Om Mani Padme Hum
- wong chee tat :)
Monday, July 1, 2013
2011, 2012, 2013.... 2014 and beyond?
2011, 2012, 2013.... 2014 and beyond?
Last year, 2012, the year of the dragon, saw me in the most frustrating state. A lot of things had not gone well. A lot of things planned and turned out to be nothings.... I hoped for things to go better and whatever the outcomes all turned out to be negative. =(
Fast forward to to the first 6 months of 2013. Had exposed to interesting stuff. Some "Jokers" are ignored as they consumed time, money, energy and dampen mood.
There are 6 more months before the 2013 ends. This time, some things got to change.... from worst to best! Lets make things better!
- wong chee tat :)
Last year, 2012, the year of the dragon, saw me in the most frustrating state. A lot of things had not gone well. A lot of things planned and turned out to be nothings.... I hoped for things to go better and whatever the outcomes all turned out to be negative. =(
Fast forward to to the first 6 months of 2013. Had exposed to interesting stuff. Some "Jokers" are ignored as they consumed time, money, energy and dampen mood.
There are 6 more months before the 2013 ends. This time, some things got to change.... from worst to best! Lets make things better!
- wong chee tat :)
New home loan rules a "structural measure": Khaw
New home loan rules a "structural measure": Khaw
By Kimberly Spykerman
POSTED: 30 Jun 2013 8:29 PM
National Development Minister Khaw Boon Wan said the recent tightening of property loan rules granted by financial institutions is a structural measure to ensure a more stable property market, and is expected to be "quite permanent".
SINGAPORE: National Development Minister Khaw Boon Wan said the recent tightening of property loan rules granted by financial institutions is a structural measure to ensure a more stable property market, and is expected to be "quite permanent".
The new rules, which kicked in on Saturday, are also meant to ensure that monthly loan repayments by property buyers do not exceed 60 per cent of their income.
On Friday, Singapore's central bank introduced a Total Debt Servicing Ratio (TDSR) framework and tighter Loan-to-Value (LTV) limits on housing loans. It said the move will strengthen credit underwriting practices among banks and encourage financial prudence among borrowers.
Mr Khaw said: "Our observation is I think those people buying for home ownership is not an issue, but we do have buyers who are stretching themselves, buying second property, third property for investments, and those are the people we worry about, because when interest rates go up, and when they find themselves (being unable to) afford the increased mortgage, what would they do? They may be forced to liquidate, and who knows, if that time combines with a time where there's a bit of a glut in the property market, they may suffer financially. So I think the new rules are a good reminder."
Mr Khaw also noted that the current low interest rate is not sustainable.
He said: "If you assume that today's mortgage rate is 1.5 per cent, and let's say you buy a property, let's say your monthly mortgage is S$1,500. But it won't stay 1.5 per cent forever… Interest rates will adjust and let's say if it goes up to 3.5 per cent or 4 per cent or even higher, as not too long ago, then your monthly mortgage will suddenly increase in a very big way. And will you still be able to afford it? So I think all these prudential rules are very important, it's for the interests of the buyers.”
Separately, he said the government is looking at ways to help multi-generational families live closer to each other.
New homes are being built in the north, in areas like Yishun, Sembawang and Woodlands, to enable the children and grandchildren to be able to buy properties near their parents or their grandparents.
Mr Khaw said: "But even outside of the north, I'm trying very hard to see where we can, to allow this strong social bonding to be nurtured. Let’s try to make it as much as possible to allow two-generation, three-generation families to stay close together. Not necessarily under the same roof but within the same HDB town or even better, within the same neighbourhood."
Mr Khaw pointed out that a further expansion of Tampines is being planned, which will open up more opportunities.
He said: "Tampines is already a very mature town, with a big population there. As the children grow up, get married, and if we can enable them to buy property, HDB, near (the current) Tampines, in the form of Tampines North, I think that is wonderful. So Punggol is the same story, Pasir Ris is the same story.”
Mr Khaw spoke Sunday on the sidelines of the launch of the Sembawang Memory Project, initiated by the Sembawang GRC grassroots organisations.
Polytechnic students and youth volunteers will collect photos, artefacts and anecdotes from residents, which will be compiled into a book that is expected to be released next year. 100 residents will be participating in the project.
