Tuesday, November 30, 2010
Monday, November 29, 2010
373 S'poreans infected with HIV in first 10 months of 2010
373 S'poreans infected with HIV in first 10 months of 2010
By Vimita Mohandas | Posted: 28 November 2010 1848 hrs
SINGAPORE : About 373 Singaporeans were infected with HIV from January to October this year, bringing the total number of HIV cases in Singapore to 4,777.
The Ministry of Health (MOH) said it expects the total number of new HIV cases for this year to come close to that of last year's figure of 463.
Of the 169 cases reported between January and June this year, about 60 per cent of the cases had late-stage HIV infection.
And of these, about 90 per cent were men and the rest, women.
Sexual transmission remains the main mode of HIV transmission.
Of the 169 cases reported in the first six months of this year, 166 acquired the infection through the sexual route, with heterosexual transmission accounting for 56 per cent of infections, homosexual transmission acounting for 33 per cent of infections, and bisexual transmission 9 per cent. One was infected through intravenous drug use.
The MOH has urged those at risk of HIV infection and those who engage in risky sexual behaviour to go for regular HIV testing.
- CNA /ls
By Vimita Mohandas | Posted: 28 November 2010 1848 hrs
SINGAPORE : About 373 Singaporeans were infected with HIV from January to October this year, bringing the total number of HIV cases in Singapore to 4,777.
The Ministry of Health (MOH) said it expects the total number of new HIV cases for this year to come close to that of last year's figure of 463.
Of the 169 cases reported between January and June this year, about 60 per cent of the cases had late-stage HIV infection.
And of these, about 90 per cent were men and the rest, women.
Sexual transmission remains the main mode of HIV transmission.
Of the 169 cases reported in the first six months of this year, 166 acquired the infection through the sexual route, with heterosexual transmission accounting for 56 per cent of infections, homosexual transmission acounting for 33 per cent of infections, and bisexual transmission 9 per cent. One was infected through intravenous drug use.
The MOH has urged those at risk of HIV infection and those who engage in risky sexual behaviour to go for regular HIV testing.
- CNA /ls
Petrol prices go up
Petrol prices go up
Posted: 29 November 2010 1831 hrs
SINGAPORE : Petrol and diesel prices are going up at Caltex.
Petrol prices will go up three cents per litre for all grades of petrol, while diesel prices will go up two cents per litre.
The price of 98 grade petrol now costs $2.005 per litre.
95 grade petrol costs $1.877 per litre, and 92 grade petrol costs $1.817 per litre.
Diesel costs $1.363 per litre.
Other petroleum companies have yet to announce any price increases.
- CNA /ls
- wong chee tat :)
Posted: 29 November 2010 1831 hrs
SINGAPORE : Petrol and diesel prices are going up at Caltex.
Petrol prices will go up three cents per litre for all grades of petrol, while diesel prices will go up two cents per litre.
The price of 98 grade petrol now costs $2.005 per litre.
95 grade petrol costs $1.877 per litre, and 92 grade petrol costs $1.817 per litre.
Diesel costs $1.363 per litre.
Other petroleum companies have yet to announce any price increases.
- CNA /ls
- wong chee tat :)
Sunday, November 28, 2010
Cotton price surge threatens 'cheap fashion'
Cotton price surge threatens 'cheap fashion'
Posted: 28 November 2010 1549 hrs
DHAKA : In the home of cheap clothing manufacturing, the record price of cotton is causing havoc for producers -- and the pain will pass down the chain to buyers in developed countries, analysts say.
Bangladesh, the third-biggest producer of clothes worldwide, is one of the cheapest locations for manufacturing in the world and its factories churn out clothing for leading brands from Wal-Mart to H & M and Gap.
After reluctantly agreeing to a sharp rise in the minimum wage, under pressure from the government and violent protests from workers, the industry is now grappling with price and supply issues with its main raw material.
Cotton's price on world markets reached 1.50 dollars a pound (0.45 kilograms) for the first time on November 9, double its level of 12 months ago.
"Top global retailers have for years cut buying prices of clothing to ensure higher profits for their shareholders. But they must now understand that the era of cheap fashion is all but over," Hasan Khaled, former chief of Wal-Mart's Bangladesh buying office, told AFP last week.
"Western consumers will have to bear some pain of higher cotton prices even though they are facing tough times due to the global meltdown," said Khaled, who now buys clothing for US retailers such as Sears and JCPenney.
Garment-making is the backbone of Bangladesh's economy, accounting for 80 percent of exports, even though the country has no domestic source of cotton.
Instead Bangladesh buys one million tonnes of cotton a year, making it the world's second biggest importer after China, according to the country's commerce ministry.
Although prices on commodity markets have cooled in the last two weeks, Bangladeshi clothing manufacturers are having to manage a crisis.
According to the Bangladesh Knitwear Manufacturers and Exporters Association, most of its members who took orders from western retailers months ago are being forced to cancel them, renegotiate prices, or take a big hit on profit.
"Many buyers understand the situation and they have agreed to raise prices by 30-40 percent. But even they are not adjusting order prices fully," said Ziaul Islam Chowdhury, head of top producer Knit Asia.
"As a result, many exporters are being forced to cut profit margins for the sake of reputation. The export figures in recent months show tremendous growth but it does not show the kind of bleeding going on in the sector," he said.
The government has said it is "deeply worried" over the rising cotton price and has launched a policy of "cotton diplomacy" intended to secure supplies for its industry.
Accompanied by top textile millers and cotton importers, Bangladesh's Commerce Minister Faruk Khan has visited top producing nations India and Uzbekistan in the last month.
"Ensuring cotton supply to our millers is now a national security issue," he told AFP, a day after returning from Uzbekistan.
Zaena Miller, a London-based clothing analyst for research group Euromonitor, said calling an end to the era of cheap fashion was premature, but warned consumers already face price rises and more will come next year.
Retailers will adopt different pricing strategies depending on their business models, she said.
Low-cost specialists will look to absorb as much of the cost as possible, which will reduce their profits, while others will raise prices on some, but not all, of their clothing ranges.
As a general trend, they will try to sell at full price, which means fewer price-cutting promotions, and the trend could even be a boon for charity shops where second-hand clothes are on sale at a fraction of their original cost.
"There will definitely be slight price raises," she said. "And next year they will be more noticeable."
- AFP /ls
- wong chee tat :)
Posted: 28 November 2010 1549 hrs
DHAKA : In the home of cheap clothing manufacturing, the record price of cotton is causing havoc for producers -- and the pain will pass down the chain to buyers in developed countries, analysts say.
