Om Mani Padme Hum
- wong chee tat :)
Saturday, August 31, 2013
Scheduled Maintenance - POSB
Scheduled Maintenance - POSB
- wong chee tat :)
| Service | Scheduled Maintenance Date | Expected Downtime | Remarks |
| iBanking | 07 Sep 2013 | 1000hrs to 2359hrs | System Maintenance
|
| 07 Sep 2013 | 2200hrs to 2359hrs | System Maintenance
| |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance
| |
| 15 Sep 2013 | 0000hrs to 0400hrs | System Maintenance
| |
| mBanking | - | - |
-
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| iB Application | 07 Sep 2013 | 2200hrs to 2359hrs | System Maintenance |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance | |
| iB - Trading Services | 07 Sep 2013 | 1000hrs to 2359hrs | System Maintenance |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance | |
| D2Pay | - | - |
-
|
| Phone Banking | - | - |
-
|
| NETS | - | - |
-
|
| Passbook Update | - | - |
-
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| Automated Teller Machine (ATM) | - | - | - |
| Cash Deposit Machine | - | - | - |
| Coin Deposit Machine | - | - | - |
| Cheque Deposit Machine | - | - | - |
| POSB Print | - | - | - |
| AXS D-Pay | - | - | - |
| Token Registration | - | - |
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| e-Commerce on 3D Secure Websites | - | - | - |
- wong chee tat :)
STI headed for biggest monthly loss in 15 months
STI headed for biggest monthly loss in 15 months
Written by Reuters
Friday, 30 August 2013 12:35
Singapore shares eased, headed for their biggest monthly drop in more than a year, led by sharp falls in Thai Beverage Pcl and Olam International.
The benchmark Straits Times Index eased 0.1% to 3,034 points, on course for a nearly 2% weekly drop in its fourth straight week in the red.
The index fell nearly 6% so far in August, faring better than peers in Indonesia , Philippines and Thailand but underperforming Malaysia.
Olam shares fell as much as 2.7% to an eight-month low of $1.42, down for the ninth session in 10, after the company reported a 48% decline in quarterly net profit on higher tax charges and challenging market conditions.
Citi maintained its 'buy’ call on Olam, and pinned the target price at $2.60, though chose Wilmar International as its top pick in the sector.
“(For Olam) we do think the assets are there, and it will take time for the assets to turn around. The reason we are positive is that when the assets get ready, it will generate a return,” Citi analyst Patrick Yau said.
ThaiBev shares fell more than 7% after soaring nearly 24% in the previous session.
- wong chee tat :)
Written by Reuters
Friday, 30 August 2013 12:35
Singapore shares eased, headed for their biggest monthly drop in more than a year, led by sharp falls in Thai Beverage Pcl and Olam International.
The benchmark Straits Times Index eased 0.1% to 3,034 points, on course for a nearly 2% weekly drop in its fourth straight week in the red.
The index fell nearly 6% so far in August, faring better than peers in Indonesia , Philippines and Thailand but underperforming Malaysia.
Olam shares fell as much as 2.7% to an eight-month low of $1.42, down for the ninth session in 10, after the company reported a 48% decline in quarterly net profit on higher tax charges and challenging market conditions.
Citi maintained its 'buy’ call on Olam, and pinned the target price at $2.60, though chose Wilmar International as its top pick in the sector.
“(For Olam) we do think the assets are there, and it will take time for the assets to turn around. The reason we are positive is that when the assets get ready, it will generate a return,” Citi analyst Patrick Yau said.
ThaiBev shares fell more than 7% after soaring nearly 24% in the previous session.
- wong chee tat :)
Friday, August 30, 2013
Wednesday, August 28, 2013
Tuesday, August 27, 2013
More housing grants introduced
More housing grants introduced
By Imelda Saad
POSTED: 27 Aug 2013 6:43 PM
The government has introduced a slew of measures aimed at making the purchase of homes here more affordable.
SINGAPORE: The government has introduced a slew of measures aimed at making the purchase of homes here more affordable.
To help middle-income families afford their first home, the Special CPF Housing Grant of up to S$20,000 will be extended to middle-income households with a combined income of up to S$6,500.
That is up from the current household income ceiling of S$2,250.
This Special CPF Housing Grant scheme will also be extended to four-room flats in non-mature estates. Previously, the grant was only for two- and three-room flats.
National Development Minister Khaw Boon Wan said the move will help middle-income households who feel stretched by the rising cost of living.
Mr Khaw said: "I think it is a major move. We are going beyond low-income to what we call the middle-income. Middle-income will be above median, so I think S$6,500 is as good a level as one can set."
Observers see the raised income ceiling for the Special Housing Grant as generous, given that the median household income of Singaporeans is S$7,570, while the median household income of applicants for four-room HDB flats in non-mature estates is S$4,100 in 2012.
Singles will also benefit from the new measures.
The current Special CPF Housing Grant income ceiling for singles buying new two-room flats will be raised to S$3,250.
Christine Li, head of research & consultancy at OrangeTee, said: "It is very clear that the government wants to ease the burden of the lower-middle and middle-income families to own their HDB flats. Raising the income ceiling of the Special CPF Housing Grant from the existing S$2,250 to S$6,500 represents a fundamental shift in policy approach that takes us a step closer to being a more inclusive society.
"The household monthly income of S$6,500 covers about half of Singaporeans (median monthly household income for 41st to 50th percentile is $6,800). As the grant covers more middle income families, more attention could be diverted from the resale market, causing demand to fall."
Mr Khaw said this is a "significant shift in policy" as the government is going beyond helping the low-income to also extend help to the middle-income to buy their first flat.
Low-income families will be given help to upgrade through a Step-Up CPF Housing Grant of S$15,000.
This will apply to families living in subsidised two-room flats who want to three-room flats in non-mature estates.
Mr Khaw said this is a significant move as it will help low-income families upgrade to a bigger flat.
"It will give them and their children more space and a more valuable asset," he said.
The two new initiatives will start from the July 2013 Build-to-Order (BTO) exercise.
This means those who applied for a new BTO flat in July but have yet to select their new flat, will also benefit.
Even as the government gives out more grants to help Singaporeans own their first home, its underlying principle is prudence. This is to ensure these new policies are sustainable for generations to come.
Mr Khaw said: "It is something that we have to be very careful to manage so long as people are realistic about expectations. That is why part of the message in today's announcement is prudence. Just as PM Lee puts it, the government will do more. In this case, we give more grants and more subsidies but individuals also have to do more, which is really buying within your means and prudence."
He added: "Do not overstretch yourself because as we make housing flats cheaper, there may be a tendency to now buy even bigger flats. Then we are chasing our own tails. Flats will always be not affordable."