- CNA/xq
- wong chee tat :)
By Kimberly Spykerman
POSTED: 30 Jun 2013 8:29 PM
National Development Minister Khaw Boon Wan said the recent tightening of property loan rules granted by financial institutions is a structural measure to ensure a more stable property market, and is expected to be "quite permanent".
SINGAPORE: National Development Minister Khaw Boon Wan said the recent tightening of property loan rules granted by financial institutions is a structural measure to ensure a more stable property market, and is expected to be "quite permanent".
The new rules, which kicked in on Saturday, are also meant to ensure that monthly loan repayments by property buyers do not exceed 60 per cent of their income.
On Friday, Singapore's central bank introduced a Total Debt Servicing Ratio (TDSR) framework and tighter Loan-to-Value (LTV) limits on housing loans. It said the move will strengthen credit underwriting practices among banks and encourage financial prudence among borrowers.
Mr Khaw said: "Our observation is I think those people buying for home ownership is not an issue, but we do have buyers who are stretching themselves, buying second property, third property for investments, and those are the people we worry about, because when interest rates go up, and when they find themselves (being unable to) afford the increased mortgage, what would they do? They may be forced to liquidate, and who knows, if that time combines with a time where there's a bit of a glut in the property market, they may suffer financially. So I think the new rules are a good reminder."
Mr Khaw also noted that the current low interest rate is not sustainable.
He said: "If you assume that today's mortgage rate is 1.5 per cent, and let's say you buy a property, let's say your monthly mortgage is S$1,500. But it won't stay 1.5 per cent forever… Interest rates will adjust and let's say if it goes up to 3.5 per cent or 4 per cent or even higher, as not too long ago, then your monthly mortgage will suddenly increase in a very big way. And will you still be able to afford it? So I think all these prudential rules are very important, it's for the interests of the buyers.”
Separately, he said the government is looking at ways to help multi-generational families live closer to each other.
New homes are being built in the north, in areas like Yishun, Sembawang and Woodlands, to enable the children and grandchildren to be able to buy properties near their parents or their grandparents.
Mr Khaw said: "But even outside of the north, I'm trying very hard to see where we can, to allow this strong social bonding to be nurtured. Let’s try to make it as much as possible to allow two-generation, three-generation families to stay close together. Not necessarily under the same roof but within the same HDB town or even better, within the same neighbourhood."
Mr Khaw pointed out that a further expansion of Tampines is being planned, which will open up more opportunities.
He said: "Tampines is already a very mature town, with a big population there. As the children grow up, get married, and if we can enable them to buy property, HDB, near (the current) Tampines, in the form of Tampines North, I think that is wonderful. So Punggol is the same story, Pasir Ris is the same story.”
Mr Khaw spoke Sunday on the sidelines of the launch of the Sembawang Memory Project, initiated by the Sembawang GRC grassroots organisations.
Polytechnic students and youth volunteers will collect photos, artefacts and anecdotes from residents, which will be compiled into a book that is expected to be released next year. 100 residents will be participating in the project.
- CNA/xq
- wong chee tat :)
Singapore property shares fall on cooling measures
Singapore property shares fall on cooling measures
POSTED: 01 Jul 2013 10:50 AM
Shares of Singapore's blue-chip property firms were down on Monday as investors reacted to the government's new measures aimed at cooling the housing market.
SINGAPORE: Shares of Singapore's blue-chip property firms were down on Monday as investors reacted to the government's new measures aimed at cooling the housing market.
Shares in Capitaland Ltd were down 2.3 per cent while City Development Ltd fell 1.2 per cent in Monday morning trade.
The Monetary Authority on Singapore on June 28 introduced new home loan rules which discourage lenders from making property loans that result in individual borrowers using more than 60 per cent of their monthly incomes to service debt.
- CNA/fa
- wong chee tat :)
POSTED: 01 Jul 2013 10:50 AM
Shares of Singapore's blue-chip property firms were down on Monday as investors reacted to the government's new measures aimed at cooling the housing market.
SINGAPORE: Shares of Singapore's blue-chip property firms were down on Monday as investors reacted to the government's new measures aimed at cooling the housing market.
