Analysts expect Singapore dollar to remain strong against ringgit

Analysts expect Singapore dollar to remain strong against ringgit

    By Eileen Poh
    POSTED: 05 Aug 2013 11:05 PM
  
Analysts expect the Singapore dollar to stay around the RM2.50 level against the Malaysian ringgit for the next six months.

SINGAPORE: Analysts expect the Singapore dollar to stay around the RM2.50 level against the Malaysian ringgit for the next six months.

They see the ringgit under pressure because of outflow of funds from the selling of ringgit bonds.

This may bring cheer for Singaporean shoppers across the Causeway.

However, experts also warned that there could be a downside, especially for Singaporeans who invest in Malaysian property.

Sani Hamad, director of financial advisory firm Financial Alliance, explained: "Investors have to bear in mind that if you are investing purely for speculative reasons or you intend to bring your funds back into Singapore in the near future, you have to content with the foreign exchange risk. If the ringgit weakens and you bring it back into Singapore again, you will find that it eats into your profits and sometimes that even leads to a loss."

- CNA/fa

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Car rentals rise by 20% over long weekend

Car rentals rise by 20% over long weekend

    POSTED: 08 Aug 2013 5:35 PM

Some car rental companies have said car rentals have gone up by some 20 per cent over the long weekend, compared to the same period last year. The companies added that their car rental packages were sold as early as a month ago.

SINGAPORE: Some car rental companies have said car rentals have gone up by some 20 per cent over the long weekend, compared to the same period last year.

The companies added that their car rental packages were sold as early as a month ago.

Hawk Rent a Car said it has rented out some 500 cars.

At another company, Ace Drive, about 80 per cent of the customers are Muslims who have rented the cars to visit their relatives during the Hari Raya holiday.

The other 20 per cent of its customers have rented the cars to head across the Causeway.

The companies believe that the rental business will continue to increase even after the festive season.

Jesse Tan, managing director at Ace Drive, said: "Another reason is because, lately, the MAS has come out with the loan curbs... This helps to increase the (rental) demand for this period."

- CNA/xq

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How to Get a Job in Investment Banking

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Singapore Lifts Economic Forecast as Recovery Strengthens

Singapore Lifts Economic Forecast as Recovery Strengthens
By Sharon Chen - Aug 9, 2013 12:00 AM GMT+0800

Singapore’s Prime Minister Lee Hsien Loong raised his forecast for economic growth to 2.5 percent to 3.5 percent this year, a sign that Southeast Asia is benefiting from recoveries in the advanced economies.

The government previously predicted growth of 1 percent to 3 percent. The economy expanded 2 percent in the first half, Lee said in a televised message yesterday on the eve of the country’s National Day. In 2012, gross domestic product grew 1.3 percent, the slowest pace in three years.

“We have made steady progress this past year,” Lee said, citing the government’s efforts to tame property prices and curb excess borrowing. “Our economy is holding steady amidst global uncertainties. We are attracting more quality investments. Unemployment remains low.”

Accelerating growth in developed nations such as the U.S. and Japan is helping to cushion the impact of a Chinese slowdown on Southeast Asia. American service industries expanded in July at the fastest pace in five months, complementing a rebound at factories in the world’s biggest economy.

“There are signs that the external economy is showing more signs of stability, be it in the U.S., Europe or here in Asia,” said Song Seng Wun, an economist at CIMB Group Holdings Bhd. (CIMB) in Singapore. “Net exports are likely to add to growth in Singapore and around the region, and that coupled with resilient demand should see a firmer growth trajectory” in Southeast Asia.
First-Half Growth

Singapore’s GDP probably expanded 14.2 percent in the three months through June 30, according to the median estimate of 11 economists surveyed by Bloomberg News ahead of data due Aug. 12. Initial government figures released last month showed a 15.2 percent increase, the biggest gain since 2011.

The first-half growth rate announced yesterday means the economy expanded 3.8 percent year-on-year in the second quarter, Francis Tan, an economist at United Overseas Bank Ltd. (UOB), said in an e-mailed statement, adding the forecast exceeded his estimate.

The higher full-year forecast implies a second-half year-on-year growth rate of 3.1 percent to 5 percent, Tan said.

“This is quite strong growth but it’s within UOB’s forecast,” he said. “UOB’s forecast of 3 percent full year GDP growth remains unchanged at this stage.”

A weaker Singapore dollar will also help exporters and industries such as tourism, he said, adding the bank expects the city-state’s currency to reach S$1.30 against its U.S. counterpart by the end of the year. The Singapore dollar traded at S$1.2612 yesterday.
Weaker Currency

The Singapore currency has fallen about 3.2 percent this year, with the Thai baht and the Taiwan dollar posting smaller declines. The Chinese yuan climbed 1.8 percent, according to data compiled by Bloomberg.

The Monetary Authority of Singapore stuck to a policy of allowing gradual gains in its currency in April as inflationary pressures curbed scope for monetary stimulus. Consumer price gains accelerated to 1.8 percent in June, after slowing to a 38-month low of 1.5 percent in April.

The central bank cut its inflation forecast for 2013 to 2 percent to 3 percent, down from 3 percent to 4 percent, Managing Director Ravi Menon said last month. The current monetary policy stance is appropriate in containing any re-emergence of strong cost and price pressures as the economy undergoes restructuring, said Menon.
Services-Led Growth

“Overall the story is still pretty much a services-led growth, which is providing some lift to the economy,” Chua Hak Bin, a Singapore-based economist at Bank of America Corp., said before the speech. “The services sector in particular has strengthened considerably, led by financial services, but also business services and even wholesale trade has also improved.”

