Singapore banking system remains sound following Brexit outcome: MAS
Posted 24 Jun 2016 15:44 Updated 24 Jun 2016 22:34
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Friday (Jun 24) that "Singapore’s interbank money markets continue to function in an orderly manner and its banking system remains sound", following the outcome of the UK’s referendum on EU membership.
Britain voted to leave the European Union, in a decision that sparked upheaval across Asian markets.
In response to media queries, the Singapore central bank said: "The liquidity positions of the major banks in Singapore are healthy, and overall banking system liquidity remains adequate. MAS will provide additional liquidity to the banking system if needed.
"The trade-weighted Singapore dollar remains within its policy band, notwithstanding heightened volatility in international foreign exchange markets today. MAS stands ready to curb excessive volatility in the Singapore dollar.
"We have been prepared for the market volatility. MAS had been in close contact over the past weeks with banks in Singapore, foreign central banks and regulators to take preparatory actions to ensure the resilience of our financial system and markets in the event of Brexit."
MAS added that it would continue to be vigilant and stay in close contact with fellow central banks and regulators, as uncertainty is likely to persist following the referendum outcome.
Meanwhile, deputy president and group chief investment officer of GIC Lim Chow Kiat said the Singapore sovereign wealth fund runs a "long-term and diversified portfolio" and is "prepared for a period of heightened market uncertainty".
"What's most important to us is that markets remain open," Mr Lim said.
MEDIUM- TO LONG-TERM IMPACT ON SINGAPORE "MODEST": MTI
A spokesperson from the Ministry of Trade and Industry (MTI) said while the immediate aftermath of Brexit has led to substantial uncertainty and volatility in the financial markets, it is "too early" to assess its full consequences.
"Based on analysts’ current estimates of the impact of Brexit on the UK and the Eurozone economies, MTI’s assessment is that the medium- to long-term direct impact of Brexit on the Singapore economy is likely to be modest," the spokesperson said.
The full impact of Brexit on the UK, the EU and the global economy will be heavily dependent on the UK’s subsequent trade arrangements with the EU and other markets, including Singapore, MTI said.
With Brexit, the UK is no longer covered by the existing trade agreements that the EU has, according to the trade ministry. This means it will need to negotiate new agreements with its trading partners, including Singapore.
However, the nature and precise timing of the negotiations will depend on when Brexit takes effect following the UK’s deliberations with the EU, stated the MTI spokesperson.
"We will continue to monitor the situation and assess the economic consequences of Brexit on the Singapore economy and our businesses," the spokesperson added.
SINGAPORE FIRMS IN UK COULD FACE SLOWER GROWTH: SCCCI
Responding to the Brexit vote, Singapore Chinese Chamber of Commerce and Industry (SCCCI) president Thomas Chua said in the immediate term, Singapore companies will face some uncertainties in terms of how Brexit will impact Asia. “Companies who are already in the UK may face the prospects of a slower growth,” he said.
Added Mr Chua: “For our SMEs who are suppliers to the UK MNCs based here, they will be affected if their UK principals become more cautious in their business plans due to a weaker British Pound. While the UK may traditionally be the first-choice hub of our companies to access the European market, they may now review UK as their preferred choice, and open to consider other options.
He noted that both Singapore and London are key financial centres in the world and with the uncertainties following Brexit, combined with the growth potential of Asia, Singapore may stand to benefit as more financial institutions may consider to set up here.
LONG-TERM IMPACT ON S'PORE 'HARD TO ASCERTAIN': SBF
Meanwhile, the Singapore Business Federation (SBF) expressed concern over the outcome of the vote.
“The decision to leave the EU adds more risk to Europe’s stability and to global markets at a time when the world economy needs more stability,” SBF said in a statement. “The possibility of a weaker EU, given its importance as a trading and investment partner to Singapore, will have significant impact on our economy.”
SBF also said the long-term impact of Brexit on Singapore and the world is “hard to ascertain”, although new configurations are currently being negotiated and put together, and the ripple effects of these “will take time” to work out and “add prolonged uncertainties”.
- CNA/dt/xk
- wong chee tat :)
Showing posts with label asia. Show all posts
Showing posts with label asia. Show all posts
Monday, June 27, 2016
Monday, June 13, 2016
Opportunities for insurers to cover risks from cyber attacks, natural disasters: Tharman
Opportunities for insurers to cover risks from cyber attacks, natural disasters: Tharman
Deputy Prime Minister Tharman Shanmugaratnam cites growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks as well as investing in infrastructure.
By Nicole Tan
Posted 13 Jun 2016 21:54 Updated 13 Jun 2016 22:06
SINGAPORE: There are opportunities for insurers in financing infrastructure and providing insurance for cyber attacks and natural disasters, despite the challenge of persistently low interest rates, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam.
He was speaking at the International Insurance Society Global Insurance Forum on Monday (Jun 13).
Mr Tharman cited growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks, as well as investing in infrastructure.
To enable long-term investments, such as for infrastructure, Mr Tharman said the Monetary Authority of Singapore is seeking to modify its risk-based capital framework for insurers. He said the next public consultation on this will be held at the end of the month.
Mr Tharman also noted that the economic cost of natural disasters is growing but that the take-up of catastrophe insurance in Asia has been "woefully low". The Deputy Prime Minister pointed to a data gap: "The industry needs good data on the frequency, location and economic impact of natural disasters, so that insurers and reinsurers can price risks adequately. So we have had a limited supply of insurance coverage, that has itself led to higher cost of protection, which in turn discourages demand for insurance against catastrophe risks."
Likewise, Mr Tharman noted that the data needed for the efficient underwriting of cyber risk is "weak". He said: "We need to strengthen collaboration between the industry, government and academia to build reliable databases and analytical tools to enable the efficient underwriting of cyber risk."
ACTIVE INVESTMENT MANAGEMENT 'NOT ALL IT HAS BEEN CRACKED UP TO BE'
As populations age, individuals need to save more for a longer retirement. Meanwhile, slower economic growth is weighing on investment. Mr Tharman said higher savings and lower investment suggest that long-term real interest rates are likely to stay low for quite some time to come. He added that this poses a challenge for insurance and pension funds.
He said: “It hits you on both your assets and your liabilities. It means a lower return on your assets. And it pushes up the value of liabilities because the discount rate has gone down. It is not a temporary challenge but a long-term challenge.
"As life expectancy goes up, liabilities will be pushed out further, and the gap in maturity between your liabilities and your assets is likely to grow. This mismatch in durations, together with low interest rates, means we have a growing problem."
Going forward, Mr Tharman said fundamental reforms are needed to address the challenges, such as making the workplace more attractive to older employees.
As for the finance industry, he said there should be a shift towards passive investment management, away from active management which has proven costly for ordinary savers.
Mr Tharman said: “Active management is not all it has been cracked up to be: it has not proven its worth for most ordinary savers preparing for their retirement. We do have to move towards a system, in a whole range of countries, of helping people save for the long term through passive investment funds, and pool savings to avoid fragmentation and excessive marketing costs.”
- CNA/ms
- wong chee tat :)
Deputy Prime Minister Tharman Shanmugaratnam cites growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks as well as investing in infrastructure.
By Nicole Tan
Posted 13 Jun 2016 21:54 Updated 13 Jun 2016 22:06
SINGAPORE: There are opportunities for insurers in financing infrastructure and providing insurance for cyber attacks and natural disasters, despite the challenge of persistently low interest rates, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam.
He was speaking at the International Insurance Society Global Insurance Forum on Monday (Jun 13).
Mr Tharman cited growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks, as well as investing in infrastructure.
To enable long-term investments, such as for infrastructure, Mr Tharman said the Monetary Authority of Singapore is seeking to modify its risk-based capital framework for insurers. He said the next public consultation on this will be held at the end of the month.
Mr Tharman also noted that the economic cost of natural disasters is growing but that the take-up of catastrophe insurance in Asia has been "woefully low". The Deputy Prime Minister pointed to a data gap: "The industry needs good data on the frequency, location and economic impact of natural disasters, so that insurers and reinsurers can price risks adequately. So we have had a limited supply of insurance coverage, that has itself led to higher cost of protection, which in turn discourages demand for insurance against catastrophe risks."