Shares in Capitaland Ltd were down 2.3 per cent while City Development Ltd fell 1.2 per cent in Monday morning trade.
The Monetary Authority on Singapore on June 28 introduced new home loan rules which discourage lenders from making property loans that result in individual borrowers using more than 60 per cent of their monthly incomes to service debt.
- CNA/fa
- wong chee tat :)
Eurozone crisis cools, but unemployment hits record
Eurozone crisis cools, but unemployment hits record
POSTED: 01 Jul 2013 6:50 PM
The eurozone unemployment rate rose to a previous record-high of 12.1 percent in May, official data showed on Monday, days after EU leaders promised action against the jobless crisis at a summit in Brussels.
BRUSSELS: The economic crisis in southern Europe may be easing, a key survey signalled on Monday, but unemployment figures showed the eurozone jobless rate hit a previous record-high of 12.1 percent in May.
The Eurostat figures offered little hope of a quick end to the social fallout from austerity seen in many countries, with the unemployment rate for the entire European Union being unchanged at 10.9 percent.
Provisional official data in Italy showed the unemployment rate rising to a record high level of 12.2 percent, an increase of 0.2 points from the April level and 1.8 percentage points higher over 12 months.
EU leaders agreed to deploy up to 8.0 billion euros ($10.4 billion) in programmes to fight youth unemployment at a summit in Brussels last week after US President Barack Obama warned of the risk of a "lost generation" in Europe.
The Eurostat report, which revised previous figures, showed the eurozone rate reached 12.1 percent in March, then inched down to 12.0 percent in April -- a slight improvement that ended two years of increases -- before rising again in May.
The results were far worse than in May of last year, when eurozone unemployment was at 11.3 percent and the EU jobless rate at 10.4 percent.
For under-25s the picture was even worse, with the rate for the eurozone rising to 23.0 percent for the EU as a whole from 22.8 percent in May 2012 and to 23.8 percent for the eurozone from 23.0 percent over the same period.
Eurostat said 26.4 million men and women in the EU are now out of work.
There were wide differences between EU members, however, with unemployment actually decreasing in May in 10 countries on a 12-month comparison.
The best results were in Latvia, where the rate fell to 12.4 percent from 15.5 percent and Estonia, where it went down to 8.3 percent from 10.0 percent.
The worst was Cyprus, an island nation that has been plunged into a banking crisis over the past year that has drastically cut down its financial sector and where the jobless rate rose to 16.3 percent in May 2013 from May 2012.
Unemployment data is a lagging indicator, and in a separate set of figures, however, eurozone manufacturing showed signs of continued improvement in June.
The Markit Eurozone Composite Purchasing Managers Index, a survey of what businesses see happening in their production processes, rose to 48.8 in June -- a 16-month high -- from 48.3 in May.
The PMI index is considered to be a reliable indicator of the future trend of activity.
Ireland saw an improvement and Spain remained stable, while the rates of contraction eased in Austria, France, Greece, Italy and the Netherlands.
"Strong improvements in Spain, Italy and France more than offset a mild German setback as exporters there struggle with weakness in China and competition from Japan," said Christian Schulz, an economist at Berenberg bank.
"On current trends, the end of recession in the crisis countries is approaching fast. Spain's manufacturing PMI left contraction territory for the first time since April 2011 and Italy was not far behind," he said.
The PMIs for Italy and Spain were higher than Germany's for the first time since the eurozone debt crisis reached its peak in 2011.
Meanwhile, William Jackson, the emerging markets economist at Capital Economics in London,said that the latest batch of "emerging European" PMI indicators for several countries in central Europe added "to the growing sense that things are improving in the region."
But he also commented: "Even so, we still expect the recovery to be pretty lacklustre."
- AFP/al
- wong chee tat :)
POSTED: 01 Jul 2013 6:50 PM
The eurozone unemployment rate rose to a previous record-high of 12.1 percent in May, official data showed on Monday, days after EU leaders promised action against the jobless crisis at a summit in Brussels.
BRUSSELS: The economic crisis in southern Europe may be easing, a key survey signalled on Monday, but unemployment figures showed the eurozone jobless rate hit a previous record-high of 12.1 percent in May.
