What to expect from a ‘prudent’ Budget 2016
Finance Minister Heng Swee Keat has said the government will be “particularly prudent” with this year’s Budget.
By Tang See Kit, Channel NewsAsia
Posted 11 Mar 2016 09:17
SINGAPORE: Singapore’s Finance Minister Heng Swee Keat will deliver the annual Budget statement on March 24 and, as usual, expectations have been building in terms of how the Government will be charting the path for the year ahead.
For now, Mr Heng has revealed that the upcoming Budget will have a strong focus on the economy, while adding that the government is likely to be "particularly prudent".
Given that this year’s Budget is the first in the new government’s term in office, which means that surpluses generated from the previous term of government will be locked up as reserves, analysts are not surprised by the remarks on fiscal prudence.
“Moving into a new term, one would have to note that the government is starting with nothing, so any expectations of excessive expenditure, such as the social transfers and spending we’ve seen in the SG50 Budget, will need to be reined in,” said Mizuho Bank’s Singapore-based economist Vishnu Varathan, referring to the roll-out of the SkillsFuture programme last year and the generous Pioneer Generation Package from 2014.
Meanwhile, a darkening global economic outlook, fuelled by a slower-growing China, turmoil in financial markets and plunging commodity prices, is also threatening Singapore's trade-reliant economy. The government is predicting a modest 1.0 to 3.0 per cent growth for the economy this year.
“The upcoming Budget will be cautious, with the focus likely to be on building fiscal reserves to provide some fiscal buffer in case of external economic shocks over the medium-term outlook,” noted Rajiv Biswas, IHS Global Insight’s chief economist for Asia-Pacific.
KEY FOCUS AREAS IN A ‘GROUNDED’ BUDGET
As such, analysts are expecting a “grounded” Budget aimed at addressing the growth slowdown and helping businesses to cope with a deteriorating operating environment.
Meanwhile, if the economic headwinds intensify and hit growth, tax revenue will likely be reduced. Given that possibility, this year’s Budget is expected to be “focused and targeted”, said Liang Eng Hwa, chair of the Government Parliamentary Committee (GPC) for Finance and Trade and Industry.
“This is the first budget of the new government, and the Minister will want to save some resources should (the global economy) turn for the worse. Noting that there are lesser resources to be allocated, the Minister will have to see which groups need to be taken care of,” Mr Liang noted.
In particular, small and medium-sized enterprises (SMEs), which face increasing pressure from debt servicing, high rents and manpower costs amid a slowing economy, are likely to be singled out for targeted support.
“There will likely be a clear (differentiation) between SMEs and multinational companies (MNCs) so if any help is rendered, it will be towards the SMEs because they face the most difficulties during these times,” according to ANZ economist Ng Weiwen.
Mr Liang noted there are existing measures such as the Productivity and Innovation Credit (PIC) scheme that provide help to SMEs, so new measures in this year’s Budget may be unlikely. Instead, the government may opt to tweak and improve existing schemes so as to “reach out to more SMEs”.
On this, tax and accountancy firm PricewaterhouseCoopers (PwC) recommended earlier this month that enhancements should be made to the PIC scheme to reward productivity gains, as well as encouraging the private sector to explore foreign markets by simplifying the procedures for companies to claim reliefs when their employees move overseas.
(File photo: AFP/Roslan Rahman)
Within the business community, some individual sectors may receive more assistance, analysts told Channel NewsAsia. Top of the list are externally-oriented sectors, the battered oil and gas industry and high-potential segments such as high-end semiconductors.
“Bearing in mind there’s a resource constraint, there will be cherry-picking and some industries will complain being left out. But providing help for industries such as electronics where there won’t be a turnaround will be throwing good money after the bad,” Mizuho’s Mr Varathan said. “By contrast, the higher-end semiconductors are still on ‘ok’ footing but given the pressure on trade demand, there could be a need for pre-emptive moves.”
Meanwhile, UOB analysts think more aid should be given to externally-oriented sectors, such as finance and insurance, wholesale and retail trade, given that these sectors have suffered a much bigger impact from faltering demand worldwide.
