GIC raises US$1.25b by selling shares in Global Logistic Properties
Posted: 26 February 2013 1751 hrs
SINGAPORE: The Government of Singapore Investment Corp (GIC) has raised US$1.25 billion by selling about 596 million shares in warehouse operator Global Logistic Properties (GLP).
GIC sold the shares at S$2.60 each, which is a 4.8 per cent discount to Monday's closing price.
Following the share sale, it now holds a 37 per cent stake in GLP, down from 49 per cent.
GIC said the move is part of the fund's portfolio rebalancing, and it will remain a substantial shareholder of GLP for the long run.
- CNA/ms
- wong chee tat :)
Tuesday, February 26, 2013
HSA warns against consuming 3 tainted health products
HSA warns against consuming 3 tainted health products
By Sara Grosse | Posted: 26 February 2013 1424 hrs
SINGAPORE: The Health Sciences Authority (HSA) has warned the public against consuming three tainted health products bought overseas, after patients suffered serious adverse reactions linked to the products.
The products are Ginseng Baji Gu Ci Wan, Tu Chong Ginseng Wan Le Seang and X-Tract Nature.
HSA said these products, obtained from overseas, contain undeclared medicinal ingredients.
They are not approved by HSA and are sold under the guise of herbal or traditional medicines to relieve pain and gout.
Two patients suffered serious adverse reactions after taking the products.
One consumed Ginseng Baji Gu Ci Wan, while the other consumed Tu Chong Ginseng Wan Le Seang.
A third patient experienced rapid relief of her migraine symptoms after consuming X-Tract Nature, which led the doctor to suspect possible adulteration of the product.
From Wednesday, HSA will be carrying out advertisements in local papers, over the radio, and online and mobile platforms to educate the public on the dangers of buying medicines from dubious sources, as part of its ongoing campaign efforts.
- CNA/ck/fl
- wong chee tat :)
By Sara Grosse | Posted: 26 February 2013 1424 hrs
SINGAPORE: The Health Sciences Authority (HSA) has warned the public against consuming three tainted health products bought overseas, after patients suffered serious adverse reactions linked to the products.
The products are Ginseng Baji Gu Ci Wan, Tu Chong Ginseng Wan Le Seang and X-Tract Nature.
HSA said these products, obtained from overseas, contain undeclared medicinal ingredients.
They are not approved by HSA and are sold under the guise of herbal or traditional medicines to relieve pain and gout.
Two patients suffered serious adverse reactions after taking the products.
One consumed Ginseng Baji Gu Ci Wan, while the other consumed Tu Chong Ginseng Wan Le Seang.
A third patient experienced rapid relief of her migraine symptoms after consuming X-Tract Nature, which led the doctor to suspect possible adulteration of the product.
From Wednesday, HSA will be carrying out advertisements in local papers, over the radio, and online and mobile platforms to educate the public on the dangers of buying medicines from dubious sources, as part of its ongoing campaign efforts.
- CNA/ck/fl
- wong chee tat :)
Mixed reactions by S'poreans to measures introduced in Budget 2013
Mixed reactions by S'poreans to measures introduced in Budget 2013
By Monica Kotwani | Posted: 25 February 2013 2342 hrs
SINGAPORE: Singaporeans MediaCorp spoke with had mixed reactions to some of the measures introduced in the Budget.
While many looked forward to more direct assistance such as extra GST voucher and Medisave top-ups to help them cope with rising cost of living, some also welcomed news of the foreign domestic worker levy being lowered from S$170 to S$120 for those with dependents.
Chelvi Sinappan, an administrator, said: "Everybody will be very happy, especially those who are having old parents... school-going children. It will be very helpful. It is good news actually."
Account specialist Koreen Seng described the measures as one-off and that it will not help Singaporeans in the long run.
Many also welcomed the government's move to raise wages for those earning S$4,000 and below by partially co-funding wage increases by employers.
"Raising wages, yes, probably it will help. But is it corresponding to the inflation rate? If it is not commensurate, then you still can't afford the same basket of goods," said Nora Aziz, a financial analyst.
For young couple Peter and Shirley Cheng, the Wage Credit Scheme comes in timely.
Mr Cheng said: The (income) gap is becoming bigger and bigger. It's the right time for the government to come in to help the poor people."