The Eurostat figures offered little hope of a quick end to the social fallout from austerity seen in many countries, with the unemployment rate for the entire European Union being unchanged at 10.9 percent.
Provisional official data in Italy showed the unemployment rate rising to a record high level of 12.2 percent, an increase of 0.2 points from the April level and 1.8 percentage points higher over 12 months.
EU leaders agreed to deploy up to 8.0 billion euros ($10.4 billion) in programmes to fight youth unemployment at a summit in Brussels last week after US President Barack Obama warned of the risk of a "lost generation" in Europe.
The Eurostat report, which revised previous figures, showed the eurozone rate reached 12.1 percent in March, then inched down to 12.0 percent in April -- a slight improvement that ended two years of increases -- before rising again in May.
The results were far worse than in May of last year, when eurozone unemployment was at 11.3 percent and the EU jobless rate at 10.4 percent.
For under-25s the picture was even worse, with the rate for the eurozone rising to 23.0 percent for the EU as a whole from 22.8 percent in May 2012 and to 23.8 percent for the eurozone from 23.0 percent over the same period.
Eurostat said 26.4 million men and women in the EU are now out of work.
There were wide differences between EU members, however, with unemployment actually decreasing in May in 10 countries on a 12-month comparison.
The best results were in Latvia, where the rate fell to 12.4 percent from 15.5 percent and Estonia, where it went down to 8.3 percent from 10.0 percent.
The worst was Cyprus, an island nation that has been plunged into a banking crisis over the past year that has drastically cut down its financial sector and where the jobless rate rose to 16.3 percent in May 2013 from May 2012.
Unemployment data is a lagging indicator, and in a separate set of figures, however, eurozone manufacturing showed signs of continued improvement in June.
The Markit Eurozone Composite Purchasing Managers Index, a survey of what businesses see happening in their production processes, rose to 48.8 in June -- a 16-month high -- from 48.3 in May.
The PMI index is considered to be a reliable indicator of the future trend of activity.
Ireland saw an improvement and Spain remained stable, while the rates of contraction eased in Austria, France, Greece, Italy and the Netherlands.
"Strong improvements in Spain, Italy and France more than offset a mild German setback as exporters there struggle with weakness in China and competition from Japan," said Christian Schulz, an economist at Berenberg bank.
"On current trends, the end of recession in the crisis countries is approaching fast. Spain's manufacturing PMI left contraction territory for the first time since April 2011 and Italy was not far behind," he said.
The PMIs for Italy and Spain were higher than Germany's for the first time since the eurozone debt crisis reached its peak in 2011.
Meanwhile, William Jackson, the emerging markets economist at Capital Economics in London,said that the latest batch of "emerging European" PMI indicators for several countries in central Europe added "to the growing sense that things are improving in the region."
But he also commented: "Even so, we still expect the recovery to be pretty lacklustre."
- AFP/al
- wong chee tat :)
EU investigators accuse 13 banks in derivatives probe
EU investigators accuse 13 banks in derivatives probe
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
Siemens sells its 50% stake in NSN to Nokia
Siemens sells its 50% stake in NSN to Nokia
POSTED: 01 Jul 2013 2:57 PM
UPDATED: 01 Jul 2013 4:00 PM
Finnish telecom equipment maker Nokia is buying the half stake owned by German engineering giant Siemens in their mobile broadband venture NSN for 1.7 billion euros, Nokia said on Monday.
BERLIN: Finnish telecom equipment maker Nokia is buying the half stake owned by German engineering giant Siemens in their mobile broadband venture NSN for 1.7 billion euros, Nokia said on Monday.
Nokia shares, which have fallen sharply recently reflecting a decline of Nokia's once-dominant position in making mobile phones, jumped 7.24 percent on the news.
Once the deal was concluded in the third quarter of 2013, "Nokia Siemens Networks will become a wholly owned subsidiary of Nokia", both companies said in a statement.
Siemens' decision to sell its stake comes as part of a strategic repositioning in the market: it announced in June it would shut down its loss-making solar energy unit after failing to find a buyer.
The NSN deal will allow Nokia, which has been subject to speculation it could be up for sale, to take full control of its most profitable business.
