Businesses in Singapore urged to guard against terrorist attacks

Businesses in Singapore urged to guard against terrorist attacks

By Jonathan Peeris and Rachel Kelly

SINGAPORE: The threat of a terrorist attack on ’soft targets’ such as hotels, financial centres and shopping malls is very real, according to security experts who have urged businesses to take precautionary measures.

Speaking at a workshop on Wednesday morning, these experts said besides military or government buildings, terrorists are also aiming to cripple the economies of targeted countries by attacking their financial centres, energy installations and transport networks.

One key way to deter these efforts is to have a visible security presence.

Ilan Mizrahi, Executive Vice President, Bronfman International, said: “In a lot of cases, the moment terrorists see that the (targeted) place is guarded, they will try to find an alternative plan. That’s why the security steps should be seen – that’s very, very important.”

Mr Mizrahi was the former deputy head of Israel’s Institute for Intelligence and Special Operations.

He also argued that private companies must not only work closely with the government to prepare against possible terrorist attacks, but they should also increase the level of vigilance among their employees through regular drills and workshops.

Furthermore, these companies should work out contingency plans in advance. Other security experts also agree with this view.

Jasbir Singh, Deputy Managing Director, Security Consulting, Certis Cisco, said: “The existing weakness in the system is an area which we have significant control over, and we should focus on minimising the possibility of becoming the next target.”
- CNA/so
Source : Channel NewsAsia  - 08 May 2008

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DBS to focus on organic growth in key markets - Singapore

DBS to focus on organic growth in key markets - Singapore

By Ng Baoying,

SINGAPORE: DBS will focus on organic growth in key markets for now, said its new chief executive, Richard Stanley, during the bank’s first quarter results briefing on Wednesday.

He added that DBS will also look at inorganic growth if the opportunities arise.

One of DBS’ strengths, he said, is its strong base in Singapore and Hong Kong, and its eye on fast-growing countries like China and India.

Mr Stanley said: “We have a strong base in Singapore and Hong Kong – two core financial centres in Asia – and we have some of the largest and fastest growing countries (like) China and India.

“Putting all that together… building the client base and becoming more and more pan-Asia – that is the strategy. Execution will be key, that’s why we are focusing on the first 90 to 100 days to put the right structure in place to implement and further accelerate this strategy.”

However, he said expansion would be looked at from an organic perspective, rather than on mergers and acquisitions.

“The primary focus is on building DBS’ organic performance in all the key markets. Inorganically, if something comes up we will take a look at it, but our strategy is not predicated on waiting for a deal,” he said.

When asked about his hand – or lack of it – on the changes in upper level management in DBS, Mr Stanley said he is sure he has a good team going.

He said: “I was aware and have fully endorsed the changes that have been made thus far, and the focus for me will be to work with the existing DBS team. I do not see a wholesale change as we have a great team. One of the things I intend to do is to make sure our organisation is optimised.”

Mr Stanley took over the helm from former CEO Jackson Tai, who left DBS late last year.
- CNA/so
Source : Channel NewsAsia  - 08 May 2008

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Cantor Fitzgerald opens office in Singapore

Cantor Fitzgerald opens office in Singapore
MARKING its growth in Asia, international financial services firm Cantor Fitzgerald yesterday announced the opening of an office here. Singapore is Cantor Fitzgerald’s first expansion outside Hong Kong in Asia. William Selig is managing director of Cantor Fitzgerald (Singapore) Capital Markets. The local team comprises five sales traders, and will provide clients with Pan-Asian execution services in the cash equities and equity derivatives market.
The current weakness in the financial markets has not disrupted Cantor Fitzgerald’s growth plans in the region. ‘We believe Asia is a strong platform,’ said Angelina Kwan, chief operating officer for Asia Pacific. ‘We hope to open more hubs throughout Asia so that our clients can get an on-the-ground view of business in that market.’

Cantor Fitzgerald also has its eyes on expanding product lines within the region. According to Ms Kwan, Cantor Fitzgerald (Singapore) could go into activities such as commodity trading if the need arose. The new Singapore office received the capital markets services licence from the Monetary Authority of Singapore about two weeks ago. The firm has 30 offices around the world.

