Firm stand against illegal strike an assurance to investors: Teo Ser Luck
By S Ramesh | Posted: 29 November 2012 1936 hrs
SINGAPORE: The government's strong stand against the illegal strike staged by 171 SMRT bus drivers from China will give companies and investors here and potential investors the assurance about the country's stable labour relations.
Minister of State for Trade and Industry Teo Ser Luck said this in an interview with Channel NewsAsia.
And political watchers question if the labour movement is doing enough to reach out to foreign workers to join the unions.
The SMRT bus drivers strike this week should not and must not happen, and it's a matter to be taken seriously.
And Mr Teo stressed that Singapore's tripartism between the government, employer and unions has a strong bearing among investors.
"When they have lack of confidence, you have less companies investing in Singapore and less jobs as well. So we have to take these things very seriously, then the whole ecosystem can function well," he said.
Observers add that the incident has also raised questions as to how Singapore manages its industrial relations in the light of the changing demographics of the workforce.
Assistant Professor Eugene Tan, Nominated MP, said: "When you look at the SMRT incident, it reflects a failure in industrial relations. The issue has been brewing for a while and obviously it would seem that the workers didn't have sufficient channel for their grievances to be addressed and they have taken the rather drastic action of staging an illegal strike. In a way the illegal strike has worked. It has brought their grievances out publicly.
"It raises very valid questions about whether SMRT could have done better in handling their foreign-born drivers. It raises the question of whether the National Transport Workers' Union made the effort to try to reach out to these workers, never mind if they are not unionised because there is an interest in workers working in the transport sector.
"It also raises the question whether NTUC, as well as its member unions, should make the effort to reach out to foreign workers, many of whom are not unionised.
"Ultimately, even if this strike is now over, it wouldn't do good for SMRT if the drivers are unhappy. It would be reflected in the service quality, it will also affect SMRT's prospects in terms of hiring other service leaders. The repercussions on SMRT are significant, it goes right down to how SMRT manages and treats its employees."
There's also a need for SMRT to do more to address the concerns of the workers and closely examine its own processes.
Mr Teo said: "Put the actions in place, put the systems in place and ensure that we can prevent such things from happening again. Because once it happens, it can happen again, and we need to prevent it and have a full proof, very strong and stringent management control put in place and ensure relations will be solid and stable in future.
"It need not have to resort in a strike, it need not have to result in an illegal gathering of sorts to go against the management and leadership. There are always many cases where management is willing to listen to workers and employers. We can always get around the situation through mediation or extensive discussion and if all means have been tried you can always approach MOM to seek help."
As for hiring only locals for essential services like public transport, Mr Teo said this is not always possible for service businesses.
Mr Teo said: "Some of these jobs when I talk to the service businesses is that they would always like to offer it to Singaporeans first and most of the time when they try to do it and try to bring the salary up, the experience tells them that the job environment and the job nature may not be the most favoured by Singaporeans. So they find it difficult."
He said it's about keeping a balance between making sure there are job opportunities for Singaporeans and that jobs left unfilled do not impact companies' ability to function.
This is something that both the Trade and Industry and Manpower Ministries are constantly looking at.
Mr Teo added: "This is the part we need to keep a balance between making sure that Singaporeans will always have their job opportunities as well as making sure that no jobs are left unfilled to the extent that the companies could not function. This is the balance point where MOM, MTI are all working together to look at the different industry needs and making sure that our businesses can function."
- CNA/de
- wong chee tat :)
Friday, November 30, 2012
Small sachets are big help for clean water in developing world
Small sachets are big help for clean water in developing world
Updated 04:06 PM Nov 29, 2012
SINGAPORE - Mr Greg Allgood tears open a small sachet and dumps the powder into a large plastic container filled with brown, murky water. After about five minutes of stirring, clumps of sludge form and sink to the bottom as the water starts to clear.
"You let it settle, pour it through a cotton cloth and then you wait 20 minutes and it's ready to drink," said Mr Allgood, the United States-based director of Procter & Gamble Co's not-for-profit programme to provide clean water in developing nations and disaster zones.
"We reverse engineered a municipal water treatment plant, so something that costs tens of millions of dollars we can make for three and a half cents."
P&G, a consumer products giant, works with international and local humanitarian groups such as Care, World Vision and Save the Children to get the sachets to areas where dirty water is a leading cause of illness and death.
One sachet purifies 10 litres of water, enough for five people for one day, and it does not matter that the container and straining cloth are not clean. Shipping, duties and distribution, education and training by the groups on the ground take the final cost to about US$0.10 per packet.
The dirt in Mr Allgood's demonstration came from his garden, where his dog likes to romp. Iron sulphate is the coagulant that pulls together soil, heavy metals and parasites. Chlorine - a precise 80 granules per sachet - kills viruses and bacteria, including those that cause cholera.
"When the water is really dirty, there aren't a lot of low-cost technologies that work very well," Allgood, who has a PhD in toxicology and is P&G's point person in the Clinton Global Initiative, told Reuters in an interview before the formal opening of a new production plant in Singapore today.
"It seems strange to us but I hear it so many times - people see this and they say 'Oh my God, I was drinking dirty water'."
About 40 million sachets will be made this year at a plant in Pakistan and 100 million in Singapore, which is also P&G's global disaster relief hub. The goal is to make 200 million a year by 2020, equal to 2 billion litres of clean water.
Many of the sachets are sent to development projects in Africa and emerging Asian countries but were also handed out to people hit by floods and other disasters in Pakistan, Thailand, the Philippines, Indonesia and Haiti, Mr Allgood said.
Clean water is also vital to people with HIV/AIDS, he added, as their damaged immune systems make them very vulnerable to life-threatening diarrhoea and other infections.
"It goes well with Scotch," Mr Allgood joked, handing over a glass of clear, clean water that had been dangerous to drink 30 minutes earlier and now had only a slight taste of chlorine.
In Haiti after the devastating earthquake of 2010, he said, the sachets were part of relief supplies and he visited tents for cholera victims, showing aid workers how the powder works.
"I grabbed a bucket out of the place where the effluent was from where they washed the clinic. I went and treated it and told the World Vision folks we had to drink it," he said. "They looked at me like I was crazy. But we did drink it." REUTERS
- wong chee tat :)
Updated 04:06 PM Nov 29, 2012
SINGAPORE - Mr Greg Allgood tears open a small sachet and dumps the powder into a large plastic container filled with brown, murky water. After about five minutes of stirring, clumps of sludge form and sink to the bottom as the water starts to clear.
"You let it settle, pour it through a cotton cloth and then you wait 20 minutes and it's ready to drink," said Mr Allgood, the United States-based director of Procter & Gamble Co's not-for-profit programme to provide clean water in developing nations and disaster zones.
"We reverse engineered a municipal water treatment plant, so something that costs tens of millions of dollars we can make for three and a half cents."
P&G, a consumer products giant, works with international and local humanitarian groups such as Care, World Vision and Save the Children to get the sachets to areas where dirty water is a leading cause of illness and death.
One sachet purifies 10 litres of water, enough for five people for one day, and it does not matter that the container and straining cloth are not clean. Shipping, duties and distribution, education and training by the groups on the ground take the final cost to about US$0.10 per packet.
The dirt in Mr Allgood's demonstration came from his garden, where his dog likes to romp. Iron sulphate is the coagulant that pulls together soil, heavy metals and parasites. Chlorine - a precise 80 granules per sachet - kills viruses and bacteria, including those that cause cholera.
"When the water is really dirty, there aren't a lot of low-cost technologies that work very well," Allgood, who has a PhD in toxicology and is P&G's point person in the Clinton Global Initiative, told Reuters in an interview before the formal opening of a new production plant in Singapore today.
"It seems strange to us but I hear it so many times - people see this and they say 'Oh my God, I was drinking dirty water'."
About 40 million sachets will be made this year at a plant in Pakistan and 100 million in Singapore, which is also P&G's global disaster relief hub. The goal is to make 200 million a year by 2020, equal to 2 billion litres of clean water.
Many of the sachets are sent to development projects in Africa and emerging Asian countries but were also handed out to people hit by floods and other disasters in Pakistan, Thailand, the Philippines, Indonesia and Haiti, Mr Allgood said.
Clean water is also vital to people with HIV/AIDS, he added, as their damaged immune systems make them very vulnerable to life-threatening diarrhoea and other infections.
"It goes well with Scotch," Mr Allgood joked, handing over a glass of clear, clean water that had been dangerous to drink 30 minutes earlier and now had only a slight taste of chlorine.
In Haiti after the devastating earthquake of 2010, he said, the sachets were part of relief supplies and he visited tents for cholera victims, showing aid workers how the powder works.
"I grabbed a bucket out of the place where the effluent was from where they washed the clinic. I went and treated it and told the World Vision folks we had to drink it," he said. "They looked at me like I was crazy. But we did drink it." REUTERS
- wong chee tat :)
Spam and Scam
One of my friend got this message from whatsapp:
"WhatsApp is going to cost us money soon. The only way that it will stay free is if you are a frequent user i.e. you have at least 10 people you are chatting with. To become a frequent user send this message to 10 people who receive it (2 ticks) and your WhatsApp logo should turn Red to indicate a frequent user."
Whatsapp replied that is a hoax. Details
- wong chee tat :)
"WhatsApp is going to cost us money soon. The only way that it will stay free is if you are a frequent user i.e. you have at least 10 people you are chatting with. To become a frequent user send this message to 10 people who receive it (2 ticks) and your WhatsApp logo should turn Red to indicate a frequent user."
Whatsapp replied that is a hoax. Details
- wong chee tat :)
Four SMRT bus drivers to be charged for role in illegal strike
Four SMRT bus drivers to be charged for role in illegal strike
By Imelda Saad | Posted: 29 November 2012 1657 hrs
SINGAPORE: Four SMRT bus drivers from China were arrested between Wednesday and Thursday for their role in an illegal strike at Woodlands Dormitory on Monday and Tuesday.
They will be charged in court at 5pm on Thursday, Police said in a statement.
- CNA/de
- wong chee tat :)
By Imelda Saad | Posted: 29 November 2012 1657 hrs
SINGAPORE: Four SMRT bus drivers from China were arrested between Wednesday and Thursday for their role in an illegal strike at Woodlands Dormitory on Monday and Tuesday.
They will be charged in court at 5pm on Thursday, Police said in a statement.
- CNA/de
- wong chee tat :)
4 SMRT bus drivers charged with instigating illegal strike
4 SMRT bus drivers charged with instigating illegal strike
By Sharon See | Posted: 29 November 2012 1841 hrs
SINGAPORE: Four SMRT bus drivers from China were charged on Thursday with instigating an illegal strike involving fellow drivers at the Woodlands dormitory on 26 and 27 November.
The four are: He Jun Ling, 32; Gao Yue Qiang, 32; Liu Xiangying, 33; and Wang Xianjie, 39.
They are accused of engaging in a conspiracy to instigate the drivers to take part in the strike.
20 SMRT bus drivers were brought to the police headquarters for investigations on Wednesday.
Authorities could not confirm if more drivers would be charged over the next few days as the police are still investigating the case.
If convicted, each of them may be fined up to S$2,000 or jailed 12 months.
They will be remanded for a week at the Central Police Station.
He Jun Ling faces an additional charge of making an online post about the strike.
He is accused of calling his fellow drivers to "take action" in a post he wrote in Chinese on website Baidu.
He allegedly called the drivers to "go on MC together tomorrow, 26, Monday and 27, Tuesday."
He allegedly said that if a few hundred bus drivers did not report for work for a few days, there would be public outcry in Singapore and that the Land Transport Authority (LTA) would then have to start questioning SMRT.
He allegedly said the matter concerns the interest of everybody, and everyone should take part in the action.
Channel NewsAsia asked the Attorney-General's Chambers (AGC) if more drivers will be charged over the next few days.
In response, an AGC spokesperson said police are still investigating.
171 bus drivers took part in the strike on Monday and 88 of them continued with the strike on Tuesday.
On Wednesday, 20 SMRT bus drivers were called in by police to help with investigations.
"We understand the grievances of SMRT drivers and it's unfortunate that they sought to resolve this matter through organising an illegal strike," said Minister of State for Transport Josephine Teo.
"Maintaining industrial harmony is very important to Singapore, particularly because public transport is one of the essential services so we have to take it in a very serious manner," she added.
Minister of State for Manpower Amy Khor also said she welcomed police investigations and that "what has happened has damaged this industrial harmony that we have built up over the years and swift action must be carried out".
Representatives from the Chinese Embassy were seen at the Subordinate Courts on Thursday.
Two officials from the Chinese Embassy also visited affected drivers at the Woodlands dormitory on Thursday evening, spending two hours in the dormitory.
In a statement in Mandarin on its website, the Chinese Embassy in Singapore expressed concern over the arrest of the four drivers.
It said its consular staff had conveyed its concern to the relevant authorities in Singapore and are making arrangements to pay the four arrested a consular visit.
The Embassy also urged all parties to remain calm and objective, and to work together to resolve the matter.
- CNA/ir/jc
- wong chee tat :)
By Sharon See | Posted: 29 November 2012 1841 hrs
SINGAPORE: Four SMRT bus drivers from China were charged on Thursday with instigating an illegal strike involving fellow drivers at the Woodlands dormitory on 26 and 27 November.
The four are: He Jun Ling, 32; Gao Yue Qiang, 32; Liu Xiangying, 33; and Wang Xianjie, 39.
They are accused of engaging in a conspiracy to instigate the drivers to take part in the strike.
20 SMRT bus drivers were brought to the police headquarters for investigations on Wednesday.
Authorities could not confirm if more drivers would be charged over the next few days as the police are still investigating the case.
If convicted, each of them may be fined up to S$2,000 or jailed 12 months.
They will be remanded for a week at the Central Police Station.
He Jun Ling faces an additional charge of making an online post about the strike.
He is accused of calling his fellow drivers to "take action" in a post he wrote in Chinese on website Baidu.
He allegedly called the drivers to "go on MC together tomorrow, 26, Monday and 27, Tuesday."
He allegedly said that if a few hundred bus drivers did not report for work for a few days, there would be public outcry in Singapore and that the Land Transport Authority (LTA) would then have to start questioning SMRT.
He allegedly said the matter concerns the interest of everybody, and everyone should take part in the action.
Channel NewsAsia asked the Attorney-General's Chambers (AGC) if more drivers will be charged over the next few days.
In response, an AGC spokesperson said police are still investigating.
171 bus drivers took part in the strike on Monday and 88 of them continued with the strike on Tuesday.
On Wednesday, 20 SMRT bus drivers were called in by police to help with investigations.
"We understand the grievances of SMRT drivers and it's unfortunate that they sought to resolve this matter through organising an illegal strike," said Minister of State for Transport Josephine Teo.
"Maintaining industrial harmony is very important to Singapore, particularly because public transport is one of the essential services so we have to take it in a very serious manner," she added.
Minister of State for Manpower Amy Khor also said she welcomed police investigations and that "what has happened has damaged this industrial harmony that we have built up over the years and swift action must be carried out".
Representatives from the Chinese Embassy were seen at the Subordinate Courts on Thursday.
Two officials from the Chinese Embassy also visited affected drivers at the Woodlands dormitory on Thursday evening, spending two hours in the dormitory.
In a statement in Mandarin on its website, the Chinese Embassy in Singapore expressed concern over the arrest of the four drivers.
It said its consular staff had conveyed its concern to the relevant authorities in Singapore and are making arrangements to pay the four arrested a consular visit.
The Embassy also urged all parties to remain calm and objective, and to work together to resolve the matter.
- CNA/ir/jc
- wong chee tat :)
Thursday, November 29, 2012
NTUC says most SMRT foreign bus drivers are not union members
NTUC says most SMRT foreign bus drivers are not union members
Posted: 28 November 2012 1946 hrs
SINGAPORE: The National Trades Union Congress (NTUC) said foreign workers can become union members, and 140,000 of them have already done so.
In a statement on Wednesday, NTUC notes that the majority of bus drivers from China working at SBS Transit are union members. It said, however, the majority of foreign bus drivers in SMRT have not joined the union.
Responding to media queries about the illegal strike by bus drivers from China at SMRT, NTUC adds there are valuable lessons to be learnt from the incident.
It says management should recognise the positive role the union can play.
And the union will continue to step up efforts to bring more foreign workers into their membership base.
On their part, NTUC said foreign drivers should see the benefit of joining the union.
- CNA/de
- wong chee tat :)
Posted: 28 November 2012 1946 hrs
SINGAPORE: The National Trades Union Congress (NTUC) said foreign workers can become union members, and 140,000 of them have already done so.
In a statement on Wednesday, NTUC notes that the majority of bus drivers from China working at SBS Transit are union members. It said, however, the majority of foreign bus drivers in SMRT have not joined the union.
Responding to media queries about the illegal strike by bus drivers from China at SMRT, NTUC adds there are valuable lessons to be learnt from the incident.
It says management should recognise the positive role the union can play.
And the union will continue to step up efforts to bring more foreign workers into their membership base.
On their part, NTUC said foreign drivers should see the benefit of joining the union.
- CNA/de
- wong chee tat :)
385 new HIV cases in S'pore between Jan & Oct
385 new HIV cases in S'pore between Jan & Oct
Posted: 29 November 2012 1157 hrs
SINGAPORE: From January to October this year, 385 new cases of human immunodeficiency virus (HIV) were reported among Singapore residents, said the health ministry on Thursday.
The Ministry of Health (MOH) expects the total number of notified HIV cases in 2012 to be similar to that of 2011, when there were 461 cases.
In the first six months of this year, 215 new cases of HIV, which causes acquired immunodeficiency syndrome (AIDS), were reported.
Between July and October, there were 170 new cases.
MOH said among the cases reported between January and June, 92 per cent (198) were males and 8 per cent (17) were females.
Most of them caught the virus through sex.
Half of those infected had heterosexual sex, while 43 per cent were infected from homosexual transmission, and 4 per cent from bisexual transmission.
About half, or 47 per cent, of those infected were between 30 and 49 years.
63 per cent were single, 23 per cent were married and 10 per cent were divorced or separated.