Once the star performer on the Helsinki stock exchange, Nokia has seen its market value plunge 30 percent in the past two years.
The firm reported a net loss in seven of the past eight quarters amid fierce competition from Apple's high-end iPhone and Samsung's Galaxy.
The NSN joint venture, which specialises in high-speed mobile broadband, was set up in 2007 and the partnership agreement expired in April.
Nokia said NSN would retain its headquarters in Espoo, Finland, and press on with its ongoing restructuring plan, which includes the closure of 16 sites in Germany, shedding 1,000 jobs.
The buy-out will see Siemens receiving 1.2 billion euros in cash at the closing of the transaction, the statement added. The remaining 500 million euros will be paid through a secured loan from Siemens due one year from closing.
Nokia said it had obtained bank financing for the cash portion.
- AFP/gn
- wong chee tat :)
POSTED: 01 Jul 2013 2:57 PM
UPDATED: 01 Jul 2013 4:00 PM
Finnish telecom equipment maker Nokia is buying the half stake owned by German engineering giant Siemens in their mobile broadband venture NSN for 1.7 billion euros, Nokia said on Monday.
BERLIN: Finnish telecom equipment maker Nokia is buying the half stake owned by German engineering giant Siemens in their mobile broadband venture NSN for 1.7 billion euros, Nokia said on Monday.
Nokia shares, which have fallen sharply recently reflecting a decline of Nokia's once-dominant position in making mobile phones, jumped 7.24 percent on the news.
Once the deal was concluded in the third quarter of 2013, "Nokia Siemens Networks will become a wholly owned subsidiary of Nokia", both companies said in a statement.
Siemens' decision to sell its stake comes as part of a strategic repositioning in the market: it announced in June it would shut down its loss-making solar energy unit after failing to find a buyer.
The NSN deal will allow Nokia, which has been subject to speculation it could be up for sale, to take full control of its most profitable business.
Once the star performer on the Helsinki stock exchange, Nokia has seen its market value plunge 30 percent in the past two years.
The firm reported a net loss in seven of the past eight quarters amid fierce competition from Apple's high-end iPhone and Samsung's Galaxy.
The NSN joint venture, which specialises in high-speed mobile broadband, was set up in 2007 and the partnership agreement expired in April.
Nokia said NSN would retain its headquarters in Espoo, Finland, and press on with its ongoing restructuring plan, which includes the closure of 16 sites in Germany, shedding 1,000 jobs.
The buy-out will see Siemens receiving 1.2 billion euros in cash at the closing of the transaction, the statement added. The remaining 500 million euros will be paid through a secured loan from Siemens due one year from closing.
Nokia said it had obtained bank financing for the cash portion.
- AFP/gn
- wong chee tat :)
Ecopolitan EC in Punggol receives enthusiastic response
Ecopolitan EC in Punggol receives enthusiastic response
POSTED: 01 Jul 2013 10:42 PM
Ecopolitan, the latest executive condominium in Punggol, has attracted more than 650 applications for its 512 units since applications were opened last Friday.
SINGAPORE: Ecopolitan, the latest executive condominium in Punggol, has attracted more than 650 applications for its 512 units since applications were opened last Friday.
The eight-block residential development, located along Punggol Way and Punggol Walk, is the first project to be affected by new EC development rules.
It is developed by China-based Qingjian Realty (South Pacific) Group.
The company's general manager, Li Jun, said in a statement that "the enthusiasm from the home buyers over the past weekend has been very encouraging."
Ecopolitan features the CoSpace concept which allows homebuyers to reconfigure their living space according to their lifestyle needs.
The last day of e-application is 7 July, while bookings will open on 3 August 2013.
- CNA/xq
- wong chee tat :)
POSTED: 01 Jul 2013 10:42 PM
Ecopolitan, the latest executive condominium in Punggol, has attracted more than 650 applications for its 512 units since applications were opened last Friday.
SINGAPORE: Ecopolitan, the latest executive condominium in Punggol, has attracted more than 650 applications for its 512 units since applications were opened last Friday.
The eight-block residential development, located along Punggol Way and Punggol Walk, is the first project to be affected by new EC development rules.
It is developed by China-based Qingjian Realty (South Pacific) Group.
