Analysts estimate $24 billion worth of contracts were inked in 2007 (SINGAPORE) Construction demand in 2007 exceeded official estimates and is likely to have hit $24 billion, analysts said. At present, the official forecast for last year’s construction demand is $19-$22 billion. But in just the first ten months of 2007, construction demand hit $18.5 […]
Archive | January 14, 2008
Industry players feel pinch of rising hotel rates
They are a concern for leisure travel sector; the going may get tougher for Mice operators also (SINGAPORE) The average daily hotel room rate for 2007 is expected to have hit a record $200. And although 2,000 new rooms will be added this year, there will be no let-up in rising rates. For 2008, consultancy […]
WALL STREET INSIGHT: Investors brace for another harrowing week
Earnings, economic reports ahead add to worries over US economy’s health NEW YORK CORRESPONDENT IT was another dizzying and harrowing week for US stocks, and with Wall Street’s perception of the economy’s health turning sour, investors should brace for more of the same in the coming week, ahead of a wave of rough earnings and […]
Slowing sales worry top-end US retailers
NEW YORK – UPSCALE jeweller Tiffany & Co said last Friday that the number of purchases at its American stores dropped during the holiday shopping season, signalling that a pullback in United States consumer spending is percolating up to high-end merchants. The slowdown was unexpected and sent jitters through the world of luxury-goods makers, which […]
TAKING STOCK: Asian markets poised for further losses
Current decline in S’pore presents buying opportunity, say some brokers ASIAN stock markets look set to run into more turbulence this week after Wall Street’s sharp plunge last Friday. The Dow Jones Industrial Average’s 246-point dive – on fears that American consumers are tightening their belts – is likely to result in a regional knee-jerk […]
PROPERTY: Demand for bungalow sites expected to rise
Landed home prices likely to continue last year’s surge and jump by up to 15% this year, say analysts PROPERTY analysts believe this will be the year for mid- and mass-market properties to shine – but they say demand for landed homes should also remain favourable. They expect prices of landed homes to climb by […]
wallstreet: Stocks dip for third straight week on news of belt-tightening
NEW YORK – US STOCKS fell sharply on Friday, capping a third consecutive weekly decline, on a warning by American Express Co of mounting credit-card defaults and a slowdown in consumer spending. Worries about consumer belt-tightening hit stocks – from fast-food chain McDonald’s Corp to Tiffany & Co, which cut its profit forecast on weak […]
Merrill in hunt for more capital as losses set to hit US$15b
It’s wooing investors in US, Asia, Mid-East to shore up finances (NEW YORK) Merrill Lynch is expected to suffer US$15 billion in losses stemming from soured mortgage investments, almost double its original estimate, prompting the firm to raise additional capital from an outside investor. The largest US brokerage firm is expected to disclose the huge […]
LATEST US DATA: Record oil prices swell trade deficit
November’s gap jumps by 9.3% to US$63.1b; highest level in 14 months (WASHINGTON) The US trade deficit in November surged to the highest level in 14 months, reflecting record imports of foreign oil. The deficit with China declined slightly while the weak dollar boosted exports to another record high. The Commerce Department reported that the […]
US recession fears push gold to record level
Precious metal hits US$898 and could go even higher as investors seek an alternative store of value GOLD hit a record US$898 (S$1,286) an ounce yesterday and could reach US$1,000 soon as fears of a US recession drive investors to seek safety in the yellow metal. A perfect storm of faltering stock markets, global economic […]
4-room Jalan Membina flat sells for a record $609 psf
It is believed to be the first time an HDB flat has crossed the $600 psf mark A FOUR-ROOM flat at Jalan Membina has smashed the record for the most expensive Housing Board (HDB) flat ever to change hands in terms of price per sq ft (psf). The 969 sq ft flat sold for $590,000 […]
