Tampines Polyclinic reopens after major renovation
POSTED: 03 Jul 2013 1:28 PM
Tampines Polyclinic has reopened following renovation works. Managed by SingHealth Polyclinics, the polyclinic at Tampines Street 41 was closed in late-January 2013 for major renovation works.
SINGAPORE: Tampines Polyclinic has reopened following renovation works.
Managed by SingHealth Polyclinics, the polyclinic at Tampines Street 41 was closed in late-January 2013 for major renovation works.
SingHealth Polyclinics says the renovated polyclinic now has more service areas. Waiting areas for patients have also been expanded.
- CNA/ac
- wong chee tat :)
Friday, July 5, 2013
Resale prices of non-landed private residential units up 1.8 per cent in June: SRX
Resale prices of non-landed private residential units up 1.8 per cent in June: SRX
POSTED: 05 Jul 2013 11:24 AM
Resale prices of non-landed private residential units showed an overall increase of 1.8 per cent in June 2013. This is according to a flash report by the Singapore Real Estate Exchange (SRX).
SINGAPORE: Resale prices of non-landed private residential units showed an overall increase of 1.8 per cent in June 2013. This is according to a flash report by the Singapore Real Estate Exchange (SRX).
An estimated 605 non-landed units were transacted in June. SRX said this is a 21 per cent drop from the volume of 762 units in May 2013. When compared to June 2012, it is a 38 per cent decrease in resale transaction volume.
HDB resale prices slipped 0.1 per cent in June. SRX said this is the second consecutive marginal monthly drop in resale prices.
According to flash estimates, 1,210 HDB flats were sold in the resale market in June -- about nine per cent less than May, where there were 1,324 resale cases. It is 32 per cent less than the resale volume in June 2012, where 1,790 HDB resale flats were transacted.
Overall HDB cash-over-valuation (COV) in June dropped S$3,000 to end at S$24,000. This is lower than the COV of S$25,000 registered in February and April 2012.
Overall rental prices for non-landed private residential in June slipped 0.2 per cent from May. This marks a fifth consecutive monthly drop in overall rents.
Overall HDB monthly rental rates in June remained unchanged at S$2,400.
An estimated 1,410 HDB flats were rented in June, 9 per cent less than May's 1,554 rental transactions. It is slightly less than the 1,480 flats rented in June 2012.
- CNA/ac
- wong chee tat :)
POSTED: 05 Jul 2013 11:24 AM
Resale prices of non-landed private residential units showed an overall increase of 1.8 per cent in June 2013. This is according to a flash report by the Singapore Real Estate Exchange (SRX).
SINGAPORE: Resale prices of non-landed private residential units showed an overall increase of 1.8 per cent in June 2013. This is according to a flash report by the Singapore Real Estate Exchange (SRX).
An estimated 605 non-landed units were transacted in June. SRX said this is a 21 per cent drop from the volume of 762 units in May 2013. When compared to June 2012, it is a 38 per cent decrease in resale transaction volume.
HDB resale prices slipped 0.1 per cent in June. SRX said this is the second consecutive marginal monthly drop in resale prices.
According to flash estimates, 1,210 HDB flats were sold in the resale market in June -- about nine per cent less than May, where there were 1,324 resale cases. It is 32 per cent less than the resale volume in June 2012, where 1,790 HDB resale flats were transacted.
Overall HDB cash-over-valuation (COV) in June dropped S$3,000 to end at S$24,000. This is lower than the COV of S$25,000 registered in February and April 2012.
Overall rental prices for non-landed private residential in June slipped 0.2 per cent from May. This marks a fifth consecutive monthly drop in overall rents.
Overall HDB monthly rental rates in June remained unchanged at S$2,400.
An estimated 1,410 HDB flats were rented in June, 9 per cent less than May's 1,554 rental transactions. It is slightly less than the 1,480 flats rented in June 2012.
- CNA/ac
- wong chee tat :)
Temasek Holdings portfolio value up 8.6% to S$215b
Temasek Holdings portfolio value up 8.6% to S$215b
POSTED: 04 Jul 2013 3:17 PM
Temasek Holdings on Thursday reported that the value of its investment portfolio rose to a new record in the last fiscal year as shareholder returns also climbed.
