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Author Topic: Give us a strong Mandate !!!  (Read 30443 times)
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Acolyte
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« Reply #45 on: September 05, 2008, 09:14:09 AM »

5 September 2008

Not all 6 new ERP gantries need to be switched on in November
By Asha Popatlal, Channel NewsAsia | Posted: 05 September 2008 1756 hrs

SINGAPORE : Not all of the six new Electronic Road Pricing (ERP) gantries need to be switched on in November. Transport Minister Raymond Lim offered this little nugget of hope to motorists at a talk to the Press Club on Friday.

ERP was an obvious hot topic at the talk, especially as it comes after rates went up at about half of all gantries in the central business and shopping areas, while five new gantries along the Singapore River were added in July.

Explaining the rationale, the minister said such road pricing was a measure of last resort.

He said: "We recognise that such system-wide changes will have a significant impact on people's lives. So let's roll it out in phases, and as we roll it out in phases, we hope we might end up doing much less than we have to."

He added that since the July changes, speeds have picked up on many of these roads.

Thus, not all six new gantries that the Land Transport Authority had previously announced would be switched on in November, may have to become operational.

These are the ones along Serangoon Road, Commonwealth Avenue, Jalan Bukit Merah, Alexandra Road, AYE-westbound near Alexandra Road and PIE-westbound near Eunos.

There was also a nugget of good news for public transport commuters - bus passengers may get higher transfer rebates. Details are expected to be announced next week.

This means the majority of bus passengers who make one or more transfers stand to benefit.

During question time, Mr Lim was asked if fares for children could be waived, in light of Singapore's family-friendly thrust.

The answer was that it boiled down to a question of government intervention and cross-subsidies - a path it is not likely to take.

Click here to read the full text of Transport Minister Raymond Lim's speech.


http://www.channelnewsasia.com/stories/singaporelocalnews/view/373937/1/.html


Singapore to host International Energy Week from Nov 3-7
By 938 Live | Posted: 05 September 2008 1524 hrs

........... SINGAPORE: Another major conference will soon roll into town, this time with a focus on addressing energy concerns. ...........................

http://www.channelnewsasia.com/stories/singaporelocalnews/view/373918/1/.html


It better be 4 ticks on the gantries or be plucked !!!
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« Reply #46 on: September 06, 2008, 09:17:04 PM »

Will be fun if they set up 25 ERP gentries on the night F1 route and make all the racers pay them over an over again LOL ....


5 September 2008

Not all 6 new ERP gantries need to be switched on in November



Singapore to host International Energy Week from Nov 3-7

« Last Edit: September 06, 2008, 11:17:37 PM by Grievous » Logged
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« Reply #47 on: September 06, 2008, 11:22:07 PM »

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During question time, Mr Lim was asked if fares for children could be waived, in light of Singapore's family-friendly thrust.

The answer was that it boiled down to a question of government intervention and cross-subsidies - a path it is not likely to take.

The gahmen can ADVISE or study the situation. To charge children above 0.9m these days is ridiculous when our children have better nutrition and are growing taller way faster. They should look into making it an age-based instead, and allow children before kindergarten to ride public transport for free.

Anyway, they are issuing some kind of transit link card for children in Primary School these days, aren't they? might as well just move that forward to kindergarten stage.
« Last Edit: September 06, 2008, 11:24:00 PM by Grievous » Logged

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« Reply #48 on: September 16, 2008, 03:03:43 AM »

16 September 2008

Queue forms at AIA branch at Raffles Place as policy holders seek answers

By Channel NewsAsia | Posted: 16 September 2008 1542 hrs

SINGAPORE: Some Singaporeans are concerned that AIG, one of the world's largest insurers could be the next financial giant to fall after Lehman Brothers.

They have formed a queue at AIA Singapore's customer service centre at Raffles Place.

AIG is the parent of AIA Singapore.

Some long term AIA policy holders told Channel NewsAsia that they wanted to surrender their policies, even though there was a penalty for that.

Some have waited for up to three hours to be attended by staff who have been overwhelmed by requests since the office opened this morning.

Others said they have turned up at the AIA office to find out more.

AIA Singapore has yet to comment.

It has five buildings at Robinson Road, Alexandra, Changi, Tampines and Tanjong Pagar, and has over two million policies in force.

Singapore's Monetary Authority (MAS) has said that AIA Singapore, as a registered insurer, is required to maintain sufficient financial resources to meet all its liabilities to policyholders at all times.

It added that AIA Singapore currently meets these regulatory requirements.

MAS said it has the legislative power to establish the policy owners' protection fund, under the Insurance Act.

However, it said that it is unable to comment on parent company AIG, which is the "ultimate parent" of AIA as it is not regulated by MAS.

