Scotts Square at Scotts Road - Singapore - District 09 -10

Scotts Square at Scotts Road - Singapore - District 09 -10

The Scotts shopping center and the Ascott service apartment, in grand Hyatt and between the Marriott hotel, are now demolished provides for new Scotts square - 43 storey luxurious housing towers the real estate stand which an great lifelong holds by 338 unit international quality -, two and three between bedroom apartment and a fashionable retail sales control tower need every day for you.

General Information

Location: 8 Scotts Road (District 09)
Tenure: Freehold
Total Units: 338
43 storey

Unit Types:
1Bedroom - 624-635sqft
2Bedroom - 893-947sqft
3Bedroom - 1227-1249sqft

Facilities:
verandah
drawing room
viewing lounge
retreat
Eco pond
The oasis
Sky pool & Jacuzzi (level 35, Orchard Wing)
Sculpture garden
Jacuzzi
Wading pool
Swimming pool
fitness room (level 10)
recreation room
Concierge desk
reading and business room
Real estate in Singapore - properties of Singapore, Buy, sales, rents, investment,

MINDY YONG

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One Devonshire at Devonshire - Singapore - District 09 - 10

ONE DEVONSHIRE at Devonshire - Singapore - District 09 - 10

The Devonshire residence is a high end condo by the about 118 units. The facility includes, especially, a club, swimming pool and tennis court. This is the prime housing development and it and the orchard road, the Singapore river, CTE and Somerset the MRT station sign close proximity it is ideal and the convenient place housing. In its vicinity is school for example CHIJ, the river valley primary school.

191 units

36 floors

4 storey carpark

Facilities:
- Tennis Court
- Swimming Pool
- Clubhouse
- etc

Real estate in Singapore - properties of Singapore, Buy, sales, rents, investment,

MINDY YONG

( +65 ) 91002985

mindy@mindyyong.com ( email me )

http://www.hotvictory.com

Singapore and Portugal in open skies agreement

Singapore and Portugal in open skies agreement
SINGAPORE and Portugal have concluded an open skies agreement (OSA) for full flexibility on air services by carriers of both countries. It will become fully effective in the International Air Transport Association (Iata) scheduling season for the northern summer in 2010.
Under the agreement, Singapore carriers will be able to operate frequent flights between Singapore and points in Portugal, as well as beyond to other cities in the world. Likewise, Portuguese carriers will be able to operate any number of services to and beyond Singapore.

The agreement was reached on Feb 27, during air services consultations which took place in Lisbon, Portugal, between the Civil Aviation Authority of Singapore (CAAS) and Instituto Nacional de Aviacao Civil (INAC).

Singapore has established OSAs with more than 25 countries to date, of which 14 are in the European Union. Among the more recent ones are three bilateral OSAs with the Scandinavian countries of Denmark, Norway and Sweden in January this year.
Source : Business Times   - 05 March 2008

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Mindy Yong

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Three new cooperatives to aid jobless women, others - Singapore

Three new cooperatives to aid jobless women, others - Singapore
THE Singapore National Cooperative Federation (SNCF) yesterday announced three new cooperatives aiming to help unemployed women and individuals. ‘We hope to provide new job opportunities through these enterprises, recognising there will always be groups facing economic difficulty,’ said SNCF chairman Seah Kian Peng, who is also an MP in Marine Parade GRC. ‘Through the cooperatives we equip them with skills and opportunities for long-term employment.’
To be officially launched next Wednesday is South West CDC’s set-up, which targets low-wage female workers and non-working women unable to commit to working full time. It caters for home-based work, namely, a range of goods like handicrafts and providing services like domestic cleaning.

The second is Women’s Initiative for Ageing Successfully (WINGS), which started as a non-profit centre helping women above 40. It will help them to work either from WINGS’s craft centre or from home, creating flexibility by providing such services as babysitting services and elderly companion services.

The third is Community Kitchen, an existing Social Enterprise catering and bakery business in the North West CDC.

