http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/ Your Say, Your News, Your Complains! Fri, 20 Jan 2012 15:27:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/comment-page-1/#comment-48 Jimmy Wed, 25 Apr 2007 04:41:20 +0000 http://sillypore.wordpress.com/2007/04/24/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/#comment-48 How much will the pinch hurt? Prices to rise more in this GST hike than previous ones: MAS Christie Loh christie@mediacorp.com.sg WHEN the Goods and Services Tax (GST) is raised to 7 per cent in July, you may feel more of the pinch than you did with previous hikes. . Chances are, the rosy economic climate will embolden businesses to slap on bigger price tags in order to cope with higher operating costs. Such confidence was not displayed during the last three increases in the consumption tax. . According to a study by Monetary Authority of Singapore (MAS) economists, the better times will see a stronger "pass-through" effect, which measures the extent to which businesses will raise prices due to the GST hike. . Such a scenario is likely to play out this year. The MAS forecasts that the GST increase from 5 to 7 per cent will have a pass-through effect that could be significantly higher than when GST rose from 3 to 5 per cent. . "The economy is on a firm footing and job creation has been robust," the MAS explained in its report tagged to the Macroeconomic Review released yesterday. Moreover, energy costs and office rentals have gone up since the last consumption tax hike. . "Businesses, including those exempted from GST, could thus take the opportunity to raise prices when the rate is revised in July," said the central bank. In contrast, Sars-stricken 2003 saw retailers exercising caution. . "If consumers are not in good shape, firms typically will not try to pass through all their costs. This time round, consumers are feeling wealthier," said Citigroup economist Chua Hak Bin, who predicted that overall wages this year will surge by 4 to 5 per cent, outpacing last year's 3.2-per-cent rise. . Which goods will hit pockets the hardest? Those sold in markets dominated by a few big players, except where there is regulation like in the bus and train duopolies, Dr Chua said. . Niche or high-end retailers may also be bolder in raising prices to offset the GST increase. . "Their customers can afford it and if they really want the product, they won't quibble over the GST increase," said Mr Yeo Kai Eng, Ernst & Young's tax partner for GST services. . He added, however, that it was the poor who find price hikes hardest to stomach. For this group, NTUC FairPrice's decision to absorb the GST increase for six months would help temporarily cap inflation for necessities and food-related goods. . The Government's GST-offset package will also shave an estimated 0.2 percentage point off inflation this year, said the MAS, bringing the overall inflation rate to a forecast 0.5 to 1.5 per cent. . These measures are crucial as spending only started creeping up recently. . "Private consumption seems to be just recovering — it has been the weak link in Singapore's economic growth story — and soon it will have to face higher prices," said Dr Chua. "The generous offset package will help hold up consumption." . In any case, the impact of higher GST tends to fade after about four quarters post-hike, MAS' study found. The initial effect on inflation is "one-off and transitory", the central bank said. It was confident that this year's inflationary pressures were "well contained", especially since crude oil prices pulled back recently, helping to lower the cost of a basic item. . Overall, the MAS maintained its full-year forecast at 4.5 to 6.5 per cent, adding that Singapore's economy will probably accelerate in the second half after slowing in the first six months of the year, fuelled by a recovery in electronics production. "The outlook for the second half is more upbeat," said the MAS. . While the mainstay electronics sector has yet to recover, non-information technology industries, such as transport engineering and financial services, were providing the much-needed buffer amid falling demand from the United States. . INFLATION TABLE . Year GST impact on inflation . 1994 Introduction of 3% GST raised inflation by 0.81 percentage point . 2003 and 2004 Each year that GST rose by 1 percentage point, inflation grew by 0.47 percentage point . 2007 and 2008 The one-off 2-percentage point hike in GST may raise inflation by 0.4 to 0.6 percentage point each year . PASS THROUGH TABLE: . 1994: "pass-through" of 45 per cent . 2003 and 2004: average "pass-through" of 53 per cent . 2007 and 2008: forecast "pass-through" of 60 to 80 per cent Prices to rise more in this GST hike than previous ones: MAS http://www.todayonline.com/articles/185030.asp I HAVEN'T FEEL THE PINCH QUITE YET BUT I AM SURE I WILL IN THE COMING MONTHS WHEN I GET MY FLAT AND NEED TO BUY THINGS LIKE FURNITURES AND HOME APPLIANCES. NTUC FAIRPRICE WILL ABSORB THE GST HIKE FOR 6 MONTHS SO MAYBE IS A GOOD IDEA TO STOCK UP SOME FOOD FIRST. Prices to rise more in this GST hike than previous ones: MAS