Source : Business Times - 08 May 2008

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Big names bid for mega school computer project - Singapore

Big names bid for mega school computer project - Singapore

ST Electronics, SingTel, NCS in race for 100,000-seat MOE exercise
By ONG BOON KIAT

(SINGAPORE) Familiar names emerged yesterday when the Ministry of Education (MOE) disclosed the identities of the companies bidding to take part in the ambitious project to standardise computers and software applications for schools in Singapore.
Throwing names into the hat are Singapore Telecommunications (SingTel), Microsoft Singapore, Singapore Technologies Electronics (ST Electronics), Hewlett-Packard Singapore, Cisco Systems, Lenovo Singapore, NEC and NCS - which were all associated with the first $1.3 billion public-sector Standard Operating Environment (SOE) project that was awarded in February.

Only three are new faces: Getronics Solutions, Civica and Datacraft Singapore.

There are also notable absentees from the list. They include EDS, the winning consortium leader of the first SOE project, and IBM, which was unsuccessful with its bid with NCS for the first SOE project.

Like its predecessor, the upcoming SOE for schools project - which could involve 100,000 seats - seeks to harmonise computers and software applications across the agencies involved, so as to improve collaboration and productivity of its users. The winning bid will build and operate such a computing environment. The first SOE project involved some 74 government agencies and spanned 60,000 seats.
 
While the hardware and software requirements are not yet known, students and staff in MOE schools could be equipped with wireless connectivity applications, electronic whiteboard sharing, collaborative learning platforms, small form-factor devices and remote teaching systems, according to an MOE spokesperson.

‘We are open to proposals from tenderers on any technology that can enhance teaching and learning,’ said the spokesperson.

MOE’s pre-qualification tender exercise to shortlist potential service provider closed on April 29. Four proposals were received, out of which three were by consortiums and one by a company.

The three consortiums are Ednovate@SG, led by SingTel and includes Getronics Solutions, Microsoft, Civica and NEC; Team AdVance, led by ST Electronics and includes HP and SingTel; and an unnamed consortium led by software and services firm Civica, which includes Datacraft, Microsoft, Cisco Systems and Lenovo. A fourth proposal was submitted by NCS, which participated as a single company.

MOE said it will now mull over the various proposals before releasing the pre-qualification tender results in July. It will then call for the final tender in April 2009. Deployment to schools will begin in 2010, with the initial contract for the successful tender lasting a period of eight years - similar to the first SOE contract.

According to the MOE spokesperson, new vendors can still participate in the final tender by submitting a request for pre-qualification to MOE.
 

Source : Business Times - 08 May 2008

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Singapore Raffles Hotel may change hands again

Singapore Raffles Hotel may change hands again

Preliminary deal for hotel, arcade said to be inked for about $650m
By KALPANA RASHIWALA

(SINGAPORE) Raffles Hotel is believed to be changing hands again, along with its adjoining shopping arcade. The overseas buyer is understood to be a family trust, most likely linked to a European family.
 
Raffles Hotel: The overseas buyer is said to be a family trust likely linked to a European family. The deal comes with a 40-year management contract for Raffles Hotels & Resorts, sources say
BT understands that a preliminary deal has been inked for the sale and that the price is in the ‘mid-$600 million range’. However, the transaction has not been completed yet.

The deal comes with a 40-year management contract for Raffles Hotels & Resorts, which currently manages the hotel, sources say.

The asset is being sold by a unit of Fairmont Raffles Hotels International (FRHI), which is controlled by Saudi Prince Alwaleed bin Talal’s Kingdom Hotels International and US-based private equity group Colony Capital.

Colony bought the Raffles Hotel and adjacent shopping arcade as part of the entire hotel business of the then-listed Raffles Holdings in 2005 for a total $1.7 billion.

It later combined these assets with the portfolio of Fairmont Hotels & Resorts following the acquisition of Fairmont by Kingdom Hotels and Colony to create a single hotel enterprise, Fairmont Raffles Hotels International, with more than 85 hotels around the globe under the Raffles, Fairmont and Swissotel brands.

Prince Alwaleed holds the majority stake - believed to be about 60 per cent - in Fairmont Raffles Hotels International, with Colony owning the rest.

BT understands that the Raffles Hotel and shopping arcade were valued at about $200 million in the $1.7 billion portfolio acquired by Colony in 2005.

Raffles Hotel, with 104 suites, is on a 999-year leasehold site while Raffles Hotel Arcade next door is on a site with 99-year leasehold tenure starting Dec 15, 1988.