"It is a good calculated move, but the results, we won't know until it's tested," said Mrs Cheng.
- CNA/fa
- wong chee tat :)
By Monica Kotwani | Posted: 25 February 2013 2342 hrs
SINGAPORE: Singaporeans MediaCorp spoke with had mixed reactions to some of the measures introduced in the Budget.
While many looked forward to more direct assistance such as extra GST voucher and Medisave top-ups to help them cope with rising cost of living, some also welcomed news of the foreign domestic worker levy being lowered from S$170 to S$120 for those with dependents.
Chelvi Sinappan, an administrator, said: "Everybody will be very happy, especially those who are having old parents... school-going children. It will be very helpful. It is good news actually."
Account specialist Koreen Seng described the measures as one-off and that it will not help Singaporeans in the long run.
Many also welcomed the government's move to raise wages for those earning S$4,000 and below by partially co-funding wage increases by employers.
"Raising wages, yes, probably it will help. But is it corresponding to the inflation rate? If it is not commensurate, then you still can't afford the same basket of goods," said Nora Aziz, a financial analyst.
For young couple Peter and Shirley Cheng, the Wage Credit Scheme comes in timely.
Mr Cheng said: The (income) gap is becoming bigger and bigger. It's the right time for the government to come in to help the poor people."
"It is a good calculated move, but the results, we won't know until it's tested," said Mrs Cheng.
- CNA/fa
- wong chee tat :)
Progressive property tax rates unlikely to dampen investor sentiment: analysts
Progressive property tax rates unlikely to dampen investor sentiment: analysts
By Millet Enriquez | Posted: 25 February 2013 2322 hrs
SINGAPORE: The new set of progressive tax rates introduced in Budget 2013 will see high-end property owners paying more in property taxes.
While the tax bill may be higher for the rich in percentage terms, analysts say this may not dampen investor sentiment to buy luxury properties.
From January 2014, properties with higher annual values will be taxed at higher rates.
With a tax rate of between zero and 15 per cent, there will be a significant gap in the property tax bill between mass and higher-end homes.
Still, analysts said most high-end home owners will just take this in stride.
Nicholas Mak, executive director of research and consultancy at SLP International, explained: "The increase may seem substantial. It can range anywhere from 20 per cent to 70 per cent in some cases. But if we look at it in absolute quantum, in thousands of dollars, the increase is only a few thousands of dollars. And I think if the person is able to spend a few million dollars on a high-end luxury property, I believe they can well afford this increase in property tax."
Experts said this latest move is not an extension of property cooling measures.
While this could make some buyers rethink their plans, experts said such prime luxury properties will continue to remain attractive.
Chua Yang Liang, head of research and consultancy at Jones Lang LaSalle, said: "By and large, I don't think you will see a major shift because the high-end market, they are established neighbourhoods. The likes of (Districts) 9, 10 and 11 still command certain premium. It may see some downside risk, but I don't think it will see a large impact."
Alan Lau, a corporate tax partner at KPMG, said: "If you compare Singapore against Hong Kong, these are two very similar countries with similarly high residential property prices that the respective governments are trying very hard to cool down. So I think even after this latest round of property tax increases for non-owner occupied residential properties, we do not think that it will actually put Singapore in an inferior position compared to Hong Kong."
Analysts said the new progressive tax rates could have marginal impact on yield and may see some corporates and high-end investors looking to commercial and suburban properties as alternatives.
Overall, they said the government's move to cut foreign workers is the one that will soften demand for mass market property and rents.
- CNA/fa
- wong chee tat :)
By Millet Enriquez | Posted: 25 February 2013 2322 hrs
SINGAPORE: The new set of progressive tax rates introduced in Budget 2013 will see high-end property owners paying more in property taxes.
While the tax bill may be higher for the rich in percentage terms, analysts say this may not dampen investor sentiment to buy luxury properties.
From January 2014, properties with higher annual values will be taxed at higher rates.
With a tax rate of between zero and 15 per cent, there will be a significant gap in the property tax bill between mass and higher-end homes.
Still, analysts said most high-end home owners will just take this in stride.
Nicholas Mak, executive director of research and consultancy at SLP International, explained: "The increase may seem substantial. It can range anywhere from 20 per cent to 70 per cent in some cases. But if we look at it in absolute quantum, in thousands of dollars, the increase is only a few thousands of dollars. And I think if the person is able to spend a few million dollars on a high-end luxury property, I believe they can well afford this increase in property tax."
