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| 17-Aug-2010 12:26 |
TT Intl
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TT Int moving?
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TT bond holders push for court - approved plan SINGAPORE The plan also imposed a complete moratorium on any action against the firm by the debtors until the scheme ends. The group is made up of institutions and individuals that hold TT’s medium term notes Series 19 which were bought through OCBC Bank. According to documents seen by MediaCorp, the group explained that if the scheme of arrangement was overturned, the company will succumb to the financial pressures from legal proceedings. This may result in all noteholders losing their investments an est imated $50 million in all. They also believe that the scheme is the best option for TT and its creditors, compared to taking the liquidation or judicial management route. In a letter sent to OCBC’s lawyers Rajah and Tann, the group explained that if the scheme is implemented, the returns to the creditors will be higher compared to liquidation of the company. This is in addition to TT’s financial position, which has become profitable after much cost-cutting under the scheme. Among the institutions that form the group of 24 include the Singapore Teachers’ Co-Op Society, the Singapore Police Cooperative Society and the NTUC Thrift and Loan Co-operative. In response, Rajah and Tann said that “it has made its evaluation and formed its view of the scheme objectively and responsibly”. Sim Law Practice is acting on behalf of the noteholders. OCBC Bank had filed an appeal last month for the scheme of arrangement to be overturned. — A group of 24 bond holders of distressed firm TT International has appealed to OCBC Bank to accept a High Court-approved scheme for the company to manage its debts.Jo-ann Huang |
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| 17-Aug-2010 12:20 |
DBS
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DBS
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mOre OverHEAD ? mOre cOst ? mOre fAts ? mOre Off-Guard ? mOre lOsses ? |
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| 17-Aug-2010 12:17 |
DBS
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DBS
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S’pore: DBS creates new country head role SINGAPORE Singaporean veteran banker Sim S Lim will take on the new role and join the bank on Sept 1. A former Citi banker just like DBS group chief executive Piyush Gupta, Mr Lim’s immediate tasks are to implement the bank’s strategic blueprint which has been laid out by Mr Gupta in February. This includes looking at strengthening the bank’s distribution capabilities and the payments space, as well as continue building customer assets in consumer and business loans. Mr Lim was the president and CEO of Citigroup Global Markets Japan from June 2008 to December last year. Before that, he was the chairman of Citibank Hong Kong from April 2007. DBS added yesterday that it has appointed Mr Sebastian Paredes as CEO of DBS Hong Kong with effect from Sept 13. Mr Paredes will take over from Ms Amy Yip, who will retire at the end of the year. Mr Paredes was the former president-director of PT Bank Danamon in Indonesia from 2005 to early this year. — In the wake of the recent IT outage debacle, Southeast Asia’s largest lender DBS\ Group Holdings has announced the creation of a NEW Singapore country manager role yesterday. |
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| 17-Aug-2010 12:07 |
User Research/Opinions
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%%%% WORLD ECONOMIC SUMMIT %%%%
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Europe still poses risk: Lim SINGAPORE Speaking in Parliament, Mr Lim noted that Singapore’s limited exposure to the areas in Europe most affected by the debt crisis had prevented an impact on the Republic’s exports to the European Union as a whole. However, he cautioned that austerity measures and fiscal tightening throughout Europe remained a cause for concern. Mr Lim ruled out the possibility of a global double-dip recession, but warned that growth prospects would likely trend downwards in the second half of this year. “The G3 economies, of course, will see much lower growth, whereas for much of the emerging economies, I think the risk in fact lies in higher liquidity and the risk of an asset bubble,” he said. — While Europe’s sovereign debt crisis has not materially affected the Singapore economy so far, it does not mean that macro-economic risks from the continent have fully subsided, Trade and Industry Minister Lim Hng Kiang said yesterday. |
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| 17-Aug-2010 12:04 |
User Research/Opinions
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%%%% WORLD ECONOMIC SUMMIT %%%%