Likewise, Mr Tharman noted that the data needed for the efficient underwriting of cyber risk is "weak". He said: "We need to strengthen collaboration between the industry, government and academia to build reliable databases and analytical tools to enable the efficient underwriting of cyber risk."
ACTIVE INVESTMENT MANAGEMENT 'NOT ALL IT HAS BEEN CRACKED UP TO BE'
As populations age, individuals need to save more for a longer retirement. Meanwhile, slower economic growth is weighing on investment. Mr Tharman said higher savings and lower investment suggest that long-term real interest rates are likely to stay low for quite some time to come. He added that this poses a challenge for insurance and pension funds.
He said: “It hits you on both your assets and your liabilities. It means a lower return on your assets. And it pushes up the value of liabilities because the discount rate has gone down. It is not a temporary challenge but a long-term challenge.
"As life expectancy goes up, liabilities will be pushed out further, and the gap in maturity between your liabilities and your assets is likely to grow. This mismatch in durations, together with low interest rates, means we have a growing problem."
Going forward, Mr Tharman said fundamental reforms are needed to address the challenges, such as making the workplace more attractive to older employees.
As for the finance industry, he said there should be a shift towards passive investment management, away from active management which has proven costly for ordinary savers.
Mr Tharman said: “Active management is not all it has been cracked up to be: it has not proven its worth for most ordinary savers preparing for their retirement. We do have to move towards a system, in a whole range of countries, of helping people save for the long term through passive investment funds, and pool savings to avoid fragmentation and excessive marketing costs.”
- CNA/ms
- wong chee tat :)
Monday, July 7, 2014
Blood ties: Family members of the ultra-rich beat accountants in giving financial advice
Blood ties: Family members of the ultra-rich beat accountants in giving financial advice
Whom do Asia’s wealthiest trust?
Asia is experiencing unprecedented growth, and Asian businesses are riding this rising tide of wealth. But it seems that high net-worth Asian business owners still prefer to run to their family members for business counsel, sidelining lawyers, accountants, and private bankers in the process.
According to Standard Chartered and Campden Wealth Research’s report, most high net-worth individuals in Asia prefer to follow financial advice from their family members, while accountants come in second and advice from lawyers come in third.
Next in line are private bank advisors, independent asset managers, investment bankers, family offices and commercial bankers.
“Total trust, some participants explained, is reserved only for those individuals closest to the business--namely, family and long-time colleagues,” the report noted.
Here’s more from the report:
The role of family businesses in the development of the private sector across Asia is equally important. Family businesses account for 32% of the total stock market capitalisation of the regionand 34% of its gdp.
“[T]his is a crucial stage of the business and family members are more likely than external advisors to care about and nurture the business. Our commercial profts put the food on our table and provide for our wants and needs, so we are [invested] in sustaining it. . .” said one respondent.
Family businesses are also important players in growing international and inter-regional trade, and in assisting regional economic development through exports. On average, international sales represent up to 36%per cent of the total sales for family businesses in Asia, compared to 8 per cent in North America.
- See more at: http://sbr.com.sg/financial-services/news/blood-ties-family-members-ultra-rich-beat-accountants-in-giving-financial-a-1#sthash.mOo2K2Mp.dpuf
- wong chee tat :)
Whom do Asia’s wealthiest trust?
Asia is experiencing unprecedented growth, and Asian businesses are riding this rising tide of wealth. But it seems that high net-worth Asian business owners still prefer to run to their family members for business counsel, sidelining lawyers, accountants, and private bankers in the process.
According to Standard Chartered and Campden Wealth Research’s report, most high net-worth individuals in Asia prefer to follow financial advice from their family members, while accountants come in second and advice from lawyers come in third.
Next in line are private bank advisors, independent asset managers, investment bankers, family offices and commercial bankers.
“Total trust, some participants explained, is reserved only for those individuals closest to the business--namely, family and long-time colleagues,” the report noted.
Here’s more from the report:
The role of family businesses in the development of the private sector across Asia is equally important. Family businesses account for 32% of the total stock market capitalisation of the regionand 34% of its gdp.
“[T]his is a crucial stage of the business and family members are more likely than external advisors to care about and nurture the business. Our commercial profts put the food on our table and provide for our wants and needs, so we are [invested] in sustaining it. . .” said one respondent.
Family businesses are also important players in growing international and inter-regional trade, and in assisting regional economic development through exports. On average, international sales represent up to 36%per cent of the total sales for family businesses in Asia, compared to 8 per cent in North America.
- See more at: http://sbr.com.sg/financial-services/news/blood-ties-family-members-ultra-rich-beat-accountants-in-giving-financial-a-1#sthash.mOo2K2Mp.dpuf
- wong chee tat :)
Thursday, September 12, 2013
Pentair opens new regional headquarters in Singapore
Pentair opens new regional headquarters in Singapore
POSTED: 12 Sep 2013 8:53 PM
Manufacturing firm Pentair has opened its new Southeast Asia regional headquarters in Singapore.
SINGAPORE: Manufacturing firm Pentair has opened its new Southeast Asia regional headquarters in Singapore.
The new office will consolidate its operations from seven locations across Singapore to a single 16,000-square-feet space.
More than 100 employees will move into the office in Tuas, which already houses some 100 employees, most of whom are engaged in engineering support.
In a statement released on Thursday, Pentair said the new office will support more than 500 employees in countries across Southeast Asia, and factories in Malaysia and Indonesia.
"Singapore is the logical location for any industrial organisation with serious ambitions in Southeast Asia and beyond. It offers convenient access to neighbouring countries and excellent business links with regional economic powerhouses such as China," said Lawrence Thong, Pentair's vice president and managing director for Southeast Asia.
Some of the global business units at Pentair's regional headquarters in Singapore include water and environmental services, valves and controls, and thermal management
With pro forma global revenues of more than US$8 billion, Pentair was formed last year through the merger of Pentair Inc and the Flow Control business of NYSE-listed Tyco International Ltd.
- CNA/ms
- wong chee tat :)
POSTED: 12 Sep 2013 8:53 PM
Manufacturing firm Pentair has opened its new Southeast Asia regional headquarters in Singapore.
SINGAPORE: Manufacturing firm Pentair has opened its new Southeast Asia regional headquarters in Singapore.
The new office will consolidate its operations from seven locations across Singapore to a single 16,000-square-feet space.
More than 100 employees will move into the office in Tuas, which already houses some 100 employees, most of whom are engaged in engineering support.
In a statement released on Thursday, Pentair said the new office will support more than 500 employees in countries across Southeast Asia, and factories in Malaysia and Indonesia.
"Singapore is the logical location for any industrial organisation with serious ambitions in Southeast Asia and beyond. It offers convenient access to neighbouring countries and excellent business links with regional economic powerhouses such as China," said Lawrence Thong, Pentair's vice president and managing director for Southeast Asia.
Some of the global business units at Pentair's regional headquarters in Singapore include water and environmental services, valves and controls, and thermal management
With pro forma global revenues of more than US$8 billion, Pentair was formed last year through the merger of Pentair Inc and the Flow Control business of NYSE-listed Tyco International Ltd.
- CNA/ms
- wong chee tat :)
Friday, August 9, 2013
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
- wong chee tat :)
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
- wong chee tat :)
Monday, May 13, 2013
Virgin to launch health club in Singapore
Virgin to launch health club in Singapore
By Yvonne Chan
POSTED: 13 May 2013 2:43 PM
The Virgin brand, linked to British billionaire Richard Branson, has made its way to Asia in the form of fitness.
SINGAPORE: The Virgin brand, linked to British billionaire Richard Branson, has made its way to Asia in the form of fitness.
Singapore is the first stop in Asia for the new fitness chain Virgin Active. Mr Branson arrived in Singapore on Monday to announce the fitness chain's first outlet will open in One Raffles Place in about two months' time, with six more clubs in the pipeline in the next few years.
Virgin Active will also be launched in other Asian markets, such as Thailand and South Korea.
To stay ahead, Mr Branson, founder of the Virgin Group, said it is imperative to keep re-inventing the Virgin brand.
