Lim Swee Say : " NTUC tracking potential layoffs ."
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Heard from ... some people from those Financial Sector .
Come mid October .
Will hit Europe and USA very badly .
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Just their expert analysis .
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HONG KONG - Asian markets tumbled Monday and the euro was further pressured by nagging uncertainty over the eurozone as leaders of the debt-troubled region struggle to find a plan to solve the crisis.
The week got off to a poor start as investors were left unimpressed by a commitment at the weekend from G20 finance chiefs to take strong, coordinated action to avoid another global financial crisis.
And they are even more nervous as Europe heads into a crunch week that will be key to the future of the region.
Tokyo fell 2.17 percent, or 186.13 points, to 8,374.13, Seoul shed 2.64 percent, or 44.73 points, to 1,652.71 and Sydney ended 1.01 percent, or 39.3 points, off at 3,863.9.
Hong Kong shed 1.48 percent, or 261.03 points, to 17,407.80, while Shanghai ended 1.64 percent, or 39.98 points, lower at 2,393.18.
Bangkok shed 5.65 percent, or 53.10 points, to end at 904.06.
The losses extended those from last week, when some global indexes were sent tumbling to multi-year lows because of the ongoing European crisis as well as concerns over US economic growth.
The G20 meeting in Washington issued an emergency statement saying: "We... are committed to a strong and coordinated international response to address the renewed challenges facing the global economy.
"We are taking strong actions to maintain financial stability, restore confidence and support growth."
However, despite moves to shore up confidence in Greece, many fear the country will inevitably default on its loans, which could in turn spread to other economies and lead to another financial downturn.
Mitul Kotecha, a strategist at Credit Agricole, said: "A pledge by G20 officials to help combat the crisis gave some support to markets but given that there were no details on how this would be done, it will not do much to alleviate market stress without some concrete action."
Teppei Ino, an analyst at the Bank of Tokyo-Mitsubishi UFJ, said the group "came short of mapping out any measures with immediate effects so have failed to stop the market's selling of risky assets".
A senior dealer at a major Japanese trust bank told Dow Jones Newswires: "Uncertainty will likely persist."
The sell-off comes as the eurozone faces a challenging week with European and IMF experts due to resume a fiscal audit that will decide if Athens can access the latest tranche of rescue funds to escape default.
And German lawmakers will Thursday vote on a beefed-up European Union stability fund that would permit sovereign debt restructuring, which the eurozone looks increasingly likely to need.
That vote is two days after Greek Prime Minister George Papandreou visits Berlin for talks with Chancellor Angela Merkel amid speculation that a second, multi-billion euro bailout for Athens crafted in July will need to be revised.
The euro slumped to US$1.3420 in Tokyo afternoon trade from US$1.3503 late Friday in New York while it also hit 102.65 yen from 103.31. The single currency was, however, up slightly from the 10-year-low 101.94 yen seen earlier.
The dollar was slightly lower at 76.48 yen compared with 76.50 yen.
The greenback also extended gains against the commodities-linked Australian dollar. The Aussie -- which just over two months ago hit a record above US$1.10 -- slid to 96.93 US cents late in the session, down from 98.34 cents on Friday.
On oil markets New York's main contract, West Texas Intermediate (WTI) for delivery in November, fell US$1.16 to US$78.69 per barrel in late afternoon trade.
Brent North Sea crude for November delivery slipped US$1.32 cents to US$102.65.
Gold tumbled to US$1,599.98 an ounce by 0800 GMT, well down from the US$1,734.86 it was at by 0900 GMT Friday, with analysts saying dealers were cashing in their investments and shifting into the US dollar as a safe haven.
It was also being sold after CME Group, which runs the online trading platform for gold, said it would raise the amount of collateral for dealers trading the precious metal.
In other markets:
-- Singapore ended 1.65 percent or 44.49 points off at 2,654.31.
-- Manila slumped 4.24 percent, or 164.74 points, to 3,721.22, its lowest close since September 2010.
-- Taipei closed 2.40 percent, or 169.10 points, lower at 6,977.12.
-- Wellington closed down 0.83 percent, or 27.34 points, at 3,255.37.
-- Kuala Lumpur lost 2.50 percent, or 34.14 points, to close at 1,331.80.
-- Jakarta fell 3.22 percent, or 110.20 points, to 3,316.14. -
Source taken from >>>>> http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/1155610/1/.html
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Just the tip of an iceberg ....
More to come ....
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Jialat liao..... lucky F1 cover alot liao.........
