Sunday, August 28, 2011
Oil prices to soften: analysts
Oil prices to soften: analysts
By Ryan Huang | Posted: 24 August 2011 0023 hrs
SINGAPORE: From the Arab Spring to the debt crises in Europe and the US, world events are conspiring to soften the outlook for oil prices.
It could not have come at a better time to help many economies recover.
Celebrations in Tripoli mark new freedoms for the people of oil rich Libya and anticipation that the country will regain its role as a major exporter to the world.
Goldman Sachs said production could recover more quickly than forecast and this should pressure prices downwards as world economic growth slows.
Dominic Schnider, head of commodity research at UBS, said: In the short run, let's say towards the end of the year, we have the potential that actually crude oil prices, when we talk about WTI, (will) head towards US$70. That would imply a drop in Brent prices towards US$90.
"The weakness that we're likely to see is really related to the softness in demand. Economic activity could contract in one of the quarters, and I think that's going to weigh on overall crude oil consumption.
"So it's lower demand and the outlook that some of the Libyan problems that are likely to be solved and adding to additional supply that is likely to weigh on markets."
Oil prices spent most of the first half of this year above US$100 a barrel. That has hurt companies and consumers, and put some economies on course for recession.
The last few weeks, however, have witnessed a definitive move lower, with some analysts forecasting oil could drop to as low as US$70 in the short term.
Economists said a sustained drop in oil prices will help to buffer the turmoil in financial markets.
Leong Waiho, senior regional economist at Barclays Capital, said: "Refining centres in Asia and relatively industrialised economies in Asia will benefit the most.
"Singapore clearly fits into this camp with large refining presence ... for exports. But also the likes of Taiwan and Korea, which are relatively high on the energy intensity scale, will also stand to benefit significantly."
If oil prices remain low for the next six months, we could start to see lower petrol prices and electricity tariffs. For example, some expect petrol prices to drop as much as 10 percent over the next 12 months.
- CNA/al
- wong chee tat :)
By Ryan Huang | Posted: 24 August 2011 0023 hrs
SINGAPORE: From the Arab Spring to the debt crises in Europe and the US, world events are conspiring to soften the outlook for oil prices.
It could not have come at a better time to help many economies recover.
Celebrations in Tripoli mark new freedoms for the people of oil rich Libya and anticipation that the country will regain its role as a major exporter to the world.
Goldman Sachs said production could recover more quickly than forecast and this should pressure prices downwards as world economic growth slows.
Dominic Schnider, head of commodity research at UBS, said: In the short run, let's say towards the end of the year, we have the potential that actually crude oil prices, when we talk about WTI, (will) head towards US$70. That would imply a drop in Brent prices towards US$90.
"The weakness that we're likely to see is really related to the softness in demand. Economic activity could contract in one of the quarters, and I think that's going to weigh on overall crude oil consumption.
"So it's lower demand and the outlook that some of the Libyan problems that are likely to be solved and adding to additional supply that is likely to weigh on markets."
Oil prices spent most of the first half of this year above US$100 a barrel. That has hurt companies and consumers, and put some economies on course for recession.
The last few weeks, however, have witnessed a definitive move lower, with some analysts forecasting oil could drop to as low as US$70 in the short term.
Economists said a sustained drop in oil prices will help to buffer the turmoil in financial markets.
Leong Waiho, senior regional economist at Barclays Capital, said: "Refining centres in Asia and relatively industrialised economies in Asia will benefit the most.
"Singapore clearly fits into this camp with large refining presence ... for exports. But also the likes of Taiwan and Korea, which are relatively high on the energy intensity scale, will also stand to benefit significantly."
If oil prices remain low for the next six months, we could start to see lower petrol prices and electricity tariffs. For example, some expect petrol prices to drop as much as 10 percent over the next 12 months.
- CNA/al
- wong chee tat :)
Raised income ceiling not applicable to EC projects launched before Aug 15
Raised income ceiling not applicable to EC projects launched before Aug 15
Posted: 24 August 2011 2010 hrs
SINGAPORE: Prospective buyers of units at current executive condominiums (EC) projects, are requesting that the recent income ceiling increase, also be applicable to those bought before mid-August.
The qualifying income ceiling for ECs was raised from S$10,000 to S$12,000 a month, for projects launched for sale from August 15 this year.
Property agent ERA said that after the recent announcement, they received numerous queries from buyers interested in EC projects launched before 15 August. Online netizens have also expressed their wish to buy units in such projects.
On it's part, ERA emailed the relevant authorities to ask if exceptions can be made.
The National Development Ministry then replied, saying that the income ceiling will remain at S$10,000 per month for these earlier projects. This is to ensure the ruling is applied consistently within, and that buyers are treated fairly.
The Housing and Development Board has also responded, saying it is studying the feedback.
Mark Teo, Senior Group Division Director with ERA, said: "I really do think that the relevant authority can study the situation again. Because to allow them to buy, I think it probably doesn't affect the original buyers."