Christie Loh
christie@mediacorp.com.sg

WHEN the Goods and Services Tax (GST) is raised to 7 per cent in July, you may feel more of the pinch than you did with previous hikes.
.
Chances are, the rosy economic climate will embolden businesses to slap on bigger price tags in order to cope with higher operating costs. Such confidence was not displayed during the last three increases in the consumption tax.
.
According to a study by Monetary Authority of Singapore (MAS) economists, the better times will see a stronger “pass-through” effect, which measures the extent to which businesses will raise prices due to the GST hike.
.
Such a scenario is likely to play out this year. The MAS forecasts that the GST increase from 5 to 7 per cent will have a pass-through effect that could be significantly higher than when GST rose from 3 to 5 per cent.
.
“The economy is on a firm footing and job creation has been robust,” the MAS explained in its report tagged to the Macroeconomic Review released yesterday. Moreover, energy costs and office rentals have gone up since the last consumption tax hike.
.
“Businesses, including those exempted from GST, could thus take the opportunity to raise prices when the rate is revised in July,” said the central bank. In contrast, Sars-stricken 2003 saw retailers exercising caution.
.
“If consumers are not in good shape, firms typically will not try to pass through all their costs. This time round, consumers are feeling wealthier,” said Citigroup economist Chua Hak Bin, who predicted that overall wages this year will surge by 4 to 5 per cent, outpacing last year’s 3.2-per-cent rise.
.
Which goods will hit pockets the hardest? Those sold in markets dominated by a few big players, except where there is regulation like in the bus and train duopolies, Dr Chua said.
.
Niche or high-end retailers may also be bolder in raising prices to offset the GST increase.
.
“Their customers can afford it and if they really want the product, they won’t quibble over the GST increase,” said Mr Yeo Kai Eng, Ernst & Young’s tax partner for GST services.
.
He added, however, that it was the poor who find price hikes hardest to stomach. For this group, NTUC FairPrice’s decision to absorb the GST increase for six months would help temporarily cap inflation for necessities and food-related goods.
.
The Government’s GST-offset package will also shave an estimated 0.2 percentage point off inflation this year, said the MAS, bringing the overall inflation rate to a forecast 0.5 to 1.5 per cent.
.
These measures are crucial as spending only started creeping up recently.
.
“Private consumption seems to be just recovering — it has been the weak link in Singapore’s economic growth story — and soon it will have to face higher prices,” said Dr Chua. “The generous offset package will help hold up consumption.”
.
In any case, the impact of higher GST tends to fade after about four quarters post-hike, MAS’ study found. The initial effect on inflation is “one-off and transitory”, the central bank said. It was confident that this year’s inflationary pressures were “well contained”, especially since crude oil prices pulled back recently, helping to lower the cost of a basic item.
.
Overall, the MAS maintained its full-year forecast at 4.5 to 6.5 per cent, adding that Singapore’s economy will probably accelerate in the second half after slowing in the first six months of the year, fuelled by a recovery in electronics production. “The outlook for the second half is more upbeat,” said the MAS.
.
While the mainstay electronics sector has yet to recover, non-information technology industries, such as transport engineering and financial services, were providing the much-needed buffer amid falling demand from the United States.
.
INFLATION TABLE
.
Year GST impact on inflation
.
1994 Introduction of 3% GST raised inflation by 0.81 percentage point
.
2003 and 2004 Each year that GST rose by 1 percentage point, inflation grew by 0.47 percentage point
.
2007 and 2008 The one-off 2-percentage point hike in GST may raise inflation by 0.4 to 0.6 percentage point each year
.
PASS THROUGH TABLE:
.
1994: “pass-through” of 45 per cent
.
2003 and 2004: average “pass-through” of 53 per cent
.
2007 and 2008: forecast “pass-through” of 60 to 80 per cent
Prices to rise more in this GST hike than previous ones: MAS

