S'pore private home prices rise 3.7% in Q1

[[b]Starving[/b]]

Yes and the danger is not only from weak numbers but also food prices that could create social and political instability worldwide. It is not going to get better anytime soon. You don't have to be a rocket scientist to tell that.

Food Crisis Erases Ethiopians' Gains; Health, Education at Risk

By Bill Varner and Jason McLure

May 2 (Bloomberg) -- Shagay Shanko and her husband left a struggling family farm in southern Ethiopia 12 years ago to seek work in the nation's capital. The couple found construction jobs that paid $2 a day, enough to add meat to their diet.

``It used to be good,'' Shanko, 25, said of their lives in Addis Ababa. Not any more. Soaring food prices mean they can't even afford injera, a nutritious, spongy bread that is a staple of Ethiopian cooking. Their three children eat only two meals a day, and the family relies on government-subsidized wheat to stave off hunger.

Millions of people in Ethiopia and dozens of nations from Bolivia to Indonesia were on a path out of poverty before the food crisis. Now they are at risk of backsliding amid the surge in prices for wheat and other commodities, according to the World Bank and aid groups. Vulnerable developing economies might shrink as much as 10 percent because of malnutrition and falling school attendance, a United Nations study found.

Ethiopia, where the economy last year grew by almost 10 percent after recovering from droughts and a border war with neighboring Eritrea, is one of 21 African nations that might regress. Annual inflation in Ethiopia climbed to 29.6 percent in March, the highest in more than a decade, on food costs.

Countries ``getting their economic house in order'' are at greatest risk, Divya Reddy of the Eurasia Group, a New York- based political-risk consulting firm, said in an interview. ``They face tough policy choices, such as putting reforms on hold or increasing food subsidies that compromise other budget priorities.''

Generation Imperiled

Relief officials fear that 1 billion impoverished people worldwide will be hurt for a generation as they have less to spend on medical care and education. Illnesses will spread and fewer children will attend school, according to John Holmes, the UN's emergency-aid chief.

``It is the perfect storm of rising hunger and lack of availability of food,'' Holmes said in an interview. ``It is serious, it is structural, it will last a long time, and we don't have any experience in how to deal with it.''

As many as 9 million Ethiopians in a nation of 80 million that is sub-Saharan Africa's second-most populous will need emergency food aid this year, according to the U.S. Agency for International Development. That is six times more than the 1.4 million fed last year by the Rome-based World Food Program.

Wholesale Actions

Ethiopia's government, which unlike Sudan and Angola has no oil production to offset the economic damage, is trying to lower food prices. It will cut taxes on grain sales and has opened a commodities exchange along with regional warehouses for grain and beans. The exchange may alleviate shortages by helping farmers and wholesale buyers connect.

The moves, including pay raises for government employees and fuel and food subsidies that will trim revenue by $445 million, will have a ``negative impact'' on development projects, Prime Minister Meles Zenawi told lawmakers March 18.

The spending is ``very difficult to bear for a poor country such as ours,'' Zenawi said. Education and health care are among the programs facing cuts.

In Indonesia, escalating prices for rice, soybeans, corn and palm oil may slow economic growth this year from a 2007 pace of 6.3 percent, the highest rate since 1996. Indonesians have rioted over food.

Effect on Bolivia

Bolivia, already hurt by $500 million in crop damage from floods, is seeing inflation accelerate because of food prices. While natural gas exports may help soften the blow, much of the money doesn't reach the poor, the Argentine government, speaking for countries in the region, told the International Monetary Fund last month.

Food demand from China and India is driving global prices, along with wider use of crops for fuels. Natural disasters last year reduced cereal harvests.

Surging prices might mean ``seven lost years'' in the fight against hunger, according to World Bank President Robert Zoellick. That would make the UN goal of halving global poverty by 2015 unattainable.

The crisis is evident even in the markets of Abidjan, the commercial capital of Ivory Coast in West Africa, which is benefiting from the end of a civil war and rising exports of cocoa.

Cow's feet have replaced better cuts of meat and many people eat only once a day, according to Nafissatou Ganame, a 25-year-old mother of three.

Street Protests

``This is probably the main reason why women took to the streets,'' Ganame said, referring to an April 1 demonstration that ended when government troops used tear gas to disperse protesters. ``It wasn't like that before, not in Ivory Coast.''

In Ethiopia, diminished expectations are also taking hold.

Getachew Alemu, a 27-year-old Addis Ababa taxi driver, said he used to save some money from fares. That's no longer possible now that bakers are skimping on flour, forcing him to buy three bread loaves to get the nutrition one used to provide, he said.

``The government is claiming the economy is growing,'' Alemu said. ``What does it mean to grow? We are working just for food.''

[Bow Wow]

Yes when all the money would be diverted to buy food....if we can find food.

[Bow Wow]

U.K. House Prices Posted First Annual Drop Since 1996

By Svenja O'Donnell

May 2 (Bloomberg) -- U.K. house prices fell in April from a year earlier, the first annual decline since 1996, after the credit market squeeze prompted mortgage lenders to raise interest rates, a HBOS Plc report showed.

The cost of an average home declined 0.9 percent to 189,027 pounds ($373,082) in the three months through April from a year earlier, the U.K.'s biggest mortgage lender said in a statement on the Regulatory News Service today. That was the first annual drop in HBOS's index since February 1996. Prices fell 1.3 percent from March, when they declined 2.5 percent, the most in 16 years.

[color='red]The report adds to evidence Britain's worst housing slump since the end of the last recession is deepening as lenders tighten credit standards. Mortgage approvals fell to the lowest level since at least 1999 in March and HBOS said faster inflation is making it harder for potential buyers to afford new homes. [/color]

``The decline in prices is driven by a squeeze on spending power and the rapid rise in house prices in the last few years,'' HBOS said in a statement. The mortgage lender said it expects a ``mid-single-digit percentage decline'' in prices this year.

The pound rose 0.5 percent to 77.91 pence per euro today and climbed to $1.9838 against the dollar.

Values in regions such as Wales and the West Midlands may fall more than the U.K. average, while homes in Scotland are likely to record ``modest price rises,'' HBOS said.

Faster Pace

Bank of England policy maker David Blanchflower said April 29 house prices may fall 33 percent in the next three years. While the central bank has cut its benchmark rate three times since December, higher interbank lending costs have prompted HBOS and other mortgage lenders to withdraw their best offers.

``Housing market data have clearly deteriorated at a faster pace over the last few weeks, with lenders continuing to raise mortgage interest rate spreads and cut back on credit availability,'' said Nick Bate, an economist at Merrill Lynch & Co. in London. That's ``raising the risks of a more protracted downturn than we previously envisaged.'' [/size]

Persimmon Plc, the U.K.'s largest homebuilder by market value, on April 24 said it postponed construction on new sites after a drop in sales and an increase in cancellations. Hometrack Ltd. said April 28 it's measure of house prices fell 0.6 percent from March, the biggest decline in more than three years.

Falling Stocks

Property-related stocks have plunged since credit markets seized up in August. Bradford & Bingley Plc, the U.K.'s biggest lender to landlords, has dropped 60 percent; shares of HBOS and Persimmon have both dropped around 50 percent in the period.