SINGAPORE: Temasek Holdings on Thursday reported that the value of its investment portfolio rose to a new record in the last fiscal year as shareholder returns also climbed.
The Singapore investment firm said its portfolio, consisting largely of Singapore and Asian equities, increased 8.6 per cent to S$215 billion in the year to March 31, 2013, from S$198 billion a year earlier.
Group net profit was down 0.9 per cent at S$10.6 billion from S$10.7 billion in FY 2011/12.
Temasek said in its annual review that a higher contribution from portfolio returns offset lower contributions from its portfolio companies.
Total shareholder return (TSR), which is Temasek's key measure of performance, was 8.86 per cent for the past year, up from 1.5 per cent in the previous 12 months.
Their three-year TSR was 4.94 per cent. Longer term TSRs for 10, 20 and 30 years were 13 per cent, 14 per cent and 15 per cent respectively. The TSR since inception was 16 per cent.
In the last fiscal year, Temasek invested a total of S$20 billion and divested S$13 billion, for a total net investment of S$7 billion.
Temasek had net investments of S$4 billion in the energy and resources sector and in North America and Europe during the year. Financial services remained its largest portfolio exposure by sector at 31 per cent.
Temasek ended the year with an underlying portfolio exposure of 71 per cent in Asia, including 30 per cent in Singapore and 23 per cent in China.
Temasek's exposure in Australia and New Zealand was 13 per cent, down from 14 per cent a year earlier, while exposure in North America and Europe rose to 12 per cent from 11 per cent. Latin America exposure rose to two per cent from one per cent.
Temasek's key divestments over the year included Asia Pacific Breweries of Singapore and India's Bharti Infratel.
In a statement, Temasek chief executive Ms Ho Ching said: "We are almost entirely invested in equities. This means a lot more year-to-year volatility, as we have seen over the last 10 years. We are prepared to ride through the large mark-to-market volatility on our portfolio value, because a portfolio of mostly equities also means we expect higher returns over the long-term from our portfolio."
Ms Ho added that Temasek is seeing increased opportunities in North America and Europe, and it will be setting up offices in London and New York to support investment activities in those markets.
- CNA/ac
- wong chee tat :)
POSTED: 04 Jul 2013 3:17 PM
Temasek Holdings on Thursday reported that the value of its investment portfolio rose to a new record in the last fiscal year as shareholder returns also climbed.
SINGAPORE: Temasek Holdings on Thursday reported that the value of its investment portfolio rose to a new record in the last fiscal year as shareholder returns also climbed.
The Singapore investment firm said its portfolio, consisting largely of Singapore and Asian equities, increased 8.6 per cent to S$215 billion in the year to March 31, 2013, from S$198 billion a year earlier.
Group net profit was down 0.9 per cent at S$10.6 billion from S$10.7 billion in FY 2011/12.
Temasek said in its annual review that a higher contribution from portfolio returns offset lower contributions from its portfolio companies.
Total shareholder return (TSR), which is Temasek's key measure of performance, was 8.86 per cent for the past year, up from 1.5 per cent in the previous 12 months.
Their three-year TSR was 4.94 per cent. Longer term TSRs for 10, 20 and 30 years were 13 per cent, 14 per cent and 15 per cent respectively. The TSR since inception was 16 per cent.
In the last fiscal year, Temasek invested a total of S$20 billion and divested S$13 billion, for a total net investment of S$7 billion.
Temasek had net investments of S$4 billion in the energy and resources sector and in North America and Europe during the year. Financial services remained its largest portfolio exposure by sector at 31 per cent.
Temasek ended the year with an underlying portfolio exposure of 71 per cent in Asia, including 30 per cent in Singapore and 23 per cent in China.
Temasek's exposure in Australia and New Zealand was 13 per cent, down from 14 per cent a year earlier, while exposure in North America and Europe rose to 12 per cent from 11 per cent. Latin America exposure rose to two per cent from one per cent.
Temasek's key divestments over the year included Asia Pacific Breweries of Singapore and India's Bharti Infratel.
