'Too early' to lift property cooling measures: MAS chief
Posted 25 Jul 2016 13:00 Updated 25 Jul 2016 16:46
SINGAPORE: It is "too early" for the Government to consider lifting the property cooling measures currently in place, as it looks to make sure the gains "painstakingly made" are entrenched, said Mr Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), on Monday (Jul 25).
Speaking at the central bank's annual report briefing, Mr Menon said it is also to make sure the local property market is on a "sustainable path" and that household balance sheets become stronger to "withstand shocks".
Mr Menon's comments reiterated National Development Minister Lawrence Wong's own, which were made during the Committee of Supply debate in Parliament in April. He said that while the cooling measures have been effective in stabilising the property market, relaxing them too early may risk a premature market rebound.
The MAS chief said the contribution to accommodation costs to inflation has come down significantly, while the balance sheets for households show signs of strengthening with the moderating of annual growth in household debt.
He added that the property market has been stabilising over the last two years since its peak in the third quarter of 2013. That said, property prices went up 60 per cent between 2009 to 2013, while nominal incomes increased only 30 per cent during the same period.
"The risk of a renewed surge in property prices is not trivial given that interest rates are likely to remain low and global investors continue to search for yield." said Mr Menon.
"And while the growth in household debt has eased considerably, it will take time for household balance sheets to strengthen and become more resilient to interest rate and income shocks," he added.
The MAS, Ministry of Finance and Ministry of National Development will continue to closely monitor developments in the property market, the MAS chief said.
MAS has introduced several cooling measures since 2013, including raising the rates for Additional Buyer's Stamp Duty (ABSD) and capping the Mortgage Servicing Ratio for housing loans granted for public housing by financial institutions at 30 per cent of a borrower's gross monthly income.
However, there have been voices calling for the lifting of such measures, particularly from developers. The Real Estate Developers' Association of Singapore, for one, said in February that there is a need to ensure a soft landing to prevent further damage to an already fragile local economy.
Property analysts Channel NewsAsia spoke with were divided on the issue. Chief executive of PropNex Realty Mohamad Ismail Gafoor said cooling measures that concern an individual's debt ratio should stay for the long term.
But he said the Additional Buyer's Stamp Duty (ABSD) that Singaporeans and foreigners are subjected to for their second property could be revisited. Foreigners will be subjected to 15 per cent of ABSD for their second property, while Singaporeans will have to pay seven percent.
"15 per cent of a property worth $3 million will come close to half a million dollars, which means people could buy properties in other countries just on ABSD. What is happening is a fair number of Singaporeans, because of the ABSD are buying properties in other parts of the world. We already have a Total Debt Servicing Ratio. Why do we need to penalise Singaporeans for buying a second property within their means and not stretching themselves?"
Mr Ismail said reducing the ABSD from 15 per cent to between five and 10 per cent for foreigners, and doing the same for Singaporeans, would encourage more people to invest in the local property market. This could be a positive sign for developers who have been struggling in recent years,
Century 21 chief executive Ku Swee Yong highlighted Mr Menon's comments on the gap between property prices and income growth, which was about 30 per cent. In the last two and a half years, the gap has dropped by about nine per cent. Mr Ku said the authorities are of the mindset that "there is still some way to go".
He said the government's wait-and-see attitude might also hinge on risks not apparent to observers and analysts: "What they can see would include families that have stretched themselves to buy industrial, retail and office real estate in the last four years, where strata titles - small sized commercial properties - were selling like hotcakes. "
Mr Ku said these loans are classified under commercial property loans and many investors have set up private limited companies to buy such real estate, and take on the loan under their companies.
The recent release of second quarter property figures also showed the number of private residential transactions "suddenly" spiking, as developers slashed prices and offered incentives to buyers. "If the government were to relax policy measures, there would be further encouragement for the market to buy even more," he said.