Blanchflower said this week his colleagues they need to take ``aggressive action'' to stave off a potential recession. The central bank is expected to keep its benchmark rate unchanged at 5 percent on May 8, according to the median forecast of 30 economists surveyed by Bloomberg News.

The National Institute of Economic and Social Research today cut its growth forecast and now expects the economy to expand 1.8 percent this year, down from the 2 percent it predicted in January. That would match the slowest pace since 1992.

The Bank of England on April 21 offered to help financial institutions by offering to swap government bonds for mortgage securities to boost banks' liquidity. Governor Mervyn King pledged to meet demand even if it exceeds an estimate of 50 billion pounds ($99 billion.)

King said this week policy makers face a ``difficult balancing act'' as they seek to shore up growth, while trying to curb inflation, which he forecast may breach the government's upper limit of 3 percent.

Higher energy and food costs threaten to stoke inflation further. Oil prices have doubled in the last five years, reaching a record $119.93 on April 28. Rice has more than doubled in the past year to a record $25.07 per 100 pounds April 24.

[The Straits Times]

STI Closes Higher
The Straits Times
Friday, 2 May 2008

Singapore shares ended higher on Friday with the benchmark Straits Times Index up 88.31 points or 2.73% to 3,236.10.
Up to 1.4 billion shares exchanged hands.

Gainers outweighed losers 433 to 234.

[The Straits Times]

Asian shares jump after Wall St rally
The Straits Times
Friday, 2 May 2008

Tokyo

Japanese share prices closed up 2.05% at the highest level in almost four months on Friday after overnight gains on Wall Street and a weakening of the yen, dealers said.

The benchmark Nikkei-225 index rose 282.40 points to 14,049.26, the best finish since Jan 11. The broader Topix index of all first-section shares advanced 31.29 points or 2.32% to 1,377.39.

Markets in Japan will be closed on Monday and Tuesday.

Kuala Lumpur

Hong Kong share prices closed higher on Friday, up 1.89%, following Wall Street's overnight gains as concerns eased over the US economy and oil prices fell further, dealers said.

The Hang Seng index closed up 485.67 points at 26,241.02, off a low of 26,173.82 and a high of 26,374.09.

Turnover was 89.06 billion Hong Kong dollars (S$13.6 billion).

Hong Kong

Hong Kong share prices ended the morning session higher on Friday, up 1.9%, on the back of encouraging US economic data and the Federal Reserve's key interest rate cut, dealers said.

The Hang Seng Index ended the session up 493.25 points at 26,248.60. Turnover was HK$50.32 billion (S$8.8 billion).

Local banks and properties led the rally after the Hong Kong Monetary Authority (HKMA) also lowered its base rate by 25 basis points to 3.50%, in line with the Fed move.

HKMA works in tandem with the Fed on rate decisions as the local currency is pegged to the greenback.

[Boon]

it's increasingly hard to be bullish in this current global environment. Yes i do agree that the global economy is so much more resilient versus where it stood a few years ago. But under the pressure of a slowdown in major economies, record high oil and commodity prices, sharp declines in asset markets worldwide, disfunctional financial markets etc - despite being at its strongest level in history - the world economy is facing the threat of suffering its "worst recession in 30 years" a very probable albeit not the baseline for now. if not for the fact that we have so much liquidity in the system and China, we would be in a great depression by now - and i am not joking. And these same factors are also fanning a false sense of hope as it slows the present deterioration. not trying to be alarmist (people accused me of being alarmist when i said the sub prime problem would spread to what it is today) just sharing my views as usual.

[Unreglstered]

http://www.straitstimes.com/Prime%2B...ry_232795.html

May 1, 2008

PM upbeat about S'pore economy

He is confident Singapore will be able to weather uncertain global outlook

By Sue-Ann Chia


SINGAPORE is sailing into choppier waters amid uncertainty in the global economy, but Prime Minister Lee Hsien Loong is confident of Singapore's economic prospects.

In his annual May Day message, Mr Lee sketched out the uncertain outlook due to the financial crisis in the United States.

But he maintained: 'However the US financial problems play out, I am confident of our ability to cope...our economic fundamentals are sound and we are in a strong position.'

Buoyant industries such as tourism, construction and marine engineering will buffer Singapore from the effects of a US recession, he said.

The economy is still on track to grow by 4 per cent to 6 per cent this year. The job market is also expected to be full of jobs chasing workers.

'In both manufacturing and services, many vacancies are waiting to be filled,' the Prime Minister said.

Latest job figures released yesterday buttress this point.

They show that a record 68,400 jobs were added to the economy in the first three months of the year, exceeding the 62,500 jobs created in the previous quarter and 49,400 in the same quarter last year.

Still, despite the job boom, the unemployment rate climbed from 1.7 per cent in December to 2 per cent in March.

HSBC Bank economist Robert Prior-Wandesforde attributed this phenomenon to an expanding pool of job seekers, possibly a result of more foreigners seeking jobs here.

In his speech, Mr Lee also urged workers and employers to aim for 'sustainable' wage changes this year, in anticipation of a year ahead that will be 'much more challenging' than 2007 had been.

'Realistic settlements will address the concerns of workers, and yet allow companies to respond quickly to sudden changes in the economic environment,' he said.

For now, the economy is still doing well although 'dark storm clouds have gathered'.

Pointing to the sub-prime mortgage loan crisis in the United States, Mr Lee said: 'We must watch closely how the situation in the US unfolds, and be ready to respond if things take a turn for the worse.'

Addressing the hot issue of rising inflation, Mr Lee said Singapore cannot shield itself completely from this worldwide phenomenon.

But the strong Singapore dollar has helped to maintain the purchasing power of workers' salaries, he noted.

The Prime Minister also assured the people about the food situation here.

Singapore has enough supplies of food, notably rice, and 'we can buy what we need from many sources', he said.

Also, help will be given to those struggling to cope with the higher cost of living.

Relief measures from the Government total $3 billion, ranging in form from tax rebates and Medisave top-ups to the GST offset package and Growth Dividends given to every Singaporean from the last Budget surplus.

The first payout of the Growth Dividends was yesterday, with a second due on Oct 1.

Noting that Singapore's strength is the strong cooperation among unions, employers and the Government, Mr Lee said this enabled them to take a 'rational approach' and act in Singapore's collective best interest.

PM Lee added: 'The external turbulence will put our solidarity under stress.

'But we must not end up arguing among ourselves, or, worse, quarrelling over how to divide what we have, or else we will all be worse off.'

[email protected]

No wonder shares surged more than 2% today.

[Unregistered.]

US stocks rally on stronger dollar, falling oil prices
Agence France-Presse
New York, New York
Thursday, 1 May 2008, U.S. EDT

US stocks rallied sharply on Thursday amid a strengthening dollar, falling oil prices and as investors looked forward to an apparent pause in the Federal Reserve's aggressive rate-cutting campaign.

The Dow Jones Industrial Average shot up 189.87 points or 1.48% to close at 13,010.00.

It was the first time the blue-chip index ended a session above 13,000 since January 3.

The tech-heavy Nasdaq composite rose 67.91 points or 2.81% to 2,480.71 and the broad-market Standard & Poor's (S&P) 500 index advanced a hefty 23.75 points or 1.71% to close at 1,409.34, above the 1,400-mark for the first time since January 14.

