REACH 327 - What are your views on the rising cost of living? How have you been affected by the Ukraine-Russia crisis?
(SK)
16 Mar 2022 (10am - 7pm)
REACH
[6:10 pm, 15/03/2022] +65 8248 8959:
More: https://str.sg/weED
[9:43 am, 16/03/2022] +65 8637 0487: Dear Contributors,
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[10:00 am, 16/03/2022] +65 8637 0487: 📢 Topic 📢
In January, core inflation rose to 2.4 per cent year on year, highest since September 2012.
Food prices have been rising due to Covid-19 pandemic, supply chain disruptions and increasing energy prices, and is now exacerbated by the Russia-Ukraine crisis which has pushed up prices in commodity markets.
💬 What are your views on the rising cost of living? How have you been affected by the Ukraine-Russia crisis?
While Singapore does import some foods, such as eggs and cooking oil, from Ukraine, as well as seafood and alcoholic beverages from Russia, volumes are low, said the Singapore Food Agency.
Supermarket chains here, including FairPrice, Dairy Farm and Sheng Siong, play it safe by relying on a diverse supplier base to ensure that their warehouses remain stocked and prices for essential items stay affordable.
But while food supply, such as egg, is adequate, consumers will have to continue to bear with rising prices due to market factors in the current volatile environment, such as demand and supply, feed prices, logistic costs and general manpower shortages.
Likewise, the impact of rising food costs and the Russia-Ukraine crisis have slowly trickled down to hawkers, with ten of the hawkers had raised their prices recently.
👉🏻https://www.straitstimes.com/singapore/why-you-can-expect-to-pay-more-for-food-in-singapore
👉🏻https://www.straitstimes.com/business/economy/spore-food-manufacturers-importers-feel-the-heat-of-rising-prices-of-ingredients-exported-by-russia-ukraine
👉🏻https://www.straitstimes.com/singapore/consumer/no-shortage-of-eggs-in-singapore-but-prices-likely-to-remain-high
👉🏻https://www.straitstimes.com/singapore/consumer/hawkers-mull-over-raising-food-prices-as-russia-ukraine-crisis-adds-to-cost-burden
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[10:15 am, 16/03/2022] Smiley face: https://www.fao.org/worldfoodsituation/foodpricesindex/en/
[10:18 am, 16/03/2022] Smiley face: https://www.nytimes.com/2022/02/03/business/economy/food-prices-inflation-world.html
[10:23 am, 16/03/2022] Smiley face: The Fed is expected to start raising rates, but challenges may slow its pace
https://www.cnbc.com/2022/03/15/the-federal-reserve-is-expected-to-raise-rates-but-unique-challenges-could-slow-its-pace.html?__source=androidappshare
[10:24 am, 16/03/2022] +JC: I'll b keeping an eye on how NTUC prices food products. As a cooperative, I sure hope it plays it's role of keeping prices low 🤔
[10:25 am, 16/03/2022] +Rama: Expected to be higher than other supermarkets
[10:34 am, 16/03/2022] +Ah Heng: How have you been affected by the Ukraine-Russia crisis - just read from somewhere Singapore urge China to use its influence on Russia? well i think is better we keep our stance clear and NOT teach other country to do things ... is good we show where we stand but let's be neutral about things somethings
[10:39 am, 16/03/2022] +Ah Heng: nobody likes war or conflict but neither does any country likes his nemesis setup military bases in front of his door step , so 2 sides to the coin. This war is not a issue of 1 or 2 day notice it is something that had been brewing in eastern europe for years and in the last quarter of 2021 it came to media stage .. so personnel take stay out of it
[11:02 am, 16/03/2022] +BL: 2014 Russia invaded Crimea, so yes this has been going on for a while. Ukraine army was not setting up bases on the border, that was Russia. Ukraine tried to diffuse situation while West was talking of invasion. Russian military action is entirely unjustified, whatever Ukraine said about joining NATO. I agree its good we make our position clear, but also not to pressure other countries the same way we would not like to be pressured.
[11:03 am, 16/03/2022] Smiley face: https://www.tnp.sg/news/singapore/hawkers-mull-over-raising-food-prices-russia-ukraine-crisis-adds-cost-burden
[11:03 am, 16/03/2022] +BL: Regards food prices, let's help inform each other about what food is healthy but cheaper. Less meat, less processed food, less waste. So much food is thrown away. Smaller portions would benefit us economically and physically.
[11:03 am, 16/03/2022] +Rama: Our FM better maintain our long standing neutrality
[11:04 am, 16/03/2022] Smiley face: Chicken Rice at hawker center
Was - $2.50 & $3.50
Now - $3.50 & $4.50
This is MORE than 20% jumped in prices.
[11:04 am, 16/03/2022] +BL: We are not neutral, since we have imposed sanctions.
[11:04 am, 16/03/2022] +BL: From when to when? That is indeed a huge 40% rise!
[11:05 am, 16/03/2022] +Rama: Accept as they too have bills to pay and mouth to feed.
[11:07 am, 16/03/2022] Smiley face: Prior to oil price up...
Today chichen rice prices are up...
Chickens & Eggs issue
[11:08 am, 16/03/2022] Smiley face: Among Asean countries, how many actually imposed sanctions etc? Count...
[11:10 am, 16/03/2022] +Ah Heng: is call inflation , even if oil dun up other things also up
[11:10 am, 16/03/2022] Smiley face: Be known, there is a sizeable Russians community in Phuket...
Likewise, the Russians have set foot in Asean since Vietnam War time, that's 50 years long or longer.
