India imposes new gold import curbs to ease deficit
POSTED: 23 Jul 2013 4:16 PM
India, the world's biggest gold-buying nation, has slapped fresh curbs on imports of the precious metal in a bid to curb a record current account deficit.
MUMBAI: India, the world's biggest gold-buying nation, has slapped fresh curbs on imports of the precious metal in a bid to curb a record current account deficit.
The Reserve Bank of India (RBI) announced late Monday at least one-fifth of every shipment of gold imported must be set aside for jewellery and other sales overseas.
Some 16 per cent of India's total merchandise exports are made up of jewellery and gems.
Authorised gold importers such as banks and gold trading agencies must ensure at least 20 per cent of every lot of imported gold "is exclusively made available for the purpose of export", the bank said.
Gold and oil imports are the biggest contributors to India's current account deficit, the broadest measure of trade, that hit a record 4.8 per cent of gross domestic product in the financial year ending March as imports outpaced exports.
The bank's move comes after India twice hiked the import duty on bullion earlier this year to discourage gold buying.
Gold is hugely popular in India, especially during religious festivals and wedding seasons, but Finance Minister P. Chidambaram last month implored Indians to "resist the temptation to buy gold" with the rupee's value also slumping.
"India does not produce an ounce of gold. You pay in rupees, but the government has to spend dollars to buy gold," Chidambaram said.
Many Indians -- especially in rural areas where there are few banks -- also buy gold in the form of jewellery, bars and coins as a hedge against inflation which has been stubbornly high.
Ratings agencies have threatened to downgrade India's sovereign investment rating to junk status unless the government improves the nation's finances, including its current account deficit.
The restrictions on gold have led to an upsurge in smuggling with Nepal police on Wednesday seizing 35 kilograms (77 pounds) of the commodity bound for India.
- AFP/gn
- wong chee tat :)
Tuesday, July 23, 2013
CPI for general households eases to 2.8% in H1 2013
CPI for general households eases to 2.8% in H1 2013
POSTED: 23 Jul 2013 8:11 PM
Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
SINGAPORE: Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
That is less than the 4.1 per cent increase in the second half of 2012.
CPI excluding imputed rentals on owner-occupied accommodation (OOA) fell from 3.3 per cent in the second half of 2012 to 2.2 per cent in the first half of 2013.
DOS said the lower income group experienced a smaller increase in CPI compared to the middle and higher income groups. The increase in CPI (excluding imputed rental on OOA) for the lowest 20 per cent income group was 1.3 per cent.
For the middle 60 per cent income group, the increase was 2.1 per cent, and for the highest 20 per cent income group, the increase was 2.5 per cent.
In terms of CPI (for all items), the inflation rate for the lowest 20 per cent was 3.1 per cent; for the middle 60 per cent, it was 2.9 per cent; and for the highest 20 per cent income group, it was 2.7 per cent.
DOS said food and car costs contributed to the increases in the CPIs for all income groups.
However, the DOS noted that these increases were partially offset by lower electricity tariffs, a larger quantum of government rebates on service and conservancy charges (S&CC) for HDB households, and the lower government concessionary levy for foreign domestic helpers.
- CNA/ac
- wong chee tat :)
POSTED: 23 Jul 2013 8:11 PM
Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
SINGAPORE: Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
That is less than the 4.1 per cent increase in the second half of 2012.
CPI excluding imputed rentals on owner-occupied accommodation (OOA) fell from 3.3 per cent in the second half of 2012 to 2.2 per cent in the first half of 2013.
DOS said the lower income group experienced a smaller increase in CPI compared to the middle and higher income groups. The increase in CPI (excluding imputed rental on OOA) for the lowest 20 per cent income group was 1.3 per cent.
For the middle 60 per cent income group, the increase was 2.1 per cent, and for the highest 20 per cent income group, the increase was 2.5 per cent.
In terms of CPI (for all items), the inflation rate for the lowest 20 per cent was 3.1 per cent; for the middle 60 per cent, it was 2.9 per cent; and for the highest 20 per cent income group, it was 2.7 per cent.
DOS said food and car costs contributed to the increases in the CPIs for all income groups.
However, the DOS noted that these increases were partially offset by lower electricity tariffs, a larger quantum of government rebates on service and conservancy charges (S&CC) for HDB households, and the lower government concessionary levy for foreign domestic helpers.
- CNA/ac
- wong chee tat :)
Passenger injured in SMRT bus accident discharged
Passenger injured in SMRT bus accident discharged
POSTED: 22 Jul 2013 1:50 PM
The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
SINGAPORE: The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
The accident on Sunday morning involved an SMRT Service 700A bus, which had flipped and ended up on its side.
Another passenger, who was trapped in the bus, was pronounced dead at the scene by paramedics.