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/376283/1/.html

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« Reply #49 on: September 16, 2008, 04:17:55 AM »

16 September 2008

AIG crisis deepens after ratings downgrades

By Steve Goldstein & Alistair Barr, MarketWatch
Last update: 4:05 a.m. EDT Sept. 16, 2008Comments: 7


AIG (AIG:American International Group, Inc AIG 4.76, -7.38, -60.8%) shares dropped 61% Monday and the value of its bonds plunged amid the firm's frantic and thus far largely unsuccessful efforts to raise cash.

In a filing to the Securities and Exchange Commission last month, AIG spelled out precisely what those downgrades would mean: Counterparties could ask for another $14.5 billion in collateral. It also gives them the right to terminate contracts, though AIG at the time said it's "unlikely" contracts would be terminated given the profits they would forfeit.

The downgrades also may trigger an exodus of clients, with some customers canceling policies. That may require AIG, a component of the Dow Jones Industrial Average, to return any unearned premiums covering the rest of 2008.

As with Lehman Brothers (LEH:Lehman Brothers Holdings Inc LEH 0.21, -3.44, -94.2%) , the federal government has been reluctant to come to its rescue. However, the Federal Reserve has asked Goldman Sachs (GS:Goldman Sachs Group, Inc  GS 135.50, -18.71, -12.1%) and J.P. Morgan Chase (GS:Goldman Sachs Group, Inc GS 135.50, -18.71, -12.1%) to lead a lending facility for AIG of between $70 billion and $75 billion, according to two people familiar with the situation.

Standard & Poor's lowered its rating on AIG to A- from AA-, and Moody's Investors Service cut its rating to A2 from Aa3. Fitch Ratings and AM Best also downgraded AIG.

"The main reason for the rating actions is the combination of reduced flexibility in meeting additional collateral needs and concerns over increasing residential mortgage-related losses," said Standard & Poor's credit analyst Rodney A. Clark in a statement.
S&P said the move by the New York Department of Insurance to permit some of AIG's regulated insurance subsidiaries to provide the parent with $20 billion of liquid investments wasn't enough.

"Assuming current market conditions persist, we expect that AIG will continue to pursue additional access to liquidity and the sale of certain businesses to cover potential further investment losses," S&P said.

The rating firms threatened to cut the ratings further.
"Further downgrades of the parent and certain operating units are likely if the immediate liquidity and capital concerns are not fully addressed," Moody's said.

Efforts to sell off various assets and borrow could "stabilize the ratings at current levels, although significant execution risk exists with respect to some elements of that plan, especially given the current level of instability in capital markets," the firm said.
Assets that AIG could flog include its majority stake in reinsurer Transatlantic Holdings (TRH:Transatlantic Holdings, Inc TRH 57.70, +0.50, +0.9%) as well as ILFC aircraft leasing business.

The insurer has been hit hard by the housing crisis and credit crunch because its derivatives unit sold guarantees on mortgage-related securities known as collateralized debt obligations, or CDOs, using credit-default swaps.

As house prices fall and the credit crunch deepens, the market for these CDO exposures is disappearing, forcing AIG to report big write-downs. AIG reported a quarterly net loss of more than $5 billion in August as it wrote down these exposures more and suffered impairments on some of its mortgage-related investments. 

Steve Goldstein is MarketWatch's London bureau chief.
Alistair Barr is a reporter for MarketWatch in San Francisco.


http://www.marketwatch.com/news/story/aig-crisis-deepens-after-ratings/story.aspx?guid=%7BE84A4797%2D3EA6%2D40B1%2D9DB5%2DF07B5A7F5BC2%7D
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« Reply #50 on: September 18, 2008, 07:32:26 PM »

19 September 2008

Paralympians Pin Xiu, Laurentia awarded state medals
By Ryan Huang, Channel NewsAsia | Posted: 19 September 2008 0103 hrs

SINGAPORE: Singapore's two paralympic medallists have been awarded state medals.

Swimmer Yip Pin Xiu, who won a gold and silver at the Beijing Games, will be conferred the Meritorious Service Medal.

Double Equestrian bronze winner Laurentia Tan will receive the Public Service Medal.

Team Singapore returned home on Thursday night to a rousing welcome.

The Minister for Community Development, Youth and Sports, Dr Vivian Balakrishnan, was among officials, families and friends at the airport to welcome the team home.

At the Beijing Games, Pin Xiu broke two world records, while fellow swimmer Theresa Goh set a national record.

Under the Athletics Achievement Award scheme, Pin Xiu will receive $100,000 for her Gold, while Laurentia will receive $25,000 for one of her two Bronze medals. The scheme rewards only an athlete's highest achievement. - CNA/de

http://www.channelnewsasia.com/stories/singaporelocalnews/view/376954/1/.html

Play ping pong for better returns
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« Reply #51 on: September 22, 2008, 02:11:16 AM »

Dude... you should have said it in front of AIA Singapore when there was a queue.

