When I mentioned average income of Singaporeans is S$6,000 a month, it sparked some debate at an internet discussion forum.

It is common that when we discuss income, it refers to Household Income. For a household with 1 person earning income, the Household Income is equivalent to 1 person's income. For a household with 2 persons earning income, thus, the Household Income is that of the total of the 2 persons' income.

Thus, when I mentioned Average Income of Singaporeans, I refer to Household Income. My apologies for any confusion caused.

According to 2007's statistic, the average Household Income is S$6,280. Forumers might want to take note of Warren Buffett's teachings that "it is better to be approximately correct, then precisely wrong." Thus, if I want to be precise, I should say "the Average Household income in Singapore is S$6,280, not S$6,000.

Global economy is not getting better, in fact, more and more companies are retrenching staff, which can only lead to a fall in consumption and bodes ill for economic recovery.

Even "internet companies" are not immune, and the latest news is MySpace.com is retrenching 2/3 of its staff worldwide.

Reuters) - MySpace, the social network owned by Rupert Murdoch's News Corp, said it plans to cut about two-thirds of its international workforce and close at least four of its offices outside the United States.

The proposed move comes a week after it said it will cut 30 percent of its staff.

Roughly half of MySpace's total user base comes from outside the United States. Rival Facebook's worldwide user base is more than double that of MySpace, according to market researcher comScore.

The proposed restructuring plan would apply to all international divisions of MySpace, reducing its international staff to about 150 from 450.

On 11 Jun 2009, I wrote an article that "Why Global Stock Markets Might Fall", when I wrote the article, many analysts were positive about the stock markets, and Dow was at 8,764 level and Singapore STI at 2,333 level.

2 weeks later, Dow closed at 8,339 or 5% down and STI closed at 2,226 or 4.6% down...In fact, some stocks in Singapore went down as much as 20% in the last 2 weeks...Below is the news by World Bank which caused the Global Stock Markets to fall these 2 days...

Thus, what is clear is that I do not do hindsight analysis and how sometimes our newsletter can help our subscribers avoid losses and lock in gains on stocks.

P.S. (our newsletter is FREE, you can subscribe at our website, http://www.HousingLoanSG.com )

Regards.

Dennis Ng, http://www.HousingLoanSG.com

June 23, 2009
WORLD'S ECONOMIES
Steeper contraction of growth projected
World Bank downgrades earlier predictions in March, citing uncertainty

The World Bank warned yesterday that prospects for the global economy remained 'unusually uncertain', despite recent signs of improvement in parts of the world, and cut this year's growth forecasts for most economies.