SINGAPORE – Singapore's unemployment rate crept higher in the third quarter with a recession earlier this year triggering layoffs in the manufacturing sector.
The unemployment rate was a seasonally adjusted 3.4 percent in September, up from 3.3 percent in June, the Ministry of Manpower said in a statement Friday. The jobless rate was 1.9 percent in September 2008.
The jobless rate rose even as the economy added jobs overall, indicating new employment couldn't keep pace with the number of new job seekers entering the labor market.
The economy grew a net 15,400 jobs in the quarter, led by 13,400 in services and 8,100 in construction. The manufacturing sector, where employment largely tracks the strength of global demand for exports, lost 6,600 jobs. The economy had gained 55,700 jobs in the third quarter of 2008.
Gross domestic product expanded a seasonally adjusted annualized 15 percent in the July to September period, a second quarter of growth after a year of contractions. The government expects the economy to shrink up to 2.5 percent this year after growing 1.1 percent last year.
Friday, October 30, 2009
Friday, October 23, 2009
The Parisian at Angullia Park sold for $283m
The biggest private residential land sale in two years.
The freehold site has a site area of 49,113 sq. ft. It has a planning approval for a 36-storey development comprising 52 three and four bedroom units and two penthouses.
OUE bought The Parisian in a collective sale for $228.1 million in December 2006. It has paid the Development Charge and Differential Premium of about $23 million. The purchase price of $283 million equates to about $2,058 per square foot per plot ratio. The break even price is estimated to be $2,500 to $2,600 psf. Depending on the launch date, the selling price would be in the region of $3,500 psf.
The freehold site has a site area of 49,113 sq. ft. It has a planning approval for a 36-storey development comprising 52 three and four bedroom units and two penthouses.
OUE bought The Parisian in a collective sale for $228.1 million in December 2006. It has paid the Development Charge and Differential Premium of about $23 million. The purchase price of $283 million equates to about $2,058 per square foot per plot ratio. The break even price is estimated to be $2,500 to $2,600 psf. Depending on the launch date, the selling price would be in the region of $3,500 psf.
Thursday, October 22, 2009
Credit Suisse Posts 3Q Net Pft On Invest Banking
ZURICH (Dow Jones)--Credit Suisse Group (CS) Thursday matched buoyant third-quarter results from its healthiest U.S. rivals as earnings from its investment banking business helped push it to a larger-than-expected net profit, though analysts cautioned that blowout profits may be coming to an end.
The Zurich-based bank said net profit for the three months was 2.4 billion Swiss francs ($2.38 billion) compared with a loss of CHF1.3 billion in the year-earlier period. Analysts had forecast net profit of CHF1.72 billion.
As an outlook, Credit Suisse said it is confident of its position among competitors and is prepared for several possible scenarios.
'If markets remain constructive, we expect to be able to maintain our momentum. Even if markets become more difficult, we believe that Credit Suisse is positioned to perform well,' Chief Executive Brady Dougan said in a statement.
The investment bank swung to a CHF1.75 billion pretax profit - more than twice the private bank's figure. A year earlier, the investment bank posted a pretax loss CHF3.21 billion.
In particular, global interest-rate products, foreign-exchange trading, prime brokerage, cash equities leveraged buyout loans and trading in U.S. residential mortgage securities and derivatives made a strong showing in the recent quarter."
The Zurich-based bank said net profit for the three months was 2.4 billion Swiss francs ($2.38 billion) compared with a loss of CHF1.3 billion in the year-earlier period. Analysts had forecast net profit of CHF1.72 billion.
As an outlook, Credit Suisse said it is confident of its position among competitors and is prepared for several possible scenarios.
'If markets remain constructive, we expect to be able to maintain our momentum. Even if markets become more difficult, we believe that Credit Suisse is positioned to perform well,' Chief Executive Brady Dougan said in a statement.
The investment bank swung to a CHF1.75 billion pretax profit - more than twice the private bank's figure. A year earlier, the investment bank posted a pretax loss CHF3.21 billion.
In particular, global interest-rate products, foreign-exchange trading, prime brokerage, cash equities leveraged buyout loans and trading in U.S. residential mortgage securities and derivatives made a strong showing in the recent quarter."
Wednesday, October 21, 2009
Deutsche Bank's Q3 profit tripled
Deutsche Bank has reported that its net profit more than tripled in the third quarter of this year, in the latest in a string of positive results from banks worldwide.
Germany's biggest bank said that, according to preliminary estimates, net profit was €1.4 billion, up from €440m in the same period a year ago.
Deutsche Bank said its results were boosted by a number of tax credits. Full results are due on October 29.
Germany's biggest bank said that, according to preliminary estimates, net profit was €1.4 billion, up from €440m in the same period a year ago.
Deutsche Bank said its results were boosted by a number of tax credits. Full results are due on October 29.
Home buyers prefer ‘mickey mouse' flats
The project Suites@Guillemard recently put up a sale of apartments of different sizes, which included units covering 258 square feet and an area equivalent to 21/2 car park lots. Offered units were priced at $1,450 per square foot or $374,000.
These are the smallest private apartments in Singapore, which shelled out a 312 square feet unit at Kent Residences.
It seems that home buyers are seeking for more so-called 'shoebox' or 'mickey mouse' flats in the market. Such flats cover an area of below 500 square feet. The trend set forth in the latter part of the previous year.
These are the smallest private apartments in Singapore, which shelled out a 312 square feet unit at Kent Residences.
It seems that home buyers are seeking for more so-called 'shoebox' or 'mickey mouse' flats in the market. Such flats cover an area of below 500 square feet. The trend set forth in the latter part of the previous year.
Monday, October 19, 2009
Laguna Park owners to sell at cheaper price
Unit owners in Laguna Park, whose tender unsuccessfully closed last Friday, have now considered selling at a cheaper price, ranging from S$950 million to S$1 billion.
According to Credo, the marketing agent of the development, the residents are likely to obtain letter of advice about the situation within the next 2 or 3 days.
Before, a lot of property analysts commented that the initial S$1.2 billion reserve price of Laguna Park was on the higher side.
According to Credo, the marketing agent of the development, the residents are likely to obtain letter of advice about the situation within the next 2 or 3 days.
Before, a lot of property analysts commented that the initial S$1.2 billion reserve price of Laguna Park was on the higher side.
Thursday, October 15, 2009
JPMorgan profits boost Dow
US stocks surged on Wednesday after JPMorgan Chase kicked off the banks’ Q3 results season by announcing its biggest profit since 2007: $3.6bn in Q3 net income. The result easily beat analysts’ expectations and set a high bar for Goldman Sachs, Citigroup and Bank of America, which report later this week.
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