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Indonesia’s 7.7% growth target JAKARTA “With careful planning and proper implementation, we are optimistic in reaching the target,” he said on the eve of Indonesia’s Independence Day. Mr Yudhoyono presented his draft Budget for 2011 in which he forecast a deficit of 1.7 per cent of gross domestic product next year, wider than the 1.5 per cent gap expected this year. He also proposed to increase capital spending next year by 28 per cent to 121.7 trillion rupiah ($18.4 billion), mainly to finance infrastructure projects such as irrigation, transport, housing and water resources. — Indonesian President Susilo Bambang Yudhoyono yesterday said Southeast Asia’s biggest economy should aim to hit annual growth of 7.7 per cent within four years, which would create 10.7 million new jobs and slash poverty by 8 to 10 per cent.AGENCIES |
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| 17-Aug-2010 11:56 |
Others
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TRADE FREELY & LiVE LONGER
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CGH: We have equipment but patient refused pumps Letter from Lee Yen Yen Director of Nursing Changi General Hospital WE THANK Ms Feng for her letter and we share her concerns. Ms Feng’s grandmother, Madam Mok, was admitted to our hospital for a hip fracture surgery. For these patients, we have evidencebased hip fracture surgery care plans that include preventive measures for deep vein thrombosis (DVT) and rehabilitative plans. Upon admission, Madam Mok was placed on the care plan and given mechanical calf pumps to improve blood circulation and prevent DVT. However, she became agitated and refused the pumps. We tried repeatedly but she resisted. One of her daughters was present at one of these attempts. We would like to assure Ms Feng and her family that the hospital has sufficient equipment to offer to all patients at risk of developing DVT. We agree that rehabilitation is important after surgery. The physiotherapist had attended to Madam Mok the day after the surgery to get her ambulating. However, Madam Mok was unable to get out of bed. Therefore we performed “passive exercises” to improve mobility and circulation. Madam Mok was able to walk only a week after her surgery. We also agree that communication with family members is very important. We have looked into the injury on Madam Mok’s arm and found that she injured herself when she became agitated after admission. We apologise to Ms Feng and her family for not informing them of the injury earlier and for the lapses in communication. I have reminded my staff on the importance of communicating with families. We have contacted Ms Feng and her family to address their concerns. Should Ms Feng have further queries, she can call us at 6850-1745. |
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| 17-Aug-2010 11:50 |
Others
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TRADE FREELY & LiVE LONGER
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SINGAPORE has a lOt Of nIce tO sEE ? nOt nIce tO Eat ? nOt nIce tO Use ?
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| 17-Aug-2010 11:48 |
Others
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TRADE FREELY & LiVE LONGER
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Reader says grandmother got poor care in hospital Letter from Feng Shumin MY GRANDMOTHER was recently admitted to Changi General Hospital for hip replacement surgery. On the second day, I noticed a poorly-administered dressing on her arm. A nurse told me my grandmother had been admitted with the wound. But, when I checked with the doctor, there was no documentation of any injury to her arm upon admission and no accident reported thereafter. The doctor removed the dressing to reveal a 5cm wound oozing blood. A few days after my grandmother’s surgery, she developed deep vein thrombosis (DVT). According to the team doctor, this is one of the common risks after surgery. However, when I probed further, I noticed no preventive measure was taken to reduce the risk of DVT. I was told the hospital had insufficient equipment to offer these measures to all patients at risk of DVT. I am upset family members were not instructed on ways we could help (for instance, exercises we could do with her or equipment we could rent). According to documents the nursing staff referred to, my grandmother had not ambulated since the second day following the surgery. However, when I spoke to the physiotherapist, I was told my grandmother had been ambulating every day since the surgery. It is questionable whether my grandmother received proper rehabilitation when there were conflicting replies from two medical workers on the same team. The hospital needs to look into improving communication with family members, providing prompt preventive measures and standardising documentation procedures. |
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| 17-Aug-2010 11:30 |
