S'pore Oct bank loans growth picks up to 17.9% y-o-y

By

Teh Shi Ning

          

Preliminary figures released by the Monetary Authority of Singapore on Friday show that domestic banking unit loans rose 1.5 per cent over the month to S$479.4 billion at the end of October, faster than September's 0.7 per cent growth - PHOTO: SPH

Singapore's bank lending growth picked up in October for the first time after ten months of slowdown, as lending to both businesses and consumers lifted loans growth to 17.9 per cent, up from 16.5 per cent in September.

Preliminary figures released by the Monetary Authority of Singapore on Friday show that domestic banking unit (DBU) loans rose 1.5 per cent over the month to S$479.4 billion at the end of October, faster than September's 0.7 per cent growth.

Loans to businesses grew 1.3 per cent over the month to S$278.1 billion, picking up from the marginal 0.3 per cent growth in September. Compared to a year ago, total business loans grew 19.1 per cent, faster than September's 17.5 per cent growth.

Consumer loans grew a stronger 1.8 per cent over October to hit S$201.4 billion, after growing 1.4 per cent over the month of September. On a year-on-year basis, consumer loans growth also accelerated to 16.3 per cent, from September's 15.1 per cent.


Createwealth8888: DBS gaps up due to the above news???

CapitaLand places $853 psf ppr top bid for Bishan condo site

By

Kalpana Rashiwala

         

 

In February last year, CapitaLand paid S$869 psf ppr for the next-door site, which it is developing into the Sky Habitat condo - PHOTO: BLOOMBERG

     

CapitaLand unit Allamanda Residential Development has placed the top bid for a 99-year leasehold private housing site at Bishan Street 14. Its bid of S$505.1 million, or S$852.94 per square foot per plot ratio (psf ppr), was 3.1 per cent higher than the next highest bid of S$490.1 million (S$827.61 psf ppr) from a joint venture involving Singland Homes, UOL Venture Investments, and Orix Investment and Management.

The tender attracted nine bids. The lowest bid, from Mezzo Development, was S$368 million (S$621.42 psf ppr)

The site is near Bishan MRT station and Junction 8 shopping mall. It can be developed into an estimated 645 homes, according to Housing & Development Board, which conducted the tender as land sales agent for the Singapore government.

In February last year, CapitaLand paid S$869 psf ppr for the next-door site, which it is developing into the Sky Habitat condo.

CPL : Swee swee V rebound and may break out???

Santa CPL Bull coming to town???

DOW 12,985.11 Up 106.98(0.83%)

By: JeeYeon Park
CNBC.com Writer

Stocks reversed early losses to finish near session highs Wednesday following positive comments from President Barack Obama and Speaker John Boehner on the “fiscal cliff” issue.

The Dow Jones Industrial Average jumped 106.98 points, or 0.83 percent, to end at 12,985.11, led by Hewlett-Packard [HPQ  12.73    0.37  (+2.99%)   ] and Chevron [CVX  105.58    2.20  (+2.13%)   ], reversing its earlier triple-digit loss.

 

The S&P 500 advanced 10.99 points, or 0.79 percent, to finish at 1,409.93. The Nasdaq rallied 23.99 points, or 0.81 percent, to close at 2,991.78.

 

"My hope is to get this agreement done before Christmas," said Obama at a White House event addressing middle-class Americans, helping to add further fuel to the rally.

 

In addition, Boehner said while he is still opposed to raising U.S. income tax rates, Republicans are willing to put revenue on the table if accompanied by spending cuts.

 

And former White House chief of staff Erskine Bowles said the White House will not insist that tax rates on upper-income Americans increase all the way back to the Clinton-era level, following meetings he had with Obama, Treasury Secretary Tim Geithner and other negotiators.

 

Stocks flip-flopped in the past two sessions as investors reacted to every headline from lawmakers in Washington. Wall Street lost ground in the last hour of trade on Tuesday after Senate majority leader

Obama hosted another summit with business leaders at the White House to discuss the country’s fiscal problems.

 

The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended below 16.

Muddy Waters likens Olam to Enron, says likely to fail

Createweath8888's comment


Can Olam survive in Muddy Water???

Yes. Unless Olam is that Catfish with three poisonous sharp thorns to poke anyone trying to catch fish in muddy water.











SINGAPORE: A US research firm on Tuesday said Singapore-based farm commodities supplier Olam International faced a "significant risk" of default and likened it to failed energy trader Enron Corp.