-CNA/ac
- wong chee tat :)
Posted: 24 August 2011 2010 hrs
SINGAPORE: Prospective buyers of units at current executive condominiums (EC) projects, are requesting that the recent income ceiling increase, also be applicable to those bought before mid-August.
The qualifying income ceiling for ECs was raised from S$10,000 to S$12,000 a month, for projects launched for sale from August 15 this year.
Property agent ERA said that after the recent announcement, they received numerous queries from buyers interested in EC projects launched before 15 August. Online netizens have also expressed their wish to buy units in such projects.
On it's part, ERA emailed the relevant authorities to ask if exceptions can be made.
The National Development Ministry then replied, saying that the income ceiling will remain at S$10,000 per month for these earlier projects. This is to ensure the ruling is applied consistently within, and that buyers are treated fairly.
The Housing and Development Board has also responded, saying it is studying the feedback.
Mark Teo, Senior Group Division Director with ERA, said: "I really do think that the relevant authority can study the situation again. Because to allow them to buy, I think it probably doesn't affect the original buyers."
-CNA/ac
- wong chee tat :)
SingTel, SAP launch cloud-based computing solutions for SMEs
SingTel, SAP launch cloud-based computing solutions for SMEs
By Amanda Feng | Posted: 23 August 2011 1748 hrs
SINGAPORE: SingTel and enterprise application software manufacturer SAP on Tuesday announced its launch of a cloud-based business management solution for small and medium enterprises (SMEs).
SingTel and SAP said in a joint statement that the "SAP Business One hosted on SingTel PowerON" will allow SMEs to streamline and manage its sectors ranging from sales to customer relationships on-the-move via Internet-enabled smartphones, tablets and Pcs.
It added that the improvements in productivity, increased business agility and reduced operating costs are perks that SMEs will get when utlilising the cloud-based solution.
The President of SAP Southeast Asia, Tim Moylan, said: "SMEs need to be empowered with innovations like mobility, on-demand services and cloud solutions, so that they can keep their costs low, steadily grow their business and stay ahead of the competition."
The solution is offered on a monthly subscription basis. SMEs do not need to make upfront investments in equipment and can avoid the ongoing costs of managing and maintaining complex systems and hardware. This is expected to save SMEs up to 60 per cent on their operating costs.
SAP Business One on SingTel cloud for 5 users (including set-up cost and subscription) will cost around $13,000 per year.
Traditional on-premise deployment of similar services for 5 users (including licences, hardware/operating system, maintenance and set-up costs) could cost around S$33,000 per year.
- CNA /ls
- wong chee tat :)
By Amanda Feng | Posted: 23 August 2011 1748 hrs
SINGAPORE: SingTel and enterprise application software manufacturer SAP on Tuesday announced its launch of a cloud-based business management solution for small and medium enterprises (SMEs).
SingTel and SAP said in a joint statement that the "SAP Business One hosted on SingTel PowerON" will allow SMEs to streamline and manage its sectors ranging from sales to customer relationships on-the-move via Internet-enabled smartphones, tablets and Pcs.
It added that the improvements in productivity, increased business agility and reduced operating costs are perks that SMEs will get when utlilising the cloud-based solution.
The President of SAP Southeast Asia, Tim Moylan, said: "SMEs need to be empowered with innovations like mobility, on-demand services and cloud solutions, so that they can keep their costs low, steadily grow their business and stay ahead of the competition."
The solution is offered on a monthly subscription basis. SMEs do not need to make upfront investments in equipment and can avoid the ongoing costs of managing and maintaining complex systems and hardware. This is expected to save SMEs up to 60 per cent on their operating costs.
SAP Business One on SingTel cloud for 5 users (including set-up cost and subscription) will cost around $13,000 per year.
Traditional on-premise deployment of similar services for 5 users (including licences, hardware/operating system, maintenance and set-up costs) could cost around S$33,000 per year.
- CNA /ls
- wong chee tat :)
Luxury home prices in S'pore down 1.7% in Q2
Luxury home prices in S'pore down 1.7% in Q2
By Arthur Sim | Posted: 22 August 2011 2258 hrs
SINGAPORE: Luxury home prices in Singapore fell 1.7 per cent in the second quarter of the year from the first three months, the biggest drop in CBRE's list of cities in its Asia Luxury Residential report.
CBRE said that no new luxury residential projects were launched in Singapore during the second quarter as existing projects continued to struggle to attract buyers.
Luxury home rents fell by 1.9 per cent quarter-on-quarter due to the large stock of projects completed and available for rent.
CBRE noted that while prices for luxury homes continue to decline slowly, other segments are likely to remain stable.
On the upside, the transaction volume of luxury homes (based on CBRE's basket of transactions in the primary and secondary market) actually rose 23 per cent to 9,059 units in the second quarter, compared to 7,336 in the previous quarter.