Quote
Finance Minister Tharman says Singapore
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« Reply #52 on: September 22, 2008, 09:14:02 AM »

sounds like he is saying : " our economy might get worse but maybe not as bad as the worst ... our dollar may depreciate but maybe not the worst currency ... our employment may drop as US is our 2nd large buyer but maybe they will still buy abit .. maybe surrender your policy is good . .maybe keep is better ... not sure lah ...  I don't really know lah .. you wait and see lor .. when we know what to do we will tell you .. now u ask me also I duno ... merry christmas "
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« Reply #53 on: September 26, 2008, 04:47:42 AM »

September 24 2008

GIC sees good returns

THE Government of Singapore Investment Corporation (GIC) said yesterday the timing of its acquisition of stakes in UBS and Citigroup could have been better.
But it continues to stand by its belief that its long-term investments in the two giant banks will pay off.

Questions about its paper losses in the troubled banks were raised during a press conference held in conjunction with the release of GIC's annual report yesterday.

Chief investment officer Ng Kok Song said: 'We would have liked the timing of the investments to be better, but these are long-term investments.'

He acknowledged that GIC had suffered some paper losses from its 11 billion Swiss franc (S$14.3 billion) investment in UBS, whose share price had plunged 59 per cent since last December.

GIC is also believed to have suffered some paper losses from its US$6.9 billion (S$9.8 billion) investment in Citi. The American bank's share price has fallen 26 per cent since January, when GIC injected funds.

UBS and Citi have been hit by combined write-downs of US$100 billion in investments l`inked to the sub-prime mortgage crisis to date.

Market watchers have suggested that GIC may have secured a better price if it had waited several months before taking stakes in the two banks.

But Mr Ng emphasised that GIC still expects to 'get good returns' over the long term. He added that its investment in UBS is protected by several features.

The deal is in the form of convertible notes paying an annual return of 9 per cent. GIC is set to convert its UBS notes into shares in 2010.

The deal carried a clause allowing GIC to renegotiate for a lower maximum conversion price for the shares in the case of a large rights issue. This was triggered in May.

As for the Citi deal, GIC gets a fixed annual dividend of 7 per cent from a perpetual convertible security.

In response to questions about whether GIC saw the need sit on the board of either bank, deputy chairman and executive director Tony Tan said that GIC does not intend to do so 'for the time being'.

'We can make our views known as shareholders to UBS and Citigroup and are happy that we are able to give input ...to the boards and management of (the banks),' Dr Tan said.

chanckr@sph.com.sg

Reference: http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_281943.html

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« Reply #54 on: October 02, 2008, 09:15:47 PM »

September 29, 2008

ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 OCTOBER TO 31 DECEMBER 2008

For the quarter 1 Oct to 31 Dec 08, the average electricity tariffs will be increased by 5.38 cents (S$0.0538) per kWh. This represents an increase of 21.46% for households. On average, taking into account the tariffs for all customer categories, the tariff increase is 21.89%.

The increase is due to higher fuel oil prices. For the period 1 Oct to 31 Dec 08, tariffs are pegged to a higher forward fuel oil price of S$155.14 per barrel. The forward fuel oil price is 38.06% higher than that of S$112.35 per barrel for the current quarter.

The transmission (grid) charges will be revised downwards with effect from 1 Oct 08 and now accounts for only 16.16% of the low tension tariff. The revised tariffs are shown in Appendix 1.

The electricity tariff is reviewed quarterly and adjusted accordingly in line with the fluctuation in the cost of electricity. If forward fuel oil prices come down in Oct 08, the electricity tariff for the Jan to Mar 09 quarter will be reduced accordingly. The tariff adjustments have been approved by the industry regulator, the Energy Market Authority.

Reference: http://www.spservices.com.sg/news/PressRelease-29-Sep-08.pdf


23 September 2008

CLP Cuts Electricity Tariff (Hong Kong)

CLP Power announced today that its electricity tariff will be reduced by 3% for all its customers in Hong Kong, starting 1 October 2008 when the new Scheme of Control (SOC) takes effect.

The 3% total tariff reduction, which will be realised in customers
« Last Edit: October 02, 2008, 09:44:45 PM by CCTV » Logged

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« Reply #55 on: January 11, 2009, 06:28:31 AM »

This guy AGAIN!!!!


Man pours flammable liquid on MP, sets him on fire
By Satish Cheney, Channel NewsAsia | Posted: 11 January 2009 1419 hrs
     
SINGAPORE : Member of Parliament (MP) for Yio Chu Kang, Seng Han Thong, is in hospital with 10 per cent burns after a man poured flammable liquid on him and set him on fire on Sunday.

