http://sg.news.yahoo.com/afp/20081010/tap-singapore-economy-06f3cb7.html
Singapore Asia's first economy in recession: analysts
AFP - Friday, October 10
SINGAPORE, Oct 10, 2008 (AFP) - Singapore has become the first Asian economy to fall into recession, analysts said Friday, after the government revised downward its full-year growth estimate and eased monetary policy for the first time in years.
The Ministry of Trade and Industry lowered the city-state's full-year growth forecast to around three percent, citing a slowdown in the global economy and key domestic sectors.
The move came as the ministry released preliminary data showing that real GDP declined by 6.3 percent in the third quarter after contracting 5.7 percent in the previous quarter, the ministry said.
While it did not describe the economy as being in recession, a technical recession is generally defined as two consecutive quarters of contraction in economic output.
"Singapore will be the first Asia economy to fall into a technical recession," DBS Group Research said in an assessment of the data.
In a move to confront the downturn, the Monetary Authority of Singapore (MAS) -- its de facto central bank -- said it was easing monetary policy for the first time in more than four years.
"The Singapore economy has weakened over the course of 2008, alongside an escalation in the turmoil in financial markets and a more severe deceleration in global economic activity," MAS said.
These developments meant new uncertainties for the Singapore economy, while slower Asian growth would restrain activity in a range of service industries such as transportation and tourism, it said.
"The risks to external demand conditions continue to be on the downside, and a more severe global downturn cannot be discounted," the bank said.
The MAS conducts monetary policy through the local currency rather than by setting interest rates.
The Singapore dollar is traded against a basket of currencies of its major trading partners within an undisclosed band known as the nominal effective exchange rate (NEER).
In its semi-annual statement, MAS said it had maintained the policy of a modest and gradual appreciation of the NEER policy band since April 2004 but is shifting to zero percent appreciation.
Singapore is Southeast Asia's wealthiest economy in terms of gross domestic product (GDP) per capita but is heavily dependent on trade. This makes it sensitive to hiccups in developed economies, particularly key export markets the United States and Europe.
Economists polled by Dow Jones Newswires had forecast a 0.3 percent quarter-on-quarter rise in GDP, the value of goods and services produced in the economy.
Compared with the third quarter of last year, the ministry said Singapore's economy contracted by 0.5 percent in real terms, against 0.8 percent expansion foreseen in the Dow Jones poll.
In August the government had revised down its full-year GDP growth forecast to 4.0-5.0 percent but since then, external economic conditions have deteriorated more than expected, the trade ministry said.
Analysts said the key drag on third-quarter growth was manufacturing, which contracted by 11.5 percent year-on-year, and the surprise was a sharp decline in growth of what has been a booming construction sector.
Construction growth slowed to 7.8 percent from 19.8 percent, while service industries grew by 6.1 percent, marginally down from 7.0 percent in the second quarter, the data showed.
"Services deceleration should get more severe from here on," the US bank Morgan Stanley said in a report.
In a speech Friday, Prime Minister Lee Hsien Loong said that although growth is slowing, the financial system is sound and the economy remains competitive.
He said that in recent years Singapore has upgraded and diversified its economy.
"This will mean new and better jobs, even if some old ones are lost," he told a conference.
Morgan Stanley said it expects things will only get worse for Singapore, and the recession will likely be more than just a technical one.
Monday, October 27, 2008
Sunday, October 26, 2008
Why 20% hike despite $1 billion profit?
ELECTRIC NEWS
http://newpaper.asia1.com.sg/news/story/0,4136,181207,00.html?
WHERE YOUR TARIFFS END UP POWER BILLS
Why 20% hike despite $1 billion profit?
By Desmond Ng
October 25, 2008
SINGAPORE Power (SP) made more than $1 billion in profit in the last financial year.
Yet, it increased electricity tariffs by about 20 per cent earlier this month.
Asking for more, when the cash box is already full, puzzles ordinary people.
And why a hike now, when Singapore is in a technical recession and inflation is high?
Singapore Power's profit after taxation was $1.09b for the last financial year, according to its March 2008 financial report.
This included an exceptional gain from the sale of the Singapore Power Building.