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PARIS : Franco-Belgian investment bank Dexia, which narrowly escaped collapse in the 2008 global financial crisis, needs to dispose of another 20 billion euros' worth of bad debt, a press report said on Monday.
Business daily Les Echos, citing a source at the bank, said that having disposed of about 80 billion euros (US$107 billion) worth of toxic loans, Dexia now planned to offload another 20 billion euros' worth.
The source said that even though Dexia might take a loss of up to 10 percent on the sale of the bad assets, it would still be worthwhile so as to improve the bank's financial position, at a time of great stress on the markets.
French banks have come under intense pressure to strengthen their capital base given concerns over their exposure to weak eurozone countries, especially Greece.
Press reports at the weekend suggested Dexia could also be looking at a tie-up with French state controlled banks.
One report said France was planning a 10-15 billion euro recapitalisation plan for five top banks struggling with the eurozone debt crisis.
The Journal du Dimanche (JDD) Sunday newspaper said the state had made the offer during a September 11 meeting with top officials from five banks -- BNP Paribas, Societe Generale, Credit Agricole, BPCE and Credit Mutuel.
The weekly said the plan was rejected by Societe Generale.
Issuing what it called a "formal denial," the finance ministry said the government had held talks with leading banks on their state of health but denied the bailout offer.
All the concerned banks declined comment on the JDD report, which cited sources in the Elysee presidential palace and in banking circles. -
WASHINGTON: Sales of new homes in the United States fell 2.3 percent in August from the previous month despite falling mortgage rates, the Commerce Department said on Monday.
Sales fell to an annualised rate of 295,000, the lowest in six months, though still 6.1 percent higher than the year-earlier pace.
The average sales price was $246,000, well below the 2010 full-year average of $272,900.
There was a 6.6-month supply of new houses on the market, unchanged in five months.
"The broader trend remains one in which sales are moving broadly sideways, albeit at historically low levels," said Peter Newland at Barclays Capital Research. -
Normally weekends the shares will dip a bit ...
Monday to rebound a bit ... follow by another slump .
Something like that .... but cannot substain too long .
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TOKYO - The euro fell to a new 10-year low against the yen in Asia on Monday as risk-averse investors shunned the European single unit amid continued fears over the continent's debt problems.
The euro fell to 102.18 yen in Tokyo afternoon trade from 103.31 yen in New York late Friday, logging its lowest level since June 2001.
The euro also sagged to $1.3392 in Tokyo afternoon trade from $1.3503. The dollar edged down to 76.38 yen from 76.50 yen.
A meeting late last week of finance chiefs from the Group of 20 leading economies could not quell financial market concerns that Greece's debt problem may trigger another global financial crisis.
The meeting issued an emergency statement saying: "We... are committed to a strong and coordinated international response to address the renewed challenges facing the global economy."
"We are taking strong actions to maintain financial stability, restore confidence and support growth," it said.
Teppei Ino, an analyst at the Bank of Tokyo-Mitsubishi UFJ, said: "The statement temporarily supported the euro's downside as the G20 finance chiefs pledged their commitment to addressing the problem.
"But they came short of mapping out any measures with immediate effects so have failed to stop the market's selling of risky assets," Ino said.
"Uncertainty will likely persist," a senior dealer at a major Japanese trust bank told Dow Jones Newswires.
Tokyo's Nikkei average extended recent losses on Monday, losing nearly two percent.
Speculation is mounting that the EU's second Greek rescue package, worth 159 billion euros and set up in July, will need to be revised.
For the second bailout to go through, eurozone lawmakers must approve a boost in funds for the current European Financial Stability Facility (EFSF) and the creation of its post-2013 successor, the European Stability Mechanism.
The dollar was mostly steady against Asian currencies. It fetched 43.77 Philippine pesos and T$30.57, both almost flat from Friday, while firming to 31.07 Thai baht from 30.84 and to S$1.3025 from S$1.3006.
It rose to 9,050.00 Indonesian rupiah from 8,973.75 but fell to 1,186.90 South Korean won from 1,195.00. -
when u read something like that ... it's like those tremours u felt before earth quakes .
It's sooner or later only .....
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LONDON : A Greek default on its debts is inevitable and eurozone countries must act now to prevent other countries going the same way, according to Britain's former finance minister Alistair Darling.
Darling, who held the key post during Britain's 2008 banking bailout, accused European leaders of having alloweed the Greek crisis to "run on and on and on", in an interview with Sky News, on Sunday.
European governments had "only this weekend...realised it is only a matter of time before Greece defaults," the Labour lawmaker said.
"It is imperative the eurozone countries take action now and not let it drag on for the next few weeks because the risk is it will bring down other countries with it," he added.