Muddy Waters LLC released a scathing 133-page report on Olam despite a lawsuit filed against it by the company, which reported a turnover of S$15.73 billion ($12.30 billion) in its last financial year ending June 30.

"We value Olam on a liquidation basis because we believe its value is less than its debt, and that it is at significant risk of defaulting on its obligations," the report said.

"In the event of bankruptcy, our recovery model shows that recoverable assets for unsecured creditors of Olam would likely be 45.8 cents to the dollar."
Muddy Waters likened Olam to Enron, saying they used similar accounting techniques to value gains.

Enron collapsed in spectacular fashion in 2001 amid wide-ranging government and congressional probes into its accounting practices in one of the biggest scandals in US corporate history.
"We believe that the single biggest factor in Enron's collapse was its use of accounting techniques similar to Olam's value gains," the report said.
"Both companies appear to have tried to scale their trading businesses too far and too fast, which resulted in substantial cash burns."

In a statement, Olam said it had been informed of the Muddy Waters report.

"Olam will assess the report and respond appropriately in due course," it said.

Olam last week sued Muddy Waters and its founder Carson Block at the Singapore High Court, citing "slander, libel and/or malicious falsehood".

Block, an influential short-seller, had told an investment conference in London earlier that Olam could collapse due to its debt load and other factors.

Muddy Waters has said it will "vigorously" defend itself against the lawsuit, issuing Tuesday's report after the lawsuit was launched.

Shares of Olam closed 6.0 percent lower on Tuesday after the report was released.

Olam sources 44 products from 65 countries and supplies them to more than 11,600 customers. Key products include cocoa, coffee, cashew, sesame, rice, and cotton and wood products.

- AFP/de

Keppel O&M Marks 10 Years of Excellence with Strong Orderbook of S$12 billion

Keppel O&M Marks 10 Years of Excellence with Strong Orderbook of S$12 billion

Company celebrates Anniversary at Gardens by the Bay, with Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam as Guest-of-Honour


Singapore, 26 November 2012


– Keppel Offshore & Marine Ltd (Keppel O&M), a wholly-owned subsidiary of Keppel Corporation Limited, celebrated its 10th Anniversary in 2012 with a strong net orderbook of S$12.2 billion, including S$9 billion worth of new contracts secured year-to-date.

Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister for Finance of Singapore, was the Guest-of-Honour at the Anniversary event held at Gardens by the Bay, to commemorate Keppel O&M’s achievements over the last 10 years.

Keppel O&M was formed in 2002 by integrating three established offshore and marine companies, Keppel FELS, Keppel Shipyard and Keppel Singmarine, which have a combined heritage of over 300 years.

Strong Results



Since 2002, the collective strength of Keppel O&M has delivered strong results. Revenue

1 grew three-fold from S$1.9 billion in 2002 to over S$5.7 billion in 2011. For the first nine months of 2012, Keppel O&M has achieved over S$6.2 billion in revenue. Economic Value Added also reached S$992 million in 2011, from S$20.2 million in 2002. These achievements were generated by a global workforce of over 30,000, a significant increase from around 14,000 in 2002.

1 Please refer to Annex for 10-Year Revenue Growth Chart


Mr Choo Chiau Beng, Chief Executive Officer of Keppel Corporation and Chairman of Keppel O&M said, "The past 10 years have proven that this integration strategy is right for us. By eliminating duplication and internal competition, streamlining our operations as well as harnessing synergies and combined strengths, we have maximised value for not only ourselves, but also our customers and business partners. In the process, we have grown from strength to strength." 2


Robust Track Record




Mr Tong Chong Heong, Chief Executive Officer of Keppel O&M, said, "Our robust track record over the past decade reflects our strong capabilities. Today, our network of 20 yards globally supports our
Near Market Near Customer strategy, and enables us to meet increasing demand for local content. For example, in the Gulf of Mexico, our yard in Brownville, Texas, is working on several projects for Mexican customers, while in Kazakhstan, we are building the country’s first jackup rig. Over in Brazil, we are constructing six DSSTM38E semisubmersible (semi) drilling rigs for Sete Brasil, as well as undertaking the fabrication and integration works for four Floating Production Storage and Offloading (FPSO) units."