SP, a wholly-owned subsidiary of Temasek Holdings, has explained that the tariff hike was due to fuel oil price increases and the profits are to fund future infrastructure projects. (See report, right.)
But this, clearly, has not appeased consumers despite detailed replies from the Government to queries from Members of Parliament (MP) in the House earlier this week.
MP Lee Bee Wah (Ang Mo Kio GRC) and Nominated MP Gautam Banerjee were among those who queried the excessive returns.
Ms Lee asked: 'Our SP Services made millions of dollars and yet the price of the electricity tariff goes up.
'So maybe we really have to look into a separate formula of pricing the electricity tariffs. Perhaps one of the yardsticks is the profitability that they make.'
Singapore Power is the parent company of SP Services, which supplies electricity to all households here.
The Energy Market Authority (EMA) regulates the transmission charges of SP Services as it is a monopoly.
Given the billion-dollar profit, it is little wonder that consumers remain unhappy over the hike, despite painstaking explanations from the company.
Why can't our billion-dollar Singapore Power absorb the hike? Or cushion the blow with a smaller hike?
Technician Alvin Cheong finds the raised tariffs difficult to stomach.
The 39-year-old, who is married with a son, 2, pays electricity bills of about $120 a month.
'I understand that the company needs to make money. But I find it hard to accept when they make a huge profit and still increase prices,' he said.
Some asked if SP, which is essentially a monopoly service provider, should make such huge profits.
Dr Huang Fali, an assistant professor of economics from SMU, explained that public utility firms providing essential services such as electricity, water and transport should focus on maximising the welfare of society.
She said: 'This includes making consumers better off. That's the aim of a public utility firm.
'But when these providers make money, it's tough to justify price increases.'
Assistant professor Gopi Rethinaraj of the Lee Kuan Yew School of Public Policy noted that the Government is usually cautious and plans for the future, especially in terms of infrastructure.
'Obviously, anyone would be upset when prices go up. But ultimately, this revenue would be going back into the economy in other ways such as the creation of more jobs and infrastructure for future generations.
'Sometimes, profits are made for capital investments. If it's going to find its way back to infrastructure, then it's fine,' said Prof Rethinaraj, who specialises in climate policy and energy technology.
MP Lee Bee Wah told The New Paper that many of her residents still find it difficult to accept the company's explanation.
She said: 'The sentiment among them is that you (Singapore Power) made a billion dollars profit and upi still increase tariff by 21 per cent. That's a lot of money.
'If the company has already made so much, does it still need to raise the tariff?'
She hopes the company will revise its pricing formula and consider pegging profitability to the formula.
Infrastructure: Who should pay?
Mr Leong Sze Hian, president of the Society of Financial Service Professionals, questioned the logic behind consumers paying for future infrastructure.
'In most countries, such infrastructure funding is rarely borne by the operators. (It) is part of national development and, rightly, should come from the state's coffers.'
Mr Leong said that few companies dip into their past profits for future growth and expansion.
Usually, these funds are raised through bank loans or the issuance of bonds.
He said: 'No company will rely solely on their past profit for growth; it'll come from a mix of sources.
'If their growth is based purely on profits, they'll never grow because you never know if your profits will be sustainable into the future.'
In its annual report, SP said its electricity grid is rated 'as one of the world's best performing networks'.
SP recorded revenue of $5.4b and assets of $29b in the last financial year.
Fair rate of return helps investment
ABOUT $5 billion will be used to invest in the Singapore electricity grid infrastructure over the next five years, said Singapore Power.
The company said its bottomline does not benefit from the tariff increase to consumers.
This is because all the extra earnings go into paying for the higher cost of fuel, according to a Straits Times report last week.
Singapore Power said that the $1.09b profit included the results of their international operations and the sale of investments.
Singapore Power has three arms of business.
First is the electricity grid, the second is the gas grid and the third is SP Services.
Minister of State for Trade and Industry SIswaran told Parliament on Tuesday that all three are regulated by the the Energy Market Authority (EMA) to make sure that they do not earn a super normal rate of return.
Said Mr Iswaran: 'So the EMA uses international industry benchmarks to ensure that whatever rate of return they earn is a reasonable rate of return compared to international standards.
