the use of a bank nowadays
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Even if you put in foreign banks, you are still likely to lose to inflation.
There are many many ways to use money and place them where you can get till 10% p.a. within SG (passively), but very long term... Right after my exams I'm going to embark on some further reading up and preparations..., and already have plans to save a few hundred a month just for this goal alone.
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Originally posted by eagle:
Even if you put in foreign banks, you are still likely to lose to inflation.
There are many many ways to use money and place them where you can get till 10% p.a. within SG (passively), but very long term... Right after my exams I'm going to embark on some further reading up and preparations..., and already have plans to save a few hundred a month just for this goal alone.
inflation is like true FT. they are needed IF only they are true FT with talents not available here. else, they are just to lower cost. and this is not wise nor is it a solution other than a workaround that anyone can come up. nothing great.if you read my post paying due attention, you could not fail to read that i said foriegn banks that give higher interest rate. And this implicitly means able to cover the inflation.
i urge you to study hard and avoid IT which is has oversupply of 'talents' that price themselves from 2.5k.
It should now be clear to everyone, the term Talent is over-used and to me strictly, it is not accurate term. They are foreign workers.
A Foreign talent would be, to me, someone like Koh Boon Wan who is invited to be citizen and he dropped his malaysia citizenship to take up the job gubbymenting. another case in point is a scientist. a researcher with nobel prize level of calibre.
I am sure no one in the world dares to criticise me if I call them talents.
Thus, i educate people who still do not understand the word 'talent', what it means.
if you are really a talent, why are you paid low ?
i think somehow they are called foreign talent and fall under the policy of foreign talent. Their obvious purpose i see is to delay mnc from relocating.
Lowered cost due to influx affects locals .Flats price are already world famous expensive, daily expenses are going up and up. ERP, COE, ERP Parking, Inflation has gone record high. medicals, education. how low can poreans salary go to compete with influx ? And Low Quality of Life. But there is someone trying to find the happiest person maybe hoping to clone more people like him.
Thus, a long term solution is needed to give locals higher paying jobs and creating jobs for locals 1st and not just creating job for everyone. delaying MNCs from moving out is not a longterm solution. its a workaround, shortterm. This effort should start about 20 years ago.
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Originally posted by eagle:
My post was after I had consulted some UOB person, although I don't really trust him.
Putting in a foreign account, you are still exposed to the long-run risks of the currency market. You never know which way the currency is going to go. Lucky you earn. Unlucky (eg suddenly get sub-prime crisis, etc), then you lose.
Can imagine what happened to those who their fixed D into the US market about 1 year ago?
I don't think you get the drift of what I was trying to convey. Firstly, financial and currency markets are synonymous with risks.
By suggesting you convert your base currency, what I mean is this : if you're hedging against the US$ and believe the £ would appreciate more than the S$ against the US$ in a pre-determined timeframe (ie.say a year), it would make more sense for you to convert your S$ into the £ before you invest the money in a foreign account (this would obviously yield a better return than simply converting your S$ directly into US$).
While the currency examples cited here may be theoretical, it is not completely detached from reality if you understand the S$ floating mechanism where the brand of "dirty float" deployed by the MAS effectively floats against a basket of currencies. In short, the strength of the S$ - assuming MAS maintains its existing monetary policy over the course of the period you wish to hedge your funds - has a somewhat direct, but not exclusive, correlation with the strength of the US$ and the £.
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Originally posted by walesa:
I don't think you get the drift of what I was trying to convey. Firstly, financial and currency markets are synonymous with risks.
By suggesting you convert your base currency, what I mean is this : if you're hedging against the US$ and believe the £ would appreciate more than the S$ against the US$ in a pre-determined timeframe (ie.say a year), it would make more sense for you to convert your S$ into the £ before you invest the money in a foreign account (this would obviously yield a better return than simply converting your S$ directly into US$).
While the currency examples cited here may be theoretical, it is not completely detached from reality if you understand the S$ floating mechanism where the brand of "dirty float" deployed by the MAS effectively floats against a basket of currencies. In short, the strength of the S$ - assuming MAS maintains its existing monetary policy over the course of the period you wish to hedge your funds - has a somewhat direct, but not exclusive, correlation with the strength of the US$ and the £.
Ok I get about 70% of whatyou mean liao
Any more opinions and suggestions? I'm trying to soak up as much information as possible asap with regards to making money work for you.
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Originally posted by eagle:
Ok I get about 70% of whatyou mean liao
Any more opinions and suggestions? I'm trying to soak up as much information as possible asap with regards to making money work for you.
What exactly are you looking at in terms of investments? Obviously, purchasing stocks and bills/bonds are as different as chalk and cheese - depending on your needs and risk appetite, the incentives for investment instruments would therefore be different.On the basis of what you've posted over the last two threads, you don't seem to have a particular area where you seem to have a particular interest in (as you seem to be keeping a lookout for anything from fixed deposit to bills - or was it your gf? - to forex). If I recall correctly, you're an undergraduate, aren't you? Planning on pursuing a career in finance?
Anyway, you may wish to pm me to discuss this further to save others the hassle of reading things that do not directly relate to the thread.
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Originally posted by walesa:
What exactly are you looking at in terms of investments? Obviously, purchasing stocks and bills/bonds are as different as chalk and cheese - depending on your needs and risk appetite, the incentives for investment instruments would therefore be different.On the basis of what you've posted over the last two threads, you don't seem to have a particular area where you seem to have a particular interest in (as you seem to be keeping a lookout for anything from fixed deposit to bills - or was it your gf? - to forex). If I recall correctly, you're an undergraduate, aren't you? Planning on pursuing a career in finance?
