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 :)
Tuesday, November 27, 2012
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 :)
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