This is a motto he applies across the Virgin Group, including the aviation arm, which includes Virgin Atlantic, Virgin America and Virgin Australia.
Having recently sold 10 per cent of Virgin Australia to Singapore Airlines, Mr Branson now has a 13 per cent stake in the company.
Mr Branson said: "The Virgin Brand will be there in Australia for many years to come. We just want to have a great group of partners. At the moment we have no plans to sell our stake but if there was a partner that was interested, and that would enhance our brand, we would certainly consider it. "
- CNA/xq
- wong chee tat :)
By Yvonne Chan
POSTED: 13 May 2013 2:43 PM
The Virgin brand, linked to British billionaire Richard Branson, has made its way to Asia in the form of fitness.
SINGAPORE: The Virgin brand, linked to British billionaire Richard Branson, has made its way to Asia in the form of fitness.
Singapore is the first stop in Asia for the new fitness chain Virgin Active. Mr Branson arrived in Singapore on Monday to announce the fitness chain's first outlet will open in One Raffles Place in about two months' time, with six more clubs in the pipeline in the next few years.
Virgin Active will also be launched in other Asian markets, such as Thailand and South Korea.
To stay ahead, Mr Branson, founder of the Virgin Group, said it is imperative to keep re-inventing the Virgin brand.
This is a motto he applies across the Virgin Group, including the aviation arm, which includes Virgin Atlantic, Virgin America and Virgin Australia.
Having recently sold 10 per cent of Virgin Australia to Singapore Airlines, Mr Branson now has a 13 per cent stake in the company.
Mr Branson said: "The Virgin Brand will be there in Australia for many years to come. We just want to have a great group of partners. At the moment we have no plans to sell our stake but if there was a partner that was interested, and that would enhance our brand, we would certainly consider it. "
- CNA/xq
- wong chee tat :)
Thursday, May 9, 2013
Croesus Retail Trust IPO 21.4 times oversubscribed
Croesus Retail Trust IPO 21.4 times oversubscribed
Written by The Edge
Thursday, 09 May 2013 00:04
Croesus Retail Trust, the first Asia-Pacific retail business trust with an initial portfolio located in Japan to be listed on the Mainboard of the SGX, said its IPO offer was 22.4 times subscribed. This was based on the total demand of 5,142,786,151 units for its offering of 229,118,000 units.
In the placement tranche, interest received for the 207,613,000 units amounted to 4,093,213,151 units. As for the public offering, 19,638 valid applications for 1,049,573,000 units were received for the 21,505,000 units available to the public for subscription.
- wong chee tat :)
Written by The Edge
Thursday, 09 May 2013 00:04
Croesus Retail Trust, the first Asia-Pacific retail business trust with an initial portfolio located in Japan to be listed on the Mainboard of the SGX, said its IPO offer was 22.4 times subscribed. This was based on the total demand of 5,142,786,151 units for its offering of 229,118,000 units.
In the placement tranche, interest received for the 207,613,000 units amounted to 4,093,213,151 units. As for the public offering, 19,638 valid applications for 1,049,573,000 units were received for the 21,505,000 units available to the public for subscription.
- wong chee tat :)
Monday, April 29, 2013
IMF 'carefully' monitoring capital flows to Asia
IMF 'carefully' monitoring capital flows to Asia
POSTED: 29 Apr 2013 8:27 PM
The International Monetary Fund (IMF) said Monday it is "carefully" monitoring massive capital flows into Asia.
SINGAPORE: The International Monetary Fund (IMF) said Monday it is "carefully" monitoring massive capital flows into Asia and urged the region's policymakers to guard against risks of overheating.
The level of the inflows -- which have sent Asian stocks and property prices skyrocketing -- are close to or above historical trends in most economies including those in Southeast Asia, the IMF said.
"We are seeing financial pressures -- you may call them imbalances, or the risk of imbalances -- rising," said Anoop Singh, director for the IMF Asia and Pacific Department.
"And because these can worsen quickly, they certainly are being monitored very carefully. Therefore the challenge policymakers face is how to guard against the potential build-up of national imbalances while continuing to deliver appropriate support for growth."
Singh was speaking at a news conference launching the IMF's regional economic outlook, which maintained projections that the region will grow 5.7 per cent this year.
"Our basic point is that national stability concerns in Asia are generally rising and... are close to, or above trend in most economies, including in the ASEAN (Association of Southeast Asian Nations) region," he said.
"And therefore monetary policymakers need to be ready to spot early and decisively to emerging risks of overheating."
The IMF did not name any economy at risk of overheating, but stock markets in Indonesia, the Philippines and Thailand have recently seen steep increases.
Property prices in economies like Hong Kong and Singapore have also been red-hot, prompting the governments to introduce cooling measures.
In its report the IMF said the inflows have generally "not been excessive so far" but could reach levels difficult to manage.
Large flows of funds from industrialised economies into the region where they can get higher returns, and easy domestic credit due to low interest rates, have pushed asset prices sharply higher.
The speculative buying, in contrast to long-term investments, has sparked concerns about potential price bubbles which could deflate easily as the funds are withdrawn as quickly as they came in, devastating financial systems.
The IMF said governments in the region face a "delicate balancing act" of supporting economic growth while managing the huge money flows.
It suggested that the funds should be invested in infrastructure, education and health to support more inclusive and sustained economic growth, and also urged regional governments to broaden domestic revenue sources.
- AFP/jc
- wong chee tat :)
POSTED: 29 Apr 2013 8:27 PM
The International Monetary Fund (IMF) said Monday it is "carefully" monitoring massive capital flows into Asia.
SINGAPORE: The International Monetary Fund (IMF) said Monday it is "carefully" monitoring massive capital flows into Asia and urged the region's policymakers to guard against risks of overheating.
The level of the inflows -- which have sent Asian stocks and property prices skyrocketing -- are close to or above historical trends in most economies including those in Southeast Asia, the IMF said.
"We are seeing financial pressures -- you may call them imbalances, or the risk of imbalances -- rising," said Anoop Singh, director for the IMF Asia and Pacific Department.
"And because these can worsen quickly, they certainly are being monitored very carefully. Therefore the challenge policymakers face is how to guard against the potential build-up of national imbalances while continuing to deliver appropriate support for growth."
Singh was speaking at a news conference launching the IMF's regional economic outlook, which maintained projections that the region will grow 5.7 per cent this year.
"Our basic point is that national stability concerns in Asia are generally rising and... are close to, or above trend in most economies, including in the ASEAN (Association of Southeast Asian Nations) region," he said.
"And therefore monetary policymakers need to be ready to spot early and decisively to emerging risks of overheating."
The IMF did not name any economy at risk of overheating, but stock markets in Indonesia, the Philippines and Thailand have recently seen steep increases.
Property prices in economies like Hong Kong and Singapore have also been red-hot, prompting the governments to introduce cooling measures.
In its report the IMF said the inflows have generally "not been excessive so far" but could reach levels difficult to manage.
Large flows of funds from industrialised economies into the region where they can get higher returns, and easy domestic credit due to low interest rates, have pushed asset prices sharply higher.
The speculative buying, in contrast to long-term investments, has sparked concerns about potential price bubbles which could deflate easily as the funds are withdrawn as quickly as they came in, devastating financial systems.
The IMF said governments in the region face a "delicate balancing act" of supporting economic growth while managing the huge money flows.
It suggested that the funds should be invested in infrastructure, education and health to support more inclusive and sustained economic growth, and also urged regional governments to broaden domestic revenue sources.
- AFP/jc
- wong chee tat :)
Wednesday, April 24, 2013
NUS scholar found dead in UTown campus
NUS scholar found dead in UTown campus
Yahoo! NewsroomYahoo!
UPDATED [11:25am 24 April 2013. Adds information from police and acquaintances of the deceased.]
A Year One student from the National University of Singapore (NUS) University Scholars' Programme (USP) was found dead in the varsity's UTown campus.
21-year-old Peter Huen Kam Fai was found dead in his room late Tuesday afternoon at the Cinnamon College. The cause of death has yet to be confirmed but Yahoo! Singapore understands he was found hanging.