For investment
Mr Iswaran continued: 'Why should there be a reasonable rate of return?'
He said it is because if there wasn't such a rate, 'how do you continue to improve and upgrade your infrastructure?'
If Singapore Power does not earn what is considered a fair rate of return by industry standards, then the company will be tempted to cut back on that investment.
This is because it is not in their shareholders' interest and therefore not in the company's interest.
Mr Iswaran added that with reasonable returns, the company will continue to upgrade itself in terms of technology and efficiency and those benefits will then filter down to consumers.
http://newpaper.asia1.com.sg/news/story/0,4136,181207,00.html?
WHERE YOUR TARIFFS END UP POWER BILLS
Why 20% hike despite $1 billion profit?
By Desmond Ng
October 25, 2008
SINGAPORE Power (SP) made more than $1 billion in profit in the last financial year.
Yet, it increased electricity tariffs by about 20 per cent earlier this month.
Asking for more, when the cash box is already full, puzzles ordinary people.
And why a hike now, when Singapore is in a technical recession and inflation is high?
Singapore Power's profit after taxation was $1.09b for the last financial year, according to its March 2008 financial report.
This included an exceptional gain from the sale of the Singapore Power Building.
SP, a wholly-owned subsidiary of Temasek Holdings, has explained that the tariff hike was due to fuel oil price increases and the profits are to fund future infrastructure projects. (See report, right.)
But this, clearly, has not appeased consumers despite detailed replies from the Government to queries from Members of Parliament (MP) in the House earlier this week.
MP Lee Bee Wah (Ang Mo Kio GRC) and Nominated MP Gautam Banerjee were among those who queried the excessive returns.
Ms Lee asked: 'Our SP Services made millions of dollars and yet the price of the electricity tariff goes up.
'So maybe we really have to look into a separate formula of pricing the electricity tariffs. Perhaps one of the yardsticks is the profitability that they make.'
Singapore Power is the parent company of SP Services, which supplies electricity to all households here.
The Energy Market Authority (EMA) regulates the transmission charges of SP Services as it is a monopoly.
Given the billion-dollar profit, it is little wonder that consumers remain unhappy over the hike, despite painstaking explanations from the company.
Why can't our billion-dollar Singapore Power absorb the hike? Or cushion the blow with a smaller hike?
Technician Alvin Cheong finds the raised tariffs difficult to stomach.
The 39-year-old, who is married with a son, 2, pays electricity bills of about $120 a month.
'I understand that the company needs to make money. But I find it hard to accept when they make a huge profit and still increase prices,' he said.
Some asked if SP, which is essentially a monopoly service provider, should make such huge profits.
Dr Huang Fali, an assistant professor of economics from SMU, explained that public utility firms providing essential services such as electricity, water and transport should focus on maximising the welfare of society.
She said: 'This includes making consumers better off. That's the aim of a public utility firm.
'But when these providers make money, it's tough to justify price increases.'
Assistant professor Gopi Rethinaraj of the Lee Kuan Yew School of Public Policy noted that the Government is usually cautious and plans for the future, especially in terms of infrastructure.
'Obviously, anyone would be upset when prices go up. But ultimately, this revenue would be going back into the economy in other ways such as the creation of more jobs and infrastructure for future generations.
'Sometimes, profits are made for capital investments. If it's going to find its way back to infrastructure, then it's fine,' said Prof Rethinaraj, who specialises in climate policy and energy technology.
MP Lee Bee Wah told The New Paper that many of her residents still find it difficult to accept the company's explanation.
She said: 'The sentiment among them is that you (Singapore Power) made a billion dollars profit and upi still increase tariff by 21 per cent. That's a lot of money.
'If the company has already made so much, does it still need to raise the tariff?'
She hopes the company will revise its pricing formula and consider pegging profitability to the formula.
Infrastructure: Who should pay?
Mr Leong Sze Hian, president of the Society of Financial Service Professionals, questioned the logic behind consumers paying for future infrastructure.
'In most countries, such infrastructure funding is rarely borne by the operators. (It) is part of national development and, rightly, should come from the state's coffers.'