Bangladesh, the third-biggest producer of clothes worldwide, is one of the cheapest locations for manufacturing in the world and its factories churn out clothing for leading brands from Wal-Mart to H & M and Gap.
After reluctantly agreeing to a sharp rise in the minimum wage, under pressure from the government and violent protests from workers, the industry is now grappling with price and supply issues with its main raw material.
Cotton's price on world markets reached 1.50 dollars a pound (0.45 kilograms) for the first time on November 9, double its level of 12 months ago.
"Top global retailers have for years cut buying prices of clothing to ensure higher profits for their shareholders. But they must now understand that the era of cheap fashion is all but over," Hasan Khaled, former chief of Wal-Mart's Bangladesh buying office, told AFP last week.
"Western consumers will have to bear some pain of higher cotton prices even though they are facing tough times due to the global meltdown," said Khaled, who now buys clothing for US retailers such as Sears and JCPenney.
Garment-making is the backbone of Bangladesh's economy, accounting for 80 percent of exports, even though the country has no domestic source of cotton.
Instead Bangladesh buys one million tonnes of cotton a year, making it the world's second biggest importer after China, according to the country's commerce ministry.
Although prices on commodity markets have cooled in the last two weeks, Bangladeshi clothing manufacturers are having to manage a crisis.
According to the Bangladesh Knitwear Manufacturers and Exporters Association, most of its members who took orders from western retailers months ago are being forced to cancel them, renegotiate prices, or take a big hit on profit.
"Many buyers understand the situation and they have agreed to raise prices by 30-40 percent. But even they are not adjusting order prices fully," said Ziaul Islam Chowdhury, head of top producer Knit Asia.
"As a result, many exporters are being forced to cut profit margins for the sake of reputation. The export figures in recent months show tremendous growth but it does not show the kind of bleeding going on in the sector," he said.
The government has said it is "deeply worried" over the rising cotton price and has launched a policy of "cotton diplomacy" intended to secure supplies for its industry.
Accompanied by top textile millers and cotton importers, Bangladesh's Commerce Minister Faruk Khan has visited top producing nations India and Uzbekistan in the last month.
"Ensuring cotton supply to our millers is now a national security issue," he told AFP, a day after returning from Uzbekistan.
Zaena Miller, a London-based clothing analyst for research group Euromonitor, said calling an end to the era of cheap fashion was premature, but warned consumers already face price rises and more will come next year.
Retailers will adopt different pricing strategies depending on their business models, she said.
Low-cost specialists will look to absorb as much of the cost as possible, which will reduce their profits, while others will raise prices on some, but not all, of their clothing ranges.
As a general trend, they will try to sell at full price, which means fewer price-cutting promotions, and the trend could even be a boon for charity shops where second-hand clothes are on sale at a fraction of their original cost.
"There will definitely be slight price raises," she said. "And next year they will be more noticeable."
- AFP /ls
- wong chee tat :)
Computer meltdown leaves millions of Aussies without cash
Computer meltdown leaves millions of Aussies without cash
November 27, 2010 National Australia Bank (NAB) is Australia's biggest bank
Customers are seen using ATM machines from the National Australia Bank (NAB) in central Sydney. A freak computer glitch at Australia's biggest bank on Saturday froze cash machines and left millions of people struggling to access their money.
A freak computer glitch at Australia's biggest bank froze cash machines and left millions of people struggling to access their money on Saturday.
National Australia Bank (NAB) said a corrupted file wiped out a huge number of transactions, including salary payments and transfers, and crashed some ATMs, angering many customers who were facing a weekend without money.
Spokeswoman Meaghan Telford said NAB was opening branches on Saturday and Sunday and bringing in extra call-centre staff as technicians scrambled to fix the problem.
"We're very apologetic," she told AFP. "We recognise this has caused people a lot of inconvenience. We're just working to resolve the problem."
Telford said the rogue file knocked out transactions on Wednesday, including salary deposits, bill payments and transfers to other banks, and then work to fix the problem hit Thursday and Friday's business.
As the electronic system buckled, some ATMs had crashed, she said, without revealing how many.
"There's been some issues with the electronic system because of the pressure the system has been under as a result of trying to resolve these issues," she said. "This has meant some ATMs have experienced issues."
Customers using microblogging site Twitter reported chaos with their bank accounts as mystifying sums appeared and disappeared, leaving many unable to withdraw cash.
Telford said NAB had cleared most of the delayed transactions but could not predict when the system would be back to normal. She did not estimate how many of NAB's 11.5 million customers were affected.
According to national news agency AAP, international banking giant HSBC's transactions to other banks, payroll deposits and direct debits were also affected, as NAB clears payments for HSBC in Australia.
NAB also warned on its website that its Internet banking was slow as millions of customers checked their accounts.
The meltdown comes at a time of growing discontent towards Australia's "big four" banks over rising interest rates and a swathe of minor fees, with even Prime Minister Julia Gillard urging unhappy customers to switch lenders.
Last week 250 investors brought a multi-million dollar lawsuit against NAB claiming it failed to properly disclose its exposure to toxic US debt during the financial crisis.
(c) 2010 AFP
- wong chee tat :)
November 27, 2010 National Australia Bank (NAB) is Australia's biggest bank
Customers are seen using ATM machines from the National Australia Bank (NAB) in central Sydney. A freak computer glitch at Australia's biggest bank on Saturday froze cash machines and left millions of people struggling to access their money.
A freak computer glitch at Australia's biggest bank froze cash machines and left millions of people struggling to access their money on Saturday.
National Australia Bank (NAB) said a corrupted file wiped out a huge number of transactions, including salary payments and transfers, and crashed some ATMs, angering many customers who were facing a weekend without money.
Spokeswoman Meaghan Telford said NAB was opening branches on Saturday and Sunday and bringing in extra call-centre staff as technicians scrambled to fix the problem.
"We're very apologetic," she told AFP. "We recognise this has caused people a lot of inconvenience. We're just working to resolve the problem."
Telford said the rogue file knocked out transactions on Wednesday, including salary deposits, bill payments and transfers to other banks, and then work to fix the problem hit Thursday and Friday's business.
As the electronic system buckled, some ATMs had crashed, she said, without revealing how many.
"There's been some issues with the electronic system because of the pressure the system has been under as a result of trying to resolve these issues," she said. "This has meant some ATMs have experienced issues."
Customers using microblogging site Twitter reported chaos with their bank accounts as mystifying sums appeared and disappeared, leaving many unable to withdraw cash.
Telford said NAB had cleared most of the delayed transactions but could not predict when the system would be back to normal. She did not estimate how many of NAB's 11.5 million customers were affected.
