Tag: MAS

  • Negligence Suit Over Missing MH370 Settled Out Of Court

    Negligence Suit Over Missing MH370 Settled Out Of Court

    A negligence suit filed by two children of a passenger on board Malaysia Airlines (MAS) flight MH370 which disappeared on March 8 last year has been settled out of court.

    The young plaintiffs, who filed the action through their mother, Ng Pearl Ming, had withdrawn the lawsuit, said Senior Federal Counsel Shahrin Saiful Nizam.

    “The suit was struck out following a notice of discontinuance filed by the plaintiff’s lawyer,” he told reporters after emerging from the chambers of High Court judge Rosnaini Saub.

    Shahrin said the family would not be allowed a file fresh suit, and that the judge had not ordered any costs.

    Meanwhile, lawyer Dr Arunan Selvaraj, who represented the boys, said the matter had come an amicable settlement after the judge spoke with the mother, Ng.

    “Having considered her rights and legal position, she has decided to accept the court compensation and move on with her life,” he said.

    The terms of settlement are confidential.

    The plaintiffs are the next-of-kin of passenger Jee Jing Hang. They filed the suit through legal firm Messrs Rusmah Arunan & Associates on November 1 at the Kuala Lumpur High Court registry.

    MAS, the Department of Civil Aviation (DCA), the Immigration Department and the Royal Malaysian Air Force were named as defendants in the suit for negligence, and in the case of MAS, breach of contract.

    In their statement of claim, the boys said their father, who was 41, had entered into an agreement with MAS for safe passage to Beijing when he paid the airfare.

    They said MAS breached the agreement when the plane, which departed from Kuala Lumpur, failed to land safely in Beijing on March 8.

    The Boeing-777 left the Kuala Lumpur International Airport at 12.41am on March 8 and disappeared from civilian radar about an hour later while over the South China Sea.

    But the plane was declared lost in an accident on January 29 by DCA director-general Datuk Azharuddin Abdul Rahman, and the 239 passengers and crew on board deemed dead.

    Lawyers well-versed in aviation law said then that Putrajaya’s declaration was an admission of liability and the airline had no defence, should suits be filed against it.

    Press reports said the MAS management had offered to pay US$50,000 (RM180,000), which would be deducted from the final compensation.

    According to the Montreal Convention – a multilateral treaty that governs international transportation of passengers and cargo – a maximum of US$175,000 can be offered in compensation by airlines.

    Of the total number of passengers, 152 were Chinese citizens, including a group of 19 artists with six family members and four staff returning from a calligraphy exhibition of their work in Kuala Lumpur.

    Thirty-eight passengers were Malaysians while the rest were from 13 other countries.

    The aircraft has yet to be found, even after an extensive search in the southern Indian Ocean where it was believed to have gone down after veering off course. – June 2, 2015.

     

    Source: www.themalaysianinsider.com

  • Moderate Wage Growth In Tight Labour Market

    Moderate Wage Growth In Tight Labour Market

    Despite a tighter labour market, wage growth in Singapore is expected to stay moderate for the rest of this year, dampened by weak productivity gains and the difficulty some businesses face in passing on costs to consumers, the Monetary Authority of Singapore (MAS) said yesterday.

    “Short-term wage dynamics in the economy appear to have been buffeted by opposing macroeconomic forces. While the constraints on labour supply ought to have led to a stronger wage response to increased hiring, moderate economic activity and a weak productivity performance in the near term could have dampened wage expectations,” the central bank said in its semi-annual macroeconomic review.

    “Hence, although wage growth is expected to pick up in this year amid the tight labour market, it is unlikely to exceed the historical average of 3.7 per cent,” it said.

    The steady rise of part-time workers in the resident workforce, a higher proportion of jobs in sectors with lower average pay, sluggish conditions in the export sector and weak labour productivity had resulted in a slowdown in wage growth to 1.6 per cent in the second half of last year. This was down from 3 per cent in the previous six months and the 10-year average of 3.7 per cent.

    The MAS said wage gains in the coming months will remain uneven across sectors. Those in the accommodation and food services sector, retail trade as well as administrative and support services will probably enjoy larger gains, as vacancy rates in these areas have been high. The healthcare and financial services sectors will also probably see more hiring, while the construction sector and manufacturing will see smaller employment gains.

    The central bank said some businesses have found it difficult to pass on rising labour costs to consumers, especially in segments where there is intense competition, such as retail and holiday travel. And with global oil prices expected to stay well below the previous year’s levels despite the recent gradual recovery, economists said the Consumer Price Index (CPI) will continue to fall, after having recorded five straight months of declines since November.

    “There has been a cut in electricity tariffs, so core inflation is expected to moderate quite a bit. We expect it to be down to around 0.5 per cent by July or August before picking up a bit from there,” said Credit Suisse economist Michael Wan.

    The MAS said core inflation is expected to range from 0.5 to 1.5 per cent for this year, while CPI-All Items inflation is forecast at between minus 0.5 per cent and 0.5 per cent, reiterating the forecast in its mid-April policy statement.

    The expected softening of Certificate of Entitlement bids and housing rentals will continue to keep private road transport and accommodation costs in check. Meanwhile, the suite of budgetary measures such as the reduction in concessionary foreign domestic helper levy, one-year road tax rebates and abolition of national examination fees will also alleviate inflationary pressures.

    Despite the expected fall in consumer prices in the coming months, economists noted that domestic consumption remains firm: A signal that the Singapore economy is not in distress.