Mr Leong said that few companies dip into their past profits for future growth and expansion.
Usually, these funds are raised through bank loans or the issuance of bonds.
He said: 'No company will rely solely on their past profit for growth; it'll come from a mix of sources.
'If their growth is based purely on profits, they'll never grow because you never know if your profits will be sustainable into the future.'
In its annual report, SP said its electricity grid is rated 'as one of the world's best performing networks'.
SP recorded revenue of $5.4b and assets of $29b in the last financial year.
Fair rate of return helps investment
ABOUT $5 billion will be used to invest in the Singapore electricity grid infrastructure over the next five years, said Singapore Power.
The company said its bottomline does not benefit from the tariff increase to consumers.
This is because all the extra earnings go into paying for the higher cost of fuel, according to a Straits Times report last week.
Singapore Power said that the $1.09b profit included the results of their international operations and the sale of investments.
Singapore Power has three arms of business.
First is the electricity grid, the second is the gas grid and the third is SP Services.
Minister of State for Trade and Industry SIswaran told Parliament on Tuesday that all three are regulated by the the Energy Market Authority (EMA) to make sure that they do not earn a super normal rate of return.
Said Mr Iswaran: 'So the EMA uses international industry benchmarks to ensure that whatever rate of return they earn is a reasonable rate of return compared to international standards.
For investment
Mr Iswaran continued: 'Why should there be a reasonable rate of return?'
He said it is because if there wasn't such a rate, 'how do you continue to improve and upgrade your infrastructure?'
If Singapore Power does not earn what is considered a fair rate of return by industry standards, then the company will be tempted to cut back on that investment.
This is because it is not in their shareholders' interest and therefore not in the company's interest.
Mr Iswaran added that with reasonable returns, the company will continue to upgrade itself in terms of technology and efficiency and those benefits will then filter down to consumers.
Tuesday, October 21, 2008
Illegal advertisements
On September 28, STOMP posted a story about a lady who was seen posting advertisement fliers in Toa Payoh Central.
LTA has since responded saying that such acts are illegal and the fliers have since been removed.
LTA says in its response dated October 20:
"The above mentioned illegal advertisements pasted on the traffic lights, lamp posts and bus stops have since been removed.
"Under the Street Works (Advertisement on Road Structures, Road Related Facilities and Public Streets) Regulations 2003, no person is allowed to display advertisements on any road structure, road-related facility or public street without obtaining a written approval from the LTA. "
Anyone violating this rule will be issued a Notice of Offence with a composition fine of $300 for the first offence and $400 for repeated offences.
"And in the case of a continuing violation, there will be a further fine of $100 for each day the offence continues after conviction; up to a maximum of $2,000".
Monday, October 20, 2008
Sunday, October 19, 2008
Tan Kin Liang Blog
http://tankinlian.blogspot.com/2008/10/mass-cheating.html
Sunday, October 19, 2008
Call to MAS - investigate mass cheating
Comment posted in my blog
Now, our MAS hold a press conference when HKMA has already achieved so much and are closed to a resolution! But our MAS STILL DON"T GET IT! Our MAS still thinks that Minibonds is just mis-sold, mis-represented to the old & un-educated.
Check first before you make this assumption. If only they bothered to even take a cursory look at the Minibond fact sheets they will know that it was designed to deceive & mislead on a mass scale. I don't know if the people & bosses in
MAS have even bothered to look at the Minibond fact sheets or are they still at 10,000 feet.MAS, please ask yourselves a few questions. Why should 1,000 Singaporeans sign a petition to ask you and Commercial Affairs Department to investigate the FIs if it is only the old, uneducated who have been cheated? If we are bluffing about being cheated, why be so silly to petition the Commercial Affairs Dept to investigate? This is mass cheating not isolated cheating. I hope you get it.
Ask yourselves why are so many people in Hong Kong & Singapore protesting not just the old and uneducated? Ask yourselves, why should the banks in Hong Kong agree to buy back ALL their customers' minibonds & not just from the old and uneducated? The banks are not silly or charitable. If it is a few isolated cases, they will only compensate these few cases. Why compensate so much more? Please open your eyes & investigate properly before you say anything.
