Thursday, August 15, 2013
Loan curbs for used cars to stay for now: MAS
Loan curbs for used cars to stay for now: MAS
By Alice Chia
POSTED: 14 Aug 2013 9:42 PM
Despite representations from used car dealers, the Monetary Authority of Singapore (MAS) said that the financing restrictions remain relevant as it encourages financial prudence among consumers and exerts a moderating influence on COE prices.
SINGAPORE: It seems like the loan curbs for used cars are here to stay -- at least for awhile.
Despite representations from used car dealers, the Monetary Authority of Singapore (MAS) said on Wednesday that the financing restrictions remain relevant as it encourages financial prudence among consumers and exerts a moderating influence on COE prices.
Under current rules that took effect in late February, used-car buyers can borrow only up to 60 per cent of the car's purchase price, with the maximum period of the loan capped at five years.
The Singapore Vehicle Traders Association met MAS on Tuesday to call for a review of the curbs.
The association said many dealers are suffering, with business dropping by at least 50 per cent.
It is proposing that buyers be allowed to borrow up to 80 per cent of the purchase price, and for the loan to be serviced for up to eight years.
MAS said in a statement on Wednesday that it appreciates the feedback, emphasising that the financing restrictions are not permanent.
It also added that it will continue to monitor the situation and review the calibration of the restrictions in line with market conditions.
- CNA/jc
- wong chee tat :)
By Alice Chia
POSTED: 14 Aug 2013 9:42 PM
Despite representations from used car dealers, the Monetary Authority of Singapore (MAS) said that the financing restrictions remain relevant as it encourages financial prudence among consumers and exerts a moderating influence on COE prices.
SINGAPORE: It seems like the loan curbs for used cars are here to stay -- at least for awhile.
Despite representations from used car dealers, the Monetary Authority of Singapore (MAS) said on Wednesday that the financing restrictions remain relevant as it encourages financial prudence among consumers and exerts a moderating influence on COE prices.
Under current rules that took effect in late February, used-car buyers can borrow only up to 60 per cent of the car's purchase price, with the maximum period of the loan capped at five years.
The Singapore Vehicle Traders Association met MAS on Tuesday to call for a review of the curbs.
The association said many dealers are suffering, with business dropping by at least 50 per cent.
It is proposing that buyers be allowed to borrow up to 80 per cent of the purchase price, and for the loan to be serviced for up to eight years.
MAS said in a statement on Wednesday that it appreciates the feedback, emphasising that the financing restrictions are not permanent.
It also added that it will continue to monitor the situation and review the calibration of the restrictions in line with market conditions.
- CNA/jc
- wong chee tat :)
3 people hurt in hypermart fire at Jem shopping mall
3 people hurt in hypermart fire at Jem shopping mall
By Leong Wai Kit
POSTED: 14 Aug 2013 12:37 PM
UPDATED: 14 Aug 2013 2:06 PM
A photo submitted by an eyewitness shows an injured man being wheeled out of a FairPrice Xtra outlet at Jem shopping mall in Jurong.
A FairPrice spokesperson said a deep fryer at the “Ready-to-Eat” counter caught fire at about 10.30am.
It was put out by a fire sprinkler in the area.
FairPrice said it immediately evacuated staff and customers.
The three who were hurt were staff members of its vendor.
The Singapore Civil Defence Force said two of them, a man and a woman, suffered burns to their right forearms and were sent to Singapore General Hospital.
The third person suffered burns to his arm, but declined to be sent to hospital.
FairPrice said operations at the outlet resumed about an hour later at 11.20am.
It is working with the authorities to determine the cause of the fire.
- CNA/xq
- wong chee tat :)
By Leong Wai Kit
POSTED: 14 Aug 2013 12:37 PM
UPDATED: 14 Aug 2013 2:06 PM
A photo submitted by an eyewitness shows an injured man being wheeled out of a FairPrice Xtra outlet at Jem shopping mall in Jurong.
A FairPrice spokesperson said a deep fryer at the “Ready-to-Eat” counter caught fire at about 10.30am.