[11:11 am, 16/03/2022] +Rama: Exactly
[11:11 am, 16/03/2022] +Ah Heng: unless unless we have our own core supply which is impossible ...(let's not compare with other country)
[11:11 am, 16/03/2022] +Rama: Seems ruskies are leaving Thailand in droves
[11:12 am, 16/03/2022] Smiley face: "Don't Play with fire unless one is a fire engine".... Old Chinatown saying...
[11:12 am, 16/03/2022] +BL: 👍
[11:12 am, 16/03/2022] +Rama: Our FM VB must have a extraordinary fire extinguisher
[11:13 am, 16/03/2022] +BL: The main concern now is possible entry into the war by China,India or NATO (who are already arming Ukraine)
[11:13 am, 16/03/2022] +BL: With NATO sending arms, Russia may well ask China for equal support.
[11:13 am, 16/03/2022] Smiley face: One needs to THROUGHLY read the beginning of KGB into today's FSB.
How it evolves and the structural form never change!
[11:13 am, 16/03/2022] +jimmy chew: your abbreviation is FM is foreign ministry, VB is ?
[11:14 am, 16/03/2022] +Dan: I wonder if MOF had anticipated the inflation because of the war and with the GST raise, will the support given to the poor sufficient?
[11:14 am, 16/03/2022] Smiley face: There is a price to pay for (一切都要付出代价), that's itself is war!.. A Perfect Storm? "
"as long as oil is up, all things will be up too...? "
- - Anonymous
[11:15 am, 16/03/2022] +Rama: China might test Asean solidarity on the south China Sea and Taiwan issue unexpectedly soon to stress the international community
[11:15 am, 16/03/2022] +Rama: Another round of opening the piggy bank!?
[11:17 am, 16/03/2022] +BL: If ever there is a time, now it is. I sincerely hope they do not.
[11:17 am, 16/03/2022] +BL: Although maybe best to let the dust settle on this conflict, see how it plays out.
[11:18 am, 16/03/2022] +Rama: Intelligence gathering is of the utmost importance on military hardware and manpower movement
[11:19 am, 16/03/2022] +Smiley face: Put a book bind on PAKISTAN, next chapter of chaos and hopefully no conflict...
[11:20 am, 16/03/2022] +Rama: Exactly
[11:21 am, 16/03/2022] +Ah Heng: one of the root cause is every govt is arse about each other for some reason
[11:21 am, 16/03/2022] +Ah Heng: some wanna be big brother
[11:21 am, 16/03/2022] +Smiley face: Compared to CIA, it's more grounding and organic structurally organised, like a roulette player that spread its chips..
[11:21 am, 16/03/2022] +Rama: Yup
[11:21 am, 16/03/2022] +Sunshine Pooh: Agree
[11:21 am, 16/03/2022] +Ah Heng: some not happy about how other countries are run because is not their style and gang of friends
[11:21 am, 16/03/2022] +Smiley face: Then comes DARPA.... Highly highly secretive and...
[11:22 am, 16/03/2022] +Ah Heng: some are just ancient nemesis for some reason
[11:22 am, 16/03/2022] +Ah Heng: end of the day all these leaders forget when war or conflict is also their people fighting
[11:22 am, 16/03/2022] +Ah Heng: maybe the world shoudl change and make the govt people go MMA themselves and NOT the citizens
[11:23 am, 16/03/2022] +Ah Heng: since these govts are the one that wants the war
[11:23 am, 16/03/2022] +Ah Heng: that way geneva convention sure to be in good use aka civilians will not be attack same for basic infra
[11:25 am, 16/03/2022] +Smiley face: Comes May 22, the 193 countries will vote to adopt WHO future pandemic management. Simply, all future pandemic of large scale will be managed by WHO, its protocols etc...
[11:25 am, 16/03/2022] +BL: How many citizens ever want war? It is always power crazy, egotistical, wannabe leaders. It's the people who suffer.
[11:26 am, 16/03/2022] +Ah Heng: so the people should revolt and find a way to make the leaders go mma with each other hahahahaha
[11:26 am, 16/03/2022] +Rama: I want a peaceful planet
[11:26 am, 16/03/2022] +BL: 7 billion people on the planet. Destruction caused by a tiny fraction of a percent.
[11:26 am, 16/03/2022] +Ah Heng: imagine a world where war and conflict is settle the brutal way MMA (death or life).. no need for military equipment
[11:26 am, 16/03/2022] +Rama: Bloodsucking idiots
[11:27 am, 16/03/2022] +Ah Heng: ooooo wait USA will be in shambles cos no more defence sales
[11:27 am, 16/03/2022] +BL: Historical arguments. Broken promises. Pretence of religion or racism. They are the causes of war.... oh and economic gain through acquisition of natural resources. That's the main one
[11:28 am, 16/03/2022] +Rama: Great
[11:29 am, 16/03/2022] +Rama: Agreements are pointless unless enforcement is without prejudice
[11:29 am, 16/03/2022] +Ah Heng: humans should learn to respect this is the basis
[11:30 am, 16/03/2022] +Ah Heng: does not mean a country which is not run like some big brother basis beliefs and system is an enemy
[11:30 am, 16/03/2022] +Ah Heng: or a curse to man kind
[11:31 am, 16/03/2022] +Ah Heng: in short power and money corrupts
[11:31 am, 16/03/2022] +Ah Heng: values and ethics of 4 sides of the world are different and some sides refuse to accept Rather they prefer to instill
[11:32 am, 16/03/2022] +Ah Heng: and the trend can be send no one day of peace after korean and vietnam war .....