It aims to help individuals unemployed for a long time. Its expanded role as a cooperative will allow individuals to take up jobs in either food preparation or sales, with a longer term goal of encouraging confident entrepreneurship.

The cooperatives can obtain up to 80 per cent funding from the Central Co-operative Fund (CCF) for the first three years on a case-by-case basis.
 

Source : Business Times   - 05 March 2008

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Mindy Yong

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Business research in Asia on the rise, says UK firm -KADENCE Group

Business research in Asia on the rise, says UK firm -KADENCE Group

US$2m sales in Singapore makes up 21.5% of Kadence’s global revenue
By OH BOON PING

KADENCE Group, a business intelligence firm from the UK, sees growing demand for research services here and across the region, despite the current economic uncertainty.
Regional managing director Piers Lee said: ‘Asia is just starting to catch up with the developed markets like US and Europe, and we see strong growth in the business research area.’

Last year, the firm reported sales of US$2 million in Singapore, or 21.5 per cent of its global revenue of US$9.3 million - spanning operations in Boston, London, New Delhi, Kuala Lumpur and Sydney.

Mr Lee predicts that turnover in Singapore will grow at about 15 per cent in the coming years, as a result of the many corporate headquarters here ‘that commission such (business intelligence) work regionally’, and factors such as the high standard of English here, ‘plus a multitude of Asian languages that facilitate undertaking regional business intelligence studies’.

During the year, Kadence also strengthened its presence in Asia with two new openings in Kuala Lumpur and Jakarta.

New offices in Hong Kong and Shanghai are scheduled by the end of the year. In Singapore, the plan is to raise the headcount to 20 from the current 12, by the end of the year.
 
Across the region, Mr Lee said, business research accounts for only 10 per cent of the market research activity, meaning ‘growth could be even more rapid, possibly double the region’s GDP growth’. Therefore, a slowdown is not expected despite the uncertain economic environment.

Elsewhere in the world, Kadence said that it won some significant new business throughout the past year ‘on the strength of our international reach and experience in conducting and delivering global research projects’.

Some of the recent business intelligence trends include greater research emphasis on branding and corporate social responsibility, and growing numbers of Chinese and Indian research firms conducting market studies on developed markets such as US and Europe.

‘Most of these firms are servicing their domestic customers that are planning to penetrate the consumer markets in the developed world,’ Mr Lee said.

Also to note is the higher demand among business-to-business clients for market insight, as opposed to pure data.

‘All research is aimed at providing competitive advantage, but as markets mature, figures and statistics are no longer providing the required data,’ said Mr Lee.

Data generation, he said, is therefore now only part of a study - the real differentiator and end result is the market insight delivered by specialist analysts based on the study’s findings.
Source : Business Times   - 05 March 2008

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Foreign workers a boon: Singapore minister

Foreign workers a boon: Singapore minister

By LEE U-WEN
THE secret of Singapore’s strong job growth, according to Manpower Minister Ng Eng Hen, is not to rely solely on locals to fill the vacancies. Instead, it was the ministry allowing businesses here to readily tap foreign workers to meet their needs that has proven to be the Republic’s key competitive advantage, said Dr Ng in Parliament yesterday.
‘If we had relied on our limited manpower supply, growth would be slower and fewer jobs would be created. This is the experience in other countries that tend to close their labour markets,’ he told the House.

Some MPs were concerned that the government’s recent moves to relax the rules on hiring foreign workers had dented opportunities for locals. But Dr Ng reassured them this was hardly the case.

‘The unemployment rate among local polytechnic diploma-holders has fallen from 5.6 per cent in June 2004 - before the introduction of the ‘S’ pass (for foreign skilled workers) - to 3.4 per cent in June 2007. Last year, we saw a 47 per cent increase in the number of job vacancies requiring at least a diploma qualification,’ said Dr Ng.

To further boost productivity, MPs such as Josephine Teo (Bishan-Toa Payoh GRC) suggested that foreign worker access could be linked to industry upgrading and re-development efforts. Another suggestion was to have employers show that they had put in enough effort to hire locals before being allowed to hire foreigners.
 
