Monday, June 27, 2011
Finance staff to get more training
Finance staff to get more training
By Jo-ann Huang | Posted: 22 June 2011 2324 hrs
SINGAPORE: The Institute of Banking and Finance (IBF) said it wants to increase the competency levels of finance professionals.
The IBF is the national accreditation agency for financial competency.
IBF said competency levels in risk management, corporate governance and financial supervision need improvement.
As a result, IBF and the Monetary Authority of Singapore will introduce more exams and training modules for finance professionals by this year.
One exam is the new Client Advisor Competency Standards assessment for private banking, which should debut in September.
New training modules for relationship managers who sell structured products should be introduced in the third quarter of this year.
IBF council chairman Ravi Menon said: "Singapore's financial sector headcount is expected to grow by five to six per cent this year.
"This translates to at least 6,000 to 7,000 new jobs for the financial industry annually.
"We should come together to invest in adding to the talent pool here, and avoid unproductive poaching from within the industry".
-CNA/wk
- wong chee tat :)
By Jo-ann Huang | Posted: 22 June 2011 2324 hrs
SINGAPORE: The Institute of Banking and Finance (IBF) said it wants to increase the competency levels of finance professionals.
The IBF is the national accreditation agency for financial competency.
IBF said competency levels in risk management, corporate governance and financial supervision need improvement.
As a result, IBF and the Monetary Authority of Singapore will introduce more exams and training modules for finance professionals by this year.
One exam is the new Client Advisor Competency Standards assessment for private banking, which should debut in September.
New training modules for relationship managers who sell structured products should be introduced in the third quarter of this year.
IBF council chairman Ravi Menon said: "Singapore's financial sector headcount is expected to grow by five to six per cent this year.
"This translates to at least 6,000 to 7,000 new jobs for the financial industry annually.
"We should come together to invest in adding to the talent pool here, and avoid unproductive poaching from within the industry".
-CNA/wk
- wong chee tat :)
Car prices set to soar
Car prices set to soar
By Wayne Chan | Posted: 26 June 2011 2159 hrs
SINGAPORE: The continued rise in the premiums for the certificates of entitlement (COE) over the past year has affected the car market, and with the expected tightening of COE quotas in the next quarter, dealers say prices may even go up further.
Car dealers Channel NewsAsia spoke with said several factors are behind the continued rise of COE prices.
Chief among them is a change in the COE quota system last year, where a new formula allows authorities to better manage the growth of the vehicle population, by removing yearly fluctuations in supply.
Under the new methodology, the Land Transport Authority (LTA) recycles the COE quota from the actual vehicle de-registrations in the most recent six-month period back into the system.
LTA said the scheme eliminates the need to make any corrections due to any under- or over-estimation.
Meanwhile, the entry of taxi companies and continental cars to the small car category is likely to drive COE prices higher.
Komoco Motors sales consultant Alvin Lim said: "Quite a lot of the taxi operators... have to come in and get the COE as well in order to put the taxi on the road.
"So for this reason, they actually have to... as high as possible in order to secure the COE."
Dealers said the higher prices are definitely driving customers away, with some turning to second-hand cars.
Singapore Vehicle Traders Association honorary secretary Raymond Tang said: "Singaporeans are considering going to the used car market... because the price (difference is quite big)".
If the rise in COE premiums continues, dealers said smaller distributors who cannot afford to bid high will be driven out of the market.
-CNA/wk
- wong chee tat :)
By Wayne Chan | Posted: 26 June 2011 2159 hrs
SINGAPORE: The continued rise in the premiums for the certificates of entitlement (COE) over the past year has affected the car market, and with the expected tightening of COE quotas in the next quarter, dealers say prices may even go up further.
Car dealers Channel NewsAsia spoke with said several factors are behind the continued rise of COE prices.
Chief among them is a change in the COE quota system last year, where a new formula allows authorities to better manage the growth of the vehicle population, by removing yearly fluctuations in supply.
Under the new methodology, the Land Transport Authority (LTA) recycles the COE quota from the actual vehicle de-registrations in the most recent six-month period back into the system.
LTA said the scheme eliminates the need to make any corrections due to any under- or over-estimation.
Meanwhile, the entry of taxi companies and continental cars to the small car category is likely to drive COE prices higher.
Komoco Motors sales consultant Alvin Lim said: "Quite a lot of the taxi operators... have to come in and get the COE as well in order to put the taxi on the road.