'May is off to a strong start,' Briefing.com analysts wrote in a note to clients.

Despite the Federal Reserve's quarter-point interest rate cut on Wednesday, taking its benchmark rate to 2.0%, the dollar gained ground against the euro, trading around US$1.54 (S$2.01) to a euro.

The stronger dollar in turn helped pressure oil prices, which fell to US$112 a barrel in New York, easing concerns about rising inflationary pressures.

The greenback also was lifted by the Fed's statement explaining the rate decision, which many analysts said signaled a halt in its rate cutting and prospects that the worst of a global credit crisis may be ending.

'The Fed's decision should bolster confidence that the worst of the credit crisis is finally passing, although it is still far from finished,' said Frederic Dickson, analyst at DA Davidson & Co.

Economic reports offered a mixed outlook on the economy's direction amid fears the economy is heading into recession, generally defined two consecutive quarters of contraction.

The Commerce Department on Wednesday reported the economy sputtered at a meager 0.6% pace in the first quarter, for the second quarter in a row.

Consumer spending in March rose much more sharply than expected, but most of the gain was due to higher prices, particularly for food and energy, the Commerce Department said.

Economists closely watch consumer spending, which accounts for two-thirds of economic growth, as a bellwether on GDP growth.

Among stocks in focus, ExxonMobil slid 3.62% to US$89.70 after reporting its first-quarter profit rose 17% from a year ago to US$10.89 billion, below Wall Street forecasts.

Home improvement retailer Home Depot, hit hard by the housing slump, jumped 3.72% to US$29.87 after it said it was scaling back its chain of stores in the United States.

Ford Motor shares gained 2.66% at 8.48 despite reporting a steep decline in US sales. Rival General Motors, which also saw sales slide, slipped 0.04% to 23.19.

So US stocks are climbing, US dollars is strengthening and oil price is dropping now? This is good right?
DJI is at 13,000 now. Let's await 16,000.

[UnregisteredĒ]

Wah! The 999LH Aston Residence at Jalan Loyang Besar is hot man!
Launched during last Saturday, 26 April 2008, 10 of these 28 strata bungalows have been snapped up. They cost between $2.68M - $2.75M each.

.. you know Ambrosia??
.. the penthouses all snapped up recently ..

.. people are very rich ..
.. money is not an issue ..

URA reports 2 units of the 15-unit Shelford Suites sold in March at record prices for the Shelford area - $$1,869psf and $1,905psf.
March is the U-turn point.

[BOW WOW]

http://www.businesstimes.com.sg/sub/...76166,00.html?

Published April 23, 2008

Landed plots fetch 22% less at URA auction

By EMILYN YAP


LANDED-HOUSING sites at Sembawang were sold yesterday at prices 22 per cent lower on average than nearby plots a few months ago. Yesterday's auction by the Urban Redevelopment Authority was for 11 plots with 99-year leasehold tenure. All were sold - for a total of $45.29 million, or $223 per sq ft (psf) on average.

The plots come under phase two of Sembawang Greenvale estate. URA sold the 12 plots in nearby phase one in October last year for about $285 psf on average. Smaller developers and individuals turned up yesterday to bid for the phase two plots, which can be developed into 90 dwellings - one bungalow, 16 semi-detached houses and 73 terraced houses.

Fragrance Homes reaped the biggest harvest, winning four plots that can house eight semi-detached houses and 40 terraced houses. The largest plot, in Penaga Place, designated for 18 terraced houses across 35,624 sq ft, cost Fragrance $8.7 million or $244 psf. This was the highest psf price for any of the 11 plots.

Odeon Properties' $1.66 million bid for a plot in Kerong Lane represented the lowest psf price of $151. The 10,989 sq ft site can accommodate one bungalow and two semi-detached houses. Reflecting the better market last year, prices on a psf basis in phase one ranged from a higher $210 to $327 psf.

The only individual to submit a wining bid yesterday, Christina Sui Fong Fong, bought the third-largest land parcel for $6.65 million or $221 psf.

Asked about plans to release more landed-housing parcels, URA's director of land administration Choy Chan Pong said: 'We will be releasing according to market demand.'

WAH SO MUCH FALL SO SOON? TUMBLING DOWN? BETTER INVEST IN RICE.

[BOW WOW]

So US stocks are climbing, US dollars is strengthening and oil price is dropping now? This is good right?
DJI is at 13,000 now. Let's await 16,000.

YESSS EVERYONE SELLING PROPERTY AND PUTTING IN STOCKS. SOON 20000.

[obt]

Japanese banks see 14.4 bln dlrs in subprime losses: report


Japanese financial institutions together lost more than 1.5 trillion yen (14.4 billion dollars) in the year to March because of the US subprime mortgage crisis, a report said Friday.

The nation's eight major banking groups alone are likely to post a combined subprime-related loss of more than 900 billion yen, the Nikkei newspaper said.


That is around 200 billion yen more than forecasts made public so far, it added.

"While this is less than the losses incurred by their European and US counterparts, it has still dealt a major blow to Japanese banks' profit forecasts," the Nikkei said.

One of those eight, Mizuho Financial Group Inc., will post subprime losses likely to top 565 billion yen, highlighting how banks widely involved in such investments are set to pay the price, the paper added.

Brokerage house Nomura Holdings Inc. and Norinchukin Bank saw losses grow heading into the end of this fiscal year 2007, the newspaper said.

Aioi Insurance Co. and Sompo Japan Insurance Inc. booked 83.6 billion yen and around 30 billion yen respectively in losses.

The burden created by subprime losses is likely to delay the institutions' expansion into investment banking and overseas businesses, the Nikkei said.

[Unregistereb]

YESSS EVERYONE SELLING PROPERTY AND PUTTING IN STOCKS. SOON 20000.

Maddog, you have a new nick - BOW WOW?

[Unregistereb]

WAH SO MUCH FALL SO SOON? TUMBLING DOWN? BETTER INVEST IN RICE.

Maddog, now is May, why post April news? Why not post 2007 news?

[AP]

Employers cut fewer jobs in April, jobless rate falls to 5%
Jeannine Aversa
Economics Writer
Associated Press
Washington, D.C., U.S.
Friday, 2 May 2008, 9:57am U.S. EDT

Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5%, a better-than-expected showing that nonetheless still revealed strains in the nation's crucial labor market.

For the fourth month in a row, the economy lost jobs, the Labor Department reported Friday. But in April the losses totaled 20,000, an improvement from the 81,000 reductions in payrolls logged in March. Job losses for both February and March turned out to be a bit deeper than previously reported.

The latest snapshot of the nationwide employment conditions -- while clearly still weak -- was better than many economists were anticipating. They were bracing for job cuts of 75,000 and for the unemployment rate to climb to 5.2%.

The unemployment rate, derived from a different statistical survey than the payroll figures, fell to 5% from 5.1% in March. That survey showed more people finding employment than those who didn't.

Businesses are handing out pink slips as they cope with an economy that is teetering on the edge of a recession, or possibly in one already. A severe housing slump, harder-to-get credit and financial turmoil have forced people and businesses to be more cautious in their spending. And that has hurt the economy.

To help relieve credit problems, the Federal Reserve announced Friday that it would boost the availability of short-term loans to commercial banks to $150 billion in May from the $100 billion supplied in April. The goal is to supply a source of cash to squeezed banks so that they'll keep lending to customers.