Dr Ng disagreed with both ideas. ‘It would be both ineffective and counter-productive to tie foreign worker quotas to specific outcomes. Doing so would restrict the growth of companies, especially in this tight labour market, and in turn reduce job opportunities for locals.’

The solution, then, is a three-pronged effort. First, re-create more jobs to boost workers’ value and productivity. Second, get companies to upgrade. Lastly, develop a ‘first-class Continuing Education and Training (CET) system to help our workforce stay ahead’, said Dr Ng. As such, the Lifelong Learning Endowment Fund will be topped up to $3 billion. More CET centres, too, will be developed to benefit adult learners, while an Institute for Adult Learning will also be set up to conduct research and develop new training methods.
Source : Business Times   - 05 March 2008

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Mindy Yong

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Parkway got the medicine right for Novena deal? - Singapore

Parkway got the medicine right for Novena deal? - Singapore

By CHEN HUIFEN
AS THE property investment chant goes, there are three factors that one needs to consider in a purchase: location, location, and location.
But for a hospital operator, does location count too?

In Parkway Holdings’ case, apparently it does.

Having been punished by the market recently for paying what is considered an exorbitant price for a piece of land in Novena, Parkway has been taking pains to explain the rationale for its bid.

A key reason was the group’s need for new capacity, given that its existing Mt Elizabeth, Gleneagles and East Shore hospitals are already facing expansion constraints. The group has had to move out some of its administrative functions from the hospital premises in recent years.

And the trend is not unique to Parkway. Also in close proximity to Novena, Thomson Medical Centre, too, has shifted its non-clinical functions across the road from its hospital building. And even in the public sector, administrative staff at Tan Tock Seng Hospital will soon have to operate from temporary offices in containers as a result of the space crunch.

Adding to the urgency is the long lead time required to build up a hospital from a green field before it becomes operational. That means development work has to start now to cope with the rising demand for hospitals in the coming years.

Considering that about 60 per cent of its patients today are foreigners, Parkway’s new venture is aimed at capturing this pool which is growing at double-digit pace a year. And as major projects like the integrated resorts take shape, more high net worth individuals and expatriates descending here could use the ‘hospital of the future’ and six-star services that Parkway plans to deliver.

Critics would argue that all these plans could still be delivered without such an aggressive bid. As Health Minister Khaw Boon Wan has announced previously, three other land parcels have been identified for the construction of private hospitals. One of them will be in Outram, another in Buona Vista, and the third in the northern part of the island. It is not known when the sites would be released.

Compared to the rest, the Novena location appears to be the most strategic one for Parkway. Being minutes away from the Orchard Road shopping belt, and easily accessible by MRT, it would be attractive to international patients looking to combine their healthcare needs with leisure.

It would also be easier for incoming overseas patients who come with their families to find temporary accommodation in close proximity to the Novena hospital. Apart from the Newton/Orchard Road area, foreign patients could also look towards upcoming commerce-hotel projects at nearby Sinaran Drive and Race Course Road.

Right next door, doctors taking up space at Far East Organisation’s Novena Medical Suites add another potential pool of users to Parkway’s Novena Hospital. It could provide that extra wing, like what Paragon Medical Centre is to Mt Elizabeth Hospital now.

Clearly, clinching the Novena site is paramount to its expansion. With a rising expatriate population and more than 400,000 foreign patients arriving in Singapore every year, getting a new hospital up and running in time is pivotal for it to maintain its lead in the private healthcare space.

Parkway itself has said its new venture will set a new benchmark in private healthcare here. It will have an emphasis on cardiovascular disease, oncology, and orthopedics, and healthcare delivery designed with a great deal of attention to individual patients.

At $1,600 psf per plot ratio, the bid works out to more than $1.2 billion just for the 99-year leasehold land. Add another $500 million to the development cost and the total bill comes closer to $2 billion.

