Petrol prices down 5 cents per litre, diesel 6 cents

Petrol prices down 5 cents per litre, diesel 6 cents

By Cheryl Frois,

SINGAPORE: In Singapore, pump prices are down again.

Petrol stations across the island have lowered prices by five Singapore cents per litre for petrol and six cents per litre for diesel.

This comes as global crude oil prices continue their downward slide.

Shell led the way by reducing prices at 11 am, followed by ExxonMobil and Caltex at noon, and SPC at 12.30 pm.

Premium 95 grade now stands at S$1.636 a litre, while the price of diesel is reduced to S$1.373.

Tuesday’s decrease in prices marks the 12th consecutive drop since July this year.

- CNA/yt

Source : Channel Newsasia - 18 Nov 2008

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Long term measures to help HDB mortgage defaulters is best solution

Long term measures to help HDB mortgage defaulters is best solution

By Cheryl Lim Mei Ling,

SINGAPORE : The Housing and Development Board (HDB) will continue to keep tabs on flat owners who default on their HDB mortgage payments.

It stressed that long term measures to help these owners manage their mortgage payment is the best solution, and that compulsory acquisition of the flat is a last resort.

As of October 2008, some 33,000 flat owners owed HDB arrears of three months or more. They make up less than 8 per cent of the 420,000 households with outstanding HDB loans.

Giving this update in Parliament on Tuesday, Parliamentary Secretary for National Development Mohamad Maliki Osman said home owners should buy within their means.

But he recognised that there are some who are affected by the economic downturn and one option for them is to downgrade to a smaller unit.

More 2 and 3-room HDB flats will be coming on stream next year to cope with the growing demand for smaller flats.

Dr Maliki also said heavily subsidised rental flats should be given to those who are in dire need. - CNA /ls

Source : Channel Newsasia - 18 Nov 2008

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Credit card loans up by S$840m in 12 months to Sep

Credit card loans up by S$840m in 12 months to Sep

By May Wong,

SINGAPORE: Credit card loans in Singapore have grown by S$840 million in the year to September, up 18 to 19 per cent compared to the previous year.

The Monetary Authority of Singapore (MAS) is monitoring the situation closely and will maintain close contact with banks, said Finance Minister Tharman Shanmugaratnam.

The percentage of outstanding credit card balances rolled over for more than one month has remained around 15 per cent.

The charge-off rate, which measures credit card debt written off by banks and card issuers (as a percentage of the rollover balance), remains low at between 3 and 4 per cent.

Mr Tharman was giving these updates in Parliament in response to questions on Singaporeans’ debt accumulation in the past year in light of the flagging global economy.

He said the government is not too worried about the figures right now as they are in line with economic growth.

- CNA/ir

Source : Channel Newsasia - 18 Nov 2008

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Singapore’s FY08 budget deficit to swell

Singapore’s FY08 budget deficit to swell

SINGAPORE - Singapore’s budget deficit could be three times larger than initially estimated this year partly because of the global economic turmoil, the finance minister said in comments released Tuesday.

The government originally projected a deficit of S$800 million this fiscal year but expenditures are now expected to be significantly higher than budgeted, Tharman Shanmugaratnam said.

“We should therefore expect a significantly larger deficit in FY08 (fiscal year 2008) — possibly more than three times larger than the initially estimated 800 million dollars,” he said in a written response to a question raised in Parliament on Monday.

There may be some dampening of revenues in view of lower-than-expected economic growth and more subdued property transactions, especially in the last two quarters of the fiscal year, the minister said.

At the same time, government expenses have risen with an August announcement that cash handouts to ease the burden of a rising cost of living would be increased by 50 per cent along with electricity rebates, Mr Tharman said.

In August, the government also announced a doubling of spending on incentives to address a severe shortage of babies. These measures and “higher cost factors in infrastructural projects” have also contributed to the higher deficit, he said.

“The larger deficit is an appropriate fiscal stance in the context of an economy that has entered a slowdown,” he said, adding that the government would not seek to reduce the deficit by cutting spending or raising additional revenue.

“We will be able to fund the larger deficit from the surpluses we accumulated in FY07, when we had unexpectedly higher revenues.”

