Dollar firms on Fed official's September easing hint
POSTED: 29 Jun 2013 6:29 AM
The dollar gained ground on Friday after a senior Federal Reserve official pointed to September as the date the central bank could begin winding down its massive asset purchases.
NEW YORK CITY: The dollar gained ground on Friday after a senior Federal Reserve official pointed to September as the date the central bank could begin winding down its massive asset purchases.
The euro fell to $1.3013 around 2100 GMT, down from $1.3038 late Thursday.
The greenback also firmed against the Japanese currency, to 99.11 yen from 98.35 yen Thursday, while the euro rose to 128.99 yen from 128.23 yen.
Kathy Lien of BK Asset Management said the dollar was boosted by comments from Jeremy Stein, a member of the Fed board of governors and the policy-setting Federal Open Market Committee (FOMC).
Stein suggested in a speech in New York that the central bank could make a decision to begin slowing its stimulus program within three months.
Stein specifically cited September in an example explaining that accumulated economic data for the past year, and not just the most recent data, would determine whether the FOMC decides to taper the bond purchases.
That "really got investors excited," she said.
"This specific comment about September sparked speculation that this will be the month when the Fed starts tapering," she said.
The dollar is expected to benefit when the Fed eventually begins to taper the buying, which it has conditioned on continued improvement in the economy.
The dollar slipped a bit against the Swiss currency, to 0.9446 franc from 0.9450 franc.
But it rose against the pound, which bought $1.5202, down from $1.5257 late Thursday.
- AFP/ac
- wong chee tat :)
Sunday, June 30, 2013
New home loan rules may cause 15% fall in demand: analyst
New home loan rules may cause 15% fall in demand: analyst
POSTED: 29 Jun 2013 9:53 PM
Property analysts said the new property loan curbs could cause housing demand to drop by up to 15 per cent over the next few months. On Friday evening, Singapore's central bank introduced a Total Debt Servicing Ratio (TDSR) framework and tighter Loan-to-Value (LTV) limits on housing loans.
SINGAPORE: Property analysts said the new property loan curbs could cause housing demand to drop by up to 15 per cent over the next few months.
On Friday evening, Singapore's central bank introduced a Total Debt Servicing Ratio (TDSR) framework and tighter Loan-to-Value (LTV) limits on housing loans.
Analysts said these new rules, which take effect on Saturday, will hit property investors the hardest.
Property analysts said the new rules will not significantly affect genuine house hunters, or those looking to upgrade from their HDB flats.
By Saturday evening, all 738 units at private residential project J Gateway were snapped up.
Over at the Jewel, Buangkok's new condominium, 80 per cent of its 350 units were sold.
But it is a different story for property investors looking to buy a second or third property.
Mohamed Ismail, CEO of PropNex, said: "Who will be affected? The so-called greater-risk appetite investors. I will not be surprised if the volume of transactions dip by a good 10 to 15 per cent. The 10 to 15 per cent I'm expecting is an immediate reaction to the cooling measures. But in the long term, I think the market will stabilise as people try to plan within the parameters that have been provided. Overall in the longer term, (there will) probably be a 5 per cent dip in the market as some of these investors will be out of the opportunity to buy more properties."
The TDSR framework will apply to loans for the purchase of all types of property, loans secured on property and the re-financing of all such loans.
Analysts said these latest measures will also close loopholes used by some investors to circumvent the existing rules.
Steven Tan, managing director at OrangeTee, said: "The refinement of the Loan-to-Value rules will make sure that the buyers will not be able to make use of the loopholes, such as using another person's name to avoid paying additional buyer's stamp duty or to secure a higher Loan-to-Value. It will also make sure that they won't use another younger borrower's name to secure a longer loan period."
Mr Ismail said: "Parents who are of the older age buy properties under their children’s names and some are still studying, above 21 and not even having an income… In some instances, they even buy the property in someone else's name so as to avoid the Loan-to-Value. Because once you have a second property or a third property, your Loan-to-Value ratios drop drastically."
The Monetary Authority of Singapore (MAS) said the move aims to encourage financial prudence and cool demand.
David Teo, a potential property buyer, said: "If you have a car now, maybe with the 50 per cent down payment and with the car prices now, then of course more of your income will be locked up in your car. But if you got your first house, then if you're really stretching yourself, then you shouldn't really go for it.”