I fully sympthize with the old & uneducated being taken advantaged of by the banks. It is totally unbecoming of the banks to do such things. But the old & uneducated are not the only ones being cheated. Do not assume that the educated cannot be cheated. MAS, you are already tardy, do not further damage your reputation by jumping to the wrong conclusions so fast without proper fact finding. We have all been taught that ASSUME makes an ASS of U&ME. Please check if what you think/say is an assumption or a fact. Please don't mess up again and cause us further anguish & frustrations.
Posted by Tan Kin Lian at 2:37 PM
Sunday, October 19, 2008
Call to MAS - investigate mass cheating
Comment posted in my blog
Now, our MAS hold a press conference when HKMA has already achieved so much and are closed to a resolution! But our MAS STILL DON"T GET IT! Our MAS still thinks that Minibonds is just mis-sold, mis-represented to the old & un-educated.
Check first before you make this assumption. If only they bothered to even take a cursory look at the Minibond fact sheets they will know that it was designed to deceive & mislead on a mass scale. I don't know if the people & bosses in
MAS have even bothered to look at the Minibond fact sheets or are they still at 10,000 feet.MAS, please ask yourselves a few questions. Why should 1,000 Singaporeans sign a petition to ask you and Commercial Affairs Department to investigate the FIs if it is only the old, uneducated who have been cheated? If we are bluffing about being cheated, why be so silly to petition the Commercial Affairs Dept to investigate? This is mass cheating not isolated cheating. I hope you get it.
Ask yourselves why are so many people in Hong Kong & Singapore protesting not just the old and uneducated? Ask yourselves, why should the banks in Hong Kong agree to buy back ALL their customers' minibonds & not just from the old and uneducated? The banks are not silly or charitable. If it is a few isolated cases, they will only compensate these few cases. Why compensate so much more? Please open your eyes & investigate properly before you say anything.
I fully sympthize with the old & uneducated being taken advantaged of by the banks. It is totally unbecoming of the banks to do such things. But the old & uneducated are not the only ones being cheated. Do not assume that the educated cannot be cheated. MAS, you are already tardy, do not further damage your reputation by jumping to the wrong conclusions so fast without proper fact finding. We have all been taught that ASSUME makes an ASS of U&ME. Please check if what you think/say is an assumption or a fact. Please don't mess up again and cause us further anguish & frustrations.
Posted by Tan Kin Lian at 2:37 PM
Saturday, October 18, 2008
Fine is outrageous, harsh, ridiculous
Fine is outrageous, harsh, ridiculousFINED FOR THIS: The man, known only as Mr Kassim, showing how he dozed off at the park. TNP PICTURE: KUA CHEE SIONG
The New Paper reported yesterday about a man fined $200 for dozing off on a bench in a park. Readers say:
Fine is outrageous, harsh, ridiculous
October 16, 2008
FROM JOSEPH ONG
I REFER to 'I didn't know it was an offence' (The New Paper, 14 Oct).
FROM JOSEPH ONG
I think it is getting ridiculous.
It's yet another example of how Singapore is a fine country.
But to impose a fine for sleeping on a park bench really takes the cake.
Firstly, how many Singaporeans know about the NParks rule? There was no signage at the parks to warn people.
Secondly, parks are created for people to relax. What is wrong with sleeping in parks?
I think the authorities are too quick to jump when it comes to rules and regulations.
FROM GALEN YEO
THANK you for the report.
It's outrageous to fine people like these and it shows the intolerance of our institutions.
NParks should give Mr Kassim his money back and give him a warning instead.
Will they fine people next for dozing off at the airport and government clinics?
Where do you draw the line?
I believe the point of having benches is for people to rest.
If they happen to doze off, so what?
Perhaps a more constructive approach is to have a designated area within parks where people can rest.
FROM PAMELA LENG
I DO not think that the no-sleeping-in-parks rule makes sense.
I have dozed off while sitting and reading at the park many times.
I think whether fines should be imposed or not depends on the circumstances.
Sure, fine me if I bring my pillows, blankets and mattress to sleep at the park.
But it's ridiculous to fine a person $200 for taking a rest.