Darling attacked leaders for not taking on board the lessons learnt from the 2008 financial meltdown. The current crisis, he argued, was more serious than the one that threatened economies three years ago.
"There are lessons to be learnt and they are not being learnt by those responsible at the moment," he added.
Greece and the euro face a week of trials from Monday as European and IMF experts resume a fiscal audit that will decide if debt-hit Athens can still escape default.
The German parliament will on Thursday vote on a stronger version of the permanent European Union stability fund that would permit sovereign debt restructuring, a fallback the eurozone looks increasingly likely to need. -
so taxi drivers just drive taxis ? No need read what's going on ?
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That's how slumps is all about .... down down down , up a bit , down down down , up a bit .... down down down .... up a bit ...down down down .
Took just minutes to slip down , need hours to crawl back .
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the signs are there ....
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halo old man, you worry what? recession or not, you still huat, right?
also, isa still in force in sg, later govt say you 妖言惑众，lock you up then you know.
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Originally posted by Poolman:
Heard from ... some people from those Financial Sector .
Come mid October .
Will hit Europe and USA very badly .
So what shall a TD do during recession? any strategy?
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The normal Sweep and pick, Q and Q, call and call, what strategy you want, recession affect everyone, not only we the TD, its time to be conservative in your approach, the theory of whatever goes up, must come down is alway there unless you hit space.
There is certainly a shortage in pax, but not that serious, singapore is still very much fully employed, so people still hold much spending power, what is going to face TD day to day work are
1. Pax will be more calculative on tips, fares and the route you take.
2. There will be more kind of paxs pooling together rather than each take one cab.
3. There will be less travelling be it business or leisure, so you will expect a slow down in AP trips
But not to worry, we are not as bad as the west, who are the catalyst of this economy problem, their unemployment rate goes up to over 10%, just imagine what happen to their cabbies there. Singapore being the 4th costly cities in the world with one of the highest millionaires in term of asset and cash in hand, as Cabbies, we are very much blessed to be here at the moment. And with people giving up on over expensive COEs, most execs will choose to take taxis, so we are not that bad, some occupation are more worst than us, especially the electronic sector, they get retrenched very easily once economy is down. I think they are not doing very well, our manufacture sector is also down on year to year basis.
In conclusion, we are not bad as others, but we need to keep ourselve up to date, be more calm and cool toward paxs, drive with care, hv enough rest and exercise, do not get yourselves into trouble ending up with taxi licence getting gantong, those above 40s cabbies, if you are out of caby driving, it will be quite difficult for you to get a job especially during such times. So be careful, driving happily, live simple and keep smiling.
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Originally posted by Insg:
halo old man, you worry what? recession or not, you still huat, right?
also, isa still in force in sg, later govt say you 妖言惑众，lock you up then you know.
k �会那么严��？？？ -
first thing oil increase . . .investors divert their funds to commodity investments. Second price increase in food . Third less travellers into singapore for both business n leisure sectors , esp those people from europe . This F1 we saw less europeans than last year.
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worst thing retrenchments will come in yet again . . .
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Originally posted by bowah:
The normal Sweep and pick, Q and Q, call and call, what strategy you want, recession affect everyone, not only we the TD, its time to be conservative in your approach, the theory of whatever goes up, must come down is alway there unless you hit space.
There is certainly a shortage in pax, but not that serious, singapore is still very much fully employed, so people still hold much spending power, what is going to face TD day to day work are
1. Pax will be more calculative on tips, fares and the route you take.
2. There will be more kind of paxs pooling together rather than each take one cab.
3. There will be less travelling be it business or leisure, so you will expect a slow down in AP trips
But not to worry, we are not as bad as the west, who are the catalyst of this economy problem, their unemployment rate goes up to over 10%, just imagine what happen to their cabbies there. Singapore being the 4th costly cities in the world with one of the highest millionaires in term of asset and cash in hand, as Cabbies, we are very much blessed to be here at the moment. And with people giving up on over expensive COEs, most execs will choose to take taxis, so we are not that bad, some occupation are more worst than us, especially the electronic sector, they get retrenched very easily once economy is down. I think they are not doing very well, our manufacture sector is also down on year to year basis.
In conclusion, we are not bad as others, but we need to keep ourselve up to date, be more calm and cool toward paxs, drive with care, hv enough rest and exercise, do not get yourselves into trouble ending up with taxi licence getting gantong, those above 40s cabbies, if you are out of caby driving, it will be quite difficult for you to get a job especially during such times. So be careful, driving happily, live simple and keep smiling.