The injured male passenger and the 39-year-old bus driver were sent to National University Hospital.
According to a hospital spokesperson, the driver is in a stable condition and is still warded.
In a Facebook posting, SMRT said that its heart is with the families of those affected, and it is doing its best to support and assist the injured and family of the deceased.
SMRT is working closely with the police on their investigation, which includes providing the driver profile and vehicle maintenance records.
Separately in a statement, the Singapore Road Safety Council urged public transport operators to take all necessary measures to make road safety a prominent part of their operations.
Saddened over the accident, the council said passengers on buses should always feel safe and that it is the last place they should expect to lose their lives.
While police investigations are still on-going, the council's chairman, Mr Bernard Tay, said that public transport operators have a duty to ensure the vehicles comply with safety rules and are properly maintained.
Operators should also ensure that drivers adhere strictly to safe, responsible driving behaviour and habits.
The council added that drivers are expected to have sufficient experience for the safe handling and control of the vehicles, taking into account factors such as varying road conditions and environments, for the safety of their passengers.
- CNA/ac/fa
- wong chee tat :)
POSTED: 22 Jul 2013 1:50 PM
The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
SINGAPORE: The passenger injured in an SMRT bus accident along Dairy Farm Road on Sunday was discharged from hospital on Monday morning.
The accident on Sunday morning involved an SMRT Service 700A bus, which had flipped and ended up on its side.
Another passenger, who was trapped in the bus, was pronounced dead at the scene by paramedics.
The injured male passenger and the 39-year-old bus driver were sent to National University Hospital.
According to a hospital spokesperson, the driver is in a stable condition and is still warded.
In a Facebook posting, SMRT said that its heart is with the families of those affected, and it is doing its best to support and assist the injured and family of the deceased.
SMRT is working closely with the police on their investigation, which includes providing the driver profile and vehicle maintenance records.
Separately in a statement, the Singapore Road Safety Council urged public transport operators to take all necessary measures to make road safety a prominent part of their operations.
Saddened over the accident, the council said passengers on buses should always feel safe and that it is the last place they should expect to lose their lives.
While police investigations are still on-going, the council's chairman, Mr Bernard Tay, said that public transport operators have a duty to ensure the vehicles comply with safety rules and are properly maintained.
Operators should also ensure that drivers adhere strictly to safe, responsible driving behaviour and habits.
The council added that drivers are expected to have sufficient experience for the safe handling and control of the vehicles, taking into account factors such as varying road conditions and environments, for the safety of their passengers.
- CNA/ac/fa
- wong chee tat :)
16 cases of car rental scams in 2012
16 cases of car rental scams in 2012
POSTED: 22 Jul 2013 6:37 PM
There were 16 cases of car rental scams last year and a quarter of such cases occurred during the Hari Raya period, said the Consumers Association of Singapore.
SINGAPORE: There were 16 cases of car rental scams last year and a quarter of such cases occurred during the Hari Raya period, says the Consumers Association of Singapore (CASE).
Complaints included overcharging and car companies not meeting contract requirements.
With Hari Raya just round the corner, CASE is advising consumers to read rental agreements carefully before signing it and also ensure proper insurance coverage.
CASE adds that claims should be put in writing to prevent potential disputes and consumers should not sign blank forms.
- CNA/fa
- wong chee tat :)
POSTED: 22 Jul 2013 6:37 PM
There were 16 cases of car rental scams last year and a quarter of such cases occurred during the Hari Raya period, said the Consumers Association of Singapore.
SINGAPORE: There were 16 cases of car rental scams last year and a quarter of such cases occurred during the Hari Raya period, says the Consumers Association of Singapore (CASE).
Complaints included overcharging and car companies not meeting contract requirements.
With Hari Raya just round the corner, CASE is advising consumers to read rental agreements carefully before signing it and also ensure proper insurance coverage.
CASE adds that claims should be put in writing to prevent potential disputes and consumers should not sign blank forms.
- CNA/fa
- wong chee tat :)
Phase 2B of P1 registration opens
Phase 2B of P1 registration opens
POSTED: 22 Jul 2013 8:29 PM
Phase 2B of the Primary 1 registration opened on Monday. The phase is for children whose parents are endorsed church or clan members, community leaders or school volunteers.
SINGAPORE: Phase 2B of the Primary 1 registration opened on Monday. The phase is for children whose parents are endorsed church or clan members, community leaders or school volunteers.
While 'volunteerism' previously conjured images of parents doing tasks like weeding or looking after children, schools say the role of parent volunteers has evolved in recent years.
And it is not only the more popular schools that are now attracting volunteers.
Mdm Diana Loh hopes to enrol her son in Concord Primary School next year, which is within one kilometre of where she lives in Choa Chu Kang.