[11:35 am, 16/03/2022] +Smiley face: TWO F&B metrics of play to sustain inflation .
Either downsize PORTION
Or increase PRICES
[11:35 am, 16/03/2022] +Dan: https://www.straitstimes.com/singapore/community/budget-debate-new-hawker-centres-to-open-this-year-more-support-for-hawkers
[11:35 am, 16/03/2022] +Dan: I look forward to the opening of 4 new hawker centres and is heartened by the govt's efforts to keep the hawker culture alive.
[11:37 am, 16/03/2022] +Dan: However, with the inflation, we have seen many price surges across the island. Ppl are complaining of the price increase. Hawkers have no choice but to wind their business.
[11:39 am, 16/03/2022] +BL: 👍👏
[11:53 am, 16/03/2022] +Guillermo Cabeza: Agree 100% with this comment.
[11:54 am, 16/03/2022] +Guillermo Cabeza: Re food security and prices: I haven’t experienced a change in my grocery bill in the last two years. If anything the logistics seem to have improved since the start of Covid. Mostly I shop for groceries online from large and small shops with occasional trips to the supermarket for last minute items.
[0:00 pm, 16/03/2022] +Guillermo Cabeza: We don’t eat out or get takeaways ever so I appreciate my experience is not the same as those who do.
[0:07 pm, 16/03/2022] +jimmy chew: so far, 16k protestors in prison protesting against the war. 3 years imprisonment. Not so easy to stand up to oppose the war. there was a video of someone taken away for talking to foreign journalist. reminded of Nelson Mandela 20 years in prison to fight apartheid
[0:17 pm, 16/03/2022] Smiley face: What if these hawker stores are allowed to operate up to 20 hours daily (10 hrs per shift), will it cannibalises into nearby coffee shops livelihoods and revenue takings?
[0:18 pm, 16/03/2022] Smiley face: Co-sharing of hawker store -
"finding ways & means to fight this inflation..."
[0:31 pm, 16/03/2022] Smiley face: Looking back :
Decades back, one young mind had lunch in the Peak's home with one of the taipans ..
This young one asked 'how to deal with inflation and unhappiness' in the world? The experienced taipan simply said... "create more JOBS and employability!", this young one wonders as he digested the sumptuous meal and continued listening...
[0:35 pm, 16/03/2022] +Umar M: Are you referring to taipans as in the world's most venomous snake?
[0:38 pm, 16/03/2022] Smiley face: https://en.wikipedia.org/wiki/Tai-pan
[0:42 pm, 16/03/2022] +Umar M: Ah okay. Tai-pan. I thought taipan.
[1:32 pm, 16/03/2022] Smiley face: Does anyone has knowledge of the import taxes for these staples?
If there are, can relevant govt agencies like MTI level down on import taxes?
Having said so, there will be an element of profiteering at the B to B and consumers may not enjoy such tax breaks should it happens?
What's our FTA with other countries for importation of foods?
"finding ways & means to survive this extended plays, this case inflation of goods and services.
[1:39 pm, 16/03/2022] ☸️ Danny 心:
1. The inflation in Singapore - the price increases are currently quite widespread notably in :-
a. Cooked food prices in neighborhood coffeeshops, food courts and hawker centres - in many stalls.
b. Groceries in supermarket
c. Power utilities bill
d. Transport prices - bus, mrt, taxi
e. Car fuel prices
2. For eg.
a. Cook food prices increases range from 20cents, 50 cents, $1, $1.50 per plate or per bowl --- Thus if eat out over the weekend - a family with few family members - are a big price hike for 2 weekends.
b. Notice that many groceries in supermarket also increases - many promotion discount not offered.
c. Power utilities bill see a big jump as old contract end. 1 kilowatt increase from $1.68 to $2.38 ---- awaiting the final bill to come.
d. Transport prices in bus, mrt and especially taxi - see the biggest jump in taxi fare for the same distance.
e. Car fuel prices jump from $2 plus per litres to more than $3 per litres.
3. To summarise, the price inflation for this year is very widespread across the board in many good and services and food, energy, transport and the price increases very steep.
4. Big impact to retirees, unemployed and those workers whose salaries have not increased.
5. Except for some fortunate workers, their salaries increase can cushion the price hike but not the above groups.
[1:50 pm, 16/03/2022] ☸️ Danny 心:
Views on the ongoing Russia invasion of Ukraine :-
1. The current trajectory is going well for Ukraine. The will of Ukrainians to fight the Russia invaders are rock solid and has managed to drag out the war - with guerilla tactics, ambush - that have greatly impact the war outcomes.
Russia has failed to takeover major cities now 4 week after the invasion - except some small cities.
Russia invasion forces of 150,000 versus Ukraine 200,000 army and reservists plus the citizens taking up arms against the invaders ---- is a wrong move by Russia.
2. Everything go wrong with Russia war strategy, logistics, execution, very few precision weapons to take out strategic Ukraine military assets and poor morale of the Russian troops :-
3. The fear threat of launching nuclear missiles by Russia did not materialise.
4. I think the momentum of the brave Ukrainians at the war front spell good for Ukraine - and if held up a few more weeks and months - Russia invasion will come to not much gain and have to retreat --- as the World biting sanctions come into effect that drain the Russia resources to be put into the war.
[2:03 pm, 16/03/2022]Smiley face: "Forcing the tiger to jump over the wall... 逼虎跳墙?"
