Does Saving Money Rank Highly In your Financial Priorities?

Last week, there was a harsh report from DBS that Singapore may lose 90,000 jobs due to the worst economic recession in recent decades, pushing the jobless rate to 5 per cent by mid-2010. It was further postulated that the economy may contract 4.8 percent in 2009.

Singaporeans have not felt the brunt of the economic hardships just yet. Yes, manufacturing and exports are in the doldrums but many companies are holding back on their layoff plans. Firstly, it is not popular, given that DBS was roundly criticized for using ”retrenching as a first resort” to save costs.

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Putting Your Cash To Use: Be A Gold Bug And Clear Debts

Global stock markets have been whitewashed over the past month, Dow Jones fell to its lowest level in 6 years this week, and gold has charged to a record high $1,007 as investors seek to preserve capital.

Granted that Obama’s administration has been hard at work – a $787 billion economic stimulus was signed into law Tuesday and a $75 billion foreclosure prevention plan was unveiled to aid distressed homeowners and revive the housing market. However, there is little confidence that these measures will be effective.

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Protectionism Will Cost Investors Dearly

The US government revealed on Friday that payrolls tumbled by 598,000 in January (the biggest one-month drop in 34 years) and the unemployment rate is now at a 16-year high of 7.6%. In a month of brutal layoffs, I guess the only bright spark was Obama’s inauguration but even that seems to have fizzled out.

One cannot fault the Obama’s administration for lacking enthusiasm; however, implementation of economic policies has been anything but smooth. Hurling accussations at China for manipulating its currrency disrupts the delicate balance between both countries.

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