Archive for the ‘Sunny Singapore’ Category
Chee and sister get jail for contempt
Written by Kelvin on June 4, 2008 – 3:05 pm -Business Times - 03 Jun 2008
SDP DAMAGES HEARING
By MICHELLE QUAH
(SINGAPORE) The High Court has sentenced Singapore Democratic Party (SDP) chief Chee Soon Juan to 12 days’ jail, and his sister Chee Siok Chin to 10 days, for contempt of court.
The Chees have until Wednesday evening to file a notice of appeal, failing which they will have to turn themselves in on Thursday morning.
The sentence, handed down by Justice Belinda Ang yesterday, is the harshest reported in Singapore for such an offence.
The Chees were judged to be in contempt for their ’scandalising and insulting behaviour directed at the court, and in particular, attacks on the court’s impartiality’, during a hearing last week to determine damages they should pay for defaming Prime Minister Lee Hsien Loong and Minister Mentor Lee Kuan Yew in 2006.
In mitigation, lawyer M Ravi said yesterday his client Ms Chee had no desire to scandalise the court.
‘(My client), in the face of a series of defeats, became almost paranoid in believing that the system was against her,’ he said. ‘And in the heat of the judicial proceedings … any verbal utterances would inevitably reflect the deep-seated fear and anxiety. The real cause (of her outbursts was) fear borne of successive defeats.’
Ms Chee represented herself at the damages hearing. And Mr Ravi said that lacking the proper training, she could not be expected to ‘understand the legal parameters of relevance’.
He said she was understandably anxious cross-examining ‘the Prime Minister of the country and his father, who happens to be at the helm of the core of political power of one’s nation’.
He also pointed out that Ms Chee was in physical pain during the proceedings, as she has a tooth infection.
Justice Ang noted Mr Ravi’s submissions but said: ‘Misbehaviour in court, if unpunished, will very much diminish the dignity and authority of the court, and that would not be in the public interest.’
She sentenced Ms Chee to 10 days’ jail but agreed to suspend the sentence on condition Ms Chee files an appeal by Wednesday evening.
Dr Chee was represented by veteran politician JB Jeyaretnam, who began by saying the court would recognise that he ‘does not have to agree with whatever has been done by the client’ but that he nevertheless has a duty.
Mr Jeyaretnam then asked if Justice Ang should be hearing the case, ’seeing that the contempt of court charges, the allegations, proceeded in (your) court and arose out of exchanges between the court and the defendant’.
‘I am not alleging in the slightest way any bias on you. All I’m asking you to consider is the public perception,’ he said.
Justice Ang disallowed the application, saying: ‘What was observed and heard by me could not be fully appreciated from a mere reading of the transcripts or from listening to the recordings.’
Mr Jeyaretnam then asked for two more weeks to prepare his case - which Justice Ang denied.
When Mr Jeyaretnam returned after a short break, he informed the court that Dr Chee had discharged him ‘because he (Dr Chee) concedes that I have had no time to prepare the case … and so he wants to spare me the embarrassment’.
Dr Chee then addressed the court briefly, saying he never intended to be in contempt of court or to scandalise the court. ‘Very many political arguments were made. And in the heat of the battle, (MM) Lee had said a few things. I had countered him,’ Dr Chee said.
Justice Ang said his behaviour during the hearing ‘amounted to acts which scandalised the court and adversely affected the administration of justice and impugned the dignity and the authority of the court’.
She found him in contempt of court and sentenced him to 12 days’ jail - pending an appeal by Wednesday evening.
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NTUC Income rules out option to stay in old bonus scheme
Written by Kelvin on June 4, 2008 – 2:42 pm -Business Times - 30 May 2008
By GENEVIEVE CUA
IN his plainest statement yet on a controversial bonus cut, NTUC Income chief executive Tan Suee Chieh said yesterday the move is the right decision and policyholders will not be given an option to remain in the old bonus scheme.
