‘Links to Opposition but Jee Say will be pro-S’porean’

SINGAPORE

This made the 57-year-old Mr Tan, an investment adviser, the least partisan and hence most likely to act independently of the Government, said Mrs Jeannette Chong-Aruldoss, one of the nine speakers to take the stage at his rally at the Toa Payoh Stadium. Out of the nine, four, including Mrs Chong-Aruldoss, contested the General Election (GE) in May as Opposition candidates.

“Because his political career lasted four months, he won’t be pro-opposition or pro-PAP, he will be pro-Singaporean,” said Mrs Chong-Aruldoss, the National Solidarity Party’s (NSP) vice-president.

While “the spectre of gridlock has been raised” if the President is too independent, more dangerous is groupthink, which has led to “disastrous population policies”, said another speaker, Professor Paul Ananth Tambyah.

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The infectious diseases physician had also spoken at an SDP lunch-time rally during the May polls.

Lawyer Basil Hwang, managing partner of an international law firm’s Hong Kong office, said Singapore needs “a fresh pair of eyes”.

“We need someone to confidently say that the Emperor has no clothes when the times calls for it,” said Mr Hwang, who is married to Ms Michelle Lee, an SDP candidate who contested the GE.

Ms Nicole Seah, another Opposition figure speaking at the rally, said that Singapore needs a President who would not be a “yes”-man. She urged Singaporeans to hold the President’s role to scrutiny.

“We do not know much about it because of the perceived inaction of the previous President24-year-old advertising executive, who was also an NSP candidate in the GE.,” said the

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“Your vote will hold the power to push for transparency and clarity on what the role entails,” Ms Seah added.

Mr Tan’s long-time friend, psychiatrist Ang Yong Guan, noted that some older Singaporeans viewed the presidential candidate as “confrontational”.

However, Dr Ang, who was an SDP candidate in the GE, assured the crowd that Mr Tan would not become a second power centre.

“Mr Tan Jee Say is well aware of this point, he will not create a ruckus. He will not quarrel unreasonably with the Prime Minister and oppose him,” Dr Ang said in Mandarin.

— Despite presidential candidate Tan Jee Say’s association with the Opposition, his links with the Singapore Democratic Party (SDP) was the shortest — at four months — compared to the other three candidates who had been members of the ruling People’s Action Party (PAP) for more than 30 years, said a speaker at Mr Tan’s election rally last night.Carolyn Quek

Inflation surges, MAS faces balancing act

Linette Lim

linettelim@mediacorp.com.sg

SINGAPORE

MAN-MADE  DOMESTIC  INFLATION

ECONOMIC  GROWTH  SIMULATION

GST  BENEFIT  MAXIMISATION— Consumer prices surged well beyond expectations last month, driven by stubbornly high prices for housing, cars and food, underscoring concerns that inflationary pressures persist even as growth slows.

PE: Presidential candidates respond to WP’s allegations against HDB

Risk profile changes as S-Reits eye greenfield projects

SINGAPORE

Moody’s said credit risks for S-Reits would include potential cost overruns, construction delays, counterparty risks and mistiming market sentiment.

It added that, during the development phase, the S-Reits could also come under pressure from additional debt to fund the projects, coupled with the absence of income from the unfinished property.

So far, Moody’s believes that S-Reits have taken certain steps to minimise credit risks. This includes minimising exposure to property development risk by tapping funds and expertise from their sponsors, which have strong track records in development.

S-Reits have also adopted strategies to transfer development risks to third-party contractors, although counterparty risks remain. In addition, rental guarantees and pre-committed leases obtained by some S-Reits can ensure stable incomes upon completion and minimise the risk of mistiming the market.

Moody’s said it had not taken any rating actions on the S-Reits’ recently announced plans to develop properties because their existing ratings already factor in a cushion for the increased debt.

High occupancies and rental growth have also enabled the trusts to service any interest from additional debt incurred.

Also, with a cap on development projects at 10 per cent of the total value of property owned, Moody’s said the rating among S-Reits should stay in investment grade, with at least a Baa rating.— High prices for the acquisitions of buildings are making the development of greenfield projects more attractive for Singapore Reits (S-Reits) but this could come with credit risk implications, according to Moody’s Investors Service.

The town council is also exploring leveraging on solar and other forms of renewable energy to further trim energy consumption in the estates’ common areas.— Some 12,600 units now managed by the Ang Mo Kio Town Council following the redrawing of boundaries in the May 7 General Election will pay lower monthly service and conservancy charges (S& CC) from next month.

Stressful bus rides for those with poor vision

Letter from Danial Bohan

I REFER to the letter “Make public transport more friendly for older commuters” by Mr Ronald Chan (Aug 20).

I support the recommendations offered by Mr Chan to make our public transport more accessible for the less able and elderly in the community.

My work involves serving the needs of individuals with poor vision or those known as the vision-impaired. And most of these individuals are people aged 65 years and above.

One main functional impact of vision loss in the elderly is that it impedes independent mobility, which includes using public transport. Some of these people who suffer from poor vision have shared their stressful experiences when taking public buses.

In addition to being unable to tell that the bus is arriving, some have spoken about how some bus captains are not sensitive to their needs, especially when they ask the bus captain for the bus service number.

But whether yuan appreciation will work depends on reducing China’s net capital inflows and current account surplus. International experience suggests that, in the short run, more capital flows into a country when its currency appreciates, and most empirical studies have shown that gradual appreciation has only a limited effect on countries’ current account positions.

aUthorItIes  nOt  authorIsIng  ? ? ? ?

another incident: SMRT

Tan Wei zhen

weizhen@mediacorp.com.sg

SINGAPORE —

This is so because the depot has to be expanded to accommodate new trains before its perimeters can be secured, SMRT chief executive officer Saw Phaik Hwa told reporters at a press conference yesterday.

“The current tracks and facilities for maintenance are not sufficient. The Land Transport Authority (LTA) has worked with us and are putting in more tracks and expanding the system,” said Ms Saw, who reiterated that her company will take “full responsibility” for the incident.

gEt  nEw  CEO  whO  cAn  eXpAnd  and sEcUre the  dEpOt  At  the  sAmE  tImEDespite the security breach last week at its Bishan Depot — which saw a train carriage being vandalised, the second such incident in 15 months — transport operator SMRT is unable to give a definite timeline as to when work to beef up security at the facility will be completed.