Singapore, which is already in recession, could experience negative growth next year, Prime Minister Lee Hsien Loong warned on Sunday.

To help deal with the downturn and to prepare for the future, the government is bringing forward its budget from February to January, Mr Lee said.

The proposed budget will include measures to support growth and jobs, strengthen business competitiveness and stimulate domestic demand, he said.

- AFP/yb/ir

Source :Channel Newsasia - 18 Nov 2008

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Town councils’ exposure: $16m

Town councils’ exposure: $16m

Another $3m invested in Pinnacle Notes Series 6 could be at risk

By Goh Chin Lian, Senior Political Correspondent

EIGHT town councils (TC) run by the People’s Action Party have about $16 million invested in troubled structured products.
The lion’s share of $12 million is from two TCs: Holland-Bukit Panjang ($8 million) and Pasir Ris-Punggol ($4 million).

The products include Minibonds linked to bankrupt US investment bank Lehman Brothers and the now worthless Merrill Lynch Jubilee Series 3 LinkEarner Notes.

Dr Teo Ho Pin, chairman of the Holland-Bukit Panjang TC as well as coordinating chairman for the 14 PAP town councils, disclosed this yesterday.

Earlier in Parliament, Senior Minister of State (National Development) Grace Fu identified the two TCs when she was asked whether a stricter cap on risky investments was needed.

In his statement, Dr Teo defended the TCs’ investment strategy, saying the funds are diversified across deposits, securities and other financial products.

He gave figures on the investment returns in the last six years, before the fiasco this September involving Lehman-linked products.

The returns averaged over 3 per cent a year. This is more than the average interest of 0.9 per cent earned on fixed deposits and is above the average 2.9 per cent on 10-year Singapore Government Securities bonds, he added.

Dr Teo also pointed out that TCs needed to build up their sinking fund for long-term improvement works, like replacing lifts every 28 years.

‘In investing funds for long-term needs, our key objective is to generate a healthy return that more than offsets the rate of inflation, thus helping to increase the overall value of the sinking funds.

‘This way, we have managed to keep service and conservancy charges affordable amidst inflation over the years.’

The 14 TCs ‘do not have significant investments’ in the troubled products, he said. The $16 million is 0.8 per cent of all their funds available for investment.

In Holland-Bukit Panjang, $8 million is invested in Minibonds and Jubilee notes. This works out to 6.7 per cent of its investible funds.

It has another $3 million in the potentially-troubling Pinnacle Notes Series 6 arranged by Morgan Stanley.

Pasir Ris-Punggol’s $4 million is 2.6 per cent while in the remaining six TCs, the amount for each is below 1 per cent.

In Parliament yesterday, Nominated MP Eunice Olsen asked the Government to further limit the proportion of investments TCs can make in risky non-government securities and bonds.

The proportion of their sinking fund that can be invested in these financial products was limited to 35 per cent in December last year.

Ms Fu, in her reply, said there are no plans to change it.

Each town council, run by MPs, must decide the optimal balance between reasonable returns and financial prudence, she added.

Apart from long-term or cyclical spending, the sinking fund is used to pay for lift upgrading so that residents pay a smaller portion of the bill, said Ms Fu. One lift costs about $200,000 to $250,000 to replace.

The sinking fund is distinct from the operating fundfor short-term expenses.

Ms Fu also said TCs’ investments must be made on the advice of a qualified person, like a licensed investment adviser.

About a dozen financial experts advised Pasir Ris-Punggol before it invested $4 million in the Lehman Minibond Series 2 and 3 late last year.

Its chairman, Dr Ahmad Magad, said: ‘Both were rated A by prominent rating houses. Who would expect an institution that survived two world wars to go under?’

One estimate is that nearly half of the investment could be lost, he said, adding that he also invested $50,000 of his own money in the Minibonds.

Housewife Sharon Tay, 34, feels the TCs should have revealed their exposure earlier. The Bukit Panjang resident wonders if future improvements in her HDB estate will be postponed as a result.

Dr Teo said the TC services, works and plans will not be affected.

Apart from the PAP town councils, two others are run by opposition MPs.