Police said they received a call on Tuesday at 5:06pm requesting for assistance at College Ave East.
Upon arrival, they found a male Chinese motionless at the location. He was pronounced dead at the scene.
Police said they are investigating the "unnatural death".
An NUS spokesperson revealed, in an official statement, that "the student was found in his room by a university staff" and that "police investigations are ongoing."
Huen, who was majoring in Political Science, is also understood to have been an active sportsman, and was part of the USP Foosball Club.
An NUS graduate who used to play floorball in school with the deceased but did not want to be named told Yahoo! Singapore Huen's death was "really unexpected because you could never tell he was suicidal". Huen had also stopped turning up for games "for a while", the person added.
The source further pointed out that Huen's "last Facebook post was in mid-March", despite being someone who "used to post pretty often".
News of Huen's death quickly spread on social media.
A post on popular local forum Eat Drink Man Woman by his former teacher at Hwa Chong Institution, Charles Low, said the "world has lost a good man today".
He added that Huen would be missed for his quiet confidence, his wit and self-deprecating humour and willingness to help others. It's also understood he had a passion for writing and the humanities.
A fellow resident of Cinnamon College, who also did not wish to be named, described Huen as "always well-liked... always with a smile."
This was the second piece of tragic news to hit NUS this week.
On Tuesday, the wife of NUS professor, Gong Jiangbin, was killed in an accident with an SBS double-decker bus.
Zhang Hui Rui, 43, died after being hit and dragged by bus service 78, which was turning into Clementi Avenue 3.
- wong chee tat :)
Yahoo! NewsroomYahoo!
UPDATED [11:25am 24 April 2013. Adds information from police and acquaintances of the deceased.]
A Year One student from the National University of Singapore (NUS) University Scholars' Programme (USP) was found dead in the varsity's UTown campus.
21-year-old Peter Huen Kam Fai was found dead in his room late Tuesday afternoon at the Cinnamon College. The cause of death has yet to be confirmed but Yahoo! Singapore understands he was found hanging.
Police said they received a call on Tuesday at 5:06pm requesting for assistance at College Ave East.
Upon arrival, they found a male Chinese motionless at the location. He was pronounced dead at the scene.
Police said they are investigating the "unnatural death".
An NUS spokesperson revealed, in an official statement, that "the student was found in his room by a university staff" and that "police investigations are ongoing."
Huen, who was majoring in Political Science, is also understood to have been an active sportsman, and was part of the USP Foosball Club.
An NUS graduate who used to play floorball in school with the deceased but did not want to be named told Yahoo! Singapore Huen's death was "really unexpected because you could never tell he was suicidal". Huen had also stopped turning up for games "for a while", the person added.
The source further pointed out that Huen's "last Facebook post was in mid-March", despite being someone who "used to post pretty often".
News of Huen's death quickly spread on social media.
A post on popular local forum Eat Drink Man Woman by his former teacher at Hwa Chong Institution, Charles Low, said the "world has lost a good man today".
He added that Huen would be missed for his quiet confidence, his wit and self-deprecating humour and willingness to help others. It's also understood he had a passion for writing and the humanities.
A fellow resident of Cinnamon College, who also did not wish to be named, described Huen as "always well-liked... always with a smile."
This was the second piece of tragic news to hit NUS this week.
On Tuesday, the wife of NUS professor, Gong Jiangbin, was killed in an accident with an SBS double-decker bus.
Zhang Hui Rui, 43, died after being hit and dragged by bus service 78, which was turning into Clementi Avenue 3.
- wong chee tat :)
Monday, March 11, 2013
MTI expects 3-4% economic growth in S'pore for rest of the decade
MTI expects 3-4% economic growth in S'pore for rest of the decade
By S Ramesh | Posted: 11 March 2013 1505 hrs
SINGAPORE: Trade and Industry Minister Lim Hng Kiang pointed out that Singapore's economy is expected to grow at an average of three to four per cent for the rest of the decade and for a country that has enjoyed twice that rate of growth since 2003, the slowdown will be a significant change.
He added given the weak external environment and the tighter labour situation domestically, Singapore expects a modest one to three per cent growth in 2013.
He said his ministry has two strategies for achieving quality economic growth.
The first is staying open and flexible to tap global and regional opportunities, and the second is restructuring the economy so that companies and workers can achieve higher productivity and sustainability.
Free trade agreements (FTAs) are also another way to help small and medium enterprises (SMEs) globalise through a large and comprehensive network of trade agreements with major trading partners such as China, Australia and India.
Mr Lim said: "These FTAs improve market access for our companies as they expand overseas. In 2012, more than 1,700 companies benefited from our FTAs, and we expect this number to increase as we expand our FTA networks and make them more user-friendly."
Mr Lim said the Singapore economy must remain open to investment and talent flow, to bring in new activities and bring companies out into the region.
Speaking in Parliament during the ministry's budget debate, he said the slowdown would be most acutely felt in the workforce as the population ages and the citizen workforce shrinks over time. To deal with this slowdown, companies must restructure and aim for higher productivity.
Mr Lim emphasised that restructuring is painful, but it is unavoidable.
Mr Lim said the government sees opportunities for Singapore companies seeking to tap Asia's growth and the continuing economic integration of the region in four sectors.
One is the pharmaceutical industry, which offers high wages and employs more than 5,700 people, where 80 per cent perform skilled jobs.
Mr Lim said biologics is one niche area within the industry that has been gaining momentum.
Over the next three to five years, the sector will create at least 500 highly-skilled jobs for chemists, microbiologists, biotechnologists, engineers and technicians.
The next sector is baby products and services - fuelled mainly by the population boom in Asia and the rising middle class.
Mr Lim said Singapore has become an established hub for commercial and innovation activities in baby nutrition and baby care.
The silver industry is also a potential growth segment, said Mr Lim, and Singapore is well-placed to tap the market.
High-end logistics services, which extend beyond the physical flow of goods, will also see much growth.
But Mr Lim cautioned that while Singapore strives hard to tap new opportunities, it continues to face domestic constraints in land, labour and energy.
However, the manpower and land constraints give companies no choice but to press on with the drive towards greater productivity.
Mr Lim said: "Nonetheless, we are mindful that drastic and sudden policy changes in our domestic business environment can impact businesses adversely."
Several Members of Parliament had also raised concerns about how SMEs could cope with the restructuring.
Mr Lim said: "We pay particular attention to our SMEs, as they are an important part of our economy and they provide good jobs for some 1.3 million Singaporeans."
He added: "This year, we will work with the Asian Development Bank (ADB) and private insurers to expand the ADB's Trade Finance Programme to enhance trade flows for Singapore-based companies. Many companies already benefit from this programme, which currently supports over US$1 billion of trade capacity. Given that our companies are exporting to Asia's emerging markets, demand for such trade financing programmes will continue to be high."
He said the government is committed to help SMEs through this difficult transition period, and many of the assistance measures introduced this year have been weighed to benefit SMEs more.
He said this was done consciously and deliberately to help them.
Mr Lim said: "Overall, we want to create a conducive business environment for SMEs to tap growth opportunities, drive productivity and innovation as well as build capabilities. Last April, Minister of State Teo Ser Luck led a committee of representatives from MTI, SPRING, IE Singapore and key industry partners to comprehensively review our schemes for SMEs. Arising from this review are eight strategies, which will be implemented to help SMEs."
One such programme is the SME Talent Programme, which was earlier announced at Budget. It will create a pipeline of local talent for SMEs.
Under the programme, SPRING will match over 3,000 promising polytechnic and ITE students with SMEs over the next 5 years.
Upon graduation, these students will start their careers with SMEs that can offer them good jobs and training.
Mr Lim said: "We will work through the trade associations and chambers (TACs) for this programme, since they know the industry best and will be able to identify progressive SMEs to work with. We hope that this will attract more local talent to join SMEs and encourage the entrepreneurial spirit in Singapore. The government will co-fund the programme, which will amount to more than S$70 million over five years."
Mr Lim said there are no quick fixes in addressing the challenges, and the path of restructuring will not be easy but the government is committed to help companies face the challenges.