"So for this reason, they actually have to... as high as possible in order to secure the COE."
Dealers said the higher prices are definitely driving customers away, with some turning to second-hand cars.
Singapore Vehicle Traders Association honorary secretary Raymond Tang said: "Singaporeans are considering going to the used car market... because the price (difference is quite big)".
If the rise in COE premiums continues, dealers said smaller distributors who cannot afford to bid high will be driven out of the market.
-CNA/wk
- wong chee tat :)
HDB to combine BTO launches for June, July
HDB to combine BTO launches for June, July
By Alvina Soh | Posted: 25 June 2011 1729 hrs
SINGAPORE: The Housing and Development Board (HDB) will combine the Build-to-Order (BTO) flat launches for June and July, for release in mid-July. National Development Minister Khaw Boon Wan said this in his blog on Saturday.
This came a week after he said he was considering moving away from the current practice of monthly launches of BTO flats and explore ways to have larger combined launches. He had said that larger launches offer buyers a wider range of choices and reduce the odds of repeated disappointment.
In his blog entry on Saturday, Mr Khaw also urged Singaporeans to be patient and allow the changes on housing to work their way through the market.
He said earlier rounds of cooling measures, increased supply of BTO flats, latest BTO launch prices, the state of the economy and loan interest rates will combine to impact the housing market. He said the interactions are complex and do not work entirely in a mechanical way.
He added that there will be fluctuations and short-term volatility, at both volume and price levels.
Meanwhile, the HDB is pressing on with its increased BTO launches to provide affordable options for home buyers, especially the first-timers.
Mr Khaw said his current focus is on public housing, and the HDB is helping to analyse the profile of successful BTO applicants, which he will share when ready.
He said the housing market was "too lively". Last year, for example, about 89,000 units were sold.
Analysts Channel NewsAsia spoke to said they welcome the move to combine the BTO flat launches as it will spread out the number of applicants.
Eugene Lim, Key Executive Officer with ERA Realty Network Pte Ltd, said: "This will be good for the home buyer because there are more varieties. More importantly, it will help spread out the number of applications.
"In the past, HDB usually conducts BTO one project at a time. So home buyers who are unsure of where the next launch is will just jump onto the bandwagon. So sometimes you do get an impression that there actually is a huge backlog but its just because home buyers are unsure and therefore they just apply, [regardless] of whether they actually like the location.
"So this would help spread out the numbers and therefore, reflect a more realistic number of buyers in the market for BTO flats. This would also have the impact of reflecting what is the real demand for BTO flats, and therefore you may not see such high numbers of oversubscription."
Meanwhile, the HDB has analysed the profile of people who bought resale flats last in May.
There were about 2,162 transactions. The demand for all flat types was quite evenly distributed, with four-room flats enjoying an edge. Mr Khaw said this is not surprising as the four-room flat is the most common flat type.
Mr Lim said: "Typically in a resale transaction, four-rooms would form about almost 40 per cent of the flat transactions. This is not surprising because a four-room flat has three bedrooms, its a practical size. Its also not as pricey as a five-room flat, therefore its usually the most popular as far as resale flats are concerned."
The majority of buyers were second-timers, chalking up a third of all transactions. First-time buyers made up a quarter of transactions.
There were clear differences in preference among first- and second-timers. First-timers preferred larger flats, while the second-timers, smaller flats. The next buyer groups were permanent residents (20 per cent), singles (15 per cent) and private property owners (eight per cent), with clear differences in flat type choices.
-CNA/ac
- wong chee tat :)
By Alvina Soh | Posted: 25 June 2011 1729 hrs
SINGAPORE: The Housing and Development Board (HDB) will combine the Build-to-Order (BTO) flat launches for June and July, for release in mid-July. National Development Minister Khaw Boon Wan said this in his blog on Saturday.
This came a week after he said he was considering moving away from the current practice of monthly launches of BTO flats and explore ways to have larger combined launches. He had said that larger launches offer buyers a wider range of choices and reduce the odds of repeated disappointment.
In his blog entry on Saturday, Mr Khaw also urged Singaporeans to be patient and allow the changes on housing to work their way through the market.
He said earlier rounds of cooling measures, increased supply of BTO flats, latest BTO launch prices, the state of the economy and loan interest rates will combine to impact the housing market. He said the interactions are complex and do not work entirely in a mechanical way.
He added that there will be fluctuations and short-term volatility, at both volume and price levels.