- CNA/kk
- wong chee tat :)
Monday, July 25, 2016
7 in 10 NTU graduates secured jobs before graduation: Survey
7 in 10 NTU graduates secured jobs before graduation: Survey
By Loh Chuan Junn, Channel NewsAsia Posted 25 Jul 2016 16:11 Updated 25 Jul 2016 18:36
SINGAPORE: Seven in 10 students from Nanyang Technological University's (NTU) graduating class of 2016 have secured jobs before graduation, according to a preliminary survey of more than 5,000 graduates conducted by the university in June.
The projected numbers are on par with those who graduated last year and higher than the cohort the year before, where about two in three landed a job before graduation.
One engineering graduate from the 2016 cohort, Mr A Saravanan received five job offers and currently works as a software engineering analyst at Accenture.
He said: "NTU has equipped me with a broad-based education, which has enabled me to approach projects with wider and better understanding. Another valuable experience was my internship at the US Air Force Academy, where I worked alongside cadets from the United States, France and Canada on programming tasks."
NTU also stated in a media release on Monday (Jul 25) that many of its students benefited from internships. Around 11 percent of those surveyed have been employed by their internship companies, and almost 18 per cent received job offers from where they interned.
More than 9,100 students will receive their Bachelor's and higher degrees across 18 convocation ceremonies from Monday till Aug 2.
The first ceremony saw the pioneer batch of graduates from three programmes - the Renaissance Engineering Programme (REP), the University Scholars Programme (USP) and the History Programme - receive their degrees. Dr Wee Cho Yaw, UOB Chairman Emeritus presided over the ceremony. Acting Minister for Education (Higher Education and Skills) Ong Ye Kung was also present.
The ceremony also saw NTU confer the Honorary Degree of Doctor of Engineering on Professor Sir David Payne from University of Southampton, in recognition for his significant contributions to the field of telecommunications.
Renowned Singaporean master potter and ceramicist Iskandar Jalil was also conferred the Honorary Degree of Doctor of Letters for his accomplishments in pottery and his service in education.
- CNA/am
- wong chee tat :)
By Loh Chuan Junn, Channel NewsAsia Posted 25 Jul 2016 16:11 Updated 25 Jul 2016 18:36
SINGAPORE: Seven in 10 students from Nanyang Technological University's (NTU) graduating class of 2016 have secured jobs before graduation, according to a preliminary survey of more than 5,000 graduates conducted by the university in June.
The projected numbers are on par with those who graduated last year and higher than the cohort the year before, where about two in three landed a job before graduation.
One engineering graduate from the 2016 cohort, Mr A Saravanan received five job offers and currently works as a software engineering analyst at Accenture.
He said: "NTU has equipped me with a broad-based education, which has enabled me to approach projects with wider and better understanding. Another valuable experience was my internship at the US Air Force Academy, where I worked alongside cadets from the United States, France and Canada on programming tasks."
NTU also stated in a media release on Monday (Jul 25) that many of its students benefited from internships. Around 11 percent of those surveyed have been employed by their internship companies, and almost 18 per cent received job offers from where they interned.
More than 9,100 students will receive their Bachelor's and higher degrees across 18 convocation ceremonies from Monday till Aug 2.
The first ceremony saw the pioneer batch of graduates from three programmes - the Renaissance Engineering Programme (REP), the University Scholars Programme (USP) and the History Programme - receive their degrees. Dr Wee Cho Yaw, UOB Chairman Emeritus presided over the ceremony. Acting Minister for Education (Higher Education and Skills) Ong Ye Kung was also present.
The ceremony also saw NTU confer the Honorary Degree of Doctor of Engineering on Professor Sir David Payne from University of Southampton, in recognition for his significant contributions to the field of telecommunications.
Renowned Singaporean master potter and ceramicist Iskandar Jalil was also conferred the Honorary Degree of Doctor of Letters for his accomplishments in pottery and his service in education.