To ensure financial prudence in the purchase of public-housing, the Mortgage Servicing Ratio (MSR) limit will be reduced from 35 to 30 per cent of the borrower's gross monthly income.
The maximum tenure for HDB housing loans will also be trimmed from 30 to 25 years.
In tandem, the Monetary Authority of Singapore will make similar arrangements for the tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats.
Separately, Permanent Residents (PR) who want to buy resale flats will have to wait three years after receiving their PR status. Prior to this change, they could buy a flat as soon as they received PR status.
PRs now account for some 20 per cent of the resale market.
Analysts said these measures will help to stabilise the HDB re-sale market in the long run.
Eugene Lim, key executive officer at ERA, said he expects the Cash-Over-Valuation to continue its downtrend and an overall price reduction of three to five per cent in HDB resale prices, over the next six months.
The latest initiatives signal the government's resolve in addressing concerns among Singaporeans over housing prices. The strongest commitment came from Prime Minister Lee Hsien Loong, who had said during the National Day Rally, that housing remains a means for the government to share the nation's success and to help level up poorer households.
- CNA/fa
- wong chee tat :)
By Imelda Saad
POSTED: 27 Aug 2013 6:43 PM
The government has introduced a slew of measures aimed at making the purchase of homes here more affordable.
SINGAPORE: The government has introduced a slew of measures aimed at making the purchase of homes here more affordable.
To help middle-income families afford their first home, the Special CPF Housing Grant of up to S$20,000 will be extended to middle-income households with a combined income of up to S$6,500.
That is up from the current household income ceiling of S$2,250.
This Special CPF Housing Grant scheme will also be extended to four-room flats in non-mature estates. Previously, the grant was only for two- and three-room flats.
National Development Minister Khaw Boon Wan said the move will help middle-income households who feel stretched by the rising cost of living.
Mr Khaw said: "I think it is a major move. We are going beyond low-income to what we call the middle-income. Middle-income will be above median, so I think S$6,500 is as good a level as one can set."
Observers see the raised income ceiling for the Special Housing Grant as generous, given that the median household income of Singaporeans is S$7,570, while the median household income of applicants for four-room HDB flats in non-mature estates is S$4,100 in 2012.
Singles will also benefit from the new measures.
The current Special CPF Housing Grant income ceiling for singles buying new two-room flats will be raised to S$3,250.
Christine Li, head of research & consultancy at OrangeTee, said: "It is very clear that the government wants to ease the burden of the lower-middle and middle-income families to own their HDB flats. Raising the income ceiling of the Special CPF Housing Grant from the existing S$2,250 to S$6,500 represents a fundamental shift in policy approach that takes us a step closer to being a more inclusive society.
"The household monthly income of S$6,500 covers about half of Singaporeans (median monthly household income for 41st to 50th percentile is $6,800). As the grant covers more middle income families, more attention could be diverted from the resale market, causing demand to fall."
Mr Khaw said this is a "significant shift in policy" as the government is going beyond helping the low-income to also extend help to the middle-income to buy their first flat.
Low-income families will be given help to upgrade through a Step-Up CPF Housing Grant of S$15,000.
This will apply to families living in subsidised two-room flats who want to three-room flats in non-mature estates.
Mr Khaw said this is a significant move as it will help low-income families upgrade to a bigger flat.
"It will give them and their children more space and a more valuable asset," he said.
The two new initiatives will start from the July 2013 Build-to-Order (BTO) exercise.
This means those who applied for a new BTO flat in July but have yet to select their new flat, will also benefit.
Even as the government gives out more grants to help Singaporeans own their first home, its underlying principle is prudence. This is to ensure these new policies are sustainable for generations to come.
Mr Khaw said: "It is something that we have to be very careful to manage so long as people are realistic about expectations. That is why part of the message in today's announcement is prudence. Just as PM Lee puts it, the government will do more. In this case, we give more grants and more subsidies but individuals also have to do more, which is really buying within your means and prudence."
He added: "Do not overstretch yourself because as we make housing flats cheaper, there may be a tendency to now buy even bigger flats. Then we are chasing our own tails. Flats will always be not affordable."
To ensure financial prudence in the purchase of public-housing, the Mortgage Servicing Ratio (MSR) limit will be reduced from 35 to 30 per cent of the borrower's gross monthly income.
The maximum tenure for HDB housing loans will also be trimmed from 30 to 25 years.
In tandem, the Monetary Authority of Singapore will make similar arrangements for the tenure of new housing loans and re-financing facilities granted by financial institutions for the purchase of HDB flats.
Separately, Permanent Residents (PR) who want to buy resale flats will have to wait three years after receiving their PR status. Prior to this change, they could buy a flat as soon as they received PR status.
PRs now account for some 20 per cent of the resale market.
Analysts said these measures will help to stabilise the HDB re-sale market in the long run.
Eugene Lim, key executive officer at ERA, said he expects the Cash-Over-Valuation to continue its downtrend and an overall price reduction of three to five per cent in HDB resale prices, over the next six months.
The latest initiatives signal the government's resolve in addressing concerns among Singaporeans over housing prices. The strongest commitment came from Prime Minister Lee Hsien Loong, who had said during the National Day Rally, that housing remains a means for the government to share the nation's success and to help level up poorer households.
- CNA/fa
- wong chee tat :)
More HDB resale flats being sold with zero COV
More HDB resale flats being sold with zero COV
By Olivia Siong
POSTED: 26 Aug 2013 9:54 PM
More people are selling their HDB flats in the resale market without a cash premium. The Singapore Real Estate Exchange said transactions involving zero Cash-Over-Valuation have more than tripled.
SINGAPORE: More people are selling their Housing and Development Board (HDB) flats in the resale market without a cash premium.
The Singapore Real Estate Exchange (SRX) said transactions involving zero Cash-Over-Valuation (COV) have more than tripled, from 14 in January to 49 in July.
The overall median COV dipped to a low of S$20,000 in July, the lowest since 2011.
SRX now said it is seeing more people selling their flats even below that level - without any cash premium.
Zero-COV transactions made up 1 per cent of all HDB resale transactions in January.
This went up to 3.9 per cent in July, and 5.7 per cent in August so far.
There have been 32 zero-COV transactions recorded by SRX in August so far.
On a yearly basis, zero-COV transactions made up 1.7 per cent of all HDB resale transactions in 2011, compared to 1.9 per cent in 2012.
From January till now, zero-COV transactions made up 2.1 per cent of all HDB transactions.
Christine Li, head of research and consultancy at OrangeTee, said: "Previously, I think it took about four to six weeks to close the deal. But now, it is taking longer. Some can be as long as four months.
"A lot of sellers are still asking for high COVs, but the buyer pool is shrinking because of the January cooling measures as well as the ramp up in BTO (Build-to-Order) supply.
