have not mentioned. Some information belongs only to me, and I will not state it. In what way have I said any business strategy? Have I even mentioned my proposed mission statement? Or interviews conducted? Or proposed way of marketting? Or the sources I will get my products from? Or even, the proposed difference in the products I will carry? How do you even define business strategy? Do you really think crafting up a plan is that simple?
The same goes when you ask questions that TS deems only he should know. Since you could not give an answer to, or have been constantly escaping the question of whether you are absolutely sure none of TS's competitors know that it is HyperFocal of SgF that owns the particular business, how sure can you be that he does not risk exposing any business strategy to anyone else?
-
Originally posted by fishbuff:
you might want to stop revealing your plans online especially to TCH05 and other forumers. from all the posts that i read in this forums, he has been asking questions all the time without revealing his background nor his profession.
Rule #1 - trust no one. no matter how people will appear to be nice to advice and consult u, always think it thru' and never accept it as gospel truth. some have the intention to deceive and wreck you and your business.
Thanks for the advice. However, those revealed were not plans, but merely facts. They are merely info available easily if you use google well and look at the right places in Singapore. I can only say that those revealed info are only partially useful to a newcomer into the industry, and that one could find out within half an hour of serious work.
The more I research, the more things I learn... Although I have only time to research for at most 2 hrs a day... It is a slow process to research such things, but I have lots of fun doing it... :D
-
Originally posted by eagle:
Yes, and I'm starting an online business at the same time. Do more research and you can also find my name on the Dean's List at NUS. I've been doing my research on the net for starting the business, and in the end, my information have to come from asking people and calling up companies. If I had the information much easier, I would not have to spend so much time to find a source.
y bring in yr name on the dean list at nus? some ppl might think u r self centered n snobbish -
Originally posted by eagle:
For the Vietnam question, if you would use a bit of your brains, you would see that my description is a general thing of what any other other industry would do; it is not limited to only the telco industry, which is raised only as an example. Do you mean that there are competitive industries who will not check on their competitors should their competitors make a new business move? Are you such an entrepreneur? So supposed it is the electronics market? A mp3 player market? A F&B market? Do you not think businesses would check against their competitors too? Why are you so narrow-minded and can't think laterally?
I'm surprised you need to spend 20 minutes searching for those information and only coming up with partial, shallow and unsatisfactorily answers. You need to think deeper. Also, I had thought one would only need less than 5 minutes on that little piece of information. My little bunch of details came from near to 2 weeks of research, and it includes much more that I have not mentioned. Some information belongs only to me, and I will not state it. In what way have I said any business strategy? Have I even mentioned my proposed mission statement? Or interviews conducted? Or proposed way of marketting? Or the sources I will get my products from? Or even, the proposed difference in the products I will carry? How do you even define business strategy? Do you really think crafting up a plan is that simple?
The same goes when you ask questions that TS deems only he should know. Since you could not give an answer to, or have been constantly escaping the question of whether you are absolutely sure none of TS's competitors know that it is HyperFocal of SgF that owns the particular business, how sure can you be that he does not risk exposing any business strategy to anyone else?
Your description is not general, it is text book fairytale and can only come out from someone who have ZERO experience and knowledge about how business operate in the real world.
If a company has to be so secretive about such tiny information, like country where they operate, then may I ask you why do companies want to talk about their global operations in their website, and their overseas expansion plans in their annual reports?
(I bet you cant answer these questions without giving further nonsensical explanation and some CSI theories)
Yes, your telco reply was just an example, but an example which contradict your statement about how one company can copy someone's business strategy by simply knowing the name of the country he is doing business.
In the first place, do you know TS personally? What business is he doing? His credibility?
Before you comment that my answers are shallow, it might be good if you could read the exact questions you asked.
Again, by telling us all those information about the cosmetic industry to prove your point, you are again contradicting your argument that forumers should be careful not to disclose information about their business because COMPETITORS do come to SGFORUMS to look for business idea, which they will then present to their board of directors.??
