Singapore's Changi Airport handled 9.32 million passengers in the first quarter, up 6.7 percent from a year ago, the Civil Aviation Authority of Singapore (CAAS) said on Friday.
The month of March had the biggest monthly record of travellers passing through Changi so far this year at 3.26 million, it said.
Cargo handled increased 4 percent to 466,000 tons.
A total of 80 airlines operate scheduled flights from Changi airport to 188 cities around the world.
Wednesday, April 30, 2008
Tuesday, April 29, 2008
Octogenarian to challenge Singapore political elite again
An 82-year-old lawyer who became the first opposition parliamentarian in Singapore 27 years ago has signalled his intention to again challenge the city-state's leaders by forming a new party.
J.B. Jeyaretnam, who told Reuters on Thursday he had officially applied to register "The Reform Party", has been sued several times for defamation by top officials of the ruling People's Action Party (PAP).
Jeyaretnam was declared bankrupt in 2001 after failing to pay S$265,000 ($196,300) in defamation damages to plaintiffs that included then Prime Minister Goh Chok Tong. He was discharged from bankruptcy in May last year.
Jeyaretnam was barred from contesting elections while he was bankrupt.
Human-rights groups such as Amnesty International say the use of these lawsuits are designed to stifle dissent. The PAP says the lawsuits are necessary to protect their reputations.
The process of confirming the party may take two months, an official said.
The ruling PAP has dominated parliament since independence in 1965. It won 82 of 84 seats in May 2006 elections and has never lost more than four seats in any election. The next election is due by 2011.
Singapore's three main opposition parties hold little power and often complain of poor access to mainstream media.
J.B. Jeyaretnam, who told Reuters on Thursday he had officially applied to register "The Reform Party", has been sued several times for defamation by top officials of the ruling People's Action Party (PAP).
Jeyaretnam was declared bankrupt in 2001 after failing to pay S$265,000 ($196,300) in defamation damages to plaintiffs that included then Prime Minister Goh Chok Tong. He was discharged from bankruptcy in May last year.
Jeyaretnam was barred from contesting elections while he was bankrupt.
Human-rights groups such as Amnesty International say the use of these lawsuits are designed to stifle dissent. The PAP says the lawsuits are necessary to protect their reputations.
The process of confirming the party may take two months, an official said.
The ruling PAP has dominated parliament since independence in 1965. It won 82 of 84 seats in May 2006 elections and has never lost more than four seats in any election. The next election is due by 2011.
Singapore's three main opposition parties hold little power and often complain of poor access to mainstream media.
Monday, April 28, 2008
New party vows to fight Singapore 'enslavement'
A tough-talking new political party vowed on Friday to fight what it called the "enslavement" of Singapore after nearly half-a-century of rule by the People's Action Party (PAP).
"Our people have been enslaved all this while," J.B. Jeyaretnam, 82, interim secretary general of the Reform Party, told a news conference.
He said Singaporean society has been "castrated" and its people left powerless by an executive that holds "absolute power."
For Jeyaretnam, a rare voice criticising the PAP over the past decades, the party's formation marks his full return to politics after emerging from bankruptcy and being reinstated as a lawyer.
"We now in the Reform Party are not going to play pussy-foot with the PAP," he told reporters at the close of a lengthy address which outlined what he sees as the country's social, political and economic problems.
"I think it's time now to ask questions and hold the PAP to account," he said.
Party officials said they held the news conference a day after filing documents to register their party.
The opposition plays only a marginal role in Singapore but Jeyaretnam made political history in 1981 when he became the first opposition politician elected to parliament. He was then secretary general of the Workers' Party.
The lawyer was disbarred when he was declared bankrupt in 2001 after failing to pay libel damages to members of the PAP, including former prime minister Goh Chok Tong.
During his bankruptcy, he was reduced to hawking his self-penned books outside city subway stations.
Last year Jeyaretnam paid 233,255 Singapore dollars (now 172,578 US) to clear his bankruptcy, which had prevented him from running for political office, after help from friends and his prominent lawyer son.
He was also reinstated to the bar and has resumed legal practice.
On Friday, Jeyaretnam said he did not care whether Singapore's "obedient press" reported his comments -- which continued for 80 minutes.
"Some things have to be said," he stated as he began the speech.