Income announced last month that it would cut its annual bonus payouts for participating plans from 2.3 to 1.3 per cent and raise its special or terminal bonus rates from 25 per cent to between 30 and 120 per cent.
That move has raised the ire of its former chief executive Tan Kin Lian, whose postings in his blog have galvanised other policyholders.
News reports this week said Mr Tan Kin Lian was calling a truce in his protest. But a letter from him in The Straits Times yesterday said he disagreed with Income’s view that the old bonus rate was unsustainable. He said the actual yield earned by the life fund was higher than the projected yields at point of sale.
In a statement yesterday ahead of Income’s annual general meeting, Mr Tan Suee Chieh said Income’s board has ‘recognised’ that its financial position had to be strengthened since August 2006. The issue was ‘extensively discussed’ last year.
He said an appointed actuary’s opinion was that under the old structure, Income would be less likely to meet policyholders’ payouts and would end up with a weaker financial position.
‘The old structure was not sustainable and would undermine our ability to deliver total returns, which are ultimately more important to policyholders,’ Mr Tan Suee Chieh said. ‘There is now a better chance for NTUC Income to not only deliver returns as illustrated to policyholders, but to deliver even better returns.’
He also said the new bonus structure will reduce the likelihood of bonus cuts in the future.
While Income’s life fund has generated a total annualised return of about 7.8 per cent over the past 10 years, that is understood to comprise income and capital gains. The fund is understood to generate a running yield of between 2 and 3 per cent.
It is also understood that the old structure would have needed a running yield of 4.5 per cent a year to sustain the old bonus rates.
The new bonus structure is expected to release some $70 million of capital. This is expected to grow to $400 million over a few years to give Income greater flexibility in terms of investments.
Under the risk-based capital regime, high bonus rates will require high capital reserves, as bonuses once declared are guaranteed. Income has a capital adequacy ratio of about 180 per cent. And while well above requirements, it is one of the lower ratios in the industry.
Nick Dumbreck, president of the UK Institute of Actuaries, who also acted as consultant to Income, said: ‘Most policyholders’ main concern is with what they get back from the policy when it matures or is surrendered. The level of guarantee is secondary.
‘The level of guarantees has to be managed so that the exposure to equities can be sustained. That may mean cutting the annual bonuses. It is better to take action in advance of a problem arising. Once investment conditions become difficult, it can be too late to do anything.’
Mr Dumbreck said the ‘normal’ practice in the UK is to adjust the level of the final bonus and the annual bonus remains stable. ‘Normally the level of the regular bonus is set with reference to interest rates and bond yields,’ he said.
‘If bond yields remain stable, equity returns shouldn’t influence the annual bonus level. Normally you’d expect the final bonus to vary rather more from year to year to reflect the level of equities subject to smoothing.’
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Singaporeans, suit up to skydive in Sentosa soon
Written by Kelvin on May 22, 2008 – 4:05 pm -Business Times - 16 May 2008
EXTREME sports enthusiasts and adventure seekers will soon be able to experience the adrenaline-pumping sport of skydiving at an affordable price, when the world’s largest vertical wind tunnel opens in Sentosa during the second quarter of 2009.
The skydiving simulator, iFly Singapore, is slated to open to members of the public aged three years and above and will cost $40 for a half-hour experience in the wind tunnel.
Built by Singapore franchise SkyVenture Singapore, iFly Singapore will cost at least $16 million and measures five metres in diameter with a flying height of 17 metres.
Flyers can expect to see the view of the South China Sea and Sentosa’s Siloso Beach while in the transparent wind tunnel.
Managing director of iFly Singapore Lawrence Koh said: ‘As the public has no access to a parachute drop zone in Singapore, iFly Singapore will offer anyone from amateurs to professionals the chance to skydive in a safe, realistic and affordable indoor setting.