Half of the new cases reported between January and June already had late-stage HIV infection when they were diagnosed, similar to the pattern in previous years.
Slightly more than half found out they had the virus during HIV testing, as part of medical care.
Another 15 per cent were detected through health screening.
14 per cent were detected during voluntary HIV screening and the rest found out they were HIV-positive through contact tracing and other screening methods.
A higher proportion of homosexuals - or 28 per cent - were detected during voluntary screening, compared with 4 per cent for heterosexuals.
MOH and the Health Promotion Board (HPB) have urged individuals to protect themselves from HIV infection by following the principles of "ABCD": abstinence, being faithful, correct and consistent use of condoms and early detection.
- CNA/xq
- wong chee tat :)
Posted: 29 November 2012 1157 hrs
SINGAPORE: From January to October this year, 385 new cases of human immunodeficiency virus (HIV) were reported among Singapore residents, said the health ministry on Thursday.
The Ministry of Health (MOH) expects the total number of notified HIV cases in 2012 to be similar to that of 2011, when there were 461 cases.
In the first six months of this year, 215 new cases of HIV, which causes acquired immunodeficiency syndrome (AIDS), were reported.
Between July and October, there were 170 new cases.
MOH said among the cases reported between January and June, 92 per cent (198) were males and 8 per cent (17) were females.
Most of them caught the virus through sex.
Half of those infected had heterosexual sex, while 43 per cent were infected from homosexual transmission, and 4 per cent from bisexual transmission.
About half, or 47 per cent, of those infected were between 30 and 49 years.
63 per cent were single, 23 per cent were married and 10 per cent were divorced or separated.
Half of the new cases reported between January and June already had late-stage HIV infection when they were diagnosed, similar to the pattern in previous years.
Slightly more than half found out they had the virus during HIV testing, as part of medical care.
Another 15 per cent were detected through health screening.
14 per cent were detected during voluntary HIV screening and the rest found out they were HIV-positive through contact tracing and other screening methods.
A higher proportion of homosexuals - or 28 per cent - were detected during voluntary screening, compared with 4 per cent for heterosexuals.
MOH and the Health Promotion Board (HPB) have urged individuals to protect themselves from HIV infection by following the principles of "ABCD": abstinence, being faithful, correct and consistent use of condoms and early detection.
- CNA/xq
- wong chee tat :)
339,000 workers to receive Workfare Special Bonus instalment
339,000 workers to receive Workfare Special Bonus instalment
Posted: 29 November 2012 1137 hrs
SINGAPORE: About 339,000 older and low-wage workers will get their third payment of the Workfare Special Bonus (WSB) by Saturday.
The bonus is part of the government's S$3.2b "Grow & Share" package announced in February 2011 to help them cope with rising costs of living.
The bonus, which is given on top of the regular Workfare Income Supplement (WIS), is paid in four instalments.
Two of the instalments amount to 50 per cent of WIS for work done in 2010, and 25 per cent of WIS each year for work done in 2011 and 2012.
The first instalment was paid in May 2011 and the second, in December 2011.
Eligible workers will be paid fully in cash.
For instance, a WIS recipient aged 60 and earning S$1,000 a month will receive S$700 in WSB on December 1. This is on top of the S$2,800 that he would have received in WIS this year, making it a total of S$3,500.
A worker who is 45 years old and earning the same wage will receive S$350 in WSB this year on top of the S$1,400 that he would have received in WIS, giving a total of S$1,750.
The WSB is expected to cost the government about S$450 million over three years.
- CNA/xq
- wong chee tat :)
Posted: 29 November 2012 1137 hrs
SINGAPORE: About 339,000 older and low-wage workers will get their third payment of the Workfare Special Bonus (WSB) by Saturday.
The bonus is part of the government's S$3.2b "Grow & Share" package announced in February 2011 to help them cope with rising costs of living.
The bonus, which is given on top of the regular Workfare Income Supplement (WIS), is paid in four instalments.
Two of the instalments amount to 50 per cent of WIS for work done in 2010, and 25 per cent of WIS each year for work done in 2011 and 2012.
The first instalment was paid in May 2011 and the second, in December 2011.
Eligible workers will be paid fully in cash.
For instance, a WIS recipient aged 60 and earning S$1,000 a month will receive S$700 in WSB on December 1. This is on top of the S$2,800 that he would have received in WIS this year, making it a total of S$3,500.
A worker who is 45 years old and earning the same wage will receive S$350 in WSB this year on top of the S$1,400 that he would have received in WIS, giving a total of S$1,750.
The WSB is expected to cost the government about S$450 million over three years.
- CNA/xq
- wong chee tat :)
Weather
Heavy thunderstorm started about five to ten minutes ago. Good time to sleep!
- wong chee tat :)
- wong chee tat :)
MAS flags risks from rising corporate debt
MAS flags risks from rising corporate debt
Posted: 28 November 2012 1323 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has warned that bad loans at banks may increase if the economy sours.
It said companies are more leveraged today than they were a year ago, and while balance sheets remain strong, profitability has dropped in line with weakening economic conditions.
"If economic conditions worsen or interest rates rise from current low levels, bank loan quality could deteriorate substantially," the MAS said in its annual Financial Stability Review.
The central bank noted that companies "appear well able to cover their interest expense".
But, the MAS said this could change if rates rise significantly.
- CNA/ir
- wong chee tat :)
Posted: 28 November 2012 1323 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has warned that bad loans at banks may increase if the economy sours.
It said companies are more leveraged today than they were a year ago, and while balance sheets remain strong, profitability has dropped in line with weakening economic conditions.
"If economic conditions worsen or interest rates rise from current low levels, bank loan quality could deteriorate substantially," the MAS said in its annual Financial Stability Review.
The central bank noted that companies "appear well able to cover their interest expense".
But, the MAS said this could change if rates rise significantly.
- CNA/ir
- wong chee tat :)
MAS sees risks in household and corporate debts
MAS sees risks in household and corporate debts
By Thomas Cho | Posted: 28 November 2012 2234 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has warned households and businesses their ability to repay loans may be impaired if economic conditions worsen or interest rates rise.
The central bank said the corporate sector is more in debt this year than last year and household debt is increasing faster than household assets.
In its annual Financial Stability Review report, the MAS notes that even while the loan growth has slowed at major banks in recent quarters, their lending to consumers and companies remained high.
After reaching a three-year high of 12.8 per cent increase year-on-year in third quarter 2011, overall loan growth turned negative in third quarter this year contracting dome 2.3 per cent.
The growth of so-called non-bank lending was close to 10 per cent in the third quarter of this year.
This has given rise to some concern that borrowers may bet that interest rates will remain low forever.
Song Seng Wun, economist at CIMB Research, said: "The concern at this point is really very much of the very low interest rate which encourages borrowing. If interest rate should turn in an environment where there is still uncertain outlook, it could impact the household and the corporate sector."
Growth in non-bank lending has been led by property-related loans, manufacturing and non-bank financial institutions.
The current Housing and Development Board's concessionary mortgage rate stands at 2.6 per cent per annum while banks offer around 1.2 per cent to 1.7 per cent per annum depending on the Singapore's three-month interbank offer rate.
The current three-month interbank offer rate is 0.85 per cent.
Alvin Liew, a senior economist at United Overseas Bank said: "The central bank is firing a warning to the banking sector that they need to be vigilant and they need to know that eventually interest rate needs to rise and they need to make contingency plans should such a thing (loan default) happens in the near future."
According to the MAS report, property-related loans account for 46 per cent of outstanding Singapore dollar loans to non-bank customers, is below the average of 48 per cent in the past eight years.
Demand for private residential property has remained resilient despite government measures to cool the market.
"Over the last two years progressively, (the measures) basically held the increases in check to a certain degree itself. Although prices are still rising, it is rising at a slower pace," said Song.
MAS views household debt levels as not alarming, as it notes that Singapore's household net wealth stood at four times of gross domestic product. This is 7.3 per cent better than a year ago.
- CNA/fa
- wong chee tat :)
By Thomas Cho | Posted: 28 November 2012 2234 hrs
SINGAPORE: The Monetary Authority of Singapore (MAS) has warned households and businesses their ability to repay loans may be impaired if economic conditions worsen or interest rates rise.
The central bank said the corporate sector is more in debt this year than last year and household debt is increasing faster than household assets.
In its annual Financial Stability Review report, the MAS notes that even while the loan growth has slowed at major banks in recent quarters, their lending to consumers and companies remained high.
After reaching a three-year high of 12.8 per cent increase year-on-year in third quarter 2011, overall loan growth turned negative in third quarter this year contracting dome 2.3 per cent.
The growth of so-called non-bank lending was close to 10 per cent in the third quarter of this year.
This has given rise to some concern that borrowers may bet that interest rates will remain low forever.
Song Seng Wun, economist at CIMB Research, said: "The concern at this point is really very much of the very low interest rate which encourages borrowing. If interest rate should turn in an environment where there is still uncertain outlook, it could impact the household and the corporate sector."
Growth in non-bank lending has been led by property-related loans, manufacturing and non-bank financial institutions.
The current Housing and Development Board's concessionary mortgage rate stands at 2.6 per cent per annum while banks offer around 1.2 per cent to 1.7 per cent per annum depending on the Singapore's three-month interbank offer rate.
The current three-month interbank offer rate is 0.85 per cent.
Alvin Liew, a senior economist at United Overseas Bank said: "The central bank is firing a warning to the banking sector that they need to be vigilant and they need to know that eventually interest rate needs to rise and they need to make contingency plans should such a thing (loan default) happens in the near future."
According to the MAS report, property-related loans account for 46 per cent of outstanding Singapore dollar loans to non-bank customers, is below the average of 48 per cent in the past eight years.
Demand for private residential property has remained resilient despite government measures to cool the market.
"Over the last two years progressively, (the measures) basically held the increases in check to a certain degree itself. Although prices are still rising, it is rising at a slower pace," said Song.
MAS views household debt levels as not alarming, as it notes that Singapore's household net wealth stood at four times of gross domestic product. This is 7.3 per cent better than a year ago.
- CNA/fa
- wong chee tat :)
20 SMRT bus drivers assisting police in investigations
20 SMRT bus drivers assisting police in investigations
By Kimberly Spykerman, Vimita Mohandas | Posted: 28 November 2012 1745 hrs
SINGAPORE: Most of the bus drivers involved in an illegal strike over a pay dispute have returned to work except for six who had valid medical reasons.
Providing an update at a media conference, transport operator SMRT said that 20 bus drivers from China and SMRT personnel are assisting the police in their investigations.
SMRT added that disciplinary action will be taken against those who didn't turn up for work and didn't have valid reasons but did not disclose what the disciplinary action would include.
At the conference, SMRT also clarified the pay of their bus drivers which was at the heart of illegal strikes this week.
It said drivers from China are hired on two-year contracts unlike those from Malaysia who are employed on a permanent basis.
SMRT said while the starting pay for drivers from China is lower, the company provides them with accommodation and utilities, as well as transport to the workplace.
In July, bus drivers on permanent employment received an increment in their starting pay while a special increment of S$75 was given to China nationals out of goodwill.
Another round of salary adjustments for those on permanent employment was made in October and a similar adjustment of S$25 per month for China nationals was finalised last week.
Unfortunately, the illegal strike took place even before the bus drivers knew about their salary adjustments.
In a statement, labour movement NTUC said management should recognise the positive role the union can play.
NTUC added that the majority of foreign bus drivers in SMRT have not joined the union.
SMRT's executive vice president for roads & commercial, Mr Teo Chew Hoon, said: "We encourage our drivers to join the unions so that they can be represented. Perhaps we didn't do enough to encourage them.
SMRT pointed out that drivers had been given a special increment before this even though such an increase was not in their contract.
The public transport operator said it pays competitive market wages.
It added that its remuneration packages for service leaders from China and Malaysia are equitable, with the foreign worker levy, as well as transport, accommodation and utilities covered.
Turning to concerns over dormitory conditions, SMRT acknowledged that swifter actions could have been taken.
It has decided to provide alternative accommodation when the leases for the dormitories expire from early 2013.
SMRT noted that the drivers had concerns over issues such as bed bugs at the dormitories provided by private operators.
Fumigation works, which were scheduled at the Woodlands dormitory, will be carried out as soon as possible.
Measures such as remedial works on fittings are already underway.
SMRT's management had assured the drivers, or Service Leaders (SLs), during the discussion on November 26 that it will review and address their concerns.
It will share its decision with them next week.
Mr Teo said: "There are lessons from this episode, including how we can better engage our SLs and we will improve in this area. In the meantime, we are doing our utmost to make immediate improvements to their living conditions. For majority of our Chinese SLs who are putting their best in their duties, I would like to reassure them that we continue to value their services."
SMRT said the attendance of drivers is back to normal and that all its bus services are running as scheduled.
It added that the six drivers who did not turn for work on Wednesday morning had valid reasons for being absent.
- CNA/fa
- wong chee tat :)
By Kimberly Spykerman, Vimita Mohandas | Posted: 28 November 2012 1745 hrs
SINGAPORE: Most of the bus drivers involved in an illegal strike over a pay dispute have returned to work except for six who had valid medical reasons.
Providing an update at a media conference, transport operator SMRT said that 20 bus drivers from China and SMRT personnel are assisting the police in their investigations.
SMRT added that disciplinary action will be taken against those who didn't turn up for work and didn't have valid reasons but did not disclose what the disciplinary action would include.
At the conference, SMRT also clarified the pay of their bus drivers which was at the heart of illegal strikes this week.
It said drivers from China are hired on two-year contracts unlike those from Malaysia who are employed on a permanent basis.
SMRT said while the starting pay for drivers from China is lower, the company provides them with accommodation and utilities, as well as transport to the workplace.
In July, bus drivers on permanent employment received an increment in their starting pay while a special increment of S$75 was given to China nationals out of goodwill.
Another round of salary adjustments for those on permanent employment was made in October and a similar adjustment of S$25 per month for China nationals was finalised last week.
Unfortunately, the illegal strike took place even before the bus drivers knew about their salary adjustments.
In a statement, labour movement NTUC said management should recognise the positive role the union can play.
NTUC added that the majority of foreign bus drivers in SMRT have not joined the union.
SMRT's executive vice president for roads & commercial, Mr Teo Chew Hoon, said: "We encourage our drivers to join the unions so that they can be represented. Perhaps we didn't do enough to encourage them.
SMRT pointed out that drivers had been given a special increment before this even though such an increase was not in their contract.
The public transport operator said it pays competitive market wages.
It added that its remuneration packages for service leaders from China and Malaysia are equitable, with the foreign worker levy, as well as transport, accommodation and utilities covered.
Turning to concerns over dormitory conditions, SMRT acknowledged that swifter actions could have been taken.
It has decided to provide alternative accommodation when the leases for the dormitories expire from early 2013.
SMRT noted that the drivers had concerns over issues such as bed bugs at the dormitories provided by private operators.
Fumigation works, which were scheduled at the Woodlands dormitory, will be carried out as soon as possible.
Measures such as remedial works on fittings are already underway.
SMRT's management had assured the drivers, or Service Leaders (SLs), during the discussion on November 26 that it will review and address their concerns.
It will share its decision with them next week.
Mr Teo said: "There are lessons from this episode, including how we can better engage our SLs and we will improve in this area. In the meantime, we are doing our utmost to make immediate improvements to their living conditions. For majority of our Chinese SLs who are putting their best in their duties, I would like to reassure them that we continue to value their services."
SMRT said the attendance of drivers is back to normal and that all its bus services are running as scheduled.
It added that the six drivers who did not turn for work on Wednesday morning had valid reasons for being absent.
- CNA/fa
- wong chee tat :)
SMRT investigating still-absent bus drivers involved in illegal strike
SMRT investigating still-absent bus drivers involved in illegal strike
By Sara Grosse | Posted: 28 November 2012 1302 hrs
SINGAPORE: Six SMRT bus drivers from China on morning shift did not report for work on Wednesday, amid investigations into an illegal strike over salaries.
SMRT said on Wednesday afternoon that it is investigating why they were absent.
A SMRT spokesperson said it has not ruled out the possibility that they're unwell and added that it may not be right to assume that there's anything malicious, as of now.
A driver from China who had completed his shift on Wednesday morning told reporters at Woodlands dormitory, where some of the drivers are staying, that all drivers from his room went to work.
He said staff from the Chinese embassy spoke to the drivers at about 11:00pm on Tuesday.
Another driver from China said most of the drivers had returned to work.
The drivers were reported to have boarded buses at about 4:00am on Wednesday to be ferried to the bus depots to start their shift.
A police car and an ambulance were at Woodlands Dormitory for about half an hour on Wednesday morning. Another ambulance is still at the dormitory.
A female driver from China, who did not report for work on Monday but returned to work on Tuesday, told reporters that SMRT has treated them fairly. She said she understands that SMRT will give the workers an answer on their salary grievances by the end of the week.
SMRT said late on Tuesday night that 171 drivers staged a sit-in at the workers' dormitory in Woodlands. And, on Tuesday, 88 did not turn up for work.
- CNA/ck/sf
- wong chee tat :)
By Sara Grosse | Posted: 28 November 2012 1302 hrs
SINGAPORE: Six SMRT bus drivers from China on morning shift did not report for work on Wednesday, amid investigations into an illegal strike over salaries.
SMRT said on Wednesday afternoon that it is investigating why they were absent.
A SMRT spokesperson said it has not ruled out the possibility that they're unwell and added that it may not be right to assume that there's anything malicious, as of now.
A driver from China who had completed his shift on Wednesday morning told reporters at Woodlands dormitory, where some of the drivers are staying, that all drivers from his room went to work.
He said staff from the Chinese embassy spoke to the drivers at about 11:00pm on Tuesday.
Another driver from China said most of the drivers had returned to work.
The drivers were reported to have boarded buses at about 4:00am on Wednesday to be ferried to the bus depots to start their shift.
A police car and an ambulance were at Woodlands Dormitory for about half an hour on Wednesday morning. Another ambulance is still at the dormitory.