He said Singapore, which prides itself on having 'First World' status, faces a widening gulf between rich and poor.
Government leaders earn millions but many families survive on one or two thousand dollars a month (605-1,1210 US), yet nobody speaks up, he said.
"There is, I don't have to tell you, a fear culture in Singapore," Jeyaretnam said. "It's a total enslavement of the people."
He said the party's registration documents contained the names of only 10 people -- and even attracting that many was not easy.
"People are still afraid," he said.
Asked whether his news conference in a hotel meeting room was being monitored by police, he replied: "I'm sure that it is."
Jeyaretnam said he hopes not only to reform the structure of the Singapore system but also people's way of thinking, to rouse them from a PAP-induced "slumber."
Jeyaretnam said that, if he is physically able, he will stand as a candidate in the next general election due by 2011.
He called for a complete overhaul of the electoral system, which he said places opposition parties at a disadvantage. The PAP won all but two seats in last year's polls for the 84-member parliament.
The country's leaders say its tough laws against dissent and other political activity are necessary to ensure the stability which has helped it achieve economic success. Thousands of foreign firms are based in Singapore, one of the most politically stable countries in the region.
The leaders dismiss criticisms from human rights groups who have said the government uses libel laws to silence critics, saying they have to protect their reputations.
Jeyaratnam spoke at a table with two other party officials beside him. To their left stood a white board which carried only two words in blue ink: "Reform Party."
"Our people have been enslaved all this while," J.B. Jeyaretnam, 82, interim secretary general of the Reform Party, told a news conference.
He said Singaporean society has been "castrated" and its people left powerless by an executive that holds "absolute power."
For Jeyaretnam, a rare voice criticising the PAP over the past decades, the party's formation marks his full return to politics after emerging from bankruptcy and being reinstated as a lawyer.
"We now in the Reform Party are not going to play pussy-foot with the PAP," he told reporters at the close of a lengthy address which outlined what he sees as the country's social, political and economic problems.
"I think it's time now to ask questions and hold the PAP to account," he said.
Party officials said they held the news conference a day after filing documents to register their party.
The opposition plays only a marginal role in Singapore but Jeyaretnam made political history in 1981 when he became the first opposition politician elected to parliament. He was then secretary general of the Workers' Party.
The lawyer was disbarred when he was declared bankrupt in 2001 after failing to pay libel damages to members of the PAP, including former prime minister Goh Chok Tong.
During his bankruptcy, he was reduced to hawking his self-penned books outside city subway stations.
Last year Jeyaretnam paid 233,255 Singapore dollars (now 172,578 US) to clear his bankruptcy, which had prevented him from running for political office, after help from friends and his prominent lawyer son.
He was also reinstated to the bar and has resumed legal practice.
On Friday, Jeyaretnam said he did not care whether Singapore's "obedient press" reported his comments -- which continued for 80 minutes.
"Some things have to be said," he stated as he began the speech.
He said Singapore, which prides itself on having 'First World' status, faces a widening gulf between rich and poor.
Government leaders earn millions but many families survive on one or two thousand dollars a month (605-1,1210 US), yet nobody speaks up, he said.
"There is, I don't have to tell you, a fear culture in Singapore," Jeyaretnam said. "It's a total enslavement of the people."
He said the party's registration documents contained the names of only 10 people -- and even attracting that many was not easy.
"People are still afraid," he said.
Asked whether his news conference in a hotel meeting room was being monitored by police, he replied: "I'm sure that it is."
Jeyaretnam said he hopes not only to reform the structure of the Singapore system but also people's way of thinking, to rouse them from a PAP-induced "slumber."
Jeyaretnam said that, if he is physically able, he will stand as a candidate in the next general election due by 2011.
He called for a complete overhaul of the electoral system, which he said places opposition parties at a disadvantage. The PAP won all but two seats in last year's polls for the 84-member parliament.
The country's leaders say its tough laws against dissent and other political activity are necessary to ensure the stability which has helped it achieve economic success. Thousands of foreign firms are based in Singapore, one of the most politically stable countries in the region.
The leaders dismiss criticisms from human rights groups who have said the government uses libel laws to silence critics, saying they have to protect their reputations.
Jeyaratnam spoke at a table with two other party officials beside him. To their left stood a white board which carried only two words in blue ink: "Reform Party."