Other current projects of BrasFELS, Keppel O&M’s yard in Angra dos Reis, Brazil, include the P-61 Tension Leg Wellhead Platform (TLWP) for the Papa-Terra field in Brazil's Campos Basin, and the upgrading of a drillship for Noble Corporation. The yard recently garnered bonuses totalling US$2 million for delivering FPSO Cidade de Sao Paulo safely, early and to high customer satisfaction.

Reflecting the market’s strong acceptance of its solutions, Keppel O&M has built 50% of the jackup rigs and one-third of the semisubmersible rigs to enter the global market since 2000. In 2013, Keppel FELS expects to deliver a new record of some 20 rigs, exceeding its previous record of 13 rigs in 2009.

In the marine business, Keppel Shipyard has so far delivered 105 offshore conversion and upgrading projects, while Keppel Singmarine has to-date completed some 400 specialised newbuild ships including offshore support vessels and specialised units.

Mr Tong added, "Our proprietary designs are gaining wide market acceptance. Since 2002, Keppel O&M has delivered 35 KFELS B Class jackups, 3 KFELS N Class jackups and 16 semis built to our proprietary designs. Since 4Q2010, Keppel O&M has secured a total of 39 newbuild rig orders, and out of these, 34 are for Keppel designed jackups and semis. We will continue to leverage our execution and design capabilities built up over the years to sustain our market leadership."


Sustaining Technology Leadership




With the recently established Technology Division, Keppel O&M aims to further strengthen its technological expertise, as well as improve on its operational processes to remain competitive in the industry.

Keppel Offshore & Marine Technology Centre (KOMtech), the Group’s main R&D unit with over 60 research engineers, has filed more than 23 patents since inception in 2007. The Centre is in the process of extending its research overseas, and has established KOMtech (Europe) in 2010. It will be setting up KOMtech (Brazil) to tap resources and 3

expertise from CENPES, the R&D Centre of Petrobras, as well as from universities in Brazil.

To meet the rising demand for more complex engineering solutions due to offshore oil and gas developments moving into deeper waters and harsher environments, KOMtech and Keppel O&M’s Deepwater Technology Group are developing new designs for the industry. These include the DSS
TM51E semi suited for the severe environment of the Gulf of Mexico, and the DSSTM60HE semi for the North Sea region. Other designs under development include the Extendable Semisubmersible, Deep Draft Semisubmersible, Tension Leg Platform TLP2200 and Slim Drillship.

KOMtech, in partnership with ConocoPhillips, is also designing a first-of-its-kind, ice-worthy jackup rig for one of the harshest marine frontiers, the Arctic Seas. The rig will be capable of operating in a self-sustaining basis for 14 days and is equipped with a hull designed for towing in ice.

"Looking ahead, we will continue to adopt strategies which strengthen and deepen our core competencies, to stay ahead in the market. In meeting the growing energy demand, the drive to develop fields in deeper waters and harsher environments will present extreme challenges. However, I am confident that through good teamwork by our people with our customers and service providers, and our innovativeness and Can-Do! spirit, we will be able to provide the required solutions for the global energy industry," commented Mr Choo.

Kep Corp: Margin squeeze in 2013? (3)

Read? Kep Corp: Margin squeeze in 2013? (2)

 

 

Analysts covering Keppel Corp are worry over margin squeeze.

Explaining the Gold Rate

Read? Explaining the Gold Rate

Trading for Income or Active Investing for Wealth? (2)

Read? Trading for Income or Active Investing for Wealth?

Having to Be Right


As a trader, you have to be right most of the time in the future in order to make money from trading and stop losing your trading capital.  Past performance is no gurantee of future trading success.

But, as a long-term investor, once we have been right, we will recover our investing capital over time through dividends. Past performance is an indication of future cash flow.

See the difference in having to be right!


Picking the right stock to be right is tough and having to be right most of the time is even tougher.







 

Investing Made Simple by Uncle8888 (35)

Read? Investing Made Simple by Uncle8888 (34)


Read? An Ideal Permanent Portfolio???


What is important to long-term investors?

1. Don't lose your investing capital.
2. Adequate cash flow from portfolio over market cycles

Introducing Barbell portfolio management strategy

War Chest, Battle Plan, and Fortress.

 

 

 

War Chest: Your fire-power. Size really matters!

 

This is the right time to slowly re-build your war chest by selling into strength.


Fortress: Provide adequate cash flow to survive inside the fortress against strong enemies outside.

This is the right time to slowly build or re-build your fortress by buying into weakness.