"The seller actually has to compete with the BTOs to offer buyers the same kind of deals they can look for in the market."
According to SRX data, from the beginning of the year till July, 164 zero-COV transactions were recorded
The top five towns that have seen the most zero-COV transactions are Jurong West, Hougang, Woodlands, Punggol and Sengkang.
These are places where new BTO projects were launched by the HDB in the past year.
Property analysts have said that even though HDB resale flats are being sold with zero cash premium at valuation level, property sellers are still likely to make a profit from their transaction.
Nicholas Mak, executive director for research and consultancy at SLP International Property Consultants, said: "If they were to have bought their flats brand new from the government, they would have bought it at a price that is below the current market price. Or even if they were to buy it as resale flats five years ago, during the financial crisis, chances are they would have bought it at a price that is cheaper than today."
With more residential units being completed this year, analysts said more sellers can be expected in the HDB resale market.
So more zero-COV transactions can be expected, and even some negative-COV transactions as well.
- CNA/ms
- wong chee tat :)
By Olivia Siong
POSTED: 26 Aug 2013 9:54 PM
More people are selling their HDB flats in the resale market without a cash premium. The Singapore Real Estate Exchange said transactions involving zero Cash-Over-Valuation have more than tripled.
SINGAPORE: More people are selling their Housing and Development Board (HDB) flats in the resale market without a cash premium.
The Singapore Real Estate Exchange (SRX) said transactions involving zero Cash-Over-Valuation (COV) have more than tripled, from 14 in January to 49 in July.
The overall median COV dipped to a low of S$20,000 in July, the lowest since 2011.
SRX now said it is seeing more people selling their flats even below that level - without any cash premium.
Zero-COV transactions made up 1 per cent of all HDB resale transactions in January.
This went up to 3.9 per cent in July, and 5.7 per cent in August so far.
There have been 32 zero-COV transactions recorded by SRX in August so far.
On a yearly basis, zero-COV transactions made up 1.7 per cent of all HDB resale transactions in 2011, compared to 1.9 per cent in 2012.
From January till now, zero-COV transactions made up 2.1 per cent of all HDB transactions.
Christine Li, head of research and consultancy at OrangeTee, said: "Previously, I think it took about four to six weeks to close the deal. But now, it is taking longer. Some can be as long as four months.
"A lot of sellers are still asking for high COVs, but the buyer pool is shrinking because of the January cooling measures as well as the ramp up in BTO (Build-to-Order) supply.
"The seller actually has to compete with the BTOs to offer buyers the same kind of deals they can look for in the market."
According to SRX data, from the beginning of the year till July, 164 zero-COV transactions were recorded
The top five towns that have seen the most zero-COV transactions are Jurong West, Hougang, Woodlands, Punggol and Sengkang.
These are places where new BTO projects were launched by the HDB in the past year.
Property analysts have said that even though HDB resale flats are being sold with zero cash premium at valuation level, property sellers are still likely to make a profit from their transaction.
Nicholas Mak, executive director for research and consultancy at SLP International Property Consultants, said: "If they were to have bought their flats brand new from the government, they would have bought it at a price that is below the current market price. Or even if they were to buy it as resale flats five years ago, during the financial crisis, chances are they would have bought it at a price that is cheaper than today."
With more residential units being completed this year, analysts said more sellers can be expected in the HDB resale market.
So more zero-COV transactions can be expected, and even some negative-COV transactions as well.
- CNA/ms
- wong chee tat :)
New 3Gen flats for multi-generation families
New 3Gen flats for multi-generation families
POSTED: 27 Aug 2013 6:28 PM
The government will pilot a new type of Three-Generation (3Gen) flats to cater to multi-generation families living under one roof.
SINGAPORE: The government will pilot a new type of Three-Generation (3Gen) flats to cater to multi-generation families living under one roof.
The flats will feature four bedrooms and three bathrooms, with an internal floor area of about 115 square metres.
To be eligible for 3Gen flats, applicants must form a multi-generation family comprising a married or courting couple and their parents.
To prevent abuse of the scheme, subletting of rooms will not be allowed during the five-year minimum occupation period.
After fulfilling the minimum occupation period, the flats can only be resold in the open market to other eligible multi-generation families.
The first project of about 80 units of 3Gen flats will be launched in Yishun in the upcoming September BTO exercise.
Concurrently, the Multi-Generation Priority Scheme will be enhanced.
Parents can now apply for 3-room flats under this scheme.
- CNA/al
- wong chee tat :)
POSTED: 27 Aug 2013 6:28 PM
The government will pilot a new type of Three-Generation (3Gen) flats to cater to multi-generation families living under one roof.
SINGAPORE: The government will pilot a new type of Three-Generation (3Gen) flats to cater to multi-generation families living under one roof.
The flats will feature four bedrooms and three bathrooms, with an internal floor area of about 115 square metres.
To be eligible for 3Gen flats, applicants must form a multi-generation family comprising a married or courting couple and their parents.
To prevent abuse of the scheme, subletting of rooms will not be allowed during the five-year minimum occupation period.
After fulfilling the minimum occupation period, the flats can only be resold in the open market to other eligible multi-generation families.
The first project of about 80 units of 3Gen flats will be launched in Yishun in the upcoming September BTO exercise.
Concurrently, the Multi-Generation Priority Scheme will be enhanced.
Parents can now apply for 3-room flats under this scheme.
- CNA/al
- wong chee tat :)
F&N plans to list property arm Frasers Centrepoint
F&N plans to list property arm Frasers Centrepoint
POSTED: 27 Aug 2013 6:06 PM
Announcing plans to list its property arm Frasers Centrepoint (FCL) by the end of this year, Frasers and Neave said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
SINGAPORE: Singapore-based food and beverage conglomerate Fraser and Neave (F&N) has announced plans to list its property arm Frasers Centrepoint (FCL) by the end of this year.
In a media statement, the conglomerate said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
F&N and FCL will be traded separately, with the listing expected in November or December this year.
The listing is "by way of introduction (so) there is no capital raised," Frasers Centrepoint chief financial officer Chia Khong Shoong told reporters.
After the completion of the proposed transaction, F&N will no longer have any interest in FCL. The conglomerate will be left with its food and beverage, and printing and publishing businesses.
F&N said: "It provides sharper focus on the growth of the food and beverage and properties businesses as independently-listed entities, and paves the way for further growth in both sectors."
F&N's move to spin off its property arm followed the S$13.8 billion (US$10.7 billion) takeover of the 130-year-old company by Thai billionaire Charoen Sirivadhanabhakdi earlier this year.
Charoen's company, TCC Assets, which holds around 62 percent of F&N, said it will vote for the proposal.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September last year.