The Fed took the action and several other moves to boost credit in coordination with the European Central Bank and the Swiss National Bank.

On the jobs front, construction companies slashed 61,000 positions in April. Manufacturers cut 46,000 and retailers got rid of 27,000. Those losses were eclipsed by job gains in education and health care, professional and business services, the government and elsewhere.

The job losses came in areas hardest hit by the housing and credit debacles. The fact that fewer job cuts were ordered in April raised hopes that damages could be limited.

Voters are keenly worried about the country's economic problems and so are politicians -- in Congress, in the White House and on the campaign trail.

Workers with jobs saw scant wage gains.

Average hourly earnings for jobholders rose to $17.88 in April, a tiny 0.1% rise from the previous month. That was less than the 0.3% rise economists were forecasting. Over the last 12 months, wages have grown by 3.4%.

The weak labor market is making employers feel less generous with compensation.

Meanwhile, zooming energy and food prices are taking a bite out of paychecks. If the job market continues to falter, wage growth probably will slow, too, making people even less inclined to spend. That would spell further trouble for the economy.

The payrolls figure and the unemployment rate come from two different statistical surveys, which can provide -- as in Friday's case -- a somewhat conflicting picture of what is happening in the labor market.

The seasonally adjusted overall civilian unemployment rate -- 5% in April -- is based on a survey of 60,000 households. It showed that 362,000 people said they found employment last month, outpacing the number of people who couldn't find work.

Economists tend to put more stock, however, in the much broader business survey of 400,000 work sites that is used to calculate the payroll figures.

To limit the damage, the Federal Reserve lowered interest rates on Wednesday, but signaled that its rate-cutting campaign could be drawing to a close.

Fed officials and the Bush administration are hoping that the Fed's aggressive rate cuts since September plus the government's $168 billion stimulus package -- including tax rebates that started hitting bank accounts this week -- will lift the country out of its slump in the second half of this year.

Even if that happens, economists predict the unemployment rate will climb higher, hitting 6% early next year.

Employers often are reluctant to beef up hiring until they feel certain that any such recovery has staying power.

Democrats in Congress insist more relief needs to be provided, including additional unemployment benefits to cushion the pain of joblessness. The administration has resisted, saying the rebates and other stimulative efforts should be sufficient once they fully kick in.

Fed Chairman Ben Bernanke and his colleagues acknowledged Wednesday the fragile state of the economy, saying hiring conditions "have softened further."

The economy advanced at a snail's pace of just 0.6% in the first three months of this year as people and businesses clamped down on their spending. It marked the second quarter in a row of such feeble growth.

A growing number of economists believe the economy is in a recession and is indeed contracting now.

Under one rough rule, if the economy contracts for six straight months it is considered to be in a recession. That didn't happen in the last recession -- in 2001-- though. A panel of experts at the National Bureau of Economic Research that determines when U.S. recessions begin and end uses a broader definition, taking into account income, employment and other barometers. That finding is usually made well after the fact.

[AP]

Stocks jump higher after better-than-expected payroll report,
Fed's "Europe" move to boost liquidity
Tim Paradis
Economics Writer
Associated Press
New York, New York, U.S.
Friday, 2 May 2008, 9:58am U.S. EDT

Wall Street extended its advance Friday after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy.

The better-than-expected report comes days after the Federal Reserve lowered interest rates by a quarter point and signaled that it could stand pat at future meetings -- a move that could help shore up an anemic dollar and combat worrisome inflation.

The Labor Department's report that employers cut 20,000 jobs in April was a relief to Wall Street, which had been expecting payrolls to decrease by 70,000 jobs. This marked the fourth straight month of job losses, but the data signaled that perhaps the economy might be resisting falling into recession.

Meanwhile, the Fed said Friday it will work with European central banks to expand a series of efforts to deal with the global credit crisis. The central bank will boost the amount of emergency reserves it supplies to U.S. banks to $150 billion in May, up from the $100 billion it supplied in April.

In the first hour of trading, the Dow Jones industrial average rose 85.90, or 0.66%, to 13,095.90.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 8.01, or 0.57%, to 1,417.35, and the Nasdaq composite index rose 4.95, or 0.20%, to 2,485.66.

Stocks surged Thursday as investors viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow soared nearly 190 points to close above 13,000 for the first time since Jan. 3.

Bond prices fell Friday as investors moved into stocks from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.84% from 3.77% late Thursday.

Oil prices moved higher after retreating Thursday on a strengthening dollar. Light, sweet crude rose $1.41 to $113.93 a barrel in premarket electronic trading on the New York Mercantile Exchange.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 148.8 million shares.

Overseas, Japan's Nikkei stock average rose 2.05%. In afternoon trading, Britain's FTSE 100 rose 1.72%, Germany's DAX index added 1.67%, and France's CAC-40 rose 1.74%.

[jlrx]

Unregistered
Wah! The 999LH Aston Residence at Jalan Loyang Besar is hot man!
Launched during last Saturday, 26 April 2008, 10 of these 28 strata bungalows have been snapped up. They cost between $2.68M - $2.75M each.

Unregistered
.. you know Ambrosia??
.. the penthouses all snapped up recently ..

.. people are very rich ..
.. money is not an issue ..

URA reports 2 units of the 15-unit Shelford Suites sold in March at record prices for the Shelford area - $$1,869psf and $1,905psf.
March is the U-turn point.

It's not that "people are very rich".

It's that the rich people are getting richer and richer. So proportionately, the cost of the homes they buy becomes relatively more affordable.

I can't imagine now even places like Loyang at Pasir Ris are selling for $2.68 m to $2.75 m.

Looks like my dog Millie will never be able to stay in any form of bungalow, whether strata or otherwise.

So I have no choice but to use my imagination again. Below I imagine I'm staying at Aston Residence and that's my dog Millie licking my car as I drive out of the driveway which goes under the pool.

That sounds familiar doesn't it? Another Strata Bungalow Chateau La Salle also has the same concept. Somehow I feel Chateau La Salle looks nicer. More European style and cosy, but also costs more - $3.3 million.

[Showroom Hopper]

Wah! The 999LH Aston Residence at Jalan Loyang Besar is hot man!
Launched during last Saturday, 26 April 2008, 10 of these 28 strata bungalows have been snapped up. They cost between $2.68M - $2.75M each.

.. you know Ambrosia??
.. the penthouses all snapped up recently ..

.. people are very rich ..
.. money is not an issue ..

URA reports 2 units of the 15-unit Shelford Suites sold in March at record prices for the Shelford area - $$1,869psf and $1,905psf.
March is the U-turn point.

It's not that "people are very rich".

It's that the rich people are getting richer and richer. So proportionately, the cost of the homes they buy becomes relatively more affordable.

I can't imagine now even places like Loyang at Pasir Ris are selling for $2.68 m to $2.75 m.

Looks like my dog Millie will never be able to stay in any form of bungalow, whether strata or otherwise.

So I have no choice but to use my imagination again. Below I imagine I'm staying at Aston Residence and that's my dog Millie licking my car as I drive out of the driveway which goes under the pool.

That sounds familiar doesn't it? Another Strata Bungalow Chateau La Salle also has the same concept. Somehow I feel Chateau La Salle looks nicer. More European style and cosy, but also costs more - $3.3 million.