In a statement, Temasek chief executive Ms Ho Ching said: "We are almost entirely invested in equities. This means a lot more year-to-year volatility, as we have seen over the last 10 years. We are prepared to ride through the large mark-to-market volatility on our portfolio value, because a portfolio of mostly equities also means we expect higher returns over the long-term from our portfolio."
Ms Ho added that Temasek is seeing increased opportunities in North America and Europe, and it will be setting up offices in London and New York to support investment activities in those markets.
- CNA/ac
- wong chee tat :)
Fish prices rise about 10%: Punggol Fish Merchants Association
Fish prices rise about 10%: Punggol Fish Merchants Association
By Hu Jielan
POSTED: 04 Jul 2013 11:38 PM
The price of fish has risen by about 10 per cent, according to the Punggol Fish Merchants Association.
SINGAPORE: The price of fish has risen by about 10 per cent, according to the Punggol Fish Merchants Association.
With the monsoon season and Ramadan fasting month coming up, the association said prices could continue to rise, especially for species like the white snapper and threadfin.
Some fishmongers and hawkers are feeling the pinch.
One of them told MediaCorp: "The fish used to cost S$8 to S$9 per kilogramme, but now it is S$12 to S$13."
The association said the recent death of fish in local farms should not have affected prices, as Singapore imports 95 per cent of its fish supply.
- CNA/ms
- wong chee tat :)
By Hu Jielan
POSTED: 04 Jul 2013 11:38 PM
The price of fish has risen by about 10 per cent, according to the Punggol Fish Merchants Association.
SINGAPORE: The price of fish has risen by about 10 per cent, according to the Punggol Fish Merchants Association.
With the monsoon season and Ramadan fasting month coming up, the association said prices could continue to rise, especially for species like the white snapper and threadfin.
Some fishmongers and hawkers are feeling the pinch.
One of them told MediaCorp: "The fish used to cost S$8 to S$9 per kilogramme, but now it is S$12 to S$13."
The association said the recent death of fish in local farms should not have affected prices, as Singapore imports 95 per cent of its fish supply.
- CNA/ms
- wong chee tat :)
Thousands of dead fish spotted at Lim Chu Kang
Thousands of dead fish spotted at Lim Chu Kang
POSTED: 04 Jul 2013 12:03 AM
Thousands of dead fish have been found floating at sea and on the shore at the Lim Chu Kang area as well as the Sungei Buloh Wetland Reserve.
SINGAPORE: Thousands of dead fish have been found floating at sea and on the shore at the Lim Chu Kang area as well as the Sungei Buloh Wetland Reserve.
The dead fish were among 90 tonnes of fish belonging to four farms in the Lim Chu Kang area.
AVA said the fish have died due to lack of oxygen in the water. This, it said, was caused by the hot and dry weather which lowered the level of dissolved oxygen in the water.
AVA has been working closely with local farmers to encourage good farm practices which include properly bagging dead fish and disposing of them in bins.
Fish farms in Singapore are licensed by AVA. Under the conditions of licensing, coastal fish farms have to ensure that waste generated from their operations are properly disposed of in approved waste containers on land.
However, AVA noted that during the farms' emergency operations to remove the dead fishes for disposal, some could have dropped into the sea and got washed ashore.
In anticipation of more waste, AVA said it had activated the waste disposal company to increase the frequency of disposal.
Three additional trips were made on top of the usual trip to clear waste last weekend.
AVA also conducts routine surveillance and monitors fish farms regularly for compliance to licensing conditions.
“We will take enforcement action if farms are found to be disposing their farm waste into the waters. In addition, we work with relevant agencies to detect illegal dumping of waste into the sea by fish farms," said a spokesman from AVA.
Under the Fisheries Act, any person who illegally disposes of dead fish into the waters can be jailed up to 12 months, and fined up to S$10,000.
- CNA/fa
- wong chee tat :)
POSTED: 04 Jul 2013 12:03 AM
Thousands of dead fish have been found floating at sea and on the shore at the Lim Chu Kang area as well as the Sungei Buloh Wetland Reserve.