The company's general manager, Li Jun, said in a statement that "the enthusiasm from the home buyers over the past weekend has been very encouraging."
Ecopolitan features the CoSpace concept which allows homebuyers to reconfigure their living space according to their lifestyle needs.
The last day of e-application is 7 July, while bookings will open on 3 August 2013.
- CNA/xq
- wong chee tat :)
Govt has no plans to roll back or stop haze subsidy scheme: Amy Khor
Govt has no plans to roll back or stop haze subsidy scheme: Amy Khor
By Kimberly Spykerman
POSTED: 01 Jul 2013 6:25 PM
The government has no plans to roll back or stop the haze subsidy scheme. Minister of State for Health Amy Khor said this during a visit to Northeast Medical Group's Simei clinic, a participating GP clinic under the scheme.
SINGAPORE: The government has no plans to roll back or stop the haze subsidy scheme.
Minister of State for Health Amy Khor said this on Monday during a visit to Northeast Medical Group's Simei clinic, a participating general practitioner (GP) clinic under the scheme.
The subsidy scheme is meant for vulnerable groups seeking treatment for haze-related ailments.
Under the scheme, which started on June 21, those in the vulnerable groups - which include the elderly and children - only need to pay S$10 if they visit the polyclinic.
Dr Khor said the scheme will continue as there is no closure to the haze situation yet, and it will remain in force for as long as needed.
Six hundred and forty-three GP clinics have now signed up under the scheme.
Dr Khor said: "We need to continue to be vigilant because the haze period is not yet over and we will need to use this lull period to strengthen further our contingency plans and make sure we are ready, if the situation were to deteriorate."
She also emphasised that the Health Ministry has contingency plans in case the haze situation returns and deteriorates badly.
She added that the haze situation has highlighted the important role of the GPs, and that they are an integral part of the healthcare system in helping to care for Singaporeans and meet the demand for healthcare services.
"This is very important because it will allow Singaporeans, particularly the vulnerable, the elderly, the needy, to access the care they need more conveniently and easily at the GPs, and be able to have the care at an affordable rate. They do not have to be deterred because of affordability concerns," she said.
- CNA/ms
- wong chee tat :)
By Kimberly Spykerman
POSTED: 01 Jul 2013 6:25 PM
The government has no plans to roll back or stop the haze subsidy scheme. Minister of State for Health Amy Khor said this during a visit to Northeast Medical Group's Simei clinic, a participating GP clinic under the scheme.
SINGAPORE: The government has no plans to roll back or stop the haze subsidy scheme.
Minister of State for Health Amy Khor said this on Monday during a visit to Northeast Medical Group's Simei clinic, a participating general practitioner (GP) clinic under the scheme.
The subsidy scheme is meant for vulnerable groups seeking treatment for haze-related ailments.
Under the scheme, which started on June 21, those in the vulnerable groups - which include the elderly and children - only need to pay S$10 if they visit the polyclinic.
Dr Khor said the scheme will continue as there is no closure to the haze situation yet, and it will remain in force for as long as needed.
Six hundred and forty-three GP clinics have now signed up under the scheme.
Dr Khor said: "We need to continue to be vigilant because the haze period is not yet over and we will need to use this lull period to strengthen further our contingency plans and make sure we are ready, if the situation were to deteriorate."
She also emphasised that the Health Ministry has contingency plans in case the haze situation returns and deteriorates badly.
She added that the haze situation has highlighted the important role of the GPs, and that they are an integral part of the healthcare system in helping to care for Singaporeans and meet the demand for healthcare services.
"This is very important because it will allow Singaporeans, particularly the vulnerable, the elderly, the needy, to access the care they need more conveniently and easily at the GPs, and be able to have the care at an affordable rate. They do not have to be deterred because of affordability concerns," she said.
- CNA/ms
- wong chee tat :)
Olam Raises $712.5 Million From Oversubscribed Bond Offering
Olam Raises $712.5 Million From Oversubscribed Bond Offering
By Michelle Yun & Klaus Wille - Jan 25, 2013 5:47 PM GMT+0800
Olam International Ltd. (OLAM), the commodity supplier targeted by short-seller Carson Block, raised $712.5 million from a 10 percent-oversubscribed bond sale, which was backed by its two largest shareholders.