Battle Plan:

Be patient

The length of the Bar is your patience of not doing anything in between the Bull and the Bear.

How long is this bar?

Don't Lose Your Investing Capital

When we are wrong, at most 100% loss; but when we are right; we can win XX%, XXX% or X,XXX% over long run.

We can't probably pick all winning stocks and not even the former record-holding fund manager like Legg Mason's Bill Miller who blew up all his accumulated gains by averaging down infamous losers like Enron, Freddie Mac, Worldcom, Wachovia, Bear Stearns, and AIG.

Manage risk: Don't average down. At most 10% of your investing capital in one stock or 20% in one sector.


Hunt for Dividend Growth stocks

Dividend is real; but growth with dividend is even better

Understand their wise words


"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." ~ George Soros


In the famous book entitled Reminiscences of a Stock Operator, Jessie Livermore said: “After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!

It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level, which should show the greatest profit.

And their experience invariably matched mine -- that is, they made no real money out of it.

I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.”

Men who can both be right and sit tight are uncommon.

Best hedge against inflation???

Just For Thinking ....



What is the best hedge against inflation?

 

Probably the best hedge against inflation is your investing skills.

 

Find multi-baggers during bear market and sell them at the future  Bull market and lock the money safely in the bank as retirement fund???

 

The above table shows the degree of multi-baggers required to beat 30-year inflation rate at 3%, 5% and 7% respectively.

 

 

Olam

In June 2009

Breedens Investments Pte and Aranda Investments Pte, two Temasek subsidiaries, will pay S$437.5 million ($303 million) for 273.5 million new shares, or 13.76 percent, in Olam at S$1.60 apiece.



Buy lower than Temasek???

Below 1.53???

Keppel new exotic orders to boost margin expansion by 2013

After Kazakhstan and Azerbaijan, Keppel’s latest potential order will come from Ukraine.

Keppel FELS has been selected by Ukraine’s National Joint-Stock Company, Naftogaz, as the winner of a tender to construct two semi-submersible drilling rigs. It will be entering into further contract negotiations with Naftogaz. A further announcement on the key terms of the contract (including price and delivery schedule) will be made when the contract is signed.

CIMB notes that according to industry sources, the other contenders for the contract include Latvia’s Rigas Kugu Buvetava (with its US$1.4bn bid), Belize’s Magic Worldwide (US$1.5bn) and Belize’s Aida Holding (US$1.4bn). Keppel’s bid was US$1.226bn.

"Apart from pricing, we believe Keppel’s successful track record in delivering two jack-up rigs for Naftogas (operated by Chernomornaftogaz) in Jun 12 could have helped to seal the deal, he said.

In the market, CIMB said that Keppel is a laggard play in Singapore’s Capital Goods segment with an outperformance of 11% vs. 24% peer average.

Investors however are advised to stay invested as back-end loading of profits could spur margin expansion in FY13 as Keppel targets to deliver 19 jack-ups.

Read? Kep Corp: Margin squeeze in 2013? (2)

For delivery in 2013: $2.3B

19 Jackups/1 TLWP/1 Semi/2 Semi Upgrades/1 Drillship Upgrade/1 Accommodation Semi/2 FPSO Conversions/2 FPSO Upgrades/ 1 FSO Conversion/1 Diving Support Vessel/1 Floating Dock/ 1 AHT/1 Containership/3 Bulk Carriers/6 Tugs

 
Here's from CIMB:

Keppel is our preferred yard in Singapore on 1) its better strategy in this rig cycle, taking on calculated risks in bidding aggressively for the jack-up rigs in 2010-11 and hence dominating about 45% of the market share; 2) its scalable overseas yards, to benefit from any nationalist sentiment (local content) among oil companies; and 3) lower execution slippage risk for Brazilian orders thanks to its 12 years of operations in the country, building familiar product-semi-subs. We keep our order estimates for 2013 at S$5.5bn.

An Ideal Permanent Portfolio???

What is an ideal Permanent Portfolio???

1. Provide cash flow yield of at least 5%
2. Net positive portfolio i.e. not sitting on any paper losses on your invested capital
3. Keep significant level of cash flow away from stock market actions

Question

Does it really matter when your marked to market net positive portfolio value riding up and down across market cycles when you are not liquidating your portfolio for cash flow yet?



When to build your ideal Permanent Portfolio?

