Sunday, February 28, 2010
Real estate slump will end next year: Buffett
"Within a year or so, residential housing problems should largely be behind us," the billioinaire wrote in his annual letter to the shareholders of his Berkshire Hathaway Inc. "Prices will remain far below 'bubble' levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits."
Mr Buffett's comments on housing came as January home sales recorded a surprise seven-month low despite US GDP growth, prompting foreboding about consumer spending ahead.
But there was great news for Berkshire shareholders. The company's fourth-quarter profit surged to US$3.06 billion ($4.3 billion) - or $1,969 a share - on the recovery of derivative bets tied to the world's stock markets, up from $117 million - $76 a share - in the same period a year earlier.
The profit hike, Berkshire's third straight, helps rebuild a cash pile that diminished since 2007 as Mr Buffett invested in financial firms bruised by the recession. Companies such as Goldman Sachs Group that turned to him for funding are paying Berkshire interest of 10 per cent or more.
"We've put a lot of money to work during the chaos of the last two years," Mr Buffett, 79, said, describing how he had used the last 18 months to go on a buying spree of assets. "It's been an ideal period for investors: A climate of fear is their best friend."
The tone of his letter, which accompanied the company's annual report, contrasted sharply with his report last year, in which he took himself to task for the company's decline in book value. Dubbed the Oracle of Omaha, Mr Buffet's annual letter is watched closely by investors for his assessment of his businesses and of the economy. Source Agencies
Wednesday, February 24, 2010
Tuesday, February 23, 2010
Monday, February 22, 2010
Saturday, February 20, 2010
Friday, February 19, 2010
Spore casino made S$40 MIL in first two days
THE first casino in Singapore made S$40mil (RM96.42mil) in the first two
days of its opening and Malaysians contributed one-third of the revenue.
On the first day, the casino had attracted a long list of multimillionaires
from China, Hong Kong and Taiwan.
Most of them were regular customers of big casinos in the world who arrived
in their private jets, Shinmin Daily reported.
These big-time gamblers, who had planned to fly to Macau and Las Vegas
during the Lunar New Year period, had at the last minute changed their mind
to try their luck at the new casino in the republic.
It is learnt most of them landed at Seletar Airport, where they were
transported to Resorts World Sentosa in limousines.
Malaysians and Singaporeans visitors have also rushed to the casino on its
It was observed that gamblers travelling in at least 20 sports cars
including Ferrari and Lamborghini arrived at the casino in the evening and
left only the next day.
Thursday, February 18, 2010
Wednesday, February 17, 2010
Tuesday, February 16, 2010
Market Technical Analysis - Dollar Drops Hard, Commodities & Markets Surge...Be Ready For Next Move.
Thursday, February 11, 2010
SOFT-OPENING OF THE CASINO AND PREVIEW OF UNIVERSAL STUDIOS SINGAPORE BY RESORTS WORLD AT SENTOSA PTE. LTD.
Wednesday, February 10, 2010
Happy CNY !
Thank you for your support !
Chinese new year market close details
China: 15 Feb to 19 Feb
Hong Kong: 15 Feb to 16 Feb
Malaysia: 15 Feb to 16 Feb (CNY) and 26 Feb (The Prophet's Birthday)
Singapore: 15 Feb to 16 Feb
Indonesia: Business as usual
Thailand: Business as usual
The Regional Morning Note will be published per normal in view that the
Indo, Thai, US and UK markets are open.
Have a blessed Lunar New Year.