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  • OCBC - Wealth Monthly
    viewing experience is optimised from a desktop laptop computer Investing In Overseas Properties October 2012 Julian Sedgwick from Savills and Lim Wyson a member of the OCBC Wealth Panel share some interesting insights about investing in overseas properties Video viewing experience is optimised from a desktop laptop computer Investing In Foreign Currencies September 2012 In this video Michael Tan Head of Wealth Advisory at Wealth Management Singapore and a member of the OCBC Wealth Panel shares more about what drives foreign currencies and how to invest in them Video viewing experience is optimised from a desktop laptop computer Benefits of legacy planning August 2012 In this video we tell you how legacy planning can help protect your estate against market volatility and offer peace of mind Video viewing experience is optimised from a desktop laptop computer Second half investment outlook July 2012 After a turbulent first half can investors look forward to better times in the second half Three members of the OCBC Wealth Panel share their views on the investment outlook for the latter half of this year and highlight some investment opportunities to keep in mind Video viewing experience is optimised from a desktop laptop computer Investing in turbulent times June 2012 The world has gone through dramatic changes since the U S sub prime financial crisis in 2007 We are now at the onset of a new normal or a new global reality where markets have become a lot more volatile and risky Find out how best to invest and navigate in these turbulent times Previous Conversations Critical to Have Mortgage Insurance For those with an outstanding home loan it is important to have mortgage insurance to protect their dependents Still a Strong Case to Invest in Commodities Despite the potential volatility there is still a strong

    Original URL path: http://ocbc.com.sg/personal-banking/premier/wealth-monthly.html (2012-12-22)
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  • OCBC - Market Insights & Seminars - Market outlook
    Past performance figures are not necessarily indicative of future or likely performance Any reference to any specific company financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same The contents hereof may not be reproduced or disseminated in whole or in part without OCBC Bank s written consent Time To Turn Bullish Lim Wyson The European Central Bank ECB and the U S Federal Reserve Fed surprised investors with bolder than expected measures in September causing stock and commodity markets to rally and the U S dollar to weaken on the back of greater risk appetite The fact that both central banks announced an unlimited bond buying programme caught many investors off guard The fact that the Fed s move came about a week after the ECB s announcement signalled to investors that there was some form of concerted action from these central banks to send a clear message to the world that they have turned aggressive and are not to be underestimated But are the moves by the Fed and ECB game changing Also should you now turn bullish and start buying aggressively While we have turned more positive on riskier assets like stocks and commodities we are by no means bullish on them at this juncture for a number of reasons Firstly in the case of the ECB its measures can only work if troubled nations seek a bailout and subject themselves to strict austerity measures and budgetary scrutiny both of which are politically troublesome Secondly after two rounds of quantitative easing by the Fed there is some scepticism that a third round will make a huge difference to the economy especially since interest rates are already very low As we had said last month the pick up in equity markets may have given rise to the impression that things are on the mend However the reality is the economic and earnings outlook appears to be showing signs of deterioration and unless this can be reversed the rally we saw in recent months may not be sustainable Europe and the U S aside there are also fears about a sharper than expected slowdown in China Political scandals ahead of the upcoming leadership transition appear to be hampering policy response to the slowdown and this is rather worrying While there are good reasons for investors to turn more positive it may not yet be time to be overly bullish Our overall strategy remains largely unchanged buy gradually and focus on investments that are fundamentally sound and offer a good yield LIM WYSON Head Global Wealth Management OCBC Bank Focus On Asian Equities Michael Tan There may be an increasing focus on equities as risk sentiment gains ground after the recent actions by the ECB and the Fed In the equity space our preference remains as Asia ex Japan where economic conditions and valuations seem more attractive Investors may want to consider the Schroder Asian Equity Yield Fund It focuses on providing returns by investing in Asia ex Japan companies which Schroders believes offer attractive dividend yields and sustainable dividend payouts The Fund aims to make a distribution of 4 per cent per annum paid monthly with the potential for capital appreciation as well Bonds Wing Tai Holdings bonds with a coupon rate of 3 30 per cent and maturing on 26 May 2015 is attractive due to two major factors Firstly the company has taken steps to reduce the overall volatility of its cash flow Secondly we believe that the company has a strong liquidity position that is sufficient to meet its near term debt obligations Bond Funds Investors who prefer to have a diversified portfolio of bonds with a smaller outlay can consider the Templeton Global Total Return Fund which invests in sovereign and corporate bonds worldwide The Fund has a large exposure to Emerging Market bonds for higher yield Other than coupon income and capital gains it also uses currency exposure to maximise potential total investment return of the portfolio Monthly distribution is made at the discretion of the Fund Manager Equities For Singapore ELCI ideas we still prefer the commodity sector One counter that offers exposure to this sector is Noble Group Ltd whose core business is in providing global supply chain management services It reported a strong set of results in the first half of 2012 with revenue rising 19 per cent driven by its Metals Minerals and Ores MMO and Energy businesses Furthermore the company is in a strong liquidity position allowing it to add assets to its portfolio should it choose to do so For U S equities investors can consider Wells Fargo Co The