Sunday, April 27, 2008
SINGAPORE: New media masterplan will focus on talent
The government will put in 'significant' resources into developing home-grown talent and attracting skilled foreigners, as part of a new masterplan to transform Singapore into a vibrant media hub.
Its aim is to make the country the best place to develop, host and distribute media content, said Dr Christopher Chia, chief executive of the Media Development Authority (MDA).
He offered a sneak peek of the Singapore Media Fusion 2015 masterplan at a briefing yesterday, and it was clear that talent was a key focus.
The media industry lives and dies by the talent it is able to attract, Dr Chia stressed.
The plan: Beef up the pool of people who can conceptualise and manage large creative projects like movies, as well as specialist professionals in ancillary fields such as intellectual property, media financing and media distribution.
All are necessary to support a growing media industry.
The budget for the plan, which replaced the Media 21 blueprint released five years ago, had yet to be finalised, but Dr Chia said it was clear it would be a 'significant investment' on the Government's part.
The Government will 'leave no stone unturned' to make it a reality because Singaporeans can look forward to many good-paying jobs in this fast-growing industry if it succeeds, he added.
Singapore's media sector includes traditional mainstream media houses like Singapore Press Holdings, which publishes The Straits Times, among other papers, broadcasters such as MediaCorp, and publishers like Wiley.
In recent years, Singapore has also attracted many international and new media players.
These include production houses like Mark Burnett Productions of TV Survivor fame and Japan's renowned Koei video game studio, which recently launched its made-in-Singapore online game in Japan. The game, known as Romance Of The Three Kingdoms Online, will be launched in Singapore soon.
Together, these companies generated $18.2 billion in revenues and employed 53,000 people in 2005.
Yesterday's briefing was organised by the MDA, the Economic Development Board and the Infocomm Development Authority of Singapore.
Its aim is to make the country the best place to develop, host and distribute media content, said Dr Christopher Chia, chief executive of the Media Development Authority (MDA).
He offered a sneak peek of the Singapore Media Fusion 2015 masterplan at a briefing yesterday, and it was clear that talent was a key focus.
The media industry lives and dies by the talent it is able to attract, Dr Chia stressed.
The plan: Beef up the pool of people who can conceptualise and manage large creative projects like movies, as well as specialist professionals in ancillary fields such as intellectual property, media financing and media distribution.
All are necessary to support a growing media industry.
The budget for the plan, which replaced the Media 21 blueprint released five years ago, had yet to be finalised, but Dr Chia said it was clear it would be a 'significant investment' on the Government's part.
The Government will 'leave no stone unturned' to make it a reality because Singaporeans can look forward to many good-paying jobs in this fast-growing industry if it succeeds, he added.
Singapore's media sector includes traditional mainstream media houses like Singapore Press Holdings, which publishes The Straits Times, among other papers, broadcasters such as MediaCorp, and publishers like Wiley.
In recent years, Singapore has also attracted many international and new media players.
These include production houses like Mark Burnett Productions of TV Survivor fame and Japan's renowned Koei video game studio, which recently launched its made-in-Singapore online game in Japan. The game, known as Romance Of The Three Kingdoms Online, will be launched in Singapore soon.
Together, these companies generated $18.2 billion in revenues and employed 53,000 people in 2005.
Yesterday's briefing was organised by the MDA, the Economic Development Board and the Infocomm Development Authority of Singapore.
Saturday, April 26, 2008
Singapore shares close higher on bargain-hunting; focus on earnings
Singapore shares closed higher on Thursday, extending their gains into a third consecutive trading day as investors picked up some remaining bargains following Wall Street's rally overnight.
Better-than-expected quarterly results from JP Morgan and other U.S. companies drove the Dow Jones Industrial Average up by more than 250 points on Wednesday.
'At this time, investors are focusing on earnings for leads,' said Song Seng Wun, research head at CIMB-GK Research.
Merrill Lynch (nyse: MER - news - people ) will announce its first-quarter results later in the day, while Citigroup (nyse: C - news - people ) will announce its earnings on Friday.
The benchmark Straits Times Index rose 38.81 points or 1.3 percent to close at 3,126.30.
Gainers outnumbered decliners 373 to 263, with 944 stocks unchanged.