A female driver from China, who did not report for work on Monday but returned to work on Tuesday, told reporters that SMRT has treated them fairly. She said she understands that SMRT will give the workers an answer on their salary grievances by the end of the week.
SMRT said late on Tuesday night that 171 drivers staged a sit-in at the workers' dormitory in Woodlands. And, on Tuesday, 88 did not turn up for work.
- CNA/ck/sf
- wong chee tat :)
2013 to be 'survival' year for Singapore retailers
2013 to be 'survival' year for Singapore retailers
By Kristie Neo | Posted: 28 November 2012 2247 hrs
SINGAPORE: Higher rental costs and manpower shortage is going to make 2013 a year of 'survival' for Singapore retailers.
The Singapore Retail Association (SRA) has cautioned retailers to stay conservative moving forward.
The SRA said retailers will begin filling the pinch next year once the impact of the revised foreign labour quota and 'lemon law' fully kicks in.
Dato Dr Jannie Chan, president of Singapore Retailers Association, said: "Moving into 2013, we would have to reorganise and rethink not so much on 'growth' mode or 'maintenance' mode. It's a survival mode.
"At the moment, be conservative. I would suggest keep your cash and core business, don't expand. If you have expanded, make sure your inventory is turning within at least once a year, if not twice a year. Do not increase costs because this is not the time. It might take two or three years to recover."
According to data from the Department of Statistics, Singapore's retail sales in September has risen lower-than-expected at 2.5 per cent on-year.
- CNA/fa
- wong chee tat :)
By Kristie Neo | Posted: 28 November 2012 2247 hrs
SINGAPORE: Higher rental costs and manpower shortage is going to make 2013 a year of 'survival' for Singapore retailers.
The Singapore Retail Association (SRA) has cautioned retailers to stay conservative moving forward.
The SRA said retailers will begin filling the pinch next year once the impact of the revised foreign labour quota and 'lemon law' fully kicks in.
Dato Dr Jannie Chan, president of Singapore Retailers Association, said: "Moving into 2013, we would have to reorganise and rethink not so much on 'growth' mode or 'maintenance' mode. It's a survival mode.
"At the moment, be conservative. I would suggest keep your cash and core business, don't expand. If you have expanded, make sure your inventory is turning within at least once a year, if not twice a year. Do not increase costs because this is not the time. It might take two or three years to recover."
According to data from the Department of Statistics, Singapore's retail sales in September has risen lower-than-expected at 2.5 per cent on-year.
- CNA/fa
- wong chee tat :)
Wednesday, November 28, 2012
Sentosa's UWS slashes ticket prices during Dec holidays
Sentosa's UWS slashes ticket prices during Dec holidays
By Leong Wai Kit | Posted: 27 November 2012 1607 hrs
SINGAPORE: Underwater World Singapore (UWS) in Sentosa is slashing ticket prices during the December holidays.
It's offering rates of the 1990s - at S$15 per person - for Singaporeans and local residents between 1 and 31 December.
An adult now pays S$25.90, while a senior citizen pays S$20.80 and a child pays S$17.60.
With the December offer, each will pay S$15.
To encourage families to spend time together and bond over interaction programmes with the marine animals, every paying visitor can bring a senior citizen or a child in free of charge.
For example, an adult who pays S$15 doesn't have to pay for the child and will save 65 per cent in entry fee.
The usual price for both would have been S$43.50.
Similarly, an adult who pays S$15 in entry fee can bring in a senior citizen for free and save 68 per cent in entry fee.
UWS said it's making the offer in appreciation of the support it's received over the years.
When asked if the promotion was a reaction to the newly-opened Marine Life Park at Resorts World Sentosa, UWS said the offer is part of its year-end holiday promotion.
A spokesperson said: "It's been the practice of Underwater World Singapore to offer mid-year and year-end promotions for the school holidays to encourage family outings."
Since its opening in 1991, Underwater World Singapore has received close to 30 million visitors.
- CNA/ck/de
- wong chee tat :)
By Leong Wai Kit | Posted: 27 November 2012 1607 hrs
SINGAPORE: Underwater World Singapore (UWS) in Sentosa is slashing ticket prices during the December holidays.
It's offering rates of the 1990s - at S$15 per person - for Singaporeans and local residents between 1 and 31 December.
An adult now pays S$25.90, while a senior citizen pays S$20.80 and a child pays S$17.60.
With the December offer, each will pay S$15.
To encourage families to spend time together and bond over interaction programmes with the marine animals, every paying visitor can bring a senior citizen or a child in free of charge.
For example, an adult who pays S$15 doesn't have to pay for the child and will save 65 per cent in entry fee.
The usual price for both would have been S$43.50.
Similarly, an adult who pays S$15 in entry fee can bring in a senior citizen for free and save 68 per cent in entry fee.
UWS said it's making the offer in appreciation of the support it's received over the years.
When asked if the promotion was a reaction to the newly-opened Marine Life Park at Resorts World Sentosa, UWS said the offer is part of its year-end holiday promotion.
A spokesperson said: "It's been the practice of Underwater World Singapore to offer mid-year and year-end promotions for the school holidays to encourage family outings."
Since its opening in 1991, Underwater World Singapore has received close to 30 million visitors.
- CNA/ck/de
- wong chee tat :)
No-show by SMRT bus drivers a strike or protest?
No-show by SMRT bus drivers a strike or protest?
By Imelda Saad | Posted: 27 November 2012 1623 hrs
SINGAPORE: 102 SMRT bus drivers, all China nationals, refused to turn up for work on Monday over pay dispute, and on Tuesday morning, over half of those involved did not show up for work again.
There's been a lot of talk about why the media and even the Manpower Ministry and SMRT have not been calling the wage protest a strike.
Instead, terms like "sit-in", "sit-out", "protest", "did not show up for work" were used.
There are several reasons for this and they have to do with the law.
As this has to do with an essential service - in this case, transport - the law is very specific on what is considered a strike.
Under Criminal Law (Temporary Provisions) Act, it is a strike only when the worker gives his employer at least 14 days' advance notice of his intention to do so.
This notice has to be signed by at least seven fellow workers involved in the strike or by at least seven union representatives of the workers.
The notice then needs to be acknowledged and signed by the employer, after which, that notice needs to be put up in at least three conspicuous places where the workers are employed.
That's a legal strike, if rules are followed.
Anything else, it's an illegal strike and there are consequences. A person involved in that could be fined up to S$2,000 and jailed up to 12 months.
A person who instigates or finances an illegal strike also faces the same penalties.
The last strike in Singapore was in 1986 by shipyard workers.
- CNA/ck
- wong chee tat :)
By Imelda Saad | Posted: 27 November 2012 1623 hrs
SINGAPORE: 102 SMRT bus drivers, all China nationals, refused to turn up for work on Monday over pay dispute, and on Tuesday morning, over half of those involved did not show up for work again.
There's been a lot of talk about why the media and even the Manpower Ministry and SMRT have not been calling the wage protest a strike.
Instead, terms like "sit-in", "sit-out", "protest", "did not show up for work" were used.
There are several reasons for this and they have to do with the law.
As this has to do with an essential service - in this case, transport - the law is very specific on what is considered a strike.
Under Criminal Law (Temporary Provisions) Act, it is a strike only when the worker gives his employer at least 14 days' advance notice of his intention to do so.
This notice has to be signed by at least seven fellow workers involved in the strike or by at least seven union representatives of the workers.
The notice then needs to be acknowledged and signed by the employer, after which, that notice needs to be put up in at least three conspicuous places where the workers are employed.
That's a legal strike, if rules are followed.
Anything else, it's an illegal strike and there are consequences. A person involved in that could be fined up to S$2,000 and jailed up to 12 months.
A person who instigates or finances an illegal strike also faces the same penalties.
The last strike in Singapore was in 1986 by shipyard workers.
- CNA/ck
- wong chee tat :)
Some SMRT bus drivers involved in illegal strike return to work
Some SMRT bus drivers involved in illegal strike return to work
By Sara Grosse | Posted: 28 November 2012 1050 hrs
SINGAPORE: Some of the SMRT bus drivers from China involved in an illegal strike over salaries returned to work on Wednesday.
A driver from China who had completed his shift on Wednesday morning told reporters at Woodlands dormitory, where some of the drivers are staying, that all drivers from his room went to work.
He said staff from the Chinese embassy spoke to the drivers at about 11:00pm on Tuesday.
Another driver from China said most of the drivers had returned to work.
The drivers were reported to have boarded buses at about 4:00am on Wednesday to be ferried to the bus depots to start their shift.
A police car and an ambulance were at Woodlands Dormitory for about half an hour on Wednesday morning. Another ambulance is still at the dormitory.
SMRT said late on Tuesday night that 171 drivers staged a sit-in at the workers' dormitory in Woodlands. And, on Tuesday, 88 remained defiant and refused to work.
- CNA/ck
- wong chee tat :)
By Sara Grosse | Posted: 28 November 2012 1050 hrs
SINGAPORE: Some of the SMRT bus drivers from China involved in an illegal strike over salaries returned to work on Wednesday.
A driver from China who had completed his shift on Wednesday morning told reporters at Woodlands dormitory, where some of the drivers are staying, that all drivers from his room went to work.
He said staff from the Chinese embassy spoke to the drivers at about 11:00pm on Tuesday.
Another driver from China said most of the drivers had returned to work.
The drivers were reported to have boarded buses at about 4:00am on Wednesday to be ferried to the bus depots to start their shift.
A police car and an ambulance were at Woodlands Dormitory for about half an hour on Wednesday morning. Another ambulance is still at the dormitory.
SMRT said late on Tuesday night that 171 drivers staged a sit-in at the workers' dormitory in Woodlands. And, on Tuesday, 88 remained defiant and refused to work.
- CNA/ck
- wong chee tat :)
国内税务局：除了一、两房式组屋 其他组屋类型明年的产业税在回扣后将增加
Updated: 11/28/2012 03:51
国内税务局：除了一、两房式组屋 其他组屋类型明年的产业税在回扣后将增加
国内税务局宣布：除了一房式和两房式组屋外，其他组屋类型明年的产业税在回扣后将增加，增幅介于40到50元。
国内税务局宣布：除了一房式和两房式组屋外，其他组屋类型明年的产业税在回扣后将增加，增幅介于40到50元。
当局是在上调政府组屋明年的年值后，进而提高产业税，以反映市场租金增幅的情况。产业税的调整将从明年1月1号起生效。
在这同时，政府将给予组屋屋主一次过、40元的回扣，以缓解中低收入家庭的经济负担。
至于一房式和两房式组屋屋主，则同今年一样，明年无需支付产业税。
- wong chee tat :)
国内税务局：除了一、两房式组屋 其他组屋类型明年的产业税在回扣后将增加
国内税务局宣布：除了一房式和两房式组屋外，其他组屋类型明年的产业税在回扣后将增加，增幅介于40到50元。
国内税务局宣布：除了一房式和两房式组屋外，其他组屋类型明年的产业税在回扣后将增加，增幅介于40到50元。
当局是在上调政府组屋明年的年值后，进而提高产业税，以反映市场租金增幅的情况。产业税的调整将从明年1月1号起生效。
在这同时，政府将给予组屋屋主一次过、40元的回扣，以缓解中低收入家庭的经济负担。
至于一房式和两房式组屋屋主，则同今年一样，明年无需支付产业税。
- wong chee tat :)
Increase in property tax for HDB 3-room flats and above
 | |||||||
 File picture of HDB flats (Photo by: Hester Tan, channelnewsasia.com) | |||||||
SINGAPORE: All one- and two-room owner-occupiers of HDB homes do not need to pay property tax in 2013, similar to 2012.
For a majority of other HDB flat types, the property tax bill for 2013 will increase by between S$40 and $50, after taking into account a new S$40 rebate.
The increase in property tax comes after the revision of Annual Values (AVs) of HDB flats with effect from 1 January 2013, reflecting the rise in market rentals.
To mitigate the increase in the property tax payable by lower and middle-income households as a result of the AV revision, the government will give a one-off rebate of S$40 to owner-occupied HDB flats.
The Inland Revenue Authority of Singapore (IRAS) reviews the AVs of all properties - including HDB flats - annually.
The AV, which is based on the estimated annual market rent of a property if it were to be let out, applies to all homes, including owner-occupied homes. It is used as a basis to compute the property tax payable.
Property tax is calculated at 10% of the AV for non owner-occupied homes. For owner-occupied homes, the property tax payable is calculated based on concessionary tax rates (see table).
For a majority of other HDB flat types, the property tax bill for 2013 will increase by between S$40 and $50, after taking into account a new S$40 rebate.
The increase in property tax comes after the revision of Annual Values (AVs) of HDB flats with effect from 1 January 2013, reflecting the rise in market rentals.
To mitigate the increase in the property tax payable by lower and middle-income households as a result of the AV revision, the government will give a one-off rebate of S$40 to owner-occupied HDB flats.
The Inland Revenue Authority of Singapore (IRAS) reviews the AVs of all properties - including HDB flats - annually.
The AV, which is based on the estimated annual market rent of a property if it were to be let out, applies to all homes, including owner-occupied homes. It is used as a basis to compute the property tax payable.
Property tax is calculated at 10% of the AV for non owner-occupied homes. For owner-occupied homes, the property tax payable is calculated based on concessionary tax rates (see table).
 |
Since the last revision of AVs of all HDB flats on 1 January 2012, market rentals of HDB flats have risen by 8% to 13%. Accordingly, the AVs of all HDB flats will be revised from 1 January 2013.
To mitigate the impact of the increase in property tax payable, all owners of owner-occupied HDB flats will be given a one-time rebate of S$40. It will be automatically set off against the property tax payable in 2013. This rebate will not apply to non owner-occupied HDB flats which are currently taxed at 10%.
94% of HDB flat owners will receive this rebate.
All one- and two-room HDB owner-occupiers will not need to pay any property tax in 2013 as their revised AVs remain below S$6,000.
The revised property tax bills of other owner-occupied flat types, after taking into account the property tax rebate, are shown in the table below.