To many people, $200 is a big sum. Even the fine for parking along double yellow lines is only $70.
FROM DAVID NG
IF most people do not know it's an offence to sleep on the park bench and the rule is not on the NParks website, how can Mr Kassim be fined?
A park is where people go to relax and enjoy a quiet moment. While doing so, they may feel sleepy and doze off and even lie on the bench.
Was Mr Kassim a nuisance to others? Did he make a scene? Were there other park users there who needed to use the bench?
I think NParks should return the money to Mr Kassim.
FROM RAMZAH OSMAN
I THINK a $200 fine for sleeping on a park bench is very harsh.
Instead of fining people, perhaps NParks should use their resources, time and energy to think of ways to prevent park visitors from committing the things they are not supposed to do.
Maybe they should install armrests on the benches to make it difficult for park visitors to lie on them.
NParks should think out of the box to solve such problems instead of taking the easy way out by fining the public.
Wednesday, October 15, 2008
公园板凳上打盹 被罚200元
公园板凳上打盹 被罚200元
（2008-10-15）
躺在公园板凳上打盹，私人巴士司机被罚200元。
（2008-10-15）
躺在公园板凳上打盹，私人巴士司机被罚200元。
62岁的私人巴士司机卡辛上个月1日，到淡滨尼太阳广场公园附近骑脚踏车。突然下起雨，他就到附近的公园亭子里避雨。
卡辛在接受《新报》访问时说，雨势逐渐变大，疲倦的他睡意难挡，就在亭子的板凳上躺下，5分钟后睡了过去。
约15分钟后，卡辛被两名男子叫醒，对方自称是国家公园局的稽查员，要他交出身份证检查。
卡辛说：“他们说我在公园内的板凳睡觉是滥用公园设施，当场开了罚单给我。我很惊讶，我完全不知道在公园的板凳上打盹是犯法的。”
5天后，卡辛收到国家公园局的来信，清楚注明他违例的经过，要他缴付200元罚款。
原本想对这起罚款向公园局上诉的卡辛，为了省去麻烦，决定缴付罚款了事。
卡辛说：“我相信许多人跟我一样，不知道有这样的条例。我公开这件事是要提醒他人，千万不要在公园里睡觉。”
国家公园局发言人说，公园稽查员在每日巡逻时，都会劝请在公园内睡觉或是蹲坐的公众，不要滥用园内设施。在公园内睡觉的公众，如果在稽查员上前劝告后即刻离开，只会接获口头警告，不会遭罚款。
当局也表示，被罚款的私人巴士司机在公园内睡觉被罚，主要是因为稽查员不断劝告对方不可在板凳上睡觉，他却不予理会，迟迟不肯起来。稽查员只好向他发出罚单。
发言人说，当局尽量打造最舒适的环境让公园使用者能安心地享受休闲时光，公众一旦滥用公园设施，如在板凳上和亭子内睡觉，都会对其他的公园使用者造成不便。
当局也表示，今年6月至今，已有逾10人因滥用园内设施而被罚款。
公园里不能做什么？
国家公园局的网页www.nparks.gov.sg/cms/上也列出一些不当的行为。
＊不准骂粗话
＊不准赌博
＊不得在水池内洗澡或游泳
＊不能用音响系统大声广播音乐
＊不准洗衣或洗车
＊不准破坏植物
＊不得阻碍公园进口或出口
网页上列出的20多个不当行为中，虽然没有包括“不准睡觉”，但网上也表明，没有列出的行为，不表示就不触犯条例。
后港大火烧死姐弟判为悬案
姐弟烧死案 你有线索吗？
（2008-10-15）
（2008-10-15）
后港8道683座组屋店屋去年的大火烧死一对姐弟，但无人提供火患及纵火者资料，让死者家人备感不平。
虽然事过一年，读者如有线索，仍可告诉警方或本报，让真相水落石出。警方热线：1800-2550000；本报热线：1800-7418383、电邮：zblocal@sph.com.sg
Monday, October 13, 2008
Saturday, October 11, 2008
Friday, October 10, 2008
Thursday, October 9, 2008
Subscribe to:
Posts (Atom)