- CNA/xq
- wong chee tat :)
By S Ramesh | Posted: 11 March 2013 1505 hrs
SINGAPORE: Trade and Industry Minister Lim Hng Kiang pointed out that Singapore's economy is expected to grow at an average of three to four per cent for the rest of the decade and for a country that has enjoyed twice that rate of growth since 2003, the slowdown will be a significant change.
He added given the weak external environment and the tighter labour situation domestically, Singapore expects a modest one to three per cent growth in 2013.
He said his ministry has two strategies for achieving quality economic growth.
The first is staying open and flexible to tap global and regional opportunities, and the second is restructuring the economy so that companies and workers can achieve higher productivity and sustainability.
Free trade agreements (FTAs) are also another way to help small and medium enterprises (SMEs) globalise through a large and comprehensive network of trade agreements with major trading partners such as China, Australia and India.
Mr Lim said: "These FTAs improve market access for our companies as they expand overseas. In 2012, more than 1,700 companies benefited from our FTAs, and we expect this number to increase as we expand our FTA networks and make them more user-friendly."
Mr Lim said the Singapore economy must remain open to investment and talent flow, to bring in new activities and bring companies out into the region.
Speaking in Parliament during the ministry's budget debate, he said the slowdown would be most acutely felt in the workforce as the population ages and the citizen workforce shrinks over time. To deal with this slowdown, companies must restructure and aim for higher productivity.
Mr Lim emphasised that restructuring is painful, but it is unavoidable.
Mr Lim said the government sees opportunities for Singapore companies seeking to tap Asia's growth and the continuing economic integration of the region in four sectors.
One is the pharmaceutical industry, which offers high wages and employs more than 5,700 people, where 80 per cent perform skilled jobs.
Mr Lim said biologics is one niche area within the industry that has been gaining momentum.
Over the next three to five years, the sector will create at least 500 highly-skilled jobs for chemists, microbiologists, biotechnologists, engineers and technicians.
The next sector is baby products and services - fuelled mainly by the population boom in Asia and the rising middle class.
Mr Lim said Singapore has become an established hub for commercial and innovation activities in baby nutrition and baby care.
The silver industry is also a potential growth segment, said Mr Lim, and Singapore is well-placed to tap the market.
High-end logistics services, which extend beyond the physical flow of goods, will also see much growth.
But Mr Lim cautioned that while Singapore strives hard to tap new opportunities, it continues to face domestic constraints in land, labour and energy.
However, the manpower and land constraints give companies no choice but to press on with the drive towards greater productivity.
Mr Lim said: "Nonetheless, we are mindful that drastic and sudden policy changes in our domestic business environment can impact businesses adversely."
Several Members of Parliament had also raised concerns about how SMEs could cope with the restructuring.
Mr Lim said: "We pay particular attention to our SMEs, as they are an important part of our economy and they provide good jobs for some 1.3 million Singaporeans."
He added: "This year, we will work with the Asian Development Bank (ADB) and private insurers to expand the ADB's Trade Finance Programme to enhance trade flows for Singapore-based companies. Many companies already benefit from this programme, which currently supports over US$1 billion of trade capacity. Given that our companies are exporting to Asia's emerging markets, demand for such trade financing programmes will continue to be high."
He said the government is committed to help SMEs through this difficult transition period, and many of the assistance measures introduced this year have been weighed to benefit SMEs more.
He said this was done consciously and deliberately to help them.
Mr Lim said: "Overall, we want to create a conducive business environment for SMEs to tap growth opportunities, drive productivity and innovation as well as build capabilities. Last April, Minister of State Teo Ser Luck led a committee of representatives from MTI, SPRING, IE Singapore and key industry partners to comprehensively review our schemes for SMEs. Arising from this review are eight strategies, which will be implemented to help SMEs."
One such programme is the SME Talent Programme, which was earlier announced at Budget. It will create a pipeline of local talent for SMEs.
Under the programme, SPRING will match over 3,000 promising polytechnic and ITE students with SMEs over the next 5 years.
Upon graduation, these students will start their careers with SMEs that can offer them good jobs and training.
Mr Lim said: "We will work through the trade associations and chambers (TACs) for this programme, since they know the industry best and will be able to identify progressive SMEs to work with. We hope that this will attract more local talent to join SMEs and encourage the entrepreneurial spirit in Singapore. The government will co-fund the programme, which will amount to more than S$70 million over five years."
Mr Lim said there are no quick fixes in addressing the challenges, and the path of restructuring will not be easy but the government is committed to help companies face the challenges.
- CNA/xq
- wong chee tat :)
Monday, January 7, 2013
国大一名奖学金得主被指上载猥亵录像片段到互联网
Updated: Sunday, 06 January 2013 07:21
国大一名奖学金得主被指上载猥亵录像片段到互联网
新加坡国立大学的一名奖学金得主，被指上载猥亵录像片段到互联网，这名学生已经对此向警方报案。
较早前，本地报章报道，这名国大男生上载了长达14分钟的短片，裸露身体对着镜头手淫，而且还用尺量他的下体。
国大发言人答复本台的询问时说，这名学生告诉校方，短片中的人并不是他，而他在去年6月已经报警。
发言人也说，校方已经和男生面谈，发现没有证据断定录像中的人是这名学生。
国大也重申，校方不会纵容学生做出具冒犯的举动，并会对任何违反学生守则的人采取纪律行动。
- wong chee tat :)
国大一名奖学金得主被指上载猥亵录像片段到互联网
新加坡国立大学的一名奖学金得主，被指上载猥亵录像片段到互联网，这名学生已经对此向警方报案。
较早前，本地报章报道，这名国大男生上载了长达14分钟的短片，裸露身体对着镜头手淫，而且还用尺量他的下体。
国大发言人答复本台的询问时说，这名学生告诉校方，短片中的人并不是他，而他在去年6月已经报警。
发言人也说，校方已经和男生面谈，发现没有证据断定录像中的人是这名学生。
国大也重申，校方不会纵容学生做出具冒犯的举动，并会对任何违反学生守则的人采取纪律行动。
- wong chee tat :)
NUS student not involved in sex video, says university
NUS student not involved in sex video, says university
Posted: 05 January 2013 2149 hrs
SINGAPORE: The National University of Singapore (NUS) student that is supposedly linked to an online sex video has informed the university he is not the person featured in the video.
According to media reports, the video features a naked man masturbating and speaking to the camera.
An NUS spokesperson said the student in question made a police report in June 2012 on the matter.
The school said it has looked into the matter and interviewed the student.
It added that there was no evidence to conclude that the person featured in the video is the student involved.
In addition, NUS said it does not condone offensive or lewd behaviour by any member of its community.
It said any student found in breach of the University's Code of Student Conduct will be disciplined.
In October last year, ASEAN scholar and law undergraduate, Alvin Tan stirred controversy by posting on his blog photos and videos of him and his girlfriend having sex.
- CNA/xq
- wong chee tat :)
Posted: 05 January 2013 2149 hrs
SINGAPORE: The National University of Singapore (NUS) student that is supposedly linked to an online sex video has informed the university he is not the person featured in the video.
According to media reports, the video features a naked man masturbating and speaking to the camera.
An NUS spokesperson said the student in question made a police report in June 2012 on the matter.
The school said it has looked into the matter and interviewed the student.
It added that there was no evidence to conclude that the person featured in the video is the student involved.
In addition, NUS said it does not condone offensive or lewd behaviour by any member of its community.
It said any student found in breach of the University's Code of Student Conduct will be disciplined.
In October last year, ASEAN scholar and law undergraduate, Alvin Tan stirred controversy by posting on his blog photos and videos of him and his girlfriend having sex.
- CNA/xq
- wong chee tat :)
Thursday, December 13, 2012
Wednesday, December 12, 2012
SIA sells Virgin Atlantic stake to Delta Air Lines
SIA sells Virgin Atlantic stake to Delta Air Lines
Posted: 11 December 2012 2303 hrs
SINGAPORE: Singapore Airlines has confirmed it is selling its 49% stake in Richard Branson's Virgin Atlantic to Delta Air Lines for US$360 million (S$439 million) in cash.
The deal requires regulatory approval and is expected to close by the end of next year.