So let me guess, are you thinking of striking it rich by setting up an online shopping website selling cosmetic products. Thinking that this could be a business with very minimal capital investment and something which could run by itself. And I also presume you are now in the stage of sourcing for products to sell and you have facing difficulties because most good products in the market are already taken up by your competitors.
Isnt that obvious that you have no clue about what you are talking about and you are arguing for the sake of doing so.
-
Where TS plans to move his business is something not done yet, thus it is information not to be disclosed, and only known to himself. Please show me how any of my information explained are secrets that are not known yet by anyone else yet. And please explain how any of my posts are telling you a new business idea that no one has done before yet, and that someone can copy it. Without it, your claim that I have contradicted myself does not stand at all. Just because you need 20 mins to source out information most people only need less than 5 minutes to doesn't make your information any more valuable.
Obviously you have no clue about anything, and I shall not bother explaining too much to you. You have totally no idea how online businesses work, nor know anything about what the industry I mentioned lacks online, but not offline. Just to tell you what I have mentioned are things that are not novel ideas, but merely facts. What is totally novel and new, is not mentioned at all, and not even to friends, so don't worry about it. Don't you know about taking old and used concepts to combine with new ideas? And no, I'm not at the stage of sourcing. I know where to get them. I'm planning on my market survey and writing my plan out on paper, including the advantages, disadvantages, and the ways to allay the disadvantages such that it will become a plus, and something no one has done yet.
I will still have to comment that your brain thinks just as shallow as a monkey; you know merely to look at things on the surface. Explaining things further to you is only the same as talking to a wall; just a waste of time.
-
Originally posted by eagle:
Where TS plans to move his business is something not done yet, thus it is information not to be disclosed, and only known to himself. Please show me how any of my information explained are secrets that are not known yet by anyone else yet. And please explain how any of my posts are telling you a new business idea that no one has done before yet, and that someone can copy it. Without it, your claim that I have contradicted myself does not stand at all. Just because you need 20 mins to source out information most people only need less than 5 minutes to doesn't make your information any more valuable.
Obviously you have no clue about anything, and I shall not bother explaining too much to you. You have totally no idea how online businesses work, nor know anything about what the industry I mentioned lacks online, but not offline. Just to tell you what I have mentioned are things that are not novel ideas, but merely facts. What is totally novel and new, is not mentioned at all, and not even to friends, so don't worry about it. Don't you know about taking old and used concepts to combine with new ideas? And no, I'm not at the stage of sourcing. I know where to get them. I'm planning on my market survey and writing my plan out on paper, including the advantages, disadvantages, and the ways to allay the disadvantages such that it will become a plus, and something no one has done yet.
I will still have to comment that your brain thinks just as shallow as a monkey; you know merely to look at things on the surface. Explaining things further to you is only the same as talking to a wall; just a waste of time.
Please dont try to sell me a 50cent coin for a dollar. You have still alot, I mean alot alot to learn about business.
Since you are so up to it, I can only say good luck for you online cosmetic business. When you website is up and running, please make sure you let us know.
Btw, calling others stupid and shallow is not how you make yourself look smart in this forum
-
Well, it is obvious that you only see things on the surface. I'm merely stating a fact; you can't think deep. This is a conclusion formed from all the posts you have made in this thread, and in some other threads thus far. It may be that you are just lazy to do so in this virtual community. If that's the case, I offer my apologies.
-
The entire world has been riding on high growth and low inflation brought about by cheap Chinese goods and services. As China's economy improves and manpower cost rises, inflation is inevitable and that happens all over the world, not just in Singapore. The issue is whether our economy continues to grow or will it contract as it appears to be doing in the US.
I am really disappointed at the many brainless ranters who would bash the government without an iota of understanding of global trends.
-
Originally posted by oxford mushroom:
The entire world has been riding on high growth and low inflation brought about by cheap Chinese goods and services. As China's economy improves and manpower cost rises, inflation is inevitable and that happens all over the world, not just in Singapore. The issue is whether our economy continues to grow or will it contract as it appears to be doing in the US.
I am really disappointed at the many brainless ranters who would bash the government without an iota of understanding of global trends.
Not that i would blame them, but what do you expect for people to do except to rant when your gahmen self proclaims itself to be world class talents and paid millions arguably the highest in the world for any state/government position, and guess waht?