It was put out by a fire sprinkler in the area.
FairPrice said it immediately evacuated staff and customers.
The three who were hurt were staff members of its vendor.
The Singapore Civil Defence Force said two of them, a man and a woman, suffered burns to their right forearms and were sent to Singapore General Hospital.
The third person suffered burns to his arm, but declined to be sent to hospital.
FairPrice said operations at the outlet resumed about an hour later at 11.20am.
It is working with the authorities to determine the cause of the fire.
- CNA/xq
- wong chee tat :)
Companies urged to raise quality of financial reporting
Companies urged to raise quality of financial reporting
POSTED: 14 Aug 2013 11:22 PM
Companies need to take greater ownership over their financial statements and raise the quality of financial reporting. That is the conclusion following a survey conducted by ACRA and ACCA this year.
SINGAPORE: Companies need to take greater ownership over their financial statements and raise the quality of financial reporting.
That is the conclusion following a survey conducted by the Accounting and Corporate Regulatory Authority (ACRA) and the Association of Chartered Certified Accountants (ACCA) this year.
About half of the 400 accountants surveyed appeared to put the main responsibility for the preparation of financial statements on auditors.
Speaking at the Public Accountants Conference on Wednesday, Minister of State for Finance Josephine Teo said this suggests that poor preparation of financial statements stems from the lack of ownership of the quality of financial reporting by companies.
According to measures identified in the survey, companies should put greater emphasis on developing the resources needed for effective financial reporting. These include bringing on board qualified accountants, enhancing training and implementing suitable IT systems.
Meanwhile, ACRA is studying ways to further strengthen financial reporting.
These include making key office holders like CEOs and CFOs of listed companies legally liable for their companies' financial reports.
Currently, only directors have legal responsibility for the companies' financial statements.
Mrs Teo said: "The top management of a company has to set the tone right. They must also take ownership of putting in place the right systems and people to enable the preparation of accurate financial statements.
"High-quality financial reporting is part and parcel of good governance and is key to maintaining Singapore's competitive advantage as a trusted business environment."
- CNA/ms
- wong chee tat :)
POSTED: 14 Aug 2013 11:22 PM
Companies need to take greater ownership over their financial statements and raise the quality of financial reporting. That is the conclusion following a survey conducted by ACRA and ACCA this year.
SINGAPORE: Companies need to take greater ownership over their financial statements and raise the quality of financial reporting.
That is the conclusion following a survey conducted by the Accounting and Corporate Regulatory Authority (ACRA) and the Association of Chartered Certified Accountants (ACCA) this year.
About half of the 400 accountants surveyed appeared to put the main responsibility for the preparation of financial statements on auditors.
Speaking at the Public Accountants Conference on Wednesday, Minister of State for Finance Josephine Teo said this suggests that poor preparation of financial statements stems from the lack of ownership of the quality of financial reporting by companies.
According to measures identified in the survey, companies should put greater emphasis on developing the resources needed for effective financial reporting. These include bringing on board qualified accountants, enhancing training and implementing suitable IT systems.
Meanwhile, ACRA is studying ways to further strengthen financial reporting.
These include making key office holders like CEOs and CFOs of listed companies legally liable for their companies' financial reports.
Currently, only directors have legal responsibility for the companies' financial statements.
Mrs Teo said: "The top management of a company has to set the tone right. They must also take ownership of putting in place the right systems and people to enable the preparation of accurate financial statements.
"High-quality financial reporting is part and parcel of good governance and is key to maintaining Singapore's competitive advantage as a trusted business environment."
- CNA/ms
- wong chee tat :)
Excess data charges to double as promo is ending: SingTel
Excess data charges to double as promo is ending: SingTel
POSTED: 14 Aug 2013 11:42 PM
SingTel has responded to media reports that it will double its mobile charges for 4G customers who exceed their monthly data bundle, saying that its earlier rate was a promotion which ends on September 15.