‘The simulator will play a key role in promoting this unique sport in Asia while attracting world-class skydivers and international skydiving events to Singapore.’
New state-of-the-art technology such as electronic coding wrist bands to recognise flyers’ profiles and real-time video and photo uploads will be incorporated into iFly Singapore.
Latest innovations in safety such as electronic sensors and biometric security locks will also be used to ensure the safety of the flyers.
Sentosa’s latest attraction is expected to draw more crowds to the island and diversify the activities available to its visitors.
‘Interactive, high energy, thrilling are buzzwords among many people of different ages now. iFly Singapore will certainly score well in Sentosa’s vibrant, sporty zone on Siloso and add a new pulse to the adventure scene on the island,’ commented Goh Lye Whatt, director of property, planning and development in Sentosa.
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Mrs Lee Kuan Yew suffers brain haemorrhage
Written by Kelvin on May 22, 2008 – 4:02 pm -Business Times - 16 May 2008
MRS Lee Kuan Yew suffered a massive brain haemorrhage on Monday and was admitted to Tan Tock Seng Hospital after a scan at the National Neuroscience Institute, the Prime Minister’s Office said in a statement last night.
The statement said the haemorrhage stabilised after two days of monitoring and treatment. Mrs Lee, 87, was transferred to a general ward on Wednesday.
‘Currently, she remains in a serious condition, although she is able to recognise family members,’ the statement said.
Kelvin - I sincerely wish Mrs Lee and her family peace and comfort…
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Benefits for All Singaporeans in 2008
Written by Kelvin on May 2, 2008 – 9:26 am -I received this together with one of the magazines and thought it would be good to share with all Singaporeans on whats in store for you, thanks to the Government’s Giving! 
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Singapore Flyer officially opens
Written by Kelvin on April 17, 2008 – 9:52 am -Business Times - 16 Apr 2008
PM Lee describes ride as ‘enjoyable and spectacular’
By LEE U-WEN
FIREWORKS and lasers lit up the Marina Bay skyline last night as the world’s largest observation wheel was officially opened.
Gracing the festivities at the Singapore Flyer was Prime Minister Lee Hsien Loong, who made his first trip on board the $240 million attraction.
Speaking to reporters after a half-hour ride on board one of the 28 capsules, Mr Lee described the experience as ‘enjoyable and spectacular’.
‘We have a beautiful city and this is a remarkable view of it,’ he said. ‘The Singapore skyline is constantly growing and changing. The Flyer is an addition to that skyline, as well as to view the city around us.
‘I’m very happy with the project. It’s on time and it has achieved what we hoped for. We are optimistic it will do very well (with regard to) passengers and become one of the busiest flyers in the world.’
Also at the opening yesterday were 350 guests, including families and the elderly from various grassroots and social welfare organisations.
The Singapore Flyer board and management also presented a $28,000 cheque to The Straits Times School Pocket Money Fund, which was received by Straits Times editor Han Fook Kwang.
The 165 m tall Singapore Flyer took over five years to conceptualise, plan and build.
It was opened to the public on March 1, after a soft launch on Feb 11 for corporate customers. The attraction is expected to draw about 2.5 million people in its first year.
It is seen as a key part of Singapore’s plan to grow tourism and attract 17 million visitors by 2015.
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MAS signals it will allow stronger Sing dollar to fight inflation
Written by Kelvin on April 16, 2008 – 12:42 pm -Business Times - 11 Apr 2008
Strong Q1 GDP numbers seen giving MAS more room to tackle price rises By CONRAD TAN
(SINGAPORE) The Monetary Authority of Singapore (MAS) yesterday effectively gave a one-time boost to the Singapore dollar to fight inflation, surprising analysts who had expected the central bank to leave its stance on the currency unchanged.
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The MAS said that it would re-centre its undisclosed policy band for the trade-weighted Sing dollar, or S$NEER, at the prevailing level of the S$NEER - widely believed to be near the top of the previous tolerated range - while leaving the slope and width of the band unchanged.