"Budget 2016 should take this into consideration and help to reduce some costs of doing business for these sectors, thus freeing up some cash-flow for companies during these difficult times," the report dated Mar 9 noted.
Some experts have also called attention to the significant lending exposure that Singapore banks have to China.
While the credit risk from this is likely to be limited, it remains a concern given the Singapore’s already-considerable exposure to a slowing Chinese economy, according to ANZ’s Mr Ng.
“A ball park estimate puts the loans that DBS, UOB and OCBC have extended to China at about 10 per cent of total loans, which is still quite modest. Credit risks from these loans will be mitigated given that the China exposure is predominantly in trade and finance sectors. These self-liquidating trade loans are usually backed by letters of credit from Chinese banks. Meanwhile, Singapore banks also face tougher regulatory requirements,” Mr Ng said.
“But given that our exposure to China has grown beyond trade, this could be something to look at.”
BALANCE EXPECTATIONS
However, amid the uncertainty, analysts told Channel NewsAsia that it is important to keep expectations in check given that Singapore’s economy is facing a slowdown, not a recession.
According to Mr Biswas from IHS Global Insight, Singapore is expected to see the continuation of “moderate positive gross domestic product (GDP) growth” in 2016 hence there is no need for “exceptional measures” to be introduced in this year’s Budget.
“Although Singapore’s manufacturing sector has been in protracted recession throughout 2015, the overall economy is still showing moderate positive growth, helped by continued expansion of the services economy. Singapore’s role as a leading global financial centre, logistics, shipping and aviation hub as well as a regional headquartering hub for MNCs continues to underpin the economy.”
- CNA/sk
- wong chee tat :)
Sunday, March 13, 2016
ANZ exits SME business in five Asian countries, cuts around 100 jobs
ANZ exits SME business in five Asian countries, cuts around 100 jobs
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman said.
Posted 10 Mar 2016 19:36 Updated 10 Mar 2016 19:40
PHOTOS
SINGAPORE: Australia and New Zealand Banking Group (ANZ) has closed its business lending to small and mid-sized enterprises (SMEs) in five Asian countries, cutting around 100 jobs, in a sign its new chief executive is slimming presence in the region.
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman told Reuters.
In Singapore, ANZ has more than 2,000 employees and a Qualifying Full Bank license, which allows it to offer a wide range of services to consumers. A company spokesman told Channel NewsAsia that the move was part of the bank's focus on improving returns in Asia by focusing on their institutional business.
ANZ is alone among Australia's major four banks to have made a big push in Asia. CEO Shayne Elliott has shifted focused to areas where growth is faster and returns are particularly attractive.
The bank is "not generally targeting the smaller end of town anymore," one of the people told Reuters.
"There is much more focus on account planning and strategy, making sure that the client mixes the bank has got are right and that the bank has enough tentacles of products being sold to those clients."
It was not clear how big the SME unit was nor how big its revenue contribution was to the overall business.
Two of the people said they expected more change to come, particularly at the bank's markets division which the Australian regulator has taken to court for suspected market manipulation. ANZ said it would vigorously defend itself.
Already under consideration is the sale of minority stakes in banks in Indonesia, Malaysia and China, for which Elliott has put Deputy Chief Executive Graham Hodges in charge.
As part of this retreat, the bank has been trying to sell its 39 per cent stake in PT Bank Pan Indonesia Tbk (Panin) , Reuters previously reported.
It has also made a slew of announcements over recent months including a management shake-up that involved the exit of Andrew Geczy, who headed the international and institutional business.
Earlier this month, ANZ said it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
- REUTERS/CNA/av
- wong chee tat :)
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman said.
Posted 10 Mar 2016 19:36 Updated 10 Mar 2016 19:40
PHOTOS
SINGAPORE: Australia and New Zealand Banking Group (ANZ) has closed its business lending to small and mid-sized enterprises (SMEs) in five Asian countries, cutting around 100 jobs, in a sign its new chief executive is slimming presence in the region.
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman told Reuters.
In Singapore, ANZ has more than 2,000 employees and a Qualifying Full Bank license, which allows it to offer a wide range of services to consumers. A company spokesman told Channel NewsAsia that the move was part of the bank's focus on improving returns in Asia by focusing on their institutional business.