SIA acquired the stake in Virgin Atlantic more than 12 years ago.
In a filing with the Singapore Exchange on Tuesday, the carrier said it had been evaluating strategic options for its stake for some time, as the investment has not performed to expectations.
It added that commercial arrangements with Virgin Atlantic, including codesharing and frequent-flyer programme ties, are expected to remain in place after the divestment.
Separately, Delta Air Lines said it will form a joint venture with Virgin Atlantic.
Under the accord, Virgin and Delta will share costs and revenues on routes between New York and London.
Virgin Group and Richard Branson will retain a controlling stake in Virgin Atlantic.
The deal will enable Delta to expand at London's Heathrow airport, a lucrative hub for corporate passengers where landing slots are generally hard to acquire.
- CNA/ir
- wong chee tat :)
Posted: 11 December 2012 2303 hrs
SINGAPORE: Singapore Airlines has confirmed it is selling its 49% stake in Richard Branson's Virgin Atlantic to Delta Air Lines for US$360 million (S$439 million) in cash.
The deal requires regulatory approval and is expected to close by the end of next year.
SIA acquired the stake in Virgin Atlantic more than 12 years ago.
In a filing with the Singapore Exchange on Tuesday, the carrier said it had been evaluating strategic options for its stake for some time, as the investment has not performed to expectations.
It added that commercial arrangements with Virgin Atlantic, including codesharing and frequent-flyer programme ties, are expected to remain in place after the divestment.
Separately, Delta Air Lines said it will form a joint venture with Virgin Atlantic.
Under the accord, Virgin and Delta will share costs and revenues on routes between New York and London.
Virgin Group and Richard Branson will retain a controlling stake in Virgin Atlantic.
The deal will enable Delta to expand at London's Heathrow airport, a lucrative hub for corporate passengers where landing slots are generally hard to acquire.
- CNA/ir
- wong chee tat :)
Saturday, November 24, 2012
Growth in Islamic bond market in Asia
Growth in Islamic bond market in Asia
By Thomas Cho | Posted: 22 November 2012 2149 hrs
SINGAPORE: Growth in the Islamic bond market, or sukuk, has been inching higher in the region.
Sukuk issued in Asia accounts for about 40 percent or US$17 billion out of the total global issuance of US$43 billion this year.
Such Islamic bonds are popular with investors from the Middle East and has opened up new opportunities for Asian companies.
Singapore-listed Noble Group is the latest to consider Islamic bonds for its financing needs.
The commodities trading firm has announced that it will issue some 300 million Malaysian ringgit (US$98 million) of two-year Islamic bonds at 4.22 per cent per annum profit rate.
It joins a growing list of companies in Asia which have also raised money through Islamic financial products.
Experts say such alternative form of financing can attract new potential investors from the Middle East.
Sukuk are different from conventional bonds because it has to comply with Islamic law or the Shariah.
Shariah prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money. It also disallow investing in businesses that provide goods or services like liquor and gambling, which are considered contrary to Islamic principles and prohibited.
Lenny Feder, Group Head of Financial Markets at Standard Chartered Bank, said: "They are as good as normal bond, but it is different. There is a massive community of individuals or companies that want to invest in a Shariah compliant or Islamic compliant format, so I think there is plenty of interest and people are very confident in the structure of Islamic bonds."
Malaysia is still the top destination for Islamic finance.
More than 70 sukuk worth over US$15 billion have been issued from Malaysia so far this year, according to Dealogic as at end September.
With the World Bank expecting global assets managed in line with Islamic law growing to US$1.3 trillion this year, it is definitely a market too hard for issuers to ignore.
Another company that has issued Islamic bonds in Malaysia is Singapore-listed palm oil plantations operator Golden Agri Resources.
Golden Agri-Resource recently sold 1.5 billion Malaysian ringgit (US$489 million) five-year medium-term notes at a profit rate of 4.35 percent per annum.
Malaysia's Bank Rakyat also launched 1 billion Malaysian ringgit Sukuk on Tuesday.
Richard Fung, Director of Investor Relations at Golden Agri-Resources, said: "We believe the Islamic bond is interesting to Golden Agri because it allows us to broaden our investor base. This is a market particular strong in Malaysia in terms of depth as well as breadth and this product allows us to access investors normally we are not able to."
Experts say sukuk are also gaining popularity because firms are finding it tougher to borrow money from banks.
Bank lending in Asia now accounts for some 60 per cent of corporate finance compared to 80 per cent a decade ago.
Toby O'Connor, Chief Executive Officer of The Islamic Bank of Asia, said: "You are seeing a lot of big banks pulling back their funding lines and they are certainly not interested in providing loans with a lot of tenors. They are massive infrastructure projects going on in this part of the world as well as the Middle East and the sukuk market is a great opportunity to diversify one's funding sources."
Indonesia has also shown keen interest to be a big player in Islamic financing. Jakarta has issued a US$1 billion of 10-year sukuk with periodic distributions of 3.3 per cent per annum.
This is an initial part of the Indonesian government's establishment of a US$3 billion sukuk issuance programme.
- CNA/de
- wong chee tat :)
By Thomas Cho | Posted: 22 November 2012 2149 hrs
SINGAPORE: Growth in the Islamic bond market, or sukuk, has been inching higher in the region.
Sukuk issued in Asia accounts for about 40 percent or US$17 billion out of the total global issuance of US$43 billion this year.
Such Islamic bonds are popular with investors from the Middle East and has opened up new opportunities for Asian companies.
Singapore-listed Noble Group is the latest to consider Islamic bonds for its financing needs.
The commodities trading firm has announced that it will issue some 300 million Malaysian ringgit (US$98 million) of two-year Islamic bonds at 4.22 per cent per annum profit rate.
It joins a growing list of companies in Asia which have also raised money through Islamic financial products.
Experts say such alternative form of financing can attract new potential investors from the Middle East.
Sukuk are different from conventional bonds because it has to comply with Islamic law or the Shariah.
Shariah prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money. It also disallow investing in businesses that provide goods or services like liquor and gambling, which are considered contrary to Islamic principles and prohibited.
Lenny Feder, Group Head of Financial Markets at Standard Chartered Bank, said: "They are as good as normal bond, but it is different. There is a massive community of individuals or companies that want to invest in a Shariah compliant or Islamic compliant format, so I think there is plenty of interest and people are very confident in the structure of Islamic bonds."
Malaysia is still the top destination for Islamic finance.
More than 70 sukuk worth over US$15 billion have been issued from Malaysia so far this year, according to Dealogic as at end September.
With the World Bank expecting global assets managed in line with Islamic law growing to US$1.3 trillion this year, it is definitely a market too hard for issuers to ignore.
Another company that has issued Islamic bonds in Malaysia is Singapore-listed palm oil plantations operator Golden Agri Resources.
Golden Agri-Resource recently sold 1.5 billion Malaysian ringgit (US$489 million) five-year medium-term notes at a profit rate of 4.35 percent per annum.
Malaysia's Bank Rakyat also launched 1 billion Malaysian ringgit Sukuk on Tuesday.
Richard Fung, Director of Investor Relations at Golden Agri-Resources, said: "We believe the Islamic bond is interesting to Golden Agri because it allows us to broaden our investor base. This is a market particular strong in Malaysia in terms of depth as well as breadth and this product allows us to access investors normally we are not able to."
Experts say sukuk are also gaining popularity because firms are finding it tougher to borrow money from banks.
Bank lending in Asia now accounts for some 60 per cent of corporate finance compared to 80 per cent a decade ago.
Toby O'Connor, Chief Executive Officer of The Islamic Bank of Asia, said: "You are seeing a lot of big banks pulling back their funding lines and they are certainly not interested in providing loans with a lot of tenors. They are massive infrastructure projects going on in this part of the world as well as the Middle East and the sukuk market is a great opportunity to diversify one's funding sources."
Indonesia has also shown keen interest to be a big player in Islamic financing. Jakarta has issued a US$1 billion of 10-year sukuk with periodic distributions of 3.3 per cent per annum.
This is an initial part of the Indonesian government's establishment of a US$3 billion sukuk issuance programme.
