In an article by theonlinecitizen, Leong Sze Hian writes about how earnings have dropped for the 2nd consecutive quarter based on the Ministry of Manpower’s latest Q3 2010 Labor Market report.

Average (Mean) Monthly Nominal Earnings Singapore $ Per Employee, has continued to fall from $4,310 to $3,819 and $3,754, for the 1st, 2nd and 3rd Qtrs, respectively.
With the economy booming and expected to be the fastest growing in the world at 15 per cent GDP growth, and media reports reporting that the job market is bursting at the seams, why has earnings continued to fall for the second consecutive quarter?

Since Q1 2010, nominal wages have dropped by $556 or approximately 12.9%. With our previous story about how Singapore’s inflation for 2010 (till November) have increased by 3.8% year on year, will Singapore’s workers be able to afford to keep spending in the local economy? If our workers are being forced to scrimp and save for more rainy days ahead, will we end up seeing slower economic growth in the coming year?

Originally from Flickr. Creative Commons License.

Consumer Price Index for Singapore rose 3.8% year-on-year in November compared to 2009 according to a press release by the Singapore Department of Statistics. Higher cost in housing, recreation and transportation are cited as reasons for the jump.

Transport costs led the charge, showing a 9.4% increase compared to prices in 2009. Higher prices of cars and petrol were given as the reasons. Housing costs increased by 4% compared to the previous year due to higher electricity tariffs in 2010 and accommodation costs.

SingStats Press Release

Image originally from Flickr. Creative Commons License.

Originally from Flickr. Creative Commons License.

Singapore Tourism Receipts increased by 47% year-on-year so far from January to September, to S$13.7 billion.

According to the Factsheet provided by the Singapore Tourism Board, the increase in tourist receipts can be attributed to strong visitor spending as well as increased spending at the two Integrated Resorts on the island.

Indonesia generated the biggest change in tourism receipts from 2009, with a growth of 32%, followed by India‘s 30% and China‘s 28%.

STB forecasts the full-year tourism receipts for 2010 to be between S$17.5 to S$18.5 billion.

The increase in tourist spending could be good news for retail chains like FJ Benjamin, Wing Tai Holdings and other consumer goods retailers as they head into 2011 in the face of a sluggish economy.

STB Tourism Sector Performance Factsheet
Straits Times

Absolutely crazy news this afternoon.

Latest COE prices released after tender closed last Wednesday, creates a new record.

COE prices for 1,600cc cars and above is at $72,001 (15.2% increase from last round of $62,502).

Open category COE prices hit a high of $76,102 or (17.3% increase).

The only good news coming out from this COE round is that prices for cars below 1,600cc has dropped by 3.1%, from $47,604 to $46,129.

For those looking to purchase new cars soon, perhaps its better to wait it out.

Straits Times

Singapore-listed CapitalMalls Asia, a subsidary of property developer CapitaLand, has announced its will be acquiring Queensbay Mall in Penang for about S$275.6 million or RM651.8 million (approx. S$306 per sq. ft).

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said “This acquisition signals our ongoing commitment to invest in Malaysia’s retail sector for the long-term, following our listing of CapitaMalls Malaysia Trust in July this year.”

On one of the reasons of the aquisition, he added, “Queensbay Mall will also form the seed asset for our planned RM1.0 billion Malaysia retail property fund, to potentially provide a pipeline of shopping malls for CapitaMalls Malaysia Trust to acquire”.

At time of writing, CapitalMalls Asia (SGX: JS8) is down one cent from its open of $1.87 to $1.86 per share. The company’s 52 week high is at $2.70 and 52 week low at $1.84 per share. Prices in SGD.

Official Press Release
Company Presentation on acquisition news

CapitaMalls Malaysia Trust
CapitaMalls Malaysia Trust (“CMMT”), listed on the Main Market of Bursa Malaysia Securities Berhad on 16 July 2010, is the country’s largest “pure-play” shopping mall real estate investment trust (“REIT”) by market capitalisation and property value. CMMT’s market capitalisation is about RM1.4 billion, while its portfolio has been valued at RM2.13 billion in a valuation commissioned by its Trustee, AmTrustee Berhad.