[2:11 pm, 16/03/2022] +jimmy chew: Putin may be testing the world community. How long can you stay together before fatigue seeps in 🤣 he did that for many other special operations 🤣
[2:13 pm, 16/03/2022] +jimmy chew: The Cities are being flattened and civilians are attacked no one bothers. We can only cry and pray. Putin will do what he has to do to keep his name. Like Trump others live for them
[2:20 pm, 16/03/2022] ☸️ Danny 心:
I always believe in :-
Do good, get good outcomes.
Do evil, get bad outcomes.
[2:29 pm, 16/03/2022] +jimmy chew: Yeah. Putin to him is doing good. Old glory and authority of Soviet Union 🤣🤣🤣
[2:29 pm, 16/03/2022] +jimmy chew: The three Superpowers. USA, Russia and China
[2:30 pm, 16/03/2022] +jimmy chew: Like Trump MAGA crowd 🤣
[2:32 pm, 16/03/2022] +Rama: Don't discount the possibility of biological or chemical weapons or nerve gas in place of a nuclear strike
[2:33 pm, 16/03/2022] +Rama: He could not be accept the break up of USSR in 1991.
[2:35 pm, 16/03/2022] Smiley face: "During dangerous time, the safest place is the most dangerous, vice versa, that's a deception tactic ! "
“危险的时候，最安全的地方就是最危险的地方，反之亦然，这就是欺骗战术! "
Prolonged battle (车轮战)
[2:36 pm, 16/03/2022] +jimmy chew: Yeah. He can't accept it. That people want freedom and blame USA for undermining them. Haha see all the games (modern warfare) and movies (007) . 🤣 USA the good guys and Russia villains 🤣
[2:37 pm, 16/03/2022] +BL: https://time.com/6157712/singapore-calls-china-end-russia-invasion-ukraine/
[2:37 pm, 16/03/2022] +Rama: Backlash possible
[2:38 pm, 16/03/2022] +BL: Not sure. The article is not as inflammatory as the headline
[2:38 pm, 16/03/2022] +BL: “I hope they will assert their influence with Chinese characteristics, which means quietly and discreetly, but effectively,” Balakrishnan said of President Xi Jinping’s government.
[2:39 pm, 16/03/2022] +BL: Quite complementary actually
[2:40 pm, 16/03/2022] +Rama: https://theindependent.sg/traceforever-suspicions-arise-that-tracetogether-is-here-for-the-long-haul-after-govtech-job-ad/
[2:46 pm, 16/03/2022] Smiley face: What Is the Balance of Payments (BOP)?
The balance of payments (BOP), also known as the balance of international payments, is a statement of all transactions made between entities in one country and the rest of the world over a defined period, such as a quarter or a year. It summarizes all transactions that a country's individuals, companies, and government bodies complete with individuals, companies, and government bodies outside the country.
What if a country intensionally default all debts?
[2:46 pm, 16/03/2022] Smiley face: "Forcing the tiger to jump over the wall... 逼虎跳墙?"
[2:47 pm, 16/03/2022] Smiley face: An old wallstreet banker said, " go for the broke...? "
[3:01 pm, 16/03/2022] +Smiley face: What's Russia's economy worth? $1.7 trillion with +30% on oil, gas and grains. How about Germany, China and EU, not forgetting the Latin countries?
In totality, what if China's GDP shrinks by 10% YTY, FY 22/23? What are the implications and convergence to global trades and supplies, the ultimate inflation like?
[3:09 pm, 16/03/2022]Smiley face: https://www.atlanticcouncil.org/content-series/atlantic-council-strategy-paper-series/the-longer-telegram/
[3:33 pm, 16/03/2022] ☸️ Danny 心:
Fed meeting ongoing.
Maybank interest rate increase from 1.2% to 1.4%.
[3:35 pm, 16/03/2022] ☸️ Danny 心:
So Singapore is indeed an interest rate taker.
When Fed increase interest rate, Singapore banks do increase interest rate.
Our SSB also increase interest rate.
This is despite MAS making our currency exchange rate strong.
[3:36 pm, 16/03/2022] ☸️ Danny 心:
SSB increase interest rate close to 2%.
[3:47 pm, 16/03/2022] +Joseph: Maybank (or any Bank) raising deposit interest rate is not necessarily because US FED rate hikes... Banks may offer higher deposit rates because they need to attract funds for various reasons. Icelandic Banks in the UK used to offer much higher deposit rates to depositors before they collapsed aas well 😉
[3:49 pm, 16/03/2022] ☸️ Danny 心:
OCBC interest rate also increase.
[3:52 pm, 16/03/2022] +Joseph: As i have said before, I am not disagreeing with you that SGD rates will rise, but rather, pointing out that the mechanism for how SGD i/r moves is not the way you understand it to be. Correlation and Causation are not to be confused. You seem to be a meticulous guy. If you spend some time researching/understanding how this works, you will see what i mean.
[3:52 pm, 16/03/2022] ☸️ Danny 心:
I understand.
I also understand how the market work
[3:53 pm, 16/03/2022] +jimmy chew: This is a structured deposit not a pure deposit. Please read the fine print.
[3:53 pm, 16/03/2022] +jimmy chew: There are risk involved
[3:53 pm, 16/03/2022] ☸️ Danny 心: More banks will announce interest rate increase soon
[3:54 pm, 16/03/2022] +Joseph: and this is a “Structures Note” not a term/fixed deposit. Again, the mechanism and underlying factors that affect the i/r are different
[3:55 pm, 16/03/2022] ☸️ Danny 心:
I understand.