The hotel, which celebrated its 120th year anniversary in September last year, is gazetted a national monument.

It was built by the Sarkies Brothers in 1887 on the site of a 10-room bungalow.

The hotel expanded quickly and soon became the stuff of legend, mentioned in the works of Somerset Maugham and Joseph Conrad.

In the late 1980s, a massive restoration of the hotel, which has a site area of about 190,000 sq ft, was undertaken.

At the same time, a shopping arcade was built next door on a site with a land area of about 108,000 sq ft.

The three-storey arcade has a built-up area of about 306,750 sq ft. The hotel re- opened in September 1991.

Market watchers reckon that the $650 million or so price tag at which the asset is changing hands under the latest deal reflects not just rising hotel values on the back of increasing hotel room rates over the past two years, but also the highly successful food & beverage concepts Raffles Hotel boasts - such as Doc Cheng’s, Tiffin Room, Empire Cafe and Long Bar.

It also has a ballroom and a suite of meeting rooms, plus Jubilee Hall, a Victorian-style theatre playhouse.

Raffles Hotel is understood to have been sold through a privately-conducted competitive bidding process.

Source : Business Times - 08 May 2008

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Yahoo shareholders may seek to oust CEO - SAN FRANCISCO

Yahoo shareholders may seek to oust CEO  - SAN FRANCISCO
 
SAN FRANCISCO - YAHOO shareholders are so mad about the company’s failure to cut a deal with Microsoft that several have said they will consider a proxy fight to oust chief executive officer (CEO) Jerry Yang and the board of directors if that will bring the Seattle suitor back to the table.
An opposing board slate will get ‘overwhelming’ support from shareholders, said Mr Larry Haverty, a portfolio manager with Gamco Investments, whose funds own 1.2 million shares apiece in Yahoo and Microsoft.

Time is not on their side, though. In an apparent effort to blunt the shareholder firestorm, Yahoo on Monday set its annual meeting for July 3, giving investors a little more than a week to nominate a slate.

On Tuesday, several major shareholders burned up the phone lines in a campaign to convince Yahoo’s independent board members to reconsider Microsoft’s offer.

They also made overtures to Microsoft, which withdrew its sweetened US$47.5 billion (S$64.8 billion) offer over the weekend.

After the three-month stand-off with Yahoo, Microsoft has said publicly that it plans to explore other ways to boost its Internet business. ‘Microsoft is moving on,’ a spokesman said.

The two companies differed in their accounts of last weekend’s negotiations. Microsoft said it offered US$33 a share and that Yahoo insisted on US$37. Yahoo said it was receptive to selling to Microsoft.

Shareholders were especially indignant that the board dispatched Mr Yang and co-founder David Filo, who they believed opposed selling the company, to negotiate with Microsoft.

Yahoo shares rebounded nearly 6 per cent on Tuesday, as investors anticipated that the company might give in to pressure.

Shares had slid 15 per cent on Monday to US$24.37 on a volume of more than 279 million shares, prompting some to speculate that activist investors were buying up shares.

Yahoo chairman Roy Bostock and Mr Yang have defended their handling of the Microsoft negotiations. Mr Yang said Yahoo has emerged from the takeover attempt a stronger, more focused company.

Yahoo is close to sealing an advertising partnership with Google to outsource some of its search business, and is in merger talks with Time Warner’s AOL unit. It is also exploring other options.

Increasing revenue and the share price, however, will be a challenge in a weakening economy. Mr Haverty, for one, does not put much stock in the management’s three-year financial forecast or its plan to give up some of its search business to Google.

‘If Jerry’s smart, he will reopen negotiations,’ he said. ‘He is fighting a losing battle.’

LOS ANGELES TIMES
Source : Straits Times - 08 May 2008

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Singapore Suntec mall tenants seeking lower rents

Singapore Suntec mall tenants seeking lower rents 

Tenants at the new Galleria see red over low traffic and sales that barely cover rent

By Joyce Teo, Property Correspondent 
 
FED-UP tenants at the posh new Galleria area of Suntec City Mall say shopper traffic is so low that they can barely cover the rent. Yet, they say, the landlord has not done much to help them out.
Ten tenants, including retail giants Robinsons and Ossia International, have written to ask the landlord, Suntec Reit, to address their continuing losses.