diversified financial services company increased its Tier 1 common equity under Basel I on 30 June 2012 An increase in second quarter net income and a drop in non performing assets from the previous quarter are also likely to provide support to the company Alternative Investments Investors who want exposure to gold can consider the Schroder AS Gold and Precious Metals Fund Given Fed s QE3 initiative gold price could possibly reach US 1 850 per ounce by year end Currencies Given the improved risk sentiment investors may consider Dual Currency Returns DCR with pairings into commodity currencies like the Australian dollar and Canadian dollar Commodity currencies traditionally perform well after the Fed s quantitative easing efforts and we believe they will remain supported in the interim despite fears of a slowdown in China We see support at the S 1 2700 to S 1 2750 level for the Australian dollar versus the Singapore dollar while there is support for the Canadian dollar against the Singapore dollar at around the S 1 2500 level MICHAEL TAN Head Premier Wealth Advisory Wealth Management Singapore OCBC Bank More Positive On The Global Investment Outlook Simon Flood Global markets got a boost in September due to positive developments in the Eurozone especially the ECB s announcement of an unlimited bond buying programme However the severity of the issues faced by the Eurozone means that there are no quick fixes Additional measures will be required such as the agreement of austerity plans a timeline for compliance and some form of fiscal and banking union all of which could prove difficult In the U S recent economic data shows that the economy remains sluggish with insufficient momentum to meaningfully reduce unemployment Consequently the Fed announced a third round of quantitative easing QE3 in September The open ended nature of the Quantitative Easing QE programme represented a shift in the Fed s attitude and signalled that it was willing to act more aggressively and in a sustained manner to promote job creation Cyclically the promises of unlimited easing by both the Fed and the ECB should result in improving confidence and economic stability This should prove positive for risk assets especially if economic data shows improvement The reduction in tail risk in Europe while significantly priced in is likely to result in incrementally more funds flow to risk assets The path forward will inevitably see periods of volatility and possible trigger events in the near term include the following In Europe Spain could cause uncertainty by not asking for a bailout soon enough the Troika s the International Monetary Fund the European Commission and the ECB report on Greece s progress in cutting its debt burden is due to be released in late September in the U S the impending fiscal cliff is likely to become an increasing cause of concern for markets in Asia China s economy has yet to show signs of improving as it continues to undergo a structural adjustment from one predominantly based on fixed asset investment to one that is driven more by domestic consumption Against this backdrop we will increase the allocation to risk assets when buying opportunities surface Cyclical growth appears to be bottoming However this is against the backdrop of a challenging global growth outlook in the medium term SIMON FLOOD Chief Investment Officer Lion Global Investors Singapore Bourse Likely To Trade Sideways Carmen Lee For investors in the Singapore stock market it felt like Christmas came early this year when both the ECB and the Fed announced monetary stimuli in September This boosted sentiments and Singapore equities rallied in tandem with global equity markets bucking expectations that investors would turn cautious in September due to several global uncertainties While the initial reactions to the monetary stimuli were positive for equities and other riskier assets the longer term repercussions remain uncertain as economic and corporate earnings data continue to show further weakness Investors also remain concerned about trouble spots in Europe and China In addition the measures by the ECB and Fed will take time to impact the European and the U S economies positively As such we do not expect U S and European economic data to turn positive in the coming months and markets are likely to remain volatile Against this volatility gains for Singapore equities are likely to be capped as investors may take profits ahead of the third quarter corporate earnings season given the lack of longer term visibility Nevertheless equities are likely to be well supported because valuations are still not expensive and also because interest rates are low and are likely to remain that way for a couple of years at least Looking ahead we expect the Singapore stock market to trade within a narrow band after the strong gains in recent months We continue to favour the Oil Gas Healthcare REITs and Telecommunications sectors as well as some property stocks Our top picks include Sembcorp Marine Biosensors International Group Ascott Residence Trust and City Developments CARMEN LEE Head Investment Research OCBC Bank Central Banks Launch Global Offensive Selena Ling Central banks went on the offensive against the faltering world economy with the Fed emerging the most aggressive with its bold move to launch another round of quantitative easing through an open ended purchase of US 40 billion of mortgage backed securities each month The ECB also announced an unlimited bond purchase programme for short dated tenors less than 3 years in September although this is conditional on countries officially requesting for help and is subject to budgetary targets and scrutiny However it remains uncertain if Spain or Italy will officially apply for help In Japan the country s central bank announced monetary stimulus with the Bank of Japan BOJ expanding the size of its asset purchase programme by another 10 trillion Yen and removing the minimum bid of 0 1 per cent per annum on Japanese government bonds and corporate bonds potentially opening the door to negative rates However compared to the Fed s and ECB s moves the BOJ s move was the least aggressive QE3 and the concerted monetary easing by the major central banks have boosted global risk appetite and along with it stock prices and commodity prices especially gold On the other hand they have depressed the U S dollar and 10 year Treasury bonds due to heightened inflation expectations The reduction of tail risk due to QE3 and the ECB s measures has also reduced the appeal of safe havens like German government bonds While QE3 should benefit emerging