Went to Aston Residence on 1 May 2008. Another 3 sold.

[jlrx]

Went to Aston Residence on 1 May 2008. Another 3 sold.

Wow! Selling like hot cakes at $2.7 million each!

I think these landed/strata bungalows are usually bought by end users rather than speculators.

The window of opportunity of ever owning a bungalow in Singapore is fast disappearing.

I think it is now or never.

I'm afraid that the future divide is not going to be between the high earners and low earners, but between the bungalow dwellers vs the rest of the population.

Looks like I'm going to be on the wrong side of the divide, and my poor dog Millie.

[Unregistereb]

Friday May 2, 9:15 AM
ADB to meet amid food crisis, growing poverty

The Asian Development Bank holds its annual meeting this weekend reeling from a global food crisis that has led to stinging criticism of its international governors for failing to see it coming.

The soaring price of basic foods such as rice -- the benchmark Thai variety now fetches some 1,000 dollars a tonne, up threefold on a year ago -- has led to a supply crunch that is worrying governments wary of popular unrest.

There are other tough issues facing the bank, notably a simmering internal row among its members over its continuing relevance in a region that has been transformed since the lender was founded 42 years ago.

The United States, which with Japan is the ADB's largest shareholder, took the unprecedented recent step of voting against its long-term strategic plan, which is also on the agenda for the meeting in Spain's capital Madrid.

But a source within the bank, who asked not to be named, said: "While the bank faces a number of critical issues about its role and relevance, all this may be overshadowed by the food crisis."

ADB president Haruhiko Kuroda warned recently that soaring food prices had pushed back Asia's fight against poverty, and that some countries may one day need foreign aid to feed their hungry.

The rises are blamed on higher energy and fertiliser costs, greater global demand, droughts, the loss of rice farmland to biofuel plantations and price speculation.

"The food crisis did not happen overnight," said Shalmali Guttal, a senior associate at Focus on the Global South, a Bangkok-based political and economic advocacy group.

"Asian farmers have been drawing attention to the growing agrarian crisis for years, but no one with the power to change policy listened," she told AFP in a telephone interview.

"Many of us civil society researchers and activists saw this crisis coming, why didn't the ADB and the World Bank?"

While the ADB boasts some "spectacular progress" over the last 40 years in poverty reduction, most notably in China, the region is still home to some 600 million people living on less than a dollar a day -- two thirds of the global population.

"Agriculture has clearly been neglected by governments and international institutions alike for at least two decades and the world is now suffering the results of such neglect," Bruce Tolentino, director for economic reform and development with the Asia Foundation, told AFP.

He said the ADB and others "should have seen this crisis coming."

"But unfortunately it is a weakness common to many institutions, including the ADB, that the left hand doesn't know what the right hand is doing and vice versa."

Based in Manila, the ADB is owned by its 67 member countries -- 48 from the Asia-Pacific region, and 19 from elsewhere around the world.

In 2007, it approved 10.1 billion dollars of loans, 673 million dollars in grant projects, and technical assistance amounting to 243 million.

Since it was established, the ADB has grown from helping Asian governments develop infrastructure projects to promoting the role of the private sector in development.

But some critics say its loan conditions unfairly pressure governments to deregulate and privatize agriculture -- leading to problems such as the rice supply crunch.

Arze Glipo, the convenor of the Asia Pacific Network on Food Sovereignty, which represents farmers' groups, said ADB projects "tended to weaken farmers' livelihood."

She cited a 175-million-dollar loan to the Philippines to finance a grain sector development programme, under which the ADB urged the privatization of the National Food Authority.

The ADB also wanted restrictions on rice imports replaced with a system of tariffs, and cancelled the loan when Manila failed to act, she charged.

That kind of tactic -- "regardless of its costs and consequences" -- is at the very heart of the problem, said Guttal of Focus on the Global South, as it forced governments to change policies to fit in with the ADB's conditions for credits.

"The new policies favour large, mostly foreign, private sector actors and corporations and not the poor," she added.

[Unregistereb]

U.S. Probably Lost Jobs in April, Unemployment Rose

By Courtney Schlisserman

May 2 (Bloomberg) -- [b][color='red']The U.S. probably lost jobs in April for a fourth month and the unemployment rate rose as economic growth stalled, economists said before a government report today.

Payrolls shrank by 75,000 workers after decreasing by 80,000 in March, according to the median estimate of 82 economists surveyed by Bloomberg News before the Labor Department's report. The jobless rate rose to a three-year high of 5.2 percent, the survey also showed.

The economy is on the brink of a recession as soaring fuel prices and the collapse in housing cause consumers and businesses to retrench. Americans may continue to rein in spending as wages stagnate, property values fall and credit remains scarce, indicating hiring will continue to slump.

``Businesses are getting very cautious,'' Michael Gregory, a senior economist at BMO Capital Markets in Toronto, said before the report. ``They're going to wait to see consumers start coming back before you start to see hiring again. We're in a little bit of a vicious circle.''

The rate on the 10-year Treasury bond was little changed at 3.76 percent as of 12:18 p.m. in London. It fell 11 basis points this week, the first decline since the period ended March 21. A basis point is 0.01 percentage point.

The dollar was also little changed, trading at $1.5463 per euro and 105 yen.

Streak of Declines

The report is due at 8:30 a.m. in Washington. Payroll estimates in the Bloomberg survey ranged from declines of 150,000 to 18,000. A fourth consecutive drop would be the longest string of decreases since the start of the Iraq War in 2003.

Forecasts for the unemployment rate ranged from 5 percent to 5.3 percent, according to the Bloomberg survey.

Another report today is projected to show factory orders rose 0.2 percent in March, according to economists surveyed, reflecting a jump in raw-materials costs that inflated demand for non-durable goods like petroleum. The Commerce Department is scheduled to release the report at 10 a.m.

Federal Reserve policy makers this week lowered the benchmark overnight lending rate between banks by a quarter percentage point, to 2 percent, in a bid to revive the economy. The government also started sending out tax rebate checks that were part of its fiscal stimulus plan.

Fed Statement

``Household and business spending has been subdued and labor markets have softened further,'' the central bank said April 30 in announcing its decision. It also said that the easing that has taken place since last year, along with efforts to stabilize financial markets ``should help to promote growth over time.''

The U.S. economy expanded at a 0.6 percent annual pace in the first quarter, the Commerce Department said on April 30, as inventories increased because consumer spending slowed and business investment dropped. The rise in stockpiles, along with the smallest gain in household spending in seven years, indicates the economy will weaken further in coming months.

``There is no end in sight to the economic slump,'' Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, said in a note to clients following the gross domestic product report.

Construction firms and financial-service companies have been among the hardest hit by the drop in housing, which is now in its third year. Wall Street banks and securities firms, reeling from $309 billion in mortgage losses and writedowns, have slashed 48,000 jobs in the past 10 months, according to the Securities Industry and Financial Markets Association.

Job Cuts

Merrill Lynch & Co., the third-biggest U.S. securities firm, said April 17 it would cut about 3,000 more jobs after the credit-market crisis forced it to write down some $6.5 billion in debt.

Job losses have started to ripple to other areas of the economy as spending sags. The payroll report for March showed retailers, transportation firms and temporary-help agencies reduced staff.