When compared to the next highest bid of $694.50, the price is seen as excessive. But seen against the light of the location’s potential, Parkway may have the last laugh in the longer term.
Source : Business Times   - 05 March 2008

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Mindy Yong

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KepLand to launch US$206m Vietnam project in Q4 - Singapore

KepLand to launch US$206m Vietnam project in Q4 - Singapore

By ARTHUR SIM
AFTER announcing eight new development projects in Vietnam last year, Keppel Land plans to launch one of these in the fourth quarter of this year.
In a statement released yesterday, Keppel Land said that it has been awarded the investment certificate by the Ho Chi Minh City People’s Committee for its new waterfront residential development in Vietnam.

The joint-venture project, to be developed in phases, is a 2,400-unit condominium development in District 7 fronting the Ca Cam River in Ho Chi Minh City. The first phase, comprising 700 units, is expected to be launched in the fourth quarter.

The total investment capital for the project is estimated to be US$206 million. Riviera Point, the joint-venture company undertaking the project, will have a registered capital of US$62 million. Keppel Land, through a wholly owned subsidiary, Elaenia Pte Ltd, will take a 75 per cent or US$46.5 million stake in Riviera, with Tan Truong Co Ltd taking the remaining 25 per cent.

Keppel Land International executive director and CEO Ang Wee Gee said that its earlier projects in Vietnam, like the fully sold Villa Riviera and Phase One of the 1,500-unit The Estella, have been well received.

‘With rising affluence and exposure afforded by travel overseas, Vietnamese home-buyers have become more discerning about quality and the lifestyle associated with their homes,’ he added.

The luxury condominium to be developed will sit on an 8.5-ha site. It will have recreational facilities including a clubhouse, a swimming pool and tennis courts and 24-hour security.

The news of the launch of this development comes after Keppel Land recently revealed plans for its Saigon Centre, a retail and financial complex of three towers, with its tallest tower of 88 storeys expected to be among the world’s tallest.

Keppel Land also has a pipeline of over 25,000 homes in the Vietnamese cities of Ho Chi Minh City, Hanoi and Dong Nai.
Source : Business Times   - 05 March 2008

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Mindy Yong

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Singapore tops among Asian expats: survey - Singapore

Singapore tops among Asian expats: survey - Singapore

The Republic is the best place for them to live worldwide; Baghdad ranks last
By QUAH CHIN CHIN
(SINGAPORE) The Republic ranks as the best place for Asian expatriates to live worldwide, according to the latest survey by human resources consultancy firm ECA International.
Singapore surpasses cosmopolitan cities such as Sydney, Melbourne and Copenhagen in Asian expatriates’ view, the survey showed. These cities are ranked second, third and fifth respectively in the top 15 locations for Asian expatriate living.

Meanwhile, Kobe (joint third with Melbourne), Yokohama (eighth), Tokyo and Hong Kong (both 15th) are the only other Asian destinations that made it to the top 15 list.

Conducted annually, the Location Ranking Survey compares living standards in 254 locations globally, taking into account climate, air quality, health services, housing and utilities, isolation, social network and leisure facilities, infrastructure, personal safety and political tensions.

‘High quality infrastructure and health facilities, combined with low health risks, air pollution, crime rates and a cosmopolitan population, make Singapore a very appealing location for Asians to live in,’ said Lee Quane, general manager of ECA International.

‘Although we did see a small deterioration in some factors, such as air quality and accommodation in 2007, it still retains its status as being the location with the best quality of living for assignees in this region.’

He explained that Singapore ‘was much more affected by haze in 2007′ compared with the preceding year, causing it to lose points in the air quality category. Meanwhile, ‘recent market developments in en bloc (property sales) had an impact on the supply of standard accommodation’.

Nevertheless, Singapore has consistently been ranked the best location for Asian expats to live for a decade, said Mr Quane, who believes that it will retain that spot despite ‘Hong Kong moving up our rankings’ this year after sliding for several years, due to improved personal security scores and the movements of locations around it.

‘We now see the narrowing in quality of living between Singapore and Hong Kong, but it is unlikely that Hong Kong will match Singapore. The main reason is (Hong Kong’s) air pollution, which is unlikely to go away any time soon,’ he explained.