market carry trades the looming economic slowdown in Asia and especially China may hamper such trades Given the Chinese government s reticent approach to policy stimulus sentiments towards China are likely to remain soft until there is greater evidence that growth is stabilising or poised to rebound Concerns about China aside worries about the impending U S fiscal cliff and geopolitical tensions among China Japan and in the Middle East mean that global central banks are likely to remain on guard and maintain an easy monetary policy SELENA LING Head of Treasury Research Strategy OCBC Bank Quantitative Easing To Weigh On The U S Dollar Selena Ling The U S dollar is likely to remain on the defensive especially against higher yielding currencies like the Australian New Zealand and Canadian dollars after the Fed launched another round of quantitative easing in September Elsewhere although central banks in the Eurozone the U K and Japan have also launched monetary stimuli their measures have been less aggressive than the Fed s and consequently the currencies of these countries should still enjoy relative strength against the U S dollar Despite the Greenback s recent weakness the recent improvement in global risk appetite that has weighed on the currency is not a surety The situation in the Eurozone remains dicey and any negative news out of the region could lead to a return of risk aversion which could result in a temporary rebound of the U S dollar Also unlike the past when concerted monetary easing by global central banks was cheered by investors this time around there are underlying worries about the sharper than expected slowdown in global growth which could dampen risk appetite in the short term In this respect it is worthy to note that the Australian dollar has been unable to shake off its underperformance relative to other major currencies despite the monetary easing by the G3 central banks This serves as a useful reminder that the investment climate has not turned decidedly risk on and there remains some scepticism In Asia as well currencies may not strengthen as significantly against the U S dollar despite the Greenback s weakness due to quantitative easing because the global outlook remains fraught with risks In addition the outlook for Asian currencies is also dependant on the region s export performance and capital inflows both of which have been weak in recent months In Singapore the move by major global central banks to ease monetary policy in September has led to expectations that the Monetary Authority of Singapore MAS will also follow suit with easier monetary policy in October After its last policy meeting in April the central bank had signalled its willingness to let the Singapore dollar appreciate at a faster pace Our central view is that the MAS is likely to change its stance and turn less hawkish SELENA LING Head of Treasury Research Strategy OCBC Bank Commodity Sector Gets A Boost From Policy Stimulus Vasu Menon Monetary easing by major central banks and China s fiscal stimulus in September boosted commodity prices and caused investors to turn bullish on the sector Gold was a key beneficiary of the Fed s move to launch QE3 in September In the past month gold price has rallied nearly 10 per cent from the US 1 600 ounce level as investors began speculating about QE3 The Fed did not disappoint investors and its announcement of QE3 caused the U S dollar to weaken which spawned concerns about inflation both of which are positive for gold We remain medium term positive on gold low interest rates continued demand for the precious metal from central banks and the expected devaluation of the U S dollar should support the gold price Meanwhile oil prices have also steadily trended up Sanctions on Iran continue to support oil prices but we see limited upside for three reasons Firstly the global economy remains weak and this is likely to cap prices Secondly the possibility of Saudi Arabia increasing production or the U S releasing stocks from its strategic reserves should limit upside Finally the recent territorial disputes between the world s two largest oil consuming nations China and Japan could possibly lead to a fall in fuel demand On industrial metals we have seen prices moving higher in the past month In particular the prices of aluminium nickel and copper have moved up by about 10 per cent The price pick up was fuelled by China s recent approval of US 157 billion of infrastructure projects Going forward any further monetary easing or stimulus by the Chinese central bank or its counterparts elsewhere could provide a short term catalyst for higher industrial metals prices However a sharper than expected slowdown in China remains a risk that may cap price gains or even cause prices to soften Corn prices have declined from its high of US 8 50 a bushel in the past month and trended lower steadily by more than 10 per cent This was due to a combination of improved weather increased rainfall and cooler temperatures as well as higher harvesting speed by the U S farmers Further improvement in the weather may cap agricultural prices VASU MENON Head Content Research Wealth Management Singapore OCBC Bank Important Information Any opinions or views of third parties expressed in this material are those of the third parties identified and not those of OCBC Bank The information provided herein is intended for general circulation and or discussion purposes only It does not take into account the specific investment objectives financial situation or particular needs of any particular person Before you make any investment decision please seek advice from your OCBC Relationship Manager regarding the suitability of any investment product taking into account your specific investment objectives financial situation or particular needs In the event that you choose not to seek advice from your OCBC Relationship Manager you should carefully consider whether the product is suitable for you This does not constitute an offer or solicitation to buy or sell or subscribe for any security or financial instrument or to enter into any transaction or to participate in any particular trading or investment strategy By buying Dual Currency Returns you are giving us the right to repay you at a future date in a different currency from the currency in which you made your original investment even if you would prefer not to be paid in this currency at that time Dual Currency Returns are affected by foreign exchange rates which may affect how much you get back from your investment You may receive less than you originally invested Foreign exchange control