The Institute for Supply Management said yesterday that its factory employment index dropped to the lowest level since May 2003. The group is scheduled to release results on non- manufacturing next week.

Economists forecast manufacturing payrolls declined by 35,000 last month, according to the survey median. Factories lost 48,000 jobs in March.

General Motors Corp., the world's largest automaker, this week said it's cutting production of large pickup trucks and sport-utility vehicles this year at four plants in the U.S. and Canada because of slowing sales. The plan affects 3,550 workers.

[pRoPhEt]

U.S. Probably Lost Jobs in April, Unemployment Rose

By Courtney Schlisserman

May 2 (Bloomberg) -- [color='red']The U.S. probably lost jobs in April for a fourth month and the unemployment rate rose as economic growth stalled, economists said before a government report today.

Payrolls shrank by 75,000 workers after decreasing by 80,000 in March, according to the median estimate of 82 economists surveyed by Bloomberg News before the Labor Department's report. The jobless rate rose to a three-year high of 5.2 percent, the survey also showed. [/size]

The economy is on the brink of a recession as soaring fuel prices and the collapse in housing cause consumers and businesses to retrench. Americans may continue to rein in spending as wages stagnate, property values fall and credit remains scarce, indicating hiring will continue to slump.

``Businesses are getting very cautious,'' Michael Gregory, a senior economist at BMO Capital Markets in Toronto, said before the report. ``They're going to wait to see consumers start coming back before you start to see hiring again. We're in a little bit of a vicious circle.''

The rate on the 10-year Treasury bond was little changed at 3.76 percent as of 12:18 p.m. in London. It fell 11 basis points this week, the first decline since the period ended March 21. A basis point is 0.01 percentage point.

The dollar was also little changed, trading at $1.5463 per euro and 105 yen.

Streak of Declines

The report is due at 8:30 a.m. in Washington. Payroll estimates in the Bloomberg survey ranged from declines of 150,000 to 18,000. A fourth consecutive drop would be the longest string of decreases since the start of the Iraq War in 2003.

Forecasts for the unemployment rate ranged from 5 percent to 5.3 percent, according to the Bloomberg survey.

Another report today is projected to show factory orders rose 0.2 percent in March, according to economists surveyed, reflecting a jump in raw-materials costs that inflated demand for non-durable goods like petroleum. The Commerce Department is scheduled to release the report at 10 a.m.

Federal Reserve policy makers this week lowered the benchmark overnight lending rate between banks by a quarter percentage point, to 2 percent, in a bid to revive the economy. The government also started sending out tax rebate checks that were part of its fiscal stimulus plan.

Fed Statement

``Household and business spending has been subdued and labor markets have softened further,'' the central bank said April 30 in announcing its decision. It also said that the easing that has taken place since last year, along with efforts to stabilize financial markets ``should help to promote growth over time.''

The U.S. economy expanded at a 0.6 percent annual pace in the first quarter, the Commerce Department said on April 30, as inventories increased because consumer spending slowed and business investment dropped. The rise in stockpiles, along with the smallest gain in household spending in seven years, indicates the economy will weaken further in coming months.

``There is no end in sight to the economic slump,'' Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, said in a note to clients following the gross domestic product report.

Construction firms and financial-service companies have been among the hardest hit by the drop in housing, which is now in its third year. Wall Street banks and securities firms, reeling from $309 billion in mortgage losses and writedowns, have slashed 48,000 jobs in the past 10 months, according to the Securities Industry and Financial Markets Association.

Job Cuts

Merrill Lynch & Co., the third-biggest U.S. securities firm, said April 17 it would cut about 3,000 more jobs after the credit-market crisis forced it to write down some $6.5 billion in debt.

Job losses have started to ripple to other areas of the economy as spending sags. The payroll report for March showed retailers, transportation firms and temporary-help agencies reduced staff.

The Institute for Supply Management said yesterday that its factory employment index dropped to the lowest level since May 2003. The group is scheduled to release results on non- manufacturing next week.

Economists forecast manufacturing payrolls declined by 35,000 last month, according to the survey median. Factories lost 48,000 jobs in March.

General Motors Corp., the world's largest automaker, this week said it's cutting production of large pickup trucks and sport-utility vehicles this year at four plants in the U.S. and Canada because of slowing sales. The plan affects 3,550 workers.

THIS IS GETTING WORSE BY THE DAY. NO RESPITE FROM THE IMPENDING CRISIS ESPECIALLY FOOD AS MENTIONED IN 'The REVELATION'.(REV. 6:6)THE 'TIMES' ARE HERE. NO PLACE TO HIDE. THE WRITING IS ON THE WALL. HE WHO HAS AN EAR LET HIM HEAR

[Unregistered▒]

U.S. Probably Lost Jobs in April, Unemployment Rose

By Courtney Schlisserman

May 2 (Bloomberg) -- The U.S. probably lost jobs in April for a fourth month and the unemployment rate rose as economic growth stalled, economists said before a government report today.

Payrolls shrank by 75,000 workers after decreasing by 80,000 in March, according to the median estimate of 82 economists surveyed by Bloomberg News before the Labor Department's report. The jobless rate rose to a three-year high of 5.2 percent, the survey also showed.

The economy is on the brink of a recession as soaring fuel prices and the collapse in housing cause consumers and businesses to retrench. Americans may continue to rein in spending as wages stagnate, property values fall and credit remains scarce, indicating hiring will continue to slump.

``Businesses are getting very cautious,'' Michael Gregory, a senior economist at BMO Capital Markets in Toronto, said before the report. ``They're going to wait to see consumers start coming back before you start to see hiring again. We're in a little bit of a vicious circle.''

The rate on the 10-year Treasury bond was little changed at 3.76 percent as of 12:18 p.m. in London. It fell 11 basis points this week, the first decline since the period ended March 21. A basis point is 0.01 percentage point.

The dollar was also little changed, trading at $1.5463 per euro and 105 yen.

Streak of Declines

The report is due at 8:30 a.m. in Washington. Payroll estimates in the Bloomberg survey ranged from declines of 150,000 to 18,000. A fourth consecutive drop would be the longest string of decreases since the start of the Iraq War in 2003.

Forecasts for the unemployment rate ranged from 5 percent to 5.3 percent, according to the Bloomberg survey.

Another report today is projected to show factory orders rose 0.2 percent in March, according to economists surveyed, reflecting a jump in raw-materials costs that inflated demand for non-durable goods like petroleum. The Commerce Department is scheduled to release the report at 10 a.m.

Federal Reserve policy makers this week lowered the benchmark overnight lending rate between banks by a quarter percentage point, to 2 percent, in a bid to revive the economy. The government also started sending out tax rebate checks that were part of its fiscal stimulus plan.

Fed Statement

``Household and business spending has been subdued and labor markets have softened further,'' the central bank said April 30 in announcing its decision. It also said that the easing that has taken place since last year, along with efforts to stabilize financial markets ``should help to promote growth over time.''

The U.S. economy expanded at a 0.6 percent annual pace in the first quarter, the Commerce Department said on April 30, as inventories increased because consumer spending slowed and business investment dropped. The rise in stockpiles, along with the smallest gain in household spending in seven years, indicates the economy will weaken further in coming months.