The shift would help to moderate inflation ‘while providing support for sustainable growth in the economy’, the MAS said in its closely watched twice-yearly monetary policy statement.
Currency strategists suggested that the government’s better-than-expected advance estimate of 7.2 per cent gross domestic product growth in the first quarter - also released yesterday - had temporarily relieved fears that a stronger currency would stifle economic growth and gave the MAS room to tackle rising inflation by nudging the Sing dollar higher.
Unlike the US Federal Reserve, which sets interest rate targets, the MAS implements its monetary policy by steering the exchange rate of the Sing dollar against the currencies of Singapore’s major trading partners.
Raising the policy band by setting its new mid-point at the prevailing level of the S$NEER is more abrupt than making the slope of the band steeper - as the MAS did last October - which would encourage a faster but gradual pace of currency appreciation.
The last time the central bank re-centred the policy band without changing its slope was in July 2003. In April 2004, it shifted from a neutral policy stance to the ‘gradual and modest’ appreciation stance that it has used since.
Analysts suggested that the MAS’s latest move - besides mitigating current inflation by lowering the price of imports - is also intended to arrest expectations of future inflation. If such expectations become entrenched, they could fuel a vicious cycle of wage and price increases that could spin out of control.
‘Immediate Sing dollar strengthening is the only possible intention,’ said HSBC economist Robert Prior-Wandesforde. The move ‘will serve to reinforce the bank’s anti-inflationary credibility’, he added.
Analysts at Goldman Sachs, HSBC and Standard Chartered Bank estimate that the move has lifted the policy band for the S$NEER by 1.5 per cent, consistent with an exchange rate of about S$1.35 to the US dollar.
But rising prices will remain a worry despite a stronger Sing dollar, which will not ease inflation pressure from domestic sources such as higher housing costs, analysts said. Most expect the S$NEER to trade near the top of the new policy band until the MAS issues its next monetary policy statement in October.
The MAS expects inflation this year - as measured by the consumer price index - to be in the upper half of its 4.5-5.5 per cent forecast range. But OCBC Bank analysts expect inflation to reach 6 per cent.
‘Given fresh record highs in many commodity prices, especially with food inflation which will hit developing countries more than the developed countries, we see little near-term relief on inflation,’ said OCBC analysts Selena Ling and Emmanuel Ng in a report.
Yesterday, the Sing dollar strengthened 1.8 per cent to a high of S$1.3567 in afternoon trading, before easing slightly to S$1.3572 at 7pm, according to Bloomberg data. Since the MAS’s statement on Oct 10, the Sing dollar has gained 7.4 per cent.
Goldman’s revised one-year forecast for the Sing dollar/US dollar exchange rate is S$1.32, while OCBC and Stanchart are forecasting an exchange rate of S$1.325 and S$1.35 at this year-end.
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Economy surprises with robust 7.2% Q1 growth
Written by Kelvin on April 16, 2008 – 12:38 pm -Business Times - 11 Apr 2008
But MAS says growth is likely to ease in next few quarters as global outlook dims
By ANNA TEO
(SINGAPORE) Inflationary concerns outweigh downside growth risks - for now anyway - as the economy rebounded strongly in the first quarter. But GDP growth is expected to ease in the months ahead.
The 7.2 per cent flash estimate of Q1 growth - against sub-6 per cent consensus forecasts, and up from the preceding Q4’s 5.4 per cent pace - mostly surprised on the upside. In annualised, adjusted terms, the economy - far from slipping into a technical recession, after a Q4 contraction - grew almost 17 per cent in Q1, according to the advance figures based only on January and February data.
Notably, the manufacturing sector roared back after the previous quarter’s flat performance. According to the Ministry of Trade and Industry, the sector’s 13.2 per cent recovery was due to a surge in the biomedical cluster and a better showing by mainly the electronics and chemicals industries.