SINGAPORE: SingTel has responded to media reports that it will double its mobile charges for 4G customers who exceed their monthly data bundle, saying that its earlier rate was a promotion which ends on September 15.
“The rate of $5.35/GB for 4G local excess data usage (data that is used beyond the monthly data bundle) was offered as a special promotion with the launch of our 4G service in June 2012,” said a SingTel spokesman on Wednesday.
From September 16, excess data usage will be charged at the regular rate of S$10.70/GB, capped at S$188 per month. The rates were halved for the promotion, which was supposed to end in January but was extended until next month.
SingTel said currently 13 per cent of its mobile subscribers consume more than their monthly data bundle, and the telco has contacted these customers “to let them know that they can continue to enjoy the rate of $5.35/GB by subscribing to our DataMore value added service”.
The telco added that it is common practice for it to send out notices a month before the end of a promotion.
Earlier in June, there were rumours that SingTel would be increasing its excess data charge when a statement was posted on its FAQ saying that from July, excess data would be charged at S$10.70/GB, capped at S$188 per month.
SingTel later removed the statement, saying then that the “information was erroneously posted on our website”. The telco also noted that the statement had said that the S$5.35 price is a promotional rate.
Customers can monitor their data usage via the MySingTel app or by dialing *3282. SingTel said it also notifies customers via SMS whenever they have used 80 per cent and 100 per cent of their data bundle.
StarHub currently charges a promotional rate of S$6.42/GB with a cap of S$64.20/month. This will be revised to S$8.56/GB, capped at S$85.50 when the promotion runs out on December 31 this year. M1 said its current charges at S$5.35/GB, capped at S$94.16 (excluding monthly subscription) are not promotional rates but are subject to changes.
-TODAY/ir
- wong chee tat :)
POSTED: 14 Aug 2013 11:42 PM
SingTel has responded to media reports that it will double its mobile charges for 4G customers who exceed their monthly data bundle, saying that its earlier rate was a promotion which ends on September 15.
SINGAPORE: SingTel has responded to media reports that it will double its mobile charges for 4G customers who exceed their monthly data bundle, saying that its earlier rate was a promotion which ends on September 15.
“The rate of $5.35/GB for 4G local excess data usage (data that is used beyond the monthly data bundle) was offered as a special promotion with the launch of our 4G service in June 2012,” said a SingTel spokesman on Wednesday.
From September 16, excess data usage will be charged at the regular rate of S$10.70/GB, capped at S$188 per month. The rates were halved for the promotion, which was supposed to end in January but was extended until next month.
SingTel said currently 13 per cent of its mobile subscribers consume more than their monthly data bundle, and the telco has contacted these customers “to let them know that they can continue to enjoy the rate of $5.35/GB by subscribing to our DataMore value added service”.
The telco added that it is common practice for it to send out notices a month before the end of a promotion.
Earlier in June, there were rumours that SingTel would be increasing its excess data charge when a statement was posted on its FAQ saying that from July, excess data would be charged at S$10.70/GB, capped at S$188 per month.
SingTel later removed the statement, saying then that the “information was erroneously posted on our website”. The telco also noted that the statement had said that the S$5.35 price is a promotional rate.
Customers can monitor their data usage via the MySingTel app or by dialing *3282. SingTel said it also notifies customers via SMS whenever they have used 80 per cent and 100 per cent of their data bundle.
StarHub currently charges a promotional rate of S$6.42/GB with a cap of S$64.20/month. This will be revised to S$8.56/GB, capped at S$85.50 when the promotion runs out on December 31 this year. M1 said its current charges at S$5.35/GB, capped at S$94.16 (excluding monthly subscription) are not promotional rates but are subject to changes.
-TODAY/ir
- wong chee tat :)
New private home sales plunge 73% on-month in July
New private home sales plunge 73% on-month in July
By Wong Siew Ying
POSTED: 15 Aug 2013 1:12 PM
Sales of new private homes in Singapore plunged in July. Figures from the Urban Redevelopment Authority show that just 481 units of new homes were sold last month, down 73 percent from June. 1,806 units were sold in June.