``There is no end in sight to the economic slump,'' Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, said in a note to clients following the gross domestic product report.

Construction firms and financial-service companies have been among the hardest hit by the drop in housing, which is now in its third year. Wall Street banks and securities firms, reeling from $309 billion in mortgage losses and writedowns, have slashed 48,000 jobs in the past 10 months, according to the Securities Industry and Financial Markets Association.

Job Cuts

Merrill Lynch & Co., the third-biggest U.S. securities firm, said April 17 it would cut about 3,000 more jobs after the credit-market crisis forced it to write down some $6.5 billion in debt.

Job losses have started to ripple to other areas of the economy as spending sags. The payroll report for March showed retailers, transportation firms and temporary-help agencies reduced staff.

The Institute for Supply Management said yesterday that its factory employment index dropped to the lowest level since May 2003. The group is scheduled to release results on non- manufacturing next week.

Economists forecast manufacturing payrolls declined by 35,000 last month, according to the survey median. Factories lost 48,000 jobs in March.

General Motors Corp., the world's largest automaker, this week said it's cutting production of large pickup trucks and sport-utility vehicles this year at four plants in the U.S. and Canada because of slowing sales. The plan affects 3,550 workers.

THIS IS GETTING WORSE BY THE DAY. NO RESPITE FROM THE IMPENDING CRISIS ESPECIALLY FOOD AS MENTIONED IN 'The REVELATION'.(REV. 6:6)THE 'TIMES' ARE HERE. NO PLACE TO HIDE. THE WRITING IS ON THE WALL. HE WHO HAS AN EAR LET HIM HEAR

Maddog, are you OK?
Why post an old news?
The news you posted is before the report was released.

The report has just been released.
Read it carefully again.

Why get so desperate?

Employers cut fewer jobs in April, jobless rate falls to 5%
Jeannine Aversa
Economics Writer
Associated Press
Washington, D.C., U.S.
Friday, 2 May 2008, 9:57am U.S. EDT

Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5%, a better-than-expected showing that nonetheless still revealed strains in the nation's crucial labor market.

For the fourth month in a row, the economy lost jobs, the Labor Department reported Friday. But in April the losses totaled 20,000, an improvement from the 81,000 reductions in payrolls logged in March. Job losses for both February and March turned out to be a bit deeper than previously reported.

The latest snapshot of the nationwide employment conditions -- while clearly still weak -- was better than many economists were anticipating. They were bracing for job cuts of 75,000 and for the unemployment rate to climb to 5.2%.

The unemployment rate, derived from a different statistical survey than the payroll figures, fell to 5% from 5.1% in March. That survey showed more people finding employment than those who didn't.

Businesses are handing out pink slips as they cope with an economy that is teetering on the edge of a recession, or possibly in one already. A severe housing slump, harder-to-get credit and financial turmoil have forced people and businesses to be more cautious in their spending. And that has hurt the economy.

To help relieve credit problems, the Federal Reserve announced Friday that it would boost the availability of short-term loans to commercial banks to $150 billion in May from the $100 billion supplied in April. The goal is to supply a source of cash to squeezed banks so that they'll keep lending to customers.

The Fed took the action and several other moves to boost credit in coordination with the European Central Bank and the Swiss National Bank.

On the jobs front, construction companies slashed 61,000 positions in April. Manufacturers cut 46,000 and retailers got rid of 27,000. Those losses were eclipsed by job gains in education and health care, professional and business services, the government and elsewhere.

The job losses came in areas hardest hit by the housing and credit debacles. The fact that fewer job cuts were ordered in April raised hopes that damages could be limited.

Voters are keenly worried about the country's economic problems and so are politicians -- in Congress, in the White House and on the campaign trail.

Workers with jobs saw scant wage gains.

Average hourly earnings for jobholders rose to $17.88 in April, a tiny 0.1% rise from the previous month. That was less than the 0.3% rise economists were forecasting. Over the last 12 months, wages have grown by 3.4%.

The weak labor market is making employers feel less generous with compensation.

Meanwhile, zooming energy and food prices are taking a bite out of paychecks. If the job market continues to falter, wage growth probably will slow, too, making people even less inclined to spend. That would spell further trouble for the economy.

The payrolls figure and the unemployment rate come from two different statistical surveys, which can provide -- as in Friday's case -- a somewhat conflicting picture of what is happening in the labor market.

The seasonally adjusted overall civilian unemployment rate -- 5% in April -- is based on a survey of 60,000 households. It showed that 362,000 people said they found employment last month, outpacing the number of people who couldn't find work.

Economists tend to put more stock, however, in the much broader business survey of 400,000 work sites that is used to calculate the payroll figures.

To limit the damage, the Federal Reserve lowered interest rates on Wednesday, but signaled that its rate-cutting campaign could be drawing to a close.

Fed officials and the Bush administration are hoping that the Fed's aggressive rate cuts since September plus the government's $168 billion stimulus package -- including tax rebates that started hitting bank accounts this week -- will lift the country out of its slump in the second half of this year.

Even if that happens, economists predict the unemployment rate will climb higher, hitting 6% early next year.

Employers often are reluctant to beef up hiring until they feel certain that any such recovery has staying power.

Democrats in Congress insist more relief needs to be provided, including additional unemployment benefits to cushion the pain of joblessness. The administration has resisted, saying the rebates and other stimulative efforts should be sufficient once they fully kick in.

Fed Chairman Ben Bernanke and his colleagues acknowledged Wednesday the fragile state of the economy, saying hiring conditions "have softened further."

The economy advanced at a snail's pace of just 0.6% in the first three months of this year as people and businesses clamped down on their spending. It marked the second quarter in a row of such feeble growth.

A growing number of economists believe the economy is in a recession and is indeed contracting now.

Under one rough rule, if the economy contracts for six straight months it is considered to be in a recession. That didn't happen in the last recession -- in 2001-- though. A panel of experts at the National Bureau of Economic Research that determines when U.S. recessions begin and end uses a broader definition, taking into account income, employment and other barometers. That finding is usually made well after the fact.

[pRoPhEt is a Jerk]

THIS IS GETTING WORSE BY THE DAY. NO RESPITE FROM THE IMPENDING CRISIS ESPECIALLY FOOD AS MENTIONED IN 'The REVELATION'.(REV. 6:6)THE 'TIMES' ARE HERE. NO PLACE TO HIDE. THE WRITING IS ON THE WALL. HE WHO HAS AN EAR LET HIM HEAR

Maddog, are you OK?
Why post an old news?
The news you posted is before the report was released.

The report has just been released.
Read it carefully again.

Why get so desperate?

wah pRoPhEt, what a liar !!

post an invalid news to con us ??
jobless rate is down lah !!

if you are desperate, just buy, nobody stopping you

[Unregistereb]

Consumer Bankruptcies Soar Nearly 48% in April
By Reuters | 02 May 2008 | 11:36 AM ET

Bankruptcy filings by U.S. consumers jumped 47.7 percent in April from one year ago as families cope with fallout from the subprime mortgage crisis, the American Bankruptcy Institute said.

The 92,291 bankruptcy filings in April also marked an increase of 7 percent from March, the non-partisan institute said.

"The sharp spike in consumer bankruptcies reflects the growing financial stress faced by American families, saddled with household debt and mortgage woes," said Samuel Gerdano, executive director of the institute.