SINGAPORE: Thousands of dead fish have been found floating at sea and on the shore at the Lim Chu Kang area as well as the Sungei Buloh Wetland Reserve.
The dead fish were among 90 tonnes of fish belonging to four farms in the Lim Chu Kang area.
AVA said the fish have died due to lack of oxygen in the water. This, it said, was caused by the hot and dry weather which lowered the level of dissolved oxygen in the water.
AVA has been working closely with local farmers to encourage good farm practices which include properly bagging dead fish and disposing of them in bins.
Fish farms in Singapore are licensed by AVA. Under the conditions of licensing, coastal fish farms have to ensure that waste generated from their operations are properly disposed of in approved waste containers on land.
However, AVA noted that during the farms' emergency operations to remove the dead fishes for disposal, some could have dropped into the sea and got washed ashore.
In anticipation of more waste, AVA said it had activated the waste disposal company to increase the frequency of disposal.
Three additional trips were made on top of the usual trip to clear waste last weekend.
AVA also conducts routine surveillance and monitors fish farms regularly for compliance to licensing conditions.
“We will take enforcement action if farms are found to be disposing their farm waste into the waters. In addition, we work with relevant agencies to detect illegal dumping of waste into the sea by fish farms," said a spokesman from AVA.
Under the Fisheries Act, any person who illegally disposes of dead fish into the waters can be jailed up to 12 months, and fined up to S$10,000.
- CNA/fa
- wong chee tat :)
Portuguese crisis relights tension on eurozone bonds
Portuguese crisis relights tension on eurozone bonds
POSTED: 03 Jul 2013 7:44 PM
The political crisis in Portugal immediately hit the country's 10-year borrowing rate hard on Wednesday, and also relit tension on the eurozone bond market.
PARIS - The political crisis in Portugal immediately hit the country's 10-year borrowing rate hard on Wednesday, and also relit tension on the eurozone bond market.
Rates for several countries rose but borrowing costs for Germany and France fell, widening the difference, or spread, between the best and worst performers on the eurozone market.
The risk that the governing coalition in Portugal could break up, with IMF-EU auditors due to arrive there on July 15, pushed up the country's 10-year bond yield sharply to far above the danger level of 7.0 percent.
The rate, or yield, on existing Portuguese 10-year bonds traded on the open market shot up from 6.720 percent late on Tuesday to 8.023 percent in initial trading, then eased to 7.689 percent.
The 10-year borrowing rate for Greece, the first eurozone country to be bailed out, also rose sharply, to 11.565 percent from 11.099 percent.
The rate for Spain rose to 4.779 percent from 4.624 percent, and for Italy to 4.540 percent from 4.439 percent.
But in contrast the rate on the eurozone 10-year benchmark, the German bund, regarded as a haven in times of tension, fell to 1.649 percent. The rate for France fell to 2.278 percent from 2.313 percent, despite tension in France over public finances.
The surge of the Portuguese rate came in response to the resignation late on Tuesday of Foreign Minister Paulo Portas, who heads a small party in the centre-right coalition.
Prime Minister Pedro Passos Coelho has refused to accept the resignation in an attempt to hold the coalition together, after his Finance Minister Vitor Gaspar, the architect of drastic austerity policies, resigned on Monday.
The borrowing rate is of critical importance to Portugal which is fighting with deep austerity measures to regain credibility in order to emerge from a bailout programme and return to borrow normally on capital markets next year.
The borrowing rate indicated by 10-year bonds had fallen to 5.2 percent in May. In January 2012 it had risen to a high point of 18.0 percent.
At BNP Paribas bank, bond strategist Patrick Jacq commented: "If there are more resignations, the coalition might break up and that could lead to an early general election."
Investors are worried that the crisis could undermine the programme of reforms imposed by the International Monetary Fund and European Union in exchange for bailout funding.
Jacq said: "The risk is limited but the risk exists and this explains the reaction of the markets."
He warned that if the tension on markets continued, the country might not be able to return to borrow normally next year and would again need rescue funding.
At Deutsche Bank, economist Gilles Moec said that Portugal's good relationship with its creditors "is going to significantly sour".