ANZ is alone among Australia's major four banks to have made a big push in Asia. CEO Shayne Elliott has shifted focused to areas where growth is faster and returns are particularly attractive.
The bank is "not generally targeting the smaller end of town anymore," one of the people told Reuters.
"There is much more focus on account planning and strategy, making sure that the client mixes the bank has got are right and that the bank has enough tentacles of products being sold to those clients."
It was not clear how big the SME unit was nor how big its revenue contribution was to the overall business.
Two of the people said they expected more change to come, particularly at the bank's markets division which the Australian regulator has taken to court for suspected market manipulation. ANZ said it would vigorously defend itself.
Already under consideration is the sale of minority stakes in banks in Indonesia, Malaysia and China, for which Elliott has put Deputy Chief Executive Graham Hodges in charge.
As part of this retreat, the bank has been trying to sell its 39 per cent stake in PT Bank Pan Indonesia Tbk (Panin) , Reuters previously reported.
It has also made a slew of announcements over recent months including a management shake-up that involved the exit of Andrew Geczy, who headed the international and institutional business.
Earlier this month, ANZ said it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
- REUTERS/CNA/av
- wong chee tat :)
3 years’ jail for delivery driver who molested 10-year-old step-daughter
3 years’ jail for delivery driver who molested 10-year-old step-daughter
He was sexually aroused by his step-daughter after she fell on top of him while the two were “wrestling” and admitted to the police he had molested the girl so many times that he had “lost count”.
By Vanessa Paige Chelvan
Posted 11 Mar 2016 18:01 Updated 11 Mar 2016 18:10
SINGAPORE: Shortly after marrying the girl’s mother in June 2014, a 42-year-old delivery driver began to molest his new step-daughter, often preying on her while she slept. The abuse continued for seven months, until the 10-year-old girl went to the police.
The step-father, who cannot be named to protect the girl’s identity, was sentenced to three years’ jail and three strokes of the cane on Friday (Mar 11), after pleading guilty to three counts of sexual assault of a child.
The man told police he started to become sexually aroused by his step-daughter after she fell on top of him while the two were “wrestling”. The abuse began soon after, and the man admitted to police he had molested the girl so many times that he had “lost count”.
He often assaulted her in her sleep, and though she would wake to find her step-father molesting her, the girl said she was too frightened to shout.
On one occasion, the man had taken his step-daughter along on a delivery job. When she fell asleep, he parked the lorry near Sembawang Park and lay next to the girl in the backseat. He removed the girl’s shorts and his trousers and sexually assaulted her.
The girl woke up when she felt someone touching her, and screamed in panic as it was dark in the back of the lorry. When the girl realised it was her step-father, she pulled up her shorts and asked to be taken home.
Deputy Public Prosecutor Delicia Tan said the man had “humiliated and degraded” his step-daughter in a “gross and direct betrayal of (the) trust” her mother had placed in him. The man’s offences became increasingly brazen over time, and he often molested her while she slept next to her three sisters, DPP Tan said.
The man, who was unrepresented, told the court he was remorseful and ashamed of his actions, indicating he would attend psychological counselling so “this incident will not happen again”.
“I beg for leniency”, he said, adding that “once this thing is done, I can be back with my family”.
For sexually assaulting a child under 14 years old, he could have been jailed up to five years per charge, and fined and/or caned.
- CNA/xk
- wong chee tat :)
He was sexually aroused by his step-daughter after she fell on top of him while the two were “wrestling” and admitted to the police he had molested the girl so many times that he had “lost count”.
By Vanessa Paige Chelvan
Posted 11 Mar 2016 18:01 Updated 11 Mar 2016 18:10
SINGAPORE: Shortly after marrying the girl’s mother in June 2014, a 42-year-old delivery driver began to molest his new step-daughter, often preying on her while she slept. The abuse continued for seven months, until the 10-year-old girl went to the police.
The step-father, who cannot be named to protect the girl’s identity, was sentenced to three years’ jail and three strokes of the cane on Friday (Mar 11), after pleading guilty to three counts of sexual assault of a child.