Thx Bro B. This is what I want to 'hear' here.
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Oil gains as investors bet Europe will tame crisis
September 27, 2011Oil rose for a second day in New York on speculation Europe will step up measures to tame a sovereign debt crisis that has roiled financial markets and slowed its economy, curbing fuel demand.
Futures gained as much as 2.5 per cent, trimming the biggest quarterly decline since the global financial crisis in 2008. US Treasury Secretary Timothy Geithner predicted that European governments will intensify efforts to contain their debt woes after being pressured at international meetings in Washington last week. The European Union accounted for 16 per cent of global oil demand last year, according to BP’s annual Statistical Review of World Energy.
“If there’s a credible plan that is good enough and certain enough to restore reasonable confidence to the world then a lot of things are going to look cheap at current prices and that probably includes oil,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney.
Crude for November delivery gained as much as $US2 to $US82.24 a barrel in electronic trading on the New York Mercantile Exchange and was at $US82.02. Oil has dropped 14 per cent this quarter, the biggest decline since the three months ended December 2008. Prices are down 8 per cent this month and 10 per cent this year.
Brent futures for November settlement gained $US1.42, or 1.4 per cent, to $US105.36 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract is down 6 per cent this quarter. It traded at a premium of $US23.34 to US futures, compared with a record $US26.87 on Sept. 6, based on front-month settlement prices.
Oil may stabilise
“Crude benchmarks were propped up by the rally in equity markets and a softer US dollar,” Mark Pervan, head of commodity research at ANZ in Melbourne, said in a note today. “Uncertainty over Europe continued to be a drag on prices, but with most of the bad news already priced in, oil markets could stabilise after posting steep declines last week.”
Geithner said on ABC Television’s “World News With Diane Sawyer” program that governments at the annual International Monetary Fund meetings told European leaders that their debt crisis is hurting global growth.
The Standard & Poor’s 500 Index added 2.3 per cent in New York. The MSCI Asia Pacific Index climbed as much as 2.9 per cent in Tokyo, its first advance in four days and the Dollar Index weakened for a second day.
Technical support
Hedge funds and other money managers raised bullish bets on Brent crude by 6.2 per cent in the week ended Sept. 20, according to data from ICE Futures Europe. Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 73,270 contracts, the London-based exchange said yesterday in its weekly Commitment of Traders report.
Oil in New York has technical support around $US80.20 a barrel, after settling above its lower Bollinger Band yesterday, according to data compiled by Bloomberg. Buy orders tend to be clustered near chart-support levels.
US crude stockpiles probably climbed 2.2 million barrels last week as fuel demand weakened, according to the median of 11 analyst estimates in a Bloomberg News survey before an Energy Department report tomorrow. Gasoline supplies rose 1 million barrels to the highest level in two months and inventories of distillate fuel, a category that includes heating oil and diesel, increased by 500,000 barrels, the survey showed.
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Originally posted by Poolman:
PARIS : Franco-Belgian investment bank Dexia, which narrowly escaped collapse in the 2008 global financial crisis, needs to dispose of another 20 billion euros' worth of bad debt, a press report said on Monday.
Business daily Les Echos, citing a source at the bank, said that having disposed of about 80 billion euros (US$107 billion) worth of toxic loans, Dexia now planned to offload another 20 billion euros' worth.
The source said that even though Dexia might take a loss of up to 10 percent on the sale of the bad assets, it would still be worthwhile so as to improve the bank's financial position, at a time of great stress on the markets.
French banks have come under intense pressure to strengthen their capital base given concerns over their exposure to weak eurozone countries, especially Greece.
Press reports at the weekend suggested Dexia could also be looking at a tie-up with French state controlled banks.
One report said France was planning a 10-15 billion euro recapitalisation plan for five top banks struggling with the eurozone debt crisis.
The Journal du Dimanche (JDD) Sunday newspaper said the state had made the offer during a September 11 meeting with top officials from five banks -- BNP Paribas, Societe Generale, Credit Agricole, BPCE and Credit Mutuel.
The weekly said the plan was rejected by Societe Generale.
Issuing what it called a "formal denial," the finance ministry said the government had held talks with leading banks on their state of health but denied the bailout offer.
All the concerned banks declined comment on the JDD report, which cited sources in the Elysee presidential palace and in banking circles.
wah poolman, you can wrote these after hearing from pax.............why are you still driving a Taxi.
i will return all back if these message was spoken to me, maybe can only conclude that "hang cheng" going to be "bo ho"
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Yes, wait for it and do not leave any money in banks. if they change name/merge all your savings would be gone.