Others
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Nearly half of toys tested by Case contain harmful chemicals
Nearly half of toys tested by the Consumers Association of Singapore (Case) were found to contain harmful chemicals. Case had conducted a random survey of 50 toys sold islandwide and found 23 contain too much phthalates, lead or both. Phthalates is a chemical that is used to soften plastics. Another five toys were found to have problematic designs or pose a choking hazard to young children. Case says it has advised retailers whose toys have failed the tests, to stop selling them. These toys are shown on CASE’s website and those who have bought the toys are urged to return them to the retailers for a refund. Apart from urging manufacturers and distributors to ensure product safety, Case president Yeo Guat Kwang said: “Case has also been lobbying the authorities for some time to put in place more regulations for product safety, particularly children’s toys. “We understand that the authorities are currently reviewing the legislations to give consumers better protection with regards to product safety.” |
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| 17-Aug-2010 11:22 |
Others
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Second-chance for auto inclusion into CPF Life Esther Ng estherng@mediacorp.com.sg SINGAPORE Speaking in Parliament yesterday, Manpower Minister Gan Kim Yong said that 70 per cent of active CPF members will have at least $40,000 in their Retirement Account in 2013. With auto-inclusion at drawdown age, the participation rate among active members is projected to increase to “over 80 per cent” , he added. The active members who would be automatically included under the amendments would have to pay an additional premium when they reach their draw-down age. Mr Gan pointed out that the first round of auto-inclusion was a one-off opt-in exercise. Under the opt-in scheme, “the second premium was incorporated as part of the scheme design”. Under the amendments, unclaimed CPF assets of deceased and dormant members will be transferred to the CPF General Fund. According to Mr Gan, over the last few years, the beneficiaries of about 280 people who died annually have not come forward to claim the money, which amounted to $2.4 million each year — despite the CPF Board’s efforts to contact the next-of-kin. — Among the latest proposed changes to the Central Provident Fund (CPF)Act: Those with $60,000 in their Retirement Account when they reach their draw-down age will automatically be included in the annuity, CPF Life — giving those who missed out on the first auto-inclusion a chance when they turn 55 in 2013 and have less than $40,000 in their Retirement Account. |
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| 17-Aug-2010 11:15 |
Others
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Foreigners allowed to use foreign licences temporarily [HOW TEMPRARILY ? ? ? ?] Foreigners who become Singapore citizens or permanent residents could be allowed to temporarily use their foreign driving licences to drive here, according to proposed changes to the Road Traffic Act. But the Deputy Commissioner of Police could also make a prohibition order for such drivers if needed. Enhanced powers for the Deputy Commissioner of Police are also in store under the Road Traffic (Amendment Bill). For example, he could suspend a driver’s licence if he was being investigated for any traffic incident resulting in serious injury or death, or serious damage to any building or structure. In addition to a police station, the police could also conduct breath tests either at or near the place where a suspected drink driver is arrested.
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| 17-Aug-2010 11:00 |
Genting HK USD
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Genting HK US$
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Tuesday: 17th AUGUST 2010 prIce actIOn 10:24:24 USD0.290 1,047,000 BOUGHT frOm SELLER 09:34:27 USD0.295 1,055,000 BOUGHT frOm SELLER 09:34:23 USD0.295 3,000,000 BOUGHT frOm SELLER 09:24:17 USD0.290 1,000,000 BOUGHT frOm SELLER |
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| 17-Aug-2010 10:55 |
SMRT
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SMRT