restrictions may apply to the foreign currencies linked to your Dual Currency Returns As a result we may repay your investment and interest in a different currency You may receive less than you originally invested when the amount of this different currency is converted back to the base currency the currency you originally invested You may be able to get information on foreign exchange control restrictions if any for each foreign currency offered in relation to Dual Currency Returns from the relevant monetary regulatory or other governmental authorities for that currency We will not end Dual Currency Returns before the maturity date the date they are due to end You may however withdraw the amount you originally invested before the maturity date If you do this please remember that you will have to pay any charges that apply which are calculated based on the amount of time remaining before the maturity date as well as current market conditions relating to strike prices foreign exchange rates and changes in the underlying foreign exchange pair These charges may mean that you get back much less than you originally invested A copy of the prospectus of each fund is available and may be obtained from the relevant fund manager or any of its approved distributors Potential investors should read the prospectus for details on the relevant fund before deciding whether to subscribe for or purchase units in the fund The value of the units in the funds and the income accruing to the units if any may fall or rise Please refer to the prospectus of the relevant fund for the name of the fund manager and the investment objectives of the fund OCBC Bank its related companies their respective directors and or employees collectively Related Persons may have positions in and may effect transactions in the products mentioned herein OCBC Bank may have alliances with the product providers for which OCBC Bank may receive a fee Product providers may also be Related Persons who may be receiving fees from investors OCBC Bank and the Related Persons may also perform or seek to perform broking and other financial services for the product providers Foreign currency investments or deposits are subject to inherent exchange rate fluctuations that may provide opportunities and risks Earnings on foreign currency investments or deposits would be dependent on the exchanges rates prevalent at the time of their maturity if any conversion takes place Exchange controls may be applicable from time to time to certain foreign currencies Any pre termination costs will be deducted from your deposit No representation or warranty whatsoever including without limitation any representation or warranty as to accuracy usefulness adequacy timeliness or completeness in respect of any information including without limitation any statement figures opinion view or estimate provided herein is given by OCBC Bank and it should not be relied upon as such OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time All information presented is subject to change without notice OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein The information provided herein may contain projections or other forward looking statements regarding future events or future performance of countries assets markets or companies Actual events or results may differ materially Past performance figures are not necessarily indicative of future or likely performance Any reference to any specific company financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same The contents hereof may not be reproduced or disseminated in whole or in part without OCBC Bank s written consent Perspectives Lim Wyson Stock markets have rallied in recent weeks due to hope among investors that monetary policy makers in Europe the U S and China will do what it takes to safeguard their economies We have seen a wave of policy easing with rate cuts in China Europe Australia and quantitative easing in the United Kingdom among others These measures have helped to boost investor confidence but what investors are really hoping for are big bang measures out of the U S and Europe which will shock and awe markets helping to sustain the recent gains or even fuel a strong rally Even if the European Central Bank ECB or the U S Federal Reserve Fed comes through with additional measures it may not be enough to fuel a sustainable market rally unless and until economic and earnings fundamentals start to show improvement Also the law of diminishing returns suggests that the impact of incremental policy measures may start to wane as their novelty wears off and the crisis in Europe drags on Policy measures may no doubt boost equity markets in the short term but they will probably be insufficient to eradicate Europe s highly complex structural problems that will probably take years to resolve Also the U S fiscal cliff looms in the horizon and is a key risk factor that only politicians can resolve While the pick up in equity markets in recent weeks may have given rise to the impression that things are on the mend the reality is that the gains have been on low volumes indicating a lack of buying conviction while economic and earnings forecasts have been downgraded Despite the uncertainties ahead we remain positive on equities for the medium term especially Asian equities and continue to advocate a drip feed strategy of buying gradually over the coming months as we see more volatility in markets Investors should keep some dry powder in case markets pull back due to renewed fears about Europe and global growth At this stage it is best to focus on yield and defensive themes given the low interest rate environment and uncertain global outlook LIM WYSON Head Global Wealth Management OCBC Bank Focus On Dividend Paying Investments Michael Tan We are positive on Asian equities because of the region s superior economic and corporate fundamentals and also because more companies in the region are paying out dividends and increasing their payouts as well Given the above backdrop it is worthwhile for investors to consider the Schroder Asian Equity Yield Fund It seeks to invest into Asia ex Japan companies that may offer attractive yields and sustainable dividend payments It makes a potential distribution of 4 per cent per annum of the Fund s Net Asset Value NAV with a monthly payout and also provides the potential for capital gains Bonds AIMS AMP Capital Industrial REIT with a coupon rate of 4 9 per cent and maturing on 8 Aug 2016 is an attractive bond to consider The REIT has been reporting stable occupancy rates for its industrial properties and benefits from the