http://www.todayonline.com/articles/185030.asp

I HAVEN’T FEEL THE PINCH QUITE YET BUT I AM SURE I WILL IN THE COMING MONTHS WHEN I GET MY FLAT AND NEED TO BUY THINGS LIKE FURNITURES AND HOME APPLIANCES. NTUC FAIRPRICE WILL ABSORB THE GST HIKE FOR 6 MONTHS SO MAYBE IS A GOOD IDEA TO STOCK UP SOME FOOD FIRST.]]> http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/comment-page-1/#comment-47 Jimmy Wed, 25 Apr 2007 01:18:10 +0000 http://sillypore.wordpress.com/2007/04/24/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/#comment-47 Media watchdog urges S'pore to lift ban on political film S'pore says the film could undermine confidence in government Apr 24, 2007 SINGAPORE (AP) -- An international media rights group has urged Singapore to lift its ban on a documentary about a political prisoner's 17-year detention, calling the censorship "inappropriate and ridiculous." The government banned director Martyn See's 49-minute documentary "Zahari's 17 Years" two weeks ago, saying its "distorted and misleading" version of events could undermine confidence in the government. The film is an interview with Said Zahari, arrested in 1963 on suspicion of plotting violent acts and detained without trial for 17 years. He is now 78, and lives in neighboring Malaysia. "The ban on See's film must be lifted. This act of censorship is all the more inappropriate and ridiculous as his (See's) films are available on Web sites such as YouTube and Google Video," Paris-based Reporters Without Borders or RSF said in a statement issued late on Monday. Singapore's Ministry of Information, Communication and the Arts referred a request for comment on RSF's remarks to an April 10 ministry statement, issued when the ban was announced. "The Government will not allow people who had posed a security threat to the country in the past, to exploit the use of films to purvey a false and distorted portrayal of their past actions and detention by the Government," the ministry said then. "This could undermine public confidence in the Government." The ban -- imposed under Singapore's Films Act -- prohibits exhibition, possession and distribution of the film, with a maximum punishment of two years' jail and a 10,000 Singapore dollars (US$6,600; euro4,865) fine. RSF said Singapore has used an "archaic film law to impose another authoritarian measure violating press freedom." Among other things, the Films Act also bans movies deemed as party political films that "contain wholly or partly either partisan or biased references to or comments on any political matter." Police investigated the director See last year over a documentary he made about an opposition leader, which was also banned. That film, "Singapore Rebel," was screened at festivals in New Zealand and the United States, but not in Singapore. http://news.asiaone.com.sg/a1news/20070424_story19_1.html ANYONE SEEN THIS SHOW BEFORE ? LET ME KNOW HOW DO YOU RATE THIS MOVIE 'SINGAPORE REBEL'. S’pore says the film could undermine confidence in government


Apr 24, 2007


SINGAPORE (AP) — An international media rights group has urged Singapore to lift its ban on a documentary about a political prisoner’s 17-year detention, calling the censorship “inappropriate and ridiculous.”

The government banned director Martyn See’s 49-minute documentary “Zahari’s 17 Years” two weeks ago, saying its “distorted and misleading” version of events could undermine confidence in the government.