• Practise market timing - STI down at least 20% from its recent peak i.e. technically defined as entering into a bear market.
• Buy few beaten down blue chips
• Keep 1 or 2 best winners when the Bull charges back

Wait for the next Bear market.











Repeat the same steps again but pick different set of beaten down blue chips.




Simple. Right?











Disclaimer: Simple is not necessary easy to do!

DOW

 

 

13,009.68 172.79(1.35%)

 

 

 

NEW YORK (Reuters) - Stocks rose for a fifth day during a holiday-shortened, thinly traded session on Friday as investors picked up recently beaten-down shares of large technology companies.

Market participants were also encouraged by signs of progress in talks about releasing aid to debt-saddled Greece and piled into U.S. retail shares as Black Friday got the holiday shopping season under way.

U.S. stock market trading ended early and was closed on Thursday for the Thanksgiving holiday.

Volume was the lightest of the year, though the session was abbreviated. Shares of big-cap technology companies climbed as investors took advantage of the day's upward momentum to add to positions, helping the S&P 500 rack up its second best week of 2012.

"Anyone that was on the sidelines waiting for a pullback like the one we just had in some of the tech names, they're looking for any glimpse of strong price action for 'permission' to enter into those (stocks)," said Todd Salamone, director of research at Schaeffer's Investment Research in Cincinnati, Ohio

Microsoft (MSFT) helped lift the Nasdaq, gaining 2.8 percent to $27.70, while Apple Inc (AAPL) rose 1.7 percent to $571.50.

From mid-September to mid-November, the S&P tech sector (.GSPT) shed about 13 percent as the broader market also dropped.

Research in Motion (RIMM) surged on optimism about its soon-to-be-launched BlackBerry 10 devices that will vie against Apple's (AAPL) iPhone and Android-based smartphones. RIM was up 13.6 percent at $11.66.

Greece said the International Monetary Fund had relaxed its debt-cutting target for the country, suggesting lenders were closer to a deal for a vital aid tranche to be paid. But other sources involved in the talks cautioned the funding gap was far bigger than Greece has suggested.

Euro zone finance ministers, the IMF and European Central Bank (ECB) failed earlier this week to agree on how to shrivel the country's debt to a sustainable level and will have a third attempt at resolving the issue on Monday.

The Dow Jones industrial average (^DJI) gained 172.79 points, or 1.35 percent, to 13,009.68. The Standard & Poor's 500 Index (^GSPC) rose 18.12 points, or 1.30 percent, to 1,409.15. The Nasdaq Composite Index (^IXIC) climbed 40.30 points, or 1.38 percent, to 2,966.85.

The S&P 500 broke a two-week losing streak to rise 3.6 percent. Stocks had tumbled earlier in the month on worries about the impact of tax and spending changes set to take effect from January, but hopes that politicians will reach a deal to avert the so-called fiscal cliff helped the market recoup some of those declines this week.

The Dow and S&P 500 both closed above key technical levels for the first time since Nov 6, which could provide additional support. The Dow ended above 13,000, while the S&P broke above 1,400.

The Dow rose 3.3 percent for the week, while the Nasdaq jumped 4 percent. The Nasdaq had ended lower for the previous six weeks in a row.

Volume was about 2.8 billion shares on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of over 6 billion.

Advancers outnumbered decliners on the NYSE by 2,407 to 469 on the New York Stock Exchange. On the Nasdaq, advancers had the lead, with 1,775 stocks gaining and 548 shares declining.

The retail sector rose as investors looked for signs of how much consumers are spending as stores lured shoppers with Black Friday deals and discounts.

Black Friday, the day after Thanksgiving, kicks off the U.S. Christmas shopping season for retailers and is often the busiest shopping day of the year. The National Retail Federation expects sales during the holiday season to grow 4.1 percent this year compared with last year's 5.6 percent increase.

If the traffic and sales numbers look strong early on, "it usually gives a sense that the season will be in line with expectations," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

"The way that could work against a stronger retail season is if there's no follow-through, there could be discounting on the part of retailers."

CPI ease to 4% in October

Consumer price inflation eased to 4 per cent in October, slowing more than expected from September's inflation rate of 4.7 per cent due to smaller increases in the costs of cars and housing.
Economists polled by Reuters had been expecting a 4.6 per cent rise in the consumer price index (CPI) in October from a year ago.