The man told police he started to become sexually aroused by his step-daughter after she fell on top of him while the two were “wrestling”. The abuse began soon after, and the man admitted to police he had molested the girl so many times that he had “lost count”.
He often assaulted her in her sleep, and though she would wake to find her step-father molesting her, the girl said she was too frightened to shout.
On one occasion, the man had taken his step-daughter along on a delivery job. When she fell asleep, he parked the lorry near Sembawang Park and lay next to the girl in the backseat. He removed the girl’s shorts and his trousers and sexually assaulted her.
The girl woke up when she felt someone touching her, and screamed in panic as it was dark in the back of the lorry. When the girl realised it was her step-father, she pulled up her shorts and asked to be taken home.
Deputy Public Prosecutor Delicia Tan said the man had “humiliated and degraded” his step-daughter in a “gross and direct betrayal of (the) trust” her mother had placed in him. The man’s offences became increasingly brazen over time, and he often molested her while she slept next to her three sisters, DPP Tan said.
The man, who was unrepresented, told the court he was remorseful and ashamed of his actions, indicating he would attend psychological counselling so “this incident will not happen again”.
“I beg for leniency”, he said, adding that “once this thing is done, I can be back with my family”.
For sexually assaulting a child under 14 years old, he could have been jailed up to five years per charge, and fined and/or caned.
- CNA/xk
- wong chee tat :)
IT Show 2016
Went to IT Show held in Suntec. Saw what I wanted but the prices deter me from buying :(
- wong chee tat :)
Sutra in Forty-Two Sections - Sections 4,22,24,25
Sutra in Forty-Two Sections - Sections 4,22,24,25
Section 4
Clarifying Good and Evil
The Buddha said, "Living beings may perform Ten Good Deeds or Ten Evil Deeds. What are the ten? Three are done with the body, four are done with the mouth, and three are done with the mind. The three done with the body are killing, stealing, and lust. The four done with the mouth are duplicity, harsh speech, lies, and frivolous speech. The three done with the mind are jealousy, hatred, and stupidity. Thus these ten are not in accord with the Way of Sages and are called the Ten Evil Deeds. To put a stop to these evils is to perform the Ten Good Deeds."
Section 22
Wealth and Sex Cause Suffering
The Buddha said, "People are unable to renounce wealth and sex. They are just like a child who cannot resist honey on the blade of a knife. Even though the amount is not even enough for a single meal's serving, he will lick it and risk cutting his tongue in the process."
Section 24
Sexual Desire Obstructs the Way
The Buddha said, "Of all longings and desires, there is none as strong as sex. Sexual desire has no equal. Fortunately, it is one of a kind. If there were something else like it, no one in the entire world would be able to cultivate the Way."
Section 25
The Fire of Desire Burns
The Buddha said, "A person with love and desire is like one who carries a torch while walking against the wind: he is certain to burn his hand."
- wong chee tat :)
Section 4
Clarifying Good and Evil
The Buddha said, "Living beings may perform Ten Good Deeds or Ten Evil Deeds. What are the ten? Three are done with the body, four are done with the mouth, and three are done with the mind. The three done with the body are killing, stealing, and lust. The four done with the mouth are duplicity, harsh speech, lies, and frivolous speech. The three done with the mind are jealousy, hatred, and stupidity. Thus these ten are not in accord with the Way of Sages and are called the Ten Evil Deeds. To put a stop to these evils is to perform the Ten Good Deeds."
Section 22
Wealth and Sex Cause Suffering
The Buddha said, "People are unable to renounce wealth and sex. They are just like a child who cannot resist honey on the blade of a knife. Even though the amount is not even enough for a single meal's serving, he will lick it and risk cutting his tongue in the process."
Section 24
Sexual Desire Obstructs the Way
The Buddha said, "Of all longings and desires, there is none as strong as sex. Sexual desire has no equal. Fortunately, it is one of a kind. If there were something else like it, no one in the entire world would be able to cultivate the Way."
Section 25
The Fire of Desire Burns
The Buddha said, "A person with love and desire is like one who carries a torch while walking against the wind: he is certain to burn his hand."
- wong chee tat :)
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