According to national news agency AAP, international banking giant HSBC's transactions to other banks, payroll deposits and direct debits were also affected, as NAB clears payments for HSBC in Australia.
NAB also warned on its website that its Internet banking was slow as millions of customers checked their accounts.
The meltdown comes at a time of growing discontent towards Australia's "big four" banks over rising interest rates and a swathe of minor fees, with even Prime Minister Julia Gillard urging unhappy customers to switch lenders.
Last week 250 investors brought a multi-million dollar lawsuit against NAB claiming it failed to properly disclose its exposure to toxic US debt during the financial crisis.
(c) 2010 AFP
- wong chee tat :)
Saturday, November 27, 2010
Friday, November 26, 2010
Paramount Hotel & Shopping Centre sold to Orchard Mall
Paramount Hotel & Shopping Centre sold to Orchard Mall
By Travis Teo | Posted: 26 November 2010 2103 hrs
SINGAPORE : Paramount Hotel & Shopping Centre has been sold to Orchard Mall for S$214 million.
This is the biggest collective sale in the commercial property market this year.
The site comes up to nearly 102,000 square feet and has a gross plot ratio of up to 3.0 Jones Lang LaSalle, manager of the sale, said the freehold site has a potential gross floor area of up around 308,000 square feet.
This works out to approximately S$1,178 per square foot, per plot ratio. While the site was zoned for use as a hotel under a previous Master plan, Jones Lang LaSalle said that it has varied redevelopment options such as hotel, commercial, residential, or a combination of the three, subject to planning approval from the authorities.
The site currently holds a 229-room hotel and shopping complex comprising a four-storey podium and an eight-storey tower block.
Quek Soh Hoon, national director and head of commercial at Jones Lang LaSalle, said that the bids signalled a strong interest for this rare, prime, freehold redevelopment site.
She added that Jones Lang LaSalle is confident of the potential that the site could offer due to the accessible location and the nearby amenities.
- CNA/ms
- wong chee tat :)
By Travis Teo | Posted: 26 November 2010 2103 hrs
SINGAPORE : Paramount Hotel & Shopping Centre has been sold to Orchard Mall for S$214 million.
This is the biggest collective sale in the commercial property market this year.
The site comes up to nearly 102,000 square feet and has a gross plot ratio of up to 3.0 Jones Lang LaSalle, manager of the sale, said the freehold site has a potential gross floor area of up around 308,000 square feet.
This works out to approximately S$1,178 per square foot, per plot ratio. While the site was zoned for use as a hotel under a previous Master plan, Jones Lang LaSalle said that it has varied redevelopment options such as hotel, commercial, residential, or a combination of the three, subject to planning approval from the authorities.
The site currently holds a 229-room hotel and shopping complex comprising a four-storey podium and an eight-storey tower block.
Quek Soh Hoon, national director and head of commercial at Jones Lang LaSalle, said that the bids signalled a strong interest for this rare, prime, freehold redevelopment site.
She added that Jones Lang LaSalle is confident of the potential that the site could offer due to the accessible location and the nearby amenities.
- CNA/ms
- wong chee tat :)
d'Leedon new condo at former Farrer Court site
d'Leedon new condo at former Farrer Court site
Posted: 25 November 2010 2244 hrs
SINGAPORE: A consortium led by developer CapitaLand has unveiled a new development on the site of the former Farrer Court.
Called d'Leedon, the new condominium along Farrer Road will have 1,715 units built on the 840,049-square-foot site.
They comprise 1,703 apartments in seven 36-storey residential towers and 12 exclusive semi-detached houses.
CapitaLand says the residential towers occupy only 22 percent of the site, freeing up a landscaped area of over 650,000 square feet dedicated to greenery and recreational facilities.
The first preview sales to former owners of Farrer Court will be held this weekend, followed by the public launch. This first launch will be for 200 choice units located across all floors in two residential towers, with unit types ranging from one-bedroom-and-study to four-bedroom units. The average price of the units is S$1,680 per square foot.
d'Leedon also features a cluster of 80 units specially designed to be elderly-friendly.
- CNA/ir
- wong chee tat :)
Posted: 25 November 2010 2244 hrs
SINGAPORE: A consortium led by developer CapitaLand has unveiled a new development on the site of the former Farrer Court.
Called d'Leedon, the new condominium along Farrer Road will have 1,715 units built on the 840,049-square-foot site.
They comprise 1,703 apartments in seven 36-storey residential towers and 12 exclusive semi-detached houses.
CapitaLand says the residential towers occupy only 22 percent of the site, freeing up a landscaped area of over 650,000 square feet dedicated to greenery and recreational facilities.
The first preview sales to former owners of Farrer Court will be held this weekend, followed by the public launch. This first launch will be for 200 choice units located across all floors in two residential towers, with unit types ranging from one-bedroom-and-study to four-bedroom units. The average price of the units is S$1,680 per square foot.
d'Leedon also features a cluster of 80 units specially designed to be elderly-friendly.
- CNA/ir
- wong chee tat :)
Wednesday, November 24, 2010
Barclays to ramp up private banking business; sets up HK centre
Barclays to ramp up private banking business; sets up HK centre
Reuters - Wednesday, November 24
* Send
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SINGAPORE, Nov 24 - Barclays Wealth, a unit of Barclays , outlined an ambitious expansion plan to double the number of private bankers in Asia and quadruple its assets under management in the region over the next four years.
Many private banks including regional players such as Standard Chartered and DBS Group are furiously expanding in Asia, with more wealth likely to be generated in the region powered by the economies of China, India and Indonesia.
Singapore is the main base for private banks seeking to gain market share in Asia, but Hong Kong is fast emerging as a second regional centre as banks expand their regional presence.
In a statement issued on Tuesday, Barclays Wealth said it had set up a booking centre in Hong Kong -- its second in Asia after Singapore -- as part of a plan to quadruple Asian assets.
"This is an important milestone for us in Hong Kong... Our North Asian clients now have the additional option of having their assets managed in a location closer to them," said Joanna Chu, head of North Asia for Barclays Wealth. She described Greater China as the fastest and most attractive region for the firm.
She said the Hong Kong booking centre will facilitate the introduction of new yuan-denominated products that the UK lender hopes to roll out next year.
Barclay's declined to say how many relationship managers it had in Asia and did not provide details of Asian assets it manages, but sources familiar with the bank said it had more than 100 relationship managers across the region.
On a global basis, Barclays' private banking unit has 153.5 billion pounds in assets under management and about 1,600 client-facing advisers, a Barclays spokesman said.
This month, Swiss private bank Julius Baer , which already had a centre in Singapore, said it had obtained a banking license in Hong Kong.