Mr Chiam See Tong (Potong Pasir) said his TC’s money is in safe investments such as fixed deposits and Land Transport Authority bonds.

Mr Low Thia Khiang (Hougang) said his TC did not have any investments in Lehman-linked products or the Jubilee Series 3 Notes. In the last three years, his investment returns averaged 6 per cent a year, he added.

Those affected
HOLLAND-BT PANJANG TOWN COUNCIL

Investments: $5 million in Jubilee Series 3 LinkEarner Notes and $3 million in Lehman Brothers Minibond Series 3 Notes. Another $3 million is in Pinnacle Notes Series 6.

Sinking fund: Has grown from $62.6 million in 2002 to $118.8 million, as at March 31 this year. Of the $56 million increase, $24 million is from investment income. Average annual investment return is 4.1 per cent.

PASIR RIS-PUNGGOL TOWN COUNCIL

Investments: $4 million in Minibond Series 2 and 3.

Sinking fund: $150 million. Average annual investment income over the last five years is $4.36 million, and return is 3.4 per cent.

OTHER TOWN COUNCILS also have exposure to Lehman Brothers. Their appointed fund managers invested $4 million in Lehman Brothers through their investment portfolios:

Ang Mo Kio-Yio Chu Kang: $1.5 million

Hong Kah: About $1 million

Tampines: $250,000

Aljunied: $120,000

Marine Parade and Tanjong Pagar town councils did not reply to queries at press time, but their exposure is estimated to be about $1 million in total.

Source : Business Times - 18 Nov 2008

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Singapore property fund index in the works

Singapore property fund index in the works

Compiler seeking more data from portfolio managers

By EMILYN YAP

(SINGAPORE) The Investment Property Databank (IPD), a global provider of real estate investment indices, is calling for more support from property fund managers in Singapore to develop a national index.

‘An IPD Singapore Index would bring an internationally recognised property benchmark to the regional property sector, enhancing market transparency . . . and would, for the first time, facilitate property derivatives trading in Singapore,’ said IPD yesterday.

IPD has been compiling publicly available data since the first quarter of this year to determine returns from the local real estate sector last year. But because data is incomplete, it is urging property fund managers to provide more specific information on their portfolios. IPD has written to the managers to garner support and outline the steps required to create the index.

‘With the cooperation of the Singapore property market, IPD is confident it could produce the first definitive set of returns for 2007 early (next year),’ said IPD director and head of Asia-Pacific Kevin Swaddle.

According to Dr Swaddle, the proposed IPD Singapore Index will measure the return on capital employed in each period, not just the change in property values. This makes the index different from price indices already available in Singapore.

He also cited Trade and Industry Minister Lim Hng Kiang who said in a speech last year: ‘A key criterion to develop the property derivative market in Singapore would be the existence of transparent, reliable and well-followed direct property indices, which serve as reference points or benchmarks for structuring of property derivative products.’

Source : Business Times - 18 Nov 2008

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Citigroup to slash a further 50,000 jobs - NEW YORK

Citigroup to slash a further 50,000 jobs - NEW YORK

Cuts expected from layoffs, sale of units, attrition; bank to cut expenses by 20%

(NEW YORK) Citigroup Inc said yesterday it plans to cut about 50,000 jobs as souring economies and global credit conditions cause the US bank with the farthest reach worldwide to retrench.

‘We’ve added a lot of people over this very benign period.’

- Citigroup chairman Win Bischoff

The cuts are expected in the near-term and are on top of the roughly 23,000 jobs eliminated by the second-largest US bank between January and September. This would leave Citigroup with about 300,000 jobs worldwide, down 20 per cent from the end of 2007.

Cuts are expected from layoffs, the sale of units and attrition. Citigroup plans to slash expenses 20 per cent from peak levels and spend US$50 billion to US$52 billion in 2009, compared with US$59.8 billion in 2007.

The plans, posted on the company’s website, was being discussed by CEO Vikram Pandit at the company’s town hall meeting in New York yesterday with employees.

The cuts are Mr Pandit’s most dramatic move yet to restore profitability and bolster a sagging share price. Last week, Citigroup stock fell into the single digits for the first time since Sanford ‘Sandy’ Weill created the bank in 1998 from the merger of Travelers Group Inc and Citicorp.