 |
- CNA/ir
- wong chee tat :)
67名中国籍巴士司机 周二仍未复工
11/27/2012 22:00
67名中国籍巴士司机 周二仍未复工
SMRT同中国籍巴士司机的劳资纠纷，进入了第二天，67名司机，今天还是没有上班。由于部份司机向公司表示，他们是在请病假，SMRT派出了流动诊所，为没有上班的司机检查身体。SMRT表示，不是所有缺勤的司机都接受了检查。
SMRT派出的流动诊所同医护人员，大约在早上十点半左右，来到兀兰工业区内的这栋客工宿舍，为司机检查身体，据了解有部份旷工司机，在检查时并没有到场。现场也有警车在戒备。接受本台访问的其中一名司机表示，SMRT管理层在星期一的谈判中，答应调高他们的工资每月25元，但是他们觉得太少，他们表示，在前来新加坡后，发现实际工资比中介答应的少。除了基本工资，这些中国籍司机现在要求分红，而且要同马来西亚籍司机同工同酬。
“我们中国籍在公司里边是待遇最低等的，每次的一些薪资问题都是中国劳工除外。”
“我们要求的就是公平、公正对待，大家同工同酬。这样总可以。”
全国交通工友联合会的代表中午到宿舍，同至少四五十名中国籍司机，会面了一个多小时。代表联合会的包括执行秘书长王振安，以及副执行秘书长朱倍庆。王振安透露，客工的态度合作，也愿意聆听工会的建议。
全国交通工友联合会执行秘书长王振安说：“现在我们中国的司机师傅们不是我们的工会会员，法律上我们没有权利代表他们讲话。但是作为职工运动，代表大多数交通工友，我们觉得有义务了解他们面对的问题。看看我们能协助些什么。我们也
向他们了解，解释我们本地的法律情况。他们的做法跟本地的法律是不符合的。”
联合会的代表表示，客工的住宿环境的确有改进的空间。
据本台了解，SMRT在下午约四点左右，为旷工司机完成身体检查。
本台记者向一些有接受身体检查的旷工司机了解，他们为什么会没有上班？一个说肚子不舒服，一个说没力气上上班，两人异口同声表示，他们有拿到医生证明书，可证明自己是因病旷工，而不是故意罢工。至于明天他们会不会开工，司机表示，
那就等到明天，看他们的身体状况而定。
受访司机声称，他们不认为SMRT有充足的理由可解雇他们。
- wong chee tat :)
67名中国籍巴士司机 周二仍未复工
SMRT同中国籍巴士司机的劳资纠纷，进入了第二天，67名司机，今天还是没有上班。由于部份司机向公司表示，他们是在请病假，SMRT派出了流动诊所，为没有上班的司机检查身体。SMRT表示，不是所有缺勤的司机都接受了检查。
SMRT派出的流动诊所同医护人员，大约在早上十点半左右，来到兀兰工业区内的这栋客工宿舍，为司机检查身体，据了解有部份旷工司机，在检查时并没有到场。现场也有警车在戒备。接受本台访问的其中一名司机表示，SMRT管理层在星期一的谈判中，答应调高他们的工资每月25元，但是他们觉得太少，他们表示，在前来新加坡后，发现实际工资比中介答应的少。除了基本工资，这些中国籍司机现在要求分红，而且要同马来西亚籍司机同工同酬。
“我们中国籍在公司里边是待遇最低等的，每次的一些薪资问题都是中国劳工除外。”
“我们要求的就是公平、公正对待，大家同工同酬。这样总可以。”
全国交通工友联合会的代表中午到宿舍，同至少四五十名中国籍司机，会面了一个多小时。代表联合会的包括执行秘书长王振安，以及副执行秘书长朱倍庆。王振安透露，客工的态度合作，也愿意聆听工会的建议。
全国交通工友联合会执行秘书长王振安说：“现在我们中国的司机师傅们不是我们的工会会员，法律上我们没有权利代表他们讲话。但是作为职工运动，代表大多数交通工友，我们觉得有义务了解他们面对的问题。看看我们能协助些什么。我们也
向他们了解，解释我们本地的法律情况。他们的做法跟本地的法律是不符合的。”
联合会的代表表示，客工的住宿环境的确有改进的空间。
据本台了解，SMRT在下午约四点左右，为旷工司机完成身体检查。
本台记者向一些有接受身体检查的旷工司机了解，他们为什么会没有上班？一个说肚子不舒服，一个说没力气上上班，两人异口同声表示，他们有拿到医生证明书，可证明自己是因病旷工，而不是故意罢工。至于明天他们会不会开工，司机表示，
那就等到明天，看他们的身体状况而定。
受访司机声称，他们不认为SMRT有充足的理由可解雇他们。
- wong chee tat :)
SMRT向警方报案 以调查旷工中国籍车长是否触犯法律
Updated: 11/28/2012 09:08
SMRT向警方报案 以调查旷工中国籍车长是否触犯法律
SMRT已经向警方报案，以调查旷工的中国籍车长是否触犯法律，而公司也在调查车长是否违法雇用条例。
SMRT发表声明说，前天总共有171名中国籍巴士车长旷工，其中102名是早班车长，69名值午班。公司管理层和这些车长讨论后同意会探讨他们对薪金待遇的不满，而车长也同意隔天复工。不过，昨天早班仍然有68名车长旷工，午班则有20人没有上班。这些车长不负责任的行为导致巴士服务延误，公司严肃看待这种情形，而首要任务是确保巴士服务尽快恢复正常。
SMRT将继续同所有中国籍车长沟通，以解释目前的情况，同时呼吁车长通过正确渠道讨论工作问题。公司也要让没有参与这两天旷工行动的车长知道，公司仍然重视他们的服务。
SMRT强调，车长同管理层沟通的渠道仍然开放，同时吁请车长不该采取非法行动来表达不满情绪。公司对乘客造成的不便致歉，同时向那些挺身而出，代替旷工车长值班的车长表达谢意。
另一方面，今日报的记者目睹一辆中国大使馆的汽车来到兀兰的车长宿舍，有两人下车走入宿舍内。
- wong chee tat :)
SMRT向警方报案 以调查旷工中国籍车长是否触犯法律
SMRT已经向警方报案，以调查旷工的中国籍车长是否触犯法律，而公司也在调查车长是否违法雇用条例。
SMRT发表声明说，前天总共有171名中国籍巴士车长旷工，其中102名是早班车长，69名值午班。公司管理层和这些车长讨论后同意会探讨他们对薪金待遇的不满，而车长也同意隔天复工。不过，昨天早班仍然有68名车长旷工，午班则有20人没有上班。这些车长不负责任的行为导致巴士服务延误，公司严肃看待这种情形，而首要任务是确保巴士服务尽快恢复正常。
SMRT将继续同所有中国籍车长沟通，以解释目前的情况，同时呼吁车长通过正确渠道讨论工作问题。公司也要让没有参与这两天旷工行动的车长知道，公司仍然重视他们的服务。
SMRT强调，车长同管理层沟通的渠道仍然开放，同时吁请车长不该采取非法行动来表达不满情绪。公司对乘客造成的不便致歉，同时向那些挺身而出，代替旷工车长值班的车长表达谢意。
另一方面，今日报的记者目睹一辆中国大使馆的汽车来到兀兰的车长宿舍，有两人下车走入宿舍内。
- wong chee tat :)
大约60名SMRT中国籍巴士车长没有回返工作岗位
Updated: 11/28/2012 03:58
大约60名SMRT中国籍巴士车长没有回返工作岗位
公司早上安排一名医生和流动诊所到宿舍，为请病假的车长做身体检查。据了解，医生已经完成检查，但SMRT没有公布详情。
SMRT公司清晨4点和5点多，安排巴士接车长上班，但有大约60名员工拒绝开工，留在宿舍。
记者抵达现场时，看到大批海内外媒体在宿舍外守候，现场气氛平静，有好几辆警车多次进出宿舍。
多数的中国车长不愿受访，一名来自河南省的车长说，昨天的协商过程其实并不顺利，虽然公司有提议加薪，但一些车长因为不满意加薪幅度，而决定不去工作。
“当时拍板的是可以涨25块钱每个月，然后我们提出来，就是这不能接受，这是基本工资的事情，另一方面就是分红的事情，他说要一个星期，才能给我们答复。当时在场的员工只有几十号人，我们有员工不在场，他说，可以通过其他渠道再谈。 但是其他人没有见到公司的领导。我们中国籍司机和马来司机都是外劳，我们只是要大家公平对待，就是要同工同酬。”
另一名中国籍车长表示，他们受到不公平的待遇，因此希望通过这次的行动，让公司正视他们面对的问题。
“其实我们提出这个抗议，我们想让社会和媒体，包括人力部也考虑一下我们千里迢迢来这里打工的一个心理和心态。”
- wong chee tat :)
大约60名SMRT中国籍巴士车长没有回返工作岗位
公司早上安排一名医生和流动诊所到宿舍，为请病假的车长做身体检查。据了解，医生已经完成检查，但SMRT没有公布详情。
SMRT公司清晨4点和5点多，安排巴士接车长上班，但有大约60名员工拒绝开工，留在宿舍。
记者抵达现场时，看到大批海内外媒体在宿舍外守候，现场气氛平静，有好几辆警车多次进出宿舍。
多数的中国车长不愿受访，一名来自河南省的车长说，昨天的协商过程其实并不顺利，虽然公司有提议加薪，但一些车长因为不满意加薪幅度，而决定不去工作。
“当时拍板的是可以涨25块钱每个月，然后我们提出来，就是这不能接受，这是基本工资的事情，另一方面就是分红的事情，他说要一个星期，才能给我们答复。当时在场的员工只有几十号人，我们有员工不在场，他说，可以通过其他渠道再谈。 但是其他人没有见到公司的领导。我们中国籍司机和马来司机都是外劳，我们只是要大家公平对待，就是要同工同酬。”
另一名中国籍车长表示，他们受到不公平的待遇，因此希望通过这次的行动，让公司正视他们面对的问题。
“其实我们提出这个抗议，我们想让社会和媒体，包括人力部也考虑一下我们千里迢迢来这里打工的一个心理和心态。”
- wong chee tat :)
较早前抵达SMRT兀兰员工宿舍、为请病假的中国籍巴士车长检查身体的医生和流动诊所已离开
Updated: 11/28/2012 03:40
较早前抵达SMRT兀兰员工宿舍、为请病假的中国籍巴士车长检查身体的医生和流动诊所已离开
较早前抵达SMRT兀兰员工宿舍、为请病假的中国籍巴士车长检查身体的医生和流动诊所，已经离开宿舍。
大约60名中国籍巴士车长今天没有回返工作岗位，导致一些巴士服务受影响。SMRT说，其中一些中国籍车长申请了病假。公司调派了其他车长协助。
公司表示会继续开放同巴士车长之间的沟通管道，并同相关政府部门寻求和睦的解决方案。
- wong chee tat :)
较早前抵达SMRT兀兰员工宿舍、为请病假的中国籍巴士车长检查身体的医生和流动诊所已离开
较早前抵达SMRT兀兰员工宿舍、为请病假的中国籍巴士车长检查身体的医生和流动诊所，已经离开宿舍。
大约60名中国籍巴士车长今天没有回返工作岗位，导致一些巴士服务受影响。SMRT说，其中一些中国籍车长申请了病假。公司调派了其他车长协助。
公司表示会继续开放同巴士车长之间的沟通管道，并同相关政府部门寻求和睦的解决方案。
- wong chee tat :)
非法罢工 或罚款坐牢或两者兼施
11/27/2012 22:45
非法罢工 或罚款坐牢或两者兼施
外籍劳工中心主席杨木光表示，罢工不能解决劳资纠纷。停工的SMRT巴士司机，一旦被证实没有理由不去上班，他们就是触犯法令，有可能被逮捕。杨木光也指不诚实的中介机构，往往是造成劳资纠纷的导火线。
在现有刑事法令下，工友确实有罢工的权利，但要进行罢工，必须通过法律途径、事先向当局申请，并给予有关雇主14天的通告。
杨木光表示：“擅自停止工作，造成整个公共服务受到负面的影响，使到公众造成很大的不便的话，在我们的法律上面是不允许的。”
触犯类似法令的员工，会被判罚款高达2000元或坐牢长达12个月或者两者兼施。杨木光表示，有时造成劳资纠纷的症结来自中介公司。
“碰到的情况很多是比如说，很多东西在合约是写的很清楚的，但他们在给他推销的时候，就可能告诉他把花红也算进去，把加班费也算进去。”
目前职工总会的会员当中，外籍劳工占了18%。到本地工作的外劳，如果有任何问题，除了寻求工会协助，也可向人力部或外劳中心求助。外劳中心在过去三年，每年就平均帮助1500名外籍劳工解决劳资问题。
- wong chee tat :)
非法罢工 或罚款坐牢或两者兼施
外籍劳工中心主席杨木光表示，罢工不能解决劳资纠纷。停工的SMRT巴士司机，一旦被证实没有理由不去上班，他们就是触犯法令，有可能被逮捕。杨木光也指不诚实的中介机构，往往是造成劳资纠纷的导火线。
在现有刑事法令下，工友确实有罢工的权利，但要进行罢工，必须通过法律途径、事先向当局申请，并给予有关雇主14天的通告。
杨木光表示：“擅自停止工作，造成整个公共服务受到负面的影响，使到公众造成很大的不便的话，在我们的法律上面是不允许的。”
触犯类似法令的员工，会被判罚款高达2000元或坐牢长达12个月或者两者兼施。杨木光表示，有时造成劳资纠纷的症结来自中介公司。
“碰到的情况很多是比如说，很多东西在合约是写的很清楚的，但他们在给他推销的时候，就可能告诉他把花红也算进去，把加班费也算进去。”
目前职工总会的会员当中，外籍劳工占了18%。到本地工作的外劳，如果有任何问题，除了寻求工会协助，也可向人力部或外劳中心求助。外劳中心在过去三年，每年就平均帮助1500名外籍劳工解决劳资问题。
- wong chee tat :)
人力部：SMRT司机旷工 属非法罢工
11/27/2012 22:45
人力部：SMRT司机旷工 属非法罢工
SMRT同中国籍巴士司机的劳资纠纷进入第二天，共有67名司机今天还是没上班。人力部指这起集体缺勤行为是"非法罢工"，并表示政府绝不容忍。目前警方已经介入调查这次的罢工事件。
人力部和交通部就SMRT一群巴士司机缺勤事件，召开联合记者会。人力部代部长陈川仁表示，尽管巴士司机有不满，他们的行为却影响到公共交通服务，这是无法接受的。
陈川仁说：“这些巴士司机自行采取行动，已经明显做得过分。我们绝不容忍这样的非法行为，因为基础服务受干扰，不只影响到业界员工，也影响到了全部新加坡人，和每个社区居民。”
交通部则表示，SMRT巴士司机群体罢工期间，公众等候巴士的时间可能会延长，但是所有巴士线路，都能保持运作。
交通部政务部长杨莉明说：“昨天SMRT的巴士服务水平，还是能够维持在一般水平的90%。那么到了今天，由于有一些车长，他们回到岗位上。今天的服务水平基本上可以恢复到一般的95%。”
陆路交通管理局也向新捷运和私人巴士业者借调了一批巴士司机给SMRT，以减少罢工事件对巴士服务的影响。当局强调,外国劳工如果有诉求，应该通过正常渠道，包括工会、职总外劳委员会等，展开良性沟通。
- wong chee tat :)
人力部：SMRT司机旷工 属非法罢工
SMRT同中国籍巴士司机的劳资纠纷进入第二天，共有67名司机今天还是没上班。人力部指这起集体缺勤行为是"非法罢工"，并表示政府绝不容忍。目前警方已经介入调查这次的罢工事件。
人力部和交通部就SMRT一群巴士司机缺勤事件，召开联合记者会。人力部代部长陈川仁表示，尽管巴士司机有不满，他们的行为却影响到公共交通服务，这是无法接受的。
陈川仁说：“这些巴士司机自行采取行动，已经明显做得过分。我们绝不容忍这样的非法行为，因为基础服务受干扰，不只影响到业界员工，也影响到了全部新加坡人，和每个社区居民。”
交通部则表示，SMRT巴士司机群体罢工期间，公众等候巴士的时间可能会延长，但是所有巴士线路，都能保持运作。
交通部政务部长杨莉明说：“昨天SMRT的巴士服务水平，还是能够维持在一般水平的90%。那么到了今天，由于有一些车长，他们回到岗位上。今天的服务水平基本上可以恢复到一般的95%。”
陆路交通管理局也向新捷运和私人巴士业者借调了一批巴士司机给SMRT，以减少罢工事件对巴士服务的影响。当局强调,外国劳工如果有诉求，应该通过正常渠道，包括工会、职总外劳委员会等，展开良性沟通。
- wong chee tat :)
杨莉明：SMRT巴士车长的罢工行动 不能被接受
28/11/2012
杨莉明：SMRT巴士车长的罢工行动 不能被接受
交通部政务部长杨莉明说：当局严肃看待SMRT巴士车长的罢工行动，公共交通服务作为必要服务，任何有组织性的旷工行动必定影响巴士乘客，这是不能被接受的。
杨莉明在人力部和交通部联合召开的记者会上也说：陆路交通管理局在同其他业者沟通，希望他们能够在有需要的时候，借出车长来协助 SMRT 公司。目前，当局已经网罗到40名车长随时待命，在必要时协助解决SMRT的燃眉之急。
“新捷运已经承诺会借出一些车长，来弥补SMRT可能会面临的空缺。陆交局也联络了一些私人的业者，他们也承诺会提供一些车长。现在，陆交局在进一步地去做准备的工作，比如说要怎么让这些车长熟悉路线，要通过怎样的过程，让他们正式地填补这些工作。”
杨莉明也说：SMRT巴士车长这两天的罢工行动并未对我国巴士服务造成太大的影响，所有的巴士路线还是照常运行。
“昨天SMRT的服务水平还是能够维持在一般水平的百分之90，到了今天，由于有一些车长回到岗位上，今天的服务水平基本上是可以回升到一般的百分之95。为此我们必须感激一些车长，他们挺身而出。”
- wong chee tat :)
杨莉明：SMRT巴士车长的罢工行动 不能被接受
交通部政务部长杨莉明说：当局严肃看待SMRT巴士车长的罢工行动，公共交通服务作为必要服务，任何有组织性的旷工行动必定影响巴士乘客，这是不能被接受的。
杨莉明在人力部和交通部联合召开的记者会上也说：陆路交通管理局在同其他业者沟通，希望他们能够在有需要的时候，借出车长来协助 SMRT 公司。目前，当局已经网罗到40名车长随时待命，在必要时协助解决SMRT的燃眉之急。
“新捷运已经承诺会借出一些车长，来弥补SMRT可能会面临的空缺。陆交局也联络了一些私人的业者，他们也承诺会提供一些车长。现在，陆交局在进一步地去做准备的工作，比如说要怎么让这些车长熟悉路线，要通过怎样的过程，让他们正式地填补这些工作。”
杨莉明也说：SMRT巴士车长这两天的罢工行动并未对我国巴士服务造成太大的影响，所有的巴士路线还是照常运行。
“昨天SMRT的服务水平还是能够维持在一般水平的百分之90，到了今天，由于有一些车长回到岗位上，今天的服务水平基本上是可以回升到一般的百分之95。为此我们必须感激一些车长，他们挺身而出。”
- wong chee tat :)
SMRT向警方报案 以调查旷工中国籍车长是否触犯法律
28/11/2012
SMRT向警方报案 以调查旷工中国籍车长是否触犯法律
SMRT已经向警方报案，以调查旷工的中国籍车长是否触犯法律，而公司也在调查车长是否违法雇用条例。
SMRT发表声明说，前天总共有171名中国籍巴士车长旷工，其中102名是早班车长，69名值午班。公司管理层和这些车长讨论后同意会探讨他们对薪金待遇的不满，而车长也同意隔天复工。不过，昨天早班仍然有68名车长旷工，午班则有20人没有上班。这些车长不负责任的行为导致巴士服务延误，公司严肃看待这种情形，而首要任务是确保巴士服务尽快恢复正常。
SMRT将继续同所有中国籍车长沟通，以解释目前的情况，同时呼吁车长通过正确渠道讨论工作问题。公司也要让没有参与这两天旷工行动的车长知道，公司仍然重视他们的服务。
SMRT强调，车长同管理层沟通的渠道仍然开放，同时吁请车长不该采取非法行动来表达不满情绪。公司对乘客造成的不便致歉，同时向那些挺身而出，代替旷工车长值班的车长表达谢意。
另一方面，今日报的记者目睹一辆中国大使馆的汽车来到兀兰的车长宿舍，有两人下车走入宿舍内。
- wong chee tat :)
SMRT向警方报案 以调查旷工中国籍车长是否触犯法律
SMRT已经向警方报案，以调查旷工的中国籍车长是否触犯法律，而公司也在调查车长是否违法雇用条例。
SMRT发表声明说，前天总共有171名中国籍巴士车长旷工，其中102名是早班车长，69名值午班。公司管理层和这些车长讨论后同意会探讨他们对薪金待遇的不满，而车长也同意隔天复工。不过，昨天早班仍然有68名车长旷工，午班则有20人没有上班。这些车长不负责任的行为导致巴士服务延误，公司严肃看待这种情形，而首要任务是确保巴士服务尽快恢复正常。
SMRT将继续同所有中国籍车长沟通，以解释目前的情况，同时呼吁车长通过正确渠道讨论工作问题。公司也要让没有参与这两天旷工行动的车长知道，公司仍然重视他们的服务。
SMRT强调，车长同管理层沟通的渠道仍然开放，同时吁请车长不该采取非法行动来表达不满情绪。公司对乘客造成的不便致歉，同时向那些挺身而出，代替旷工车长值班的车长表达谢意。
另一方面，今日报的记者目睹一辆中国大使馆的汽车来到兀兰的车长宿舍，有两人下车走入宿舍内。
- wong chee tat :)
Tuesday, November 27, 2012
SMRT wage protest sees no show by 60 drivers
SMRT wage protest sees no show by 60 drivers
Posted: 27 November 2012 1109 hrs
SINGAPORE: SMRT confirms that 60 of the 102 drivers involved in a wage protest on Monday did not show up for work on Tuesday.
