Category: Singapuraku

Standard & Poor Provides Singapore Unsolicited AAA Rating

Standard & Poor’s Ratings Services said today that Singapore’s 2015 budget continues to show the strength of the government’s institutional and governance effectiveness. This factor is a key support for their sovereign credit rating on Singapore (unsolicited ratings AAA/Stable/A-1+; axAAA/axA-1+).

“The Singapore budget focuses on longer-term fiscal challenges even as it addresses the immediate capacity constraints in transport and health services, areas that will see significant increases in spending,” said Standard & Poor’s credit analyst Yee Farn Phua.

Policies announced in the Singapore dollar S$68.2 billion budget aim to boost the country’s economic growth potential, retrain Singaporean workers, and ensure increased funding to meet the needs of Singapore’s aging population. Investments in these areas significantly outsize the S$705 million transfers to households. These measures should help maintain Singapore’s credit strengths even as the population ages at one of the fastest rates in Asia.

After accounting for revenue not reported as part of the Singapore budget, S&P estimates that the general government account will remain in surplus over the fiscal years ending March 2015 and March 2016. The government projects a budget deficit of S$6.7 billion (1.7 per cent of GDP) in the fiscal year ending March 2016 after a nearly balanced budget in the current fiscal year.

Source: www.businesstimes.com.sg

February 25, 2015
CASE: Petrol Companies Profiteering From Petrol Tax Implementation

The consumer watchdog here has accused some petrol companies of profiteering, after petrol prices across the island were raised yesterday by up to S$0.25 for a litre of 98-octane grade petrol and as much as S$0.18 for 95-octane grade petrol — a day after it was announced in the Budget statement that petrol duty rates would be increased with immediate effect.

Noting that some of the petrol prices were raised beyond the levels of the duty hike, Mr Seah Seng Choon, executive director of the Consumers Association of Singapore (CASE), said it was understandable for the petrol companies to increase prices following the levy hike. But he pointed out: “They should not increase more than what the tax requires them to and if they do that, they are profiteering from the situation.”

As of last night, a litre of 98-octane-grade petrol at Shell cost S$2.28 — S$0.25 more than on Monday. Other brands also adjusted their prices, with Caltex, Esso and Singapore Petroleum Company (SPC) charging S$2.25, S$2.23 and S$2.20, respectively. The increment ranged between S$0.17 and S$0.21 for the three brands.

For 95-octane-grade petrol, which is most popular with drivers, Shell raised the price by S$0.18 to S$2.04 per litre. The other three brands raised their prices to S$2.01 or S$2.02 — with the increases ranging between S$0.12 and S$0.16.

“(The) pump price adjustments reflect the increase in petrol duties as announced in the 2015 Budget,” said a spokesperson from Chevron, which owns the Caltex brand. The other brands could not be reached for comment by press time.

Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam announced on Monday that petrol duty rates would increase by S$0.20 to S$0.64 per litre for the premium grade and by S$0.15 to S$0.56 per litre for the intermediate grade. To cushion the impact of the hike, motorists would be given a one-off road tax rebate for a year. Mr Tharman noted that with falling oil prices, pump prices after the duty hikes would remain lower than the levels in the past two-and-a-half years.

Salesman Andrew Koh, 58, welcomed the road tax rebate, but felt it was not enough to mitigate the higher petrol prices. “I was happy when crude oil prices started falling … But now, all the drivers are going to suffer from the increase in levy and petrol prices,” he said.

Yesterday, Mr Tharman said the taxes related to vehicle ownership and usage would have to be adjusted from time to time, to create a greener environment. Adding that the previous adjustment to petrol levies was done a dozen years ago, he said it was better to raise duties when oil prices are falling, compared with the opposite situation. It was also unlikely the duty hikes would filter down to overall consumer prices as commercial vehicles use diesel, he said. As for middle-income families who own cars, Mr Tharman said other measures in the Budget could alleviate the cost of living.

Source: www.todayonline.com

February 25, 2015
No Refund For Fernvale Residents Who Cancel Booking Following Columbarium Fallout

The Housing Board (HDB) has rejected the requests of unhappy flat buyers for refunds of their new flats in Sengkang, made last month when they discovered that a temple with a commercial columbarium would be built near their estate.

The project will no longer go ahead as planned.

HDB said in a statement it received 95 requests as at Feb 9 from future residents of three Build-To-Order (BTO) projects along Fernvale Link – Fernvale Lea, Fernvale Rivergrove and Fernvale Riverbow – asking to cancel their booking but with a refund.