MAS said any property loan should not push a borrower's total debt obligations to above 60 per cent of his or her gross monthly income.
- CNA/xq
- wong chee tat :)
POSTED: 29 Jun 2013 9:53 PM
Property analysts said the new property loan curbs could cause housing demand to drop by up to 15 per cent over the next few months. On Friday evening, Singapore's central bank introduced a Total Debt Servicing Ratio (TDSR) framework and tighter Loan-to-Value (LTV) limits on housing loans.
SINGAPORE: Property analysts said the new property loan curbs could cause housing demand to drop by up to 15 per cent over the next few months.
On Friday evening, Singapore's central bank introduced a Total Debt Servicing Ratio (TDSR) framework and tighter Loan-to-Value (LTV) limits on housing loans.
Analysts said these new rules, which take effect on Saturday, will hit property investors the hardest.
Property analysts said the new rules will not significantly affect genuine house hunters, or those looking to upgrade from their HDB flats.
By Saturday evening, all 738 units at private residential project J Gateway were snapped up.
Over at the Jewel, Buangkok's new condominium, 80 per cent of its 350 units were sold.
But it is a different story for property investors looking to buy a second or third property.
Mohamed Ismail, CEO of PropNex, said: "Who will be affected? The so-called greater-risk appetite investors. I will not be surprised if the volume of transactions dip by a good 10 to 15 per cent. The 10 to 15 per cent I'm expecting is an immediate reaction to the cooling measures. But in the long term, I think the market will stabilise as people try to plan within the parameters that have been provided. Overall in the longer term, (there will) probably be a 5 per cent dip in the market as some of these investors will be out of the opportunity to buy more properties."
The TDSR framework will apply to loans for the purchase of all types of property, loans secured on property and the re-financing of all such loans.
Analysts said these latest measures will also close loopholes used by some investors to circumvent the existing rules.
Steven Tan, managing director at OrangeTee, said: "The refinement of the Loan-to-Value rules will make sure that the buyers will not be able to make use of the loopholes, such as using another person's name to avoid paying additional buyer's stamp duty or to secure a higher Loan-to-Value. It will also make sure that they won't use another younger borrower's name to secure a longer loan period."
Mr Ismail said: "Parents who are of the older age buy properties under their children’s names and some are still studying, above 21 and not even having an income… In some instances, they even buy the property in someone else's name so as to avoid the Loan-to-Value. Because once you have a second property or a third property, your Loan-to-Value ratios drop drastically."
The Monetary Authority of Singapore (MAS) said the move aims to encourage financial prudence and cool demand.
David Teo, a potential property buyer, said: "If you have a car now, maybe with the 50 per cent down payment and with the car prices now, then of course more of your income will be locked up in your car. But if you got your first house, then if you're really stretching yourself, then you shouldn't really go for it.”
MAS said any property loan should not push a borrower's total debt obligations to above 60 per cent of his or her gross monthly income.
- CNA/xq
- wong chee tat :)
Gardens by the Bay celebrates first anniversary
Gardens by the Bay celebrates first anniversary
By Alice Chia
POSTED: 29 Jun 2013 11:39 PM
Gardens by the Bay turned one on Saturday. More than 10,000 people turned up for a garden party on Saturday evening, which was part of its first anniversary celebrations.
SINGAPORE: Gardens by the Bay turned one on Saturday.
More than 10,000 people turned up for a garden party on Saturday evening, which was part of its first anniversary celebrations.
They gathered at the grass lawn of The Meadow for a mass picnic, and enjoyed musical performances by local artistes, which included Kit Chan, Taufik Batisah and Li Feihui.
The event was graced by Minister for Trade and Industry Lim Hng Kiang, who is also the Member of Parliament for West Coast GRC.
It was hosted by Minister for National Development Khaw Boon Wan.
Among the visitors was 17-year-old Harlynna Bte Rahmat, who became the Gardens' five-millionth visitor on Monday.
She said: "The experience has been a great one. Everyone here is very nice to us. They are friendly. The place is very beautiful, very nice."
Dr Tan Wee Kiat, Chief Executive Officer of Gardens by the Bay, said: "It's hard to imagine that we opened our doors only a year ago. And we are very near in completing our basic infrastructure. We still have the children's garden to complete, which we hope to do by the end of this year. And we have a brand new cactus garden.”