At the other extreme, Baghdad is the least favourable place for Asian expats to live in, followed by Kabul (Afghanistan), Karachi (Pakistan) and Port-au-Prince (Haiti), due to the locations’ risk to personal security and their lack of suitable facilities, according to the survey.

Source : Business Times   - 05 March 2008

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Mindy Yong

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US economy already in recession: Buffett -GOING SOUTH

US economy already in recession: Buffett  -GOING SOUTH

He sees slowdown across the board; withdraws offer to guarantee bonds
GOING SOUTH: The US is slowing down significantly, but economic conditions have not deteriorated to the deep recession levels of 1973 and 1974, says Mr Buffett. — PHOTO: AFP
 
NEW YORK - BILLIONAIRE investor Warren Buffett said the United States economy is in a recession and that stocks are ‘not cheap’ despite recent declines.
He also said he is no longer offering to guarantee US$800 billion (S$1.12 trillion) of municipal bonds backed by MBIA, Ambac Financial Group and FGIC, three bond insurers that ran into trouble from backing riskier debt.

Speaking on CNBC television on Monday, Mr Buffett said the economy is heading south even though gross domestic product (GDP) has not yet fallen for two straight quarters, a definition that many economists use to identify a recession.

He also said the slowing economy and the housing slump are hurting his insurance and investment company Berkshire Hathaway, whose 76 operating units sell things such as bricks, real estate brokerage services and underwear.

‘By any common sense definition, we are in a recession,’ Mr Buffett said. ‘Business is slowing down. We have retail stores in candy, home furnishings and jewellery. Across the board, I’m seeing a significant slowdown.’

Last week, the Commerce Department said America’s GDP rose at an annual rate of just 0.6 per cent in the fourth quarter.

Mr Buffett, 77, is one of the world’s richest people and is regarded by many as America’s greatest investor. Forbes magazine last September estimated his net worth at US$52 billion.

He said economic conditions have not deteriorated to the levels of 1973 and 1974, when there was a deep recession also marked by rising oil prices and falling stocks.

On Feb 12, Mr Buffett offered to reinsure US$800 billion of relatively safe municipal bonds, which are typically used to finance things such as hospitals, roads and schools. But he offered to back the bonds only at a steep premium. His offer also excluded risky debt, including securities tied to US sub-prime mortgages.

Bond insurers rejected the offer and have been seeking new sources of capital. Some have also been considering separating their municipal bond business from riskier businesses.

Mr Buffett on Monday said his earlier offer is now ‘not on the table’, and added that ‘we tossed our hat in the ring and they tossed the hat back’.

REUTERS

Source : Straits Times   - 05 March 2008

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Mindy Yong

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Singapore is most liveable city in Asia

Singapore is most liveable city in Asia
 
Europeans and Americans view country as best in region while Asians say it is world’s top spot

By Grace Ng 
WINNING HANDS DOWN: Singapore comes up tops in an annual poll of expatriates that compares living standards in 254 locations across the globe. It scored well for its fine infrastructure and health facilities, cosmopolitan population, and low health risks and crime rates. — BT FILE PHOTO
 
SINGAPORE has hit another home run with expatriates - Europeans and Americans reckon it is the best place in Asia to live, while Asians say it is the top spot anywhere in the world.
The annual survey, which has a major influence on luring foreign talent, compares living standards in 254 locations across the globe.

For the sixth straight year, Asian expatriates have named Singapore as the best city worldwide for quality of life.

Its fine infrastructure and health facilities, cosmopolitan population, and low health risks and crime rates scored the Republic plenty of points among those surveyed, according to the poll by human resources consultancy ECA International.

Singapore trumped the Australian cities of Sydney and Melbourne, which were ranked the second and third most attractive places worldwide for Asians to call home.

Europeans and Americans were also sold on Singapore, ranking it as their preferred choice in Asia, although on a global scale, they opted for Copenhagen. The Danish capital also ranked as the fifth best place worldwide for Asians to live in.
About 1,500 companies globally buy the report, so the ranking can greatly influence hiring policies.