Meanwhile, the HDB is pressing on with its increased BTO launches to provide affordable options for home buyers, especially the first-timers.
Mr Khaw said his current focus is on public housing, and the HDB is helping to analyse the profile of successful BTO applicants, which he will share when ready.
He said the housing market was "too lively". Last year, for example, about 89,000 units were sold.
Analysts Channel NewsAsia spoke to said they welcome the move to combine the BTO flat launches as it will spread out the number of applicants.
Eugene Lim, Key Executive Officer with ERA Realty Network Pte Ltd, said: "This will be good for the home buyer because there are more varieties. More importantly, it will help spread out the number of applications.
"In the past, HDB usually conducts BTO one project at a time. So home buyers who are unsure of where the next launch is will just jump onto the bandwagon. So sometimes you do get an impression that there actually is a huge backlog but its just because home buyers are unsure and therefore they just apply, [regardless] of whether they actually like the location.
"So this would help spread out the numbers and therefore, reflect a more realistic number of buyers in the market for BTO flats. This would also have the impact of reflecting what is the real demand for BTO flats, and therefore you may not see such high numbers of oversubscription."
Meanwhile, the HDB has analysed the profile of people who bought resale flats last in May.
There were about 2,162 transactions. The demand for all flat types was quite evenly distributed, with four-room flats enjoying an edge. Mr Khaw said this is not surprising as the four-room flat is the most common flat type.
Mr Lim said: "Typically in a resale transaction, four-rooms would form about almost 40 per cent of the flat transactions. This is not surprising because a four-room flat has three bedrooms, its a practical size. Its also not as pricey as a five-room flat, therefore its usually the most popular as far as resale flats are concerned."
The majority of buyers were second-timers, chalking up a third of all transactions. First-time buyers made up a quarter of transactions.
There were clear differences in preference among first- and second-timers. First-timers preferred larger flats, while the second-timers, smaller flats. The next buyer groups were permanent residents (20 per cent), singles (15 per cent) and private property owners (eight per cent), with clear differences in flat type choices.
-CNA/ac
- wong chee tat :)
ROM and ROMM resume operations at new building
ROM and ROMM resume operations at new building
By Riz Sunawan | Posted: 14 June 2011 1915 hrs
SINGAPORE : The newly-renovated Registry of Marriages (ROM) and Registry of Muslim Marriages (ROMM) resumed operations on Tuesday, and 23 couples solemnised their marriages on the first day.
The first couple to walk through the spanking-new doors at the Registry of Muslim Marriages were 27-year-old Irfan Tan Jun Sheng and his bride, 21-year-old Nurulhuda Jamal.
Their marriage was solemnised just after 9am.
They were solemnised by Deputy Registrar, Nor Razak Bin Bakar, witnessed by close family members and friends.
The solemnisation rooms open into a landscaped garden that blends with the Fort Canning Park. It's to reinforce the "Wedding in the Park" concept.
When renovations were going on, the two Registry of Marriages operated out of a temporary office at Maxwell Road.
The upgraded premise also houses Marriage Central's third resource point which provides marriage-related resources, information and programmes for soon-to-wed and married couples, with the aim to strengthen all marriages.
The new building was renovated at a cost of about S$4.2 million.
- CNA /ls
- wong chee tat :)
By Riz Sunawan | Posted: 14 June 2011 1915 hrs
SINGAPORE : The newly-renovated Registry of Marriages (ROM) and Registry of Muslim Marriages (ROMM) resumed operations on Tuesday, and 23 couples solemnised their marriages on the first day.
The first couple to walk through the spanking-new doors at the Registry of Muslim Marriages were 27-year-old Irfan Tan Jun Sheng and his bride, 21-year-old Nurulhuda Jamal.
Their marriage was solemnised just after 9am.
They were solemnised by Deputy Registrar, Nor Razak Bin Bakar, witnessed by close family members and friends.
The solemnisation rooms open into a landscaped garden that blends with the Fort Canning Park. It's to reinforce the "Wedding in the Park" concept.
When renovations were going on, the two Registry of Marriages operated out of a temporary office at Maxwell Road.
The upgraded premise also houses Marriage Central's third resource point which provides marriage-related resources, information and programmes for soon-to-wed and married couples, with the aim to strengthen all marriages.
The new building was renovated at a cost of about S$4.2 million.