The proposed transaction is subject to approval by F&N shareholders at an extraordinary general meeting in November, followed by the listing.
- CNA/AFP/al
- wong chee tat :)
POSTED: 27 Aug 2013 6:06 PM
Announcing plans to list its property arm Frasers Centrepoint (FCL) by the end of this year, Frasers and Neave said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
SINGAPORE: Singapore-based food and beverage conglomerate Fraser and Neave (F&N) has announced plans to list its property arm Frasers Centrepoint (FCL) by the end of this year.
In a media statement, the conglomerate said it will be distributing two FCL shares for every F&N share held by its shareholders for free, subject to relevant approvals.
F&N and FCL will be traded separately, with the listing expected in November or December this year.
The listing is "by way of introduction (so) there is no capital raised," Frasers Centrepoint chief financial officer Chia Khong Shoong told reporters.
After the completion of the proposed transaction, F&N will no longer have any interest in FCL. The conglomerate will be left with its food and beverage, and printing and publishing businesses.
F&N said: "It provides sharper focus on the growth of the food and beverage and properties businesses as independently-listed entities, and paves the way for further growth in both sectors."
F&N's move to spin off its property arm followed the S$13.8 billion (US$10.7 billion) takeover of the 130-year-old company by Thai billionaire Charoen Sirivadhanabhakdi earlier this year.
Charoen's company, TCC Assets, which holds around 62 percent of F&N, said it will vote for the proposal.
F&N became a takeover target after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September last year.
The proposed transaction is subject to approval by F&N shareholders at an extraordinary general meeting in November, followed by the listing.
- CNA/AFP/al
- wong chee tat :)
New measures to cool HDB resale market
New measures to cool HDB resale market
By Sumita Sreedharan
POSTED: 27 Aug 2013 5:48 PM
With immediate effect, the Housing and Development Board has shortened its maximum loan tenure to 25 years and the mortgage servicing ratio limit has also been cut to 30 per cent of the borrower's gross monthly salary.
SINGAPORE - With immediate effect, the Housing and Development Board (HDB) has shortened its maximum loan tenure to 25 years and the mortgage servicing ratio (MSR) limit has also been cut to 30 per cent of the borrower's gross monthly salary.
Previously, the maximum HDB loan tenure was at 30 years and the MSR limit was at 35 per cent of the borrower's gross monthly salary.
From August 28, financial institutions will in tandem reduce the maximum tenure of new housing loans and re-financing facilities from 35 years to 30 years.
With immediate effect as well, Permanent Residents (PR) who want to buy resale flats will have to wait three years after receiving their PR status. Prior to this change, they could buy a flat as soon as they received PR status.
Announcing these changes on Tuesday, the HDB also provided more details of the extension of the Special CPF Housing Grant (SHG) and the new Step-Up CPF Housing Grant, which Prime Minister Lee Hsien Loong first announced during the National Day Rally.
The income ceiling for SHG will be raised significantly, from S$2,250 a month to S$6,500 a month for families and S$3,250 for singles. Mr Lee previously announced that the SHG would be extended to middle-income households and could be used for buying new four-room flats.
Under the new Step-Up Housing Grant, families who want to upgrade from a two-room to a three-room flat can get a housing grant of S$15,000.
The changes to the housing grants will apply from the July 2013 Built-To-Order (BTO) exercise.
From next month, parents who want to live near their children will also be offered more alternatives.
Parents will be allowed to apply for three-room flats, under the multi-generation priority scheme (MGPS). Currently, the scheme allows parents to jointly apply, with their married child, for either a studio apartment or two-room flat, together with another flat in the same project. This will come into effect in next month's BTO exercise.
To further cater to multi-generation families who wish to live under the same roof, the HDB will pilot a new type of flat.
The new Three-Generation flats - 80 of which will be available for sale in Yishun in the BTO exercise next month - will have four bedrooms and three bathrooms, with an internal floor area of about 115 square metres. Subletting of rooms in these new flats will not be allowed for the Minimum Occupation Period to ensure it serves its purpose.
-TODAY/ir
- wong chee tat :)
By Sumita Sreedharan
POSTED: 27 Aug 2013 5:48 PM
With immediate effect, the Housing and Development Board has shortened its maximum loan tenure to 25 years and the mortgage servicing ratio limit has also been cut to 30 per cent of the borrower's gross monthly salary.
SINGAPORE - With immediate effect, the Housing and Development Board (HDB) has shortened its maximum loan tenure to 25 years and the mortgage servicing ratio (MSR) limit has also been cut to 30 per cent of the borrower's gross monthly salary.
Previously, the maximum HDB loan tenure was at 30 years and the MSR limit was at 35 per cent of the borrower's gross monthly salary.
From August 28, financial institutions will in tandem reduce the maximum tenure of new housing loans and re-financing facilities from 35 years to 30 years.
With immediate effect as well, Permanent Residents (PR) who want to buy resale flats will have to wait three years after receiving their PR status. Prior to this change, they could buy a flat as soon as they received PR status.
Announcing these changes on Tuesday, the HDB also provided more details of the extension of the Special CPF Housing Grant (SHG) and the new Step-Up CPF Housing Grant, which Prime Minister Lee Hsien Loong first announced during the National Day Rally.
The income ceiling for SHG will be raised significantly, from S$2,250 a month to S$6,500 a month for families and S$3,250 for singles. Mr Lee previously announced that the SHG would be extended to middle-income households and could be used for buying new four-room flats.
Under the new Step-Up Housing Grant, families who want to upgrade from a two-room to a three-room flat can get a housing grant of S$15,000.
The changes to the housing grants will apply from the July 2013 Built-To-Order (BTO) exercise.
From next month, parents who want to live near their children will also be offered more alternatives.
Parents will be allowed to apply for three-room flats, under the multi-generation priority scheme (MGPS). Currently, the scheme allows parents to jointly apply, with their married child, for either a studio apartment or two-room flat, together with another flat in the same project. This will come into effect in next month's BTO exercise.
To further cater to multi-generation families who wish to live under the same roof, the HDB will pilot a new type of flat.
The new Three-Generation flats - 80 of which will be available for sale in Yishun in the BTO exercise next month - will have four bedrooms and three bathrooms, with an internal floor area of about 115 square metres. Subletting of rooms in these new flats will not be allowed for the Minimum Occupation Period to ensure it serves its purpose.
-TODAY/ir
- wong chee tat :)
5 commercial pre-schools apply to be anchor operators
5 commercial pre-schools apply to be anchor operators
By Chng Kheng Leng and Ayesha Shaikh
POSTED: 27 Aug 2013 9:26 PM
Modern Montessori International has filed a joint application with Carpe Diem to be anchor operators while Ethan House, Metropolitan YMCA and Knowledge Universe are each applying on their own.