They also said that not enough is being done to promote the upmarket shopping zone.

Ossia executive chairman Joe Goh said: ‘We are paying Orchard Road rents. It’s too expensive, and the traffic is too low.’

Some retailers have stopped paying rent, another has closed down, while others are trying to find alternative tenants to take over their leases. There are some that are even talking about taking legal action against Suntec Reit.

ARA Asset Management, which manages Suntec Reit, has declined to comment.
The situation at Roots - one of Ossia’s two shops at Galleria - mirrored the complaints made by other tenants to The Straits Times.

Business is so poor that sales cannot even cover the monthly rent of more than $30 per sq ft (psf), and the shop now sells other brands to increase sales, said Mr Goh. It is also getting advice on taking legal action against the landlord.

‘We are requesting to pay $20 psf,’ he added.

Robinsons, which has the Fat Face and Principles outlets at Galleria, is facing a similar plight.

Mr Shia Yew Peck, general manager of finance and administration at Robinsons, said the rent at Fat Face is already 100 per cent of sales.

‘Rentals have to be commensurate with the traffic,’ he added.

Timberland, which opened a Galleria store in June last year, closed for a few months because of poor traffic, while another shop shut in January after just three months, said some tenants.

Average rents at Galleria, which is near the convention centre, are $24 psf, while the entire mall averages $10.92 psf.

The six tenants who spoke to The Straits Times yesterday are paying between $25 psf and $35 psf, and all are requesting relief in the form of lower rents, rental rebates or a few months’ rent waiver.

A typical rent guide would be the equivalent to 15 per cent to 25 per cent of sales, they say.

A comparable situation arose at The Cathay, which opened in 2006. Its landlord gave tenants rental rebates of up to 50 per cent to ride out the slow sales period.

A similar move does not look to be on the cards at the Galleria.

‘It’s got to the stage where it (property manager) won’t even listen to the tenants. All our pleas are ignored,’ said Mr Charles Guerrier, managing director of Oosters Belgian Brasserie.

Some tenants were offered rent reductions of 5 per cent, but they said the amount was too low.

A consultant, who declined to be named, said: ‘The rentals are actually not very high. It appears high only because of their poor sales. There are a lot of people walking through the mall, but it is just transient traffic.’

Still, there may be better news on the traffic front with the underpass connecting CityLink mall to Suntec City now open. The temporary bridge to Suntec City will be dismantled next Monday.

Meanwhile, at least two hard-pressed tenants have tried to find other retailers to take up their space - but to no avail.
Retailers in trouble
With sales barely covering the rent, tenants are in a bind.
One shop has closed down.

Some retailers have stopped paying rent.

Other retailers are trying to find alternative tenants to take over their leases, without success.

Yet others are considering taking legal action against the landlord
Deja vu

A comparable situation arose at The Cathay, which opened in 2006.
Its landlord gave early tenants rental rebates of up to 50 per cent to ride out the slow sales period.

Galleria tenants are asking for a helping hand in the form of lower rents, rental rebates or a waiver of a few months’ rent.
Source : Straits Times - 08 May 2008

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Fee dispute: PropNex drops lawsuit against couple - Singapore

Fee dispute: PropNex drops lawsuit against couple  - Singapore

By Tan Hui Yee, Housing Correspondent 
 
PROPERTY company PropNex is dropping its lawsuit against a couple who refused to pay the seller’s agent the 1 per cent commission after buying a home.
Both sides reached an agreement after a mediation session on Tuesday, which PropNex said yielded a ‘win-win’ conclusion. They declined to disclose the terms of the settlement.

If the case had gone to trial, it would have turned the spotlight on the contentious issue of whether home buyers should pay a fee to sellers’ agents.

PropNex associate director Ricky Low Yong Sern, who was the only agent handling the sale of a terrace house in Whampoa last year, had sought about $4,000 in commission or a service fee from the buyers, marketing specialist Loh Yi Min, 29, and his wife Ariel Wee, a 33-year-old polytechnic lecturer.

The couple bought the house - built over 30 years ago and classified as a Housing Board flat - for $400,000 in April last year. They did so without hiring an agent.

According to court documents, PropNex’s Mr Low claimed that he had provided services to them.

But the buyers refused to sign the commission agreement, saying they had not agreed to pay him a fee.

