UOB suspends London property loans after Brexit
Posted 30 Jun 2016 10:14 Updated 30 Jun 2016 15:19
SINGAPORE: United Overseas Bank (UOB), Singapore's third-largest lender, has suspended its loans programme for London properties in the wake of uncertainties caused by Britain's vote to leave the European Union.
UOB would be among the first banks in Singapore to turn cautious on such lending, even though it is not a large amount, as Brexit spooked global markets and pushed the pound to multi-year lows.
"We will temporarily stop receiving foreign property loan applications for London properties," a UOB spokeswoman said in an email.
"As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments."
Singapore's biggest lender, DBS Group Holdings, said it continued to provide financing for property purchases in London but was advising its customers to be cautious.
"For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks," Ms Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email.
The Singapore dollar has gained about 10 per cent against the British pound since the referendum.
"There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term," said Ms Alice Tan, head of consultancy and research at Knight Frank Singapore.
Property consultants say data on the number of properties purchased by Singaporeans in the United Kingdom is not tracked that closely. Banks do not disclose lending data for UK property purchases.
UOB said it was monitoring the market environment closely and would review it regularly to determine when it could resume its property loan offering.
- REUTERS/cy
- wong chee tat :)
Showing posts with label euro. Show all posts
Showing posts with label euro. Show all posts
Thursday, June 30, 2016
Monday, June 27, 2016
Singapore banking system remains sound following Brexit outcome: MAS
Singapore banking system remains sound following Brexit outcome: MAS
Posted 24 Jun 2016 15:44 Updated 24 Jun 2016 22:34
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Friday (Jun 24) that "Singapore’s interbank money markets continue to function in an orderly manner and its banking system remains sound", following the outcome of the UK’s referendum on EU membership.
Britain voted to leave the European Union, in a decision that sparked upheaval across Asian markets.
In response to media queries, the Singapore central bank said: "The liquidity positions of the major banks in Singapore are healthy, and overall banking system liquidity remains adequate. MAS will provide additional liquidity to the banking system if needed.
"The trade-weighted Singapore dollar remains within its policy band, notwithstanding heightened volatility in international foreign exchange markets today. MAS stands ready to curb excessive volatility in the Singapore dollar.
"We have been prepared for the market volatility. MAS had been in close contact over the past weeks with banks in Singapore, foreign central banks and regulators to take preparatory actions to ensure the resilience of our financial system and markets in the event of Brexit."
MAS added that it would continue to be vigilant and stay in close contact with fellow central banks and regulators, as uncertainty is likely to persist following the referendum outcome.
Meanwhile, deputy president and group chief investment officer of GIC Lim Chow Kiat said the Singapore sovereign wealth fund runs a "long-term and diversified portfolio" and is "prepared for a period of heightened market uncertainty".
"What's most important to us is that markets remain open," Mr Lim said.
MEDIUM- TO LONG-TERM IMPACT ON SINGAPORE "MODEST": MTI
A spokesperson from the Ministry of Trade and Industry (MTI) said while the immediate aftermath of Brexit has led to substantial uncertainty and volatility in the financial markets, it is "too early" to assess its full consequences.
"Based on analysts’ current estimates of the impact of Brexit on the UK and the Eurozone economies, MTI’s assessment is that the medium- to long-term direct impact of Brexit on the Singapore economy is likely to be modest," the spokesperson said.
The full impact of Brexit on the UK, the EU and the global economy will be heavily dependent on the UK’s subsequent trade arrangements with the EU and other markets, including Singapore, MTI said.
With Brexit, the UK is no longer covered by the existing trade agreements that the EU has, according to the trade ministry. This means it will need to negotiate new agreements with its trading partners, including Singapore.
However, the nature and precise timing of the negotiations will depend on when Brexit takes effect following the UK’s deliberations with the EU, stated the MTI spokesperson.
"We will continue to monitor the situation and assess the economic consequences of Brexit on the Singapore economy and our businesses," the spokesperson added.
SINGAPORE FIRMS IN UK COULD FACE SLOWER GROWTH: SCCCI
Responding to the Brexit vote, Singapore Chinese Chamber of Commerce and Industry (SCCCI) president Thomas Chua said in the immediate term, Singapore companies will face some uncertainties in terms of how Brexit will impact Asia. “Companies who are already in the UK may face the prospects of a slower growth,” he said.