    “We have to remember that a lot of the fall in consumer prices is the result of administrative measures and low oil prices. Together, the items affected by these factors form a large portion in the CPI basket, so they are dragging down prices. But taking them out, the other components in the basket are still seeing prices going up, so the economy is not in the doldrums,” said UOB economist Francis Tan.

    “This is not a permanent situation. The base effect due to these factors will wear off, oil prices are coming back up, people are still consuming, wages are still growing steadily although at a slower rate — so it will pass,” he added.

    The central bank said in the report that wages could rise more sharply next year, especially if economic conditions improve and the unemployment rate falls further.

    “Next year, inflation is expected to rise as global oil prices pick up and the effects of budgetary measures dissipate. At the same time, the labour market will be tight. The risk remains that underlying domestic cost pressures in the economy could mount, leading to stronger cost pass-through to consumer prices, especially if economic conditions improve,” said the MAS.

     

    Source: www.todayonline.com

  • MAS To Phase In Tighter Limit On Credit Card Debt And Unsecured Credit Facilities

    MAS To Phase In Tighter Limit On Credit Card Debt And Unsecured Credit Facilities

    The Monetary Authority of Singapore (MAS) will phase in a tighter limit on credit card debt and other unsecured credit facilities over four years so as to give affected borrowers more time to cut their debt.

    MAS said the decision to give over-extended borrowers more time to adjust to the new measures comes after consultations with the Association of Banks in Singapore (ABS) and Credit Counselling Singapore (CCS), and feedback from the public.

    Here’s what you need to know about the new measures.

    MAS Unsecured Limitation Regulation 12 Months MAS Unsecured Limitation Regulation 24 Months

    Source: www.straitstimes.com

  • What You Should Know About Singapore Government Bonds

    What You Should Know About Singapore Government Bonds

    What are Singapore Savings Bonds?

    They are a new type of government bond, which will be launched as part of moves to make low-cost investment options more widely available to retail investors.

    A feature of the product is that a bondholder can get his money back in any month, with no penalty imposed. This means investors do not have to decide upfront the duration of their investment.

    Normally bonds have a set interest rate and investors can find themselves out of pocket if they redeem them too early.

    Singapore Savings Bond interest rates will be linked to the long-term Singapore Government Securities (SGS) rates. But unlike SGS bonds, which pay the same interest rates every year, the new product will start with smaller interest rates that will keep rising, the longer you hold on to the bond.

    When will they be available?

    The bonds will be issued monthly, likely starting in the second half of the year.

    How do I buy them?

    The MAS has not yet released details on this.

    How much can I invest?

    The bonds are targeted at small retail investors with the minimum investment just $500 with additional multiples of $500 up to a cap to be announced later.

    How much returns will I get?

    Interest on the bonds will be linked to long-term Singapore Government Securities (SGS) rates. While SGS bonds pay the same interest every year, Singapore Savings Bonds will pay coupons that step up over time.

    The average interest investors will receive over the period they hold Singapore Savings Bonds will match what they would have received had they bought an SGS bond of equivalent tenure.

    This means that if you hold your Savings Bond for the full 10-year term, the average interest per year on your investment will match the return if you had invested in a 10-year SGS bond.

    The 10-year SGS has mostly yielded between 2 and 3 per cent over the past 10 years.

    Singapore Savings Bonds will be issued monthly and the interest rate schedule for each issue will be announced before applications open.

    I would rather invest in Singapore Government Securities (SGS). How do I do that?

    Individual investors must have an existing individual Central Depository (CDP) account to invest in SGS.

    The minimum denomination to purchase SGS is $1,000, and you can invest in multiples of $1,000.

    SGS are issued to the market via auctions. You may purchase SGS at primary auctions or in the secondary market.

     

    Source: www.straitstimes.com

  • BEWARE: Someone Told My Family I Was Kidnapped, Asked For Money

     

    phone scam

    People please share this. This is quoted from a friend. This is serious!
    “I received a call from someone claiming that he was from my mobile Service provider and he asked me to shutdown my phone for 2 hours for 3G update to take place. As I was rushing for a meeting,
    I did not question, but just shut down my cell phone.

    After 45 minutes I felt very suspicious since the caller did not even introduce his name.
    I quickly turned on my cell phone and saw several missed calls from my family members and the others were from the number that had called me earlier –
    I called my parents and I was shocked that they sounded very worried asking me whether I am safe.
    My parents told me that they had received a call from someone claiming that they had me with them and asking for money to let me free. The call was so real and my parents even heard ‘my voice’ crying out loud asking for help.

    My father was at the bank waiting for next call to proceed for money transfer.
    I told my parents that I am safe and asked them to lodge a police report.

    Right after that I received another call from the guy asking me to shutdown my cell phone for another 1 hour which I refused to do and hung up.

    They kept calling my cell phone until the battery had run down. I myself
    lodged a police report and I was informed by the officer that there were many such scams reported. MOST of the cases reported that the victim had already
    transferred the money! And it is impossible to get back the money. Be
    careful as this kind of scam might happen to any of us!!!

    Those guys are so professional and very convincing during calls. If you are asked to shut down your cell phone for updates by the service provider, ASK AROUND!

    Your family or friends might receive the same call. ”

    Be Safe and Stay Alert!

    Please pass around to your family and friends !!!

    People have been receiving calls from+375602605281, +37127913091 or any number starting from +375, +371 number one ring & hang up. If you call back it’s one of those Numbers that are charged $15-30 & they can copy yr contact list in 3sec & if u have bank or credit card details on your phone, they can copy that too. +375 is from Belarus From Afghanistan.. 371 is code for Lativa…

    Don’t answer or call back. Please FORWARD
    AND SHARE this to your friends and family