Shortly before the town hall meeting in New York, Citigroup chairman Win Bischoff said at a business forum in Dubai, United Arab Emirates, that it would be irresponsible for Citi and other companies not to look at staffing in the event of a prolonged economic downturn.

‘What all of us have done - and perhaps injudiciously - we’ve a`dded a lot of people over … this very benign period,’ Mr Bischoff said.

‘If there is a reversion to the mean … those job losses will obviously fall particularly heavily on the financial sector,’ he added. ‘Certainly they will fall particularly heavily on London and New York.’ In his comments to the Associated Press, Mr Bischoff did not rule out the likelihood that Citi’s leaders would go without bonuses this year - a move that would effectively amount to a substantial pay cut for the company’s executives. ‘Watch this space,’ he said when asked about lost bonuses.

On Sunday, Goldman Sachs Group Inc said seven top executives, including chief executive Lloyd Blankfein, opted out of receiving cash or stock bonuses for 2008 amid the ongoing credit crisis. Shares of Citigroup fell 18 cents to US$9.34 in premarket trading yesterday.

Mr Pandit became chief executive last December, and has faced much criticism from investors and others for failing to implement a workable turnaround plan for Citigroup.

The New York-based bank has lost more than US$20 billion in the last year, hurt by bad bets on complex and risky debt, often tied to mortgages. Some analysts say the bank might not be profitable before 2010.

Through Friday, shares of Citigroup had fallen 68 per cent this year, leaving the bank with a market value of only US$51.9 billion, barely twice the US$25 billion of capital it received from the US Treasury Department’s bank bailout plan.

Citigroup was built principally by Mr Weill, who ceded control to Mr Pandit’s predecessor, Charles Prince, in 2003. Analysts believe Citigroup never invested enough in technology or to make the bank’s parts work well together.

Its geographic diversity, including operations in more than 100 countries, is now also working against it as customers in such countries as Brazil, India and Mexico find it harder to keep up with their bills.

At the same time, Citigroup’s ability to grow at home is relatively limited. Last month, Wells Fargo & Co derailed Citigroup’s attempt to buy Wachovia Corp and its US$418.8 billion of deposits. — Reuters, AP

Source : Business Times - 18 Nov 2008

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Going concern doubts removed: Sands-NEW YORK

Going concern doubts removed: Sands-NEW YORK

Completion of stock and warrant offering provides it US$1.2b

(NEW YORK) Las Vegas Sands Corp said yesterday that doubts about its ability to continue as a going concern have been removed after the completion of an offering of common stock, preferred stock and warrants provided about US$2.1 billion of additional capital.

The Las Vegas-based casino operator’s independent accountants, PricewaterhouseCoopers LLP, said in a filing with the Securities and Exchange Commission (SEC) that the actions taken on Friday have helped to erase worries about the company’s ability to continue to operate.

Las Vegas Sands also said it reissued 2007 financials and now feels it has enough liquidity and capital resources to fund ongoing operations and fulfil its new development plans.

On Friday, Las Vegas Sands said it sold 200 million common shares for US$5.50 apiece for US$1.1 billion, which included 18.2 million shares purchased by the underwriters. The company also sold 5.2 million units consisting of one share of preferred stock plus a warrant to buy stock at US$6 a share. The units sold for US$100 each.

Founder and chief executive Sheldon Adelson and his wife also purchased roughly 5.25 million shares of preferred stock and warrants at the same terms as the public offering. The warrants included in the public offering and sale to the Adelsons could raise an additional US$1.04 billion.

In addition, the couple converted US$475 million in notes they purchased last month into 86.4 million common shares at a conversion price of US$5.50 apiece.

Las Vegas Sands did not seek shareholder approval for its financing plan, claiming an exception in New York Stock Exchange rules, even though it more than doubles the number of outstanding shares and significantly dilutes shareholder value.

The company warned that any delay caused by getting shareholder approval ‘would seriously jeopardise the ability to complete the offerings as well as the financial viability of the company’.

Las Vegas Sands said it planned to use proceeds to help fund construction and development projects, which it said would be significantly slowed down.