Added Mr Chua: “For our SMEs who are suppliers to the UK MNCs based here, they will be affected if their UK principals become more cautious in their business plans due to a weaker British Pound. While the UK may traditionally be the first-choice hub of our companies to access the European market, they may now review UK as their preferred choice, and open to consider other options.
He noted that both Singapore and London are key financial centres in the world and with the uncertainties following Brexit, combined with the growth potential of Asia, Singapore may stand to benefit as more financial institutions may consider to set up here.
LONG-TERM IMPACT ON S'PORE 'HARD TO ASCERTAIN': SBF
Meanwhile, the Singapore Business Federation (SBF) expressed concern over the outcome of the vote.
“The decision to leave the EU adds more risk to Europe’s stability and to global markets at a time when the world economy needs more stability,” SBF said in a statement. “The possibility of a weaker EU, given its importance as a trading and investment partner to Singapore, will have significant impact on our economy.”
SBF also said the long-term impact of Brexit on Singapore and the world is “hard to ascertain”, although new configurations are currently being negotiated and put together, and the ripple effects of these “will take time” to work out and “add prolonged uncertainties”.
- CNA/dt/xk
- wong chee tat :)
Posted 24 Jun 2016 15:44 Updated 24 Jun 2016 22:34
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Friday (Jun 24) that "Singapore’s interbank money markets continue to function in an orderly manner and its banking system remains sound", following the outcome of the UK’s referendum on EU membership.
Britain voted to leave the European Union, in a decision that sparked upheaval across Asian markets.
In response to media queries, the Singapore central bank said: "The liquidity positions of the major banks in Singapore are healthy, and overall banking system liquidity remains adequate. MAS will provide additional liquidity to the banking system if needed.
"The trade-weighted Singapore dollar remains within its policy band, notwithstanding heightened volatility in international foreign exchange markets today. MAS stands ready to curb excessive volatility in the Singapore dollar.
"We have been prepared for the market volatility. MAS had been in close contact over the past weeks with banks in Singapore, foreign central banks and regulators to take preparatory actions to ensure the resilience of our financial system and markets in the event of Brexit."
MAS added that it would continue to be vigilant and stay in close contact with fellow central banks and regulators, as uncertainty is likely to persist following the referendum outcome.
Meanwhile, deputy president and group chief investment officer of GIC Lim Chow Kiat said the Singapore sovereign wealth fund runs a "long-term and diversified portfolio" and is "prepared for a period of heightened market uncertainty".
"What's most important to us is that markets remain open," Mr Lim said.
MEDIUM- TO LONG-TERM IMPACT ON SINGAPORE "MODEST": MTI
A spokesperson from the Ministry of Trade and Industry (MTI) said while the immediate aftermath of Brexit has led to substantial uncertainty and volatility in the financial markets, it is "too early" to assess its full consequences.
"Based on analysts’ current estimates of the impact of Brexit on the UK and the Eurozone economies, MTI’s assessment is that the medium- to long-term direct impact of Brexit on the Singapore economy is likely to be modest," the spokesperson said.
The full impact of Brexit on the UK, the EU and the global economy will be heavily dependent on the UK’s subsequent trade arrangements with the EU and other markets, including Singapore, MTI said.
With Brexit, the UK is no longer covered by the existing trade agreements that the EU has, according to the trade ministry. This means it will need to negotiate new agreements with its trading partners, including Singapore.
However, the nature and precise timing of the negotiations will depend on when Brexit takes effect following the UK’s deliberations with the EU, stated the MTI spokesperson.
"We will continue to monitor the situation and assess the economic consequences of Brexit on the Singapore economy and our businesses," the spokesperson added.
SINGAPORE FIRMS IN UK COULD FACE SLOWER GROWTH: SCCCI
Responding to the Brexit vote, Singapore Chinese Chamber of Commerce and Industry (SCCCI) president Thomas Chua said in the immediate term, Singapore companies will face some uncertainties in terms of how Brexit will impact Asia. “Companies who are already in the UK may face the prospects of a slower growth,” he said.
Added Mr Chua: “For our SMEs who are suppliers to the UK MNCs based here, they will be affected if their UK principals become more cautious in their business plans due to a weaker British Pound. While the UK may traditionally be the first-choice hub of our companies to access the European market, they may now review UK as their preferred choice, and open to consider other options.
He noted that both Singapore and London are key financial centres in the world and with the uncertainties following Brexit, combined with the growth potential of Asia, Singapore may stand to benefit as more financial institutions may consider to set up here.
LONG-TERM IMPACT ON S'PORE 'HARD TO ASCERTAIN': SBF
Meanwhile, the Singapore Business Federation (SBF) expressed concern over the outcome of the vote.