ECA recommends that companies do not need to pay any ‘hardship’ allowances to their workers assigned to Singapore. This allowance, which can comprise up to 30 per cent of an expat’s salary, is paid to workers in countries where the standard of living is lower than in their home base.

The more comfortable the location, the lower the allowance and Singapore’s is set at zero.

However, there were some negatives this year with scores for air quality in Singapore hit by the smoke haze.

The Republic’s score for availability of quality accommodation also declined slightly, primarily due to the collective sale fever which has ‘reduced the supply of decent-standard accommodation in Singapore, irrespective of cost’, said Mr Lee Quane, ECA International’s general manager.

This narrowed the gap between Singapore and other locations such as Hong Kong, which jumped eight places in the rankings to No. 4 on the list of Asian cities with the best quality of life for Asians.

Hong Kong’s scores improved, thanks to significantly better scores for personal security.

Mr P.Maran, an Indian national in his 40s working for a technology multinational firm here, said Singapore was ‘by far the best place for Asians to live as it is safe, clean and is closer to home than other locations such as Australia’.

But he noted that the cost of such high-quality living comes at a price. ‘The cost of everything from rental to transport to children’s education is shooting up,’ he said.

While this survey did not rank Singapore in terms of cost of living, an ECA study last November showed that the Republic rose 10 places in a global survey of the most expensive places for expatriates to live.

But despite the jump, Singapore, at No. 122, is still significantly cheaper for expats than Hong Kong and other key global centres, such as London - at No. 10.
 
Popular choices

Top 10 locations in the world for
Asians to live

1. Singapore

2. Sydney (Australia)

3. Melbourne (Australia)

3. Kobe (Japan)

5. Copenhagen (Denmark)

6. Canberra (Australia)

7. Vancouver (Canada)

8. Wellington (New Zealand)

9. Yokohama (Japan)

10. Dublin (Ireland)

Source : Straits Times   - 05 March 2008

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Mindy Yong

(+65)91002985

mindy@mindyyong.com

S’pore factories post surprise expansion

S’pore factories post surprise expansion 

By Chia Yan Min 
MAIN CONTRIBUTOR: The manufacturing sector’s positive growth was due to the booming pharmaceuticals industry, say economists. — PHOTO: BLOOMBERG NEWS
 
THE Singapore manufacturing industry has grown for the ninth consecutive month, delivering a ‘nice surprise’ last month, according to economists.
Data out yesterday showed that the Purchasing Managers’ Index (PMI) posted a reading of 50.3 last month.

The PMI surveys purchasing executives at more than 150 companies in Singapore and is a gauge on how they see future activity. A reading above 50 indicates an expansion of manufacturing, while one below that figure indicates a contraction.

The PMI dipped 0.2 percentage point from January’s reading of 50.5, a marginal decrease attributed to lower export orders, a slight decrease in production output, as well as a relatively sharper drop in the stocks of finished goods and input prices.

‘The slight dip of 0.2 point of the PMI to 50.3 reflects a degree of uncertainty, as markets react suspiciously to measures taken by the US government to stave off a recession,’ said Associate Professor Lau Geok Theng, vice-chairman of the Singapore Institute of Purchasing and Materials Management’s (SIPMM’s) governing council. The SIPMM is the organisation that prepares the PMI.

CIMB-GK economist Song Seng Wun said: ‘Our forecast was for it to fall below 50 because February was shortened due to Chinese New Year. The PMI reading is a nice surprise.’

He added that last month’s PMI points to a manufacturing industry that is continuing to expand despite volatility in the financial markets and the slowdown in the United States.

Economists attribute the sector’s positive growth to the booming pharmaceuticals industry, which cushioned the decline of the offshore marine and transport engineering segments. Both posted negative growth figures in the last quarter.

Electronics recorded a 0.4 percentage point expansion from 50.8 in January to 51.2, an encouraging sign that the sector might see an export and output rebound after a relatively slow start to the year, said economists.