Private banks are increasingly poaching relationship managers, bankers who take their clients and their money wherever they go, from rivals. [ID:nSGE6930AW]
Singapore, and to a lesser extent Hong Kong, are drawing boutique funds, advisory firms and brokerages with their light-touch regulation, even as Switzerland gets tougher on bank secrecy.
- wong chee tat :)
Reuters - Wednesday, November 24
* Send
* IM Story
SINGAPORE, Nov 24 - Barclays Wealth, a unit of Barclays , outlined an ambitious expansion plan to double the number of private bankers in Asia and quadruple its assets under management in the region over the next four years.
Many private banks including regional players such as Standard Chartered and DBS Group are furiously expanding in Asia, with more wealth likely to be generated in the region powered by the economies of China, India and Indonesia.
Singapore is the main base for private banks seeking to gain market share in Asia, but Hong Kong is fast emerging as a second regional centre as banks expand their regional presence.
In a statement issued on Tuesday, Barclays Wealth said it had set up a booking centre in Hong Kong -- its second in Asia after Singapore -- as part of a plan to quadruple Asian assets.
"This is an important milestone for us in Hong Kong... Our North Asian clients now have the additional option of having their assets managed in a location closer to them," said Joanna Chu, head of North Asia for Barclays Wealth. She described Greater China as the fastest and most attractive region for the firm.
She said the Hong Kong booking centre will facilitate the introduction of new yuan-denominated products that the UK lender hopes to roll out next year.
Barclay's declined to say how many relationship managers it had in Asia and did not provide details of Asian assets it manages, but sources familiar with the bank said it had more than 100 relationship managers across the region.
On a global basis, Barclays' private banking unit has 153.5 billion pounds in assets under management and about 1,600 client-facing advisers, a Barclays spokesman said.
This month, Swiss private bank Julius Baer , which already had a centre in Singapore, said it had obtained a banking license in Hong Kong.
Private banks are increasingly poaching relationship managers, bankers who take their clients and their money wherever they go, from rivals. [ID:nSGE6930AW]
Singapore, and to a lesser extent Hong Kong, are drawing boutique funds, advisory firms and brokerages with their light-touch regulation, even as Switzerland gets tougher on bank secrecy.
- wong chee tat :)
Monday, November 22, 2010
Bus commuters overcharged S$300,000
Bus commuters overcharged S$300,000
By Dylan Loh | Posted: 22 November 2010 1634 hrs
SINGAPORE: Bus commuters have been overcharged some $300,000 since distance-based fares kicked in on 3 July.
This was discovered after an island-wide bus stop review by the Land Transport Authority (LTA) which found errors in actual distances measured between bus stops.
Commuters have also been undercharged some S$100,000 in the same period due to these mistakes.
About 150 bus services have been affected by the errors. They ply routes passing some 100 bus stops across the island.
LTA says some of the mistakes resulted from the shifting of bus stop locations because of construction works. The changes in bus stop distances following such cases were not promptly updated by transport operators.
LTA says all errors will be corrected by Friday.
The public transport operators will bear the costs of undercharging.
Commuters who have been overcharged will have a six-month window from 18 December to obtain refunds.
Notices on how commuters can get the refunds will be put up at affected bus stops and bus interchanges.
Commuters can visit bus interchanges, most rail stations and selected bus stops to obtain refunds. They can also check online at www.publictransport.sg for refund eligibility.
Some commuters were receptive of the move. "As long as they found it out and they're going to do something about it, I think it's good," said a commuter.
LTA says transport operators who don't update bus-stop distances may face a maximum fine of S$100,000 in future.
- CNA/ir
- wong chee tat :)
By Dylan Loh | Posted: 22 November 2010 1634 hrs
SINGAPORE: Bus commuters have been overcharged some $300,000 since distance-based fares kicked in on 3 July.
This was discovered after an island-wide bus stop review by the Land Transport Authority (LTA) which found errors in actual distances measured between bus stops.
Commuters have also been undercharged some S$100,000 in the same period due to these mistakes.
About 150 bus services have been affected by the errors. They ply routes passing some 100 bus stops across the island.
LTA says some of the mistakes resulted from the shifting of bus stop locations because of construction works. The changes in bus stop distances following such cases were not promptly updated by transport operators.
LTA says all errors will be corrected by Friday.
The public transport operators will bear the costs of undercharging.
Commuters who have been overcharged will have a six-month window from 18 December to obtain refunds.
Notices on how commuters can get the refunds will be put up at affected bus stops and bus interchanges.
Commuters can visit bus interchanges, most rail stations and selected bus stops to obtain refunds. They can also check online at www.publictransport.sg for refund eligibility.
Some commuters were receptive of the move. "As long as they found it out and they're going to do something about it, I think it's good," said a commuter.
LTA says transport operators who don't update bus-stop distances may face a maximum fine of S$100,000 in future.
- CNA/ir
- wong chee tat :)
Sunday, November 21, 2010
Saturday, November 20, 2010
Four new housing projects in Yishun
Four new housing projects in Yishun
By Lip Kwok Wai | Posted: 19 November 2010 2122 hrs
SINGAPORE: Yishun estate has welcomed four new housing projects in the last three months.
Yishun Greenwalk, one of two Build-to-Order HDB projects, has attracted more than 1,000 applicants in two days.
It offers more than 1,100 flats for first-time households.
The HDB is also rolling out the Adora Green under the Design, Build and Sell Scheme.
Executive condominium, The Canopy, is also adding to the buzz in Yishun.
Nicholas Mak, executive director (Research & Consultancy) at SLP International, said: "Yishun itself actually has its charm. It is located right next to the Seletar Reservoir, which is a more mature reservoir, and it looks like a natural lake.
"It is also the nearest HDB town to the Seletar Aerodrome, which in future will be redeveloped into Singapore's aerospace hub. So there will be more opportunities for engineers, for high-end professionals."
- CNA/ms
- wong chee tat :)
By Lip Kwok Wai | Posted: 19 November 2010 2122 hrs
SINGAPORE: Yishun estate has welcomed four new housing projects in the last three months.
Yishun Greenwalk, one of two Build-to-Order HDB projects, has attracted more than 1,000 applicants in two days.
It offers more than 1,100 flats for first-time households.
The HDB is also rolling out the Adora Green under the Design, Build and Sell Scheme.
Executive condominium, The Canopy, is also adding to the buzz in Yishun.
Nicholas Mak, executive director (Research & Consultancy) at SLP International, said: "Yishun itself actually has its charm. It is located right next to the Seletar Reservoir, which is a more mature reservoir, and it looks like a natural lake.