Anyway more banks will announce interest rate increase soon.
[3:55 pm, 16/03/2022] +Joseph: That is not what the disagreement is about. It’s about WHY the i/r is rising. Not “IF”.
[3:56 pm, 16/03/2022] +jimmy chew: Normally in tandem with Feb rates but not necessarily
[3:57 pm, 16/03/2022] +Joseph: Ok… you are probably going to be right that SGD i/r will be rising…
It is also important to understand WHY (what is the cause/mechanism) driving the change. Because if you don’t, then you risk being nothing more than a broken clock .. which although is not working, can still be right twice a day 😉
[3:58 pm, 16/03/2022] ☸️ Danny 心:
Hahaha.
A simple theory of demand and supply.
[4:02 pm, 16/03/2022] +Joseph: Don’t mean to be rude … but from what you have been saying.. it’s quite obvious that there is a mid-understanding about how it works 😅
Anyway, i am not here to conduct a lesson .. just pointing out a factual inaccuracy. Smart guy like you will figure it out eventually 👍
[4:02 pm, 16/03/2022] +KSFoong: I don’t think there is any import tax for these items.
[4:04 pm, 16/03/2022] +BL: DBS lost 10% of my savings (investment) last year, citing a turbulent market. However... https://www.straitstimes.com/business/banking/dbs-ceo-piyush-guptas-2021-salary-jumps-48-to-136-million
[4:05 pm, 16/03/2022] +BL: Is it right that a CEO be rewarded so heavily when his company loses money for his customers?
[4:05 pm, 16/03/2022] +BL: Now we see the Banks benefit from increased interest rates, which penalise business and households.
[4:06 pm, 16/03/2022] +Ken Loh: Private company leh lol
[4:06 pm, 16/03/2022] +Ken Loh: Not happy don’t invest in them.. no guarantee in returns 😅
[4:06 pm, 16/03/2022] +BL: Yes, and we have regulations to prevent abuse of private companies on the citizens.
[4:07 pm, 16/03/2022] +Ken Loh: As long as KPI hit he gets his bonus.. just like how we hit KPI. As long as company set KPI hit.
[4:07 pm, 16/03/2022] +BL: I agree, no gurantee. Not complaining about the loss. I'm highlighting that the Bank makes huge profits and pays crazy salaries at a time they are losing money for their customers.
[4:07 pm, 16/03/2022] +REACH: 👉Committee reconvened to address concerns that businesses could use GST hike to raise prices
More: https://str.sg/werw
[4:07 pm, 16/03/2022] +Joseph: if their deposit interest is too low, then don’t save with then. If loan interest rate is too high, then don’t borrrow from them lor. How are they abusing citizens? 😂
[4:08 pm, 16/03/2022] ☸️ Danny 心:
When our exchange rate is stronger, investors will cash out their deposit in Singapore for US dollars when mature and place in US when US interest rate increase.
So investors will earn :-
a. Currency exchange
b. Higher interest rate in US.
This will lead to capital outflow from Singapore.
Singapore as a financial hub, in order to keep the foreign capital in Singapore will have to increase the interest rate - not to match - but at least a premium of exchange rate gain plus interest rate increase to out match US interest rate.
This is a simple theory of profit and loss - and maintain ourselves as a competitive financial hub.
[4:09 pm, 16/03/2022] +Ken Loh: Companies in the end goal is to earn money.. CEO as well. Do your own home work and diversify if not really sure. Or just buy index which is STI already up 20%
[4:09 pm, 16/03/2022] +Joseph: And maybe should check out who the biggest shareholders of DBS is/are 😜
[4:09 pm, 16/03/2022] +BL: At a time when prices are going up, people are being penalised through higher costs - is it right that a bank who we rely on like electricity and water, should be paying such high salaries increases at the same time as losing money for its customers?
[4:10 pm, 16/03/2022] +BL: So, we should stop talking about energy costs, hawker food etc? Just go elsewhere.
[4:10 pm, 16/03/2022] +Joseph: Losing $ from investments is completely different from raising interest rates on your loans. don’t confuse the 2
[4:10 pm, 16/03/2022] +BL: No more talk about chicken rice inflation. Just buy rice instead.
[4:11 pm, 16/03/2022] +Ken Loh: Just afraid for my kids 😔
[4:11 pm, 16/03/2022] +BL: I didn't mention loans.
[4:11 pm, 16/03/2022] +Ken Loh: The competition get steeper over time
[4:12 pm, 16/03/2022] +Joseph: then what cost are you referring to that is costing you more when internet rate is rising? 😂
[4:12 pm, 16/03/2022] +Joseph: interest*
[4:12 pm, 16/03/2022] +Rama: Overpaid
[4:12 pm, 16/03/2022] +BL: Exactly.
[4:13 pm, 16/03/2022] +BL: We talk about 50c here and there for Hawker food, but ignore the scandal of overpaid Bankers. How much chicken rice does $7m buy each year?
[4:13 pm, 16/03/2022] +Joseph: This forum also has a lot of people spending a lot of time “sharing” away during office hours when they are being paid to work 😜
[4:13 pm, 16/03/2022] +BL: and his company is making money but losing money for its customers.
[4:14 pm, 16/03/2022] +Joseph: how so? in investments?
[4:14 pm, 16/03/2022] +Rama: Time to replace the imported Singaporean
[4:14 pm, 16/03/2022] +BL: It's not about nationality. It's about a system that is broken.