The finance minister of asia for year 2007 is............Mr Vu Van Ninh voted by Banker Magazine.... guess how much is his monthly salary.. xD
Do the CEOs get paid millions just to 'go with the flow'..?
-
Originally posted by oxford mushroom:
The entire world has been riding on high growth and low inflation brought about by cheap Chinese goods and services. As China's economy improves and manpower cost rises, inflation is inevitable and that happens all over the world, not just in Singapore. The issue is whether our economy continues to grow or will it contract as it appears to be doing in the US.
I am really disappointed at the many brainless ranters who would bash the government without an iota of understanding of global trends.
I thought our main source of agricultural imports was Malaysia, Indonesia & Australia.I didn't know that we are 100% reliant on China agricultural imports.
As an APEC and ASEAN member, Singapore relies heavily on its many association partners as import sources, making the territory a more challenging market for Canadian products and companies to penetrate. Singapore's principal agri-food import sources, Malaysia (18.7%), France (11.6%), Australia (9.2%), Indonesia (8.1%) and China (8.1%), represent Canada's top competition in the Singaporean export market. Furthermore, Singapore's reliance on international business has resulted in 13 free-trade agreements being established between the country and numerous trading partners.
Source: http://ats-sea.agr.gc.ca/asean/3865_e.htm
My take is, the inflation in majority was caused by the 2% increase in GST and the onslaught of immigrants coupled with en-bloc sales (demolishment of existing housing). Price of oil is partly to blame.
By redirecting the blame to other causes is an incompetent regime's way of shunning responsibility. The issue with them is, when economy is good, they will say it's due to their foresight and planning. But when economy is bad, they will blame it on external causes.
-
Originally posted by maurizio13:
I thought our main source of agricultural imports was Malaysia, Indonesia & Australia.I didn't know that we are 100% reliant on China agricultural imports.
As an APEC and ASEAN member, Singapore relies heavily on its many association partners as import sources, making the territory a more challenging market for Canadian products and companies to penetrate. Singapore's principal agri-food import sources, Malaysia (18.7%), France (11.6%), Australia (9.2%), Indonesia (8.1%) and China (8.1%), represent Canada's top competition in the Singaporean export market. Furthermore, Singapore's reliance on international business has resulted in 13 free-trade agreements being established between the country and numerous trading partners.
Source: http://ats-sea.agr.gc.ca/asean/3865_e.htm
My take is, the inflation in majority was caused by the 2% increase in GST and the onslaught of immigrants coupled with en-bloc sales (demolishment of existing housing). Price of oil is partly to blame.
By redirecting the blame to other causes is an incompetent regime's way of shunning responsibility. The issue with them is, when economy is good, they will say it's due to their foresight and planning. But when economy is bad, they will blame it on external causes.
<By redirecting the blame to other causes is an incompetent regime's way of shunning responsibility. The issue with them is, when economy is good, they will say it's due to their foresight and planning. But when economy is bad, they will blame it on external causes.>
yes, they should take responsibilty for being way off in their forcast of a deficit budget for 2007. because of that forcast they raise gst which is one of the main factors for our current stagflation. the other factors being bad global weather and oil prices.
-
Originally posted by lotus999:
<By redirecting the blame to other causes is an incompetent regime's way of shunning responsibility. The issue with them is, when economy is good, they will say it's due to their foresight and planning. But when economy is bad, they will blame it on external causes.>
yes, they should take responsibilty for being way off in their forcast of a deficit budget for 2007. because of that forcast they raise gst which is one of the main factors for our current stagflation. the other factors being bad global weather and oil prices.
Singapore's government budget is always misleading, everytime they forecast a budget deficit they get a actual budget surplus. But by then, everybody would have forgotten about last years' budget. It's to make the people think that they have gone all out to help the citizens by incurring a budget deficit.
-
so we have to keep reminding people here!