Experts said this latest move is not an extension of property cooling measures.
While this could make some buyers rethink their plans, experts said such prime luxury properties will continue to remain attractive.
Chua Yang Liang, head of research and consultancy at Jones Lang LaSalle, said: "By and large, I don't think you will see a major shift because the high-end market, they are established neighbourhoods. The likes of (Districts) 9, 10 and 11 still command certain premium. It may see some downside risk, but I don't think it will see a large impact."
Alan Lau, a corporate tax partner at KPMG, said: "If you compare Singapore against Hong Kong, these are two very similar countries with similarly high residential property prices that the respective governments are trying very hard to cool down. So I think even after this latest round of property tax increases for non-owner occupied residential properties, we do not think that it will actually put Singapore in an inferior position compared to Hong Kong."
Analysts said the new progressive tax rates could have marginal impact on yield and may see some corporates and high-end investors looking to commercial and suburban properties as alternatives.
Overall, they said the government's move to cut foreign workers is the one that will soften demand for mass market property and rents.
- CNA/fa
- wong chee tat :)
Businesses feel Budget 2013 incentives fail to address labour constraints
Businesses feel Budget 2013 incentives fail to address labour constraints
By Yvonne Chan, Sharon See | Posted: 25 February 2013 2245 hrs
SINGAPORE: "Shape-up or ship-out" - this is the message some businesses are taking from the productivity drive announced in Budget 2013.
Under Budget 2013's Productivity and Innovation Credit (PIC) Bonus scheme, businesses that spend S$5,000 or more on PIC activities in a year will receive a dollar for dollar bonus of up to S$15,000, over three years.
Other productivity incentives include a Land grant, aimed at intensifying land use and an incentive for sector-wide collaboration to achieve industry productivity goals.
The Land Productivity grant for companies is aimed at businesses that intensify land use in Singapore. The new incentives also include enhancing the Collaborative Industry Projects and a broadening of the Partnerships for Capability Transformation (PACT) scheme.
Still, companies are concerned the incentives fail to address the severe labour constraints which is likely made worse for many by the higher foreign worker levies announced in Budget 2013 and lower dependency ratio.
Synnovate Solutions, an integrated dishwashing company, serves 17 Singapore restaurants, 365 days a year.
Its founder and chief executive officer Lawrence Low said he may have to shut down his business due to the shortage of manpower.
"At the end of the day where the service sector is concerned, it is actually a human business. Singaporeans are not used to taking up hard sweaty dirty hot humid jobs and that is hard to change. By stopping the flow of foreign workers in this area, we are basically stopping the economy at least in this area," said Mr Low.
He added: "With this further cut, I don't think rental is going to come down, labour cost is going to go up. I think I will close and leave. The bigger problem is availability of manpower. That is the game call now at the moment. A lot of business are shutting or changing the way they work and cutting corners."
The Association of Small and Medium Enterprises (ASME) said it boils down to "survival of the fittest".
ASME president Chan Chong Beng said: "Either the company adopt or embrace the changes, re-look the business model or they be prepared to face the worst scenario. The government is not going to give you more workers. That has been stated very clearly and also within industries itself, some of the disparities are very big. If those people who think they really can't embrace productivity, they have to look for alternatives."
To improve productivity, Synnovate said rather than spending money on new machines, it changed the process of doing business, resulting in economies of scale.
As such, the company is not too enthused about the extra benefits from the Productivity and Innovation Credit (PIC) Bonus for 2013.
Mr Low said: "I have not applied for the PIC in my first year because I was too busy covering losses. In the second year, I was not familiar with the process so I engaged KPMG to help us and we paid them a fee. The documents were submitted months back but I have not received my money yet. First we have to spend, then we have to wait. If it takes too long to come back, we will be closed by the time they come back with the money."
On the Budget's impact on companies, Members of Parliament said it will take time for SMEs to make adjustments and restructure but they also urged the companies to take advantage of the new schemes.
Jessica Tan, Member of Parliament for East Coast GRC, said: "I think companies will have to change but at the same time, take advantage of the schemes. The schemes are not one-off, the schemes are over a few years, so they have got to be sustained schemes to help the companies. In that sense, I would say to the companies, this is the time to look at it. The message is clear, companies will have to restructure. It will have some pain given some of the further tightening."