[4:15 pm, 16/03/2022] +Joseph: his mandate as CEO - just like any other CEOs - is to make money for the company .. not the customer
[4:15 pm, 16/03/2022] +BL: No one needs $7m a year to run a bank.
[4:15 pm, 16/03/2022] +BL: So on that basis why do we talk about Hawker food prices, energy prices etc etc. Just accept it is what it is and move on.
[4:17 pm, 16/03/2022] +Joseph: If you had ever saw my comments about food/hawker prices, you will realise that whenever i reply/comment about prices, is tell whoever is complaining about the price of his chicken rice going up, to open a competing stall and sell the same thing at half the price.
[4:18 pm, 16/03/2022] +BL: Not very practical though and defeats the point of a forum where people highlight areas in society that could be improved.
[4:18 pm, 16/03/2022] +BL: It just becomes the stock answer to anything. "You don't like it, do it better yourself"
[4:19 pm, 16/03/2022] +Rama: Exactly
[4:20 pm, 16/03/2022] +Joseph: Where I think the Govt can do something to relieve price pressures, is to have a look at how to change policies so that rental costs do not rise indiscriminately - REITs, Oligopolies like Breadtalk group etc … i commented about this recently. So no point repeating.
[4:21 pm, 16/03/2022] +BL: Yes, so policies are effective when implemented on Private Companies for the benefit of society and to prevent abuse especially in Monopolies, Cartels and other closed markets.
[4:22 pm, 16/03/2022] +Ken Loh: 😅 when you are in the position. Then you decide if that pay is enough..
But CEO pay has increase yearly… even during bad times.
How many willing to get paid enough to do so much work 😅
[4:22 pm, 16/03/2022] +Joseph: Not really .. but in the case of hawkers/f&b, i have friends and relatives who were hawkers and some are still in the trade, so I do have some insights into their challenges which, from my observations, many people who complain, do not appreciate.
[4:23 pm, 16/03/2022] +Ken Loh: Just like many people say our MPs are overpaid.. but are they? 😅
[4:23 pm, 16/03/2022] +Ken Loh: When you see the things they do.. and really know the details 😅
[4:25 pm, 16/03/2022] +Joseph: I think the ruling Party should just pay every Opp Politician the same salary and give them the same benefits as PAP Ministers/MPs .. would be interesting to see if how voters feel about their performance then 😜
[4:26 pm, 16/03/2022] +Ken Loh: They do… just that without allowance of a cabinet minister.
[4:27 pm, 16/03/2022] +Ken Loh: https://www.reuters.com/business/jpmorgan-board-lifts-ceo-dimons-pay-345-million-2022-01-20/
Err if we pay less expect to get good talent 😅
We all want good pay.. so does all the top executive
[4:27 pm, 16/03/2022] +Ken Loh: If they are elected or NMP
[4:29 pm, 16/03/2022] +Joseph: Govt’s role is to implement policies to guide/influence Investors/Corporations to provide the services that the citizens need. Easy to say, infinitely complex and difficult to execute.
[4:31 pm, 16/03/2022] +BL: Very different job, and they don't get $7m. Also open for anyone to become an MP!
[4:32 pm, 16/03/2022] +Joseph: Yup.. so my suggestion is .. pay the same. And then watch whether the voters will still be as forgiving/understanding 😜 Justvlike how people are baying for blood because Mr Gupta is getting paid $7M instead of $7k 😂
[4:32 pm, 16/03/2022] +BL: Guessing no one here gets $5m a year. Does that mean we are not talented?
[4:33 pm, 16/03/2022] +Joseph: I wouldn’t pay $5 to most of the people here 😉
[4:34 pm, 16/03/2022] +Ken Loh: I don’t even get 100k a year 🤣
If not won’t have time to chit chat here
[4:34 pm, 16/03/2022] +Rama: Ridiculous
[4:35 pm, 16/03/2022] +Rama: Sgd10 for me
[4:35 pm, 16/03/2022] +jimmy chew: Agree 🤣
[4:35 pm, 16/03/2022] +Ken Loh: Just a side note… most director level civil servants are about 10k a month
[4:35 pm, 16/03/2022] +Ken Loh: Go search you see how many lor
[4:35 pm, 16/03/2022] +Ken Loh: Lol
[4:36 pm, 16/03/2022] +Ken Loh: Cannot be PS, CE or Minister lower than them right?
[4:36 pm, 16/03/2022] +Joseph: The people who would easily agree to taking on the role of an MP/Minister for $100k/1M are the last people I want, to be my MP/Minister … conversely, people whom I think are capable to be MP/Ministers, would not do it even if you offer them that kind of money, if not for a sense of duty (or some other non-monetary reasons)
[4:38 pm, 16/03/2022] +Ken Loh: The thing is not so simple.. unless you are opposition. The ease to get into a party and ask to be elected really.. not so simple bah
[4:38 pm, 16/03/2022] +Rama: Likewise
[4:38 pm, 16/03/2022] +Joseph: the US is a totally different animal .. the country, the people .. the politics/politicians … i pray hard we never go in that direction
[4:38 pm, 16/03/2022] +Rama: Not likely
[4:39 pm, 16/03/2022] +Ken Loh: They work Atleast 10 hours a day.. and weekends and major event all have to attend not PH for them.
Can’t say for all MPs but cabinets ones not so simple. 😔 if you guys want to have a feel go help at your local Meet the people session.
[4:40 pm, 16/03/2022] +Rama: Any takers!?