CBRE's Asian Luxury Residential Capital Value Index rose by 2.5 per cent in the second quarter, compared to a rise of 5.5 per cent in the first quarter.
It noted that price appreciation in Hong Kong moderated to 8.9 per cent in the second quarter, from 14 per cent in the first quarter.
CBRE said capital value growth eased in most first-tier cities in China following the implementation of further restrictions on home purchases.
Prices in Bangkok and Ho Chi Minh City were static as demand from end users was dampened by more stringent mortgage policies.
- CNA/al
- wong chee tat :)
By Arthur Sim | Posted: 22 August 2011 2258 hrs
SINGAPORE: Luxury home prices in Singapore fell 1.7 per cent in the second quarter of the year from the first three months, the biggest drop in CBRE's list of cities in its Asia Luxury Residential report.
CBRE said that no new luxury residential projects were launched in Singapore during the second quarter as existing projects continued to struggle to attract buyers.
Luxury home rents fell by 1.9 per cent quarter-on-quarter due to the large stock of projects completed and available for rent.
CBRE noted that while prices for luxury homes continue to decline slowly, other segments are likely to remain stable.
On the upside, the transaction volume of luxury homes (based on CBRE's basket of transactions in the primary and secondary market) actually rose 23 per cent to 9,059 units in the second quarter, compared to 7,336 in the previous quarter.
CBRE's Asian Luxury Residential Capital Value Index rose by 2.5 per cent in the second quarter, compared to a rise of 5.5 per cent in the first quarter.
It noted that price appreciation in Hong Kong moderated to 8.9 per cent in the second quarter, from 14 per cent in the first quarter.
CBRE said capital value growth eased in most first-tier cities in China following the implementation of further restrictions on home purchases.
Prices in Bangkok and Ho Chi Minh City were static as demand from end users was dampened by more stringent mortgage policies.
- CNA/al
- wong chee tat :)
More affluent women splurging on high-end performance cars
More affluent women splurging on high-end performance cars
By Valarie Tan | Posted: 28 August 2011 0401 hrs
SINGAPORE: Forget designer shoes and handbags. More affluent women in the Asia Pacific region are splurging instead on high-end performance cars.
The world of hot wheels is no longer just for the men.
Meet business consultant Nguyen Tuyet, who drives a Porsche 911-GT3, a street legal race car.
She has even beaten men with her super fast timings on the Formula One Spa Track in Belgium.
Nguyen said: "I was always interested in driving fast. I would prefer to go for a driver training or go for a tracking in Europe than buy a handbag."
She also disclosed how fast a motorist can easily chalks up.
Nguyen said: "On a straight (road), you can reach 300. That's the thing about women. We don't check the absolute speed. We drive and we just want it to be smooth."
Rich women buying luxury fast cars is the latest trend throughout the Asia Pacific, especially China, where women make up one-third of Maserati sales.
And two in 10 Ferrari buyers are female.
In Singapore, women bought nearly 30 percent of the 300 Porsches sold in the first half of 2011.
Christer Ekberg, Managing Director of Porsche Asia Pacific, said: "Female drivers appreciate different things. We do a lot of collaborations and joint venture activities with other companies that cater to female customers.
"We even have customers who want their car, the interior leather of the car, in the same colour as their favourite lipstick or their favourite handbag."
Porsche expects the female market share to grow to 40 percent in the next 10 years.
- CNA/de
- wong chee tat :)
By Valarie Tan | Posted: 28 August 2011 0401 hrs
SINGAPORE: Forget designer shoes and handbags. More affluent women in the Asia Pacific region are splurging instead on high-end performance cars.
The world of hot wheels is no longer just for the men.
Meet business consultant Nguyen Tuyet, who drives a Porsche 911-GT3, a street legal race car.
She has even beaten men with her super fast timings on the Formula One Spa Track in Belgium.
Nguyen said: "I was always interested in driving fast. I would prefer to go for a driver training or go for a tracking in Europe than buy a handbag."
She also disclosed how fast a motorist can easily chalks up.
Nguyen said: "On a straight (road), you can reach 300. That's the thing about women. We don't check the absolute speed. We drive and we just want it to be smooth."
Rich women buying luxury fast cars is the latest trend throughout the Asia Pacific, especially China, where women make up one-third of Maserati sales.
And two in 10 Ferrari buyers are female.
In Singapore, women bought nearly 30 percent of the 300 Porsches sold in the first half of 2011.
Christer Ekberg, Managing Director of Porsche Asia Pacific, said: "Female drivers appreciate different things. We do a lot of collaborations and joint venture activities with other companies that cater to female customers.
"We even have customers who want their car, the interior leather of the car, in the same colour as their favourite lipstick or their favourite handbag."
Porsche expects the female market share to grow to 40 percent in the next 10 years.
- CNA/de
- wong chee tat :)
Subscribe to:
Posts (Atom)