Growth was fairly broad-based across the economy, with the services sector maintaining pace at 7.6 per cent, led by the financial services. Construction growth slowed, but to a still robust 14.6 per cent.
The Monetary Authority of Singapore - which unexpectedly tightened monetary policy yesterday - had rather a lot more to say about the growth outlook.
Singapore’s economic growth is likely to ease in the next few quarters, says the central bank in its monetary policy statement.
Global growth prospects have worsened significantly of late, but regional resilience should continue to support Singapore’s growth, MAS says.
And while maintaining the official forecast of 4-6 per cent growth for 2008, it adds: ‘A more severe global downturn cannot be ruled out if there is a further escalation of the financial crisis in the US. If this occurs, Singapore’s growth will be adversely affected.’
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Meanwhile, global inflationary pressures remain high, and Singapore’s consumer price inflation is expected to remain elevated in the first half of 2008, MAS says.
It now projects Singapore’s 2008 inflation rate to come in at the upper half of the 4.5-5.5 per cent forecast range.
‘Against this backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward,’ it says.
While surprised by the Q1 GDP figures, economists are a little divided about how much the economy will be hit by the US recession that will likely show its hand in Asia later in the year.
Standard Chartered Bank’s forecasts for Singapore see GDP growth slowing sharply to just 2.8 per cent by Q4, averaging 4.5 per cent for the year.
On the other hand, HSBC economist Robert Prior-Wandesforde maintains that ‘domestic fundamentals remain highly supportive of growth’ and is sticking to his forecast of 6 per cent growth for 2008. He also expects no reversal of the monetary tightening at the next review in October - and sees the inflation rate easing to about 3 per cent in Q1 2009.
For at least one economist, though, the Q1 7.2 per cent GDP growth is simply ‘not high enough’.
Given the robust flash estimates for manufacturing, services and construction, the numbers just do not ‘add up’, says Daiwa Institute of Research’s P K Basu, who had forecast 8.4 per cent GDP growth for the quarter.
Could there have been a ‘computation error’ somewhere, he wondered. Asked about this, an MTI officer ran through the data, and found nothing amiss.
The full details of Q1 economic performance, including March figures, will be released next month.
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LTA to consider returning cash for scrapped cars
Written by Kelvin on March 31, 2008 – 10:02 pm -| March 31, 2008 |
| Policy change may help people switch to public transport, says Transport Minister |
| By Christopher Tan |
| FOR years, the answer has been no.
Now Transport Minister Raymond Lim wants to know if it can be yes. He has asked the Land Transport Authority (LTA) to see if motorists can get back cash when they scrap their cars. By scrutinising this sacred cow, he is showing how serious he is about finding ways to persuade people to give up their cars. He hopes that some who get their money back - and the amount could run to thousands of dollars per motorist - would choose not to buy a new car and switch to public transport instead. Since 2003, around 80,000 passenger cars have been scrapped each year before turning 10 years old, with the Government refunding the so-called unused portions of the Additional Registration Fee and Certificate of Entitlement. People have been known to scrap cars as new as two years old, though most do so only after the vehicles turn five years old. At present, the refunds come as paper rebates which can be used only to buy another vehicle. Given the number of vehicles scrapped and the youthfulness of many of the vehicles, a change in policy could see the Government refunding $2 billion each year. Mr Lim said that the LTA would work with the Finance Ministry to see if the change could be made. ‘You have to look at our overall objective - to have a decisive shift towards public transport,’ he said. ‘So we should look at whether we can have any incentive to help people make the shift.’ He was speaking at the launch of the Land Transport Masterplan, a 101-page paper outlining the Land Transport Review which he announced in January. It called for an overhaul of the bus and train systems as well as major changes aimed at car owners. ‘As I said when we launched the Land Transport Review, we will leave no stone unturned,’ he said. ‘So this is one more stone that I’m turning up to have a look at, to see if it can be done.’ Motorists have long asked for rebates to be paid in cash, but the answer always been no. The reason usually given: The rebate is a discount on taxes paid upfront and not meant as a cash refund. Mr Lim expects a decision on the change within six months. Among motorists who welcomed the possible change was engineer Shreejit Changaroth, 51, who said: ‘I know people with old cars who are not scrapping them simply because they can’t use the rebates for anything else but to buy another car.’ Motor traders however, may lose a source of income, because they rake in a significant amount from trading the rebates between those who scrap and those who buy cars. Mr Raymond Tang, managing director of used car trader Yong Lee Seng, said that this has been a ‘business opportunity’ for traders for years. Singapore Vehicle Traders Association president Neo Nam Heng said that cash rebates would be ‘fair to car owners’, but the impact on traders would be clear only when details are out. |
Kelvin says: Better late than never!