Auditors from the IMF, EU and ECB arrive on July 15 to assess progress on reforms, notably on a radical reform of the state which the resigning foreign minister was piloting.
Portugal tested its standing on the bond market in May, making its first-long-term bond issue since being rescued two years ago, and raised 3.0 billion euros ($3.88 billion) for 10 years at 5.669 percent.
Once bonds are issued, with a fixed rate of return for the life of the bond, they may be traded. If perceived risk rises, some investors sell the bonds, the price falls and the fixed rate automatically rises in relation to the new lower market price.
This new rate or yield, indicates what the government would have to pay to borrow the next time it issues bonds.
- AFP/ir
- wong chee tat :)
POSTED: 03 Jul 2013 7:44 PM
The political crisis in Portugal immediately hit the country's 10-year borrowing rate hard on Wednesday, and also relit tension on the eurozone bond market.
PARIS - The political crisis in Portugal immediately hit the country's 10-year borrowing rate hard on Wednesday, and also relit tension on the eurozone bond market.
Rates for several countries rose but borrowing costs for Germany and France fell, widening the difference, or spread, between the best and worst performers on the eurozone market.
The risk that the governing coalition in Portugal could break up, with IMF-EU auditors due to arrive there on July 15, pushed up the country's 10-year bond yield sharply to far above the danger level of 7.0 percent.
The rate, or yield, on existing Portuguese 10-year bonds traded on the open market shot up from 6.720 percent late on Tuesday to 8.023 percent in initial trading, then eased to 7.689 percent.
The 10-year borrowing rate for Greece, the first eurozone country to be bailed out, also rose sharply, to 11.565 percent from 11.099 percent.
The rate for Spain rose to 4.779 percent from 4.624 percent, and for Italy to 4.540 percent from 4.439 percent.
But in contrast the rate on the eurozone 10-year benchmark, the German bund, regarded as a haven in times of tension, fell to 1.649 percent. The rate for France fell to 2.278 percent from 2.313 percent, despite tension in France over public finances.
The surge of the Portuguese rate came in response to the resignation late on Tuesday of Foreign Minister Paulo Portas, who heads a small party in the centre-right coalition.
Prime Minister Pedro Passos Coelho has refused to accept the resignation in an attempt to hold the coalition together, after his Finance Minister Vitor Gaspar, the architect of drastic austerity policies, resigned on Monday.
The borrowing rate is of critical importance to Portugal which is fighting with deep austerity measures to regain credibility in order to emerge from a bailout programme and return to borrow normally on capital markets next year.
The borrowing rate indicated by 10-year bonds had fallen to 5.2 percent in May. In January 2012 it had risen to a high point of 18.0 percent.
At BNP Paribas bank, bond strategist Patrick Jacq commented: "If there are more resignations, the coalition might break up and that could lead to an early general election."
Investors are worried that the crisis could undermine the programme of reforms imposed by the International Monetary Fund and European Union in exchange for bailout funding.
Jacq said: "The risk is limited but the risk exists and this explains the reaction of the markets."
He warned that if the tension on markets continued, the country might not be able to return to borrow normally next year and would again need rescue funding.
At Deutsche Bank, economist Gilles Moec said that Portugal's good relationship with its creditors "is going to significantly sour".
Auditors from the IMF, EU and ECB arrive on July 15 to assess progress on reforms, notably on a radical reform of the state which the resigning foreign minister was piloting.
Portugal tested its standing on the bond market in May, making its first-long-term bond issue since being rescued two years ago, and raised 3.0 billion euros ($3.88 billion) for 10 years at 5.669 percent.
Once bonds are issued, with a fixed rate of return for the life of the bond, they may be traded. If perceived risk rises, some investors sell the bonds, the price falls and the fixed rate automatically rises in relation to the new lower market price.
This new rate or yield, indicates what the government would have to pay to borrow the next time it issues bonds.
- AFP/ir
- wong chee tat :)
COV falls to lowest in about a year
COV falls to lowest in about a year
By Olivia Siong
POSTED: 05 Jul 2013 6:32 PM
The overall median Cash-Over-Valuation (COV) for HDB resale flats fell by 15.2 per cent in the second quarter of the year to S$28,000, down from S$33,000 in the first quarter.