SINGAPORE: Five commercial operators that run pre-schools have applied to be anchor operators.
The deadline for applications closed on Tuesday.
Modern Montessori International has filed a joint application with Carpe Diem while Ethan House, Metropolitan YMCA and Knowledge Universe are each applying on their own.
Acquiring anchor operator status means the centres will be eligible for government subsidies and get first priority in the allocation of sites in HDB flats.
However, there are stringent criteria to become an anchor operator. These include running at least 10 centres or having an enrolment of 1,000 children, providing a financial guarantee of six months of operating costs or S$10 million (whichever is lower), and having a governing body with independent members.
Modern Montessori and Carpe Diem are joining resources to ensure that they meet the financial requirements.
Dr T Chandroo, chairman and CEO of Modern Montessori International, said: "We have the strength in terms of delivery standards and Carpe Diem has been very, very popular especially in their fees structure and most of their centres are within the heartland. I think they bring with them solid background."
- CNA/fa
- wong chee tat :)
By Chng Kheng Leng and Ayesha Shaikh
POSTED: 27 Aug 2013 9:26 PM
Modern Montessori International has filed a joint application with Carpe Diem to be anchor operators while Ethan House, Metropolitan YMCA and Knowledge Universe are each applying on their own.
SINGAPORE: Five commercial operators that run pre-schools have applied to be anchor operators.
The deadline for applications closed on Tuesday.
Modern Montessori International has filed a joint application with Carpe Diem while Ethan House, Metropolitan YMCA and Knowledge Universe are each applying on their own.
Acquiring anchor operator status means the centres will be eligible for government subsidies and get first priority in the allocation of sites in HDB flats.
However, there are stringent criteria to become an anchor operator. These include running at least 10 centres or having an enrolment of 1,000 children, providing a financial guarantee of six months of operating costs or S$10 million (whichever is lower), and having a governing body with independent members.
Modern Montessori and Carpe Diem are joining resources to ensure that they meet the financial requirements.
Dr T Chandroo, chairman and CEO of Modern Montessori International, said: "We have the strength in terms of delivery standards and Carpe Diem has been very, very popular especially in their fees structure and most of their centres are within the heartland. I think they bring with them solid background."
- CNA/fa
- wong chee tat :)
Bonds
Bonds
- wong chee tat :)
Announcement Date
|
Auction Date
|
Issuance Date
|
Tenor
|
New/Re-Opening
|
Issue Code/ ISIN Code
|
Maturity Date
|
Tue, 22 Jan 2013
|
Tue, 29 Jan 2013
|
Fri, 01 Feb 2013
|
2-yr
|
New Issue
|
N213100S/
SG3258987662 |
01 Feb 2015
|
Tue, 19 Feb 2013
|
Tue, 26 Feb 2013
|
Fri, 01 Mar 2013
|
30-yr
|
Reopen
|
NA12100N/
SG3254976487 |
01 Apr 2042
|
Tue, 19 Mar 2013
|
Tue, 26 Mar 2013
|
Mon, 01 Apr 2013
|
5-yr
|
New Issue
|
N513100T/
SG3259987679 |
01 Apr 2018
|
Tue, 21 May 2013
|
Wed, 29 May 2013
|
Mon, 03 Jun 2013
|
7-yr
|
Reopen**
|
NX11100X/
SG7Y76964295 |
01 Jun 2021
|
Wed, 19 Jun 2013
|
Wed, 26 Jun 2013
|
Mon, 01 Jul 2013
|
10-yr
|
New Issue
|
NX13100H/
SG3260987684 |
01 Jul 2023
|
Wed, 21 Aug 2013
|
Wed, 28 Aug 2013
|
Mon, 02 Sep 2013
|
20-yr
|
New Issue
|
NZ13100V/
SG3261987691 |
01 Sep 2033
|
Thu, 19 Sep 2013
|
Thu, 26 Sep 2013
|
Tue, 01 Oct 2013
|
2-yr
|
Reopen
|
N511100W/
SG7Y75964288 |
01 Apr 2016
|
- wong chee tat :)
Monday, August 26, 2013
Sunday, August 25, 2013
Scheduled Maintenance - POSB
Scheduled Maintenance - POSB
-wong chee tat :)
| Service | Scheduled Maintenance Date | Expected Downtime | Remarks |
| iBanking | 25 Aug 2013 | 0100hrs to 0635hrs | System Maintenance
|
| 25 Aug 2013 | 0100hrs to 0105hrs | System Maintenance
| |
| 25 Aug 2013 | 0620hrs to 0625hrs | System Maintenance
| |
| 07 Sep 2013 | 1000hrs to 2359hrs | System Maintenance
| |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance
| |
| mBanking | - | - | - |
| iB Application | - | - | - |
| iB - Trading Services | 07 Sep 2013 | 1000hrs to 2359hrs | System Maintenance |
| 08 Sep 2013 | 0000hrs to 1200hrs | System Maintenance | |
| D2Pay | - | - | - |
| Phone Banking | - | - | - |
| NETS | - | - | - |
| Passbook Update | - | - | - |
| Automated Teller Machine (ATM) | - | - | - |
| Cash Deposit Machine | - | - | - |
| Coin Deposit Machine | - | - | - |
| Cheque Deposit Machine | - | - | - |
| POSB Print | - | - | - |
| AXS D-Pay | - | - | - |
| Token Registration | - | - | - |
| e-Commerce on 3D Secure Websites | - | - | - |
-wong chee tat :)
Saturday, August 24, 2013
Friday, August 23, 2013
Sabana REIT to buy AMD’s Chai Chee Lane property for $68.2 mil in sale-and-leaseback deal
Sabana REIT to buy AMD’s Chai Chee Lane property for $68.2 mil in sale-and-leaseback deal
Written by The Edge
Friday, 23 August 2013 14:59
The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) said it plans to buy a property located at 508 Chai Chee Lane, Singapore 469032 from Advanced Micro Devices (Singapore) Pte Ltd for $68.2 million.
The property is a seven‐storey light industrial building with two basement storeys, located at Chai Chee Lane, off Bedok North Road and Bedok North Avenue 1. Completed on 2 December 2002 with a built‐up gross floor area of about 327,574.70 square feet, the property is a JTC leasehold estate of 30 + 29 years tenure commencing from 16 April 2001. Land area of the site is around 113,689.50 square feet, with a remaining tenure of 46.5 years.
The price comprises $59.5 million for the property as well as $7.7 million upfront land premium payable to JTC for the balance of the first term (about 17.5 years) on JTC's approval and other costs.
If the acquisition follows through, both parties will enter into a lease agreement in which Advanced Micro Devices will lease back at least 50% of the total rentable area of the property.