But trading volume was low at 1.42 billion shares valued at S$1.77 billion, indicating that many market players kept to the sidelines.
'As the bottom appears to be seen for the credit crisis, there may be focus on the moderating growth momentum in the coming months,' said Song.
Singapore's non-oil domestic exports fell 5.9 percent from a year ago, against economists' estimates of an average 0.3 percent drop, reflecting weaker global demand and a stronger Singapore dollar.
'It may give investors some reason to pause to think about the possibility that growth in the coming months may be weaker as a result of uncertainty out there,' said Song.
Although the market widely expects the U.S. economy to slip into recession in the first half of the year, investors continue to worry about uncertainties such as how deep the slump will be and how soon it can recover.
Singapore rigbuilders' shares rose as the surge in crude oil prices raised hopes that orders for oil exploration rigs and production equipment will pick up after a sluggish first quarter.
Crude oil prices were trading near record levels of $115 a barrel on Thursday.
In the year to date, the momentum of new orders 'has been relatively muted versus last year. With client engagements still strong and order momentum slow over the last two quarters, we believe the next six months are likely to see more positive news flow in terms of order wins,' said Pyari Madhava Menon, analyst at Deutsche Bank (nyse: DB - news - people ), in a note to clients.
Keppel Corp (other-otc: KPELY.PK - news - people ) led the market's advance, rising 4.5 percent to S$11.50 while SembCorp Marine jumped 3.8 percent to S$3.86.
Banking shares were also higher, with DBS Group up 0.6 percent at S$19.18, United Overseas Bank (other-otc: UOVEY.PK - news - people ) up 1.3 percent at S$20.46 and Oversea-Chinese Banking Corp up 1.6 percent at S$8.50.
Property stocks gained, with CapitaLand up 3.36 percent at S$6.63, City Developments up 1.7 percent at S$11.84 and Keppel Land up 1.9 percent at S$5.81.
DBS Vickers Securities said it has upgraded its rating on the Singapore property sector to 'overweight' from 'neutral'. But for the next six months the sector is unlikely to have positive catalysts, it said.
MobileOne, the smallest of the three telecommunications companies in Singapore, fell 1.0 percent to S$1.95 on concerns that it may lose its share of the mobile phone market to its rivals once full mobile number portability is allowed in June, analysts said.
'We believe MobileOne is the most vulnerable to losing out in the longer term due to its inability to provide bundled offerings (such as broadband and pay TV services), which ... are becoming more important to buyers of telecom services in Singapore,' said CIMB-GK Research in a note to clients.
MobileOne will release its first-quarter results on Friday.
Meanwhile, Singapore Telecom was steady at S$3.89 while StarHub gained 2.3 percent at S$3.14.
Construction company KSH Holdings was up 15.2 percent at 38 cents after it announced it has won a S$126.8-million deal from Indonesia's Lippo group to build a luxury condominium at Sentosa Cove.
Among other blue chips, Singapore Airlines (other-otc: SGPJF.PK - news - people ) added 0.5 percent to S$15.34 and Singapore Exchange rose 2.1 percent to S$8.11.
Singapore-listed Straits Asia Resources Ltd. (SAR), an Indonesian coal producer, climbed 2.1 percent to S$2.98 after its parent Australian Straits Resources Ltd. (SRL) proposed to spin off all its coal assets into an entirely separate operation that can seek a secondary listing in Australia.
Better-than-expected quarterly results from JP Morgan and other U.S. companies drove the Dow Jones Industrial Average up by more than 250 points on Wednesday.
'At this time, investors are focusing on earnings for leads,' said Song Seng Wun, research head at CIMB-GK Research.
Merrill Lynch (nyse: MER - news - people ) will announce its first-quarter results later in the day, while Citigroup (nyse: C - news - people ) will announce its earnings on Friday.
The benchmark Straits Times Index rose 38.81 points or 1.3 percent to close at 3,126.30.
Gainers outnumbered decliners 373 to 263, with 944 stocks unchanged.
But trading volume was low at 1.42 billion shares valued at S$1.77 billion, indicating that many market players kept to the sidelines.
'As the bottom appears to be seen for the credit crisis, there may be focus on the moderating growth momentum in the coming months,' said Song.
Singapore's non-oil domestic exports fell 5.9 percent from a year ago, against economists' estimates of an average 0.3 percent drop, reflecting weaker global demand and a stronger Singapore dollar.