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Counting the sum, not the parts, for new MRT lines Neo Chai Chin chaichin@mediacorp.com.sg SINGAPORE Not anymore. Under a new rail financing framework passed in Parliament yesterday, lines in “less mature corridors with low ridership” could be built if they benefit the rest of the network. The removal of individual line viability as a criterion comes at a time when new lines are being tucked underground, costing more to operate and maintain. “(They) will fulfil the viability criteria when evaluated on an overall network basis”, Second Transport Minister Lim Hwee Hua said yesterday. This applies to all new lines not already announced. In the nearer term, commuters can expect greater “contestability” among rail operators as the licence period will be cut by about half, to 15 years. The Land Transport Authority will also take over ownership of operating assets of the Downtown Line and lines that open after it. Before this, public transport operators had to buy the assets, such as trains and signalling systems, from LTA. But with shorter licence periods, LTA will instead collect a licence charge from the train operators. The charges will go to a Railway Sinking Fund. Responding to questions from the House, Mrs Lim said London and Melbourne have similarly short licence periods. Operators bid for annual contract payments to the government for profitable lines and for subsidies for loss-making lines. Train fares will be unaffected, she said, as they continue to be regulated by the Public Transport Council based on the current fare formula. — If you live in an area with low human traffic, the prospect of an MRT line would have been a pipe dream. |
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| 17-Aug-2010 10:47 |
SMRT
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LONG BUS ROUTES are here to stay, says Second Minister for Transport Long bus routes are here to stay, Second Minister for Transport Lim Hwee Hua assured yesterday. That is because these services provide “comprehensive connections to all parts of Singapore”, particularly those that the MRT does not reach. She was responding to Non-Constituency MP Sylvia Lim, who sought clarification over the Government’s announcement that some longer bus routes would be discontinued. Mrs Lim explained the possibility of splitting some of the long bus routes arose during LTA’s public consultations where some residents felt these services were more susceptible to delays caused by poor traffic conditions. Said Mrs Lim: “The option of splitting long bus routes will be studied together with other proposals, and will only be considered when it is sensible to do so.” The LTA will examine factors such as available travel alternatives; overall journey times; fare implications; and the special needs of the elderly and the disabled. Leong Wee Keat |
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| 17-Aug-2010 10:37 |
Others
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Scrapping retirement age may not bring benefits Singapore’s approach to re-employing older workers works well: Minister Lim Esther Ng esther@mediacorp.com.sg SINGAPORE Nominated Member of Parliament Laurence Wee and MP for West Coast GRC Ho Geok Choo had asked whether the Government intended to scrap the retirement age. A case in point was the United States which, to Mr Lim’s knowledge, was the only country that had legislation disallowing discrimination in employment on account of age. Yet, despite this, American unionists told him discrimination of older workers still existed. Last year, the male employment rate of those between 55 and 65 years in Singapore was 74 per cent [WHERE are the FACTS ? and fIgures ?] — higher than the 65 per cent in the US. The overall employment rate for those 65 and above was 16 per cent in Singapore, comparable to the 16 per cent in the US, said Mr Lim. “This shows our approach works well even though it is different from the US,” he added. Instead, the Government was working on re-employment of older workers. When the law comes into effect in 2012, employers will be obligated [nOt cOmpulsOry ? ? ? ?] to re-employ employees aged between 62 and 65 years old, and later 67 years and older. Mr Lim added: “Unions will play their part to ensure that the agreements reached are fair to older workers even as wages and benefits are adjusted to reflect the value of the jobs and the contributions of the employees.” — Doing away with the retirement age will not bring about more employment opportunities and higher employment for older workers, said Minister for ageing issues Lim Boon Heng in Parliament yesterday. |
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| 17-Aug-2010 10:16 |
Genting Sing
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GenSp starts to move up again
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POVERTY DISEASES RISK AVERSION RISK PARALYSIS
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| 17-Aug-2010 10:10 |
Genting Sing
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GenSp starts to move up again
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gOt EYES sEE nO TARZEN 有 眼 不 识 泰 山
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| 17-Aug-2010 09:57 |
Genting HK USD
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Tuesday: 17th AUGUST 2010 prIce actIOn 09:34:27 USD0.295 1,055,000 BOUGHT frOm SELLER 09:34:23 USD0.295 3,000,000 BOUGHT frOm SELLER 09:24:17 USD0.290 1,000,000 BOUGHT frOm SELLER |