SINGAPORE: The overall cash premium or Cash-Over-Valuation (COV) for HDB resale flats has fallen to its lowest in about a year.
This is according to flash estimates by the Singapore Real Estate Exchange (SRX).
The overall median COV fell by 15.2 per cent in the second quarter of the year to S$28,000, down from S$33,000 in the first quarter.
The previous low was S$26,000 in the second quarter of 2012.
Meanwhile HDB resale transactions fell by 31 per cent in the first half of this year compared with the same period in 2012.
A total of 7,555 flats were transacted in the first half of 2013.
ERA Realty Network's key executive officer, Eugene Lim, said: "The June COV was $24,000. It has trended downwards. We are likely to see COV continue to trend downwards and quite possibly by the last quarter, we could see COVs around the $20,000 region.
"When it hits the $20,000 region, I think we may see more buyers entering the market, because it's a figure that's generally acceptable to buyers.
"(So we could have more buyers entering the market) instead of them wanting to wait three years for a HDB BTO (flat)."
On the private housing front, transactions for non-landed private resale units fell by 42 per cent in the second quarter, compared with the same period one year ago.
But the 2,024 units moved in the second quarter of this year were slightly higher than in the first quarter.
In the month of June, resale prices of non-landed private residential units showed an overall increase of 1.8 per cent, according to flash SRX estimates.
- CNA/ir
- wong chee tat :)
By Olivia Siong
POSTED: 05 Jul 2013 6:32 PM
The overall median Cash-Over-Valuation (COV) for HDB resale flats fell by 15.2 per cent in the second quarter of the year to S$28,000, down from S$33,000 in the first quarter.
SINGAPORE: The overall cash premium or Cash-Over-Valuation (COV) for HDB resale flats has fallen to its lowest in about a year.
This is according to flash estimates by the Singapore Real Estate Exchange (SRX).
The overall median COV fell by 15.2 per cent in the second quarter of the year to S$28,000, down from S$33,000 in the first quarter.
The previous low was S$26,000 in the second quarter of 2012.
Meanwhile HDB resale transactions fell by 31 per cent in the first half of this year compared with the same period in 2012.
A total of 7,555 flats were transacted in the first half of 2013.
ERA Realty Network's key executive officer, Eugene Lim, said: "The June COV was $24,000. It has trended downwards. We are likely to see COV continue to trend downwards and quite possibly by the last quarter, we could see COVs around the $20,000 region.
"When it hits the $20,000 region, I think we may see more buyers entering the market, because it's a figure that's generally acceptable to buyers.
"(So we could have more buyers entering the market) instead of them wanting to wait three years for a HDB BTO (flat)."
On the private housing front, transactions for non-landed private resale units fell by 42 per cent in the second quarter, compared with the same period one year ago.
But the 2,024 units moved in the second quarter of this year were slightly higher than in the first quarter.
In the month of June, resale prices of non-landed private residential units showed an overall increase of 1.8 per cent, according to flash SRX estimates.
- CNA/ir
- wong chee tat :)
Interest rates seen moving up as soon as Sept
Interest rates seen moving up as soon as Sept
By Toni Waterman
POSTED: 05 Jul 2013 7:13 PM
If you are looking to take a loan to buy some real estate or a new car, you may want to do it sooner rather than later. That's because some analysts expect interest rates to start rising as soon as September.
SINGAPORE: If you are looking to take a loan to buy some real estate or a new car, you may want to do it sooner rather than later.
That's because some analysts expect interest rates to start rising as soon as September.
Singapore's interest rates are closely tied to those in the United States.
And the Federal Reserve has made it clear that if the US economy continues its upward trend, quantitative easing will start tapering as soon as September, and the Fed could raise interest rates in 2015.
When this happens, interest rates will rise globally and Singapore is no exception, say analysts.
BNP Paribas' Wong Yii Hui said: "This will have an impact, firstly, on new home buyers and, secondly, people who are refinancing their loans...most loans in Singapore are on a 3-year fixed basis, after that people usually refinance at the three-year mark.