- CNA/de
- wong chee tat :)
Tuesday, November 20, 2012
Half of Singaporeans find bosses unsupportive of vacation time: poll
Half of Singaporeans find bosses unsupportive of vacation time: poll
Posted: 19 November 2012 1816 hrs
SINGAPORE: Almost half of Singaporeans say their bosses are unsupportive of vacation time, revealed the 2012 Vacation Deprivation Study conducted by online travel company Expedia.
The annual study did an online poll with 8,500 employees across 22 countries between September 13 and October 12, including countries such as Taiwan, Malaysia, Singapore, US, UK, France, Australia, Japan, South Korea and India.
Latest results from the study showed 'pressure from superiors' as one of the biggest contributing factors to Singaporeans failing to clear all of their annual leave.
The study also revealed that 80 per cent of its Singapore respondents checked on work matters while on holiday, while 41 per cent have postponed vacations for work.
Worryingly, 11 per cent of Singaporeans surveyed indicated that 'work is life' for them and 14 per cent were under the impression that taking a vacation would trigger negative sentiments in the workplace.
"With the widespread global connectivity we enjoy nowadays, it is not at all surprising that Singaporeans are finding it difficult to detach themselves from work. Furthermore, there might also be a decrease in perceptions of job security that has Singaporeans put in the extra hours at work, even when away on holiday," explained Dan Lynn, CEO, AirAsiaExpedia.
Although bosses came out top in Singaporean's vacation woes, the survey also found that the inability to coordinate with family also ranked high on Singaporeans' list of vacation impediments at 32 per cent, followed by lack of planning at 21 per cent.
16 per cent also cited financial considerations as a deterrent when planning for a getaway, up 3 per cent from 2011.
Internationally, the study showed that Asia was the world's most vacation-deprived region, with employees continuing to take the fewest days off and work the longest weeks.
Japanese and Koreans workers trail the field with the average Japanese worker taking only five out of the 13 days off granted each year and South Koreans taking seven out of a possible 10 vacation days.
In contrast, workers in France, Spain, and Brazil report taking their full 30 vacation days off, while Germans take 28 of a possible 30 days off, and British, Norwegian and Swedish workers taking all 25 days they are given.
Employees in Asia also work the longest weeks with Korean, Singaporean and Taiwanese workers clocking in a staggering average of 44 hours a week.
The Dutch work only 35 hours a week, the fewest among the 22 nations surveyed.
The study also showed that an average of 50 per cent of respondents in Asia were unsure if their bosses were supportive of them taking time off, with 59 per cent of Koreans and 54 per cent of Taiwanese citing their head honchos as an obstacle to taking a holiday,
At 24 per cent, employees in India are the luckiest workers in the region when it comes to receiving positive affirmation from their bosses for taking days off.
- CNA/jc
- wong chee tat :)
Posted: 19 November 2012 1816 hrs
SINGAPORE: Almost half of Singaporeans say their bosses are unsupportive of vacation time, revealed the 2012 Vacation Deprivation Study conducted by online travel company Expedia.
The annual study did an online poll with 8,500 employees across 22 countries between September 13 and October 12, including countries such as Taiwan, Malaysia, Singapore, US, UK, France, Australia, Japan, South Korea and India.
Latest results from the study showed 'pressure from superiors' as one of the biggest contributing factors to Singaporeans failing to clear all of their annual leave.
The study also revealed that 80 per cent of its Singapore respondents checked on work matters while on holiday, while 41 per cent have postponed vacations for work.
Worryingly, 11 per cent of Singaporeans surveyed indicated that 'work is life' for them and 14 per cent were under the impression that taking a vacation would trigger negative sentiments in the workplace.
"With the widespread global connectivity we enjoy nowadays, it is not at all surprising that Singaporeans are finding it difficult to detach themselves from work. Furthermore, there might also be a decrease in perceptions of job security that has Singaporeans put in the extra hours at work, even when away on holiday," explained Dan Lynn, CEO, AirAsiaExpedia.
Although bosses came out top in Singaporean's vacation woes, the survey also found that the inability to coordinate with family also ranked high on Singaporeans' list of vacation impediments at 32 per cent, followed by lack of planning at 21 per cent.
16 per cent also cited financial considerations as a deterrent when planning for a getaway, up 3 per cent from 2011.
Internationally, the study showed that Asia was the world's most vacation-deprived region, with employees continuing to take the fewest days off and work the longest weeks.
Japanese and Koreans workers trail the field with the average Japanese worker taking only five out of the 13 days off granted each year and South Koreans taking seven out of a possible 10 vacation days.
In contrast, workers in France, Spain, and Brazil report taking their full 30 vacation days off, while Germans take 28 of a possible 30 days off, and British, Norwegian and Swedish workers taking all 25 days they are given.
Employees in Asia also work the longest weeks with Korean, Singaporean and Taiwanese workers clocking in a staggering average of 44 hours a week.
The Dutch work only 35 hours a week, the fewest among the 22 nations surveyed.
The study also showed that an average of 50 per cent of respondents in Asia were unsure if their bosses were supportive of them taking time off, with 59 per cent of Koreans and 54 per cent of Taiwanese citing their head honchos as an obstacle to taking a holiday,
At 24 per cent, employees in India are the luckiest workers in the region when it comes to receiving positive affirmation from their bosses for taking days off.
- CNA/jc
- wong chee tat :)
Malaysians among the world’s top workaholics, says survey
Tuesday November 20, 2012
Malaysians among the world’s top workaholics, says survey
By P. ARUNA
aruna@thestar.com.my
PETALING JAYA: Malaysians are proving to be among the world's biggest workaholics, with almost 90% of the workforce working even when they are on holiday.
According to Expedia's 2012 Vacation Deprivation Survey, Malaysia has the world's fourth most dedicated workforce, after India, Brazil and Italy, with employees who can't seem to “let go” of their work during vacations.
Conducted based on 8,000 employed adults from 22 countries throughout the globe, the survey also revealed that Malaysians spent about 40 hours a week at work but received only an average of 14 days of annual leave, among the lowest in the world.
The survey, by the online travel website, also found that despite the limited number of days, Malaysians, on average, did not use about 7% of their leave.
The main reasons cited by respondents for not using up their leave include the option of carrying-forward their leave to the next calendar year, and being unable to coordinate travel dates with their travel partners.
A shocking 40% of the respondents said they were reluctant to go on vacation because they feared their bosses would not be happy about it.
About 15% were worried that going on holiday would reflect negatively on their careers.
“It is worrying that so many Malaysians feel guilty about going on holiday.
“Studies have shown that employees who take regular breaks to revitalise their minds and bodies are often more productive and effective in the workplace,” said AirAsia Expedia CEO Dan Lynn in a statement yesterday.
The survey found that respondents in most developed nations had cited financial constraints as the main reason for not going on vacation.
Among Malaysians, however, only 9% of the respondents said they would sacrifice a holiday due to limited funds.
Asia proved to be the world's most “vacation-deprived” region, with Asians taking the lowest number of holidays and clocking-in the most number of hours each week.
Europeans, on the other hand, have between 25 and 30 days of leave each year, without taking into account state and religious holidays.
British, Norwegian and Swedish workers said they utilised all 25 days given to them.
The Dutch, on the other hand, work only 35 hours a week, the lowest among the 22 countries surveyed.
- wong chee tat :)
Malaysians among the world’s top workaholics, says survey
By P. ARUNA
aruna@thestar.com.my
PETALING JAYA: Malaysians are proving to be among the world's biggest workaholics, with almost 90% of the workforce working even when they are on holiday.
According to Expedia's 2012 Vacation Deprivation Survey, Malaysia has the world's fourth most dedicated workforce, after India, Brazil and Italy, with employees who can't seem to “let go” of their work during vacations.
Conducted based on 8,000 employed adults from 22 countries throughout the globe, the survey also revealed that Malaysians spent about 40 hours a week at work but received only an average of 14 days of annual leave, among the lowest in the world.
The survey, by the online travel website, also found that despite the limited number of days, Malaysians, on average, did not use about 7% of their leave.