- CNA/am
- wong chee tat :)
AVA investigating new cat deaths in Yishun
AVA investigating new cat deaths in Yishun
Posted 25 Jul 2016 20:46 Updated 25 Jul 2016 21:15
SINGAPORE: The Agri-Food and Veterinary Authority of Singapore (AVA) is investigating two new cases of cat deaths in Yishun.
According to animal rescue group Yishun 326 Tabby Cat, the two cats were found dead in Yishun on Monday (Jul 25). In a Facebook post, the group said the carcasses of the cats were found at Block 115C Yishun Ring Road and Block 170 Yishun Ave 7.
"As part of the investigation, we are conducting a post mortem of the carcasses," an AVA spokesperson told Channel NewsAsia.
AVA added that not all animal deaths are related to animal cruelty and that the public should refrain from speculation while investigations are ongoing.
The agency said that it has received reports on 47 cases of cats reported dead or injured in Yishun since September 2015. Investigations revealed that of these, three cases were likely related to cruelty, while 14 cases were a result of other causes, such as death caused by road traffic accidents, sickness and disease, as well as accidental falls from height, AVA said.
"Out of the remaining 30 cases, 5 cases are under investigation and 25 cases remain open due to insufficient leads," AVA said.
The agency also noted the risks faced by stray cats. "Stray cats do not enjoy good welfare and living conditions. They are constantly exposed to the elements and face various risks such as starvation, disease and parasitic infestations, animal cruelty and the risk of getting knocked down by vehicles. Stray cats may not be able to fend for themselves in the environment and the risks they face could be fatal. Therefore, stray cats should be rehomed and properly cared for by responsible owners," AVA said.
Last month, 41-year-old Lee Wai Leong, who suffers from moderate intellectual disability, was sentenced to 18 months’ probation for animal cruelty.
Lee had picked a stray cat up from the ground floor of Block 115B Yishun Ring Road and thrown the cat over the parapet on the 13th storey because it "had been very noisy".
Another cat was also found dead at Yishun Street 72 on Jul 20. According to the Society for the Prevention of Cruelty to Animals’ Executive Director Dr Jaipal Singh Gill, the cat was found with two puncture wounds.
“We informed the AVA and they have since taken the cat’s body for a post mortem examination. We will continue to assist the AVA, the agency investigating the spate of cat deaths in Yishun, as best we can,” he added.
AVA added that members of the public can report animal cruelty cases to AVA via its 24-hour hotline at 1800-476-1600. All information shared will be held in strict confidence, it said.
- CNA/xk/dl
- wong chee tat :)
Posted 25 Jul 2016 20:46 Updated 25 Jul 2016 21:15
SINGAPORE: The Agri-Food and Veterinary Authority of Singapore (AVA) is investigating two new cases of cat deaths in Yishun.
According to animal rescue group Yishun 326 Tabby Cat, the two cats were found dead in Yishun on Monday (Jul 25). In a Facebook post, the group said the carcasses of the cats were found at Block 115C Yishun Ring Road and Block 170 Yishun Ave 7.
"As part of the investigation, we are conducting a post mortem of the carcasses," an AVA spokesperson told Channel NewsAsia.
AVA added that not all animal deaths are related to animal cruelty and that the public should refrain from speculation while investigations are ongoing.
The agency said that it has received reports on 47 cases of cats reported dead or injured in Yishun since September 2015. Investigations revealed that of these, three cases were likely related to cruelty, while 14 cases were a result of other causes, such as death caused by road traffic accidents, sickness and disease, as well as accidental falls from height, AVA said.
"Out of the remaining 30 cases, 5 cases are under investigation and 25 cases remain open due to insufficient leads," AVA said.
The agency also noted the risks faced by stray cats. "Stray cats do not enjoy good welfare and living conditions. They are constantly exposed to the elements and face various risks such as starvation, disease and parasitic infestations, animal cruelty and the risk of getting knocked down by vehicles. Stray cats may not be able to fend for themselves in the environment and the risks they face could be fatal. Therefore, stray cats should be rehomed and properly cared for by responsible owners," AVA said.