“The decision to leave the EU adds more risk to Europe’s stability and to global markets at a time when the world economy needs more stability,” SBF said in a statement. “The possibility of a weaker EU, given its importance as a trading and investment partner to Singapore, will have significant impact on our economy.”
SBF also said the long-term impact of Brexit on Singapore and the world is “hard to ascertain”, although new configurations are currently being negotiated and put together, and the ripple effects of these “will take time” to work out and “add prolonged uncertainties”.
- CNA/dt/xk
- wong chee tat :)
Tuesday, April 2, 2013
Unemployment in Euro Zone Reaches a Record High of 12 Percent
Unemployment in Euro Zone Reaches a Record High of 12 Percent
By DAVID JOLLY
Published: April 2, 2013
PARIS — Unemployment in the euro zone rose to yet another record high in the first two months of the year, official data showed Tuesday, providing confirmation that the economy remains in a deep freeze.
The jobless rate reached 12 percent in both January and February, the highest since the creation of the euro in 1999, Eurostat, the statistical agency of the European Union, reported from Luxembourg.
The January jobless rate for the 17-nation currency union was revised upward from the previously reported 11.9 percent.
For the overall European Union, the February jobless rate rose to 10.9 percent from 10.8 percent in January, Eurostat said, with more than 26 million people without work across the 27-nation bloc.
European officials continue to hold out hope that the economy, which continued to shrink in the first quarter of 2013, will begin turning around in the second half of the year. Many private sector forecasters are more pessimistic, expecting a contraction of as much as 2 percent in the euro zone’s gross domestic product this year, after a 0.9 percent contraction last year.
While there is general agreement that the current course for addressing the euro crisis — heavily focused on budget- balancing measures that reduce overall demand — is not working, the need for emergency action like the recent bailout of Cyprus has appeared to inhibit any deep rethinking of economic policy.
In the absence of new measures to stimulate growth at the European and national levels, all attention will be focused Thursday on the governing council of the European Central Bank, which meets in Frankfurt to consider whether to maintain interest rates at their current record low or cut even further.
Britain, the largest E.U. economy outside the euro zone, had an unemployment rate of 7.7 percent in December, the latest available month.
In the United States, the jobless rate fell in February to 7.7 percent, the lowest since late 2008. The consensus among economists surveyed by Reuters is for U.S. nonfarm payrolls Friday to show a gain of 200,000 jobs in March, after a gain of 236,000 in February.
The European labor market has now declined for 22 straight months, making this the worst downturn since the early 1990s, Jennifer McKeown, an economist in London with Capital Economics, wrote in a note. In particular, she said, the rise in France’s February jobless rate to 10.8 percent from 10.7 percent in January “looks very worrying.”
“With fiscal tightening still putting downward pressure on disposable incomes and consumer confidence at very low levels, household spending is likely to fall further in the coming months,” Ms. McKeown said.
On Tuesday, a report by Markit Economics showed the euro zone’s manufacturing sector contracted again in March, with an index of purchasing managers activity dropping to 46.8 from 47.9 in February. An index level below 50.0 suggests contraction, while a level above that suggests expansion.
The manufacturing index has contracted every month since August 2011. Manufacturing activity in Germany and Ireland, which had been expanding, began to decline again.
The euro zone manufacturing sector shed jobs in March for a 14th consecutive month, Markit reported, with “steep rates of declines reported in France, Italy, Spain, the Netherlands, Ireland and Greece,” and only Germany and Austria bucking the trend.
Eurostat said Greece had the euro zone’s highest unemployment rate: 26.4 percent unemployment in December, the latest month for which data are available. A sovereign debt crisis, and the tax increases and spending cuts that followed it, have wrecked the Greek economy. An astonishing 58.4 percent of Greek youth were classified as unemployed, Eurostat reported.
Spain, where the economy has also contracted sharply following the collapse of the global credit bubble, posted the second-highest unemployment rate in the euro zone: 26.3 percent in February.
Austria’s jobless rate was the lowest, at 4.8 percent. Germany's was near the bottom at 5.4 percent, while France’s was double its larger neighbor, at 10.8 percent.
- wong chee tat :)
By DAVID JOLLY
Published: April 2, 2013
PARIS — Unemployment in the euro zone rose to yet another record high in the first two months of the year, official data showed Tuesday, providing confirmation that the economy remains in a deep freeze.