"We expect consumer bankruptcies to top 1 million new cases this year."

For all of 2007, there were 850,912 U.S. bankruptcy filings, up 38 percent from 2006.

The all-time high of more than 2 million consumer bankruptcy filings occurred in 2005, just before the federal bankruptcy law was reformed to make it more difficult for consumers to discharge their debt under Chapter 7 of the law. The reforms also increased debt payments required under Chapter 13 filings and eliminated some protections such as delaying housing evictions or delaying child support proceedings.

Some Democrats in Congress this year unsuccessfully sought another change in the federal bankruptcy law to let bankruptcy judges reduce mortgage amounts to reflect the current fair value of a home. That move was opposed by Republicans and the banking industry.

Under current Chapter 13 bankruptcy law, a judge may restructure most of a consumer's loans ranging from credit cards to car payments, but may not modify a secured debt such as a home mortgage.

Bankruptcy filings made under Chapter 7 allow a consumer or business to liquidate assets to pay off creditors. Chapter 11 filings are made by companies seeking to reorganize and pay debts while staying in business.

[Bow Wow]

Stocks jump higher after better-than-expected payroll report,
Fed's "Europe" move to boost liquidity
Tim Paradis
Economics Writer
Associated Press
New York, New York, U.S.
Friday, 2 May 2008, 9:58am U.S. EDT

Wall Street extended its advance Friday after a government employment report showed the nation's employers cut far fewer jobs than expected last month, stirring optimism about the buoyancy of the economy.

The better-than-expected report comes days after the Federal Reserve lowered interest rates by a quarter point and signaled that it could stand pat at future meetings -- a move that could help shore up an anemic dollar and combat worrisome inflation.

The Labor Department's report that employers cut 20,000 jobs in April was a relief to Wall Street, which had been expecting payrolls to decrease by 70,000 jobs. This marked the fourth straight month of job losses, but the data signaled that perhaps the economy might be resisting falling into recession.

Meanwhile, the Fed said Friday it will work with European central banks to expand a series of efforts to deal with the global credit crisis. The central bank will boost the amount of emergency reserves it supplies to U.S. banks to $150 billion in May, up from the $100 billion it supplied in April.

In the first hour of trading, the Dow Jones industrial average rose 85.90, or 0.66%, to 13,095.90.

Broader stock indicators also rose. The Standard & Poor's 500 index advanced 8.01, or 0.57%, to 1,417.35, and the Nasdaq composite index rose 4.95, or 0.20%, to 2,485.66.

Stocks surged Thursday as investors viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow soared nearly 190 points to close above 13,000 for the first time since Jan. 3.

Bond prices fell Friday as investors moved into stocks from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.84% from 3.77% late Thursday.

Oil prices moved higher after retreating Thursday on a strengthening dollar. Light, sweet crude rose $1.41 to $113.93 a barrel in premarket electronic trading on the New York Mercantile Exchange.

Advancing issues outnumbered decliners by about 2 to 1 on the New York Stock Exchange, where volume came to 148.8 million shares.

Overseas, Japan's Nikkei stock average rose 2.05%. In afternoon trading, Britain's FTSE 100 rose 1.72%, Germany's DAX index added 1.67%, and France's CAC-40 rose 1.74%.

Nevertheless JOBLESS rate increased to 5.1%. Read the latest report. It is getting from bad to worse. Big time crunch coming. What has happened is nothing compared to what is coming. Already blood at the exits with speckys rushing out.

[UnregistereB]

US consumer spending rises 0.4% in March
Agence France-Presse
Washington, D.C., U.S.
Thursday, 1 May 2008, U.S. EDT


A customer scans dairy products at a grocery store in Washington.

US consumer spending rose 0.4% in March from the prior month, while household income climbed 0.3%, the Commerce Department said.

The March spending increase was the strongest since January and double analysts' consensus forecast of a 0.2% gain. The income increase was slightly below market expectations of 0.4%.

Consumer spending, the driver of growth in the world's biggest economy, sharply accelerated from February's meagre 0.1% gain. Household income in February had climbed 0.5% from January.

However, after adjusting for higher prices, real consumer spending was up 0.1% compared with no change in the preceding month.

And adjusted for inflation and taxes, real disposable income fell slightly - less than one tenth of a percentage point - which the Commerce Department reports as zero change, after a 0.3% increase in February real incomes.

"Consumer spending is moving sideways - but at least it hasn't yet shown the sharp declines one might have expected given the recessionary readings for consumer sentiment," said Nigel Gault, analyst at Global Insight.

Consumer confidence is declining in the face of ever-climbing food and energy prices, a slowing labour market, tightening credit and eroding household wealth as house prices drop.

On Wednesday the Commerce Department reported the economy grew at a 0.6% annual pace in the January-March period, matching the pace of the fourth quarter of 2007.

The first estimate of gross domestic product was slightly better than expected and came amid fears that the world's biggest economy is headed for recession, generally defined as two consecutive quarters of declining activity.

An inflation gauge in Thursday's consumer spending report, the personal consumption expenditures (PCE) index, showed consumer prices rose 0.3% in March, after 0.1% in February.

The core PCE reading, which excludes volatile food and energy costs, rose 0.2% March, after 0.1% in the prior month, exceeding expectations of a 0.1% rise.

The headline and core PCE increases were the largest since January.

On a 12-month basis, inflation was up 3.2% in March, after 3.4%, while core inflation edged up to 2.1%, from 2.0%.

Spending on non-durables such as gasoline was up 0.4% while services rose 0.6%.

Purchases of durable goods, big-ticket items like refrigerators and televisions, on the other hand, fell 0.4%.

After inflation adjustments, spending on non-durables and services rose 0.2% and spending on durable goods fell 0.5%.

The personal savings rate fell back to 0.2% from 0.4% in February.

HAHA HOW STUPID COULD PEOPLE GET. THE INCREASE IS DUE TO HIGHER FOOD PRICES. WHAT A JERK.

[UnregĄstered]

HAHA HOW STUPID COULD PEOPLE GET. THE INCREASE IS DUE TO HIGHER FOOD PRICES. WHAT A JERK.

HAHA HOW STUPID MADDOG THE MORON IS. PEOPLE STILL BUY AT HIGHER PRICE. THAT'S WHY CPI WENT UP.

[UnregĄstered]

Nevertheless JOBLESS rate increased to 5.1%. Read the latest report. It is getting from bad to worse. Big time crunch coming. What has happened is nothing compared to what is coming. Already blood at the exits with speckys rushing out.

Getting desperate and frustrated?
Can't read the words properly?

... the unemployment rate dropped to 5% ...

Employers cut fewer jobs in April, jobless rate falls to 5%
Jeannine Aversa
Economics Writer
Associated Press
Washington, D.C., U.S.
Friday, 2 May 2008, 9:57am U.S. EDT

Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5%, a better-than-expected showing that nonetheless still revealed strains in the nation's crucial labor market.

.........................

[Job analyst]

Getting desperate and frustrated?
Can't read the words properly?

... the unemployment rate dropped to 5% ...

Oh poor guys fighting over US jobless rate. First save your jobs guys. Discuss Singapore here.
Anyway the jobless rate depends on the ones reported. You have to take an average over a quarter you morons.