Mr Seng was at a bursary and hong bao presentation ceremony at Yio Chu Kang Community Club when the attack happened.

The chairman of a nearby Chinese temple, Aw Swee Seng, also suffered burns.

Both men are now at the Singapore General Hospital.

Yio Chu Kang Community Club was filled with police and Civil Defence officers who were going about their investigations, but reporters were barred from entering the premises.

It is believed that a 70-year-old man approached the MP and Mr Aw from behind, poured the flammable liquid on them and set them on fire using a lighter.

A caller to the MediaCorp Hotline, Mr Zhang, said: "A man ran in, lit a bottle of kerosene and threw it at Mr Seng. Half of Mr Seng's hair was burnt...his back suffered burns as well. The man who threw the bottle tried to escape, but some people caught him and brought him to the CC."

Police have arrested the assailant.

Temple officials said the man was disgruntled for not being selected to receive the hong bao containing S$200.

Residents in the area whom Channel NewsAsia spoke to said the man is a familiar face in the neighbourhood, but not much else is known about him.

The charity event was organised by the chairman of the nearby Chu Sheng Temple.

Mr Aw has been the temple chairman for more than 10 years. He is also a popular and prominent figure in the community, with his temple giving out bursaries and red packets annually for 28 years.

As for Mr Seng, this is not the first time he has been attacked.

He was assaulted by a disgruntled taxi driver in 2006.

The man, who had sought Mr Seng's help about a revoked taxi licence, was acquitted after he agreed to Mr Seng's undisclosed terms. - CNA/ms
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« Reply #56 on: February 14, 2009, 08:21:47 AM »

10 Feb 2009

Temasek's investment portfolio down 31% to S$127b as of 30 Nov 2008
CNA/yt

SINGAPORE: Temasek Holdings' portfolio of investments fell 31 per cent to S$127 billion as of 30 November last year, according to latest data revealed in Parliament on Tuesday.


This was down S$58 billion from S$185 billion eight months earlier in light of the global financial crisis.


Senior Minister of State for Finance and Transport, Lim Hwee Hua, said: "This is less than the corresponding declines in the MSCI Singapore Index of 44 per cent and the MSCI Asia ex-Japan of 45 per cent both in Singapore dollar terms over the same period."


Despite this, the Singapore government said both Temasek as well as the Government of Singapore Investment Corp (GIC) have the ability and resources to weather the ups and downs over multiple economic and market cycles.


Responding to questions in Parliament, Mrs Lim said both Temasek and the GIC have sufficient liquidity to cope with Singapore's funding needs.


Mrs Lim added that Temasek and GIC are long-term investors, and as such they do not have to divest their investments in market downturns.


She said: "They do not have to sell in panic in a market downturn, and are in fact in an advantageous position to invest in good quality assets at prices that are attractive from a long-term perspective during a downturn. The government is confident that they will continue to deliver good long-term returns within the risk limits set."


Mrs Lim said this is not the first major downturn both soveriegn wealth funds had gone through. She noted that both Temasek and GIC had bounced back from significant reductions in asset values in previous slumps, including the 1997 Asian Financial Crisis.


And despite the downturns, the two investment companies had seen credible investment returns over the years.


Mrs Lim said: "In spite of these market gyrations, including the current downturn, for the 20-year period to late 2008, Temasek had achieved annualised returns of about 13 per cent. GIC, which has a diversified and more conservative portfolio, also had credible returns over the 20-year period.


"As at March 2008, the 20-year average return was 5.8 per cent in nominal Singapore dollar terms. The figure for March 2009 would have fallen as a result of the decline in 2008, but would not be sharply down."


Mrs Lim also reiterated that Temasek must continue to operate commercially without government interference. But she does not rule out the possibility of a third investment fund set up to buy into local companies hit by the current downturn. Mrs Lim was addressing suggestions for Temasek to play a role in rescuing local firms that have been affected by the economic crisis.


She said: "If Temasek is asked to undertake a national agenda, it will in fact validate some of the concerns over sovereign wealth funds having political objectives, and may ultimately impede Temasek 's ability to participate in investments internationally."

http://www.channelnewsasia.com/stories/singaporelocalnews/view/408020/1/.html


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« Reply #57 on: February 14, 2009, 08:35:25 AM »

27 July 2007

Temasek's chief, Ho Ching, likes to take risks
By Sara Webb Reuters

SINGAPORE: One of the colleagues of Ho Ching once said it was her willingness to take risks, not her family ties, that won the wife of the prime minister her top job at Temasek Holdings with a mandate to shake up Singapore's state investor.

That penchant for risk-taking came to the fore this week with Temasek's unexpected
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