Thursday, February 19, 2009

'Spectacularly bad' in Singapore....

Things really look bad....spectacularly bad.
Because the govt overstated its case when it said that the JCS scheme will save jobs, there are people who actually think that we should wait and see before more is done. We have to jump ahead of the problems instead of waiting otherwise we will risk putting many families under distress. ComCare Hotline is : 1800-222-0000. I hope the govt take up Wee Siew Kim's (yes the father of...) suggestion:

'Please empathise with people who seek assistance and be more sympathetic to those who find themselves in difficult situations,' - Mr Wee Siew Kim, MP for Ang Mo Kio GRC, 5 Feb 2009[link]

There is talk about no-frills housing for those who cannot afford regular HDB flats. Implementations of additional criteria to 'eliminate' the people who don't need rental housing from the HDB rental queue which has a waiting time of 4 years . After the new criteria is implemented they hope to shorten the queue to 1 year. How do people who need housing but they can't afford it wait for 1 year? If you're destitute and end up at the void deck ...they will probably allow you to jump queue?...But the rest of the needy people? Where do they go? Beg their siblings, relatives for a place?...and if you're sick but have no money?

Instead of many confusing helping hands, there should be one big helping hand starting with the ComCare Helpline. In these times of crisis, help should really be a phone call away.

BTW, did anyone try calling them?
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Singapore’s exports continue freefall
Spectacularly bad’ in Singapore, worse to come
SINGAPORE, Feb 18 – The global recession dealt Singapore a hammer blow in January with exports recording their worst performance in the nation’s history.
Shipments crashed 34.8 per cent – a “spectacularly bad” number, said one economist – and the largest fall since the Government began collating year-on-year figures in 1977.
That meant it even exceeds the previous worst of 30.7 per cent set in September 2001, the month of the terrorist attacks in New York and Washington.
“As with other countries around the region, Singapore is setting the wrong sort of records at present,” said HSBC economist Robert Prior-Wandesforde.
OCBC economist Selena Ling added: “The numbers are spectacularly bad. There is a broadbased weakness and it continues the global export collapse story.”
While the figures from International Enterprise (IE) Singapore confirmed the forecasts of the experts, they have also ratcheted up the fear among workers’ groups, businesses and others at the sharp end of the faltering economy.
“I’ve been working in electronics for almost 30 years, and this is the worst I have ever seen it,” said Francis Lim, president of United Workers of Electronics and Electrical Industries Union and assistant engineer at Hitachi Cable.
“Orders are not coming in. Some of my counterparts are getting 30 to 40 per cent of the jobs they used to get compared to the last two years.
“We are very worried about the next few months, and are not sure what lies ahead of us.”
Renny Yeo, president of the Singapore Manufacturers’ Federation, told The Straits Times: “Business has fallen so fast. We are working hard to prepare for what we think is still the worst to come... Exports have not hit the bottom yet.”
A spokesman for German chip-maker Infineon Technologies, which has a manufacturing plant here, said: “We’re definitely feeling the pain.”
He said that while no layoffs have been made, Infineon has shut down its plant here on two occasions for three to five days over the festive periods to reduce working hours and save costs.
Chartered Semiconductor, a major exporter, has cut 540 jobs here and is predicting its largest-ever quarterly loss.
Yesterday’s numbers were merely the latest instalment in what is becoming an all-too-familiar tale.
Exports have now fallen for nine months straight and economists see the dismal run continuing.
United Overseas Bank analysts believe the decline could continue until November with falls of 20 to 30 per cent possible over the next two or three quarters.
Economists agree that the January figures were distorted a little by Chinese New Year falling in January but Barclays Capital’s Leong Wai Ho calculated that even adjusting for fewer working days last month, exports fell 27 per cent.
This is still much worse than December’s 20.8 per cent contraction.
No sector, no market has escaped the carnage.
As expected, shipments to all the top 10 markets suffered double-digit contractions. But shipments to emerging markets in Latin America and South Asia, which had been growing until December, also fell by similar amounts.
The sore spots were the United States, where shipments plummeted 50 per cent, and China, down 51.6 per cent.
Tech exports continued to lead the decline, falling 38.4 per cent – a slump that has now endured for two years – while petrochemicals also fell 59.7 per cent.
The overall export numbers could have been even worse if not for pharmaceuticals faring better, recording only a 4.5 per cent contraction compared to December’s 51.1 per cent decline.
Figures from other corners of the economy confirm the sorry tale.
Shipments through Singapore ports fell 1.5 per cent in November – the first decline since 2001 – and then dived almost 14 per cent in December.
Freight volumes through Changi Airport have also slowed considerably, contracting 14.2 per cent in November and 21.4 per cent in December.
SIA Cargo plans to ground at least one aircraft and has asked pilots to consider no-pay leave for up to 30 months.
The pain is being shared as well. Taiwan and South Korea have both recorded historic falls in exports in the last month. – Straits Times