On Nov 10, the company said it would suspend construction at its US$600 million St. Regis condominium tower in Las Vegas and two sites on the Cotai Strip in Macau.

Several other casino operators have scaled back or abandoned development plans due to economic and credit conditions.

Las Vegas Sands is also looking to address some in-house concerns, disclosing in an SEC filing last week that its board created a committee to evaluate the company’s decision-making and resolve disputes between Mr Adelson and other senior managers.

The filing said the committee was formed to address ‘a loss of confidence’ by managers in how the company is being run. — AP

Source : Business Times - 18 Nov 2008

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Japan sinks into recession, joining the EU

Japan sinks into recession, joining the EU

GDP contracts 0.1% in Q3 as exports fall, companies cut capital investment

By ANTHONY ROWLEY
IN TOKYO

JAPAN’S economy sank into recession in the third quarter of this year, officials confirmed yesterday. And they predicted further contraction in the coming months for the world’s second largest economy.

Hopes dashed: Economic conditions could worsen further as the US and European financial crisis deepens, Japanese minister warns
The eurozone has already been declared in recession. And with the US expected to follow suit soon, all three of the world’s leading economies will have succumbed to the spreading global crisis.

Economists had hoped Japan could avoid recession by raising output slightly in Q3 after a sharp drop in Q2. But the further contraction announced yesterday put paid to such hopes.

Growth collapsed on the back of falling exports and as corporate Japan cut capital investment in the face of collapsing external and domestic demand.

‘The downtrend in the economy will continue for the time being as global growth slows,’ Economic Affairs Minister Kaoru Yosano warned after it was announced that Japan’s gross domestic product contracted 0.1 per cent - or an annualised 0.4 per cent - in July-September The government also said output fell 0.9 per cent in Q2 rather than the 0.7 per cent announced earlier.

‘We need to bear in mind that economic conditions could worsen further as the US and European financial crisis deepens, worries of economic downturn heighten and stock and foreign exchange markets make big swings,’ Mr Yosano said.

On Friday, the 15-nation eurozone reported that its economy shrank 0.2 per cent in Q2 for the second quarter in a row. And most economists say the US is in recession, although official confirmation will not be available until January. Britain, meanwhile, is expected to suffer its worst economic contraction in two decades next year.

With the world’s big three economies on the skids, all eyes are on the fourth largest - China - to maintain some global growth momentum. But some senior Japanese officials are privately predicting a slump in China’s growth too, from the double-digit pace of recent years to perhaps as low as 5 per cent next year. They also expect slowing growth in India, Brazil, Russia among the so-called Bric economies.

Reflecting the gathering gloom, Tokyo’s Nikkei 225 stock average plunged 2.5 per cent yesterday after Japan’s recession - marked by two consecutive quarters of declining output - was confirmed. The market later rallied and the Nikkei closed fractionally higher at 8,522.58, but the yen remained at an export-damaging 13-year high.

Bank of Japan deputy governor Kiyohiko Nishimura said the financial market turmoil is far from over. ‘Owing to strong awareness of counter-party risks in the dollar markets, the function of these markets is declining and Japan’s financial market is also becoming unstable,’ Mr Nishimura said.

Japan had been enjoying its longest and strongest period of economic expansion since World War 11 until last year and hopes were strong that it had achieved domestic demand strong enough to avoid a synchronised slowdown with other leading economies. But as exports first to the US and then to Europe and China slowed, the economy succumbed rapidly.

Along with exports, corporate capital investment slumped, underscoring Japan’s continued dependence on external demand. Japanese companies cut their spending 1.7 per cent overall in Q3 compared with Q2 as external demand contributed a negative 0.2 per cent to overall demand.

The nation’s trade surplus has been collapsing dramatically as surging energy and other raw material import costs ran up against falling exports. Import costs are expected to fall, with the oil price now down to US$56 a barrel - little more than a third of its recent peak, But the strong yen will not allow Japanese exports any relief, analysts say.

‘The risk of Japan posting a third or fourth straight quarterly contraction is growing, given the fact that we can no longer rely on exports as overseas economies are slowing down due to the spread of the financial crisis,’ said Takeshi Minami, chief economist at Norinchukin Research Institute.