The jobless rate reached 12 percent in both January and February, the highest since the creation of the euro in 1999, Eurostat, the statistical agency of the European Union, reported from Luxembourg.
The January jobless rate for the 17-nation currency union was revised upward from the previously reported 11.9 percent.
For the overall European Union, the February jobless rate rose to 10.9 percent from 10.8 percent in January, Eurostat said, with more than 26 million people without work across the 27-nation bloc.
European officials continue to hold out hope that the economy, which continued to shrink in the first quarter of 2013, will begin turning around in the second half of the year. Many private sector forecasters are more pessimistic, expecting a contraction of as much as 2 percent in the euro zone’s gross domestic product this year, after a 0.9 percent contraction last year.
While there is general agreement that the current course for addressing the euro crisis — heavily focused on budget- balancing measures that reduce overall demand — is not working, the need for emergency action like the recent bailout of Cyprus has appeared to inhibit any deep rethinking of economic policy.
In the absence of new measures to stimulate growth at the European and national levels, all attention will be focused Thursday on the governing council of the European Central Bank, which meets in Frankfurt to consider whether to maintain interest rates at their current record low or cut even further.
Britain, the largest E.U. economy outside the euro zone, had an unemployment rate of 7.7 percent in December, the latest available month.
In the United States, the jobless rate fell in February to 7.7 percent, the lowest since late 2008. The consensus among economists surveyed by Reuters is for U.S. nonfarm payrolls Friday to show a gain of 200,000 jobs in March, after a gain of 236,000 in February.
The European labor market has now declined for 22 straight months, making this the worst downturn since the early 1990s, Jennifer McKeown, an economist in London with Capital Economics, wrote in a note. In particular, she said, the rise in France’s February jobless rate to 10.8 percent from 10.7 percent in January “looks very worrying.”
“With fiscal tightening still putting downward pressure on disposable incomes and consumer confidence at very low levels, household spending is likely to fall further in the coming months,” Ms. McKeown said.
On Tuesday, a report by Markit Economics showed the euro zone’s manufacturing sector contracted again in March, with an index of purchasing managers activity dropping to 46.8 from 47.9 in February. An index level below 50.0 suggests contraction, while a level above that suggests expansion.
The manufacturing index has contracted every month since August 2011. Manufacturing activity in Germany and Ireland, which had been expanding, began to decline again.
The euro zone manufacturing sector shed jobs in March for a 14th consecutive month, Markit reported, with “steep rates of declines reported in France, Italy, Spain, the Netherlands, Ireland and Greece,” and only Germany and Austria bucking the trend.
Eurostat said Greece had the euro zone’s highest unemployment rate: 26.4 percent unemployment in December, the latest month for which data are available. A sovereign debt crisis, and the tax increases and spending cuts that followed it, have wrecked the Greek economy. An astonishing 58.4 percent of Greek youth were classified as unemployed, Eurostat reported.
Spain, where the economy has also contracted sharply following the collapse of the global credit bubble, posted the second-highest unemployment rate in the euro zone: 26.3 percent in February.
Austria’s jobless rate was the lowest, at 4.8 percent. Germany's was near the bottom at 5.4 percent, while France’s was double its larger neighbor, at 10.8 percent.
- wong chee tat :)
Sunday, December 2, 2012
欧元区上个月的失业率创新高
1/12/2012
欧元区上个月的失业率创新高
欧元区上个月的失业率创新高，达到1千870万人，显示债务危机持续令当地的经济陷入衰退。
数据显示，欧元区17国10月份的失业率高达百分之11.7，比9月高出0.1个百分点，超过17万人在上个月失去工作。11月份的膨胀率则从10月份的百分之2.5下滑到百分之2.2。
欧盟中央银行行长德拉吉警告，欧元区在明年下半年才有望从经济衰退中复苏。他说，欧元区各国采取的财政紧缩措施，将在短期内继续影响经济成长。
- wong chee tat :)
欧元区上个月的失业率创新高
欧元区上个月的失业率创新高，达到1千870万人，显示债务危机持续令当地的经济陷入衰退。
数据显示，欧元区17国10月份的失业率高达百分之11.7，比9月高出0.1个百分点，超过17万人在上个月失去工作。11月份的膨胀率则从10月份的百分之2.5下滑到百分之2.2。
欧盟中央银行行长德拉吉警告，欧元区在明年下半年才有望从经济衰退中复苏。他说，欧元区各国采取的财政紧缩措施，将在短期内继续影响经济成长。
- wong chee tat :)
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