SINGAPORE: Sales of new private homes in Singapore plunged in July.
Figures from the Urban Redevelopment Authority show that just 481 units of new homes were sold last month, down 73 percent from June. 1,806 units were sold in June.
Market watchers had anticipated the sharp drop in sales transactions on the back of new loan curbs introduced on 29 June and the lack of new major project launches in July.
The top-selling project during the month was Vue 8 Residence in Pasir Ris, which moved 63 units, followed by Bartley Ridge at Mount Vernon Road with 25 units sold.
Including executive condominiums (ECs), 593 new homes were sold in July, down from 2,119 units transacted in the previous month.
The best-selling EC project was Forestville at Woodlands, which sold 78 new units.
Developers launched a total of 557 new units last month, compared to 2,421 units placed for sale in June.
- CNA/xq
- wong chee tat :)
By Wong Siew Ying
POSTED: 15 Aug 2013 1:12 PM
Sales of new private homes in Singapore plunged in July. Figures from the Urban Redevelopment Authority show that just 481 units of new homes were sold last month, down 73 percent from June. 1,806 units were sold in June.
SINGAPORE: Sales of new private homes in Singapore plunged in July.
Figures from the Urban Redevelopment Authority show that just 481 units of new homes were sold last month, down 73 percent from June. 1,806 units were sold in June.
Market watchers had anticipated the sharp drop in sales transactions on the back of new loan curbs introduced on 29 June and the lack of new major project launches in July.
The top-selling project during the month was Vue 8 Residence in Pasir Ris, which moved 63 units, followed by Bartley Ridge at Mount Vernon Road with 25 units sold.
Including executive condominiums (ECs), 593 new homes were sold in July, down from 2,119 units transacted in the previous month.
The best-selling EC project was Forestville at Woodlands, which sold 78 new units.
Developers launched a total of 557 new units last month, compared to 2,421 units placed for sale in June.
- CNA/xq
- wong chee tat :)
CPF Ordinary Account interest rate to remain at 2.5%
CPF Ordinary Account interest rate to remain at 2.5%
POSTED: 15 Aug 2013 11:43 AM
The CPF Board said the interest rate for Ordinary Account (OA) savings in the Central Provident Fund (CPF) will remain at 2.5 per cent from 1 October 2013 to 31 December 2013.
SINGAPORE: The CPF Board said the interest rate for Ordinary Account (OA) savings in the Central Provident Fund (CPF) will remain at 2.5 per cent from 1 October 2013 to 31 December 2013.
The computed CPF interest rate, derived from the major local banks' interest rates for the three-month period from 1 May 2013 to 31 July 2013, worked out to be 0.21 per cent per annum, below the legislated minimum of 2.5 per cent a year.
An extra 1 per cent interest will still be paid on the first S$60,000 for combined balances, including up to S$20,000 from the OA.
The extra interest from the OA will go into the member's Special or Retirement Account.
The concessionary interest rate for Housing Board mortgage loans, which is pegged to the interest rate for OA, will also remain at 2.6 per cent per year from 1 October 2013 to 31 December 2013.
- CNA/xq
- wong chee tat :)
POSTED: 15 Aug 2013 11:43 AM
The CPF Board said the interest rate for Ordinary Account (OA) savings in the Central Provident Fund (CPF) will remain at 2.5 per cent from 1 October 2013 to 31 December 2013.
SINGAPORE: The CPF Board said the interest rate for Ordinary Account (OA) savings in the Central Provident Fund (CPF) will remain at 2.5 per cent from 1 October 2013 to 31 December 2013.
The computed CPF interest rate, derived from the major local banks' interest rates for the three-month period from 1 May 2013 to 31 July 2013, worked out to be 0.21 per cent per annum, below the legislated minimum of 2.5 per cent a year.
An extra 1 per cent interest will still be paid on the first S$60,000 for combined balances, including up to S$20,000 from the OA.
The extra interest from the OA will go into the member's Special or Retirement Account.