"At that point in time when they refinance, they will find that all of a sudden (they are) paying more in monthly instalments. And if you're highly leveraged, then that will be the point where you find that you may be under water."
- CNA/ir
- wong chee tat :)
By Toni Waterman
POSTED: 05 Jul 2013 7:13 PM
If you are looking to take a loan to buy some real estate or a new car, you may want to do it sooner rather than later. That's because some analysts expect interest rates to start rising as soon as September.
SINGAPORE: If you are looking to take a loan to buy some real estate or a new car, you may want to do it sooner rather than later.
That's because some analysts expect interest rates to start rising as soon as September.
Singapore's interest rates are closely tied to those in the United States.
And the Federal Reserve has made it clear that if the US economy continues its upward trend, quantitative easing will start tapering as soon as September, and the Fed could raise interest rates in 2015.
When this happens, interest rates will rise globally and Singapore is no exception, say analysts.
BNP Paribas' Wong Yii Hui said: "This will have an impact, firstly, on new home buyers and, secondly, people who are refinancing their loans...most loans in Singapore are on a 3-year fixed basis, after that people usually refinance at the three-year mark.
"At that point in time when they refinance, they will find that all of a sudden (they are) paying more in monthly instalments. And if you're highly leveraged, then that will be the point where you find that you may be under water."
- CNA/ir
- wong chee tat :)
SingTel extends partnership with Singapore Grand Prix
SingTel extends partnership with Singapore Grand Prix
By Safhras Khan
POSTED: 05 Jul 2013 9:01 PM
SingTel has extended its partnership with the Singapore Grand Prix. The telecommunications giant has secured options to renew the title sponsorship for the Singapore leg until 2017.
SINGAPORE: SingTel has extended its partnership with the Singapore Grand Prix.
The telecommunications giant has secured options to renew the title sponsorship for the Singapore leg until 2017.
Meanwhile, race organisers visited Woodlands Secondary School on Friday.
It is part of the Rev Up Singapore! campaign to share the excitement of F1 across Singapore.
The students were given a chance to try out the race simulator and had the opportunity to ask questions about the only night race in Singapore.
Woodlands Secondary is one of 15 schools to benefit from this programme, which will run until September.
Sarah Martin, director of operations and security of Singapore Grand Prix, said: "To let people, especially these young people understand some of the background into the exciting world that is Singapore GP, a lot of fast facts that they will normally not know, and we do this in the hopes that in the future this could inspire them to be the next generation of motor sports innovators."
- CNA/xq
- wong chee tat :)
By Safhras Khan
POSTED: 05 Jul 2013 9:01 PM
SingTel has extended its partnership with the Singapore Grand Prix. The telecommunications giant has secured options to renew the title sponsorship for the Singapore leg until 2017.
SINGAPORE: SingTel has extended its partnership with the Singapore Grand Prix.
The telecommunications giant has secured options to renew the title sponsorship for the Singapore leg until 2017.
Meanwhile, race organisers visited Woodlands Secondary School on Friday.
It is part of the Rev Up Singapore! campaign to share the excitement of F1 across Singapore.
The students were given a chance to try out the race simulator and had the opportunity to ask questions about the only night race in Singapore.
Woodlands Secondary is one of 15 schools to benefit from this programme, which will run until September.
Sarah Martin, director of operations and security of Singapore Grand Prix, said: "To let people, especially these young people understand some of the background into the exciting world that is Singapore GP, a lot of fast facts that they will normally not know, and we do this in the hopes that in the future this could inspire them to be the next generation of motor sports innovators."
- CNA/xq
- wong chee tat :)
ICBC in talks with S'pore banks to develop yuan products
ICBC in talks with S'pore banks to develop yuan products
By Linette Lim
POSTED: 05 Jul 2013 8:32 PM
The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products. The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
SINGAPORE: The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products.
The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
This downplays bullish expectations over the speed of yuan adoption in offshore yuan centres.
ICBC, one of the big-four Chinese state-owned banks, said large-scale usage of the yuan outside China is decades away.
To move the process along, it said there needs to be a wider range of offshore yuan-denominated investment products, as well as synchronisation between the onshore and offshore yuan markets.