A statement from SMRT says that some 60 drivers "did not turn up for work in the morning, some of whom have valid medical reasons."
SMRT adds that some bus services may have been affected on Tuesday morning as a result, and it has activated other drivers to assist.
"We continue to keep our communications open with the Service Leaders, and are also working with the relevant authorities to find an amicable resolution," says the statement.
According to TODAY tweets, police are at the SMRT's rented dormitory for its drivers in Woodlands and two police cars are spotted.
The tweets also quoted an SMRT source as saying that no arrests have been made and that those who do not turn up for work on Tuesday will be sacked.
An SMRT source was also quoted by Today as saying that if workers do not have a valid reason, they will be referred to higher management as it's a sit-in and not a law and order problem. The spokesman also adds that no arrests will be made and that police are only on standby.
Channel NewsAsia understands that a doctor is at the Woodlands dormitory to check if the workers have valid reasons to be absent from work.
- CNA/ck
- wong chee tat :)
Posted: 27 November 2012 1109 hrs
SINGAPORE: SMRT confirms that 60 of the 102 drivers involved in a wage protest on Monday did not show up for work on Tuesday.
A statement from SMRT says that some 60 drivers "did not turn up for work in the morning, some of whom have valid medical reasons."
SMRT adds that some bus services may have been affected on Tuesday morning as a result, and it has activated other drivers to assist.
"We continue to keep our communications open with the Service Leaders, and are also working with the relevant authorities to find an amicable resolution," says the statement.
According to TODAY tweets, police are at the SMRT's rented dormitory for its drivers in Woodlands and two police cars are spotted.
The tweets also quoted an SMRT source as saying that no arrests have been made and that those who do not turn up for work on Tuesday will be sacked.
An SMRT source was also quoted by Today as saying that if workers do not have a valid reason, they will be referred to higher management as it's a sit-in and not a law and order problem. The spokesman also adds that no arrests will be made and that police are only on standby.
Channel NewsAsia understands that a doctor is at the Woodlands dormitory to check if the workers have valid reasons to be absent from work.
- CNA/ck
- wong chee tat :)
More public companies in the Philippines eyeing Singapore market for funds
More public companies in the Philippines eyeing Singapore market for funds
By Yvonne Chan | Posted: 26 November 2012 2334 hrs
SINGAPORE: More Filipino companies may be looking at the Singapore market to raise funds, with some eyeing a dual listing while others an initial public offering (IPO), say analysts.
Public companies in the Philippines that seek to list on the Singapore Exchange (SGX) usually do so to raise their profile and broaden their investor base.
Filipino food producer Alliance Select Foods International is seeking to list on Singapore's SGX-Catalist board in 2013, a move that will make it the first publicly-traded Filipino company to debut in Singapore.
Alliance Select Foods International was incorporated in 2003 and listed on the Philippines Stock Exchange in 2006, with Singapore investors forming its largest shareholders.
"Singapore is a regional hub for finance especially in ASEAN. We felt very strongly because of our strong Singapore based shareholders, we felt that it was natural for us to seek a dual listing here in Singapore," said Jonathan Dee, president and CEO of Alliance Select Foods International
"The interest rate in Singapore is (also) much lower than that of the Philippines… we chose the Catalist primarily because of our size. Our market cap today is 50 million dollars and so Catalist would fit perfectly with that," he added.
Experts also said that it was time for local investors to start looking at investment opportunities in the Philippine stock exchange, as the Filipino market gains attention in the international arena.
The Philippines' stock market is Asia's 12th largest with a market capitalisation of about US$212 billion.
"There are international investors, especially banks, which are actually overweight in the Philippines in terms of their Asia exposure, primarily because they see Philippines as a re-flation story," said Daryl Liew, head of Portfolio Management at Reyl.
"It's pretty much a domestic consumption play which is a pretty hot theme at this point in time. And actually if you look at the stock market performance, the Philippines stock market is probably the best stock market performance year to date," said Mr Liew.
"Last I checked it's up about 27 per cent, which is higher than the Thai stock market, the Indian stock market and the Hang Seng," he added.
Some public companies in the Philippines are already popular with international institutional investors.
Once the Philippines stock exchange is connected with the ASEAN trading link, analysts say these new linkages will help elevate its profile as well as increase retail investors' interest in Filipino public companies.
The ASEAN trading link comprises seven exchanges in six countries, with the Singapore Exchange and Bursa Malaysia being the first two exchanges to connect in September 2012. The stock exchange of Thailand followed suit on 15th October.
- CNA/jc
- wong chee tat :)
By Yvonne Chan | Posted: 26 November 2012 2334 hrs
SINGAPORE: More Filipino companies may be looking at the Singapore market to raise funds, with some eyeing a dual listing while others an initial public offering (IPO), say analysts.
Public companies in the Philippines that seek to list on the Singapore Exchange (SGX) usually do so to raise their profile and broaden their investor base.
Filipino food producer Alliance Select Foods International is seeking to list on Singapore's SGX-Catalist board in 2013, a move that will make it the first publicly-traded Filipino company to debut in Singapore.
Alliance Select Foods International was incorporated in 2003 and listed on the Philippines Stock Exchange in 2006, with Singapore investors forming its largest shareholders.
"Singapore is a regional hub for finance especially in ASEAN. We felt very strongly because of our strong Singapore based shareholders, we felt that it was natural for us to seek a dual listing here in Singapore," said Jonathan Dee, president and CEO of Alliance Select Foods International
"The interest rate in Singapore is (also) much lower than that of the Philippines… we chose the Catalist primarily because of our size. Our market cap today is 50 million dollars and so Catalist would fit perfectly with that," he added.
Experts also said that it was time for local investors to start looking at investment opportunities in the Philippine stock exchange, as the Filipino market gains attention in the international arena.
The Philippines' stock market is Asia's 12th largest with a market capitalisation of about US$212 billion.
"There are international investors, especially banks, which are actually overweight in the Philippines in terms of their Asia exposure, primarily because they see Philippines as a re-flation story," said Daryl Liew, head of Portfolio Management at Reyl.
"It's pretty much a domestic consumption play which is a pretty hot theme at this point in time. And actually if you look at the stock market performance, the Philippines stock market is probably the best stock market performance year to date," said Mr Liew.
"Last I checked it's up about 27 per cent, which is higher than the Thai stock market, the Indian stock market and the Hang Seng," he added.
Some public companies in the Philippines are already popular with international institutional investors.
Once the Philippines stock exchange is connected with the ASEAN trading link, analysts say these new linkages will help elevate its profile as well as increase retail investors' interest in Filipino public companies.
The ASEAN trading link comprises seven exchanges in six countries, with the Singapore Exchange and Bursa Malaysia being the first two exchanges to connect in September 2012. The stock exchange of Thailand followed suit on 15th October.
- CNA/jc
- wong chee tat :)
SMRT concludes talks with no-show bus drivers
SMRT concludes talks with no-show bus drivers
By S Ramesh | Posted: 26 November 2012 1912 hrs
SINGAPORE: Talks between SMRT management and its 102 bus drivers who refused to report for work on Monday have concluded.
According to workers Channel NewsAsia spoke to, SMRT management has indicated that the company will come back with a reply in approximately a week's time.
It is also understood that the 102 workers have agreed to return to work on Tuesday.
A spokesman for SMRT said the bus drivers involved were from China and that earlier reports saying nearly 200 bus drivers were involved were incorrect.
SMRT also revealed in a statement that the no-show was triggered by unhappiness over a recent salary increment given by the company.
According to residents living in the Woodlands dormitory where the bus drivers are staying, the drivers had refused to leave for work at 4am Monday when several SMRT buses arrived at the dormitory to pick them up.
Several bus lines were affected, said the SMRT statement.
Officials from SMRT headquarters arrived at the dormitory on Monday morning.
Talks began at about 4pm and lasted for approximately two hours.
SMRT had offered to bring the workers to a bigger meeting room for negotiations. The workers however refused to leave the dormitory.
About 50 bus drivers were involved in the talks.
An SMRT spokesperson said that drivers who were not rostered to work on Monday were requested to work as a result of the no-show by the 102 drivers.
SMRT in its statement said that it "regrets that (the drivers) chose to express their unhappiness about their salaries by not reporting to work today".
The company also apologised to commuters who were inconvenienced by the affected bus services.
Separately, the National Transport Workers' Union (NTWU) issued a statement that said the union could not represent the affected workers as they were not union members.
NTWU urged the workers involved to return to work immediately and added that the union was prepared to help in negotiations between SMRT management and the workers if both parties welcomed its involvement.
The Ministry of Manpower also said in a statement that it took the workers' actions very seriously and that it was looking into the matter.
Labour relations officers from the ministry were also on site at the Woodlands dormitory during negotiations.
SMRT said that relevant authorities have already been informed about the situation, adding that the company has been hiring bus drivers from China since 2008.
- CNA/jc
- wong chee tat :)
By S Ramesh | Posted: 26 November 2012 1912 hrs
SINGAPORE: Talks between SMRT management and its 102 bus drivers who refused to report for work on Monday have concluded.
According to workers Channel NewsAsia spoke to, SMRT management has indicated that the company will come back with a reply in approximately a week's time.
It is also understood that the 102 workers have agreed to return to work on Tuesday.
A spokesman for SMRT said the bus drivers involved were from China and that earlier reports saying nearly 200 bus drivers were involved were incorrect.
SMRT also revealed in a statement that the no-show was triggered by unhappiness over a recent salary increment given by the company.
According to residents living in the Woodlands dormitory where the bus drivers are staying, the drivers had refused to leave for work at 4am Monday when several SMRT buses arrived at the dormitory to pick them up.
Several bus lines were affected, said the SMRT statement.
Officials from SMRT headquarters arrived at the dormitory on Monday morning.
Talks began at about 4pm and lasted for approximately two hours.
SMRT had offered to bring the workers to a bigger meeting room for negotiations. The workers however refused to leave the dormitory.
About 50 bus drivers were involved in the talks.
An SMRT spokesperson said that drivers who were not rostered to work on Monday were requested to work as a result of the no-show by the 102 drivers.
SMRT in its statement said that it "regrets that (the drivers) chose to express their unhappiness about their salaries by not reporting to work today".
The company also apologised to commuters who were inconvenienced by the affected bus services.
Separately, the National Transport Workers' Union (NTWU) issued a statement that said the union could not represent the affected workers as they were not union members.
NTWU urged the workers involved to return to work immediately and added that the union was prepared to help in negotiations between SMRT management and the workers if both parties welcomed its involvement.
The Ministry of Manpower also said in a statement that it took the workers' actions very seriously and that it was looking into the matter.
Labour relations officers from the ministry were also on site at the Woodlands dormitory during negotiations.
SMRT said that relevant authorities have already been informed about the situation, adding that the company has been hiring bus drivers from China since 2008.
- CNA/jc
- wong chee tat :)
SMRT bus drivers who refused to go to work in talks with management
SMRT bus drivers who refused to go to work in talks with management
By S Ramesh | Posted: 26 November 2012 1709 hrs
SINGAPORE: Public transport provider SMRT said that it is in talks with its bus drivers who refused to go to work on Monday.
A spokesman for SMRT said the 102 bus drivers involved were from China and their service leaders are currently in talks with SMRT management.
SMRT said earlier reports that nearly 200 bus drivers were involved were incorrect.
Channel NewsAsia understands that the bus drivers had stayed away from work as a result of unhappiness over their pay.
According to residents living in the Woodlands dormitory where the bus drivers are staying, the drivers refused to leave for work at 4am on Monday when several SMRT buses arrived at the dormitory to pick them up.
Officials from SMRT headquarters have been at the dormitory since Monday morning and talks began at about 4pm.
About 50 bus drivers are involved in the ongoing discussions.
An SMRT spokesperson said that drivers who were not rostered to work on Monday were requested to work as a result of the no-show by the 102 drivers.
Separately, the National Transport Workers' Union (NTWU) issued a statement that said the union could not represent the affected workers as they were not union members.
NTWU urged the workers involved to return to work immediately and added that the union was prepared to help in negotiations between SMRT management and the workers if both parties welcomed its involvement.
SMRT said that relevant authorities have already been informed about the situation and added that the company has been hiring bus drivers from China since 2008.
- CNA/jc
- wong chee tat :)
By S Ramesh | Posted: 26 November 2012 1709 hrs
SINGAPORE: Public transport provider SMRT said that it is in talks with its bus drivers who refused to go to work on Monday.
A spokesman for SMRT said the 102 bus drivers involved were from China and their service leaders are currently in talks with SMRT management.
SMRT said earlier reports that nearly 200 bus drivers were involved were incorrect.
Channel NewsAsia understands that the bus drivers had stayed away from work as a result of unhappiness over their pay.
According to residents living in the Woodlands dormitory where the bus drivers are staying, the drivers refused to leave for work at 4am on Monday when several SMRT buses arrived at the dormitory to pick them up.
Officials from SMRT headquarters have been at the dormitory since Monday morning and talks began at about 4pm.
About 50 bus drivers are involved in the ongoing discussions.
An SMRT spokesperson said that drivers who were not rostered to work on Monday were requested to work as a result of the no-show by the 102 drivers.
Separately, the National Transport Workers' Union (NTWU) issued a statement that said the union could not represent the affected workers as they were not union members.
NTWU urged the workers involved to return to work immediately and added that the union was prepared to help in negotiations between SMRT management and the workers if both parties welcomed its involvement.
SMRT said that relevant authorities have already been informed about the situation and added that the company has been hiring bus drivers from China since 2008.
- CNA/jc
- wong chee tat :)
Monday, November 26, 2012
S'pore's industrial output falls more than expected in Oct
S'pore's industrial output falls more than expected in Oct
Posted: 26 November 2012 1352 hrs
SINGAPORE: Singapore manufacturing output fell more than expected in October as production of electronics and pharmaceuticals slipped.
Output fell 2.1 per cent in October from the same month the previous year, led by declines of 6.0 per cent and 11.7 per cent respectively in the electronics and biomedical sectors.
Economists had forecast a year-on-year drop in total manufacturing output for October of around 1 per cent.
The Economic Development Board (EDB) said in a statement most segments of the electronics industry continued to contract because of weak export demand.
Electronics output slumped 11.6 per cent in the first ten months of 2012.
The EDB said a 12.9 per cent on-year rise in output of medical technology was not enough to offset a 15.3 per cent contraction in pharmaceuticals.
Excluding biomedical, total manufacturing output grew by 0.6 per cent in October from a year earlier.
On a seasonally adjusted month-on-month basis, Singapore manufacturing output rose 3.3 per cent. Excluding biomedical manufacturing, output increased 2.3 per cent in October from September 2012.
- CNA/ck
- wong chee tat :)
Posted: 26 November 2012 1352 hrs
SINGAPORE: Singapore manufacturing output fell more than expected in October as production of electronics and pharmaceuticals slipped.
Output fell 2.1 per cent in October from the same month the previous year, led by declines of 6.0 per cent and 11.7 per cent respectively in the electronics and biomedical sectors.
Economists had forecast a year-on-year drop in total manufacturing output for October of around 1 per cent.
The Economic Development Board (EDB) said in a statement most segments of the electronics industry continued to contract because of weak export demand.
Electronics output slumped 11.6 per cent in the first ten months of 2012.
The EDB said a 12.9 per cent on-year rise in output of medical technology was not enough to offset a 15.3 per cent contraction in pharmaceuticals.
Excluding biomedical, total manufacturing output grew by 0.6 per cent in October from a year earlier.
On a seasonally adjusted month-on-month basis, Singapore manufacturing output rose 3.3 per cent. Excluding biomedical manufacturing, output increased 2.3 per cent in October from September 2012.
- CNA/ck
- wong chee tat :)
Real estate industry is dynamic, changes have only just started: Khaw
Real estate industry is dynamic, changes have only just started: Khaw
Posted: 26 November 2012 1244 hrs
SINGAPORE: National Development Minister Khaw Boon Wan said the transformation of the real estate industry has only just begun.
He said what used to be regarded as a "cowboy" industry is now characterised by a more systematic and professional process of proper registration and licensing of property agents by the Council of Estate Agencies (CEA).
He added that of the more than 100,000 property transactions each year, complaints made up one per cent of the cases.
Mr Khaw was commenting on the Public Perception Survey released by the CEA in a blog post.
He said the findings showed that the regulatory body, that just turned two recently, hasn't fared too badly.
Mr Khaw said the real estate industry is a dynamic one and that agents will need to embrace continuous learning to stay relevant and bring value to their clients.
- CNA/ck
- wong chee tat :)
Posted: 26 November 2012 1244 hrs
SINGAPORE: National Development Minister Khaw Boon Wan said the transformation of the real estate industry has only just begun.
He said what used to be regarded as a "cowboy" industry is now characterised by a more systematic and professional process of proper registration and licensing of property agents by the Council of Estate Agencies (CEA).
He added that of the more than 100,000 property transactions each year, complaints made up one per cent of the cases.
Mr Khaw was commenting on the Public Perception Survey released by the CEA in a blog post.
He said the findings showed that the regulatory body, that just turned two recently, hasn't fared too badly.
Mr Khaw said the real estate industry is a dynamic one and that agents will need to embrace continuous learning to stay relevant and bring value to their clients.
- CNA/ck
- wong chee tat :)
US breaks US$1b for first time in online Black Friday shopping
US breaks US$1b for first time in online Black Friday shopping
Posted: 26 November 2012 1034 hrs
NEW YORK: US shoppers spent heavily online on the crucial Black Friday shopping day, for the first time topping a billion dollars in online sales in a single day, analysts and retailers said.
The four-day Thanksgiving holiday weekend is the kickoff to the US holiday shopping season, and Black Friday has long been considered the critical day that turns retailers' books from red to black.
Consumer spending makes up more than two thirds of US economic activity. So the short but busiest consumer sales season has a huge importance to the US economy for the whole year.