The film is an interview with Said Zahari, arrested in 1963 on suspicion of plotting violent acts and detained without trial for 17 years. He is now 78, and lives in neighboring Malaysia.



“The ban on See’s film must be lifted. This act of censorship is all the more inappropriate and ridiculous as his (See’s) films are available on Web sites such as YouTube and Google Video,” Paris-based Reporters Without Borders or RSF said in a statement issued late on Monday.

Singapore’s Ministry of Information, Communication and the Arts referred a request for comment on RSF’s remarks to an April 10 ministry statement, issued when the ban was announced.

“The Government will not allow people who had posed a security threat to the country in the past, to exploit the use of films to purvey a false and distorted portrayal of their past actions and detention by the Government,” the ministry said then. “This could undermine public confidence in the Government.”

The ban — imposed under Singapore’s Films Act — prohibits exhibition, possession and distribution of the film, with a maximum punishment of two years’ jail and a 10,000 Singapore dollars (US$6,600; euro4,865) fine.

RSF said Singapore has used an “archaic film law to impose another authoritarian measure violating press freedom.”

Among other things, the Films Act also bans movies deemed as party political films that “contain wholly or partly either partisan or biased references to or comments on any political matter.”

Police investigated the director See last year over a documentary he made about an opposition leader, which was also banned.

That film, “Singapore Rebel,” was screened at festivals in New Zealand and the United States, but not in Singapore.

http://news.asiaone.com.sg/a1news/20070424_story19_1.html

ANYONE SEEN THIS SHOW BEFORE ? LET ME KNOW HOW DO YOU RATE THIS MOVIE ‘SINGAPORE REBEL’.]]> http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/comment-page-1/#comment-46 Jimmy Wed, 25 Apr 2007 01:07:10 +0000 http://sillypore.wordpress.com/2007/04/24/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/#comment-46 BE PREPARE FOR A PRICE HIKE IN BUILDING AND PROPERTY PRICES IN THE NEAR FUTURE. I HEARD THAT THE SAND FROM CHINA AND MYANMAR COST TWICE AS MUCH AS THOSE FROM INDONESIA. SINGAPORE MIGHT LOOK FOR NEW MATERIAL BESIDES SAND AND GRANITE AND I WONDER THAT MIGHT THAT BE. IF I KNOW, I WOULD INVEST IN THAT COMMODITIY AND IT WILL SURE BE A HIT ! http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/comment-page-1/#comment-45 Jimmy Wed, 25 Apr 2007 01:03:57 +0000 http://sillypore.wordpress.com/2007/04/24/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/#comment-45 Extradition pact won't hurt banks Singapore's Minister Mentor says it will not frighten rich Indonesians away April 24, 2007 SINGAPORE, April 24 (Reuters) - An extradition pact between Indonesia and Singapore agreed late on Monday won't frighten rich Indonesians away from Singapore or hurt the island's property and banking sectors, Singapore's Minister Mentor Lee Kuan Yew said on Tuesday. "It's laughable. Do you believe that any Indonesian who was likely to be extradited would be here at all?" Mr Lee said in an interview with Reuters. "It does act as an inhibitor. It does give an extra barrier for any would-be escapee from their system." The two countries reached an agreement on the treaty late on Monday, after several years of wrangling over the issue, although no details were released ahead of the signing due to take place in Bali on Friday. Indonesia has long expressed a desire for an extradition treaty with Singapore because of its concerns that some Indonesians, for example those who owed money to the authorities following the 1997-98 financial crisis, had taken refuge in the neighbouring city-state. Lee said Singapore had very strict rules to prevent money-laundering. Singapore is home to a large number of wealthy Indonesians. They are key players in the property market and big business for private banks. One third of Singapore's high net-worth investors -- those with net financial assets of more than US$1 million -- are of Indonesian origin, Merrill Lynch and Capgemini said in a report, adding that of these 18,000 Indonesians had total assets of US$87 billion. In January, Indonesia banned sand exports to Singapore, citing environmental concerns and the need to protect its borders. Two months later, Jakarta said it was also considering banning granite chip exports to the city-state. However, some Indonesian officials were quoted in the local media as saying the sand export ban was intended to put pressure on Singapore to speed up talks on the extradition treaty. The sand ban has forced Singapore to look for alternative sources of sand -- including China, Vietnam and Myanmar -- to feed a construction boom. http://news.asiaone.com.sg/a1news/20070424_story20_1.html Singapore’s Minister Mentor says it will not frighten rich Indonesians away


