Tuesday, June 30, 2015
60 Euros A Day
Greece backtracked on a pledge to waive pensioners from limits on cash withdrawals, signaling that the strain in the country's banks is now spreading to the very people the government wanted to protect by rejecting a bailout proposal.
An overnight decree to impose capital controls and cap withdrawals at 60 euros a day had originally exempted pension payments. The privilege was revoked about 12 hours later.
Global Stocks
Global stocks slumped on Monday amid investor concern that Greece may be heading for a eurozone exit.
Monday, June 29, 2015
Why?
Why is the post on UOB dated 2012
still attracting some readers until now?
I am not complaining.
I am just wondering.
Capital Controls
Greek Prime Minister Alexis Tsipras announced Sunday that the country's crisis-hit banks will be shut on Monday and capital controls imposed to prevent withdrawals, after cash machines ran dry.
Euro
The euro dropped more than one per cent as trading opened in Asia Monday after Greece's government moved the nation a step closer to leaving the currency bloc by effectively asking voters to decide on its membership.
Sunday, June 28, 2015
Referendum
Greek Prime Minister Alexis Tsipras called a referendum on whether he should accept the latest demands of the country's creditors, the most dramatic move yet in a debt crisis that started five years ago.
Eurozone
The Eurozone got ready to deal with a Greek debt default next week after refusing to extend credit following Prime Minister Alexis Tsipras's surprise announcement of a referendum on an offer from creditors that his leftist government rejected.
Saturday, June 27, 2015
Asian Currencies
Asian currencies completed a weekly loss, led by Singapore's dollar and South Korea's won, amid speculation emerging markets will see volatility in capital flows should Greece default.
Shipping Sector in Greece
Greece's shipping sector faces paying a higher tonnage tax, and a phase-out of the special tax allowances it has enjoyed, under the latest proposals presented by the country's creditors, according to documents seen by Reuters.
Friday, June 26, 2015
US Consumer Spending
US consumer spending recorded its largest increase in nearly six years in May on strong demand for automobiles and other big-ticket items, further evidence that economic growth was gathering momentum in the second quarter.
US Economy
The US economy is on track to expand 2.1 per cent in the second quarter in the wake of the government's final first-quarter reading on gross domestic product, and consumer spending and income in May, Atlanta Federal Reserve's GDPNow forecast model showed on Thursday.
Thursday, June 25, 2015
Gold
China's gold demand may rise if the country's stock market reverses its rally, according to the World Gold Council.
OPEC
OPEC said its share of the global crude oil market last year declined to the lowest level since 2003, underscoring the motive for the group's current push to defend sales volumes.
Wednesday, June 24, 2015
US Stocks
Rising hopes that Greece will reach a deal with official creditors to avert a default helped push US stocks higher in opening trade on Tuesday.
Stocks in Europe
European stock markets rose further on Tuesday, building on the previous day's sharp rally on hopes of there finally being a deal on Greece's bailout.
Tuesday, June 23, 2015
Greece Deal
European stock markets surged on Monday on hope that Greece would seal a deal with its EU-IMF creditors this week to save the country from default and a possible euro exit.
US Homes
US home resales surged to a 5-1/2-year high in May as first-time buyers piled into the market, the latest indication that housing and overall economic activity were gathering steam in the second quarter.
Monday, June 22, 2015
Austrian Grand Prix
Nico Rosberg celebrated his 30th birthday with a third win in four races on Sunday when he beat Mercedes team-mate and series leader Lewis Hamilton to triumph in an incident-filled Austrian Grand Prix.
Greece's Offers
Greek Prime Minister Alexis Tsipras has made an offer to European Union leaders he described as a "definitive" solution ahead of Monday's emergency summit.
Sunday, June 21, 2015
News Corp
A new management team at Rupert Murdoch's News Corp's Australian operations will support plans to expand into fast-growing Asia, son Lachlan Murdoch said Saturday.
Greek Banks
An accelerated run on Greek banks may force them to close for a few days next week. In the past few days alone, corporate and individual depositors have withdrawn an estimated 3 billion euros (S$4.5 billion), placing the money in either other European banks or at home.
Saturday, June 20, 2015
Ringgit
The plunging ringgit has hit levels not seen against the Singdollar since at least 1981, amid fears that Malaysia's sovereign debt rating might be downgraded.
One Singapore dollar could buy about RM2.80 yesterday, with analysts tipping more falls ahead.