This year, online shoppers spent a grand total of US$1.042 billion on Friday, surpassing last year's Black Friday haul by 26 per cent, according to the consulting firm Comscore.
Another study by IBM Benchmark Digital Analytics saw an increase of 21 per cent in Internet sales, with a surge in orders of mobile devices and tablet computers, in particular.
But the new record might be short-lived.
Coming next is "CyberMonday," the day Americans go back to work and online retailers launch heavy promotions to reel in more shoppers.
"According to norms we've observed over the past three years," retail analyst ShopperTrak said, the Monday after Thanksgiving "should be the heaviest online shopping day of the season with sales approaching US$1.5 billion or even higher."
Across the four-day weekend, US shoppers spent US$59.1 billion, a jump of 13 per cent over the previous year, the National Retail Federation announced.
"It's phenomenal," NRF director Mathew Shay told reporters at a press conference, saying the numbers bode well for the holiday season despite the still-struggling economy.
American consumers spent an average of US$423 this weekend, compared to US$398 last year, the group reported.
However, the NRF did not revise its prediction for the US holiday shopping season as a whole, keeping it at a 4.1 per cent increase year on year, arguing that consumers remain cautious about the economy.
The looming threat of the "fiscal cliff," which could send taxes soaring if Republicans and Democrats do not reach a compromise on reducing the deficit before the end of the year, also had the retailers worried.
And despite the good numbers overall, sales at brick-and-mortar locations were sluggish on "Black Friday:" in-store traffic increased by 3.5 per cent on Friday with more than 307 million visitors, but total sales actually went down compared to the previous year by 1.8 per cent, according to ShopperTrak.
Some of the biggest numbers went to the stores that opened early on the Thanksgiving holiday itself -- a growing trend, especially among large chain stores, that is turning the traditionally family-based holiday into a commercial event.
"Opening on Thanksgiving was a big win," the NRF's Shay said, noting that 35 million people went shopping, a 40 per cent surge over the previous year.
Comscore also noted a jump in online Thanksgiving day sales, up 32 per cent over 2011, with US$633 million in sales, though the IMB Benchmark Digital Analytics survey saw a more modest gain of 17.4 per cent.
But ShopperTrak noted that the Thanksgiving day shopping may have undercut spending usually meant for Friday, without increasing the overall numbers.
- AFP/ck
- wong chee tat :)
Posted: 26 November 2012 1034 hrs
NEW YORK: US shoppers spent heavily online on the crucial Black Friday shopping day, for the first time topping a billion dollars in online sales in a single day, analysts and retailers said.
The four-day Thanksgiving holiday weekend is the kickoff to the US holiday shopping season, and Black Friday has long been considered the critical day that turns retailers' books from red to black.
Consumer spending makes up more than two thirds of US economic activity. So the short but busiest consumer sales season has a huge importance to the US economy for the whole year.
This year, online shoppers spent a grand total of US$1.042 billion on Friday, surpassing last year's Black Friday haul by 26 per cent, according to the consulting firm Comscore.
Another study by IBM Benchmark Digital Analytics saw an increase of 21 per cent in Internet sales, with a surge in orders of mobile devices and tablet computers, in particular.
But the new record might be short-lived.
Coming next is "CyberMonday," the day Americans go back to work and online retailers launch heavy promotions to reel in more shoppers.
"According to norms we've observed over the past three years," retail analyst ShopperTrak said, the Monday after Thanksgiving "should be the heaviest online shopping day of the season with sales approaching US$1.5 billion or even higher."
Across the four-day weekend, US shoppers spent US$59.1 billion, a jump of 13 per cent over the previous year, the National Retail Federation announced.
"It's phenomenal," NRF director Mathew Shay told reporters at a press conference, saying the numbers bode well for the holiday season despite the still-struggling economy.
American consumers spent an average of US$423 this weekend, compared to US$398 last year, the group reported.
However, the NRF did not revise its prediction for the US holiday shopping season as a whole, keeping it at a 4.1 per cent increase year on year, arguing that consumers remain cautious about the economy.
The looming threat of the "fiscal cliff," which could send taxes soaring if Republicans and Democrats do not reach a compromise on reducing the deficit before the end of the year, also had the retailers worried.
And despite the good numbers overall, sales at brick-and-mortar locations were sluggish on "Black Friday:" in-store traffic increased by 3.5 per cent on Friday with more than 307 million visitors, but total sales actually went down compared to the previous year by 1.8 per cent, according to ShopperTrak.
Some of the biggest numbers went to the stores that opened early on the Thanksgiving holiday itself -- a growing trend, especially among large chain stores, that is turning the traditionally family-based holiday into a commercial event.
"Opening on Thanksgiving was a big win," the NRF's Shay said, noting that 35 million people went shopping, a 40 per cent surge over the previous year.
Comscore also noted a jump in online Thanksgiving day sales, up 32 per cent over 2011, with US$633 million in sales, though the IMB Benchmark Digital Analytics survey saw a more modest gain of 17.4 per cent.
But ShopperTrak noted that the Thanksgiving day shopping may have undercut spending usually meant for Friday, without increasing the overall numbers.
- AFP/ck
- wong chee tat :)
Rise of the Guardians keep dreams alive
Rise of the Guardians keep dreams alive
By Francine Lim | Posted: 26 November 2012 0934 hrs
A super group with extraordinary powers, each a master in their own field of expertise, saving the world from great evil – sounds a lot like the Avengers. But this time, these superheroes do it just for the kids.
Sword-wielding, tattoo-sporting Santa Claus, 'North' (voiced by Alec Baldwin), is the Cossack-inspired leader of the Guardians and plays rival to Easter bunny, 'Bunnymund' (voiced by Hugh Jackman), who is literally the bunny-equivalent of his voice actor.
The other bubblier members of the Guardians are chirpy hummingbird-tooth fairy hybrid, Tooth (voiced by Isla Fisher), who collects memory-infused baby teeth only to return them when they're most in need and the eternally silent but thoughtfully "vocal" sandman, Sandy, who creates images above his head to communicate.
Yule better believe it, this group of unlikely heroes who only gather when the world is in trouble is anything but childish.
In this movie, with each guardian protecting a crucial aspect of the wonders of childhood, the plan is to thwart the diabolically evil boogeyman, Pitch, who resents having to live under beds and wants to bring back the dark ages.
As Pitch draws on the power of fear and tears down the Guardians' one source of power – children's beliefs in the guardians – help comes from the irresponsible 300-year-old prankster Jack Frost (voiced by Chris Pines) who is recruited by the mysterious Man in the Moon to help melt away the darkness.
Like most family-friendly movies, the film predictably follows the tried-and-tested formula where a wild youth has to come of age and must learn of his life's purpose.
The young man's metamorphosis is a thoroughly magical one, thanks in part to the delightfully detailed graphics surpassing animation studio DreamWorks' previous films "How to Train Your Dragon" and "Madagascar 3: Europe's Most Wanted".
The 3D technology used complements "Rise of the Guardians", with beautifully crafted visuals and exhilarating action sequences that practically scream "roller coaster!" at every step of the way.
Children will be entertained with the clever use of light and shadows to depict the showdown between good and evil.
As for the older 'kids' - it's time you received your baby teeth back and revisit your childhood, as reinvented myths and fairy tales rarely come as lively and inspired as this.
- wong chee tat :)
By Francine Lim | Posted: 26 November 2012 0934 hrs
A super group with extraordinary powers, each a master in their own field of expertise, saving the world from great evil – sounds a lot like the Avengers. But this time, these superheroes do it just for the kids.
Sword-wielding, tattoo-sporting Santa Claus, 'North' (voiced by Alec Baldwin), is the Cossack-inspired leader of the Guardians and plays rival to Easter bunny, 'Bunnymund' (voiced by Hugh Jackman), who is literally the bunny-equivalent of his voice actor.
The other bubblier members of the Guardians are chirpy hummingbird-tooth fairy hybrid, Tooth (voiced by Isla Fisher), who collects memory-infused baby teeth only to return them when they're most in need and the eternally silent but thoughtfully "vocal" sandman, Sandy, who creates images above his head to communicate.
Yule better believe it, this group of unlikely heroes who only gather when the world is in trouble is anything but childish.
In this movie, with each guardian protecting a crucial aspect of the wonders of childhood, the plan is to thwart the diabolically evil boogeyman, Pitch, who resents having to live under beds and wants to bring back the dark ages.
As Pitch draws on the power of fear and tears down the Guardians' one source of power – children's beliefs in the guardians – help comes from the irresponsible 300-year-old prankster Jack Frost (voiced by Chris Pines) who is recruited by the mysterious Man in the Moon to help melt away the darkness.
Like most family-friendly movies, the film predictably follows the tried-and-tested formula where a wild youth has to come of age and must learn of his life's purpose.
The young man's metamorphosis is a thoroughly magical one, thanks in part to the delightfully detailed graphics surpassing animation studio DreamWorks' previous films "How to Train Your Dragon" and "Madagascar 3: Europe's Most Wanted".
The 3D technology used complements "Rise of the Guardians", with beautifully crafted visuals and exhilarating action sequences that practically scream "roller coaster!" at every step of the way.
Children will be entertained with the clever use of light and shadows to depict the showdown between good and evil.
As for the older 'kids' - it's time you received your baby teeth back and revisit your childhood, as reinvented myths and fairy tales rarely come as lively and inspired as this.
- wong chee tat :)
Wacky Korean singer makes YouTube history
Wacky Korean singer makes YouTube history
Posted: 25 November 2012 1633 hrs
SEOUL: Psy made his quirky debut in South Korea's K-pop industry back in 2001 but it wasn't until July that he began shooting to global fame with "Gangnam Style" -- now the most-watched video of all time on YouTube.
A rare sense of humour and irony distinguished the chubby rapper, now 34, from his peers in the manufactured world of K-pop and made him an unlikely worldwide success.
As of Sunday "Gangnam Style" -- whose wacky music and dance moves mock the hedonistic lifestyle of the upmarket southern Seoul neighbourhood -- had registered almost 814 million views in four months.
The video has inspired thousands of online imitations of Psy's famous horse-ride dance, and flash mobs of tens of thousands in Paris, Rome and Milan.
The song peaked at number two on the US Billboard's pop chart for seven weeks in a row after sweeping the charts in countries including Australia and Britain.
World figures swept up in the fever include UN secretary general Ban Ki-moon, British Prime Minister David Cameron and US President Barack Obama, who either tried out the dance or marvelled at its popularity.
Psy, whose real name is Park Jae-Sang, gained the ultimate showbiz accolade by teaming up with Madonna in the pop diva's concert and performing a special version of "Gangnam Style" with MC Hammer in the American Music Awards.
YouTube called the music video -- which Saturday overtook Justin Bieber's "Baby" in number of views -- "a massive hit at a global level unlike anything we've ever seen before".
Billboard.com noted it racked up the YouTube milestone in about four months compared to more than two years for "Baby", calling it "nothing short of a pop culture phenomenon".
Psy's dramatic rise has been viewed with a mixture of pride and surprise in his home country, whose music industry has long been dominated by prettified, highly-manufactured girl and boy bands.
Having taken Asia by storm over the past decade with bubblegum hooks and dance moves staged with military precision, K-pop in recent years has garnered a small but growing fan base among teenagers in parts of Europe and America.
But none has come close to the worldwide popularity of the homely Psy.
"Psy is right at the opposite of our typical K-pop stars who are extremely preened and whose every single move is strictly dictated by their agent," prominent music critic Kang Hun told AFP.
Humour, especially satire, is rare in the mainstream Korean music scene and that, coupled with Psy's embrace of his anti-pop idol looks, has set him apart.
The singer, well known at home for his humorous and explosive stage performances, has long been a somewhat provocative figure in Korea.
He was once convicted in Seoul of smoking marijuana. Several of his earlier songs and music videos were banned for those aged under 18 because of what state censors deemed to be overly sexual lyrics or bad language.
In 2007 Psy was forced to serve a second period of compulsory military service after it was revealed that he had continued with his showbiz interests during his first two-year stint.
"Psy has long had very freewheeling, humorous and even provocative elements in his songs which are utterly lacking in most young K-pop idols," Kang said.
"I think 'Gangnam Style' is a pinnacle of such a humourous, non-serious bad-boy style of his. And apparently people around the world can relate to his self-deprecating sense of humour."
Psy himself says he invites laughter and not ridicule.
"My motto is to be funny, but not stupid," he once said in an interview with Yonhap news agency.
It remains to be seen if "Gangnam Style" will prove anything more than a one-hit wonder. Psy is set to release a new album in English and Korean early next year which will be distributed globally.
But even if it takes off, it will be hard to replicate the success of "Gangnam Style", said Han Koo-Hyun, the head of the Korean Wave Research Institute.
"His next song will be able to rack up at least hundreds of millions of views due to the popularity of 'Gangnam Style' but will never be more popular than 'Gangnam Style', said Han.
"This is too huge a success to accomplish twice."
- AFP/ck
- wong chee tat :)
Posted: 25 November 2012 1633 hrs
SEOUL: Psy made his quirky debut in South Korea's K-pop industry back in 2001 but it wasn't until July that he began shooting to global fame with "Gangnam Style" -- now the most-watched video of all time on YouTube.
A rare sense of humour and irony distinguished the chubby rapper, now 34, from his peers in the manufactured world of K-pop and made him an unlikely worldwide success.
As of Sunday "Gangnam Style" -- whose wacky music and dance moves mock the hedonistic lifestyle of the upmarket southern Seoul neighbourhood -- had registered almost 814 million views in four months.
The video has inspired thousands of online imitations of Psy's famous horse-ride dance, and flash mobs of tens of thousands in Paris, Rome and Milan.
The song peaked at number two on the US Billboard's pop chart for seven weeks in a row after sweeping the charts in countries including Australia and Britain.
World figures swept up in the fever include UN secretary general Ban Ki-moon, British Prime Minister David Cameron and US President Barack Obama, who either tried out the dance or marvelled at its popularity.
Psy, whose real name is Park Jae-Sang, gained the ultimate showbiz accolade by teaming up with Madonna in the pop diva's concert and performing a special version of "Gangnam Style" with MC Hammer in the American Music Awards.
YouTube called the music video -- which Saturday overtook Justin Bieber's "Baby" in number of views -- "a massive hit at a global level unlike anything we've ever seen before".
Billboard.com noted it racked up the YouTube milestone in about four months compared to more than two years for "Baby", calling it "nothing short of a pop culture phenomenon".
Psy's dramatic rise has been viewed with a mixture of pride and surprise in his home country, whose music industry has long been dominated by prettified, highly-manufactured girl and boy bands.
Having taken Asia by storm over the past decade with bubblegum hooks and dance moves staged with military precision, K-pop in recent years has garnered a small but growing fan base among teenagers in parts of Europe and America.
But none has come close to the worldwide popularity of the homely Psy.
"Psy is right at the opposite of our typical K-pop stars who are extremely preened and whose every single move is strictly dictated by their agent," prominent music critic Kang Hun told AFP.
Humour, especially satire, is rare in the mainstream Korean music scene and that, coupled with Psy's embrace of his anti-pop idol looks, has set him apart.
The singer, well known at home for his humorous and explosive stage performances, has long been a somewhat provocative figure in Korea.
He was once convicted in Seoul of smoking marijuana. Several of his earlier songs and music videos were banned for those aged under 18 because of what state censors deemed to be overly sexual lyrics or bad language.
In 2007 Psy was forced to serve a second period of compulsory military service after it was revealed that he had continued with his showbiz interests during his first two-year stint.
"Psy has long had very freewheeling, humorous and even provocative elements in his songs which are utterly lacking in most young K-pop idols," Kang said.
"I think 'Gangnam Style' is a pinnacle of such a humourous, non-serious bad-boy style of his. And apparently people around the world can relate to his self-deprecating sense of humour."
Psy himself says he invites laughter and not ridicule.
"My motto is to be funny, but not stupid," he once said in an interview with Yonhap news agency.
It remains to be seen if "Gangnam Style" will prove anything more than a one-hit wonder. Psy is set to release a new album in English and Korean early next year which will be distributed globally.
But even if it takes off, it will be hard to replicate the success of "Gangnam Style", said Han Koo-Hyun, the head of the Korean Wave Research Institute.
"His next song will be able to rack up at least hundreds of millions of views due to the popularity of 'Gangnam Style' but will never be more popular than 'Gangnam Style', said Han.
"This is too huge a success to accomplish twice."
- AFP/ck
- wong chee tat :)
SITEX attracts 800,000 visitors, S$40m in sales expected
SITEX attracts 800,000 visitors, S$40m in sales expected
By Sing Geok Shan | Posted: 25 November 2012 2315 hrs
SINGAPORE: The last mega IT fair of the year, SITEX, is estimated to have attracted 800,000 visitors over its four-day run.
Organisers say they expect to rake in some 40 to 45 million dollars at the end of the fair on Sunday.
Some of the eye-catching items at the fair included a robot that dances to "Gangnam style" and a "Tablet-Man" that collects wishes.
Also seen at the fair was a mobile phone that can be used as a hammer and submerged in water.
Four mega IT fairs have been held this year.
In total, the fairs are estimated to have generated visitorship of 3.25 million people and spending of S$247 million.
For the first time, SITEX hosted a tournament featuring 64 of the world's best gamers.
The gamers competed in the popular online games League of Legends and StarCraft II.
"This is something (that is the) first in Southeast Asia, and we are happy to host it and we want to promote this for future events as well," said Henry Chua, projects manager at Singex Exhibition Ventures. "Definitely, gaming is a growing trend right now."
- CNA/xq
- wong chee tat :)
By Sing Geok Shan | Posted: 25 November 2012 2315 hrs
SINGAPORE: The last mega IT fair of the year, SITEX, is estimated to have attracted 800,000 visitors over its four-day run.
Organisers say they expect to rake in some 40 to 45 million dollars at the end of the fair on Sunday.
Some of the eye-catching items at the fair included a robot that dances to "Gangnam style" and a "Tablet-Man" that collects wishes.
Also seen at the fair was a mobile phone that can be used as a hammer and submerged in water.