April 24, 2007

SINGAPORE, April 24 (Reuters) – An extradition pact between Indonesia and Singapore agreed late on Monday won’t frighten rich Indonesians away from Singapore or hurt the island’s property and banking sectors, Singapore’s Minister Mentor Lee Kuan Yew said on Tuesday.

“It’s laughable. Do you believe that any Indonesian who was likely to be extradited would be here at all?” Mr Lee said in an interview with Reuters.

“It does act as an inhibitor. It does give an extra barrier for any would-be escapee from their system.”



The two countries reached an agreement on the treaty late on Monday, after several years of wrangling over the issue, although no details were released ahead of the signing due to take place in Bali on Friday.

Indonesia has long expressed a desire for an extradition treaty with Singapore because of its concerns that some Indonesians, for example those who owed money to the authorities following the 1997-98 financial crisis, had taken refuge in the neighbouring city-state.

Lee said Singapore had very strict rules to prevent money-laundering.

Singapore is home to a large number of wealthy Indonesians. They are key players in the property market and big business for private banks.

One third of Singapore’s high net-worth investors — those with net financial assets of more than US$1 million — are of Indonesian origin, Merrill Lynch and Capgemini said in a report, adding that of these 18,000 Indonesians had total assets of US$87 billion.

In January, Indonesia banned sand exports to Singapore, citing environmental concerns and the need to protect its borders. Two months later, Jakarta said it was also considering banning granite chip exports to the city-state.

However, some Indonesian officials were quoted in the local media as saying the sand export ban was intended to put pressure on Singapore to speed up talks on the extradition treaty.

The sand ban has forced Singapore to look for alternative sources of sand — including China, Vietnam and Myanmar — to feed a construction boom.

http://news.asiaone.com.sg/a1news/20070424_story20_1.html]]> http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/comment-page-1/#comment-51 Jimmy Tue, 24 Apr 2007 01:22:23 +0000 http://sillypore.wordpress.com/2007/04/24/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/#comment-51 Minimise inconvenience and cost to commuters Apr 24, 2007 The Straits Times I REFER to the article, 'ComfortDelGro chief's proposal to Govt: Mega-merger of transport operators or separate all-bus, all-train entities' (ST, April 20), on Mr Lim Jit Poh's proposal on restructuring the public-transport industry. The Transport Ministry's call for an industry review to raise public-transport ridership sizeably is to be applauded, albeit it is primarily aimed at mitigating the growth of private cars instead of minimising the inconvenience and transport cost of commuters, who have to make multiple and costly transfers. Between these two reasons, the latter should not be placed after the former, as convenient and inexpensive (not merely affordable) public transport is the catalyst to contain the population of private cars. Mr Lim's proposal for a merger with SMRT poses a risk to the commuting public. It might not lead to convenient, seamless travel as the merged entity would not want its bus service to cannibalise its train service. If this proposal is to be accepted, it is imperative to ensure that it would not cause commuters to have no choice on the type of conveyance to travel in, and the fares would not earn the merged entity the high return an operator in a truly free market expects. In the article, SMRT president Saw Phaik Hwa said a bus-versus-train set-up - Mr Lim's other proposal - could mean duplication of resources and, as a result, higher fares. She also said that it may not be environmentally sound. However, I believe when buses truly compete with trains, the train operators would lose a great deal of revenue to the bus operators. Hence, the train operators would have to decide whether raising fare or lowering profit expectations and further improving productivity are the answer, which, I am quite sure, would be dictated by market forces - the fairest arbiter for the true monetary value of a good or service. And if the market supports a higher fare, so be it. Lastly, we all know that technology has and will continue to reduce pollution. Having a few more bus services would not make Singapore environmentally unfriendly. However, allowing two public-transport operators to continue operating with almost no competition would make life more difficult for the majority of Singaporeans, which in turn fuels the desire to own a car, which is precisely what the Transport Ministry's review wants to mitigate.? http://news.asiaone.com.sg/st/st_20070424_113609.html


