Spike of 3,000% in energy prices in Singapore
This Yahoo article stated that the energy prices in Singapore jumped 3,000%. I give my views of the underlying cause. Singapore liberalized its energy market in 1995. The Public Utilities Board corporatized its electricity and piped gas undertakings. Some of these entitles were later sold to foreign energy companies. By liberalizing...
ABSD Exemption Clause in Singapore’s FTAs
This has to take the cake for stating an unfavourable fact favourably. The Straits Times reported that Singapore residents (citizens and PRs) bought 99% of units sold at the Reserve Residences. Of the remaining 1%, “three are foreigners from the United States, who are subject to the same additional buyer’s stamp duty (ABSD)...
Inflation will remain high
Many US banks, including the large ones, are in financial trouble. They have lent a few trillion dollars in 30 year mortgages at fixed interest rates of 3% or less. Based on the current high interest rates, the value of their mortgages could have fallen by 30% or more. The loss is staggering. The banks are able to mark these...
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