growing asset values for such in Singapore The credit profile of the REIT is stable it has sufficient liquidity to cover its operational expenditure and has a steadily improving cash flow to debt ratio Bond Funds Investors who prefer to have a diversified portfolio of bonds with a smaller outlay can consider the Templeton Global Total Return Fund which invests into sovereign and corporate bonds globally The Fund has a large exposure to Asian and Emerging Market bonds for potentially higher yield and capital appreciation It also uses currency exposures to maximise total investment return Monthly dividend distribution is made at the discretion of the Fund Manager Equities For Singapore ELCI ideas we suggest Noble Group Ltd whose core business is providing global supply chain management services It has just reported a strong set of results for the first half of this year with revenue rising 19 per cent driven by its Energy and MMO Metals Minerals and Ores units Furthermore the company has a strong liquidity position allowing it to add assets to its portfolio if it chooses to For U S equities investors can consider Wells Fargo Co The diversified financial services company has increased its Tier 1 common equity under Basel I on June 30 2012 An increase in second quarter net income and a drop in non performing assets from the previous quarter are also likely to sit well with investors Alternative Investments Investors who want exposure to gold can consider the Schroder AS Gold and Precious Metals Fund If the Fed announces another round of quantitative easing this should augur well for the price of gold Currencies The Sterling has rallied recently because the Bank of England appeared more reluctant to pursue further asset purchase programmes There are also signs of renewed inflationary pressure The Sterling is likely to trade between the S 1 9600 to S 2 0000 range against the Singapore dollar in the short term Investors with Singapore dollars can consider Dual Currency Returns by pairing against the Sterling MICHAEL TAN Head Premier Wealth Advisory Wealth Management Singapore OCBC Bank Consolidation Expected After Recent Price Gains Simon Flood In recent months a wave of policy easing by central banks and improving news flow from Europe led to an increase in risk appetite which saw equity markets appreciate while U S Treasuries were sold off Going forward the focus remains firmly on global growth and some key data points in Europe In the U S data has continued to display a degree of inconsistency which continues to unsettle investors The slight improvement in economic indicators has meant that it is unclear though possible if there will be a third round of quantitative easing by the Fed In Europe uncertainty surrounds the ECB s potential bond buying programme which in turn is contingent upon Spain requesting a formal bailout package Greece s progress towards its deficit reduction targets and the outcome of the German Constitutional Court s ruling on the European Stability Mechanism ESM In China economic data has been consistently weak and the government has responded with measures However the Chinese Authorities have to be careful not to over stimulate those parts of the economy such as property development which they have worked hard to contain The recent uptick in property sales and prices makes this a particularly delicate balancing act In the immediate future we expect the markets to consolidate their positions following a period of appreciation while remaining watchful for the potential of additional stimulus measures in the U S Europe and China In the U S the impending fiscal cliff is likely to become an increasing source of concern for markets with various tax cuts and fiscal transfers due to expire by the end of this year This could lead to a sharp slowdown in economic growth next year unless some of these measures are extended Pragmatic decisions regarding this are unlikely to be made before the U S Presidential Election in November thus increasing the possibility of market turbulence in the fourth quarter Against this backdrop we will continue to position ourselves to increase our allocation to risk assets where buying opportunities present themselves in the aftermath of any market volatility SIMON FLOOD Chief Investment Officer Lion Global Investors Short Term Upside Looks Limited Carmen Lee September could be a volatile month for the Singapore stock markets due to several key events including the Fed and ECB policy meetings as well as the decision by the German Constitutional Court on the viability of the Eurozone s permanent rescue fund The hope of more stimuli from the U S and Europe has helped to boost the performance of the local bourse in recent months However we do not think that monetary stimulus on its own will be sufficient for the Singapore market which has done well so far this year to enjoy sustainable gains Corporate and economic fundamentals need to show further improvement before investors are comfortable that the local bourse is on a firmer footing In Asia the slowdown in developed economies is gradually being felt as economic growth forecasts have been cut for some countries in the region In Singapore for example the government recently cut the upper end of its growth forecast for this year from 3 per cent to 2 5 per cent While second quarter corporate earnings in Singapore came in broadly in line with market expectations forward expectations have been trimmed due to the protracted slowdown in the global economy As such we expect the generally cautious mood on the local bourse to prevail for now This will cap gains in the near term especially when valuations are no longer considered cheap Also after the significant run up in the ST Index so far this year investors are worried that the upside potential may be limited especially given the absence of fresh catalysts Looking ahead the continued presence of global headwinds means that Singapore companies may face significant challenges to maintain revenue and profit growth especially with the slowing economy and high operating expenses Given the above backdrop we continue to favour blue chip companies with strong track records good order books and earnings visibility and well established and experienced management teams Our favourite sectors are Healthcare Telecommunications REITs and Oil Gas Our stock picks include SembCorp Marine which is an Oil Gas play REITs such as Cache Logistics and Ascott Residence Trust healthcare company Biosensors International Group and telecommunications company M1 CARMEN LEE Head Investment Research OCBC Bank Central Banks