Four mega IT fairs have been held this year.
In total, the fairs are estimated to have generated visitorship of 3.25 million people and spending of S$247 million.
For the first time, SITEX hosted a tournament featuring 64 of the world's best gamers.
The gamers competed in the popular online games League of Legends and StarCraft II.
"This is something (that is the) first in Southeast Asia, and we are happy to host it and we want to promote this for future events as well," said Henry Chua, projects manager at Singex Exhibition Ventures. "Definitely, gaming is a growing trend right now."
- CNA/xq
- wong chee tat :)
SMTOWN Live World Tour in Singapore electrifies fans
SMTOWN Live World Tour in Singapore electrifies fans
By Karen Ng | Posted: 25 November 2012 2333 hrs
SINGAPORE: It was a sell-out concert for the SMTown Live World Tour III last Friday.
About 25,000 tickets were sold with prices ranging from S$168 to S$268.
The star-studded show, which cost some S$5 million to put together, featured eight iconic Korean pop acts: Kangta, BoA, TVXQ, Super Junior, Girls' Generation, SHINee, f(x) and EXO.
Organised by Korean record label SM Entertainment, the concert was held at the Float@Marina Bay for the first time in Singapore.
The stage took more than 200 people and 96 hours to set up.
For local K-pop fans, SMTOWN might have well been the concert of the year.
There were earlier reports of fans who queued for days to get a good vantage point of the stars at the mosh pits.
"Even though you don't understand the language, you can actually follow the music," said a fan.
"I also love their songs, because it's catchy and fun to listen to and I never get bored listening to them," said 11-year-old Jannah, a fan of the artistes.
Some international fans had also travelled to Singapore to see their idols.
The stars themselves were thrilled to be in Singapore although they were one-and-a-half hours late for their press conference.
"It's been almost 10 years since I was in Singapore in 2003 for MTV Music Awards in Asia," said BoA. "So I'm very happy to be back in Singapore and I can't wait to see all of my fans, of course."
"I think Singapore is such a beautiful place and this is the first time for us here. We want to thank all the fans that came to the airport," said Kris from the boy band EXO.
Stars also shared their memorable experiences backstage, showing that preparations are not always all work and no play.
"Backstage, be it seniors or juniors, we'll always chat, and encourage each other in their performances," said Victoria, the leader of girl group f(x).
"There was once we had a chance to have a drink with our senior, Yunho (from TVXQ), and he got a little bit tipsy after a few drinks," revealed Super Junior member Donghae.
"After that, he did this dance move which was really fantastic, which we'll like to show you one day. It is not a charismatic sort of dance move, it is something you can't imagine him doing."
The mood was electrifying as fans screamed and cheered throughout the four-hour long concert.
The heavy rain towards the end of the concert did little to dampen fans' spirits.
The artistes performed a whopping 50 songs with slick dance moves and ended the concert by performing together and mingling with the fans.
- CNA/xq
- wong chee tat :)
By Karen Ng | Posted: 25 November 2012 2333 hrs
SINGAPORE: It was a sell-out concert for the SMTown Live World Tour III last Friday.
About 25,000 tickets were sold with prices ranging from S$168 to S$268.
The star-studded show, which cost some S$5 million to put together, featured eight iconic Korean pop acts: Kangta, BoA, TVXQ, Super Junior, Girls' Generation, SHINee, f(x) and EXO.
Organised by Korean record label SM Entertainment, the concert was held at the Float@Marina Bay for the first time in Singapore.
The stage took more than 200 people and 96 hours to set up.
For local K-pop fans, SMTOWN might have well been the concert of the year.
There were earlier reports of fans who queued for days to get a good vantage point of the stars at the mosh pits.
"Even though you don't understand the language, you can actually follow the music," said a fan.
"I also love their songs, because it's catchy and fun to listen to and I never get bored listening to them," said 11-year-old Jannah, a fan of the artistes.
Some international fans had also travelled to Singapore to see their idols.
The stars themselves were thrilled to be in Singapore although they were one-and-a-half hours late for their press conference.
"It's been almost 10 years since I was in Singapore in 2003 for MTV Music Awards in Asia," said BoA. "So I'm very happy to be back in Singapore and I can't wait to see all of my fans, of course."
"I think Singapore is such a beautiful place and this is the first time for us here. We want to thank all the fans that came to the airport," said Kris from the boy band EXO.
Stars also shared their memorable experiences backstage, showing that preparations are not always all work and no play.
"Backstage, be it seniors or juniors, we'll always chat, and encourage each other in their performances," said Victoria, the leader of girl group f(x).
"There was once we had a chance to have a drink with our senior, Yunho (from TVXQ), and he got a little bit tipsy after a few drinks," revealed Super Junior member Donghae.
"After that, he did this dance move which was really fantastic, which we'll like to show you one day. It is not a charismatic sort of dance move, it is something you can't imagine him doing."
The mood was electrifying as fans screamed and cheered throughout the four-hour long concert.
The heavy rain towards the end of the concert did little to dampen fans' spirits.
The artistes performed a whopping 50 songs with slick dance moves and ended the concert by performing together and mingling with the fans.
- CNA/xq
- wong chee tat :)
Sunday, November 25, 2012
Experts caution against toddlers getting too familiar with devices
Experts caution against toddlers getting too familiar with devices
By Evelyn Lam, Dylan Loh | Posted: 24 November 2012 2242 hrs
SINGAPORE: Experts have cautioned against letting toddlers three years old and below, get too familiar with mobile devices.
They said it might hamper their ability to learn as they grow.
Three-year-old Randy Smith has been playing with an iPad since the age of two, and his parents said he is quite familiar with some of the more advanced features in the mobile device.
Experts said children this young should spend more time interacting with their physical environment.
They said interacting too much with a virtual interface could interfere with a child's ability to understand the world around him.
Colin Smith, father of Randy Smith, said: "There was once when we just left him (Randy) to go to bed with an iPad.
"We didn't check on him till about two hours later because both of us were working at home and when we got to him, we found that he had been playing for the past two hours and didn't want to go to sleep."
- CNA/lp
- wong chee tat :)
By Evelyn Lam, Dylan Loh | Posted: 24 November 2012 2242 hrs
SINGAPORE: Experts have cautioned against letting toddlers three years old and below, get too familiar with mobile devices.
They said it might hamper their ability to learn as they grow.
Three-year-old Randy Smith has been playing with an iPad since the age of two, and his parents said he is quite familiar with some of the more advanced features in the mobile device.
Experts said children this young should spend more time interacting with their physical environment.
They said interacting too much with a virtual interface could interfere with a child's ability to understand the world around him.
Colin Smith, father of Randy Smith, said: "There was once when we just left him (Randy) to go to bed with an iPad.
"We didn't check on him till about two hours later because both of us were working at home and when we got to him, we found that he had been playing for the past two hours and didn't want to go to sleep."
- CNA/lp
- wong chee tat :)
Sleep
Can't sleep and actually wake up one hour before the alarm!
What is happening to my body clock? It is all getting mess up!
- wong chee tat :)
What is happening to my body clock? It is all getting mess up!
- wong chee tat :)
Saturday, November 24, 2012
Singapore's inflation rate eases to 4.0% in Oct
Singapore's inflation rate eases to 4.0% in Oct
By Kristie Neo | Posted: 23 November 2012 1428 hrs
SINGAPORE: Singapore's inflation rate eased to 4.0 per cent in October from 4.7 per cent the previous month.
This slower-than-expected increase in the consumer price index was mainly due to smaller gains in transportation and housing costs.
Meanwhile, the core inflation rate, which excludes transport and accommodation costs, fell to 2.2 per cent in October from 2.4 per cent in September.
The Monetary Authority of Singapore (MAS) said this was due to lower contributions from food and oil-related items.
In October, transport cost increases moderated to 8.3 per cent from 10.8 per cent the previous month, reflecting the correction in Certificate of Entitlement (COE) premiums in September.
However, the relief for consumers may be short-lived, with plenty of upside pressure expected into 2013.
Alvin Liew, senior economist at UOB, said: "Judging from the latest COE auctions, some of the categories went back to fairly high levels and two categories went up to record high levels. And that would mean there would be small upside pressure coming in from the transport, private road transport component."
Meanwhile, accommodation-related cost increases also slowed to 6.8 per cent in October from 7.7 per cent the previous month.
The MAS said the moderation was largely due to the lower base effect in September 2011, where HDB rental and service and conservancy charges (S&CC) rebates were given out.
Together, accommodation and transportation costs account for close to two-thirds of October's inflation figures.
Food and oil-related inflation rates also saw declines.
Food inflation slowed to 1.7 per cent in October compared to 2.1 per cent the preceding month, following smaller price increases in non-cooked food and prepared meals.
Prices of oil-related items also rose at a slower pace in tandem with the moderation in global crude oil prices.
Meanwhile, services inflation rose to 3.1 per cent in October from 3.0 per cent in September, due to a stronger pickup in the costs of holiday travel and household services.
Healthcare costs peaked at 5.2 per cent in October, the highest since mid-2008. This is compared to just 1.8 per cent a year ago.
Tim Condon, managing director and head of research (Asia) at ING Bank NV, said: "These are things that are not susceptible to supply shocks. They are really driven by demand, so they are up this year compared to a year ago.
"That suggests that inflation expectations actually are elevated in Singapore, so that actually puts a dampener on how quickly we will see inflation coming off here."
Looking forward, the MAS said that imported inflation will be generally benign, given the continued weakness in the global economy.
Still, the authority expects global food prices to potentially face upward pressures in the next few months and into the early part of 2013, due to weather-related supply disruptions.
MAS added: "Meanwhile the persistent tightness in the labour market will support slightly stronger wage increases in 2013, which will continue to be passed through to consumer prices."
On the whole, MAS anticipates core inflation to be "broadly stable" and averaging around 2.5 per cent this year, and 2 to 3 per cent in 2013.
For the full year, CPI-All items inflation will remain "elevated" in the fourth quarter of 2012 and the first quarter of 2013, reflecting significant contributions from housing and accommodation costs.
CPI-All items inflation is likely to come in slightly above 4.5 per cent in 2012 and ease to 3.5 to 4.5 per cent in 2013.
- CNA/xq/ms
- wong chee tat :)
By Kristie Neo | Posted: 23 November 2012 1428 hrs
SINGAPORE: Singapore's inflation rate eased to 4.0 per cent in October from 4.7 per cent the previous month.
This slower-than-expected increase in the consumer price index was mainly due to smaller gains in transportation and housing costs.
Meanwhile, the core inflation rate, which excludes transport and accommodation costs, fell to 2.2 per cent in October from 2.4 per cent in September.
The Monetary Authority of Singapore (MAS) said this was due to lower contributions from food and oil-related items.
In October, transport cost increases moderated to 8.3 per cent from 10.8 per cent the previous month, reflecting the correction in Certificate of Entitlement (COE) premiums in September.
However, the relief for consumers may be short-lived, with plenty of upside pressure expected into 2013.
Alvin Liew, senior economist at UOB, said: "Judging from the latest COE auctions, some of the categories went back to fairly high levels and two categories went up to record high levels. And that would mean there would be small upside pressure coming in from the transport, private road transport component."
Meanwhile, accommodation-related cost increases also slowed to 6.8 per cent in October from 7.7 per cent the previous month.
The MAS said the moderation was largely due to the lower base effect in September 2011, where HDB rental and service and conservancy charges (S&CC) rebates were given out.
Together, accommodation and transportation costs account for close to two-thirds of October's inflation figures.
Food and oil-related inflation rates also saw declines.
Food inflation slowed to 1.7 per cent in October compared to 2.1 per cent the preceding month, following smaller price increases in non-cooked food and prepared meals.
Prices of oil-related items also rose at a slower pace in tandem with the moderation in global crude oil prices.
Meanwhile, services inflation rose to 3.1 per cent in October from 3.0 per cent in September, due to a stronger pickup in the costs of holiday travel and household services.
Healthcare costs peaked at 5.2 per cent in October, the highest since mid-2008. This is compared to just 1.8 per cent a year ago.
Tim Condon, managing director and head of research (Asia) at ING Bank NV, said: "These are things that are not susceptible to supply shocks. They are really driven by demand, so they are up this year compared to a year ago.
"That suggests that inflation expectations actually are elevated in Singapore, so that actually puts a dampener on how quickly we will see inflation coming off here."
Looking forward, the MAS said that imported inflation will be generally benign, given the continued weakness in the global economy.
Still, the authority expects global food prices to potentially face upward pressures in the next few months and into the early part of 2013, due to weather-related supply disruptions.
MAS added: "Meanwhile the persistent tightness in the labour market will support slightly stronger wage increases in 2013, which will continue to be passed through to consumer prices."
On the whole, MAS anticipates core inflation to be "broadly stable" and averaging around 2.5 per cent this year, and 2 to 3 per cent in 2013.
For the full year, CPI-All items inflation will remain "elevated" in the fourth quarter of 2012 and the first quarter of 2013, reflecting significant contributions from housing and accommodation costs.
CPI-All items inflation is likely to come in slightly above 4.5 per cent in 2012 and ease to 3.5 to 4.5 per cent in 2013.
- CNA/xq/ms
- wong chee tat :)
HPB launches dietary guidelines for seniors
HPB launches dietary guidelines for seniors
By Imelda Saad | Posted: 24 November 2012 1403 hrs
SINGAPORE: The Health Promotion Board (HPB) has launched a set of dietary guidelines for older adults aged 50 and above.
The aim is to help this group lower their risk of obesity, diabetes and heart disease.
This is the first time that dietary guidelines have been developed for seniors.
It highlights the need for a balanced and nutritious diet.
To make it easier for seniors to adjust their eating habits, the HPB has also included recipes and a healthier catering menu.
Over 100 elderly residents from Bukit Batok Constituency on Saturday learnt about the dietary guidelines as they witnessed a cooking demonstration led by Member of Parliament for Jurong Group Representation Constituency, David Ong.
- CNA/xq
- wong chee tat :)
By Imelda Saad | Posted: 24 November 2012 1403 hrs
SINGAPORE: The Health Promotion Board (HPB) has launched a set of dietary guidelines for older adults aged 50 and above.
The aim is to help this group lower their risk of obesity, diabetes and heart disease.
This is the first time that dietary guidelines have been developed for seniors.
It highlights the need for a balanced and nutritious diet.
To make it easier for seniors to adjust their eating habits, the HPB has also included recipes and a healthier catering menu.
Over 100 elderly residents from Bukit Batok Constituency on Saturday learnt about the dietary guidelines as they witnessed a cooking demonstration led by Member of Parliament for Jurong Group Representation Constituency, David Ong.
- CNA/xq
- wong chee tat :)
Growth in Islamic bond market in Asia
Growth in Islamic bond market in Asia
By Thomas Cho | Posted: 22 November 2012 2149 hrs
SINGAPORE: Growth in the Islamic bond market, or sukuk, has been inching higher in the region.
Sukuk issued in Asia accounts for about 40 percent or US$17 billion out of the total global issuance of US$43 billion this year.
Such Islamic bonds are popular with investors from the Middle East and has opened up new opportunities for Asian companies.
Singapore-listed Noble Group is the latest to consider Islamic bonds for its financing needs.
The commodities trading firm has announced that it will issue some 300 million Malaysian ringgit (US$98 million) of two-year Islamic bonds at 4.22 per cent per annum profit rate.
It joins a growing list of companies in Asia which have also raised money through Islamic financial products.
Experts say such alternative form of financing can attract new potential investors from the Middle East.
Sukuk are different from conventional bonds because it has to comply with Islamic law or the Shariah.
Shariah prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money. It also disallow investing in businesses that provide goods or services like liquor and gambling, which are considered contrary to Islamic principles and prohibited.
Lenny Feder, Group Head of Financial Markets at Standard Chartered Bank, said: "They are as good as normal bond, but it is different. There is a massive community of individuals or companies that want to invest in a Shariah compliant or Islamic compliant format, so I think there is plenty of interest and people are very confident in the structure of Islamic bonds."
Malaysia is still the top destination for Islamic finance.
More than 70 sukuk worth over US$15 billion have been issued from Malaysia so far this year, according to Dealogic as at end September.
With the World Bank expecting global assets managed in line with Islamic law growing to US$1.3 trillion this year, it is definitely a market too hard for issuers to ignore.
Another company that has issued Islamic bonds in Malaysia is Singapore-listed palm oil plantations operator Golden Agri Resources.
Golden Agri-Resource recently sold 1.5 billion Malaysian ringgit (US$489 million) five-year medium-term notes at a profit rate of 4.35 percent per annum.
Malaysia's Bank Rakyat also launched 1 billion Malaysian ringgit Sukuk on Tuesday.
Richard Fung, Director of Investor Relations at Golden Agri-Resources, said: "We believe the Islamic bond is interesting to Golden Agri because it allows us to broaden our investor base. This is a market particular strong in Malaysia in terms of depth as well as breadth and this product allows us to access investors normally we are not able to."
Experts say sukuk are also gaining popularity because firms are finding it tougher to borrow money from banks.
Bank lending in Asia now accounts for some 60 per cent of corporate finance compared to 80 per cent a decade ago.
Toby O'Connor, Chief Executive Officer of The Islamic Bank of Asia, said: "You are seeing a lot of big banks pulling back their funding lines and they are certainly not interested in providing loans with a lot of tenors. They are massive infrastructure projects going on in this part of the world as well as the Middle East and the sukuk market is a great opportunity to diversify one's funding sources."
Indonesia has also shown keen interest to be a big player in Islamic financing. Jakarta has issued a US$1 billion of 10-year sukuk with periodic distributions of 3.3 per cent per annum.
This is an initial part of the Indonesian government's establishment of a US$3 billion sukuk issuance programme.
- CNA/de
- wong chee tat :)
By Thomas Cho | Posted: 22 November 2012 2149 hrs
SINGAPORE: Growth in the Islamic bond market, or sukuk, has been inching higher in the region.
Sukuk issued in Asia accounts for about 40 percent or US$17 billion out of the total global issuance of US$43 billion this year.
Such Islamic bonds are popular with investors from the Middle East and has opened up new opportunities for Asian companies.
