Top 10 Happenings in the Singapore Business Economy for 2018

The start of the year 2018 for Singaporeans was not all that uplifting. It came amidst a gloomy forecast from global and local financial analyst and by the end of quarter one the prediction had come to pass. The country faced slow growth and the Monetary Authority of Singapore (MAS) was forced to downgrade its earlier predictions for the New Year.

However, the recent announcement by Ministry of Trade and Industry (MIT) is bound to uplift the spirits in the city state as a quicker growth pace is reported. The gross Domestic Product (GDP) grew by an annualized 0.8 percent from the first quarter according to the estimate from MIT. This comes amidst the backdrop of the Central Bank easing policy back in April with the next review coming in October.

What’s coming up?

The expanding GDP has forced analysts to explain the unusual trend with most saying a rebound in services is the main reason for the positive growth. The median forecast by a Bloomberg survey earlier was 0.9% as reported by but there was still a large segment of economists who had projected growth in Quarter 2 to hit only 0.2 percent.

Despite the expansion in GDP questions are still being raised over the longevity of the trend. The global uncertainty caused by Britain’s exit of the European Union (EU) have seen major upheavals in major financial hubs of which Singapore is one.

Moving forward

Singapore Business EconomyFor trade-dependent Singapore its vulnerability to capricious global market demand raises the question on how long the second quarter’s improvement in GDP is going to last. Some analysts are of the view that the ripple effects of Brexit are not reflected in the pick-up in the economy and this might just be a temporary relief.

The service industry has been cited as the main influence in the pick-up. Transportation, retail trade and finance among other sectors expanded an annualized 0.5% a contract to a 4.8% contraction experienced in the same sector within the three previous months.

This growth contrasts sharply with a contracting manufacturing sector which fell to 0.3 percent from 18.4 percent within the same period. Strong motor vehicle sales boosted the retail trade sector and played a major role in the service industry growth. Overall the country’s economy expanded 2.2 percent in Q2 2016 which is in line with economists surveyed by Bloomberg.

In line with this improvement Monetary Authority of Singapore (MAS) announced it will not seek a currency appreciation during its April as it eased its policy stance.


China’s Banking Industry Reels under Highest Bad Loans Levels Since 2004

The increasing demand for financial integrity amidst a slowing economy has revealed that China’s Banks are grappling with a bad loan academic of unprecedented levels. The high levels of quick business loans are not only confined to the large commercial entities as even lower-tier banks are affected with some reporting delinquency rates of 20 percent on their books.

The situation at the larger institutions is no different with reports showing that the impact of the slowdown is affecting more people and corporates who are now unable to repay their loans. Three of the largest commercial banks in the country have already raised an alarm over the situation. In March, Industrial and Commercial Bank of China (IDCBF) released its loan performance report indicating non-performing loans spiked 44% in 2015 from the previous year.

IDCBF’s major rivals Bank of China (BACHF) and China Construction Bank (CICHF) decried a similar state of affairs with non-performing loans at BACHF jumping 30% and 47% at CICHF from 2014. The bad loans epidemic reaching $29 trillion are now a major of concern with the industry reporting $1 trillion losses. This is the lowest level since the onset of the global financial crisis around 2004.

China's Banking Industry Reels under Highest Bad Loans LevelsWhile these large banking institutions are still making billions in profits to cover expected losses, there was hardly any growth in 2015. For instance, in 2015, China Construction Bank’s profits grew by just 0.1% from 2014. As the gloomy picture continues to unravel, there are fears that things could get worse. Banks such as the Bank of China (BACHF) have already issued profit warnings for 2016. The situation is reflected across the entire banking sector in the country.

At the same time, there are worries that the official numbers don’t even portray the real picture. CLSA (Credit Lyonnais Securities Asia) in its report indicates the official bad loans statistics being bandied around might not be a true reflection of the situation on the ground.

The brokerage firm says nonperforming loans are at least 9 times what the official figures are indicating. CLSA believes that nonperforming loans accounted for 15%-19% of outstanding credit in 2015.  Potential losses in the banking industry might reach 6.9 trillion Yuan to 9.1 trillion Yuan based on public records of listed companies.

The reports on non-performing loans come in the backdrop of an earlier warning by the Governor of China’s Central Bank who decried the increase in overall debt levels among corporations. The reasons for the bad debt rise, according to a PWC Report, can be attributed to a 5-year loan consumption binge, the slowing economy among other factors.