'It may give investors some reason to pause to think about the possibility that growth in the coming months may be weaker as a result of uncertainty out there,' said Song.
Although the market widely expects the U.S. economy to slip into recession in the first half of the year, investors continue to worry about uncertainties such as how deep the slump will be and how soon it can recover.
Singapore rigbuilders' shares rose as the surge in crude oil prices raised hopes that orders for oil exploration rigs and production equipment will pick up after a sluggish first quarter.
Crude oil prices were trading near record levels of $115 a barrel on Thursday.
In the year to date, the momentum of new orders 'has been relatively muted versus last year. With client engagements still strong and order momentum slow over the last two quarters, we believe the next six months are likely to see more positive news flow in terms of order wins,' said Pyari Madhava Menon, analyst at Deutsche Bank (nyse: DB - news - people ), in a note to clients.
Keppel Corp (other-otc: KPELY.PK - news - people ) led the market's advance, rising 4.5 percent to S$11.50 while SembCorp Marine jumped 3.8 percent to S$3.86.
Banking shares were also higher, with DBS Group up 0.6 percent at S$19.18, United Overseas Bank (other-otc: UOVEY.PK - news - people ) up 1.3 percent at S$20.46 and Oversea-Chinese Banking Corp up 1.6 percent at S$8.50.
Property stocks gained, with CapitaLand up 3.36 percent at S$6.63, City Developments up 1.7 percent at S$11.84 and Keppel Land up 1.9 percent at S$5.81.
DBS Vickers Securities said it has upgraded its rating on the Singapore property sector to 'overweight' from 'neutral'. But for the next six months the sector is unlikely to have positive catalysts, it said.
MobileOne, the smallest of the three telecommunications companies in Singapore, fell 1.0 percent to S$1.95 on concerns that it may lose its share of the mobile phone market to its rivals once full mobile number portability is allowed in June, analysts said.
'We believe MobileOne is the most vulnerable to losing out in the longer term due to its inability to provide bundled offerings (such as broadband and pay TV services), which ... are becoming more important to buyers of telecom services in Singapore,' said CIMB-GK Research in a note to clients.
MobileOne will release its first-quarter results on Friday.
Meanwhile, Singapore Telecom was steady at S$3.89 while StarHub gained 2.3 percent at S$3.14.
Construction company KSH Holdings was up 15.2 percent at 38 cents after it announced it has won a S$126.8-million deal from Indonesia's Lippo group to build a luxury condominium at Sentosa Cove.
Among other blue chips, Singapore Airlines (other-otc: SGPJF.PK - news - people ) added 0.5 percent to S$15.34 and Singapore Exchange rose 2.1 percent to S$8.11.
Singapore-listed Straits Asia Resources Ltd. (SAR), an Indonesian coal producer, climbed 2.1 percent to S$2.98 after its parent Australian Straits Resources Ltd. (SRL) proposed to spin off all its coal assets into an entirely separate operation that can seek a secondary listing in Australia.
Friday, April 25, 2008
Singapore materially rich, spiritually poor
Singapore is materially rich but spiritually poor -- and the government is partly to blame, one of the city-state's most prominent authors says.
Catherine Lim, also a political commentator, is one of a very few to publicly criticise the government in Southeast Asia's most economically advanced society.
Lim said that while Singapore is consistently ranked high in various surveys on material measures, such as business friendliness and economic achievement, the standings are reversed when other factors are considered.
"Press freedom, happiness and even love life and romance and so on, Singapore is ranked very low," Lim said in an interview with AFP.
"Maybe it leads to some questions. Are we achieving all this material prosperity at the cost of something? Soul, spirit, heart, senses, whatever you want to call it?"
She said the government's tight political control is partly to blame for a lack of happiness among the city-state's 4.6 million people.
"If there were less of a climate of fear... we would be a happier society," she said.
Singapore is one of the most politically stable countries in the region and has become the base for thousands of foreign firms.
The country's leaders say its tough laws against dissent and other political activity are necessary to ensure such stability which has helped it achieve economic success.
It is illegal, for example, to hold a public gathering of five or more people in Singapore without a permit, meaning demonstrations seldom occur.