The Malaysian currency has depreciated dramatically in recent months, falling 6 per cent against the Singdollar this year.
It is under attack on multiple fronts - including strife at heavily indebted state investment fund 1Malaysia Development Berhad and plunging oil prices. Malaysia is a major oil exporter so the price slump has hit revenue hard.
Daimler
Daimler, which is overhauling its Mercedes-Benz dealership operations, said on Friday it would sell sales outlets in eastern Germany to China's Lei Shing Hong Group (LSH), the world's largest Mercedes dealership.
European Central Bank
The European Central Bank has raised the ceiling on emergency liquidity Greek banks can draw from the country's central bank for the second time this week, a banking source told Reuters on Friday.
Friday, June 19, 2015
IMF
Central banks may need to become"market makers of last resort" if there is not enough liquidity during volatile sell-offs, a senior International Monetary Fund official said on Thursday.
US Consumer Prices
US consumer prices in May recorded their largest increase in more than two years as gasoline prices surged, suggesting an energy-driven disinflationary trend had probably run its course.
Thursday, June 18, 2015
BlackRock Inc
BlackRock Inc, the world's largest asset manager, said it has received expressions of interest for Singapore's Asia Square Tower 1 and could get more than S$4 billion for the building whose tenants include Citigroup Inc.
Bond Market
Global regulators will review the structure of bond markets to see if any changes are needed as central bankers fret over the possibility of more "taper tantrums" once interest rates start to rise.
Wednesday, June 17, 2015
COE 17 June 2015
Certificates of entitlement (COE) have fallen further and hit one of the lowest levels this year in the latest bidding exercise.
The tumble was also the largest one this year.
COE for category A cars fell from $66,000 two weeks ago to $61,000, the lowest in four months.
COE for category B cars fell to its lowest in three months from $75,000 to $71,509.
Open category COE, which can be used for any vehicle type but ends up mainly for bigger cars, also dropped from $75,801 to a three-month low of $74,501.
Commercial vehicle COE dropped slightly from $50,900 to $50,502. Meanwhile, the premium for motorcycles (Cat D) dropped from $6,509 to $6,401.
New JB-Woodlands Train Shuttle Tebrau
A new shuttle train service plying between Woodlands and Johor Baru (JB) Sentral will start on July 1.
Malaysian rail operator Keretapi Tanah Melayu (KTM) will operate the service called Shuttle Tebrau.
There will be 14 trips daily: seven from JB Sentral Station and seven from Woodlands Station.
A one-way fare from Woodlands will cost $5, while the return trip from JB Sentral will be priced at RM5 (S$1.80).
The departure timings from Woodlands Station will be: 6.30am, 8am, 9.30am, 5pm, 6.30pm, 8pm and 11pm.
From JB Sentral, the timings will be: 5.30am, 7am, 8.30am, 4pm, 5.30pm, 7pm and 10pm.
Grexit
Prime Minister Alexis Tsipras lashed out at Greece's creditors on Tuesday, accusing them of trying to "humiliate" Greeks, as he defied a drumbeat of warnings that Europe is preparing for his country to leave the euro.
Donald Trump
Real estate mogul and TV personality Donald Trump said on Tuesday he is a candidate for the Republican nomination in the 2016 US presidential election.
"I will be the greatest jobs president that God ever created," Mr Trump said in a launch speech at his Trump Tower skyscraper in Manhattan.
Tuesday, June 16, 2015
Home Leases in Paris
President Francois Hollande's plan to cap rents on new home leases in Paris will deter real estate investors while benefiting the wealthiest tenants and hurting the poorest, according to brokers.
The proposal will limit rents in the French capital to 20 per cent above and 30 per cent below a neighborhood's average, the government said June 12. The system, based on apartment size, year of construction and location, will allow surcharges for luxury homes.
Huawei
Chinese telecom equipment maker Huawei Technologies plans to invest 400 million euros (US$449.88 million) in research and development in Germany by 2018, one of the company's rotating chief executives told German newspaper Handelsblatt.
Monday, June 15, 2015
Dollar
With markets showing relative calm in the face of Greece's debt crisis and equities near all-time highs, there's little demand for the safety of haven assets like gold, giving changes in the dollar more sway. The metal has moved in the opposite direction as the Bloomberg Dollar Spot Index every day except one this month.