- wong chee tat :)
Written by The Edge
Friday, 23 August 2013 14:59
The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) said it plans to buy a property located at 508 Chai Chee Lane, Singapore 469032 from Advanced Micro Devices (Singapore) Pte Ltd for $68.2 million.
The property is a seven‐storey light industrial building with two basement storeys, located at Chai Chee Lane, off Bedok North Road and Bedok North Avenue 1. Completed on 2 December 2002 with a built‐up gross floor area of about 327,574.70 square feet, the property is a JTC leasehold estate of 30 + 29 years tenure commencing from 16 April 2001. Land area of the site is around 113,689.50 square feet, with a remaining tenure of 46.5 years.
The price comprises $59.5 million for the property as well as $7.7 million upfront land premium payable to JTC for the balance of the first term (about 17.5 years) on JTC's approval and other costs.
If the acquisition follows through, both parties will enter into a lease agreement in which Advanced Micro Devices will lease back at least 50% of the total rentable area of the property.
- wong chee tat :)
Spot Rate
Definition of 'Spot Rate'
The price that is quoted for immediate settlement on a commodity, a security or a currency . Spot settlement is normally one or two business days from trade date.
- wong chee tat :)
The price that is quoted for immediate settlement on a commodity, a security or a currency . Spot settlement is normally one or two business days from trade date.
- wong chee tat :)
Thursday, August 22, 2013
Wednesday, August 21, 2013
Tuesday, August 20, 2013
75% of S'pore home buyers delaying property purchases
75% of S'pore home buyers delaying property purchases
POSTED: 20 Aug 2013 5:49 PM
74 per cent of Singapore home buyers are delaying their property purchases, and 59 per cent of the respondents surveyed are confident prices will not decline.
SINGAPORE: 74 per cent of Singapore home buyers are delaying their property purchases, and 59 per cent of the respondents surveyed are confident prices will not decline.
According to a recent survey conducted by property website iProperty Group, 60 per cent of the Singapore respondents have called for additional cooling measures. This compares to 27 per cent who do not want further cooling measures.
The portal said 68 per cent of respondents surveyed prefer new launches, compared to 22 per cent opting for resale units.
51 per cent of buyers are purchasing homes for long-term investment, up from the previous survey's 30 per cent .
Condominiums remain a popular option, with 68 per cent interested in private condominiums, 35 per cent in HDB flats and 16 per cent in terrace houses.
Meanwhile,.iProperty said the survey of 2,825 Singapore respondents revealed that most owners remain confident about value protection and are generally not expecting declines.
More Singapore home buyers are also considering overseas property investment, increasing from 38 per cent in 2012 to 40 per cent in the recent survey. Iskandar Malaysia is the most commonly cited overseas option, with 59 per cent of home buyers having considered the option.
Separately, the survey found that consumers in Malaysia, Indonesia, Hong Kong, and Singapore continue to view affordability of homes as a major concern, despite the cooling measures introduced by the various governments in Asia.
The regional survey attracted close to 30,000 respondents, with the majority between 26 and 50 years old.
- CNA/ac
- wong chee tat :)
POSTED: 20 Aug 2013 5:49 PM
74 per cent of Singapore home buyers are delaying their property purchases, and 59 per cent of the respondents surveyed are confident prices will not decline.
SINGAPORE: 74 per cent of Singapore home buyers are delaying their property purchases, and 59 per cent of the respondents surveyed are confident prices will not decline.
According to a recent survey conducted by property website iProperty Group, 60 per cent of the Singapore respondents have called for additional cooling measures. This compares to 27 per cent who do not want further cooling measures.
The portal said 68 per cent of respondents surveyed prefer new launches, compared to 22 per cent opting for resale units.
51 per cent of buyers are purchasing homes for long-term investment, up from the previous survey's 30 per cent .
Condominiums remain a popular option, with 68 per cent interested in private condominiums, 35 per cent in HDB flats and 16 per cent in terrace houses.
Meanwhile,.iProperty said the survey of 2,825 Singapore respondents revealed that most owners remain confident about value protection and are generally not expecting declines.
More Singapore home buyers are also considering overseas property investment, increasing from 38 per cent in 2012 to 40 per cent in the recent survey. Iskandar Malaysia is the most commonly cited overseas option, with 59 per cent of home buyers having considered the option.
Separately, the survey found that consumers in Malaysia, Indonesia, Hong Kong, and Singapore continue to view affordability of homes as a major concern, despite the cooling measures introduced by the various governments in Asia.
The regional survey attracted close to 30,000 respondents, with the majority between 26 and 50 years old.
- CNA/ac
- wong chee tat :)
IRAS warns of scam email
IRAS warns of scam email
POSTED: 20 Aug 2013 5:41 PM
The IRAS has warned of a scam email with the subject title "IRAS Reward".
SINGAPORE: The IRAS has warned of a scam email with the subject title "IRAS Reward".
The scam email asks recipients to click on an attached link to fill in a form on a website to claim cash rewards, says the Inland Revenue Authority of Singapore (IRAS).
Members of the public should not respond to the email, click on its hyperlink or provide their particulars. The email and the website are scams, says IRAS.
The IRAS has made a police report and is investigating the matter.
Anyone who has received a suspicious email, letter, SMS or phone call purportedly from IRAS should immediately contact IRAS at iras@iras.gov.sg or call 1800 356 8225 to verify the authenticity of such a request.
- CNA/ir
- wong chee tat :)
POSTED: 20 Aug 2013 5:41 PM
The IRAS has warned of a scam email with the subject title "IRAS Reward".
SINGAPORE: The IRAS has warned of a scam email with the subject title "IRAS Reward".
The scam email asks recipients to click on an attached link to fill in a form on a website to claim cash rewards, says the Inland Revenue Authority of Singapore (IRAS).
Members of the public should not respond to the email, click on its hyperlink or provide their particulars. The email and the website are scams, says IRAS.
The IRAS has made a police report and is investigating the matter.
Anyone who has received a suspicious email, letter, SMS or phone call purportedly from IRAS should immediately contact IRAS at iras@iras.gov.sg or call 1800 356 8225 to verify the authenticity of such a request.
- CNA/ir
- wong chee tat :)
Bank of East Asia boards express investment train to China
Bank of East Asia boards express investment train to China
[HONG KONG] Bank of East Asia, a commercial lender in Hong Kong, has been approved to invest in China's bond and stock markets in yuan as the world's second-largest economy steps up financial market liberalisation.
Participation from banks in China's Renminbi Qualified Foreign Institutional Investor (RQFII) will break the monopoly of local brokerage firms and fund houses, bringing in more competition as banks have large yuan deposits for investment.