- CNA/xq/de
- wong chee tat :)
By Alice Chia
POSTED: 29 Jun 2013 11:39 PM
Gardens by the Bay turned one on Saturday. More than 10,000 people turned up for a garden party on Saturday evening, which was part of its first anniversary celebrations.
SINGAPORE: Gardens by the Bay turned one on Saturday.
More than 10,000 people turned up for a garden party on Saturday evening, which was part of its first anniversary celebrations.
They gathered at the grass lawn of The Meadow for a mass picnic, and enjoyed musical performances by local artistes, which included Kit Chan, Taufik Batisah and Li Feihui.
The event was graced by Minister for Trade and Industry Lim Hng Kiang, who is also the Member of Parliament for West Coast GRC.
It was hosted by Minister for National Development Khaw Boon Wan.
Among the visitors was 17-year-old Harlynna Bte Rahmat, who became the Gardens' five-millionth visitor on Monday.
She said: "The experience has been a great one. Everyone here is very nice to us. They are friendly. The place is very beautiful, very nice."
Dr Tan Wee Kiat, Chief Executive Officer of Gardens by the Bay, said: "It's hard to imagine that we opened our doors only a year ago. And we are very near in completing our basic infrastructure. We still have the children's garden to complete, which we hope to do by the end of this year. And we have a brand new cactus garden.”
- CNA/xq/de
- wong chee tat :)
Electricity tariffs to fall by 2.9%
Electricity tariffs to fall by 2.9%
Lower tariffs due to lower cost of natural gas used for electricity generation
28 June
SINGAPORE — Electricity tariffs will drop by an average of 2.9 per cent for the period July 1 to September 30, SP Services said today (June 28).
This tariff reduction is due to the lower cost of natural gas used for electricity generation, which fell by 5.1 per cent compared to the previous quarter of this year.
The electricity tariff for households will decrease by 2.8 per cent in the third quarter of this year, from 26.70 to 25.95 cents per kWh.
Families living in four-room Housing Board flats (HDB) will see a S$3.08 decrease in their average monthly electricity bills.
SP Services reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator.
- wong chee tat :)
Lower tariffs due to lower cost of natural gas used for electricity generation
28 June
SINGAPORE — Electricity tariffs will drop by an average of 2.9 per cent for the period July 1 to September 30, SP Services said today (June 28).
This tariff reduction is due to the lower cost of natural gas used for electricity generation, which fell by 5.1 per cent compared to the previous quarter of this year.
The electricity tariff for households will decrease by 2.8 per cent in the third quarter of this year, from 26.70 to 25.95 cents per kWh.
Families living in four-room Housing Board flats (HDB) will see a S$3.08 decrease in their average monthly electricity bills.
SP Services reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator.
- wong chee tat :)
Electricity tariffs to fall by 2.9%
Electricity tariffs to fall by 2.9%
POSTED: 28 Jun 2013 2:13 PM
Electricity tariffs will drop by an average of 2.9 per cent for the period July 1 to September 30, SP Services said on Friday.
SINGAPORE: Electricity tariffs will drop by an average of 2.9 per cent for the period July 1 to September 30, SP Services said on Friday.
This tariff reduction is due to the lower cost of natural gas used for electricity generation, which fell by 5.1 per cent compared to the previous quarter of this year.
The electricity tariff for households will decrease by 2.8 per cent in the third quarter of this year, from 26.70 to 25.95 cents per kWh.
Families living in four-room Housing & Development Board flats (HDB) will see a S$3.80 decrease in their average monthly electricity bills.
SP Services reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator.
-TODAY/fa
- wong chee tat :)
POSTED: 28 Jun 2013 2:13 PM
Electricity tariffs will drop by an average of 2.9 per cent for the period July 1 to September 30, SP Services said on Friday.
SINGAPORE: Electricity tariffs will drop by an average of 2.9 per cent for the period July 1 to September 30, SP Services said on Friday.
This tariff reduction is due to the lower cost of natural gas used for electricity generation, which fell by 5.1 per cent compared to the previous quarter of this year.
The electricity tariff for households will decrease by 2.8 per cent in the third quarter of this year, from 26.70 to 25.95 cents per kWh.
Families living in four-room Housing & Development Board flats (HDB) will see a S$3.80 decrease in their average monthly electricity bills.
SP Services reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator.
-TODAY/fa
- wong chee tat :)
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