La Mede
French oil major Total said on Saturday management had ordered the halting of the La Mede refinery in southeast France after a union launched a strike against plans to stop crude processing at the plant.
Sunday, June 14, 2015
WHO
Some 400 million people worldwide lack access to essential health services, and the cost of healthcare is forcing many into poverty, the World Bank and World Health Organization reported Friday.
MERS
A World Health Organization (WHO) team of experts said on Saturday South Korea's outbreak of Middle East Respiratory Syndrome (Mers) is "large and complex"and more cases should be anticipated.
Saturday, June 13, 2015
US Consumer Sentiment
US consumer sentiment rose more than expected in June, a survey released on Friday showed.
The University of Michigan's preliminary June reading on the overall index on consumer sentiment came in at 94.6, up from the final reading of 90.7 the month before.
Brussels
Greece's government is ready to submit counter-proposals to bridge differences with its creditors and will restart negotiations in Brussels on Saturday, a government official said on Friday.
Friday, June 12, 2015
Latin America
Unable to match China's offer of US$250 billion in investment in Latin America, the EU sought ways on Thursday to avoid being marginalised in the region, offering new trade deals, visa-free travel and deeper ties.
IMF
The International Monetary Fund dramatically raised the stakes in Greece's stalled debt talks on Thursday, announcing that its delegation had broken off negotiations in Brussels and flown home because of major differences with Athens.
Thursday, June 11, 2015
Wages in US
Wages and salaries advanced in the first quarter at the fastest pace since 2006, signalling American workers are having success seeking raises as the labour market strengthens.
Brexit
If Britain votes to leave the European Union in a referendum, Scottish nationalists would push for another independence vote as the world's fifth-largest economy grappled with exiting the EU, JPMorgan said in a research note.
Wednesday, June 10, 2015
Golden Shower
Did the national press just tweet this phrase for SEA Games?
Does it know the meaning?
Job Openings in US
The number of positions waiting to be filled in the US increased by 267,000 to 5.38 million in April from 5.11 million the prior month, the Labour Department reported on Tuesday in Washington. Rates of hiring and firing decreased, and the number of Americans quitting their jobs was little changed.
Audi
Volkswagen's Audi will take a stringent line on guarding customers' data, the carmaker's chief executive said on Tuesday, in a thinly veiled swipe at new rival Google Inc.
Tuesday, June 9, 2015
G7
German Chancellor Angela Merkel demanded urgent action from the Greek government to cement its position as a member of the single currency.
Ms Merkel told reporters that leaders of the Group of Seven nations meeting in Schloss Elmau, Germany, shared her goal of keeping Greece in the currency bloc and also backed her insistence that Prime Minister Alexis Tsipras must deliver an economic program that can satisfy the country's creditors.
Greece
If Greece had to leave the eurozone, it would not cause a problem for the currency bloc but rather for Greece itself, European Central Bank governing council member Christian Noyer said on Monday.
Monday, June 8, 2015
What Is The Rationale
"This is a truly sad day - to know that we lost six 12-year old kids at Mount Kinabalu's earthquake. I honestly cannot understand the rationale of sending kids at this age to a leadership programme in a tough terrain." ~ Pastor Barnabas Chong
"The question goes beyond what are the specific thresholds and abilities of particular kids. We should start with the end in mind - what lessons do we want to impart to the kids ? Then we look at the options - In school camp, OBS, overseas trip, overseas camp, climb a mountain and so on. When viewed in that manner, the mountains expedition appears to be one of the more costly and involved options to achieve the goals desired. The age of the children should then be factored in as a consideration. That is, in those options, what is most suitable for 12 year olds in general ? I agree accidents do happen and often are unavoidable no matter how careful one is. However, when you consider what they were trying to achieve, there are many other options with a more controlled environment, less cost and less risk." ~ Beng Ti Tan
"At 12 having teachers purpose and plan and parents to consent while you tell kids how glorified they will be as student leaders is not an accountable situation. The kids can't judge for themselves and teachers and parents each have their own concerns. 16 onwards would be a more accountable age. In the meantime, there are many outbound schools and camp sites in and around Singapore which can achieve the same objective. There isn't a need to go abroad for 2 nights to impart the desired lessons to the kids." ~ Beng Ti Tan
"There are so many ways to learn, such as rock climbing at Sports Hub. Before an excursion is planned, the organizers must ensure that the external environment is safe." ~ James Tan
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