Source : Business Times - 18 Nov 2008

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About 50 homebuyers walked away from deals in October

About 50 homebuyers walked away from deals in October

But trend not likely to escalate as it was a month when bourses tanked

By KALPANA RASHIWALA

(SINGAPORE) The number of private homes returned to developers shot up last month on the back of a sharp dive in confidence due to the stockmarket crash.

Homebuyers returned 50-odd units to developers in October, compared with 10-plus units each in the preceding month and in October last year. The figures were estimated by BT from statistics on developers’ sales released by the Urban Redevelopment Authority (URA) yesterday. The figures exclude executive condos.

October also saw developers launching and selling the lowest number of private homes since URA started making monthly housing sales data available in June last year. Developers sold 112 private homes in October, down about 70 per cent from 376 units in the preceding month and 80 per cent below the 566 units sold in October last year. The 159 private homes developers launched last month was also 79 per cent lower than September and 75 per cent below that in the same year-ago period.

Buyers who returned the 50-plus units last month probably did so before the options were due to be exercised, industry observers reckon. Buyers who walk away from a deal before the option is exercised forfeit a quarter of the 5 per cent option fee, equivalent to 1.25 per cent of the purchase price of the unit.

‘The stock market was at its worst in October. So some buyers may have got jittery and decided it was better to forego 1.25 per cent of the purchase price - that’s $12,500 for a $1 million property purchase - than to be saddled with uncertainty. They worry that property prices may drop much further in the next six months. So it’s a matter of weighing risks, even for people who can afford to take the hit,’ said a seasoned property agent.

Another industry observer said another factor for the forfeitures could be if buyers failed to secure the required quantum of housing loan from banks, which have become more cautious in lending. ‘Some buyers may also have observed developers trimming prices and got cold feet,’ he added.

On a brighter note, he does not expect the number of units returned to developers to keep rising in the months ahead. ‘Anybody who buys now must have done his homework. Things are a lot clearer now.’

Agreeing, DTZ executive director Ong Choon Fah said: ‘October was an exceptional month with so much stockmarket turmoil and fear all around. Hopefully, we won’t get a repeat of this. People will be much more considered when buying homes henceforth and therefore the number of units returned should revert to a more normal situation.’

October saw a total of 14 units returned at Concourse Skyline at Beach Road, 11 units at The Peak @ Balmeg in the Pasir Panjang area and five units each at Silversea at Amber Road, Tresalveo at Marymount Terrace and VIVA at Thomson Road/Suffolk Walk. Nonetheless, all these projects still saw units being sold in October.

CB Richard Ellis (CBRE) said, based on transacted prices, prices have ‘remained fairly stable for the past two months, with due consideration that factors such as floor height, orientation and liveable space affect prices’.

‘However, it is very likely that the persistent thin volume will have a downward effect on prices. The sluggish sales momentum is likely to remain for the rest of the year as macro factors such as the economic recession and retrenchment will erode consumer confidence,’ CBRE’s executive director Li Hiaw Ho added. He predicts Q4 may see sales volume of around 500 units, a level last seen in Q1 2003.

Knight Frank director Nicholas Mak said that homebuying sentiment is expected to weaken in the face of economic and job market uncertainties. ‘Launches are expected to be held back till at least after Chinese New Year 2009,’ he added. The lowest-priced apartment/condo sold in October was a unit at The Linear ($554 psf) while the highest-priced unit was an apartment at Orchard Scotts ($2,407 psf).

Savills Singapore’s Ku Swee Yong noted that despite a weak month, The Lakeshore in Jurong and Hillvista in the Hillview area crossed $1,000 psf. The $2,169 psf of land area achieved at Sandy Island on Sentosa Cove is probably the highest price for a landed home in Singapore, he added.

Around 63 per cent of the 112 units sold in October were in Outside Central Region. However, in terms of the 159 units launched in the month, the lion’s share (46.5 per cent) were in the Core Central Region.

With additional reporting by Jonathan Gan, Marissa Lee and Theodora Kee

Source : Business Times - 18 Nov 2008

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