[4:40 pm, 16/03/2022] +Ken Loh: And with us microscoping their life…
[4:40 pm, 16/03/2022] +Ken Loh: Lol meet the people session if you volunteer you see another side of Singapore 🤣🤣
[4:41 pm, 16/03/2022] +Joseph: That’s exactly my point. That I think most of our Ministers are doing it not just for the money. I for one, would not do it for a million dollars 😂
[4:41 pm, 16/03/2022] +Joseph: or even 2 😂
[4:42 pm, 16/03/2022] +Ken Loh: MP ok… minister really not worth.. you see them in cabinet turn hair white so fast
[4:42 pm, 16/03/2022] +Joseph: there are easier ways to make an MP’s salary 😂
[4:43 pm, 16/03/2022] +Ken Loh: If you are capable any job will get high pay. MNC get high pay and no one know who you are so much better
[4:43 pm, 16/03/2022] +Rama: SM TCH
[4:44 pm, 16/03/2022] +Ken Loh: Current now… I also looking to be a bit more hybrid for future economy
[4:44 pm, 16/03/2022] +Ken Loh: Looking at IOT or digital related course
[4:45 pm, 16/03/2022] +Ken Loh: Many will have to reskill so time in their life just when
[4:46 pm, 16/03/2022] Smiley face: https://www.cnbc.com/2018/09/11/jpmorgan-ceo-jamie-dimon-details-the-2008-financial-crisis.html
[4:47 pm, 16/03/2022] Smiley face: https://www.nbcnews.com/id/wbna36858911
[4:48 pm, 16/03/2022] Smiley face: https://amp.theguardian.com/business/2018/sep/11/lehman-brothers-collapse-where-are-the-key-figures-now
[4:50 pm, 16/03/2022] +Ken Loh: It will repeat just when… but in the meanwhile the games continues on 🤷🏻♂️
[5:02 pm, 16/03/2022] Smiley face: https://youtu.be/QozGSS7QY_U
[5:03 pm, 16/03/2022] Smiley face: https://youtu.be/hZ3TI8KQKK8
[5:23 pm, 16/03/2022] ☸️ Danny 心:
https://www.cnbc.com/2022/03/15/russia-could-be-about-to-default-on-its-debt-heres-what-you-need-to-know.html
Russia 1st sovereign debt default.
[5:23 pm, 16/03/2022] ☸️ Danny 心:
The biting sanctions - bringing down Russia Economy.
[5:24 pm, 16/03/2022] +Rama: How much can China help!?
[5:24 pm, 16/03/2022] ☸️ Danny 心: Not much.
China also not helping - else they can get themselves into trouble.
That is why evil don't pay.
[5:25 pm, 16/03/2022] +Rama: So, xi jin ping will eventually wash hie hands from putin!
[5:27 pm, 16/03/2022] ☸️ Danny 心:
China president is not stupid.
He is smarter than any body thought.
[5:27 pm, 16/03/2022] +Rama: Rasputin is blind!
[5:28 pm, 16/03/2022] ☸️ Danny 心:
Btw I think GIC may have invest in some Russia bonds.
Not sure true or not.
We may suffer some collateral lost.
[5:29 pm, 16/03/2022] +Rama: Definitely
[5:30 pm, 16/03/2022] Smiley face: To begin, how would the German's economy and its SMEs be affected if there comes a shortage of LNG?
Secondly. GERMANY is a wholesaler and distributor of the Russian's LNG to neighboring countries. The LNG pipeline was a legacy project to the Former Chancellor Angela Merkel. It is an economically viable model for the Germans.
On global scale, how many ocean going LNG carriers are there? What's the total capacity to fulfill continental Europe needs, 600 vessels, shipping cost and turnaround time?
Point of Interest -
Finland & Russian War of 1936?
[5:36 pm, 16/03/2022] Smiley face: Geo politics
[5:42 pm, 16/03/2022] +BL: It's happened many times before: https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises
[5:43 pm, 16/03/2022] +BL: Russia 1998 was the last time they defaulted.
[5:44 pm, 16/03/2022] +BL: Even Australia defaulted in 1931, but rare for Developed Economies
[5:45 pm, 16/03/2022] +BL: And usually triggered by war.... of course
[5:47 pm, 16/03/2022] +Ken Loh: Rare not impossible..
[5:47 pm, 16/03/2022] +Ken Loh: Just hope that it will not happen
[5:48 pm, 16/03/2022] +Ken Loh: Even Hyflux bankrupt 🥲
[5:49 pm, 16/03/2022] +Rama: Yup
[5:51 pm, 16/03/2022] +Boon: Sg rising cost of living started before the Ukraine-Russia war and therefore, the war should not be made out as a key driver of our higher cost of living. Views: our MPs should actively raise challenges and solutions to manage base cost drivers like rents, energy prices, foreign labour involved in hawkers and food transportation costs. Particularly, keeping hawker prices affordable to Sg greying populace, and having affordable prices in community stores like NTUC, are key reasons why SG is not even more expensive to live in. Active visible govt agency focus to assist these community providers of daily necessities - eg/ keeping hawker rents and select foreign labour costs (levies!) low could already mitigate some of rising daily living costs.
[5:54 pm, 16/03/2022] Smiley face: You got it.... "go for the broke..."
[6:02 pm, 16/03/2022] Smiley face: So the exposures can amount to $7.0 trillions... If default comes into full play.
[6:03 pm, 16/03/2022] Smiley face: What was the experienced of Lehman collapsed? Impact?