21 comments:

Anonymous said...

front page ST.


something for everyone

if you need to BEG, there's a scheme for you.

HAHAHAHAHA

Anonymous said...

elitist's formula for success in life.

first promote an ideology and create schemes to rip off the poor/ weak in society

second, take a portion of "ripped off monies" to help the poor which gives a new meaning to....


...rich philanthropist or let's call it, Con-care.

third, rich elites feel so good about being Con-care givers with .... millions safely locked in their fat bank accountS!

someone should write a book about the....Bad Samaritan(or has it been written already?) :)

Anonymous said...

yeah yeah yeah.make these idiots crawl on their knees begging for crumbs. HAHAHAHAHA

fucking work so hard at the end of the day...still BEG BEG BEG

MUAHAHAHAHAHAHAHA

Anonymous said...

Dowager down, how about Ting Tong?

Onlooker said...

It's bad because protectionism have already kicked in in major consumer nations.
I'm not surprised that there are people who do not like Any form of garment aid/ social welfare for local Singaporean Citizens, particularly the old.
Because they are also the ones who want protectionism in the country of their origin but want less welfare in the country that they work in.
And if the same thing happen in their country of origin, they will protest in streets,no?
And they love status quo,period.

Anonymous said...

The JCS scheme will save jobs.

Chartered Semiconductor (Temasek Owned), a major exporter, has cut 540 jobs here and is predicting its largest-ever quarterly loss.

PAP Government smack there own mouth. Not surprising for a government in distress.

Anonymous said...

If an election is called soon, it is probably because they foresee that this year will remain bad and next year will be much worse.

They are now between the devil and the deep blue sea. An election now will be a bad call, and an election next year, if the crisis worsens, will be disastrous for them.

The time frame till the end of their 5 year term is getting shorter and leaves not much of a choice.

Lost Citizen

Anonymous said...

http://www.youtube.com/watch?v=wABI2dwbQMQ

you're hamburgers!

Anonymous said...

The government should do away with the JCS as it tantamounts to taking it away from the rightful owners i.e. all Singaporeans. There is no guarantee that it will help employees retaining their jobs, but definitely will help the employers to lessen the cost of maintaining their business. For those who has seen demand for their goods and services drop drastically, they will definitely shed loose some employees to lessen cut cost, eg., Chartered Semi-Con. Of course the government will be the one who will stand to gain most from JCS, they being the largest employer.

There are better ways to help employers to lessen the cost of maintaining a business i.e.,
1. Lower rental rates where possible
2. Lower electricity rates,
3. Lower ERP, parking charges, petrol prices, etc

The above may or may not be feasible, but there are many other costs besides the above which hampers businesses from lowering the price of their goods and services. If they are able to lower their prices, then it may be more attractive for buyers and also for foreign companies to set up shop here and absorb our unemployed.

If the government can think as far ahead as 10, 20 and 30 years for profits from investments, why not look that far ahead to ensure we are competitive. Isn't this another form of investment? If they had used those 108 billion by not earning it from businesses operating in Singapore, we would be short of the same amount, but we will be better off for it. Obviously the suggestion is from hindsight, but we should learn from experience.