Anyway, you may wish to pm me to discuss this further to save others the hassle of reading things that do not directly relate to the thread.
Me ah... looking all over at the moment, while waiting for the economy to cool down somemore before picking up, I guess, around 2010
sent u a pm...
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hv you guys noticed that when you are lender to the bank, they inform you reduction of interest rates for deposit very quickly?
but when you are a borrower to the bank, eg mortgage loan borrower, even if you are on variable interest rate package, they take more than 6 months and still do not announce any drop in interest rates?
banks busoh!
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Thats life, as long as consumers and customers allow it.
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I am going to withdraw all my money from my savings bank savings account tomorrow.
Am putting it into something more rewarding.
I have to walk the talk.
Not much to a bank but hope that not everyone will do the same, transfer to another bank giving better returns.
If money is mine, I will one day withdraw completely what is mine at all cost, NO MATTER WHAT 'BANK' it may be. if u knoe wtf i mean.
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Without going too much into the technicalities for those without a relevant finance/economics background, just thought this might serve as an interesting read for those wondering why Singapore banks pay such low interest rates (among other things) : http://sg.news.yahoo.com/rtrs/20080504/tap-dbs-ceo-c3bb44c.html
DBS is likely to report on Wednesday quarterly profit fell 8.3 percent from a year earlier to S$566 million ($416 million) - SINGAPORE, May 4 - For Richard Stanley, Singapore's attraction goes far beyond the realm of his Citibank career in the city-state. He found love on the island, a former Miss Singapore who became his wife.
The romance with the country has lured the 47-year-old American banker to return to work in Singapore for the third time, to run Southeast Asia's biggest lender, DBS Group Holdings .But expanding DBS beyond Singapore and Hong Kong, its two key markets where it earns about 90 percent of its profits, and weathering global credit turmoil will not be easy.
"DBS is not a broken bank," said Matthew Wilson, an analyst at Morgan Stanley. "It is just a Singaporean bank and hence has structurally low growth, low returns, and limited distinctive capability to succeed regionally."
DBS cannot offer the global scale and breadth that the likes of Standard Chartered and Citigroup could offer to regional banks, he said.
"Richard Stanley has no easy levers to pull to improve performance."
DBS is likely to report on Wednesday quarterly profit fell 8.3 percent from a year earlier to S$566 million ($416 million), according to a Reuters poll. Analysts expect it to report lower fees and fresh provisions on its exposure to complex credit derivatives.
But the writedowns would be much lower than last year when it wrote down S$270 million on structured instruments, including debt exposed to the collapsing U.S. subprime mortgage market.
DBS is also facing slowing growth after two years of strong earnings momentum as a looming U.S. recession threatens to derail an Asian economic expansion that enabled regional lenders to withstand the credit crisis last year.
But DBS has put its faith in Stanley, who has spent 18 of his 27-year banking career in Asia, including stints in Thailand, Singapore and Shanghai. His appointment came despite speculation the job might go to Francis Rozario, another ex-Citibanker who works for Singapore state investor Temasek Holdings [TEM.UL], which owns 28 percent of DBS.
"As a seasoned banker with a proven track record in Asia, Richard is well-positioned to help DBS grow our regional footprint, diversify our revenue base and focus on higher-return businesses," said the group's Chairman Koh Boon Hwee at the time of the announcement.
His appointment comes as the bank is gunning for expansion in Taiwan where it bought failed lender Bowa Commercial this year, while it is also trying to build a domestic business in China and is increasing branches across India.
Stanley comes with a track record of acquisitions in China, which eluded his predecessor, former JPMorgan banker Jackson Tai, who resigned last year.
Stanley helped lead a Citi consortium's $3.1 billion acquisition of a controlling stake in Guangdong Development Bank in 2006 and Citi's purchase of a minority stake in another Chinese lender, Shanghai Pudong Development Bank .
DEPARTURES
But even before Stanley stepped into his office on Friday, a string of departures at DBS greeted him.
David Lau, the former head of global markets, is joining a hedge fund and analysts fear he could take some traders with him. Edmund Koh, its former top salesman in the consumer division, left to join U.S. private equity firm Carlyle Group in Taiwan, while chief operating officer Frank Wong is retiring at the end of the year.
"DBS has seen three of its most senior executive depart," Credit Suisse's Sanjay Jain said in a note to clients."One too many changes at the same time?"
But a person who has worked with Stanley in China sees him as a team player and someone who has the capability of building an international business.
"He was a great builder of franchise in China and very well regarded by the people here," said the person, who asked not to be identified because of corporate rules. "He cared for the people who worked with him and they were also loyal."
Since Stanley first moved to China, Citi's headcount in the country has grown from 150 to more than 3,000 as of last year.
Stanley joined Citi in 1981 and became China country manager in 1999. He took a regional position in Singapore in 2004, overseeing Southeast Asian markets and banking, before returning to Shanghai in 2005 as China CEO.
For DBS he will be working at Singapore's downtown Shenton Way, where during an earlier stint he met his wife, Koh Li Peng, a top model who earned the tag of Miss Singapore in 1984.
"I would walk out for lunch and see her. One day, I approached her and it started from there," Stanley told the local Business Times in an interview in 2004.
Stanley and his wife have three children.
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For DBS he will be working at Singapore's downtown Shenton Way, where during an earlier stint he met his wife, Koh Li Peng, a top model who earned the tag of Miss Singapore in 1984.
"I would walk out for lunch and see her. One day, I approached her and it started from there," Stanley told the local Business Times in an interview in 2004.
Stanley and his wife have three children.
Got money different