- CNA /ls
- wong chee tat :)
Hitachi Plant Tech to acquire 51% of LEC Asia
Hitachi Plant Tech to acquire 51% of LEC Asia
By Stella Lee | Posted: 14 June 2011 2238 hrs
SINGAPORE : Hitachi Plant Technologies has reached an agreement to acquire at least 51 per cent of the stock of Lightning Eliminators & Consultants (LEC) Asia to accelerate its lightning disaster-prevention business.
The acquisition will enable Hitachi to make full use of the resources of both companies in order to aggressively expand sales activities and increase orders in Southeast Asia, where lightning strikes are common.
LEC Asia holds intellectual property rights and exclusive sales rights for a lightning-protection equipment called Dissipation Array System (DAS) in Southeast Asia.
In addition to DAS, Hitachi Plant Technologies will also propose a comprehensive lightning disaster-prevention system.
This includes lightning disaster consulting services, and protection of machinery from lightning conducted through power sources and communication lines.
DAS has been introduced at more than 200 sites in Japan by Hitachi Plant Technologies.
- CNA/al
- wong chee tat :)
By Stella Lee | Posted: 14 June 2011 2238 hrs
SINGAPORE : Hitachi Plant Technologies has reached an agreement to acquire at least 51 per cent of the stock of Lightning Eliminators & Consultants (LEC) Asia to accelerate its lightning disaster-prevention business.
The acquisition will enable Hitachi to make full use of the resources of both companies in order to aggressively expand sales activities and increase orders in Southeast Asia, where lightning strikes are common.
LEC Asia holds intellectual property rights and exclusive sales rights for a lightning-protection equipment called Dissipation Array System (DAS) in Southeast Asia.
In addition to DAS, Hitachi Plant Technologies will also propose a comprehensive lightning disaster-prevention system.
This includes lightning disaster consulting services, and protection of machinery from lightning conducted through power sources and communication lines.
DAS has been introduced at more than 200 sites in Japan by Hitachi Plant Technologies.
- CNA/al
- wong chee tat :)
Supporting industries booming due to China's soaring private jet market
Supporting industries booming due to China's soaring private jet market
Posted: 14 June 2011 2244 hrs
SINGAPORE : Economic powerhouse China is expected to see a surge in the number of private jets in Asia within the next five years.
But experts said the biggest winner will be the supporting industries such as aircraft chartering and maintenance that will see new growth opportunities.
China, which has over 110 private jets now according to industry data, is expected to overtake Australia & Oceania - the largest now at over 160 private jets.
China's market is booming because its registered private jets are a fraction of the 15,000 jets registered in the US, but the world's second largest economy has 4 times the population of US.
Leithen Francis, Asia editor at Aviation Weekly said: "Unlike the United States where you tend to get an individual or company that's maybe owned business jets for decades, so they trade in their old business jets to get a new jet, what's different about China is that 90 per cent of customers are new to business aviation; they have never operate business jets before."
And secondary industries like aircraft chartering companies are on the rise, as private jet demand grows in the region.
Jet chartering firm Chapman-Freeborn said it has seen new customers from its recently launched aircraft booking application.
"A lot of people are spending their time on phone devices, smartphones and we want to implement the private jets usage into these devices just to convert them into an easy way to travel. People think that booking a jet is not like booking a (airline) seat, that it is difficult. But a charter should be as easy as booking a seat," said Nicolas Chemin, Passenger Charter Manager with Chapman-Freeborn.
Chapman-Freeborn made sales of around US$800 million in 2010, doubling from about US$400 million in 2006.
Overall, experts said Asia is now the rising market while demand in Europe and the US dries up.
As a result, jet management companies here are seeing a boom.
One of China's largest player, Deer Jet, has an estimated fleet size of around 30, up from about 12 jets just three years ago.
Francis said: "Because to be able to operate an aircraft you need to have certain number of personnel, you need to have chief engineer, chief pilot. For a businessman to go out and employ these kinds of people, it's a lot of effort to go through.
"We are talking about individuals who own aircraft, it's just that they get another company to manage the aircraft for them."
Going forward, experts said the maintenance, repair and overhaul (MRO) industry in Singapore will also benefit.
While the country might not have a large number of jet owners, it reportedly accounts for one quarter of Asia Pacific's commercial MRO work.
And with big players like Rolls-Royce and Fokker investing heavily in Singapore, experts expect the MRO business to grow strongly.
- CNA /ls
- wong chee tat :)
Posted: 14 June 2011 2244 hrs
SINGAPORE : Economic powerhouse China is expected to see a surge in the number of private jets in Asia within the next five years.