The concessionary interest rate for Housing Board mortgage loans, which is pegged to the interest rate for OA, will also remain at 2.6 per cent per year from 1 October 2013 to 31 December 2013.
- CNA/xq
- wong chee tat :)
IT giant Cisco to cut 4,000 jobs
IT giant Cisco to cut 4,000 jobscisc
POSTED: 15 Aug 2013 6:11 AM
Information technology giant Cisco announced on Wednesday that it will cut 4,000 jobs, equal to five percent of its workforce.
NEW YORK: Information technology giant Cisco announced on Wednesday that it will cut 4,000 jobs, equal to five percent of its workforce.
Cisco executives said the cuts were necessitated by a weaker-than-expected economic recovery, with conditions especially disappointing in emerging markets.
The "economic recovery is slower and more inconsistent," chief executive John Chambers told analysts.
While the US market has been getting better, that improvement is offset by "softening" in emerging markets, Chambers added.
Chambers emphasized the company's need to "move fast" as it rebalances staff to meet growth areas. He said some of the downsized workers will undoubtedly be rehired in other posts.
"I have learned in this industry you lead with your mind, not with your heart," Chambers said.
The cuts announced Wednesday came despite an 18.2 percent rise in earnings, and pushed Cisco shares 9.1 percent lower to $23.97 in after-hours trade.
Wednesday's job cuts mark the third consecutive summer the company has downsized.
In July 2012, Cisco eliminated 1,300 jobs, citing global economic uncertainty. In July 2011, it eliminated 6,500 posts as part of a major company restructuring.
Cisco reported fiscal fourth quarter earnings of $2.3 billion on revenues of $12.4 billion, up from the year-ago level of $1.9 billion on revenues of $11.7 billion.
Per-share earnings exceeded analyst expectations by one cent at 52 cents per share.
Cisco officials signaled that first-quarter revenue growth will be in the 3-5 percent range, with earnings per share expected at 50-51 cents. The updated outlook was in line with analyst expectations, but a bit on the low end.
Cisco has been expanding its profile in some targeted growth areas such as cloud computing and Internet security with a run of recent acquisitions.
- AFP
- wong chee tat :)
POSTED: 15 Aug 2013 6:11 AM
Information technology giant Cisco announced on Wednesday that it will cut 4,000 jobs, equal to five percent of its workforce.
NEW YORK: Information technology giant Cisco announced on Wednesday that it will cut 4,000 jobs, equal to five percent of its workforce.
Cisco executives said the cuts were necessitated by a weaker-than-expected economic recovery, with conditions especially disappointing in emerging markets.
The "economic recovery is slower and more inconsistent," chief executive John Chambers told analysts.
While the US market has been getting better, that improvement is offset by "softening" in emerging markets, Chambers added.
Chambers emphasized the company's need to "move fast" as it rebalances staff to meet growth areas. He said some of the downsized workers will undoubtedly be rehired in other posts.
"I have learned in this industry you lead with your mind, not with your heart," Chambers said.
The cuts announced Wednesday came despite an 18.2 percent rise in earnings, and pushed Cisco shares 9.1 percent lower to $23.97 in after-hours trade.
Wednesday's job cuts mark the third consecutive summer the company has downsized.
In July 2012, Cisco eliminated 1,300 jobs, citing global economic uncertainty. In July 2011, it eliminated 6,500 posts as part of a major company restructuring.
Cisco reported fiscal fourth quarter earnings of $2.3 billion on revenues of $12.4 billion, up from the year-ago level of $1.9 billion on revenues of $11.7 billion.
Per-share earnings exceeded analyst expectations by one cent at 52 cents per share.
Cisco officials signaled that first-quarter revenue growth will be in the 3-5 percent range, with earnings per share expected at 50-51 cents. The updated outlook was in line with analyst expectations, but a bit on the low end.
Cisco has been expanding its profile in some targeted growth areas such as cloud computing and Internet security with a run of recent acquisitions.
- AFP
- wong chee tat :)
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