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| 17-Aug-2010 09:47 |
SMRT
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Despite the fare bumps ... Leong Wee Keat weekeat@mediacorp.com.sg SINGAPORE The Public Transport Council examined 24 million journeys made in one week last month and found 68 per cent of commuters — above the 63 per cent originally projected — had enjoyed average weekly savings. In fact, distance-based fares will cost public transport operators $88 million a year in revenue, Mr Lim pointed out. Said Mr Lim: “This may indicate some commuters have already started to optimise their journeys by taking advantage of the flexibility under distance fares to choose less circuitous routes to their destinations [ORIGINALLY, there was NO CIRCUITOUS ROUTES ? ? ? ?].” Seniors and students have benefited. Three in four students enjoyed fare savings, more than the seven in 10 earlier projected. Still, six Members of Parliament asked during the half-hour debate if distance fares could be made even fairer [made nOt UNfair ? ? ? ?]. Sembawang GRC MP Lim Wee Kiak said commuters were “at the shorter end of the stick” when errors occur in calculating distance-based fares and suggested the refund process be made less onerous. “With the smart card system, can this be done automatically?” he asked. Errors were found in the distance data for 13 bus stop pairs due to ground changes such as road diversions. As at Aug 9, TransitLink had refunded 38 claims — amounting to 10 cents on average — through the telephone, Internet or at its ticketing offices. “I don’t think it’s onerous,” the Minister said. [WHAT about REFUND TIME consideration ? ? ? ?] Another issue was the inclusion of transfers and waiting time in the distance fare calculation for train journeys. Hong Kah GRC MP Zaqy Mohamad asked if there were other fare considerations. Mr Lim said the train network was unable to track a commuter’s route, so the PTC’s “working assumption” is that commuters find the fastest way to get to their destination. But wouldn’t that unfairly penalise seniors for being less mobile and savvy? Tampines GRC MP Irene Ng asked. Mr Lim responded that it was “not the intention” of distance fares to penalise the less mobile. “Distance fares don’t force us to make transfers in order to benefit. “Instead, distance fares allow us to choose the best way [REALLY ?] to get to our destination without worrying about paying extra [ALREADY PAYING EXTRA EVEN WITHOUT CHOICE ? ? ? ?] if we take a transfer,” he said. While some commuters have had to pay higher fares due to the change, Mr Lim noted that PTC chairman Gerard Ee had said it was not possible to benefit “100 per cent of commuters”. “The outcome of any judgment would involve some seeing immediate benefits and others paying more in this transition to a better and fairer fare system,” Mr Lim said. — There may have been bumps, but the new public transport fare structure is the right direction, Transport Minister Raymond Lim told Parliament yesterday as he cited various statistics.New structure is the right direction [HOW ? ? ? ?] [WALK MORE ? WAIT MORE ? PAY MORE ?], says Transport Minister WHATEVER ? ? ? ? LEAVE THE FARES ALONE ? ? ? ? LEAVE THE MONEY ALONE ? ? ? ? |
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| 17-Aug-2010 09:29 |
SMRT
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SMRT
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1 in 4 seniors borne the BRUNT [UNfair ? ? ? ?] Some felt they were the group who have borne the brunt of distance-based fares, with fare increases of up to 25 per cent. But Transport Minister Raymond Lim said yesterday the new regime was meant to save seven in 10 senior citizens an average of 71 cents a week, or $37 yearly. Of the three in 10 who would see fare increases, the average weekly hike was to be 44 cents, or $23 yearly. Actual figures according to data culled last month showed that more seniors — 74 per cent — saved, while the rest forked out more for transport. But WHY should one in three seniors have to pay more, questioned Member of Parliament (Jalan Besar) Lily Neo. “Is the Minister aware of the frustration and anger of many ... on the ground? Therefore, shouldn’t there be a review to assist this group?” she asked. Mr Lim acknowledged that some seniors face “significant fare increases”. The Public Transport Council had “agonised” over this and decided on three moves to benefit them as a whole: Abolishing transfer penalties; lowering feeder bus fare and minimum fare on trunk services to 53 cents for shorter distances; and capping maximum fare. The cap results in discounts of more than 25 per cent off adult bus fares beyond distances of 7.2km. The way forward to help seniors who cannot afford transport costs is “through a more direct and targeted way”, such as the ComCare fund, said Mr Lim.
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