Anonymous said...

talking about front page. another paper, in the front page too, steps have been taken to....TRACK THE DRAGON.

wo wo wo.

until that happens and much more must take place...all other talks are useless lah

Anonymous said...

A man, down on his luck, went into a church which catered to the "uppity". Spotting the man's dirty clothes a deacon, worried about the churches image, went to the man and asked him if he needed help. The man said, "I was praying and the Lord told me to come to this church."

The deacon suggested that the man go pray some more and possibly he might get a different answer. The next Sunday the man returned. The deacon asked, "Did you get a different answer?"

The man replied, "Yes I did. I told the Lord that they don't want me in that church and the Lord said, 'Don't worry about it son; I've been trying to get into that church for years and haven't made it yet."

Anonymous said...

Hi Lucky

More than a year ago, I told you that things will get real bad?

Eh. It will get worse.
But remember:

#1. They voted for PAP and its policies.
#2. The people will only learn thru pain.
#3. The people wun die yet. Not enuff pain.
#4. Actually there probably wun be enuff pain.
#5. There will always be suffering

Wait and see is probbly better. If you are impatient, you may want to serve at the local temple\church\salvation army\etc.

As long as we still see
eternal papiness \ Aaron \ KTM \ etc still in love with the gahmen it means there is not enuff pain.

so take a break la. enjoy your $$$ while it is still safe o do so.

NoName

Anonymous said...

go beg.

makes them feel good they are ,,,,needed and usefool citizens.

Anonymous said...

A minister told his congregation, "Next week I plan to preach about the sin of lying. To help you understand my sermon, I want you all to read Mark 17."

The following Sunday, as he prepared to deliver his sermon, the minister asked for a show of hands. He wanted to know how many had read Mark 17. Every hand went up. The minister smiled and said, "Mark has only sixteen chapters. I will now proceed with my sermon on the sin of lying."

LuckySingaporean said...

NoName,

I think it is all very fair. We conclude based on what we know - KTM/Aaron Ng make their own conclusions based on their own experiences but I think they are reasonable people. When the evidence become clearer ...perhaps they will adjust their views?

I tried explaining to Aaron/KTM why I think the JCS is not effective. From what I see, read, and the people I talk to it is so clear that we have a demand collapse that will render this scheme only marginally helpful. But I have problem convincing them because they don't see what I see...or cannot perceive what is clear to me.

But now the evidence is coming out - 50% falls in exports to China & USA. ...with that kind of plunge in demand how does JCS help?...It is scary even for those who are prepared for the bleakest of outlook. The govt cannot and should not sit comfortably in its ivory tower and act reactively in this crisis.

Its like the minibond issue- they will be remembered for making the people take the pain....and perhaps now for acting too slowing in this crisis.

Anonymous said...

Lucky

what talking u?

The gahmen can and will sit back and react just enough that people dun drop like flies ... ok la. some/many unelite lives will be ruined but hey thats life/reality for u. They dun care, why should u?

Using those moderate, reasonable happy bloggers as a benchmark ... i think it is clear that theres not enuff pain yet.

so take it easy la. too much anger no good.

NoName

Anonymous said...

"Spectacular bad" ! So?

Come election, do we have an alternative choice? Or is an alternative choice there?

Spectacularly no choice. Bo pian.

Anonymous said...

President Obama said it is wrong for the top man to have 500 times salary of those average worker. How much our top leader is paid? Our average income of ordinary worker is only $1000-2000. How many times more? You can calculate that.

Anonymous said...

Where is the Singapore "Obama"?

Based on our presidential criteria, US president Obama, even if he were Singaporean, is not even qualified to contest our Presidential Election!! And the US is many thousands of times in terms of land, population and economy compared to SIngapore.

So like that how?

Anonymous said...

Obama has already failed the day he chose Geithner.
His largest donor include Goldman.

Please la. US (and SG) will recover in spite of him not because of him.

Election? Yes. I am most concerned about people of Sembawang GRC not suffering enuf pain. Pain is good. Pain purifies and focus the mind. Otherwise we all risk getting discarded to JB once we outlive our usefulness.

Anonymous said...

Hi Lucky

You may be find the article
interesting.