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  1. #11
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    20 Aug 2015 13:21 CST DJ DBS

    20 Aug 2015 13:21 CST DJ DBS Sees Pressure Building on Singapore to Ease -- Market Talk0521 GMT [Dow Jones] The devaluation of the Chinese yuan last week has raised pressure on Singapore's central bank to ease its currency policy stance at its next monetary policy review due in October, DBS says. The Monetary Authority of Singapore has kept the local currency on a gradual and modest appreciation stance in recent years but according to DBS calculations, the nominal effective exchange rate of the Singapore dollar is easing toward the floor of its appreciating policy band. "If this continues, the MAS would have two choices: spend reserves defending the band or relax the appreciation policy," DBS says. It adds that with the economy facing the risk of a technical recession and consumer price index expected to decline this year, "currency appreciation becomes a difficult policy to maintain." A potential capital flight if U.S. rates rise could compound the problems.

  2. #12
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    20 Aug 2015 12:36 CST DJ Nomura Says 36% of Deepwater Rigs Will Need Replacement by 2

    20 Aug 2015 12:36 CST DJ Nomura Says 36% of Deepwater Rigs Will Need Replacement by 2020 -- Market Talk0436 GMT [Dow Jones] Nomura estimates that 36% of deepwater rigs will be 30 years and older by 2020, and many are likely to be replaced. "Contrary to common misperception among investors in Asia, we believe that this rig replacement has not occurred," Nomura says in a note. The house has a 'Sell' rating with a price target of S$6.63 on Keppel Corp. (BN4.SG) but a 'Buy' view on Sembcorp Marine (S51.SG) with a target of S$3.33. The two Singapore firms are the dominant players in the global drilling rigs industry. Nomura advises investors not to confuse near-term oversupply in the industry as an indicator of weaker longer-term demand prospects. Keppel is down 1.8% at S$6.96, while Sembcorp Marine is down 5.6% at S$2.35 amid continued decline in global crude oil prices that have fallen to fresh six-year lows this week. Singapore's benchmark FTSE Straits Times Index is down 1.0%

  3. #13
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    20 August 2015 Unsold units will take many years to clear: report

    20 August 2015 Unsold units will take many years to clear: reportWith more residential projects set for completion in the coming quarters, property developers will need more time to clear their inventory of unsold units in previously launched developments, reported Singapore Business Review citing a Savills report.
    “Adopting the CCR’s average monthly sales for the period of January to May 2015, and assuming there will be no further Government Land Sales (GLS), it will take about 12 years to clear the inventory of unsold units in projects under development now,” said Savills.
    It highlighted that the situation is even more serious for projects located away from the central region, since the GLS programme is generally focused on the OCR and RCR.
    “The time to clear the stock of present and future unsold units will be more than 12 years. Therefore, even if island-wide take-up rates double, it will take well over five years to sell down the inventory,” the report stated.
    While demand is expected to gather pace in the near future, this does not mean that the property market has returned to normal.
    “The broad brush measures have merely made the smaller units more affordable to local buyers whereas larger units and those with a high price quantum, mainly those projects in the CCR, are not selling fast enough to clear off the unsold inventory.
    “Lowering prices further would not be a panacea to increase demand because much of the unsold stock are larger units, which, because of the larger price quantum and the various cooling measures, are beyond the reach of many locals and permanent residents,” added Savills.

  4. #14
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    20 August 2015 Developers to delay new launches in election lead-up

    20 August 2015 Developers to delay new launches in election lead-upNew property launches in Singapore are expected to come to a standstill in the lead-up to the much-anticipated General Election next month, reported Singapore Business Review.
    In fact, developers are expected to delay new launches, in the hope that the newly-elected government will relax the cooling measures, analysts noted.
    “With the General Election expected to be held before the year ends, developers will also be trying to delay launches, hoping that the authorities will loosen some measures that have gripped the property market,” stated a Savills report.
    However, property players are likely to face disappointment as the government recently signalled that the curbs will not be relaxed any time soon.
    For instance, National Development Minister Khaw Boon Wan said the market is yet to reach a more sustainable equilibrium, while Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam shared that the government is taking a wait-and-see approach on the potential easing of the measures.
    “Ministers have (extinguished) hopes (of) relaxing property cooling measures in the near term with the General Election expected in September. While we expect further price falls in mass market housing, we believe we are closer to the end of the tunnel than a year ago. We remain constructive on developers,” added a report from Barclays.