She signed up as a parent volunteer to find out more about the school, which would also qualify her child for Phase 2B of the Primary 1 registration.
So far, she likes what she has seen.
She said: "I don't really want my child to go to a 'brand name' school and be under a lot of pressure. I want him to grow up in a healthy environment. So I thought that by being a volunteer for this school, I could come in and take a look.
"I wanted to get a more comprehensive picture of this school, so that was my motivation for volunteering."
Concord says that it tries to match parents' interest and expertise to areas in which they can contribute.
Principal Tonnine Chua said that the school also provides training for some parents if necessary.
Mdm Loh currently helps out with the school's Chinese reading programme for lower primary students.
Mrs Chua said: “In the past, parents played a more passive role of looking after the children physically. Now parents are more involved in educating and helping the school to nurture the children… beyond academics, (such as) values and character development.”
Another parent volunteer, Cheng Hui Yan, hopes to enrol her child in Rulang Primary School. Mrs Cheng lives within a kilometre of the school.
She said: “I'm in the finance line, so we offered to give the students financial literacy courses… That's probably the reason why we're being selected. It's quite a unique course that we can provide.”
As one of the more popular schools in the western part of Singapore, Rulang Primary School gets a large number of interested parents applying to be volunteers every year.
The school says it conducts an interview process for every single applicant before a panel committee, comprising school leaders and heads of department, cast their votes.
Eugene Ong, principal of Rulang Primary School, said: "Rulang has in place a transparent selection system which ensures that all parent volunteer applicants, regardless of their profession, education qualification or social background, have an equal opportunity to be selected to work with us to support our school's holistic education efforts."
The school says one important quality it looks out for is an applicant's sincerity in working with the school.
The school took in fewer than 10 volunteers last year as a way to manage parents' expectations, as not all children whose parent volunteers are guaranteed a place in the school.
Rulang has 30 places left for Phase 2B, and balloting may occur if there are more applicants than vacancies.
- CNA/jc
- wong chee tat :)
POSTED: 22 Jul 2013 8:29 PM
Phase 2B of the Primary 1 registration opened on Monday. The phase is for children whose parents are endorsed church or clan members, community leaders or school volunteers.
SINGAPORE: Phase 2B of the Primary 1 registration opened on Monday. The phase is for children whose parents are endorsed church or clan members, community leaders or school volunteers.
While 'volunteerism' previously conjured images of parents doing tasks like weeding or looking after children, schools say the role of parent volunteers has evolved in recent years.
And it is not only the more popular schools that are now attracting volunteers.
Mdm Diana Loh hopes to enrol her son in Concord Primary School next year, which is within one kilometre of where she lives in Choa Chu Kang.
She signed up as a parent volunteer to find out more about the school, which would also qualify her child for Phase 2B of the Primary 1 registration.
So far, she likes what she has seen.
She said: "I don't really want my child to go to a 'brand name' school and be under a lot of pressure. I want him to grow up in a healthy environment. So I thought that by being a volunteer for this school, I could come in and take a look.
"I wanted to get a more comprehensive picture of this school, so that was my motivation for volunteering."
Concord says that it tries to match parents' interest and expertise to areas in which they can contribute.
Principal Tonnine Chua said that the school also provides training for some parents if necessary.
Mdm Loh currently helps out with the school's Chinese reading programme for lower primary students.
Mrs Chua said: “In the past, parents played a more passive role of looking after the children physically. Now parents are more involved in educating and helping the school to nurture the children… beyond academics, (such as) values and character development.”
Another parent volunteer, Cheng Hui Yan, hopes to enrol her child in Rulang Primary School. Mrs Cheng lives within a kilometre of the school.
She said: “I'm in the finance line, so we offered to give the students financial literacy courses… That's probably the reason why we're being selected. It's quite a unique course that we can provide.”
As one of the more popular schools in the western part of Singapore, Rulang Primary School gets a large number of interested parents applying to be volunteers every year.
The school says it conducts an interview process for every single applicant before a panel committee, comprising school leaders and heads of department, cast their votes.
Eugene Ong, principal of Rulang Primary School, said: "Rulang has in place a transparent selection system which ensures that all parent volunteer applicants, regardless of their profession, education qualification or social background, have an equal opportunity to be selected to work with us to support our school's holistic education efforts."
The school says one important quality it looks out for is an applicant's sincerity in working with the school.
The school took in fewer than 10 volunteers last year as a way to manage parents' expectations, as not all children whose parent volunteers are guaranteed a place in the school.
Rulang has 30 places left for Phase 2B, and balloting may occur if there are more applicants than vacancies.
- CNA/jc
- wong chee tat :)
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