PropNex chief executive Mohamed Ismail said of the first such lawsuit initiated by his company: ‘It has been amicably settled, so we are withdrawing the case. PropNex initiated this on the grounds that a fair amount of work has been done by the agent to start off with. This negotiated settlement takes into consideration both parties’ views.’

Ms Wee, however, called for rules requiring property agents to state clearly what services they were providing independent buyers that would justify the commission.

‘And we really need to see whether the same agent can represent both the buyer and seller - it’s a complete conflict of interest,’ she added.

The issue of commissions payable by buyers who deal without agents has been hotly debated in recent years. The law does not fix agents’ fees, but most property sellers pay their agents a commission of 2 per cent of the selling price, while buyers foot 1 per cent.

Many agents marketing HDB flats also charge independent buyers a 1 per cent fee, but this is not practised for transactions involving private property.

This difference, say agents, comes from the lower prices of HDB flats, which translates into a lower commission. The sale of HDB flats involves more paperwork, they add.

Disputes arise when sellers’ agents tell independent buyers about the commission only just before sale papers are signed.

Agents, on their part, say independent buyers often leave the sellers’ agents to handle the paperwork but refuse to pay a service fee.
Source : Straits Times - 08 May 2008

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Singapore Govt looking at lighter touch on Net

Singapore Govt looking at lighter touch on Net 

Mica tells bloggers’ group its views will be considered in review of new media
By Zakir Hussain 
 
THE Government is looking into how it can regulate the Internet with a lighter touch, a shift from its current ‘light-touch approach’.
The Ministry of Information, Communications and the Arts said this in a reply to a leader of a group of 13 bloggers, from whom Mica had received 20 pages of proposals on Internet freedom.

Said Ms K. Bhavani, press secretary to Mica minister Lee Boon Yang: ‘To keep up with the fast-evolving new media landscape, we have been reviewing our light-touch approach and are considering how we could take a lighter-touch approach.’

She also set out Mica’s thinking in taking its current ‘balanced light-touch approach’.

‘Our intent…was to foster the growth of the Internet and to enable us to exploit its vast potential while safeguarding our society from its undesirable aspects.’

She noted that 79 per cent of homes here subscribe to broadband, and many Singaporeans, especially the young, own a blog or take part in some form of new media.
These developments, she added, ‘clearly show that the light-touch approach had not been without merit’.

In thanking the bloggers for their suggestions, she also said their views plus feedback from others will be considered in Mica’s review of new media.

Her reply on Monday was e-mailed to Mr Alex Au of the Yawning Bread blog, who made it available to The Straits Times.

The group had e-mailed its suggestions to Mica’s Dr Lee last month.

They want, among other things, a guarantee of freedom to use the Internet to discuss political issues and promote political views.

Also, any regulation of online content should not be at the administrative discretion of officials, who have legal powers in this area, but through a court of law or preferably moderation by a consultative body of citizens, they said.

The bloggers’ move was prompted by their concern that a study by the Government-appointed Advisory Council on the Impact of New Media on Society would be too focused on the views of experts, said the group’s other leader, law undergraduate Choo Zheng Xi of The Online Citizen blog.

The council is looking at refining the existing regulatory framework for new media. It began its work in April last year.

In drawing up the proposals, Mr Choo said the group focused on the regulatory process and online political content, hate speech plus sex and violence.

Yesterday, Mr Au, responding to Mica’s reply, told The Straits Times it was too early to say which direction the ministry would take in its review of the regulations.

‘We remain very hopeful that they will incorporate some of our ideas,’ he added.

 The group of 13
THE 13 bloggers behind the proposals on Internet freedom run some of the most widely read blogs and websites in Singapore.
All men, the group’s members range from a 19-year-old national serviceman to a 55-year-old businessman.

Leading the group are two familiar names in cyberspace. They are law undergraduate Choo Zheng Xi, 22, co-editor of socio-political website The Online Citizen, and businessman Alex Au, 55, who operates the Yawning Bread website.

Others on the team include IT consultant Gerald Giam, 30, who blogs on Singapore Patriot and graduate student Ng E-Jay, 31, who blogs on sgpolitics.net.

Documentary filmmakers Martyn See, 39, and Ho Choon Hiong, 33, are also involved.

There is also media academic Cherian George, 43, who runs a blog on journalism.