Private road transport costs rose 8.3 per cent in October from a year earlier, slowing from a 10.8 per cent jump in September, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry said in a joint statement on Friday. Accommodation cost inflation was 6.8 per cent in October, down from 7.7 per cent in September.

The MAS core inflation measure, which excludes costs of accommodation and private road transport, also fell to 2.2 per cent in October from 2.4 per cent in September.

Keppel’s yard in Brazil receives US$2 million in bonuses for safe and early delivery of an FPSO

Keppel FELS Brasil S/A's (Keppel FELS Brasil) yard in Angra dos Reis, Rio de Janeiro, Brazil - BrasFELS - has delivered FPSO Cidade de Sao Paulo 19 days ahead of schedule and with an excellent safety record.

FPSO Cidade de Sao Paulo has a production capacity of 120,000 barrels of oil per day (bopd) and is able to compress 5 million cubic metres of gas per day.

It is the first of two Floating Production Storage and Offloading (FPSO) projects BrasFELS is undertaking for MODEC and Toyo Offshore Production Systems Pte Ltd (MTOPS), a joint venture between MODEC, Inc. (MODEC) and Toyo Engineering Corporation (TOYO).

For achieving an excellent safety performance throughout this two-year project, MTOPS awarded BrasFELS with a safety bonus in addition to an early delivery bonus.

Arriving at BrasFELS in 4Q 2011, FPSO Cidade de Sao Paulo will soon proceed to operate for Petróleo Brasileiro S.A. (Petrobras) and its partners in the pre-salt region of the Santos Basin.

BrasFELS' work scope for this FPSO project comprised the fabrication of riser manifolds, laydown areas and the flare tower as well as the assembly and integration on board the FPSO.

Mr Kwok Kai Choong, President and Chief Executive Officer of Keppel FELS Brasil, shared, "We appreciate our growing ties with MTOPS, MODEC and TOYO. The successful and early delivery of FPSO Cidade de Sao Paulo bears testament to the good teamwork and understanding between our companies and our ability to provide a high quality production vessel for Petrobras' operations. We are also thankful for these safety and early delivery bonuses, which are great encouragements to our efforts to ensure safe, prompt and high quality services for all our customers.

"As the most comprehensive yard in Latin America today, BrasFELS offers a full range of newbuild construction, conversion, upgrade, modification and repair services. We will continue to improve our infrastructure and capabilities to strengthen our strong track record for win-win-win collaborations - in other words, build mutually-satisfying partnerships between fleet operators, field operators and ourselves."

Mr Richard Matten, Project Manager of MODEC, noted, "We believe that working with established partners helps to ensure that our customers get their FPSO safely, on budget, to required quality level and on time to meet production targets. BrasFELS was our yard of choice for the FPSO Cidade de Sao Paulo project, and it did a remarkable job! BrasFELS worked very well with our project team to ensure the safe and prompt turnaround of this project.

"Presently, we are working with the yard on another project, FPSO Cidade de Mangaratiba. We are confident that this project too will be delivered to our highest satisfaction."

Scheduled to be delivered in 2014, FPSO Cidade de Mangaratiba will have a production capacity of 150,000 bopd and a storage capacity of 1,600,000 barrels of oil.

In August 2012, the yard secured two contracts from the Petrobras-led consortiums Guara B.V. and Tupi B.V. to fabricate and integrate the topside modules of FPSO P-66 and P-69 respectively.

Surprising thin toilet rolls!

Just For Laugh ....

Read? Not Fishing (17 - 21 Nov 12)

These hotels at Hainan are really good at cost cutting including saving on toilet rolls. It is just enough paper for two persons for one time business per person.

Hotel guests No Diarrhea Please!


Surprising even four-star hotel that I stayed in HaiKou is also doing that.

Not Fishing (17 - 21 Nov 12)

 

Hainan

 

 

Singapore's consumer price inflation rate up by 4.8% year on year

SINGAPORE: Singapore's consumer price inflation rate for first nine months of 2012 increased by 4.8 per cent year on year.
A large part of the increase was due to imputed, rather than actual housing rentals and a surge in the Certificate of Entitlement (COE) premiums for private cars.

COEs contributed 0.9 percentage points to the increase, compared to 0.2 percentage points for public transport costs and 0.2 percentage points for other government fees and charges.

This was revealed by Senior Minister of State for Trade and Industry, Lee Yi Shyan, in a written reply to a question in Parliament.