  5. #15
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    20 August 2015 Highlight Singapore 2Q domestic wholesale

    20 August 2015 Highlight Singapore 2Q domestic wholesale trade slips 19% on lower petroleum, chemical product pricesSINGAPORE (Aug 20): The Republic’s domestic wholesale trade shrank in 2Q this year by 18.8%, partly as a result of weaker prices of petroleum and chemical products, data released by the Singapore Department of Statistics on Thursday shows.
    Excluding petroleum, domestic wholesale trade fell 11.6 per cent.
    After adjusting for price changes, domestic wholesale trade chalked a y-on-y increase of 7.6%.
    The ship chandler & bunkering and petroleum & petroleum product industries, which are hit by falling prices of petroleum products, experienced sharp drops in domestic sales of 43.5% and 25.9%, respectively.
    Stripping out the price effect, the ship chandler & bunkering industry recorded a milder decline in sales of 14.3%, while the petroleum & petroleum product industry actually recorded higher sales of 17.7%.
    Domestic sales of chemicals & chemical products rose 2.8% in 2Q in nominal terms, and a higher 36.9% with the price adjustment.
    Compared with a quarter ago, domestic wholesale trade grew 7.1% in 2Q on a seasonally adjusted basis. Excluding petroleum, domestic wholesale trade rose 1.2%. Without the price effect, domestic wholesale trade climbed 1.7% from the previous quarter.
    Foreign wholesale trade slipped 14.6 per cent y-on-y due to lower prices of petroleum and chemical products. Excluding petroleum, foreign wholesale trade fell 5.1%. After adjusting for price changes, foreign wholesale trade grew by 6.6% from a year ago.
    On a q-on-q, seasonally adjusted basis, foreign wholesale trade grew 7.3%. Excluding petroleum, it rose 2% from the previous quarter. After removing the price effect, foreign wholesale trade increased 1.6%.

  6. #16
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    20 August 2015 Soo Kee

    20 August 2015 Soo Kee shares trading 16% lower than IPO priceSINGAPORE (Aug 20): Shares of jewellery retailer Soo Kee Group are now trading at 25.5 cents with 29.1 million shares traded.
    At 9am this morning, Soo Kee opened at 30.5 cents on its Catalist trading debut.
    This was 1.7% higher than its IPO price of 30 cents.
    But by 12.30pm, the stock had fallen to 26 cents.
    Singapore-headquartered Soo Kee has a network of over 60 retail stores in Singapore and Malaysia.
    The company offers jewellery products and mementoes through its three brands - Soo Kee Jewellery, SK Jewellery and Love & Co - each with its custom branding to cater to different market segments.
    In comparison, the Straits Times Index is down 1.1% to 3,008.3.

  7. #17
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    20 August 2015 Soo Kee shares trading 16% lower than IPO price

    20 August 2015 Soo Kee shares trading 16% lower than IPO priceSINGAPORE (Aug 20): Shares of jewellery retailer Soo Kee Group are now trading at 25.5 cents with 29.1 million shares traded.
    At 9am this morning, Soo Kee opened at 30.5 cents on its Catalist trading debut.
    This was 1.7% higher than its IPO price of 30 cents.
    But by 12.30pm, the stock had fallen to 26 cents.
    Singapore-headquartered Soo Kee has a network of over 60 retail stores in Singapore and Malaysia.
    The company offers jewellery products and mementoes through its three brands - Soo Kee Jewellery, SK Jewellery and Love & Co - each with its custom branding to cater to different market segments.
    In comparison, the Straits Times Index is down 1.1% to 3,008.3.

 

 

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