Apr 24, 2007
The Straits Times

I REFER to the article, ‘ComfortDelGro chief’s proposal to Govt: Mega-merger of transport operators or separate all-bus, all-train entities’ (ST, April 20), on Mr Lim Jit Poh’s proposal on restructuring the public-transport industry.
The Transport Ministry’s call for an industry review to raise public-transport ridership sizeably is to be applauded, albeit it is primarily aimed at mitigating the growth of private cars instead of minimising the inconvenience and transport cost of commuters, who have to make multiple and costly transfers.

Between these two reasons, the latter should not be placed after the former, as convenient and inexpensive (not merely affordable) public transport is the catalyst to contain the population of private cars.


Mr Lim’s proposal for a merger with SMRT poses a risk to the commuting public. It might not lead to convenient, seamless travel as the merged entity would not want its bus service to cannibalise its train service.

If this proposal is to be accepted, it is imperative to ensure that it would not cause commuters to have no choice on the type of conveyance to travel in, and the fares would not earn the merged entity the high return an operator in a truly free market expects.

In the article, SMRT president Saw Phaik Hwa said a bus-versus-train set-up – Mr Lim’s other proposal – could mean duplication of resources and, as a result, higher fares. She also said that it may not be environmentally sound.

However, I believe when buses truly compete with trains, the train operators would lose a great deal of revenue to the bus operators. Hence, the train operators would have to decide whether raising fare or lowering profit expectations and further improving productivity are the answer, which, I am quite sure, would be dictated by market forces – the fairest arbiter for the true monetary value of a good or service. And if the market supports a higher fare, so be it.

Lastly, we all know that technology has and will continue to reduce pollution. Having a few more bus services would not make Singapore environmentally unfriendly.

However, allowing two public-transport operators to continue operating with almost no competition would make life more difficult for the majority of Singaporeans, which in turn fuels the desire to own a car, which is precisely what the Transport Ministry’s review wants to mitigate.?

http://news.asiaone.com.sg/st/st_20070424_113609.html]]> http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/comment-page-1/#comment-50 Jimmy Tue, 24 Apr 2007 01:21:07 +0000 http://sillypore.wordpress.com/2007/04/24/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/#comment-50 http://hosted.ap.org/dynamic/stories/D/DIET_OBESITY_COSTS?SITE=ASIAONE&SECTION=TOP_STORIES&TEMPLATE=DEFAULT&CTIME=2007-04-23-19-07-32 http://hosted.ap.org/dynamic/stories/D/DIET_OBESITY_COSTS?SITE=ASIAONE&SECTION=TOP_STORIES&TEMPLATE=DEFAULT&CTIME=2007-04-23-19-07-32]]> http://sgcomplains.com/others/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/comment-page-1/#comment-49 Jimmy Tue, 24 Apr 2007 01:18:57 +0000 http://sillypore.wordpress.com/2007/04/24/extraordinary-govt-talent-keep-s%e2%80%99pore-ahead-says-mm/#comment-49 But what MM Lee said is true, what will happen to Singapore if PAP crash tomorrow ? It could be worst than war or a SARS ! I agree that our governement did a great job in building up Singapore economy and always looking ahead.