While the Chinese officials are talking about options to relieve the huge debt burden by corporations, financial analysts are pessimistic about what measures can make an impact.…

How to Maximize Your Chances for a Foreigner Loan Application Approval

Running short on funds in a place far away from home can be a very scary thing for certain. With no friends or relatives close by to turn to, taking a foreigner loan may be your next valid option. Such loans can help you to ease your cash flow problem quickly and in a hassle-free way. You can also be able to make that purchase or attend to an emergency situation conveniently.

Just like for any other loan, it’s important for you to have all your bases covered so that you know what you’re getting into and have a sound plan for dealing with the new expense that will be added by the repayment of your loan. Having this information will raise the moneylender’s confidence in you and increase your chances of a favorable response.

What’s your credit score?

A credit score is an indication of how trustworthy you have been in the past with making good credit extended toward you. As such, it’s something that a potential lender will be interested to know. Even before you want a loan, you can get a credit report for yourself and analyze it. Sometimes there may be errors – like false late repayments reported and you should have those corrected through the company involved or the credit bureau.

The better your credit rating the more likely you are to have an attractive interest rate on your loan. You can still get a loan with an average credit score, though the interest rate may be higher. If you have a poor credit score, work on raising it to acceptable levels by making good on outstanding debts. Even then, you should still be able to secure funding for emergency situations, depending on the specific lender’s terms.

Understand the requirements and process

The advantage of prior preparation is that in the case of emergency, you already have a planned response, so you won’t settle for the first positive answer just because you’re rushed for time. There are very many lending organizations, from banks and credit unions to moneylenders. As a foreigner, you may be slightly more limited in the scope of lending because some institutions don’t have the facility to provide foreigner loans.

Most moneylenders however do have such a package, and you can visit several to find out their terms and conditions. Compare these lenders to decide on the best one you will use if any situation arises. Be early so that you can go through the process unbiasedly, and have time to make necessary negotiations. Align your circumstances to the lenders’ conditions, like improving your credit score so that you will have higher bargaining power on the table, enabling you to negotiate better terms for yourself.…

Thing to Be Aware Of To Get a Fast Cash Personal Loan

Life is full of ups and downs and many times things crop up unexpectedly that require cash.  If you need cash urgently apply for a personal loan to avoid being stranded.  A personal loan can be fast tracked so that you can get some quick cash to help you out of your situation. A financial crisis does not knock or ask for permission to show up.  It just appears and what you need in that moment is quick help.  The kind that can be relieved by a fast cash loan; there are several ways that a loan like this can assist you:

  • The crisis at hand can be alleviated with a fast cash loan
  • The approval process is fast tracked for your benefit.  You don’t have to wait longer than is necessary to get the money you urgently need.
  • The paper work is reduced as are the background checks  and other liabilities
  • In your time of need you have a friend to turn to who will lend a hand
  • Any issues that need urgent financial assistance are quickly sorted out

A fast cash personal loan has less formalities attached to it and is designed for those willing to take it.  It is a short term loan and you do need to verify your employment status in order to qualify. In addition you past credit history does not matter. You will generally not be denied this loan as long as you can show that you are working and can therefore repay.

You are encouraged to look closer at your lender and ensure that it is a company that is licensed to provide these services.  It is important of course to see what other products they have on offer that you can take advantage of in the future.  Listen carefully to the terms and conditions of the loan before you sign on the dotted line. A good lender will have a variety of loans on offer that you can discuss.

If you are looking for a personal loan that will bail you out of your current financial crisis fast, then a fast cash loan is definitely one to go for.  The whole process is fast tracked and the way this is done is by reducing or eliminating all the hoops you have to jump through in order to qualify.  It’s as simple as walking in with a problem and walking out with a solution.


Reasons You Might Need a Personal Loan

Ever since the introduction of trading activities between people communities and countries, loans have been so useful in enhancing business development and growth. The first moneylenders can be traced as way back as the biblical times. Getting a loan is not a sign of bad financial management styles as some people used to think in the past. In fact, it is the exact opposite considering that some of the greatest ideas were turned into wealth generating ventures by the help of loans.

There are many instances when you may not have all the cash you need to undertake certain activities that are beneficial to you. When you have obligations to fulfill but without enough financial resources to meet the same, you should simply look for financial institutions that can offer a person loan to undertake such important ventures. In the modern world, loans have been very useful in helping many people accomplish different things.