Expected To Ease Further Selena Ling Markets are expecting major central banks especially the Fed and the ECB to ease monetary policy further However a lot will depend on how U S economic data pans out in the coming weeks and whether European politicians will take a united stand and back ECB President Draghi who has promised to do whatever it takes to save the Euro In Europe the Greek solvency issue and the high funding costs among the peripheral nations have not disappeared although market players have chosen to assume that no news is good news While Spain and Italy have received some breathing space from ECB President Draghi s pronouncement to do whatever it takes to save the Euro details remain sketchy and investors are wondering if the ECB will be able to deliver with concrete action to back its President s bold rhetoric In Asia second quarter economic growth figures have been disappointing prompting many governments in the region to lower their full year growth forecasts The key exceptions were Malaysia and Indonesia which have larger and more resilient domestic demand support China remains a key driver of Asia s growth with markets remaining concerned if its economy will bottom in the third quarter and pick up towards the end of the year The Chinese central bank has not reacted further to the softening economic data with any interest rate or reserve requirement ratio cuts since early July suggesting a wait and see attitude Adding to the monetary policy dilemma is the rebounding commodity prices particularly crude oil and food Asian central banks are clearly aware of the risk of stronger local currencies that have benefited from the pick up in investors risk appetite in recent weeks Stronger currencies may not be the best piece of news for Asia as it will hurt exports that are already being affected by weaker global demand SELENA LING Head of Treasury Research Strategy OCBC Bank U S Dollar Likely To Remain Soft Selena Ling The U S dollar weakened broadly over the past month as investors risk appetite picked up after they turned hopeful that major central banks especially the Fed and ECB would undertake further monetary stimulus in the coming weeks In the short term we expect the Greenback to remain fairly soft The minutes of the Fed s July policy meeting released in late August hinted it may launch another round of monetary stimulus soon This coupled with some better than expected U S economic data could weigh on the Greenback A currency that has benefited from the improvement in risk appetite and a pick up in carry trades is the Australian dollar However after a fairly significant run up in recent weeks the currency seems to be experiencing some fatigue Similarly the Singapore dollar which has also been fairly strong in recent weeks is experiencing some fatigue The Australian dollar s recent fatigue in the G10 space is worth watching and may be indicative that investors are turning more wary of the currency after its outperformance in recent weeks Given this view on the Australian dollar we have ceased calling for investors to short the Euro versus the Australian dollar However those who are still keen on the Australian dollar can consider a carry trade involving the Australian dollar and the Japanese yen In the coming weeks the market s focus may be channelled increasingly towards the Eurozone where we continue to see scope for tactical outperformance by the Euro To this end we also expect the Pound to be a beneficiary of any potential positive news from the Eurozone In addition on the Asian front we think that background optimism remains intact with the Korean won likely to carve an edge over its peers such as the Japanese yen and Singapore dollar Elsewhere the Indian rupee s recent improvement against the U S dollar also underscores our previous assertion that the bearish sentiment towards the currency has been overdone SELENA LING Head of Treasury Research Strategy OCBC Bank Mixed Outlook Vasu Menon Precious and industrial metals have been treading water while the agricultural sector and to a lesser extent the energy sector have done better since the end of the second quarter The commodity sector s short term prospects remain mixed at this juncture due to the uncertain outlook for global growth and the U S dollar In recent weeks the prospect for further monetary easing by the Fed has eased due to some better than expected U S economic data and concerns about inflationary pressures due to higher oil prices and food costs This together with the revelation

    Original URL path: http://ocbc.com.sg/personal-banking/premier/market-outlook.html (2012-12-22)
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  • OCBC- Premier Client Referral Programme Terms & Conditions
    Client is one off under the Programme regardless of the number of successful referrals collectively the gift Referred Clients must open their new account as the primary account holder Referred Clients are required to maintain the minimum balance of S 200 000 or its equivalent in a foreign currency in the relevant account for six months from account opening to be recognized as a successful referral for the purposes of the Programme A reward redemption letter will be sent to the Eligible Client and Referred Client within three months from the date of each successful referral If the Referred Client fails to maintain the minimum balance of S 200 000 for 6 months OCBC Bank reserves the right to debit the value of the gift s rewarded including the shopping voucher s and dining voucher s from any account of the Eligible Client and the Referred Client Referred Clients are eligible to participate in the Programme and make referrals only after their accounts have been successfully opened with OCBC Premier Banking Existing Premier Banking clients who close and re open their OCBC Premier Banking single joint accounts within the last 12 months will not qualify as a Referred Client for the Programme Eligible Clients are not allowed to refer themselves for this Programme To be eligible for the reward under the Programme an Eligible Client must not be the joint account holder of the new OCBC Premier Banking account opened by the Referred Client If a Referred Client is referred by more than one Eligible Client the Eligible Client from whom OCBC Bank receives the Client Referral Form first will be entitled to the reward a The Eligible Client consents to having the referrals and his or her name disclosed to the person s referred by them to OCBC Bank b The Referred Client consents to having his or her name and status of successful signing up under the Programme