Last month, 41-year-old Lee Wai Leong, who suffers from moderate intellectual disability, was sentenced to 18 months’ probation for animal cruelty.
Lee had picked a stray cat up from the ground floor of Block 115B Yishun Ring Road and thrown the cat over the parapet on the 13th storey because it "had been very noisy".
Another cat was also found dead at Yishun Street 72 on Jul 20. According to the Society for the Prevention of Cruelty to Animals’ Executive Director Dr Jaipal Singh Gill, the cat was found with two puncture wounds.
“We informed the AVA and they have since taken the cat’s body for a post mortem examination. We will continue to assist the AVA, the agency investigating the spate of cat deaths in Yishun, as best we can,” he added.
AVA added that members of the public can report animal cruelty cases to AVA via its 24-hour hotline at 1800-476-1600. All information shared will be held in strict confidence, it said.
- CNA/xk/dl
- wong chee tat :)
July 2016 Singapore Savings Bonds - GX16080S
Issuance details - GX16080S
| Bond ID |
GX16080S
|
|---|---|
| Amount available |
$300 million
|
| Issue date |
1 Aug 2016
|
| Maturity date(1) |
1 Aug 2026
|
| Interest payment dates(1) |
The 1st interest payment will be made on 1 Feb 2017, and subsequently
every six months on 1 Aug and 1 Feb every year. |
| Investment amounts |
You can invest a minimum of $500, and in multiples of $500 up to
$50,000 for this issue. The total amount of Savings Bonds held across all issues cannot be more than $100,000. |
| Application period |
Opens: 6.00pm, 1 Jul 2016
Closes: 9.00pm, 26 Jul 2016 Results: After 3.00pm, 27 Jul 2016 Keep track of the important dates with our SSB calendar. |
| Apply through |
DBS/POSB, OCBC and UOB ATMs and DBS/POSB Internet Banking,
from 7.00am - 9.00pm, Mon - Sat, excluding Public Holidays. On 1 Jul 2016, these channels will be open from 6.00pm to 9.00pm. CPF and SRS funds are not eligible. |
This bond will be reflected as "SBAUG16 GX16080S" in your CDP statement and "CDP-SBAUG16" in your bank statement.
Interest rates
* At the end of each year, on a compounded basis
Calculate the interest you will earn based on your desired investment amount using the Interest Calculator.
(1)If this day is not a business day, payment will be made on the next business day.