"It is also the nearest HDB town to the Seletar Aerodrome, which in future will be redeveloped into Singapore's aerospace hub. So there will be more opportunities for engineers, for high-end professionals."
- CNA/ms
- wong chee tat :)
Wednesday, November 17, 2010
Threadneedle to double Asia staff, eyes expansion
* plans to set up new offices in Japan and Taiwan
* to focus initially on distribution, marketing
SINGAPORE, Nov 16 - British fund manager Threadneedle plans to double its staff in Asia and open new offices in Japan and Taiwan as part of efforts to grow its regional presence, newly appointed Asia-Pacific chairman Raymundo Yu said on Tuesday.
"The first stage will involve distribution and marketing, then analysis, then investment management," said Yu, who was chairman for the Asia-Pacific region at Merrill Lynch from July 2000 until his retirement in December 2008.
Threadneedle is expanding into a fast-growing Asian region that is already home to global players such as Blackrock and
Fidelity as well as large homegrown asset managers such as South Korea's
Mirae and Australia's AMP .
Japan's Nikko Asset, which is keen to grow its non-Japan Asian business, on Tuesday announced the purchase of Australia's Tyndall Investments in a deal worth A$128.5 million. [ID:nSDYFME6BR]
Yu, 55, told Reuters the new offices in Japan and Taiwan would help complement Threadneedle's existing operations in Hong Kong and Singapore and double staffing to around 30 from 15 in the next 12 months.
Threadneedle, which manages around $100 billion in assets, is a unit of U.S. financial services firm Ameriprise Financial.
Ameriprise also owns U.S.-based Columbia, which has about $350 billion.
The Threadneedle operations in Asia will market Columbia's asset management services.
- wong chee tat :)
* to focus initially on distribution, marketing
SINGAPORE, Nov 16 - British fund manager Threadneedle plans to double its staff in Asia and open new offices in Japan and Taiwan as part of efforts to grow its regional presence, newly appointed Asia-Pacific chairman Raymundo Yu said on Tuesday.
"The first stage will involve distribution and marketing, then analysis, then investment management," said Yu, who was chairman for the Asia-Pacific region at Merrill Lynch from July 2000 until his retirement in December 2008.
Threadneedle is expanding into a fast-growing Asian region that is already home to global players such as Blackrock
Japan's Nikko Asset, which is keen to grow its non-Japan Asian business, on Tuesday announced the purchase of Australia's Tyndall Investments in a deal worth A$128.5 million. [ID:nSDYFME6BR]
Yu, 55, told Reuters the new offices in Japan and Taiwan would help complement Threadneedle's existing operations in Hong Kong and Singapore and double staffing to around 30 from 15 in the next 12 months.
Threadneedle, which manages around $100 billion in assets, is a unit of U.S. financial services firm Ameriprise Financial
The Threadneedle operations in Asia will market Columbia's asset management services.
- wong chee tat :)
Tuesday, November 16, 2010
International banks preferred by Singapore graduates
International banks preferred by Singapore graduates
Posted: 15 November 2010 2202 hrs
SINGAPORE: International banks have emerged as the preferred employers by Singapore graduates.
According to the Singapore Graduate Barometer 2010 survey which involved some 3,700 final-year students and graduates, Barclays Capital claimed the top spot in overall rankings.
Singapore Technologies Engineering came in second and Citibank was third.
The top ten leading graduate employers included J P Morgan, Credit Suisse and MediaCorp.
The survey revealed that Singaporean students value professional development and promotion opportunities the most.
And a good work-life balance is valued higher than a demanding position.
Survey respondents also indicated that the ability to develop specialised skills is important in their first job.
GTI Media announced the list of most sought-after employers at the Singapore's 100 leading graduate employers awards on Monday evening.
-CNA/ac
- wong chee tat :)
Posted: 15 November 2010 2202 hrs
SINGAPORE: International banks have emerged as the preferred employers by Singapore graduates.
According to the Singapore Graduate Barometer 2010 survey which involved some 3,700 final-year students and graduates, Barclays Capital claimed the top spot in overall rankings.
Singapore Technologies Engineering came in second and Citibank was third.
The top ten leading graduate employers included J P Morgan, Credit Suisse and MediaCorp.
The survey revealed that Singaporean students value professional development and promotion opportunities the most.
And a good work-life balance is valued higher than a demanding position.
Survey respondents also indicated that the ability to develop specialised skills is important in their first job.
GTI Media announced the list of most sought-after employers at the Singapore's 100 leading graduate employers awards on Monday evening.
-CNA/ac
- wong chee tat :)
CPF keeps 2.5% Ordinary Account interest rate
CPF keeps 2.5% Ordinary Account interest rate
By Mustafa Shafawi
SINGAPORE: The CPF Board will continue paying members 2.5 per cent annual interest on their Ordinary Account (OA) savings between January and March next year.
The computed CPF interest rate derived from the major local banks' interest rates for the three-month period from August to October this year, worked out to be 0.4 per cent a year.
However, the higher rate of 2.5 per cent will be paid as the CPF Act provides for a minimum CPF interest rate of 2.5 per cent a year.
The concessionary interest rate for HDB home loan is unchanged at 2.6 per cent a year for the first three months of next year.
-CNA/wk
- wong chee tat :)
By Mustafa Shafawi
SINGAPORE: The CPF Board will continue paying members 2.5 per cent annual interest on their Ordinary Account (OA) savings between January and March next year.
The computed CPF interest rate derived from the major local banks' interest rates for the three-month period from August to October this year, worked out to be 0.4 per cent a year.
However, the higher rate of 2.5 per cent will be paid as the CPF Act provides for a minimum CPF interest rate of 2.5 per cent a year.
The concessionary interest rate for HDB home loan is unchanged at 2.6 per cent a year for the first three months of next year.
-CNA/wk
- wong chee tat :)
All buildings must facilitate laying of NGNBN cables: IDA
All buildings must facilitate laying of NGNBN cables: IDA
By Satish Cheney
SINGAPORE: Good news for Singaporeans living in private apartments and condos who have been waiting to get high-speed fibre broadband in their homes.
The InfoComm Development Authority (IDA) said all buildings, including condos and private apartments must facilitate the process of laying New Generation Nationwide Broadband Network (NGNBN) fibre-optics cable.
Also, condos and private apartments who want the fibre-optic cables should bear the cost for providing certain facilities such as cable distribution systems and lead-in pipes, among others, if they are already not present.
IDA said this issue has been spelled out in the Telecommunications Act and relevant Code of Practices since 2000.