When you have a small investment to capitalize, you always have to look for a personal loan because it is the most viable option as compared to other options such as selling property or even saving. When you are compelled to save money for a venture, you are likely to take a long period of time in addition to the fact that you have to sacrifice so many things just to meet your intended goal. When you take a loan, you have the chance of carrying out your venture without having to sacrifice some essential amenities.

Even after you have managed to set up your successful business, there are occasions when you need some capital to meet the demands of your clients. With a reliable personal loan provider, you can easily run a business without having to worry about running out of cash when your clients give you an opportunity to serve them. Such loans always give the investor the confidence to run a business knowing there is the necessary support whenever it is needed.

Expanding a running business is often inevitable especially when the business starts to grow. It is only natural that a successful business needs to expand at some point to cover more ground and to make more profits. With this in mind, it is important to note that the expansion of a business often requires more money. This is because sometimes expanding demands for larger space, more employees and an increase in many other basic needs such as cars that are essential in running the business.…

Housing Loan: How to Prepare Adequately For Your Application

One of many people’s goals in life is to live in their own home before they retire from employment. Financial experts advise people to take advantage of loan opportunities when purchasing a house instead of paying for the house with their savings. You therefore need a housing loan to fulfill your goal. Most people are afraid of housing loans because of the misconception that they will not be able to repay it and lose their investment to the bank or moneylender.  With adequate preparation, you will be able to repay your loan and live in your own home without worrying about the rent every month.

If you are a new buyer, you can be frustrated with a lot of information available when looking for a housing loan. Borrowers who are thinking of refinancing go through the same challenge and this can be very tiring. To avoid this challenge, you need to work with a licensed moneylender as such has assisted people like you to live their dream. The lender will recommend the right loan that suits your financial profile. Your moneylender will assist you in accessing the loan in the following way:

Sales agreement: This document is required when looking for a housing loan. The moneylender will understand the details of the flat or house from this document such as location, type and specifications of the house. Additionally, the lender will use this information to determine the asset price of the property in order to see how much money you need to make it yours.

Personal information: This includes your name, gender, age and financial status. Your income and savings are great in determining the best way to repay the loan so that you do not enter into debt or find it challenging to repay the loan. It is never about how much income you are earning but about how much you spend on a monthly basis. There are cases where you will need to state the number of dependents that you have so that the lender will assist you in making an informed decision when taking the housing loan.

Employment history: Your moneylender will inquire whether you are gainfully employed. This is to determine whether you are able to pay the installments every month. There are cases where you will need to prove this with pay slips and bank statements. You will receive the best financial advice depending on the amount of loan that you request for so that your application is approved without difficulty.…

Choosing a Moneylender When Getting a Payday Loan

Payday loans are popular because of the numerous benefits associated with them. The application process is simple. The approval process does not take time and almost everybody can qualify for these loans. There are many moneylenders that offer these services.

As a borrower, one of the most important decisions to make prior to getting a payday loan is the moneylender that you will use. They determine the type of experience you will have and the service quality you will get.

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There are guidelines that can help in choosing the moneylender to use. Some of the questions that you need to ask before employing the services of a moneylender include:

Are you licensed and accredited?
The government is responsible for giving licenses to people that meet the required standards to operate as moneylenders. It is important to work with someone licensed because you can be certain that the services offered are legal and meet these standards. Accreditation is given by professional bodies in the industry. Accreditation means that the moneylender is not just qualified but also professional in how they work.

What are the terms and conditions of your loans?
These terms and conditions form the blueprint of the agreement that you have with a moneylender. It is vital to read through and understand these terms because they state what is expected of you in this process.

How long will it take to approve my loan?
One of the reasons why people prefer to take a payday loan is because the loans can be approved quickly. You should ask your moneylender how long it will take to approve your loan. A loan approval should not take more than three days.

How much do you charge for your services?
payday loanMoneylenders will charge a fee for their services. This fee is not fixed. It is important to be clear how much a moneylender is charging you for their services.  There should be no hidden charges in the fees charged.

There are many moneylenders in the market. It is advisable to compare the quality of services that different moneylenders offer to choose the best. It is also vital to consider the reputation of a moneylender before working with them. You can check the reviews of a moneylender online to see the type of reputation that they have in the market.

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