The rest are entrepreneurs Bernard Leong and Roderick Chia, undergraduates Mohan Gopalan, Scott Teng and Justin Zhuang plus full-time national serviceman Benjamin Cheah.
Source : Straits Times - 08 May 2008

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‘Too costly’ to keep cellphone call forwarding - Singapore

‘Too costly’ to keep cellphone call forwarding - Singapore 

By Alfred Siew, Technology Correspondent 
 
WITH the arrival of number portability, which will allow phone users to keep their numbers when they switch telco operators, it will become too costly to hang on to the old system of forwarding cellphone calls, say those in the industry.
After all, they say, only a small number of users are using the free-of-charge service which forwards calls made to their old numbers to their new ones. To run two systems side-by-side would complicate things and prevent other users from having more convenience.

When number portability kicks in on June 13, the three telcos - SingTel, M1 and StarHub - will have to work harder at keeping subscribers, who will be able to switch carriers without the hassle of dealing with new numbers.

But users who hold some 130,000 lines under the existing cellphone call-forwarding system will have to choose one of the two numbers they now use.

No country runs both systems, and Singapore is not going to be an exception, said the firm in charge of the new system here.

Syniverse’s chief executive officer for Asia-Pacific Raymond Cheung said: ‘While it may be technically possible, the drawback is that the technical and operating costs will also increase significantly, so as to make this impractical.’

Analysts say the same thing.

Mr Paul Budde, an Australia-based telecom analyst, suggested that telcos give people a grace period so they can give friends their new number.

Mr Foong King Yew of research firm Gartner added: ‘Do you want to pay for the extra cost of both systems? It’s more convenient to have one number for your friends to remember.’

Telcos say only a minority of users are unhappy about the changes. A SingTel spokesman said that so far, a fifth of its customers had responded to its letter sent out two weeks ago, asking them to select one number. ‘The majority of them have opted to retain their SingTel numbers. They find our selection process simple and user-friendly.’

But some of those affected are adamant that the old system serves them better, because it means they never miss a call.

One solution, say the telcos, is to get a separate line for each number. StarHub, for example, suggests that users sign up for plans which allow them to share air time between the two lines.

SingTel offers a service in which two numbers can be assigned to one SIM card. The one-time connection fee is $21.40, and no monthly subscription charges are levied.

Source : Straits Times - 08 May 2008

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Now showing on YouTube: Clips by Singapore cops

Now showing on YouTube: Clips by Singapore cops 

Net videos are public agencies’ latest message channels

By Tan Weizhen 
 
ANYONE visitingvideo-sharing site YouTube in the past week may have caught a series of nine video clips oncrime and terrorism, posted by the Singapore Police Force.
The clips hark back to the TV show CrimeWatch, but they can reach audiencesway beyond these shores.

Other government agencies are also hosting entire video channels on YouTube to spread their messages. Some want to reach specific groups here. Others, such as the Infocomm Development Authority, want to market Singapore firms to overseas audiences.

The uploaded clips range from mini-documentaries to fictional and corporate videos.

The National Library Board (NLB) is the most prolific, uploading 181 videos on one channel, and another 83 on its Rock Your World channel, which has videos of rock music gigs held weekly by the NLB’s Speak Good English Movement (SGEM).

The SGEM wants to take its message to young people through rock and YouTube is where they are at, said NLB executive Aloysius Yap.

The SGEM engaged a local production house to shoot and produce the videos. Fresh ones have been uploaded every week since last August and will continue to go live weekly till August this year.

The NLB’s other channel, which went live three months ago, has clips of its events.

The Health Promotion Board (HPB) has gone beyond producing videos for its YouTube channel HPBsg. It called for user-generated content and held a contest recently for youth to submit videos on healthy living. Ms Vanessa Tan, an HPB senior executive, said it was a way of tapping their creativity and ’saving on our resources at the same time’.

Responses are mixed. Student Geraldine Toh, 20, said that people her age were wary about ‘propaganda’: ‘When you’re aware the message is targeted at you, you don’t tend to be receptive.’

IT consultant Brandon Tan, 35, said there would be sceptics, but some would buy in: ‘Agencies should use all channels to catch whoever they can. There is plenty of worse material on YouTube.’

The agencies would not comment on their YouTube successes.