The clarification followed reports earlier this month that nine in 10 condo and private apartment management committees have rejected the free offer to lay the cables for mainly aesthetic reasons.
Many wanted the cables concealed within walls or false ceilings but such work requires the hacking of walls.
Both OpenNet, the consortium appointed to lay the cables, and the management committees are not prepared to pay the cost.
IDA has also issued OpenNet a letter, which they can bring to building owners, that clarifies the issue.
IDA added that it can determine the outcome of disagreements between developers or building owners and telecom licensees.
Meanwhile, re-engagement efforts by OpenNet, is bringing in some encouraging result.
An average of more than three out of the nine who earlier rejected the offer to lay the cables have now agreed for the lines to be laid.
-CNA/fa
- wong chee tat :)
By Satish Cheney
SINGAPORE: Good news for Singaporeans living in private apartments and condos who have been waiting to get high-speed fibre broadband in their homes.
The InfoComm Development Authority (IDA) said all buildings, including condos and private apartments must facilitate the process of laying New Generation Nationwide Broadband Network (NGNBN) fibre-optics cable.
Also, condos and private apartments who want the fibre-optic cables should bear the cost for providing certain facilities such as cable distribution systems and lead-in pipes, among others, if they are already not present.
IDA said this issue has been spelled out in the Telecommunications Act and relevant Code of Practices since 2000.
The clarification followed reports earlier this month that nine in 10 condo and private apartment management committees have rejected the free offer to lay the cables for mainly aesthetic reasons.
Many wanted the cables concealed within walls or false ceilings but such work requires the hacking of walls.
Both OpenNet, the consortium appointed to lay the cables, and the management committees are not prepared to pay the cost.
IDA has also issued OpenNet a letter, which they can bring to building owners, that clarifies the issue.
IDA added that it can determine the outcome of disagreements between developers or building owners and telecom licensees.
Meanwhile, re-engagement efforts by OpenNet, is bringing in some encouraging result.
An average of more than three out of the nine who earlier rejected the offer to lay the cables have now agreed for the lines to be laid.
-CNA/fa
- wong chee tat :)
Monday, November 15, 2010
Mathematical Equation Calculates Cost of Walking for First Time
Mathematical Equation Calculates Cost of Walking for First Time
ScienceDaily (Nov. 14, 2010)
— Any parent that takes their kid out for a walk knows that children
tire more quickly than adults, but why is that? Do kids and small adults
walk differently from taller people or do they tire faster for some
other reason? Peter Weyand from Southern Methodist University, USA, is
fascinated by the effect that body size has on physiological function.
Intrigued by the question of why smaller people use more energy per kilogram body mass than larger individuals when walking, Weyand teamed up with Maurice Puyau and Nancy Butte, from the USDA/ARS Children's Nutrition Research Center at Baylor College of Medicine, and undergraduate Bethany Smith.
Together they decided to measure the metabolic rates of children and adults, ranging from 5 to 32 years old, weighing between 15.9kg and 88.7kg and ranging in height from 1.07m to 1.83m, to try to find out why larger people are more economical walkers than smaller people.
Weyand and his colleagues have now published their discovery that walkers of all heights use the same amount of energy per stride, making short people less economical because they take more steps. They also have derived a fundamental equation to calculate exactly how much energy walkers use with direct applications in all walks of life. The team published its discovery on Nov. 12 in The Journal of Experimental Biology.
First Weyand and colleagues filmed male and female volunteers as they walked on a treadmill at speeds ranging from a slow 0.4m/s up to 1.9m/s. Meanwhile, they simultaneously measured the walkers' oxygen consumption and carbon dioxide production rates to obtain their total metabolic rate. Next the team calculated the amount of energy that each person used for walking by subtracting the basal metabolic rate (energy required to maintain the body's basic metabolic functions) from the total metabolic rate measured while walking. Finally, the team compared the way each person walked, measuring the walkers' stride lengths, stride durations and the proportion of each stride they spent in contact with the ground (duty factor) to find out if large and small people walk differently.
Analysing the walkers' styles, the team found that all of them moved in exactly the same way regardless of their height. Essentially, if you scaled a 5 year old up to 2m, the giant child would walk in exactly the same way as a 2m tall adult. So large people are not more economical because they walk differently from smaller people.
Next the team calculated the metabolic cost of a stride as each walker moved at their most economical pace and they discovered that walkers use the same amount of energy per stride regardless of their height. So, big people do not become more economical because they walk in a more economical style. Something else must account for their increased economy.
Finally, the four scientists plotted the walkers' heights against their minimum energy expenditure and they were amazed when they got a straight line with a gradient of almost -1. The walkers' energy costs were inversely proportional to their heights, with tall people walking more economically than short/smaller people because they have longer strides and have to take fewer steps to cover the same distance. So smaller people tire faster because each step costs the same and they have to take more steps to cover the same distance or travel at the same speed.
Based on this discovery the group derived an equation that can be used to calculate the energetic cost of walking. "The equation allows you to use your height, weight and distance walked to determine how many calories you burn," says Weyand. The equation could also be built into popular pedometers to provide users with a more realistic idea of how many calories they expend walking throughout the day. Finally, the team is keen to extend the equation to calculate metabolic costs at any speed. "This has clinical applications, weight balance applications and the military is interested too because metabolic rates influence the physiological status of soldiers in the field," explains Weyand.
Editor's Note: This article is not intended to provide medical advice, diagnosis or treatment.
- wong chee tat :)
Sunday, November 14, 2010
Friday, November 12, 2010
Yahoo calls 20 per cent layoff report 'inaccurate'
Yahoo calls 20 per cent layoff report 'inaccurate'
FRAMINGHAM, 12 NOVEMBER 2010 - Yahoo is denying reports that the company is in the midst of a 20 per cent reduction of its workforce.
Rumors began swirling online late on Thursday afternoon when high-tech blog TechCrunch , citing unnamed sources, reported that the online company is preparing to lay off 20% of its entire staff of about 14,000, or 2,800 people.
The company is not denying there are layoffs in the works, but is trying to temper the report. " Yahoo is always evaluating expenses to align with the company's financial goals," Yahoo representative Dana Lengkeek told Computerworld by e-mail. "However, a 20% reduction in Yahoo's workforce across the board is misleading and inaccurate."
Speculation about layoffs at Yahoo comes just one day after reports surfaced that another Internet icon, Google , was getting ready to hand out 10% pay raises across the board at the beginning of the new year.
Once an Internet giant and pioneer, Yahoo has slipped into a distance second-place to Google in the hot search market, where Yahoo recently tossed out its own search engine and formalized a deal with Microsoft to use Bing search for all of Yahoo's sites.