Kewalram Singapore Ltd. and Temasek Holdings Pte took up all of their entitlement of bonds, which were were priced at 95 cents on the dollar, and warrants, the Singapore-based trading company said yesterday in a statement. Olam, which expects the bonds and warrants to start trading Jan. 31, said Chief Executive Officer Sunny Verghese also took up his share.
Olam, the world’s second-largest rice trader, said last month that it planned to sell $750 million in bonds and as much as $500 million in warrants to address any “lingering doubts” about its finances. Olam’s bonds and shares sank in November after Block, founder of Los Angeles-based Muddy Waters LLC, questioned its accounting and expansion strategy.
“Muddy Waters has caused greater scrutiny,” said Carey Wong, a senior analyst at OCBC Investment Research Pte. The bond sale results mean there are other people willing to put their money into Olam and the proceeds of the sale “really do come in handy. There’s no question about it,” he said.
Olam shares advanced 0.9 percent to close at S$1.63 in Singapore. That compares with a 0.6 percent gain in the benchmark Straits Times index.
‘Strong Support’
Temasek, which agreed to buy any rights not taken up by other investors, didn’t go beyond its entitlement, according to Jeffrey Fang, a spokesman for the Singaporean state investment company. The offer indicates “strong support from the bond and equity markets for Olam,” Verghese said in the statement.
Olam received applications for $827 million, or about 10 percent more than the $750 million under offer, it said.
The company, also one of the world’s top six cotton traders, fell 27 percent last year in Singapore trading and is down 6.3 percent since Block first said he was short on the stock and the company was likely to fail. Olam has dismissed the claims, saying it’s in the best financial health since its initial public offering in 2005.
A short seller profits by selling borrowed shares and buying them back at a lower price. Olam’s 5.75 percent bonds due September 2017 fell to a record low of 83.2 cents on Nov. 30, from 97 cents on Nov. 19, the day Block first said he was short the stock, Bloomberg prices show.
“We maintain our belief that Olam will fail because it has squandered huge amounts of money on investments that are incapable of repaying the debt incurred to finance them,” Block said yesterday in a statement. “This financing only postpones the inevitable, while putting more investors’ funds at risk.”
Temasek Holding
Temasek increased its stake in Olam to 20 percent from 16 percent last month in a series of transactions. Kewalram Singapore is the largest shareholder with 20.2 percent, according to data compiled by Bloomberg. It said last month it would also subscribe to the bonds.
Olam shareholders approved a sub-underwriting fee to be paid to a Temasek unit by the banks arranging the sale, the company said Jan. 15.
RRJ Capital, a fund run by former Goldman Sachs Group Inc. banker Richard Ong, planned to buy Olam bonds and shares, a person with knowledge of the matter said last week. The fund bought the rights to $90 million of Olam bonds on Jan. 15, their last trading day, the person said. It also plans to invest $60 million to exercise the warrants to be issued with the five- year, 6.75 percent bonds.
Fracking Services
RRJ’s team includes Ong’s brother, Charles Ong, who left his post as senior managing director of special projects at Temasek last January. RRJ teamed up with a group including Temasek in 2011 to purchase Frac Tech Holdings LLC, a Fort Worth-based hydraulic-fracturing services company.
The price of rights to participate in the bond issue, which traded for a week, fell about 41 percent to 7 U.S. cents on Jan. 15. They reached a high of 22.5 cents on the first trading day.
The decline in the price indicated a lack of interest from shareholders as Olam’s finances were still “far too opaque,” Michael Dee, a former senior managing director at Temasek, said in an article in Singapore’s Business Times newspaper Jan. 19.
In November, Muddy Waters offered to pay to get Olam’s debt rated, saying “investors should wonder whether the company is worried that a rating would mortally wound it.” Olam’s Verghese rejected the offer. Block reiterated his offer yesterday.
To contact the reporters on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net; Klaus Wille in Singapore at kwille@bloomberg.net.
To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net.
- wong chee tat :)
By Michelle Yun & Klaus Wille - Jan 25, 2013 5:47 PM GMT+0800
Olam International Ltd. (OLAM), the commodity supplier targeted by short-seller Carson Block, raised $712.5 million from a 10 percent-oversubscribed bond sale, which was backed by its two largest shareholders.