Singapore's leaders maintain that Western-style liberal democracy is not suitable for the tiny, multi-racial nation which has been ruled by the People's Action Party since 1959.
Lim said the government is doing much better than others in helping to deal with "material issues", including rising global food prices.
"This is a very pro-active government... a very pragmatic, problem-solving leadership," the Malaysian-born Lim, 66, said.
"The problem is in the other areas, political and social liberties that we don't hear much of here in Singapore."
Lim, who has lived in the city-state since 1967, spoke to AFP on the sidelines of a conference on The New Science of Happiness and Well-being, where she was invited to speak, and which ended Thursday.
Paris based media watchdog Reporters Without Borders ranked the city-state at 146 out of 168 nations, lower than Zimbabwe at 140, on a global index of press freedom released last year.
Singapore has also placed at the lower end in global surveys of sex frequency and satisfaction.
A recent poll by advertising firm Grey Group found that nine in 10 people living in Singapore said they were stressed.
Singaporeans are not "unhappy in the real sense of the word as in poverty-stricken countries", Lim said, but they seem to feel something is missing to complete their happiness.
"We need more time to relax. Singaporeans are always talking about pressure. We make money, but hey, we don't have the leisure to spend our money."
Lim has written more than nine collections of short stories, five novels and a book on poems. Her works have been published internationally.
Last year she also turned to the Internet, after the pro-government Straits Times refused to publish one of her commentaries, her website says.
The newspaper had, for 13 years, published her commentaries even though they were critical of the government, she wrote on the website.
But in September it rejected one on "the need for a political opening up", the website says. The Today daily also refused to publish it, forcing her to go online, she says on the website.
Direct criticism of the government is rare in Singapore's mainstream media, forcing dissatisfied Singaporeans to resort to the web to express their views.
Catherine Lim, also a political commentator, is one of a very few to publicly criticise the government in Southeast Asia's most economically advanced society.
Lim said that while Singapore is consistently ranked high in various surveys on material measures, such as business friendliness and economic achievement, the standings are reversed when other factors are considered.
"Press freedom, happiness and even love life and romance and so on, Singapore is ranked very low," Lim said in an interview with AFP.
"Maybe it leads to some questions. Are we achieving all this material prosperity at the cost of something? Soul, spirit, heart, senses, whatever you want to call it?"
She said the government's tight political control is partly to blame for a lack of happiness among the city-state's 4.6 million people.
"If there were less of a climate of fear... we would be a happier society," she said.
Singapore is one of the most politically stable countries in the region and has become the base for thousands of foreign firms.
The country's leaders say its tough laws against dissent and other political activity are necessary to ensure such stability which has helped it achieve economic success.
It is illegal, for example, to hold a public gathering of five or more people in Singapore without a permit, meaning demonstrations seldom occur.
Singapore's leaders maintain that Western-style liberal democracy is not suitable for the tiny, multi-racial nation which has been ruled by the People's Action Party since 1959.
Lim said the government is doing much better than others in helping to deal with "material issues", including rising global food prices.
"This is a very pro-active government... a very pragmatic, problem-solving leadership," the Malaysian-born Lim, 66, said.
"The problem is in the other areas, political and social liberties that we don't hear much of here in Singapore."
Lim, who has lived in the city-state since 1967, spoke to AFP on the sidelines of a conference on The New Science of Happiness and Well-being, where she was invited to speak, and which ended Thursday.
Paris based media watchdog Reporters Without Borders ranked the city-state at 146 out of 168 nations, lower than Zimbabwe at 140, on a global index of press freedom released last year.
Singapore has also placed at the lower end in global surveys of sex frequency and satisfaction.
A recent poll by advertising firm Grey Group found that nine in 10 people living in Singapore said they were stressed.
Singaporeans are not "unhappy in the real sense of the word as in poverty-stricken countries", Lim said, but they seem to feel something is missing to complete their happiness.
"We need more time to relax. Singaporeans are always talking about pressure. We make money, but hey, we don't have the leisure to spend our money."
Lim has written more than nine collections of short stories, five novels and a book on poems. Her works have been published internationally.
Last year she also turned to the Internet, after the pro-government Straits Times refused to publish one of her commentaries, her website says.
The newspaper had, for 13 years, published her commentaries even though they were critical of the government, she wrote on the website.