disclosed to the Eligible Client OCBC Bank reserves the right to terminate or suspend this Programme or add to delete and or vary these Terms and Conditions where it deems necessary in its absolute discretion at any time without notice This Programme is not valid with any other promotions or offers held or conducted by OCBC Bank The redemption letters will be valid for 1 month from the date of issuance and only original copies of the reward redemption letters will be accepted by the relevant merchant OCBC Bank reserves the right to substitute the reward with another item of similar value at any time without notice All reward redemption letters are non transferable and cannot be exchanged for cash credit or kind and will be subject to the terms and conditions of the relevant merchant Usage of the vouchers is subject to the terms and conditions accompanying them e g vouchers are to be utilized no later than the expiry date indicated on each voucher OCBC Bank is not a supplier of the product and or services provided by

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  • safeguarding-your-internet-banking-access
    PIN should not be used for different websites applications or services particularly when they relate to different entities g Please do not select the browser option for storing or retaining user name and password h Please check the authenticity of the bank s website by comparing the URL and observing the bank s name in its digital certificate or by observing the indicators provided by an extended validation certificate i Please check that the bank s website address changes from http to https and a security icon that looks like a look or key appears when authentication and encryption is expected j Please do not allow anyone to keep use or tamper with your 2FA security token k Please do not reveal the OTP One Time Password generated by the 2FA token to anyone l Please do not divulge the serial number of your 2FA token to anyone m Please check your bank account balance and transactions frequently and report any discrepancy 4 Please install anti virus anti spyware and firewall software in your personal computers particulary when you are linked via broadband connections digital subscriber lines or cable modems 5 Please update the anti virus and firewall products with security patches or newer versions on a regular basis 6 Please remove file and printer sharing in your computers especially when you have internet access via cable modems broadband connections or similar set ups 7 Make regular backup of critical data 8 Consider the use of encryption technology to protect highly sensitive data 9 Log off the online session and turn off the computer when not in use 10 Do not install software or run programs of unknown origin 11 Delete junk or chain emails 12 Do not open email attachments from strangers 13 Do not disclose personal financial or

    Original URL path: http://ocbc.com.sg/personal-banking/online-banking/safeguarding-your-internet-banking-access.html (2012-12-22)
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  • terms-and-conditions governing the-use-of-the-OCBC-EasiRemit-service-en
    upon the Bank s receipt notwithstanding any error fraud forgery lack of clarity or misunderstanding in respect of such Remittance Request s 3 6 Without prejudice to the Terms and Conditions herein any refund of funds may be permitted at the Bank s sole discretion at such buying rate of exchange determined by the Bank for the relevant currency fees all charges and expenses which shall be borne by the Customer 4 Exchange Rate and other charges 4 1 Each Remittance Request shall specify the Remittance Amount in Singapore Dollars The Remittance Amount shall be converted into the equivalent Foreign Amount at such exchange rate as determined by the Bank from time to time 4 2 In addition to the applicable exchange rate a non refundable service charge will be applied The Customer agrees to pay the Bank any service charge as may be imposed by OCBC Bank from time to time for the use by the Customer of the Service 4 3 Any calculation conversion determination or certification by the Bank of a rate or amount in relation to any Remittance Transaction or utilisation of the Service shall in the absence of a clear and obvious error be conclusive evidence of the matters to which it relates 4 4 The service charge paid by Customer to the Bank for the Service does not include any charges that may be imposed by the designated Beneficiary s bank or any third party such as charges and or fees for depositing or withdrawing funds or foreign exchange margins The Customer acknowledges and agrees that these third party charges may reduce the amount ultimately received by the Beneficiary 4 5 The Bank reserves the right to refuse to act upon any Remittance Request without assigning any reason 5 Remittance Transactions 5 1 Without prejudice to any other provision in these Terms and Conditions the Service shall be subject to Restrictions and the following a the Beneficiary maintaining an account with the Beneficiary Bank in the relevant country outside of Singapore and that such account has not been closed terminated or otherwise left dormant b the Bank having received sufficient information from the Customer on the Beneficiary and the accounts of the Beneficiary in order to effect any Remittance Transaction pursuant to a Remittance Request c all applicable laws and regulations including those of the relevant country including without limitation any law or regulation relating to currency conversion and exchange control 5 2 The Customer shall be wholly responsible for all Remittance Transactions executed via any of the Channels The Bank may debit the Account s with the amount of any withdrawal or transfer in accordance with the Bank s record of Remittance Transactions All Remittance Transactions arising from the use of any of the Channels to operate designated Joint Account s shall be binding on all Joint Account s holders 5 3 The Customer accepts the Bank s record of Remittance Transactions as conclusive and binding for all purposes Without prejudice to the generality of the foregoing in the event of any unsuccessful attempt by Customer to credit the Beneficiary s Bank Account including partially successful fund transfers through any of the Channels for any reason whatsoever the Bank s determination of the actual amount if any transferred shall be conclusive and binding on the Customer 6 Exemption of Liability Indemnity 6 1 The Bank does not warrant that the transfer of funds will reach the Beneficiary It may make use of any branch or correspondent