Although the number of views a video campaign pulls in might not indicate how successful it is, it can hint at the level of interest. A rap video featuring the Media Development Authority’s senior management drew more than 100,000 views in five days.

YouTube clips may also be ‘ripped’: copied, converted to other formats, edited and redistributed.

The HPB’s Ms Tan is aware of this, but said:’It is not exactly safe anywhere else either. I have found HPB videos on YouTube which people ripped off our website.’

The NLB’s Mr Yap said that, risks aside, the availability of the content was a good reason to be ‘out there’, since its message could be spread easily and repeatedly.
 
Source : Straits Times - 08 May 2008

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Singapore COE rates plunge to lowest levels in a year

Singapore COE rates plunge to lowest levels in a year 

Surprise drop in prices for all categories except motorcycles despite smaller quota

By Christopher Tan & Maria Almenoar 
NO CROWDS IN SHOWROOMS: To draw prospective buyers back, as well as to reflect the sharp drop in COE premiums, dealers have started lowering car prices. — ST PHOTO: AZIZ HUSSIN
 
CERTIFICATE of Entitlement (COE) premiums tumbled yesterday for all categories except motorcycles, sending prices to their lowest levels in about a year.
The drop confounded expectations that prices would rise sharply on the back of a smaller quota.

In fact, early last month, prices rose as dealers bet on a rush for COEs.

But the results of the latest quota, released yesterday, showed otherwise.

COEs for cars up to 1,600cc, such as the Toyota Altis and Nissan Latio, took the sharpest fall, tumbling to $11,009, a 29.4 per cent drop from $15,600 in the previous bidding exercise.

The drop was the biggest in the category in recent memory.

Premiums for cars above 1,600cc fell by 9.3 per cent to $15,889.

The prices for Open category COEs - which can be used for any vehicle type but end up being used mainly for cars - fell by 10.6 per cent to $16,500. Commercial vehicle COEs finished 12.5 per cent lower at $15,889.

Motor traders said there were a variety of reasons for the fall, but pointed to soaring food and fuel prices as a key driver.

For example, a litre of premium-grade petrol now costs $2.309 (Shell’s V-Power before discount), and with crude-oil price shooting past US$120 a barrel on Tuesday, fuel costs may go up even higher.

The prices of essential items, such as rice and cooking oil, are also rising globally.

Mr Vincent Ng, product manager at Honda agent Kah Motor, said: ‘People are beginning to feel the pinch of rising food prices. What’s more, they don’t know how high prices will go.’

Mr Gavin Yeo, commercial director of Toyota agent Borneo Motors, said: ‘General sentiment about the economy slowing down has made car buyers adopt a wait-and-see attitude.’

Kah’s Mr Ng said another reason for the lack of demand was that there is a high proportion of ‘young cars’ on the road - about 85 per cent of cars here are between one and four years old.

This, coupled with the uncertainty over price rises, means fewer people are looking to change their cars, he said. ‘If they already have a car, they see no real urgency in trading in for a new one.’

Indeed, fewer motorists are scrapping their cars.

In the first quarter of the year, 15,150 cars were deregistered, 20 per cent fewer than during the same period last year.

Mr Ng said bread-and-butter concerns hit those in the market for the cheapest cars hardest, hence the big fall in COE prices for cars up to 1,600cc.

Motor traders contacted by The Straits Times say they have noticed fewer people at their showrooms.

In a bid to draw crowds back, as well as reflect the sharp drop in COE premiums, dealers are lowering prices.

Borneo Motors, for instance, has cut the prices of models like the Toyota Altis and Vios by $3,000, to starting prices of $65,388 and $51,388, respectively.

It has also dropped the sticker price for bigger cars like the Camry and RAV4 by $1,500, to starting prices of $89,988 and $98,988, respectively.

Mr A. C. Neo, marketing director of Nissan agent Tan Chong, said his company will also be adjusting prices downwards.

Asked if that would draw buyers back, he said: ‘I hope so.”

It could prove to be a long wait though if sentiments like those held by Dr Edwin Ng, 28, a dentist and one-time potential buyer, are widespread.

Said Dr Ng, who had plans to buy a car once he got his driving licence later this year:

‘Even if the car is cheaper, month to month, I have to spend more on fuel. With food and other things getting more expensive, I don’t want to be in debt right now.’

Source : Straits Times - 08 May 2008

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