Singapore tightened curbs on overseas workers for a fourth straight year in February and unveiled measures that will result in higher wage costs for companies through 2015, as Lee’s administration steps up efforts to increase productivity. At least two protests have been held this year over labor policies that Singaporeans say are hurting low-income earners and forcing citizens to compete with foreigners for jobs.

The city’s unemployment rate rose to 2.1 percent in the second quarter. It fell to a five-year low in the last quarter of 2012 as companies hired more local workers after the government tightened the inflow of foreign labor.
Difficult Choices

“We face difficult choices: We need foreign workers to serve our economy and Singaporeans’ needs, and immigrants to make up for our shortfall of babies,” said Lee, 61. “But we also worry about crowding and congestion, and maintaining our Singaporean identity. So we are feeling our way forward carefully.”

While the nation’s gross domestic product per capita climbed to $50,123 in 2011 from $516 in 1965, funding retirement is a challenge as lifespans increase and living costs soar, fueling public discontent that led to record opposition gains in the 2011 general election.

“The economy is maturing and our population is ageing. Different groups in society now have more diverse and even conflicting interests,” Lee said. “Older Singaporeans worry about health care and costs of living.”

Singapore’s number of elderly will triple to 900,000 by 2030, according to the National Population and Talent Division. The government says about half of Singaporeans who are 65 today are expected to live beyond 85, and a third beyond 90.

“This is certainly at the top of the mind of policy makers -- the challenge of an aging population,” Irvin Seah, a Singapore-based economist at DBS Group Holdings Ltd., said before the speech. “There’s a need to continue to put in effort on trying to narrow the income gap, and especially on the low-wage aged population.”

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



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Microsoft Security Bulletin Advance Notification for August 2013

Published: Thursday, August 08, 2013

Version: 1.0

This is an advance notification of security bulletins that Microsoft is intending to release on August 13, 2013.
This bulletin advance notification will be replaced with the August bulletin summary on August 13, 2013. For more information about the bulletin advance notification service, see Microsoft Security Bulletin Advance Notification.
To receive automatic notifications whenever Microsoft Security Bulletins are issued, subscribe to Microsoft Technical Security Notifications.
Microsoft will host a webcast to address customer questions on the security bulletins on August 14, 2013, at 11:00 AM Pacific Time (US & Canada). Register now for the August Security Bulletin Webcast. After this date, this webcast is available on-demand.
Microsoft also provides information to help customers prioritize monthly security updates with any non-security, high-priority updates that are being released on the same day as the monthly security updates. Please see the section, Other Information.

Bulletin Information

Executive Summaries

Affected Software

Detection and Deployment Tools and Guidance

Other Information

Microsoft Windows Malicious Software Removal Tool

Microsoft will release an updated version of the Microsoft Windows Malicious Software Removal Tool on Windows Update, Microsoft Update, Windows Server Update Services, and the Download Center.

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Non-Security Updates on MU, WU, and WSUS

For information about non-security releases on Windows Update and Microsoft Update, please see:

• Microsoft Knowledge Base Article 894199: Description of Software Update Services and Windows Server Update Services changes in content. Includes all Windows content.
• Updates from Past Months for Windows Server Update Services: Displays all new, revised, and rereleased updates for Microsoft products other than Microsoft Windows.

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Microsoft Active Protections Program (MAPP)

To improve security protections for customers, Microsoft provides vulnerability information to major security software providers in advance of each monthly security update release. Security software providers can then use this vulnerability information to provide updated protections to customers via their security software or devices, such as antivirus, network-based intrusion detection systems, or host-based intrusion prevention systems. To determine whether active protections are available from security software providers, please visit the active protections websites provided by program partners, listed in Microsoft Active Protections Program (MAPP) Partners.

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Security Strategies and Community

Update Management Strategies
Security Guidance for Update Management provides additional information about Microsoft’s best-practice recommendations for applying security updates.
Obtaining Other Security Updates
Updates for other security issues are available from the following locations:

• Security updates are available from Microsoft Download Center. You can find them most easily by doing a keyword search for "security update".
• Updates for consumer platforms are available from Microsoft Update.
• You can obtain the security updates offered this month on Windows Update, from Download Center on Security and Critical Releases ISO CD Image files. For more information, see Microsoft Knowledge Base Article 913086.

IT Pro Security Community
Learn to improve security and optimize your IT infrastructure, and participate with other IT Pros on security topics in IT Pro Security Community.

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Support

• The affected software listed have been tested to determine which versions are affected. Other versions are past their support life cycle. To determine the support life cycle for your software version, visit Microsoft Support Lifecycle.
• Security solutions for IT professionals: TechNet Security Troubleshooting and Support
• Help protect your computer that is running Windows from viruses and malware: Virus and Security Solution Center
• Local support according to your country: International Support

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Disclaimer

The information provided in the Microsoft Knowledge Base is provided "as is" without warranty of any kind. Microsoft disclaims all warranties, either express or implied, including the warranties of merchantability and fitness for a particular purpose. In no event shall Microsoft Corporation or its suppliers be liable for any damages whatsoever including direct, indirect, incidental, consequential, loss of business profits or special damages, even if Microsoft Corporation or its suppliers have been advised of the possibility of such damages. Some states do not allow the exclusion or limitation of liability for consequential or incidental damages so the foregoing limitation may not apply.

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