agent or sub agent and shall not be under liable for any errors negligence suspension or default of any of them or for any failure to identify the Beneficiary the Beneficiary s bank or any mispayment by any of them nor shall the Bank be under any liability for any errors mutilations delays mis delivery or failure of delivery in the transmission of any message in connection with this transaction whether or not in code or any such means of transmission or for any imposition of any exchange control or other restriction all such risks being borne by the customer Under no circumstances shall the Bank be liable for any consequential damages of any sort 6 2 The Customer agrees that the Bank shall not be liable for any loss or damage which the Customer may suffer as a result of the Customer s use of or failure to obtain the Service including without limitation any unsuccessful withdrawal deposit or transfer of funds payment or any failure to access the Account s In particular the Bank shall under no circumstances be liable if the Service through any of the Channels is unavailable limited or affected in any way for any reason whatsoever including power or other failure Without prejudice to the generality of the foregoing the Bank may impose a daily limit of such amount as the Bank may determine from time to time without notice to the Customer on the maximum aggregate amount that may be transferred from the Account s using any of the Channels during any day or other period as determined by the Bank from time to time 6 3 Without prejudice to the foregoing In the event that the Foreign Amount is not received by the Beneficiary whatever the reason any liability of the Bank will be conditional upon its receipt of confirmation from the Bank s branch correspondent agent or sub agent of the failed remittance abroad and shall be limited to refunding the Remittance Amount 6 4 The Bank its correspondents and agents shall not be liable for any delay or loss caused by or as a consequence of any law order or regulation or directive of any country which imposes any exchange or currency restrictions affecting the conversion or transfer of the Foreign Amount or the failure of any clearing settlement or payment system in any country or any other cause whatsoever 6 5 The Bank its correspondents and agents shall not be liable for any diminution in the

    Original URL path: http://ocbc.com.sg/personal-banking/Terms-and-conditions%20governing%20the-use-of-the-OCBC-EasiRemit-Service-en.html (2012-12-22)
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  • Daily Prices - Foreign Currency Time Deposit Rates
    A N A 2 95000 3 20000 27 12 2012 Above 2 500 000 2 85000 N A 2 90000 N A 2 90000 N A N A 2 95000 3 20000 27 12 2012 back to top EUR Euro Time Deposit Amt 1 month 2 month 3 month 5 month 6 month 7 month 8 month 9 month 12 month Value Date First 49 999 N A N A N A N A N A N A N A N A N A 27 12 2012 50 000 99 999 N A N A N A N A N A N A N A N A N A 27 12 2012 100 000 249 999 N A N A N A N A N A N A N A N A N A 27 12 2012 250 000 499 999 N A N A N A N A N A N A N A N A N A 27 12 2012 Above 500 000 N A N A N A N A N A N A N A N A 0 02750 27 12 2012 back to top HKD HongKong Dollar Time Deposit Amt 1 month 2 month 3 month 5 month 6 month 7 month 8 month 9 month 12 month Value Date First 499 999 N A N A N A N A N A N A N A N A 0 06000 27 12 2012 500 000 999 999 N A N A N A N A N A N A N A N A 0 12250 27 12 2012 1 000 000 1 999 999 N A N A N A N A N A N A N A N A 0 18500 27 12 2012 2 000 000 3 999 999 N A N A N A N A N A N A N A 0 07000 0 31000 27 12 2012 Above 4 000 000 N A N A N A N A 0 12500 N A N A 0 19500 0 43500 27 12 2012 back to top JPY Japanese Yen Time Deposit Amt 1 month 2 month 3 month 5 month 6 month 7 month 8 month 9 month 12 month Value Date First 9 999 999 N A N A N A N A N A N A N A 0 07500 0 18500 27 12 2012 10 000 000 19 999 999 N A N A N A N A N A N A N A 0 07500 0 18500 27 12 2012 20 000 000 49 999 999 N A N A N A N A N A N A N A 0 07500 0 18500 27 12 2012 50 000 000 79 999 999 N A N A N A N A N A N A N A 0 07500 0 18500 27 12 2012 Above 80 000 000 N A N A N A N A N A N A N A 0 07500 0 18500

    Original URL path: http://ocbc.com.sg/rates/daily_price_fd.html (2012-12-22)
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  • Daily Prices - FX Rates
    A N A JPY 100 JPY Japanese Yen 1 4724 1 4303 1 4263 NZD 1 NZD New Zealand Dollar 1 0245 0 9937 0 9887 NOK 100 NOK Norwegian Kroner 22 3346 21 6089 21 3089 LKR 100 LKR Sri Lanka Rupees 0 9883 N A N A GBP 1 GBP Sterling Pound 1 9981 1 9556 1 9456 SEK 100 SEK Swedish Kroner 19 0113 18 4148 18 1148 CHF 100 CHF Swiss Franc 135 3775 131 6430 131 1430 THB 100 THB Thai Bahts 4 1101 3 8769 3 7969 back to top Foreign Exchange involving US CODE UNIT CURRENCY BANK SELLING TT OD BANK BUYING TT O D AUD 1 AUD Australian Dollar 1 0537 1 0287 N A CAD 1 USD Canadian Dollar 0 9800 1 0050 N A CNH 1 USD Chinese Yuan Offshore 6 0930 6 3530 N A DKK 1 USD Danish Kroner 5 5596 5 7596 N A EUR 1 EUR Euro 1 3303 1 3053 N A HKD 1 USD HongKong Dollar 7 7199 7 7699 N A INR 1 USD Indian Rupees 53 0600 N A N A IDR 1 USD Indonesian Rupiah 9050 0000 N A N A

    Original URL path: http://ocbc.com.sg/rates/daily_price_fx.html (2012-12-22)
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  • OCBC Business Banking - Help & Support - Digipass
    is not possible to share a Digipass Once a Digipass has been registered to a user the correct device must be used for login otherwise the login will fail The Digipass cannot be registered to another Velocity ocbc user This protects and ensures the integrity of each user s access to Velocity ocbc Mixed up Digipasses Each Digipass has got its own unique serial number indicated on the back of the Digipass Once a user has completed the one time registration for their Digipass their user name ID will be registered to that Digipass making this Digipass unique to the user The Digipass cannot be registered to another Velocity ocbc user This protects and ensures the integrity of each user s access to Velocity ocbc If the Digipasses have already been registered to their respective users the correct device must be used for login otherwise the login will fail For assistance call us at 65 6538 1111 Monday Friday 8 30am to 6pm or send your enquiry to velocity ocbc com Using the Digipass overseas Yes you can use it overseas The Digipass has been designed to ensure that you will be able to use it anywhere with internet connection

    Original URL path: http://ocbc.com.sg/business-banking/help-and-support/digipass.html (2012-12-22)
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