But OCBC economist Selena Ling is not optimistic about manufacturing’s continued expansion.

‘Even though the numbers are above market expectations, the outlook for the next few months will probably not swing to the bullish side,’ she said.

‘The US is unlikely to be able to avoid a recession, and that is going to hit global demand for manufacturing and electronics.’

Source : Straits Times   - 05 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

OCBC accepts offer for Straits Trading - Singapore

OCBC accepts offer for Straits Trading  - Singapore

By Fiona Chan 
 
OCBC Bank has decided to sell its shares in The Straits Trading Company to the family of the late Tan Chin Tuan, a former OCBC chairman, bringing a conclusive end to the protracted battle for the tin- mining and property company.
This reverses the bank’s stand last month, when it said it would reject bids for its 6.2 per cent stake, which it said was a ‘long-term investment’.

At that time, the Tan family was battling OCBC’s founding Lee family for control of Straits Trading. But the Lees withdrew their offer on Sunday and said they would accept the rival bid of $6.70 per share instead.

The next day, Great Eastern Holdings, threw its 19.92 per cent stake in with the Tans. Yesterday, Straits Trading director Michael Hwang also said he would either accept the Tans’ offer or sell his shares in the open market at the same or a higher price.

With these acceptances, the Tan family will now own more than 74 per cent of Straits Trading.

Together, OCBC, Great Eastern and the Lees own 33.4 per cent of Straits Trading. The bank once said this block could command a premium if sold together. But with the other companies throwing in the towel, OCBC has decided to follow suit. The bank said yesterday that its stake has ‘lost the added value’ of being part of a combined stake.

The bank will book a $127.5 million gain by selling the shares.

Mr Tan’s grand-daughter, Ms Chew Gek Khim, said yesterday: ‘It is good to see that the Lees, OCBC and Great Eastern acted independently and came to this decision to the benefit of their different stakeholders.’

Ms Chew started the ball rolling in January by making a surprise takeover bid for Straits Trading. The ensuing bidding war drove up its share price to record highs.
Source : Straits Times   - 05 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com

Temasek to testify at US hearing on sovereign funds

Temasek to testify at US hearing on sovereign funds 
It will give views to congressional panel on role and impact of investments
By Bryan Lee, Economics Correspondent 
LIKELY TOPICS: Temasek, represented by Mr Israel, and the Norwegian and Canadian pension funds are set to speak on transparency and investment goals. — SINGTEL
 
TEMASEK Holdings will today present its views to a United States congressional panel on an issue that is becoming a political hot potato in the US.
The Singapore investment company will be giving testimony on the role and impact of investments in the US by funds linked to national governments, such as Temasek.

Temasek, represented by executive director Simon Israel, has been invited - along with two other state-owned funds - to testify on its transparency and investment goals.

The joint hearing before two US House of Representatives sub-committees comes as the US and Europe seek input and support for planned guidelines for these funds.

Known as sovereign wealth funds (SWFs), the funds are typically seen as opaque, leading to suspicions that their investment motivations extend beyond commercial gains.

This, coupled with a recent upswing in their number and stature, has led to calls for greater transparency, which is likely to be a key feature in the voluntary code of conduct - being crafted by the International Monetary Fund (IMF).
Temasek’s testimony comes a fortnight after officials from the Ministry of Finance (MOF) and the Government of Singapore Investment Corp met their US Treasury counterparts to discuss the rules.

Singapore is supportive of the guidelines, Minister of State (Finance and Transport) Lim Hwee Hua told the Parliament on Monday, adding that the Republic is widely seen as being in a good position to advance the IMF’s efforts.

‘We are not passive observers in the debate… The MOF, as well as the two agencies, are actively engaged in dialogues with the investment-recipient countries, including the US, which is where the SWF debate is most prominent.’

US lawmaker Paul Kanjorski, who chairs one of the House sub-committees, said today’s hearing will take ‘initial steps to examine the investments and to discuss whether there is a need for increased transparency’.

He said: ‘Our goal is to ensure the soundness of our financial markets, but we must put our national interests first.’