[6:10 pm, 16/03/2022] Smiley face: How many trillions?
https://www.reuters.com/article/us-eu-luxembourg-moneylaundering-tax-idUSKBN22Q1S4
[6:19 pm, 16/03/2022] +Joseph: Yes. Totally agree.
Other than rental costs, the other component within our Govt’s control is employment costs.
Review the EP/WP scheme. If it is not bringing down the number of foreign workers as intended - which any fool can see because there are many jobs that Singaporeans simply DO NOT WANT TO DO - while the ever increasing minimum wage requirement for renewing the Ep/WP pass is just adding on the cost of goods and services, then scrap it and think of a better solution!
[6:28 pm, 16/03/2022] Smiley face: The problem is there are no LNG terminals in Germany for freighters to feed their cargo into the national pipeline system. But German Chancellor Olaf Scholz wants to change that as fast as possible. In response to Russia's war against Ukraine, he has announced the building of two LNG terminals in the country.
[6:29 pm, 16/03/2022] +Rama: No foresight previously!?
[6:29 pm, 16/03/2022] Smiley face: What Is War?
101 of war -
Billions of people have not experience what is war like? Just when billions experienced what's a pandemic like covid is, war is happening now and the impact on our daily living cost and livelihoods. The supply and demand of goods and services will just go up and up as long as this battle goes!
There is a price to pay for (一切都要付出代价) , that's itself is war!
[6:30 pm, 16/03/2022] +Smiley face: Never DEPEND too much from others or else.... There will be a price to pay!
WHO NEEDS WHO MOST?
[6:32 pm, 16/03/2022] ☸️ Danny 心: https://www.channelnewsasia.com/business/committee-against-profiteering-reconvenes-gst-hike-raise-prices-daily-essentials-2567951 But prices increases is now everywhere.....
[6:45 pm, 16/03/2022] +REACH: Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan
[6:58 pm, 16/03/2022] +Smiley face: 16 March, 2022
To: Our Distinguished Ministers and All Our Honorable Members
"There is a price to pay for (一切都要付出代价), that's itself is war!.. A Perfect Storm? "
"as long as oil is up, all things will be up too...? "
- - Anonymous
Street Walk:
Chicken Rice at hawker center
Was - $2.50 & $3.50
Now - $3.50 & $4.50
This is MORE than 20% jumped in prices.
How about Varieties Rice at Coffee Shop? Can we assume similar increased in prices vary on combinations of meat and vegetable?
What was the intended GST vouchers and all spectrum of assistances to cushion these impact of inflation? Can we recap, RELOOK and perhaps to recalibrate?
Households:
Can we expand the 'safety net' and 'assistance' to beyond 5000 households, can MSF attempts up to 25,000 households?
What are the existing methods in reaching these 5,000 households? Any other ways to stretch these social reach out efforts?
What about hawkers?:
Co-sharing of hawker store -
"finding ways & means to fight this inflation..."
In totality, what's the breakeven for the cost of foods (ingredients), wastage, salaries, electricity, water and maintenance?
What's the weekly and monthly revenues like? Working on a worse scenario in terms of net revenue?
What if these hawker stores are allowed to operate up to 20 hours daily (10 hrs per shift), will it cannibalises into nearby coffee shops livelihoods and revenue takings?
Where are the sweet spots for consumers and operators? Afterall, convenience and affordable foods are what Singapore is known for unlike other countries food outlets that close after 6pm?
https://www.straitstimes.com/singapore/community/budget-debate-new-hawker-centres-to-open-this-year-more-support-for-hawkers
Opening Up:
To scale up by how many percentage point prior to pre covid normalcy in anticipation of an upward swing in the economics activities? What if you scaled things up and the actual volume served is 50%?
With the sky rocketing oil and gas prices, transportations sector will be heavily affected in the short run cost especially airlines, shipping and logistics companies. How much impact and significance will this metrics of increase weigh into the running cost of the sector? It will be a dampening effect towards opening up one's economies to others.
Afterwords:
What Is War?
101 of war -
Billions of people have not experience what is war like? Just when billions experienced what's a pandemic like covid is, war is happening now and the impact on our daily living cost and livelihoods. The supply and demand of goods and services will just go up and up as long as this battle goes!
There is a price to pay for (一切都要付出代价) , that's itself is war!
LNG?
To begin, how would the German's economy and its SMEs be affected if there comes a shortage of LNG?
Secondly. GERMANY is a wholesaler and distributor of the Russian's LNG to neighboring countries. The LNG pipeline was a legacy project to the Former Chancellor Angela Merkel. It is an economically viable model for the Germans.
The problem is there are no LNG terminals in Germany for freighters to feed their cargo into the national pipeline system. But German Chancellor Olaf Scholz wants to change that as fast as possible. In response to Russia's war against Ukraine, he has announced the building of two LNG terminals in the country.
On global scale, how many ocean going LNG carriers are there? What's the total capacity to fulfill continental Europe needs, 600 vessels, shipping cost and turnaround time?
Point of Interest?
Finland & Russian War of 1936?
News:
https://www.fao.org/worldfoodsituation/foodpricesindex/en/
https://www.nytimes.com/2022/02/03/business/economy/food-prices-inflation-world.html
https://www.tnp.sg/news/singapore/hawkers-mull-over-raising-food-prices-russia-ukraine-crisis-adds-cost-burden
https://www.atlanticcouncil.org/content-series/atlantic-council-strategy-paper-series/the-longer-telegram/
- - END - -
[7:00 pm, 16/03/2022] +REACH: Dear Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan 😊
=====
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