Nominated MP Laurence Lien had wanted to know whether the government will consider more aggressive measures like a short-term freeze on government fee increases, price increases for new HDB flats and public transport fare hikes, given the persistently high inflation rate.

Mr Lee said the government shares Mr Lien's concerns over the rise in inflation.

It will continue to invest heavily in improving public transport, and is committed to keep public housing affordable.

He added that the government will continue to monitor inflation closely, and is prepared to introduce additional measures if necessary.

- CNA/lp

Createwealth8888's comment:

• COEs contributed 0.9 percentage points to the increase
•  0.2 percentage points for public transport costs

Private car owners will face higher personal or family inflationary rate than non private car owner persons or families.


Read? Retiree inflation rate will be different. Likely to be lower than national average.

DOW cliff happening!

 

 

 

 

12,570.95 185.23(1.45%)

By: JeeYeon Park
CNBC.com Writer

 

Stocks accelerated their losses in the final hour of trading to finish near session lows Wednesday, following President Barack Obama's press conference on the “fiscal cliff,” worries over the global economy and amid geopolitical tension in the Middle East.

 

The Dow Jones Industrial Average tumbled 185.23 points, or 1.45 percent, to end at 12,570.95, dragged by Bank of America [BAC  8.99    -0.34  (-3.64%)   ] and Home Depot [HD  61.47    -1.91  (-3.01%)   ]. Cisco [CSCO  17.6608    0.8108  (+4.81%)   ] was the only gainer on the blue-chip index. Dow was down more than 200 points in its session low.

 

The S&P 500 dropped 19.04 points, or 1.39 percent, to close at 1,355.49. The Nasdaq declined 37.08 points, or 1.29 percent, to finish at 2,846.81, breaking into correction territory.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 17.

All key S&P sectors closed in negative territory, led by industrials and banks.

The Federal Reserve signaled that it will likely launch a new bond buying program next year when the Operation Twist program expires, according to minutes from the central bank's Oct. 23-24 policy meeting. In addition, the minutes also revealed that officials felt their decision to launch a third round of quantitative easing has improved financial conditions and helped support the housing recovery.

 

President Barack Obama held his first news conference since his re-election, saying that he is confident that Republicans can join Democrats in avoiding the fiscal cliff. While Obama said he was "open to new ideas" on tax rates, he also insisted a modest increase in taxes on the wealthy "will not break their backs" and will not impinge on business investment.

 

Major averages have declined since last week as investors remain cautious with renewed worries over Europe's debt crisis and the U.S. fiscal cliff—large, mandated tax hikes and spending cuts that start to take effect next year. Analysts say that the failure to reach a deal in Congress could tip the U.S. economy into recession. (Read More: How 'Fiscal Cliff' Could Hurt You)

 

Meanwhile, Israel launched a major offensive against Palestinian militants in Gaza, killing the military commander of Hamas in an air strike. Oil prices rose more than 1 percent to above $86 a barrel.

 

 

 

 

Prudent housing choices ensure enough CPF savings for retirement: survey

SINGAPORE: With prudent housing choices, young Singaporeans in the workforce today will have enough savings through the Central Provident Fund (CPF) system for their retirement.

This is according to details released on Wednesday from an independent study commissioned by the Ministry of Manpower.

Deputy Prime Minister Tharman Shanmugaratnam first made mention of this study at the opening of the Singapore Human Capital Summit in September this year.

The study was conducted by two researchers from the National University of Singapore, Associate Professors Chia Ngee Choon and Albert Tsui.

In the study, the assumption is that Singaporeans entering the workforce today, would be looking to buy their first homes in 2017.

Another assumption is that the men would be 30 years old, and women 28.

And these couples would buy build-to-order flats that are in keeping with their household incomes.

As workers use CPF savings to finance housing, it is important that they buy a flat type within their means, to leave enough CPF savings for retirement.

For lower-middle income households at the 30th income percentile, typically with a combined monthly income of S$5,100 in 2017, that means a three-room flat.

For median-income households at the 50th income percentile, typically drawing a combined monthly income of S$7,100 in 2017, a four-room flat would be the choice.

Upper-middle income earners at the 70th income percentile, typically earning a combined monthly income of S$9,200 in 2017, could choose a five-room flat.

These figures are projections of 2017 dollars, i.e. nominal household month salary when new entrant turns 30 for males and 28 for females.

With these assumptions, couples can then fully pay their mortgage instalments from their monthly contributions to the CPF ordinary account.