Bank of East Asia (BEA), incorporated in Hong Kong in 1918 and with a market capitalisation of less than US$10 billion, will be allowed to invest in China's fixed income and A-share markets with yuan funds from the offshore market via the scheme.
Francis Ng, general manager and head of treasury markets division of the BEA, told Reuters it will use its own RMB funds to invest in the onshore market under RQFII.
- wong chee tat :)
[HONG KONG] Bank of East Asia, a commercial lender in Hong Kong, has been approved to invest in China's bond and stock markets in yuan as the world's second-largest economy steps up financial market liberalisation.
Participation from banks in China's Renminbi Qualified Foreign Institutional Investor (RQFII) will break the monopoly of local brokerage firms and fund houses, bringing in more competition as banks have large yuan deposits for investment.
Bank of East Asia (BEA), incorporated in Hong Kong in 1918 and with a market capitalisation of less than US$10 billion, will be allowed to invest in China's fixed income and A-share markets with yuan funds from the offshore market via the scheme.
Francis Ng, general manager and head of treasury markets division of the BEA, told Reuters it will use its own RMB funds to invest in the onshore market under RQFII.
- wong chee tat :)
Monday, August 19, 2013
Sunday, August 18, 2013
Rich World’s Biggest Jobs Growth Nears End in Singapore
Rich World’s Biggest Jobs Growth Nears End in Singapore
By Sharon Chen - Aug 16, 2013 4:55 PM GMT+0800
Tony Cousens spent more than S$100,000 ($79,000) to find waiters and housekeepers for the Ramada and Days Hotels in Singapore. Months after the two establishments opened, he is still about 100 people short.
Cousens’s plight underscores the new reality for an economy that probably delivered the biggest employment surge among 33 advanced economies in the decade to 2014, according to data compiled by Bloomberg. Singapore’s annual jobs growth may halve in the coming years from a 2007 peak as the island widens a clampdown on foreign workers, Bank of America Corp. estimates.
“This tightening of the foreign-labor market won’t go away,” said Cousens, general manager of the two hotels in the city that charge as much as S$320 a night. Jobs take longer to fill, “especially if you’re very demanding on the culture and the behavior of the individuals and specifying Singaporeans,” he said.
The shortage is set to worsen as Prime Minister Lee Hsien Loong pursues a four-year campaign to reduce the reliance on foreign workers, whose growing presence pushed up home prices and spurred a voter backlash. The government may tighten rules on hiring non-Singaporean medium-skilled workers after previous measures restricted cheap overseas labor, according to DBS Group Holdings Ltd. (DBS), Mizuho Bank Ltd. and Bank of America.
Foreigner Influx
An estimated 58.4 percent of Singapore’s population will be employed in 2014 compared with 49.5 percent in 2004, the largest increase among the 33 markets, according to an analysis by Bloomberg Rankings. The study divided the number of working people in each country by its population, based on data from the International Monetary Fund.
“The jump in employment stems from the fact that the government essentially opened the floodgates and welcomed foreign talent with open arms,” said Michael Wan, a Singapore-based economist at Credit Suisse Group AG. “I expect employment to start to slow over the next few years” as the most onerous tightening measures take effect in 2014 and 2015, he said.
Singapore will probably add about 100,000 jobs annually in the coming years, down from a record 234,900 in 2007, said Chua Hak Bin, a Singapore-based economist at Bank of America. Government statistics show a 10.1 percentage-point increase in the employment ratio for its total population from 2004 to 2012, compared with a 8.98 percentage-point gain from 2004 to 2014, based on IMF projections.
The Manpower Ministry said employment climbed in the past decade because of the city’s efforts to build a conducive environment for both global and local companies, which created job opportunities.
Worker Upgrades
“We recognize that our employment rates will not increase indefinitely,” the ministry said in an e-mailed response to queries. “Like many developed economies, our population is aging, which means that our local workforce will grow more slowly.” The ministry said it will upgrade workers and keep unemployment low.
Malta was ranked No. 2 with an estimated 5.58 percentage-point increase in the employment ratio in the 10 years to 2014, followed by Taiwan’s 5.24 percentage-point gain, the data compiled by Bloomberg showed.
The growth in Singapore’s workforce will slow to 1 percent to 2 percent a year through 2020, from an average 3.3 percent in the past three decades, the government said in January.
Lee is trying to steer the economy through an aging population and the declining foreign-labor supply by prodding companies to produce more with less manpower and hire older Singaporeans, as well as increasing the birth rate. The need to address those challenges while balancing demands for affordable housing, better public transportation and assistance with living costs have often featured in his speeches.
National Speech
Lee is due to make his annual televised National Day Rally speech to the nation on Aug. 18.
Singapore’s exports fell the least in six months in July, declining 0.7 percent from a year earlier, a report showed today. Elsewhere in Asia, Sri Lanka held interest rates. Taiwan’s economy grew a revised 2.49 percent last quarter from a year earlier, exceeding economists’ estimates, and Hong Kong’s expanded 3.3 percent.
The European Union’s statistics office will probably say euro-area inflation in July was in line with an initial estimate of 1.6 percent, while the U.S. may report housing starts climbed in July to an annualized rate of 900,000, Bloomberg surveys showed.
Higher Levies
Under the latest labor-market tightening measures announced in February, companies must pay higher levies for lower-skilled foreign employees over the next two years and cut the proportion of overseas workers in some industries.
“Choking the supply of all these low-wage foreign workers is creating difficulties for many companies, corporates and also, it is inflationary,” said Irvin Seah, an economist at DBS. “They have already been shifting the focus of the tightening towards the mid-skilled foreign workers,” he said, adding it will remain the direction in coming years.
The city’s unemployment fell to a five-year low in the last quarter of 2012 as companies hired more local workers.
Further tightening will lead to an “incremental increase in time to fill mid-level positions, and likely increased pressure on wages,” said Bhavya Sehgal, Asia-Pacific head of research at Frontier Strategy Group. “Many multinationals still import ‘ready-made’ mid-level professional talent rather than investing to close skill gaps in local talent.”
Talent Pipeline
Responding to feedback from Singaporeans that some companies are choosing to give jobs to foreigners over locals, Deputy Prime Minister Tharman Shanmugaratnam and Acting Minister of Manpower Tan Chuan-Jin met with senior management in a number of financial institutions to emphasize that they should make a concerted effort to develop a local talent pipeline, Tan said in Parliament in March.
“In terms of addressing some of the frustrations and fears, I think it’s really the mid- and upper-mid” skilled jobs the government will target with restrictions, said Vishnu Varathan, an economist at Mizuho in Singapore. “The tightening in the low-wage and lower-skilled sector, part of it stems from their productivity drive rather than the fact that Singaporeans are hankering for such jobs.”