- wong chee tat :)
MacDonald's Dinosaur McFlurry
New Promotion! I should get one later.
- Pic from MacDonalds
- wong chee tat :)
McAfee DAT version = 8236 (jul 24rd 2016)
McAfee DAT version = 8236 (jul 24th 2016)
Link: here ( Select Yes. And it keeps getting updated daily. Region=US)
- wong chee tat :)
Link: here ( Select Yes. And it keeps getting updated daily. Region=US)
- wong chee tat :)
六字真言頌 怙主三寶
六字真言頌 怙主三寶
虔心皈依怙主三寶，真心憐憫慈母眾生，嗡瑪尼巴美吽……
佛為導師法為正道，僧為善侶同為救主，嗡瑪尼巴美吽……
登山階梯過河船舟，驅愚慧燈險隘坦途，嗡瑪尼巴美吽……
口誦真言心中祈禱，地獄烈火從此熄滅，嗡瑪尼巴美吽……
唱頌六字胸中發願，冷獄冰雪消融變暖，嗡瑪尼巴美吽……
誦持六字威力無比，十八地獄變成樂土，嗡瑪尼巴美吽……
世間無實因緣難料，生死輪回行善為要，嗡瑪尼巴美吽……
萬物無常善惡交替，向善精進矢志不渝，嗡瑪尼巴美吽……
暇滿人身難得至寶，虛度此生實為可惜，嗡瑪尼巴美吽……
貪心無盡欲望皆空，惡趣業因棄之從善，嗡瑪尼巴美吽……
萬惡煩惱罪孽根源，時刻提防凡夫癡念，嗡瑪尼巴美吽……
強壯身軀入土荒野，驅走死神上師引路，嗡瑪尼巴美吽……
瑪尼頌詞怙主三寶，諾言活佛順口編唱，嗡瑪尼巴美吽……
虔誠頂禮觀音菩薩，消除罪孽速證佛果，嗡瑪尼巴美吽……
如來佛子慈悲引路，眾生往生極樂佛土，嗡瑪尼巴美吽……
六字斷除六道苦難頌
嗡字放光照耀天界，死苦難忍觀音救度，嗡瑪尼巴美吽……
瑪字光照阿修羅界，爭斗死傷觀音救度，嗡瑪尼巴美吽……
尼字放光照亮人間，生老病死觀音救度，嗡瑪尼巴美吽……
巴字放光照亮畜生，蠢啞痛苦觀音救度，嗡瑪尼巴美吽……
美字放光照亮惡鬼，饑餓難熬觀音救度，嗡瑪尼巴美吽……
吽字放光照亮地獄，冷熱煎熬觀音救度，嗡瑪尼巴美吽……
- wong chee tat :)
虔心皈依怙主三寶，真心憐憫慈母眾生，嗡瑪尼巴美吽……
佛為導師法為正道，僧為善侶同為救主，嗡瑪尼巴美吽……
登山階梯過河船舟，驅愚慧燈險隘坦途，嗡瑪尼巴美吽……
口誦真言心中祈禱，地獄烈火從此熄滅，嗡瑪尼巴美吽……
唱頌六字胸中發願，冷獄冰雪消融變暖，嗡瑪尼巴美吽……
誦持六字威力無比，十八地獄變成樂土，嗡瑪尼巴美吽……
世間無實因緣難料，生死輪回行善為要，嗡瑪尼巴美吽……
萬物無常善惡交替，向善精進矢志不渝，嗡瑪尼巴美吽……
暇滿人身難得至寶，虛度此生實為可惜，嗡瑪尼巴美吽……
貪心無盡欲望皆空，惡趣業因棄之從善，嗡瑪尼巴美吽……
萬惡煩惱罪孽根源，時刻提防凡夫癡念，嗡瑪尼巴美吽……
強壯身軀入土荒野，驅走死神上師引路，嗡瑪尼巴美吽……
瑪尼頌詞怙主三寶，諾言活佛順口編唱，嗡瑪尼巴美吽……
虔誠頂禮觀音菩薩，消除罪孽速證佛果，嗡瑪尼巴美吽……
如來佛子慈悲引路，眾生往生極樂佛土，嗡瑪尼巴美吽……
六字斷除六道苦難頌
嗡字放光照耀天界，死苦難忍觀音救度，嗡瑪尼巴美吽……
瑪字光照阿修羅界，爭斗死傷觀音救度，嗡瑪尼巴美吽……
尼字放光照亮人間，生老病死觀音救度，嗡瑪尼巴美吽……
巴字放光照亮畜生，蠢啞痛苦觀音救度，嗡瑪尼巴美吽……
美字放光照亮惡鬼，饑餓難熬觀音救度，嗡瑪尼巴美吽……
吽字放光照亮地獄，冷熱煎熬觀音救度，嗡瑪尼巴美吽……
- wong chee tat :)
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
- wong chee tat :)
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
- wong chee tat :)
Blog Updates:
Blog Updates:
Minor updates:
- Update labels on some old posts
Will continue to make minor improvements for this blog!
- wong chee tat :)
Minor updates:
- Update labels on some old posts
Will continue to make minor improvements for this blog!
- wong chee tat :)
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
- wong chee tat :)
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
Homage to the 36 trillion, 119 thousand, 500 Amitabha Buddhas
- wong chee tat :)
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