And men earning median incomes at the 50th percentile should be able to replace 70 per cent of their wages on retirement at 65.

That is, their CPF savings should be enough to provide them with 70 per cent of the monthly income that they earned at 55, which is assumed to be the age when a Singaporean's monthly income peaks.

For women, the income replacement rate (IRR) is 64 per cent.

The IRR is a widely-used international measure for retirement adequacy. It refers to the ratio of retirement income to pre-retirement earnings.

The study estimates the IRR that workers could get at age 65 based on their CPF savings. The figures in the study compare well with international standards.

The World Bank recommends a range of 53 to 78 per cent as the IRR for middle-income earners.
Associate professor Chia said that IRR can be used as an indicator of retirement preparedness.

"Our study shows that there is a very clear trade off between retirement adequacy and housing consumption," said associate professor Chia.

"Take for example the base case, when we look at the median worker at say, 50 percentile, we have assumed that this worker will buy a four-room flat. If this household decides to buy a flat type that is one size bigger, say a five room, then we'll see the income replacement rate fall from 70 per cent to 58 per cent," he added.

The median IRR amongst Organisation for Economic Co-operation and Development countries for a median-income earner is 66 per cent.

The study takes into account current CPF policies and features such as CPF contribution and interest rates.

- CNA/lp

Noble Slides After Vice Chairman Sells Stake: Singapore Mover

By Michelle Yun

Noble Group Ltd. (NOBL) slipped to a three- month low in Singapore trading after Vice Chairman Emeritus Harindarpal Singh Banga sold a 3.5 percent stake in the commodity supplier that reported lower-than-expected earnings last week.

Noble fell 7.3 percent after Banga offered 225  million shares for sale at a discount of as much as 5.6 percent to Noble’s previous close. Excluding the stake, 71 million shares changed hands as of 12:40 p.m. local time, compared with average daily volume of 45.5 million in the past year.

“It’s not a good sign when a director sells,” said Mervin Song, an analyst at DBS Vickers Securities (Singapore) Pte. in Singapore. “He would know more than most people.” Stephen Brown, spokesman for Hong Kong-based Noble, said the company wouldn’t comment on Banga’s private sale. Banga wasn’t immediately available when a call was made to his office.

Noble, Asia’s biggest publicly listed commodity trader, reported third-quarter profit of $75.2 million on Nov. 8, missing the $154.6 million mean estimate of seven analysts. Earnings at Noble’s three units - agriculture, energy and metals - fell short of their expectations, Macquarie Capital Securities (Singapore) Pte. said that day in a report.

The stock dropped as much as 8.2 percent to S$1.07 in Singapore and was down at S$1.08 at 12:51 p.m. local time. The benchmark Straits Times index lost 0.6 percent.

A block trade of 225 million shares crossed at 8:31 a.m. in Singapore at S$1.10 apiece after Banga offered to sell the stake at S$1.10 to S$1.12 each, according to a term sheet obtained by Bloomberg News.

Banga, who sold 115 million shares in March, owned 372.5 million shares, or about 5.7 percent of Noble, before the latest sale, data compiled by Bloomberg show.

Banga offered his shares through Lexdale International, which is controlled by Banga and his spouse, according to the company’s annual report.


 

DOW cliff is here!!!

12,756.18 58.90(0.46%)

By: JeeYeon Park
CNBC.com Writer

Stocks End at 3-1/2 Month Lows, Led by Techs

 

Stocks accelerated their losses in the final hour of trading to finish near session lows Tuesday, dragged by techs and weighed by ongoing worries about efforts in Washington to resolve the looming "fiscal cliff."

 

 

The Dow Jones Industrial Average dropped 58.90 points, or 0.46 percent, to finish at 12,756.18, led by Microsoft [MSFT  27.0895    -0.9005  (-3.22%)   ] and Intel [INTC  20.28    -0.485  (-2.34%)   ]. Home Depot [HD  63.38    2.22  (+3.63%)   ] was the biggest blue-chip gainer, but the home improvement retailer still ended off its highs.

 

The S&P 500 declined 5.50 points, or 0.40 percent, to end at 1,374.53.

 

The Nasdaq fell 20.37 points, or 0.70 percent, to close at 2,883.89. The Nasdaq briefly dipped into correction territory, earlier in the session, falling 10 percent from its Sept. 21 high.

 

The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended above 16.