That shift may be an obstacle for David Soon, head of a Taipei-based industrial computer manufacturer’s Singapore office, who hired foreigners this month for two sales positions he had advertised in May, offering a monthly pay of S$2,600 to S$2,800.
“For every one local application, we have 50-plus foreigners that are applying,” Soon said. “The local graduates really feel that if they have a choice they would work for big multinational companies like Hewlett-Packard (HPQ), IBM -- as for the rest, they probably would not even want to bother.”
To contact the reporter on this story: Sharon Chen in Singapore at schen462@bloomberg.net
To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net
- wong chee tat :)
By Sharon Chen - Aug 16, 2013 4:55 PM GMT+0800
Tony Cousens spent more than S$100,000 ($79,000) to find waiters and housekeepers for the Ramada and Days Hotels in Singapore. Months after the two establishments opened, he is still about 100 people short.
Cousens’s plight underscores the new reality for an economy that probably delivered the biggest employment surge among 33 advanced economies in the decade to 2014, according to data compiled by Bloomberg. Singapore’s annual jobs growth may halve in the coming years from a 2007 peak as the island widens a clampdown on foreign workers, Bank of America Corp. estimates.
“This tightening of the foreign-labor market won’t go away,” said Cousens, general manager of the two hotels in the city that charge as much as S$320 a night. Jobs take longer to fill, “especially if you’re very demanding on the culture and the behavior of the individuals and specifying Singaporeans,” he said.
The shortage is set to worsen as Prime Minister Lee Hsien Loong pursues a four-year campaign to reduce the reliance on foreign workers, whose growing presence pushed up home prices and spurred a voter backlash. The government may tighten rules on hiring non-Singaporean medium-skilled workers after previous measures restricted cheap overseas labor, according to DBS Group Holdings Ltd. (DBS), Mizuho Bank Ltd. and Bank of America.
Foreigner Influx
An estimated 58.4 percent of Singapore’s population will be employed in 2014 compared with 49.5 percent in 2004, the largest increase among the 33 markets, according to an analysis by Bloomberg Rankings. The study divided the number of working people in each country by its population, based on data from the International Monetary Fund.
“The jump in employment stems from the fact that the government essentially opened the floodgates and welcomed foreign talent with open arms,” said Michael Wan, a Singapore-based economist at Credit Suisse Group AG. “I expect employment to start to slow over the next few years” as the most onerous tightening measures take effect in 2014 and 2015, he said.
Singapore will probably add about 100,000 jobs annually in the coming years, down from a record 234,900 in 2007, said Chua Hak Bin, a Singapore-based economist at Bank of America. Government statistics show a 10.1 percentage-point increase in the employment ratio for its total population from 2004 to 2012, compared with a 8.98 percentage-point gain from 2004 to 2014, based on IMF projections.
The Manpower Ministry said employment climbed in the past decade because of the city’s efforts to build a conducive environment for both global and local companies, which created job opportunities.
Worker Upgrades
“We recognize that our employment rates will not increase indefinitely,” the ministry said in an e-mailed response to queries. “Like many developed economies, our population is aging, which means that our local workforce will grow more slowly.” The ministry said it will upgrade workers and keep unemployment low.
Malta was ranked No. 2 with an estimated 5.58 percentage-point increase in the employment ratio in the 10 years to 2014, followed by Taiwan’s 5.24 percentage-point gain, the data compiled by Bloomberg showed.
The growth in Singapore’s workforce will slow to 1 percent to 2 percent a year through 2020, from an average 3.3 percent in the past three decades, the government said in January.
Lee is trying to steer the economy through an aging population and the declining foreign-labor supply by prodding companies to produce more with less manpower and hire older Singaporeans, as well as increasing the birth rate. The need to address those challenges while balancing demands for affordable housing, better public transportation and assistance with living costs have often featured in his speeches.
National Speech
Lee is due to make his annual televised National Day Rally speech to the nation on Aug. 18.
Singapore’s exports fell the least in six months in July, declining 0.7 percent from a year earlier, a report showed today. Elsewhere in Asia, Sri Lanka held interest rates. Taiwan’s economy grew a revised 2.49 percent last quarter from a year earlier, exceeding economists’ estimates, and Hong Kong’s expanded 3.3 percent.
The European Union’s statistics office will probably say euro-area inflation in July was in line with an initial estimate of 1.6 percent, while the U.S. may report housing starts climbed in July to an annualized rate of 900,000, Bloomberg surveys showed.
Higher Levies
Under the latest labor-market tightening measures announced in February, companies must pay higher levies for lower-skilled foreign employees over the next two years and cut the proportion of overseas workers in some industries.
“Choking the supply of all these low-wage foreign workers is creating difficulties for many companies, corporates and also, it is inflationary,” said Irvin Seah, an economist at DBS. “They have already been shifting the focus of the tightening towards the mid-skilled foreign workers,” he said, adding it will remain the direction in coming years.
The city’s unemployment fell to a five-year low in the last quarter of 2012 as companies hired more local workers.
Further tightening will lead to an “incremental increase in time to fill mid-level positions, and likely increased pressure on wages,” said Bhavya Sehgal, Asia-Pacific head of research at Frontier Strategy Group. “Many multinationals still import ‘ready-made’ mid-level professional talent rather than investing to close skill gaps in local talent.”
Talent Pipeline
Responding to feedback from Singaporeans that some companies are choosing to give jobs to foreigners over locals, Deputy Prime Minister Tharman Shanmugaratnam and Acting Minister of Manpower Tan Chuan-Jin met with senior management in a number of financial institutions to emphasize that they should make a concerted effort to develop a local talent pipeline, Tan said in Parliament in March.
“In terms of addressing some of the frustrations and fears, I think it’s really the mid- and upper-mid” skilled jobs the government will target with restrictions, said Vishnu Varathan, an economist at Mizuho in Singapore. “The tightening in the low-wage and lower-skilled sector, part of it stems from their productivity drive rather than the fact that Singaporeans are hankering for such jobs.”
That shift may be an obstacle for David Soon, head of a Taipei-based industrial computer manufacturer’s Singapore office, who hired foreigners this month for two sales positions he had advertised in May, offering a monthly pay of S$2,600 to S$2,800.
“For every one local application, we have 50-plus foreigners that are applying,” Soon said. “The local graduates really feel that if they have a choice they would work for big multinational companies like Hewlett-Packard (HPQ), IBM -- as for the rest, they probably would not even want to bother.”
To contact the reporter on this story: Sharon Chen in Singapore at schen462@bloomberg.net
To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net
- wong chee tat :)
Moles
Quite some time ago, someone gave me a short discussion on moles. Interestingly, saw some people have this type of mole as shown on number 36. No: 36 - 口舌。为摇舌鼓唇、搬弄是非之人。
Source: Internet
- wong chee tat :)
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