The main reasons cited by respondents for not using up their leave include the option of carrying-forward their leave to the next calendar year, and being unable to coordinate travel dates with their travel partners.
A shocking 40% of the respondents said they were reluctant to go on vacation because they feared their bosses would not be happy about it.
About 15% were worried that going on holiday would reflect negatively on their careers.
“It is worrying that so many Malaysians feel guilty about going on holiday.
“Studies have shown that employees who take regular breaks to revitalise their minds and bodies are often more productive and effective in the workplace,” said AirAsia Expedia CEO Dan Lynn in a statement yesterday.
The survey found that respondents in most developed nations had cited financial constraints as the main reason for not going on vacation.
Among Malaysians, however, only 9% of the respondents said they would sacrifice a holiday due to limited funds.
Asia proved to be the world's most “vacation-deprived” region, with Asians taking the lowest number of holidays and clocking-in the most number of hours each week.
Europeans, on the other hand, have between 25 and 30 days of leave each year, without taking into account state and religious holidays.
British, Norwegian and Swedish workers said they utilised all 25 days given to them.
The Dutch, on the other hand, work only 35 hours a week, the lowest among the 22 countries surveyed.
- wong chee tat :)
Monday, October 15, 2012
Rich S'poreans buck Asian trend in luxury spending: survey
Rich S'poreans buck Asian trend in luxury spending: survey
By Dylan Loh | Posted: 13 October 2012 2121 hrs
By Dylan Loh | Posted: 13 October 2012 2121 hrs
SINGAPORE: Wealthier Singaporeans seem to be buying more luxury goods, compared to the rich in other regional countries.
A survey of over 20,000 of the well-heeled across 11 countries, including Australia, South Korea and India, showed that purchases of designer goods by Singaporeans increased from 11 to 17 per cent over one year.
Those surveyed came from households with a minimum monthly income of S$13,000.
Singapore, Malaysia, Indonesia and Australia are among the countries where the well-to-do are not cutting back on luxury spending, according to a survey by research firm Ipsos.
Despite the global economic situation, wealthy Singaporeans are buying more watches worth over S$1,200.
Purchases of such timepieces are up from 19 per cent in 2011, to 24 per cent in 2012.
Buys of designer goods worth over S$1,200 by Singaporeans in the same period also rose by 6 per cent, said Steve Garton, executive director of Business Insights at Ipsos.
"People have got money, they've been careful with their money. There's no predicting what's going to happen in the future, except that they will continue to have assets, and will continue to want to have a quality of life that they can afford," he said.
Singaporeans seem to have also taken to fancy gadgets in a big way.
The survey said 33 per cent of them own tablet computers, with 29 per cent willing to buy one in the next year.
As for smartphones, 70 per cent of well-heeled Singaporeans own them now, up from 55 per cent in 2011.
- CNA/cc
- wong chee tat :)
Monday, November 8, 2010
Singapore may face brain drain of accountants
Singapore may face brain drain of accountants
By Jonathan Peeris | Posted: 08 November 2010 2009 hrs
By Jonathan Peeris | Posted: 08 November 2010 2009 hrs
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SINGAPORE : As demand for accountants intensifies in line with robust economic growth in the region, some practitioners are concerned that better salaries abroad will lure sorely needed talent out of Singapore.
Practitioners brought up the issue at the Singapore Accountancy Convention last week.
According to Robert Walters 2010 Global Salary Survey, the average basic salary of a senior tax accountant in Singapore with six years of experience is around S$110,000 a year.
This compares poorly with Hong Kong where the same experience would fetch the accountant S$132,000.
If the same person were to move to Sydney, he could be looking at annual remuneration of S$162,000.
The pay difference exists partly because the hourly contract rate charged by accounting firms in these countries is higher than in Singapore.
Practitioners said the pay gap could prompt local accountancy graduates to look for better opportunities overseas.
"The concern there is that if you don't get it right, then what's going to happen is there will be a hollowing out of accountants; they will prefer to work overseas rather than work in Singapore and that will be a major concern," said Chaly Mah, chairman of Deloitte & Touche Singapore.
Such a brain drain could also affect Singapore's ability to be a global accounting hub.
"How are we able to attract talents into Singapore if we are not able to pay the rate for the accountants that a market like China, Hong Kong, Indonesia can afford to pay," questioned Ernest Kan, president of the Institute of Certified Public Accountants of Singapore (ICPAS).
Following the recommendations of the Committee to Develop the Accountancy Sector (CDAS), the industry here is currently undergoing a facelift.
Practitioners hope that better service standards will mean better rates in the future.
- CNA /ls
- wong chee tat :)
Tuesday, November 2, 2010
Indonesia's volcano eruption forces flight cancellation
Indonesia's volcano eruption forces flight cancellation
Local residents leave a danger zone as Merapi volcano releases ash clouds
SINGAPORE: Airlines have cancelled flights to the Indonesian cities of Solo and Yogyakarta because of the plumes of thick black smoke spewing from the Merapi volcano.
Singapore Airlines, SilkAir, Garuda Indonesia and AirAsia cancelled a total of seven flights on Tuesday.
Officials cited poor visibility and heavy ash on the runways of the two airports.
SilkAir said it cancelled two flights on Tuesday morning, one from Solo to Singapore, and another from Singapore to Solo.
Its flight cancellations affected some 139 passengers.
It said arrangements have been made for the affected passengers to take alternative flights.
SilkAir said that while its next flight to Solo will resume only on Thursday, it is closely monitoring the situation.
In an email reply to MediaCorp queries, Professor Chris Newhall, who is a volcano expert with the Earth Observatory at NTU, said it is still an open question whether Merapi will continue to spew ash clouds.
However, he said the Indonesian volcano is very different from the Icelandic volcano, which erupted in April this year, causing the cancellation of flights over Europe, leaving thousands of people stranded at airports.
Professor Newhall said Merapi is very unlikely to produce as much ash as the Icelandic volcano.
He said another important difference is that the ash from the Icelandic volcano was blown far downwind and across all of Europe - effectively closing the whole region.
The expert said it would be highly unlikely for Merapi to cause more airports apart from the Yogyakarta and Solo airports to close, and even then, it is unlikely that the closure will be prolonged.
Mount Merapi has been spewing ash and lava since its first big explosion on October 26.
There have been 10 eruptions since, with three small eruptions occuring on Tuesday.
Mount Merapi has killed about 38 people since its eruption last week.
- CNA/fa
- wong chee tat :)
Posted: 02 November 2010 1911 hrs
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Local residents leave a danger zone as Merapi volcano releases ash clouds
SINGAPORE: Airlines have cancelled flights to the Indonesian cities of Solo and Yogyakarta because of the plumes of thick black smoke spewing from the Merapi volcano.
Singapore Airlines, SilkAir, Garuda Indonesia and AirAsia cancelled a total of seven flights on Tuesday.
Officials cited poor visibility and heavy ash on the runways of the two airports.
SilkAir said it cancelled two flights on Tuesday morning, one from Solo to Singapore, and another from Singapore to Solo.
Its flight cancellations affected some 139 passengers.
It said arrangements have been made for the affected passengers to take alternative flights.
SilkAir said that while its next flight to Solo will resume only on Thursday, it is closely monitoring the situation.
In an email reply to MediaCorp queries, Professor Chris Newhall, who is a volcano expert with the Earth Observatory at NTU, said it is still an open question whether Merapi will continue to spew ash clouds.
However, he said the Indonesian volcano is very different from the Icelandic volcano, which erupted in April this year, causing the cancellation of flights over Europe, leaving thousands of people stranded at airports.
Professor Newhall said Merapi is very unlikely to produce as much ash as the Icelandic volcano.
He said another important difference is that the ash from the Icelandic volcano was blown far downwind and across all of Europe - effectively closing the whole region.
The expert said it would be highly unlikely for Merapi to cause more airports apart from the Yogyakarta and Solo airports to close, and even then, it is unlikely that the closure will be prolonged.
Mount Merapi has been spewing ash and lava since its first big explosion on October 26.
There have been 10 eruptions since, with three small eruptions occuring on Tuesday.
Mount Merapi has killed about 38 people since its eruption last week.
- CNA/fa
- wong chee tat :)
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