Singapore-listed Noble Group is the latest to consider Islamic bonds for its financing needs.
The commodities trading firm has announced that it will issue some 300 million Malaysian ringgit (US$98 million) of two-year Islamic bonds at 4.22 per cent per annum profit rate.
It joins a growing list of companies in Asia which have also raised money through Islamic financial products.
Experts say such alternative form of financing can attract new potential investors from the Middle East.
Sukuk are different from conventional bonds because it has to comply with Islamic law or the Shariah.
Shariah prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money. It also disallow investing in businesses that provide goods or services like liquor and gambling, which are considered contrary to Islamic principles and prohibited.
Lenny Feder, Group Head of Financial Markets at Standard Chartered Bank, said: "They are as good as normal bond, but it is different. There is a massive community of individuals or companies that want to invest in a Shariah compliant or Islamic compliant format, so I think there is plenty of interest and people are very confident in the structure of Islamic bonds."
Malaysia is still the top destination for Islamic finance.
More than 70 sukuk worth over US$15 billion have been issued from Malaysia so far this year, according to Dealogic as at end September.
With the World Bank expecting global assets managed in line with Islamic law growing to US$1.3 trillion this year, it is definitely a market too hard for issuers to ignore.
Another company that has issued Islamic bonds in Malaysia is Singapore-listed palm oil plantations operator Golden Agri Resources.
Golden Agri-Resource recently sold 1.5 billion Malaysian ringgit (US$489 million) five-year medium-term notes at a profit rate of 4.35 percent per annum.
Malaysia's Bank Rakyat also launched 1 billion Malaysian ringgit Sukuk on Tuesday.
Richard Fung, Director of Investor Relations at Golden Agri-Resources, said: "We believe the Islamic bond is interesting to Golden Agri because it allows us to broaden our investor base. This is a market particular strong in Malaysia in terms of depth as well as breadth and this product allows us to access investors normally we are not able to."
Experts say sukuk are also gaining popularity because firms are finding it tougher to borrow money from banks.
Bank lending in Asia now accounts for some 60 per cent of corporate finance compared to 80 per cent a decade ago.
Toby O'Connor, Chief Executive Officer of The Islamic Bank of Asia, said: "You are seeing a lot of big banks pulling back their funding lines and they are certainly not interested in providing loans with a lot of tenors. They are massive infrastructure projects going on in this part of the world as well as the Middle East and the sukuk market is a great opportunity to diversify one's funding sources."
Indonesia has also shown keen interest to be a big player in Islamic financing. Jakarta has issued a US$1 billion of 10-year sukuk with periodic distributions of 3.3 per cent per annum.
This is an initial part of the Indonesian government's establishment of a US$3 billion sukuk issuance programme.
- CNA/de
- wong chee tat :)
Friday, November 23, 2012
Thoughts
I thought I would be expecting some good news this week and I waited and waited.....and all I got... was a silent reply. A silent reply means only one thing which I dread and that is simply nothing. Purely nothing. No opportunities. Nothing at all. =(
This is frustrating. Time is running out....
- wong chee tat :)
This is frustrating. Time is running out....
- wong chee tat :)
LTA sets operating requirements for taxi companies
LTA sets operating requirements for taxi companies
By Dylan Loh | Posted: 23 November 2012 1137 hrs
SINGAPORE: Singapore's Land Transport Authority (LTA) has set minimum standards for taxi availability.
From January 2013, 70 per cent of all taxis, per cab company, will have to reach a minimum daily mileage of 250 kilometres.
This translates to around eight to nine hours on the road per day, five days a week.
Cab companies will also need to ensure that 70 per cent of their entire fleet are on the roads during the morning and evening peak periods.
Based on these indicators, authorities will evaluate if taxi firms are allowed to grow their fleet.
- CNA/xq
- wong chee tat :)
By Dylan Loh | Posted: 23 November 2012 1137 hrs
SINGAPORE: Singapore's Land Transport Authority (LTA) has set minimum standards for taxi availability.
From January 2013, 70 per cent of all taxis, per cab company, will have to reach a minimum daily mileage of 250 kilometres.
This translates to around eight to nine hours on the road per day, five days a week.
Cab companies will also need to ensure that 70 per cent of their entire fleet are on the roads during the morning and evening peak periods.
Based on these indicators, authorities will evaluate if taxi firms are allowed to grow their fleet.
- CNA/xq
- wong chee tat :)
More PSLE students qualify for secondary schools
More PSLE students qualify for secondary schools
By Sharon See | Posted: 22 November 2012 1940 hrs
SINGAPORE: More students qualify for secondary schools this year as compared to last year, with 97.6 per cent obtaining a pass for the Primary School Leaving Examination.
The passing rate last year was 97.4 per cent.
This is also the first time that the Ministry of Education is not naming the top scorers in the national examination... in a break from its practice of many years.
At Nanyang Primary School, a sense of anticipation fills the air.
The school has done exceptionally well this year, with 45 students obtaining aggregate scores above 270, and a 100 per cent pass in English Language.
Among them was Shermaine Ang who obtained 275 points, and done so without any tuition.
Beyond good grades, the prefect is also an all-rounder, having clinched two good character awards while balancing her time between Chinese calligraphy and guzheng (a Chinese instrument) in school.
Shermaine Ang said: "I believe that enriching myself is important as well, not only by academic, but on a holistic one. Learning extra, not just to do well and succeed in life but more about learning about the culture, learning about other things, learn about how we can do many things besides studying. Studying's important too, but having other activities also helps you relax, relieve stress as well."
Seng Kang Primary School has also reported an improvement in the number of students who have obtained 250 points and above.
Naturally inquisitive Lee Xuan Jin credits the supportive environment in his school for helping him achieve 274 points.
He hopes to enter the Integrated Programme at Hwa Chong Institution.
Lee Xuan Jin said: "Hwa Chong Institution, it focuses more on the bilingual culture, so because I like both cultures, I would like to go to Hwa Chong, then I can expose myself to more knowledge."
Result slips show the highest aggregate score this year is 285.
And Channel NewsAsia understands that one student in Nanyang Primary is a top scorer in the PSLE.
It is the first time the MOE is not revealing the top scorer of the PSLE, and so far, reaction has been mixed. Some parents say it's a matter of time before they find out through word of mouth, while others say it does not matter to them who the top scorer is as long as their own children have done their best.
Internet forums like the one at kiasuparents.com, however, were abuzz with speculation on who the top scorer could be.
Jean Lai, a parent, said: "Actually I feel a little sad for children who have done really well because I think they should be honoured for what they have done for their good results."
Shermaine Ang added: "Personally I feel it's not a very good move because as a student, I understand how tough the competition is, and especially this year is the dragon year, so there're many more candidates taking the examination. I feel that if they release the result and tell us who the top scorer is, it's a benchmark for us, and we can do even better after this exam. It spurs our juniors on, makes them do even better.
"In recent years, the neighbourhood schools all that have got top scorers as well, so I think it's a really good motivation for the students from other schools as well, not only from my school, or other so-called brand-name schools. I don't believe there's a separation between brand-name and neighbourhood schools. I think we're all equal."
Education Minister Heng Swee Keat has said on his Facebook page the ministry's move in not naming the top scorer is "not to address stress per se, or move away from merit".
He said the PSLE is not the be-all and end-all, and there are now more avenues to recognise success.
- CNA/de
- wong chee tat :)
By Sharon See | Posted: 22 November 2012 1940 hrs
SINGAPORE: More students qualify for secondary schools this year as compared to last year, with 97.6 per cent obtaining a pass for the Primary School Leaving Examination.
The passing rate last year was 97.4 per cent.
This is also the first time that the Ministry of Education is not naming the top scorers in the national examination... in a break from its practice of many years.
At Nanyang Primary School, a sense of anticipation fills the air.
The school has done exceptionally well this year, with 45 students obtaining aggregate scores above 270, and a 100 per cent pass in English Language.
Among them was Shermaine Ang who obtained 275 points, and done so without any tuition.
Beyond good grades, the prefect is also an all-rounder, having clinched two good character awards while balancing her time between Chinese calligraphy and guzheng (a Chinese instrument) in school.
Shermaine Ang said: "I believe that enriching myself is important as well, not only by academic, but on a holistic one. Learning extra, not just to do well and succeed in life but more about learning about the culture, learning about other things, learn about how we can do many things besides studying. Studying's important too, but having other activities also helps you relax, relieve stress as well."
Seng Kang Primary School has also reported an improvement in the number of students who have obtained 250 points and above.
Naturally inquisitive Lee Xuan Jin credits the supportive environment in his school for helping him achieve 274 points.
He hopes to enter the Integrated Programme at Hwa Chong Institution.
Lee Xuan Jin said: "Hwa Chong Institution, it focuses more on the bilingual culture, so because I like both cultures, I would like to go to Hwa Chong, then I can expose myself to more knowledge."
Result slips show the highest aggregate score this year is 285.
And Channel NewsAsia understands that one student in Nanyang Primary is a top scorer in the PSLE.
It is the first time the MOE is not revealing the top scorer of the PSLE, and so far, reaction has been mixed. Some parents say it's a matter of time before they find out through word of mouth, while others say it does not matter to them who the top scorer is as long as their own children have done their best.
Internet forums like the one at kiasuparents.com, however, were abuzz with speculation on who the top scorer could be.
Jean Lai, a parent, said: "Actually I feel a little sad for children who have done really well because I think they should be honoured for what they have done for their good results."
Shermaine Ang added: "Personally I feel it's not a very good move because as a student, I understand how tough the competition is, and especially this year is the dragon year, so there're many more candidates taking the examination. I feel that if they release the result and tell us who the top scorer is, it's a benchmark for us, and we can do even better after this exam. It spurs our juniors on, makes them do even better.
"In recent years, the neighbourhood schools all that have got top scorers as well, so I think it's a really good motivation for the students from other schools as well, not only from my school, or other so-called brand-name schools. I don't believe there's a separation between brand-name and neighbourhood schools. I think we're all equal."
Education Minister Heng Swee Keat has said on his Facebook page the ministry's move in not naming the top scorer is "not to address stress per se, or move away from merit".
He said the PSLE is not the be-all and end-all, and there are now more avenues to recognise success.
- CNA/de
- wong chee tat :)
MSF appoints 2 new subsidised Senior Home Care service providers
MSF appoints 2 new subsidised Senior Home Care service providers
Posted: 22 November 2012 1836 hrs
SINGAPORE: From December 17, there will be another 400 more subsidised places for senior home care to help families with frail elderly and persons with disability.
This comes as the Ministry of Social and Family Development (MSF) expands the subsidised Senior Home Care services from mid-December, by appointing two new private sector providers -- ECON Healthcare Group and Lentor Residence.
Currently, eligible users of the Voluntary Welfare Organisation (VWO) services receive mean-tested MSF subsidies.
These subsidies will be extended to eligible users of the two new private sector operators.
Families with a frail elderly or person with disability, and with monthly per capita household income of up to S$2,200, can qualify for the subsidies.
They can expect to receive government subsidies ranging from S$12 to S$150 per week.
MSF said with this extension, families will benefit from more choices and greater support in home care for frail seniors and people with disability.
The expansion of Senior Home Care is in line with MSF's long-term plan to extend home care services to about 4,000 elderly and people with disability by 2016.
It will also help families with frail elderly and people with disability who may need home care services when the mandatory day off for foreign domestic workers is implemented in January.
Today, about 350 families are served by three VWOs, namely NTUC Eldercare, Thye Hua Kwan Moral Charities and TOUCH Community Services.
Minister of State for Social and Family Development, Madam Halimah Yacob, said: "This expansion of subsidised home care services through the appointment of two private sector providers is in line with our long-term plans to expand home care to cater to our ageing population.
"More immediately, it will also benefit families who need home care services for their elderly or disabled family members when their domestic workers have their mandatory day off."
Caregivers, families and persons needing care can contact the Centre for Enabled Living at 1800-8585-885 or visit www.cel.sg.
- CNA/lp
- wong chee tat :)
Posted: 22 November 2012 1836 hrs
SINGAPORE: From December 17, there will be another 400 more subsidised places for senior home care to help families with frail elderly and persons with disability.
This comes as the Ministry of Social and Family Development (MSF) expands the subsidised Senior Home Care services from mid-December, by appointing two new private sector providers -- ECON Healthcare Group and Lentor Residence.
Currently, eligible users of the Voluntary Welfare Organisation (VWO) services receive mean-tested MSF subsidies.
These subsidies will be extended to eligible users of the two new private sector operators.
Families with a frail elderly or person with disability, and with monthly per capita household income of up to S$2,200, can qualify for the subsidies.
They can expect to receive government subsidies ranging from S$12 to S$150 per week.
MSF said with this extension, families will benefit from more choices and greater support in home care for frail seniors and people with disability.
The expansion of Senior Home Care is in line with MSF's long-term plan to extend home care services to about 4,000 elderly and people with disability by 2016.
It will also help families with frail elderly and people with disability who may need home care services when the mandatory day off for foreign domestic workers is implemented in January.
Today, about 350 families are served by three VWOs, namely NTUC Eldercare, Thye Hua Kwan Moral Charities and TOUCH Community Services.
Minister of State for Social and Family Development, Madam Halimah Yacob, said: "This expansion of subsidised home care services through the appointment of two private sector providers is in line with our long-term plans to expand home care to cater to our ageing population.
"More immediately, it will also benefit families who need home care services for their elderly or disabled family members when their domestic workers have their mandatory day off."
Caregivers, families and persons needing care can contact the Centre for Enabled Living at 1800-8585-885 or visit www.cel.sg.
- CNA/lp
- wong chee tat :)
Newly-launched Clifford Capital says it has "decent pipeline" of projects
Newly-launched Clifford Capital says it has "decent pipeline" of projects
By Linette Lim | Posted: 22 November 2012 2350 hrs
SINGAPORE: Specialist finance firm Clifford Capital launches its operations Thursday on a firm footing.
The company, backed by a consortium of shareholders that includes Temasek Holdings, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Manulife through its unit, John Hancock Life Insurance Company and Prudential Assurance Company Singapore, said it already has a "decent pipeline" of transactions which are spread across broad geographic regions.
The firm, which provides financing to Singapore corporates in bidding for large, long-tenor projects overseas, expects to operate at a steady state within the next two to three years.
Tharman Shanmugaratnam, Singapore Deputy Prime Minister and Finance Minister, Chairman at Monetary Authority of Singapore said: "We are well placed -- the community here, of financial institutions, multilateral development institutions, government working together with Clifford Capital and professional specialists -- we are well placed as a community in Singapore to help to catalyse the development of infrastructural finance in Asia and beyond."
The company aims to have 80 percent of its portfolio comprising projects that involves Singapore-based firms.
These refer to companies listed or incorporated in Singapore with a material presence in the city state.
In turn, the Singapore government will back debt instruments issued by Clifford Capital with a guarantee.
Clive Kerner, CEO of Clifford Capital said: "The debt is guaranteed by the government of Singapore, which is in turn, triple A.
"If you compare that situation with many of the banks in the world at the moment, I'm not sure there are any banks that actually have triple A credit rating, so what that will do is give us a very low cost of funding and we think we'll be able to pass that benefit on to our clients in the form of attractive financing solutions."
Over the next decade, the Asian Development Bank estimates that there will be about US$8.3 trillion worth of infrastructure investment in Asia.
But at the same time, the cost of funding these investments is up.
Ray Ferguson, CEO of Standard Chartered Bank Singapore said: "The rules around Basel III and banks make long term financing harder for banks to provide, particularly financing beyond the sort of five-year level, because it's very difficult for us to get matching deposits.
"So Clifford can come in take the longer term tranches of some of those deals."
For a start, Clifford Capital will focus on financing the infrastructure and offshore and marine sectors with an average deal size of US$50 to US$100 million.
These are the sectors which Singapore firms have the competitive advantage.
- CNA/lp
- wong chee tat :)
By Linette Lim | Posted: 22 November 2012 2350 hrs
SINGAPORE: Specialist finance firm Clifford Capital launches its operations Thursday on a firm footing.
The company, backed by a consortium of shareholders that includes Temasek Holdings, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Manulife through its unit, John Hancock Life Insurance Company and Prudential Assurance Company Singapore, said it already has a "decent pipeline" of transactions which are spread across broad geographic regions.
The firm, which provides financing to Singapore corporates in bidding for large, long-tenor projects overseas, expects to operate at a steady state within the next two to three years.
Tharman Shanmugaratnam, Singapore Deputy Prime Minister and Finance Minister, Chairman at Monetary Authority of Singapore said: "We are well placed -- the community here, of financial institutions, multilateral development institutions, government working together with Clifford Capital and professional specialists -- we are well placed as a community in Singapore to help to catalyse the development of infrastructural finance in Asia and beyond."
The company aims to have 80 percent of its portfolio comprising projects that involves Singapore-based firms.
These refer to companies listed or incorporated in Singapore with a material presence in the city state.
In turn, the Singapore government will back debt instruments issued by Clifford Capital with a guarantee.
Clive Kerner, CEO of Clifford Capital said: "The debt is guaranteed by the government of Singapore, which is in turn, triple A.
"If you compare that situation with many of the banks in the world at the moment, I'm not sure there are any banks that actually have triple A credit rating, so what that will do is give us a very low cost of funding and we think we'll be able to pass that benefit on to our clients in the form of attractive financing solutions."
Over the next decade, the Asian Development Bank estimates that there will be about US$8.3 trillion worth of infrastructure investment in Asia.
But at the same time, the cost of funding these investments is up.
Ray Ferguson, CEO of Standard Chartered Bank Singapore said: "The rules around Basel III and banks make long term financing harder for banks to provide, particularly financing beyond the sort of five-year level, because it's very difficult for us to get matching deposits.
"So Clifford can come in take the longer term tranches of some of those deals."
For a start, Clifford Capital will focus on financing the infrastructure and offshore and marine sectors with an average deal size of US$50 to US$100 million.
These are the sectors which Singapore firms have the competitive advantage.
- CNA/lp
- wong chee tat :)
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