These 95 requests make up 2.4 per cent out of the total of 4,000 units among the three BTO projects.

HDB also reiterated that the Ministry of National Development and its agencies would ensure that the site is restored to the original plan of a Chinese temple.

Whether it will have a columbarium will depend on the temple’s trustees, and is subject to the Urban Redevelopment Authority’s guidelines and approval.

HDB sent its official letters or e-mail to buyers informing them of their unsuccessful request on Feb 16.

The flat buyers were also given up to this Friday to notify HDB if they wished to proceed with the cancellation of their flat application.

If they do, they will be subject to the standard process of cancellation, wherein they forfeit the option fee they paid if they cancel before signing the Agreement for Lease.

If they cancel after signing the agreement, they will forfeit 5 per cent of the flat’s purchase price.

The appeals for refund were made after buyers discovered that a temple complex with a commercial columbarium, run by Australian-listed company Life Corporation through its subsidiary Eternal Pure Land, would be built near their estate.

Source: www.straitstimes.com

February 24, 2015
Restriction On Use Of Fitness And Recreation Facilities On Weekends For Security Purposes

The use of fitness and recreation facilities in camps – such as swimming pools and gyms – by National Servicemen (NSmen) should be restricted to allocated time slots on weekdays for security purposes, said Minister for Defence Ng Eng Hen on Monday (Feb 23).

“These camps should only be accessed by authorised personnel to minimise the risk of sabotage or loss of information and equipment which could compromise the safety and security of our soldiers and citizens,” said Dr Ng in a written response to a question from NCMP Lina Chiam.

He added that SAFRA clubhouses were equipped with swimming pools and gyms to support the fitness training of NSmen preparing for their In-Camp Training (ICT). For example, SAFRA EnergyOne gyms offer preparatory training courses, designed by fitness experts, to help NSmen improve their Individual Physical Proficiency Test (IPPT) performance.

The IPPT Preparatory Training (IPT) – for NSmen who need additional help in their IPPT- will also be extended to other venues, such as public parks through the “IPT in the Park” initiative, to provide greater convenience for NSmen, said Dr Ng.

Such initiatives would provide support for NSmen seeking fitness training while ensuring the safety of SAF camps, he added.

Source: www.channelnewsasia.com

February 24, 2015
Elections Department: Registers Of Electors Revised, Open For Public Inspection
The registers of electors have been revised and will be open for public inspection from Feb 24, 2015 to Mar 9, 2015, the Elections Department said in a press release on Monday (Feb 23).

The revised registers contain the names of all qualified electors and may be checked through four channels:
- Online at the Elections Department website
- At community centres or clubs
- At Singapore overseas missions that serve as overseas registration centres
- At the Elections Department, located at 11 Prinsep Link, Singapore 187949
The latter three methods will require the individual’s NRIC or passport.

INCLUSION AND REMOVAL OF NAMES FROM REGISTERS

During the inspection period, a person may submit a claim or objection to include or remove his name from the revised registers of electors.

A claim to update one’s particulars can also be submitted during this period.

These changes can be made via the four methods stated above. Claims and objections submitted online must be done via SingPass.

RESTORATION OF NAMES AND REGISTRATION AS OVERSEAS ELECTOR

Singaporeans whose names were removed from the registers of electors for failing to vote at a previous election may apply to restore their names to the registers.

Overseas Singaporeans, whose names are listed in the registers and who have resided in Singapore for at least 30 days between Feb 1, 2012 and Jan 31, 2015 may register as overseas electors.

Following the revision of the registers, overseas Singaporeans who have been registered earlier as overseas electors will also have to re-register to vote at any one of the designated overseas polling stations.

The registrations can be done through the abovementioned channels. Applications will close with the issuance of the Writ of Election.

OVERSEAS POLLING STATION IN DUBAI

The Consulate-General of the Republic of Singapore in the United Arab Emirates (Dubai) has been designated as an overseas polling station for future elections. This is in addition to the nine overseas polling stations at Singapore’s overseas missions in New York, Washington DC, San Francisco, London, Shanghai, Beijing, Hong Kong, Tokyo and Canberra.

The Elections Department said the overseas polling station in Dubai will facilitate overseas voting and registration for overseas Singaporeans in the Middle East region.

More information about the addresses of registration centres can be found at www.eld.gov.sg.

Source: www.channelnewsasia.com
February 24, 2015