Kewalram Singapore Ltd. and Temasek Holdings Pte took up all of their entitlement of bonds, which were were priced at 95 cents on the dollar, and warrants, the Singapore-based trading company said yesterday in a statement. Olam, which expects the bonds and warrants to start trading Jan. 31, said Chief Executive Officer Sunny Verghese also took up his share.
Olam, the world’s second-largest rice trader, said last month that it planned to sell $750 million in bonds and as much as $500 million in warrants to address any “lingering doubts” about its finances. Olam’s bonds and shares sank in November after Block, founder of Los Angeles-based Muddy Waters LLC, questioned its accounting and expansion strategy.
“Muddy Waters has caused greater scrutiny,” said Carey Wong, a senior analyst at OCBC Investment Research Pte. The bond sale results mean there are other people willing to put their money into Olam and the proceeds of the sale “really do come in handy. There’s no question about it,” he said.
Olam shares advanced 0.9 percent to close at S$1.63 in Singapore. That compares with a 0.6 percent gain in the benchmark Straits Times index.
‘Strong Support’
Temasek, which agreed to buy any rights not taken up by other investors, didn’t go beyond its entitlement, according to Jeffrey Fang, a spokesman for the Singaporean state investment company. The offer indicates “strong support from the bond and equity markets for Olam,” Verghese said in the statement.
Olam received applications for $827 million, or about 10 percent more than the $750 million under offer, it said.
The company, also one of the world’s top six cotton traders, fell 27 percent last year in Singapore trading and is down 6.3 percent since Block first said he was short on the stock and the company was likely to fail. Olam has dismissed the claims, saying it’s in the best financial health since its initial public offering in 2005.
A short seller profits by selling borrowed shares and buying them back at a lower price. Olam’s 5.75 percent bonds due September 2017 fell to a record low of 83.2 cents on Nov. 30, from 97 cents on Nov. 19, the day Block first said he was short the stock, Bloomberg prices show.
“We maintain our belief that Olam will fail because it has squandered huge amounts of money on investments that are incapable of repaying the debt incurred to finance them,” Block said yesterday in a statement. “This financing only postpones the inevitable, while putting more investors’ funds at risk.”
Temasek Holding
Temasek increased its stake in Olam to 20 percent from 16 percent last month in a series of transactions. Kewalram Singapore is the largest shareholder with 20.2 percent, according to data compiled by Bloomberg. It said last month it would also subscribe to the bonds.
Olam shareholders approved a sub-underwriting fee to be paid to a Temasek unit by the banks arranging the sale, the company said Jan. 15.
RRJ Capital, a fund run by former Goldman Sachs Group Inc. banker Richard Ong, planned to buy Olam bonds and shares, a person with knowledge of the matter said last week. The fund bought the rights to $90 million of Olam bonds on Jan. 15, their last trading day, the person said. It also plans to invest $60 million to exercise the warrants to be issued with the five- year, 6.75 percent bonds.
Fracking Services
RRJ’s team includes Ong’s brother, Charles Ong, who left his post as senior managing director of special projects at Temasek last January. RRJ teamed up with a group including Temasek in 2011 to purchase Frac Tech Holdings LLC, a Fort Worth-based hydraulic-fracturing services company.
The price of rights to participate in the bond issue, which traded for a week, fell about 41 percent to 7 U.S. cents on Jan. 15. They reached a high of 22.5 cents on the first trading day.
The decline in the price indicated a lack of interest from shareholders as Olam’s finances were still “far too opaque,” Michael Dee, a former senior managing director at Temasek, said in an article in Singapore’s Business Times newspaper Jan. 19.
In November, Muddy Waters offered to pay to get Olam’s debt rated, saying “investors should wonder whether the company is worried that a rating would mortally wound it.” Olam’s Verghese rejected the offer. Block reiterated his offer yesterday.
To contact the reporters on this story: Michelle Yun in Hong Kong at myun11@bloomberg.net; Klaus Wille in Singapore at kwille@bloomberg.net.
To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net.
- wong chee tat :)
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