Mr Luis Gutierrez, the chairman of the other sub-committee, said talks will also look into the potential need for ‘good governance’ principles.

Temasek will be testifying along with Norway’s Government Pension Fund - Global and the Canadian Pension Plan Investment Board.

The Singapore and Norwegian funds are largely seen as among the most transparent SWFs. The Canadian fund is not an SWF but is owned by the Canadian government and has substantial investments in the US, reported Reuters.

Mr Gutierrez said the hearing is particularly timely, as the rate of cross-border investment has grown rapidly over the last year alone.

Major banks hit by the US sub-prime debacle have received cash infusions from several Asian and Middle East SWFs, including Temasek, which pumped US$4.4 billion (S$6.1 billion) into Merrill Lynch in December.

SWFs have invested US$21.5 billion in US firms over the past year, according to congressional estimates, excluding public pension funds, and some other state firms.

Separately, Temasek’s board representative at Taiwan’s E.Sun Financial Holding, Mr Eric Chen, resigned on Monday.

Sources said Temasek will sell back US$267 million of outstanding convertible bonds, part of a US$400 million tranche bought in March 2006. Temasek has converted a third of the original bonds into a 6.28 per cent stake in the Taiwan bank.

E.Sun executives said Temasek is looking to sell its shares in the company.

But sources said no decision has been made yet, and that Mr Chen’s resignation was not necessarily a prelude to Temasek’s exit from the firm.

 Growing debate
The congressional hearing today comes as the United States and Europe seek input and support for an upcoming voluntary code of conduct that the International Monetary Fund is drawing up.

Apart from looking at the role and impact that sovereign wealth funds (SWFs) have on the US economy and businesses, the discussion will extend to hot topics like the debate on whether SWFs need to be more transparent and be subject to ‘good governance’ principles.

Investments by SWFs in American companies are accelerating. Congress estimates that these funds pumped US$21.5 billion (S$30 billion) into US businesses last year.

Many SWFs are widely seen to be opaque about their operations and are viewed with suspicion, especially by the West, over their motives. As they are government-owned, sceptics question if they invest for political goals, on top of commercial gains.
Source : Straits Times   - 05 March 2008

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Mindy Yong

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8,000 workers a year to get help to obtain degree - Singapore

8,000 workers a year to get help to obtain degree  - Singapore

By Lynn Lee 
 
ABOUT 8,000 workers a year who missed out on tertiary education will now get government help to pay for their first university degrees.

The scheme is for citizens and permanent residents who take up part-time degree programmes at the three local universities and private institution, UniSIM.

Minister of State (Education) Gan Kim Yong explained that this is to ensure public funds are spent only on quality courses, in response to questions on MOE’s role in encouraging life-long learning.

The Finance Minister announced in this year’s Budget that the Government would subsidise up to 40 per cent of the cost of part-time degree courses for working adults.

It already helps defray part of the price tag for advanced and specialist diplomas at the polytechnics.

MPs cheered the news during the debate on the Education Ministry’s budget yesterday, but asked for several assurances.

Mrs Josephine Teo (Bishan-Toa Payoh GRC), for instance, felt working adults need help choosing a course that will boost their career options. Otherwise, they might end up wasting their money and effort.

Mr Gan agreed, but said the Government cannot influence how employers pay them after graduation.

‘This is up to the market to decide. (But) there are two things the Government can do to ensure that our part-time degree programmes will add value to students, and we have done so.’

The first is to fund only courses at reputable institutions.

The second is to provide resources to help working adults decide which course to take. To that end, the Manpower Ministry recently launched an online Career Compass, a tool to help people better understand the job market so they can sign up for courses accordingly.

The universities will also counsel prospective students and hold information sessions for them.

And MOE will work with them to track the progress of these mature students after graduation, so the programmes can be improved to better suit their needs.

Source : Straits Times   - 05 March 2008

Singapore Property - Buy , Sell , Rent , Invest

Mindy Yong

(+65)91002985

mindy@mindyyong.com