But experts said the biggest winner will be the supporting industries such as aircraft chartering and maintenance that will see new growth opportunities.
China, which has over 110 private jets now according to industry data, is expected to overtake Australia & Oceania - the largest now at over 160 private jets.
China's market is booming because its registered private jets are a fraction of the 15,000 jets registered in the US, but the world's second largest economy has 4 times the population of US.
Leithen Francis, Asia editor at Aviation Weekly said: "Unlike the United States where you tend to get an individual or company that's maybe owned business jets for decades, so they trade in their old business jets to get a new jet, what's different about China is that 90 per cent of customers are new to business aviation; they have never operate business jets before."
And secondary industries like aircraft chartering companies are on the rise, as private jet demand grows in the region.
Jet chartering firm Chapman-Freeborn said it has seen new customers from its recently launched aircraft booking application.
"A lot of people are spending their time on phone devices, smartphones and we want to implement the private jets usage into these devices just to convert them into an easy way to travel. People think that booking a jet is not like booking a (airline) seat, that it is difficult. But a charter should be as easy as booking a seat," said Nicolas Chemin, Passenger Charter Manager with Chapman-Freeborn.
Chapman-Freeborn made sales of around US$800 million in 2010, doubling from about US$400 million in 2006.
Overall, experts said Asia is now the rising market while demand in Europe and the US dries up.
As a result, jet management companies here are seeing a boom.
One of China's largest player, Deer Jet, has an estimated fleet size of around 30, up from about 12 jets just three years ago.
Francis said: "Because to be able to operate an aircraft you need to have certain number of personnel, you need to have chief engineer, chief pilot. For a businessman to go out and employ these kinds of people, it's a lot of effort to go through.
"We are talking about individuals who own aircraft, it's just that they get another company to manage the aircraft for them."
Going forward, experts said the maintenance, repair and overhaul (MRO) industry in Singapore will also benefit.
While the country might not have a large number of jet owners, it reportedly accounts for one quarter of Asia Pacific's commercial MRO work.
And with big players like Rolls-Royce and Fokker investing heavily in Singapore, experts expect the MRO business to grow strongly.
- CNA /ls
- wong chee tat :)
SunGard appointed tech provider for intra-ASEAN trading platform
SunGard appointed tech provider for intra-ASEAN trading platform
Posted: 14 June 2011 2312 hrs
SINGAPORE : SunGard has been appointed as the technology provider for the intra-ASEAN cross-border order routing and trading platform that will integrate four exchanges in the region.
It is part of the ASEAN Exchanges Collaboration - that comprises Bursa Malaysia, the Philippine Stock Exchange, the Singapore Exchange and the Stock Exchange of Thailand, among others.
The consolidated trading platform will enable investors and broker members to access multiple markets via a single connection.
The platform is expected to go 'live' by the end of the first quarter of 2012.
CEO of Bursa Malaysia, Dato Tajuddin Atan, said the trading link is an important development in enabling ASEAN markets to create greater investment mobility.
Other industry experts said the trading platform would greatly facilitate global trades for retail investors seeking a bigger exposure in a fast growing ASEAN market.
However, some said that the technology alone is insufficient to make the project a success.
The ASEAN exchanges said they would work together on marketing initiatives to promote the ASEAN link and the ASEAN asset class.
- CNA/al
- wong chee tat :)
Posted: 14 June 2011 2312 hrs
SINGAPORE : SunGard has been appointed as the technology provider for the intra-ASEAN cross-border order routing and trading platform that will integrate four exchanges in the region.
It is part of the ASEAN Exchanges Collaboration - that comprises Bursa Malaysia, the Philippine Stock Exchange, the Singapore Exchange and the Stock Exchange of Thailand, among others.
The consolidated trading platform will enable investors and broker members to access multiple markets via a single connection.
The platform is expected to go 'live' by the end of the first quarter of 2012.
CEO of Bursa Malaysia, Dato Tajuddin Atan, said the trading link is an important development in enabling ASEAN markets to create greater investment mobility.
Other industry experts said the trading platform would greatly facilitate global trades for retail investors seeking a bigger exposure in a fast growing ASEAN market.
However, some said that the technology alone is insufficient to make the project a success.
The ASEAN exchanges said they would work together on marketing initiatives to promote the ASEAN link and the ASEAN asset class.
- CNA/al
- wong chee tat :)
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