-
Originally posted by lotus999:
<By redirecting the blame to other causes is an incompetent regime's way of shunning responsibility. The issue with them is, when economy is good, they will say it's due to their foresight and planning. But when economy is bad, they will blame it on external causes.>
yes, they should take responsibilty for being way off in their forcast of a deficit budget for 2007. because of that forcast they raise gst which is one of the main factors for our current stagflation. the other factors being bad global weather and oil prices.
At least we have one P4P MP who is willing to face the music and admit that the cost increases last year was caused by the 2% increase in GST.
Unlike the P4P lackeys (with partial knowledge of Economics) here who push everything to the global economy.
MP Inderjit Singh calls for review of "grow-at-all-costs" govt policy
By Julia Ng, Channel NewsAsia | Posted: 25 February 2008 1546 hrsSINGAPORE: The MP for Ang Mo Kio GRC, Inderjit Singh, kicked off the debate on the Budget Statement on Monday.
The entrepreneur listed cost increases in 18 areas, among them the levy for skilled foreign workers, electricity tariffs, healthcare services, university tuition fees and public transport fares. All these have led to an overheated economy.
Mr Inderjit Singh said such increases were either triggered or allowed by what he called the government's "grow-at-all-costs" policy. He called for a review of this policy which, he argued, has worsened the income divide.
Mr Inderjit Singh said: "I feel a significant part of the inflation has been caused by factors that we could have controlled, what I call controllable factors - factors which the government can manage and could have done something about.
"In the last two years, the government has contributed to inflation by allowing multiple cost increases, both directly or through policy changes that resulted in cost increases.
"The end result is an era of very high cost increases, high inflation not supported by enough wage increases, especially for the lower and lower-middle income Singaporeans and companies."
Mr Inderjit Singh also singled out the 2 percentage point GST hike last July as a 'very significant cost increase'. This had triggered off other cost increases, which were passed on to consumers.
The MP recounted how the Finance Minister had strongly defended the GST hike, citing reduction of government income from other sources and the need to generate enough money to fund Singapore's growth.
But the government was faced with a 'pleasantly embarrassing outcome', he said. Instead of a projected deficit of S$0.7b, it had a surplus of S$6.4 billion.
"The government had been too quick to increase the GST last year. In light of the booming economy, which should have been visible by mid-2007, the government could have made the late decision to hold off the GST rise by a year or two," Mr Inderjit Singh said. - CNA/irSource: http://www.channelnewsasia.com/stories/singaporelocalnews/view/330980/1/.html
-
Originally posted by maurizio13:
At least we have one P4P MP who is willing to face the music and admit that the cost increases last year was caused by the 2% increase in GST.
Unlike the P4P lackeys (with partial knowledge of Economics) here who push everything to the global economy.
MP Inderjit Singh calls for review of "grow-at-all-costs" govt policy
By Julia Ng, Channel NewsAsia | Posted: 25 February 2008 1546 hrsSINGAPORE: The MP for Ang Mo Kio GRC, Inderjit Singh, kicked off the debate on the Budget Statement on Monday.
The entrepreneur listed cost increases in 18 areas, among them the levy for skilled foreign workers, electricity tariffs, healthcare services, university tuition fees and public transport fares. All these have led to an overheated economy.
Mr Inderjit Singh said such increases were either triggered or allowed by what he called the government's "grow-at-all-costs" policy. He called for a review of this policy which, he argued, has worsened the income divide.
Mr Inderjit Singh said: "I feel a significant part of the inflation has been caused by factors that we could have controlled, what I call controllable factors - factors which the government can manage and could have done something about.
"In the last two years, the government has contributed to inflation by allowing multiple cost increases, both directly or through policy changes that resulted in cost increases.
"The end result is an era of very high cost increases, high inflation not supported by enough wage increases, especially for the lower and lower-middle income Singaporeans and companies."
Mr Inderjit Singh also singled out the 2 percentage point GST hike last July as a 'very significant cost increase'. This had triggered off other cost increases, which were passed on to consumers.
The MP recounted how the Finance Minister had strongly defended the GST hike, citing reduction of government income from other sources and the need to generate enough money to fund Singapore's growth.
But the government was faced with a 'pleasantly embarrassing outcome', he said. Instead of a projected deficit of S$0.7b, it had a surplus of S$6.4 billion.