Last month, the Internet was abuzz with speculation that AOL was interested in buying Yahoo.
Citing unnamed sources, the Wall Street Journal reported that AOL's plan to buy Yahoo was so preliminary that it hadn't even included entered discussions with Yahoo.
"Putting AOL and Yahoo together is like tying two rocks together to make one of them float," Gabriel Consulting Group analyst Dan Olds has said previously of a potential Yahoo-AOL deal.
The company doesn't deny layoffs outright but calls reported figure 'misleading'
By
12 Nov 2010
12 Nov 2010
FRAMINGHAM, 12 NOVEMBER 2010 - Yahoo is denying reports that the company is in the midst of a 20 per cent reduction of its workforce.
Rumors began swirling online late on Thursday afternoon when high-tech blog TechCrunch , citing unnamed sources, reported that the online company is preparing to lay off 20% of its entire staff of about 14,000, or 2,800 people.
The company is not denying there are layoffs in the works, but is trying to temper the report. " Yahoo is always evaluating expenses to align with the company's financial goals," Yahoo representative Dana Lengkeek told Computerworld by e-mail. "However, a 20% reduction in Yahoo's workforce across the board is misleading and inaccurate."
Speculation about layoffs at Yahoo comes just one day after reports surfaced that another Internet icon, Google , was getting ready to hand out 10% pay raises across the board at the beginning of the new year.
Once an Internet giant and pioneer, Yahoo has slipped into a distance second-place to Google in the hot search market, where Yahoo recently tossed out its own search engine and formalized a deal with Microsoft to use Bing search for all of Yahoo's sites.
Last month, the Internet was abuzz with speculation that AOL was interested in buying Yahoo.
Citing unnamed sources, the Wall Street Journal reported that AOL's plan to buy Yahoo was so preliminary that it hadn't even included entered discussions with Yahoo.
"Putting AOL and Yahoo together is like tying two rocks together to make one of them float," Gabriel Consulting Group analyst Dan Olds has said previously of a potential Yahoo-AOL deal.
More younger people suffer hearing loss
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 Hearing-impaired children undergoing a music therapy session. More younger people, especially men, are being affected by hearing loss. TODAY file photo. |
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SINGAPORE - Being hard of hearing is no longer only an affliction of the elderly. More younger people, particularly men, are also being affected by the problem these days.
Statistics from the Changi General Hospital (CGH) show that 40 per cent of those diagnosed with hearing loss are younger than 40 years old.
This figure is a two-fold jump from what CGH was seeing five to eight years ago.
Dr Yuen Heng Wai, a consultant otolaryngologist at CGH, explaining this trend, said males - more so than females - are more frequently exposed to noise such as that at night outlets and from audio devices.
Acknowledging that higher awareness of the issue could contribute to the figures, Dr Yuen is, however, more concerned about getting youth to seek treatment.
"To them it is a big blow ... as hearing loss has always been associated with old age ... they feel they have become less complete (and stigmatised)," said Dr Yuen.
To make matters worse, these hearing-impaired youths are resisting the use of hearing aids.
At Raffles Hospital, one to two young men - between the ages of 15 and 30 - are seen every week for the treatment of hearing difficulties.
The hospital's specialist in ENT surgery, Dr Stephen Lee, noted that "there has been a perceptible increase" over the past two years. He recommends that those who use audio devices go for a test at least once to check if their hearing ability has been affected.
Engaging in water sports is another emerging cause.
Bacteria in dirty water stays in the ear and causes discomfort, said Dr Yuen of CGH. When patients try to ease the discomfort by "sticking all sorts of things" into their ears, the situation worsens.
In the past year alone, he has seen more than 10 patients who have experienced hearing problems after swimming in places like the Kallang River and the sea off Batam Island.
There is also the need for regulation of working conditions in sectors such as the construction industry, suggested Dr Raymond Ngo, consultant at the National University Hospital's Department of Otolaryngology. He cited his concern over young construction workers and their constant exposure to excessive levels of loud noise.
But, fortunately, only a few of the afflicted have suffered total irreversible hearing loss as most recover partial or full hearing capacity after treatment.
One safety guideline for those who could suffer impaired hearing would be to seek treatment if they experience difficulty in understanding what others are saying or having to ask them to repeat themselves, said Associate Professor Low Wong Kein, director of the Centre for Hearing and Ear Implants at Singapore General Hospital.
- TODAY/rl
- wong chee tat :)
Microsoft Security Bulletin Summary for November 2010
Microsoft Security Bulletin Summary for November 2010
Published: November 09, 2010 | Updated: November 09, 2010
Version: 1.1
This bulletin summary lists security bulletins released for November 2010.
With the release of the bulletins for November 2010, this bulletin summary replaces the bulletin advance notification originally issued November 4, 2010. For more information about the bulletin advance notification service, see Microsoft Security Bulletin Advance Notification.
For information about how to receive automatic notifications whenever Microsoft security bulletins are issued, visit Microsoft Technical Security Notifications.
Microsoft is hosting a webcast to address customer questions on these bulletins on November 10, 2010, at 11:00 AM Pacific Time (US & Canada). Register now for the November Security Bulletin Webcast. After this date, this webcast is available on-demand. For more information, see Microsoft Security Bulletin Summaries and Webcasts.
Microsoft also provides information to help customers prioritize monthly security updates with any non-security, high-priority updates that are being released on the same day as the monthly security updates.
Please see the section, Other Information.
Bulletin Information
 | Executive Summaries |
| Exploitability Index |
| Affected Software and Download Locations |
The following tables list the bulletins in order of major software category and severity.
How do I use these tables?
Use these tables to learn about the security updates that you may need to install. You should review each software program or component listed to see whether any security updates pertain to your installation. If a software program or component is listed, then the available software update is hyperlinked and the severity rating of the software update is also listed.
Note You may have to install several security updates for a single vulnerability. Review the whole column for each bulletin identifier that is listed to verify the updates that you have to install, based on the programs or components that you have installed on your system.
How do I use these tables?
Use these tables to learn about the security updates that you may need to install. You should review each software program or component listed to see whether any security updates pertain to your installation. If a software program or component is listed, then the available software update is hyperlinked and the severity rating of the software update is also listed.
Note You may have to install several security updates for a single vulnerability. Review the whole column for each bulletin identifier that is listed to verify the updates that you have to install, based on the programs or components that you have installed on your system.
| Microsoft Office Suites and Software |
| Microsoft Remote Access Software |
| Detection and Deployment Tools and Guidance |
Other Information
Microsoft Windows Malicious Software Removal Tool
Microsoft
has released an updated version of the Microsoft Windows Malicious
Software Removal Tool on Windows Update, Microsoft Update, Windows
Server Update Services, and the Download Center.