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Shanmugam gets Law in new Cabinet line-up
Written by Kelvin on March 31, 2008 – 9:08 pm -| March 30, 2008 |
| TOP OF THE NEWS |
| By Lydia Lim |
| TOP lawyer and four-term Member of Parliament K. Shanmugam becomes Law Minister and Second Minister for Home Affairs from May1.He succeeds Professor S. Jayakumar at the Law Ministry, who leaves the post after 20 years.
Prof Jayakumar, however, continues as Deputy Prime Minister and Coordinating Minister for National Security. He will also oversee foreign policy matters which cut across different ministries. Mr Wong Kan Seng remains Home Affairs Minister and Deputy Prime Minister. Mr Shanmugam’s appointment is the first time since 1985 that an MP has jumped from the backbench to the post of full-fledged Cabinet minister. In 1985, Dr Richard Hu, who was previously chairman and chief executive of the Shell group of companies in Singapore, became Trade and Industry Minister one month after being elected MP. The new Cabinet line-up unveiled by Prime Minister Lee Hsien Loong yesterday also includes changes at the helm of the Education and Manpower ministries. From Tuesday, Mr Gan Kim Yong will be Acting Minister for Manpower, taking over from Dr Ng Eng Hen, who will relinquish his Manpower portfolio to helm the Education Ministry. Mr Gan entered politics in 2001 and was appointed Minister of State for Manpower and Education in October 2005. He will now hold the grade of Senior Minister of State. Dr Ng takes over Education, replacing Mr Tharman Shanmugaratnam, who was appointed Finance Minister in December last year. This is the first Cabinet reshuffle since May 2006, when Mr Lee announced a new team shortly after winning his first General Election as PM. Five Ministers of State have been promoted to Senior Ministers of State, including Mr Gan. Among the four others are two who were inducted into politics only in 2006: Ms Grace Fu and Rear Admiral (NS) Lui Tuck Yew. Also promoted to Senior Ministers of State are Mrs Lim Hwee Hua and Mr S. Iswaran. First-term MP Teo Ser Luck moves up from Parliamentary Secretary to Senior Parliamentary Secretary. These changes aside, the Cabinet line-up remains largely unchanged, although some ministers who had two portfolios have given up one while others have assumed additional duties. At the Ministry of Information, Communications and the Arts (Mica), Dr Lee Boon Yang remains minister, contrary to earlier speculation that he might retire. Dr Vivian Balakrishnan, who is Minister for Community Development, Youth and Sports, relinquishes his appointment as Second Mica Minister. Newly promoted Senior Minister of State Lui adds Mica to his current Education portfolio. Overall, political observers described the changes as ‘incremental’. Some, including veteran MP Charles Chong, were disappointed that no woman has yet been appointed minister. DPM Jayakumar gave his incoming successor at the Law Ministry a sterling endorsement, describing Mr Shanmugam as one of Singapore’s most outstanding lawyers. ‘He will be a valuable asset, not just to the ministry, but to the PM’s Cabinet as a whole,’ he said. |
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