"The government had been too quick to increase the GST last year. In light of the booming economy, which should have been visible by mid-2007, the government could have made the late decision to hold off the GST rise by a year or two," Mr Inderjit Singh said. - CNA/irSource: http://www.channelnewsasia.com/stories/singaporelocalnews/view/330980/1/.html
I think he meant contributed/worsened the situation rather than caused.
-
... told you; it's hard to side the FAP - they always put their own foot into their mouths...
... and whenever an evidential article like this gets published and posted in here, these FAP Supporters disappears...
-
MP Inderjit Singh says govt policies may have contributed to inflation By Asha Popatlal, Channel NewsAsia | Posted: 25 February 2008 1546 hrs SINGAPORE: The Budget Debate kicked off in Parliament on Monday with MPs taking a long and hard look at what has been troubling many Singaporeans - growing cost increases. MP for Ang Mo Kio GRC, Inderjit Singh, pointed out that the "grow-at-all-costs" policy of the government might have overheated the economy and worsened the income divide. From electronic road pricing (ERP) and public transport fares to the Skilled Foreign Worker levy to healthcare charges, MPs cited a litany of recent cost increases. While some may have been beyond the government's control, Mr Inderjit Singh questioned whether all the hikes were necessary and if some could have been deferred. He said: "I feel a significant part of the inflation has been caused by factors that we could have controlled. "In the last two years, the government has contributed to inflation by allowing multiple cost increases, both directly or through policy changes that resulted in cost increases. "The end result is an era of very high cost increases, high inflation not supported by enough wage increases, especially for the lower and lower middle income Singaporeans and companies." The impact on the needy is telling. With real income shrinking as well, statistics show the lower 20 percent of Singaporeans are suffering effectively higher inflation rates than the top 20 percent. Mr Inderjit Singh argued for a review of what he called the "boom and bust" policy of growing as fast as possible during the good years to compensate for periods of slower growth, even if some Singaporeans could not keep up. In addition, he felt the government might have been too quick to impose the GST hike last year, a significant cost increase which triggered off other increases which were passed on to consumers. "In light of the booming economy which should have been visible by mid-2007, the Government could have made the late decision to hold off the GST rise by a year or two," said Mr Inderjit Singh. He recalled how the Finance Minister had stoutly defended the 2% point GST hike, citing reduction of government income from other sources and the need to generate enough money to fund Singapore's growth. But now, instead of projected Budget deficit of $0.7billion, the government had a surplus of $6.4 billion, leaving the government to face a 'pleasantly embarrassing outcome'. This point was also highlighted by other MPs who spoke during the Budget debate on Monday. With Singaporeans experiencing one of the highest spikes in the cost of living in the last five years, MP for Pasir Ris-Punggol GRC, Michael Palmer, said direct assistance could help. He said the government could set aside some money for a contingency fund from the Budget surplus to provide an inflation relief package, similar to the GST Offset package and specifically targeted at the low and middle income earners. Mr Palmer said: "We expect inflation to rise to between 4.5% and 5.5% (this year). That represents at least a 900% increase from the 2005 figure and a 450% increase from the 2006 figure. If inflation hits 4.5% this year, it will still be more than a 200% increase from last year. So when the Minister said that 'inflation today is higher than what we have been used to in Singapore for many years', in my humble opinion, that may be understating the matter somewhat," he said. His bottomline? The fear of creating an expectation of handouts should not deter the government from being caring and giving help when it has the resources to do so. - CNA/ir ======================================================================= MPs say more could be done to help businesses cope with rising costs By Wong Siew Ying, Channel NewsAsia | Posted: 25 February 2008 2309 hrs SINGAPORE : Rising costs in Singapore took the spotlight in Parliament on Monday, at the start of the annual Budget debate. Several MPs asked if more could be done to help businesses cope, from cutting corporate taxes and the foreign worker's levy to reviewing the government land sales programme. The property bubble has contributed to the overheating economy. According to Ang Mo Kio GRC MP Inderjit Singh, the government's move to lift anti-speculation measures has been detrimental to both Singapore and Singaporeans. He also took a shot at the government's Land Sales Programme, saying