Non-Security, High-Priority Updates on MU, WU, and WSUS
For information about non-security releases on Windows Update and Microsoft Update, please see:
| • | Microsoft Knowledge Base Article 894199: Description of Software Update Services and Windows Server Update Services changes in content. Includes all Windows content. |
| • | Updates from Past Months for Windows Server Update Services. Displays all new, revised, and rereleased updates for Microsoft products other than Microsoft Windows. |
Microsoft Active Protections Program (MAPP)
To
improve security protections for customers, Microsoft provides
vulnerability information to major security software providers in
advance of each monthly security update release. Security software
providers can then use this vulnerability information to provide updated
protections to customers via their security software or devices, such
as antivirus, network-based intrusion detection systems, or host-based
intrusion prevention systems. To determine whether active protections
are available from security software providers, please visit the active
protections Web sites provided by program partners, listed in Microsoft Active Protections Program (MAPP) Partners.
Security Strategies and Community
Update Management Strategies
Security Guidance for Update Management provides additional information about Microsoft’s best-practice recommendations for applying security updates.
Obtaining Other Security Updates
Updates for other security issues are available from the following locations:
IT Pro Security Community
Learn to improve security and optimize your IT infrastructure, and participate with other IT Pros on security topics in IT Pro Security Community.
Security Guidance for Update Management provides additional information about Microsoft’s best-practice recommendations for applying security updates.
Obtaining Other Security Updates
Updates for other security issues are available from the following locations:
| • | Security updates are available from Microsoft Download Center. You can find them most easily by doing a keyword search for "security update". | |
| • | Updates for consumer platforms are available from Microsoft Update. | |
| • | You
can obtain the security updates offered this month on Windows Update,
from Download Center on Security and Critical Releases ISO CD Image
files. For more information, see Microsoft Knowledge Base Article 913086. |
Learn to improve security and optimize your IT infrastructure, and participate with other IT Pros on security topics in IT Pro Security Community.
Acknowledgments
Microsoft thanks the following for working with us to help protect customers:
| • | team509, working with VeriSign iDefense Labs, for reporting an issue described in MS10-087 | |
| • | Dyon Balding of Secunia for reporting an issue described in MS10-087 | |
| • | Will Dorman of CERT Coordination Center for reporting an issue described in MS10-087 | |
| • | TippingPoint's Zero Day Initiative for reporting an issue described in MS10-087 | |
| • | Chaouki Bekrar of VUPEN Vulnerability Research Team for reporting an issue described in MS10-087 | |
| • | Haifei Li of Fortinet’s FortiGuard Labs for reporting an issue described in MS10-087 | |
| • | Simon Raner of ACROS Security for reporting an issue described in MS10-087 | |
| • | Alin Rad Pop of Secunia Research for reporting an issue described in MS10-088 | |
| • | An anonymous researcher, working with TippingPoint's Zero Day Initiative, reporting an issue described in MS10-088 |
Support
| • | The
affected software listed have been tested to determine which versions
are affected. Other versions are past their support life cycle. To
determine the support life cycle for your software version, visit Microsoft Support Lifecycle. |
| • | Customers in the U.S. and Canada can receive technical support from Security Support
or 1-866-PCSAFETY. There is no charge for support calls that are
associated with security updates. For more information about available
support options, see Microsoft Help and Support. |
| • | International
customers can receive support from their local Microsoft subsidiaries.
There is no charge for support that is associated with security updates.
For more information about how to contact Microsoft for support issues,
visit International Help and Support. |
Disclaimer
The
information provided in the Microsoft Knowledge Base is provided "as
is" without warranty of any kind. Microsoft disclaims all warranties,
either express or implied, including the warranties of merchantability
and fitness for a particular purpose. In no event shall Microsoft
Corporation or its suppliers be liable for any damages whatsoever
including direct, indirect, incidental, consequential, loss of business
profits or special damages, even if Microsoft Corporation or its
suppliers have been advised of the possibility of such damages. Some
states do not allow the exclusion or limitation of liability for
consequential or incidental damages so the foregoing limitation may not
apply.
Revisions
| • | V1.0 (November 9, 2010): Bulletin Summary published. |
| • | V1.1
(November 9, 2010): For MS10-088, corrected the affected version from
"Microsoft PowerPoint Viewer" to "Microsoft PowerPoint Viewer 2007
Service Pack 2". This is an informational change only. Customers who
have already successfully updated their systems, including customers
with automatic updating enabled, do not need to take any action.
Customers who have not installed this update previously may need to
reassess whether their systems require this update based on the affected
software as revised. - wong chee tat :) |
Thursday, November 11, 2010
Tuesday, November 9, 2010
November 9th, 2010 
Ritu Dey
Monday, November 8, 2010
Singapore may face brain drain of accountants
Singapore may face brain drain of accountants
By Jonathan Peeris | Posted: 08 November 2010 2009 hrs
By Jonathan Peeris | Posted: 08 November 2010 2009 hrs
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An accountant at work |
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SINGAPORE : As demand for accountants intensifies in line with robust economic growth in the region, some practitioners are concerned that better salaries abroad will lure sorely needed talent out of Singapore.
Practitioners brought up the issue at the Singapore Accountancy Convention last week.
According to Robert Walters 2010 Global Salary Survey, the average basic salary of a senior tax accountant in Singapore with six years of experience is around S$110,000 a year.
This compares poorly with Hong Kong where the same experience would fetch the accountant S$132,000.
If the same person were to move to Sydney, he could be looking at annual remuneration of S$162,000.
The pay difference exists partly because the hourly contract rate charged by accounting firms in these countries is higher than in Singapore.
Practitioners said the pay gap could prompt local accountancy graduates to look for better opportunities overseas.
"The concern there is that if you don't get it right, then what's going to happen is there will be a hollowing out of accountants; they will prefer to work overseas rather than work in Singapore and that will be a major concern," said Chaly Mah, chairman of Deloitte & Touche Singapore.
Such a brain drain could also affect Singapore's ability to be a global accounting hub.
"How are we able to attract talents into Singapore if we are not able to pay the rate for the accountants that a market like China, Hong Kong, Indonesia can afford to pay," questioned Ernest Kan, president of the Institute of Certified Public Accountants of Singapore (ICPAS).
Following the recommendations of the Committee to Develop the Accountancy Sector (CDAS), the industry here is currently undergoing a facelift.
Practitioners hope that better service standards will mean better rates in the future.
- CNA /ls
- wong chee tat :)
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