Member of Parliament for Ang Mo Kio GRC, Inderjit Singh, touched on how SMEs will be affected in the short-term.
"There are a number of schemes but I still worry about the short-term impact about the tightening labour force, especially the foreign workers. We probably should have slowed down a bit and then accelerated later on."
Analysts said 2013 will be an even tougher year for small businesses and the sectors hardest hit by the government's latest budget measures will be the healthcare, construction, processing and services industries.
As such, they are expecting more businesses to shut down, consolidate or even re-locate.
- CNA/fa
- wong chee tat :)
By Yvonne Chan, Sharon See | Posted: 25 February 2013 2245 hrs
SINGAPORE: "Shape-up or ship-out" - this is the message some businesses are taking from the productivity drive announced in Budget 2013.
Under Budget 2013's Productivity and Innovation Credit (PIC) Bonus scheme, businesses that spend S$5,000 or more on PIC activities in a year will receive a dollar for dollar bonus of up to S$15,000, over three years.
Other productivity incentives include a Land grant, aimed at intensifying land use and an incentive for sector-wide collaboration to achieve industry productivity goals.
The Land Productivity grant for companies is aimed at businesses that intensify land use in Singapore. The new incentives also include enhancing the Collaborative Industry Projects and a broadening of the Partnerships for Capability Transformation (PACT) scheme.
Still, companies are concerned the incentives fail to address the severe labour constraints which is likely made worse for many by the higher foreign worker levies announced in Budget 2013 and lower dependency ratio.
Synnovate Solutions, an integrated dishwashing company, serves 17 Singapore restaurants, 365 days a year.
Its founder and chief executive officer Lawrence Low said he may have to shut down his business due to the shortage of manpower.
"At the end of the day where the service sector is concerned, it is actually a human business. Singaporeans are not used to taking up hard sweaty dirty hot humid jobs and that is hard to change. By stopping the flow of foreign workers in this area, we are basically stopping the economy at least in this area," said Mr Low.
He added: "With this further cut, I don't think rental is going to come down, labour cost is going to go up. I think I will close and leave. The bigger problem is availability of manpower. That is the game call now at the moment. A lot of business are shutting or changing the way they work and cutting corners."
The Association of Small and Medium Enterprises (ASME) said it boils down to "survival of the fittest".
ASME president Chan Chong Beng said: "Either the company adopt or embrace the changes, re-look the business model or they be prepared to face the worst scenario. The government is not going to give you more workers. That has been stated very clearly and also within industries itself, some of the disparities are very big. If those people who think they really can't embrace productivity, they have to look for alternatives."
To improve productivity, Synnovate said rather than spending money on new machines, it changed the process of doing business, resulting in economies of scale.
As such, the company is not too enthused about the extra benefits from the Productivity and Innovation Credit (PIC) Bonus for 2013.
Mr Low said: "I have not applied for the PIC in my first year because I was too busy covering losses. In the second year, I was not familiar with the process so I engaged KPMG to help us and we paid them a fee. The documents were submitted months back but I have not received my money yet. First we have to spend, then we have to wait. If it takes too long to come back, we will be closed by the time they come back with the money."
On the Budget's impact on companies, Members of Parliament said it will take time for SMEs to make adjustments and restructure but they also urged the companies to take advantage of the new schemes.
Jessica Tan, Member of Parliament for East Coast GRC, said: "I think companies will have to change but at the same time, take advantage of the schemes. The schemes are not one-off, the schemes are over a few years, so they have got to be sustained schemes to help the companies. In that sense, I would say to the companies, this is the time to look at it. The message is clear, companies will have to restructure. It will have some pain given some of the further tightening."
Member of Parliament for Ang Mo Kio GRC, Inderjit Singh, touched on how SMEs will be affected in the short-term.
"There are a number of schemes but I still worry about the short-term impact about the tightening labour force, especially the foreign workers. We probably should have slowed down a bit and then accelerated later on."
Analysts said 2013 will be an even tougher year for small businesses and the sectors hardest hit by the government's latest budget measures will be the healthcare, construction, processing and services industries.
As such, they are expecting more businesses to shut down, consolidate or even re-locate.
- CNA/fa
- wong chee tat :)
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