Luo Xi, senior executive vice president at ICBC, said: "Right now, there is an offshore exchange rate and offshore interest rate for the yuan that differs from the domestic rates. People are using that as an arbitrage opportunity, so we need to coordinate these rates."
He also said that another way to speed up the process of yuan internationalisation is for more offshore yuan settlement centres to be opened.
But analysts said this need could dissipate with time, because it is widely expected that the Chinese currency will become convertible after 2015, and by then, no interim offshore centres will be needed.
Mr Luo was speaking at a conference organised by DBS in Singapore.
ICBC runs the sole yuan-clearing facility in Singapore, making the city-state only one of four jurisdictions in the world that can clear offshore yuan transactions.
Ng Nam Sin, assistant managing director at Monetary Authority of Singapore, said: "There are close to, I believe, 4,000 Chinese companies who have a presence in Singapore conducting trade and investments between South Asia and China. These companies have their banking relationships with banks in Singapore, so Singapore plays a very important (role as an) intermediation centre for trade finance, for investments."
Still, a number of issues could pose a challenge to yuan internationalisation.
These include the stability of China's financial system.
Andrew Sheng, president of Fung Global Institute and chief adviser to the China Banking Regulatory Commission, said: "If you were to look at household leverage in China, it's actually very low. If you look at the leverage of the government, it's not low but it's relatively low to the advanced countries and even to the comparatives within Asia. Where the leverage has occurred has been in so-called corporate sector, which would include the local government financing platforms."
The recent interbank liquidity crunch in China also revealed fragility in its financial system.
Standard & Poor's said it was a signal that the Chinese central bank will not "endlessly tolerate" reckless lending by some banks.
- CNA/xq
- wong chee tat :)
By Linette Lim
POSTED: 05 Jul 2013 8:32 PM
The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products. The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
SINGAPORE: The Industrial and Commercial Bank of China (ICBC) is in talks with Singapore's three local banks to develop yuan-denominated interest rate and exchange rate products.
The bank also said significant progress on yuan internationalisation may take about 50 years to realise.
This downplays bullish expectations over the speed of yuan adoption in offshore yuan centres.
ICBC, one of the big-four Chinese state-owned banks, said large-scale usage of the yuan outside China is decades away.
To move the process along, it said there needs to be a wider range of offshore yuan-denominated investment products, as well as synchronisation between the onshore and offshore yuan markets.
Luo Xi, senior executive vice president at ICBC, said: "Right now, there is an offshore exchange rate and offshore interest rate for the yuan that differs from the domestic rates. People are using that as an arbitrage opportunity, so we need to coordinate these rates."
He also said that another way to speed up the process of yuan internationalisation is for more offshore yuan settlement centres to be opened.
But analysts said this need could dissipate with time, because it is widely expected that the Chinese currency will become convertible after 2015, and by then, no interim offshore centres will be needed.
Mr Luo was speaking at a conference organised by DBS in Singapore.
ICBC runs the sole yuan-clearing facility in Singapore, making the city-state only one of four jurisdictions in the world that can clear offshore yuan transactions.
Ng Nam Sin, assistant managing director at Monetary Authority of Singapore, said: "There are close to, I believe, 4,000 Chinese companies who have a presence in Singapore conducting trade and investments between South Asia and China. These companies have their banking relationships with banks in Singapore, so Singapore plays a very important (role as an) intermediation centre for trade finance, for investments."
Still, a number of issues could pose a challenge to yuan internationalisation.
These include the stability of China's financial system.
Andrew Sheng, president of Fung Global Institute and chief adviser to the China Banking Regulatory Commission, said: "If you were to look at household leverage in China, it's actually very low. If you look at the leverage of the government, it's not low but it's relatively low to the advanced countries and even to the comparatives within Asia. Where the leverage has occurred has been in so-called corporate sector, which would include the local government financing platforms."
The recent interbank liquidity crunch in China also revealed fragility in its financial system.
Standard & Poor's said it was a signal that the Chinese central bank will not "endlessly tolerate" reckless lending by some banks.
- CNA/xq
- wong chee tat :)
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