that the Reserve List system has caused larger fluctuations in the market. Mr Inderjit Singh said, "Without a reserve price, there may be times where land is sold cheaper than we would ideally like, but over the long term, the land sold for higher prices in good years could allow us to reach an acceptable level of income that we want from the land. It will make land release predictable and the market can then adjust. "We can put in place disincentives for hoarding land which developers buy from the government. Very importantly, when the property market is weak, the government should not panic, (and) should instead go ahead and release the land anyway." Under the Reserve List system, a reserve site will only be put up for tender if a developer puts in a minimum bid acceptable to the government. A recent report has ranked Singapore as the 7th most expensive office location in the world, jumping 10 places within a year. Some MPs expressed concern that this could hurt local businesses. Jessica Tan, MP for East Coast GRC, said, "Office rentals have increased 56 percent in 2007, industrial rental by 30 percent, oil prices by 50 percent and commodity prices by 31 percent. A rental rebate or even a reduction of the workers' levy would provide some relief for businesses...considering that all SMEs form 99 percent of enterprises in Singapore and employ 62 percent of our workforce, any such benefit would have had a significant impact." Some said that a cut in corporate taxes could help, while there was also a call for measures to defray rental costs. Michael Palmer, MP for Pasir Ris-Punggol GRC, said, "In the implementation of any such tax relief, the government could consider giving different rates of relief depending on the type of industry and the location of the premises rented. "For example, greater tax relief could be given to businesses that are willing to move non-core departments outside the business district. The relief need not be for the whole amount of rent paid - it could be capped." Apart from concerns about rentals, MPs also rued the missed opportunity to offer incentives to promote eco-friendly business practices. This could be in the form tax deduction for companies with an approved carbon offsetting programme, zero-rate GST or enhance capital allowances on energy saving devices used by companies. - CNA/ms
-
Originally posted by HyperFocal:
... told you; it's hard to side the FAP - they always put their own foot into their mouths...
... and whenever an evidential article like this gets published and posted in here, these FAP Supporters disappears...
These P4P lackeys lack a brain to think for themselves, they only rely on information provided by the government controlled press to do their thinking for them, thus when government source verifys the statement, they are left dumbfounded.
-
UOB's Q4 net profit down 5.7% to S$506m
Posted: 27 February 2008 1304 hrsSINGAPORE - United Overseas Bank (UOB), Singapore's second-biggest lender by assets, posted a 5.7 percent fall in its fourth-quarter profit, as turmoil in credit markets led to more write-downs.
The bank reported net profit of S$506 million for the October-December period, down from S$537 million a year ago.
UOB, which had a smaller exposure to risky debt compared to local industry leader DBS, made fresh provisions of S$128 million for its exposure to debt derivatives and long-term investments in the fourth quarter, bringing its total write-downs in the year to S$300 million.
Net interest income in the fourth quarter was S$743 million, up 5.9 percent from S$702 million a year earlier.
Non-interest income was S$532 million, up 2.9 percent from last year's S$517 million.
In a statement, UOB chief executive Wee Ee Cheong said 2008 "looks set to be a challenging year".
World financial markets have been battered since last August by fallout from a crisis in the US sub-prime, or high-risk, loan sector which forced commercial banks to tighten lending criteria leading to a credit crunch.
Banks around the world suffered multi-billion-dollars losses linked to sub-prime loans given to US homebuyers with risky credit histories. - CNA/ir/ch
-
Originally posted by oxford mushroom:
The entire world has been riding on high growth and low inflation brought about by cheap Chinese goods and services. As China's economy improves and manpower cost rises, inflation is inevitable and that happens all over the world, not just in Singapore. The issue is whether our economy continues to grow or will it contract as it appears to be doing in the US.
I am really disappointed at the many brainless ranters who would bash the government without an iota of understanding of global trends.
equally brainless to absolve the government from it.PAP certainly contributed their fair share to this mess.
I understand that many things are inter-twined but this is one gahmen that takes FULL credit when things are going well but when things did go south, it is always the external factors.
I also wonder what happened to China's economy to make it `improves'. Care to explain?