But in September it rejected one on "the need for a political opening up", the website says. The Today daily also refused to publish it, forcing her to go online, she says on the website.
Direct criticism of the government is rare in Singapore's mainstream media, forcing dissatisfied Singaporeans to resort to the web to express their views.
Thursday, April 24, 2008
Singapore shares higher at midday on Wall Street rally
Singapore shares were higher at midday on Thursday, on their third day of gains, as investors continued picking up bargains after Wall Street's rally overnight.
Better-than-expected quarterly results from JP Morgan and other U.S. companies raised investor hopes that the corporate sector is recovering from the global credit crisis and drove the Dow Jones industrials more than 250 points higher on Wednesday.
Market volatility will persist over the next two weeks as trading will largely be results driven, said Carmen Lee, research head at OCBC Investment Research.
Singapore Exchange Ltd. and Singapore Press Holdings Ltd. kicked off the earnings reporting season in Singapore early this week.
'Despite the improved sentiment, investors are likely to remain slightly cautious,' said Goh Mou Lih, research head at Westcomb Securities, in a note. Investors will continue to await the results of major financial institutions to assess the extent of the damage done by the subprime crisis on their earnings.
Merrill Lynch (nyse: MER - news - people ) will announce its first-quarter results tonight while Citigroup (nyse: C - news - people ) is scheduled to report its earnings on Friday.
At midday, the benchmark Straits Times Index gained 59.54 points or 1.9 percent at 3,147.03.
Gainers beat decliners 381 to 164 with 1,035 stocks unchanged.
There were 789.3 million shares traded valued at S$986.4 million.
Rig builders gained as crude oil prices rose to a fresh record, which should boost investments in oil and gas exploration activities. Keppel Corp (other-otc: KPELY.PK - news - people ) led the market's charge, rising 6.2 percent to S$11.68 while SembCorp Marine jumped 4.8 percent to S$3.90.
Banking shares also advanced, with DBS Group up 1.7 percent at S$19.38, United Overseas Bank (other-otc: UOVEY.PK - news - people ) up 1.8 percent at S$20.56 and Oversea-Chinese Banking Corp rising 1.7 percent to S$8.51.
Property stocks were also higher. CapitaLand was up 4.4 percent at S$6.68, City Developments gained 4.3 percent to S$12.14 and Keppel Land added 2.8 percent to S$5.86.
DBS Vickers Securities has upgraded its rating on the Singapore property sector to 'overweight' from 'neutral,' saying that property companies' share prices reacted ahead of the anticipated decline in home prices.
'Value and buying opportunities are emerging as stocks approach trough valuations,' said Lock Mun Yee, analyst at DBS Vickers, in a note. Lock, however, said the sector is lacking positive catalysts over the next six months.
Among other blue chips, Singapore Telecom gained 0.5 percent to S$3.91, Singapore Airlines (other-otc: SGPJF.PK - news - people ) added 0.8 percent to S$15.38 and Singapore Exchange rose 2.9 percent to S$8.17.
Singapore-listed Straits Asia Resources Ltd. (SAR), an Indonesian coal producer, rose 4.8 percent to S$3.06 after its parent Australian Straits Resources Ltd. (SRL) proposed to spin off all its coal assets into an entirely separate operation.
SRL plans to undertake a distribution-in-specie of its 51 percent stake in SAR to its shareholders and sell its coal assets to the unit. SRL also floated the possibility of making a secondary listing in Australia for the coal company.
Better-than-expected quarterly results from JP Morgan and other U.S. companies raised investor hopes that the corporate sector is recovering from the global credit crisis and drove the Dow Jones industrials more than 250 points higher on Wednesday.
Market volatility will persist over the next two weeks as trading will largely be results driven, said Carmen Lee, research head at OCBC Investment Research.
Singapore Exchange Ltd. and Singapore Press Holdings Ltd. kicked off the earnings reporting season in Singapore early this week.
'Despite the improved sentiment, investors are likely to remain slightly cautious,' said Goh Mou Lih, research head at Westcomb Securities, in a note. Investors will continue to await the results of major financial institutions to assess the extent of the damage done by the subprime crisis on their earnings.
Merrill Lynch (nyse: MER - news - people ) will announce its first-quarter results tonight while Citigroup (nyse: C - news - people ) is scheduled to report its earnings on Friday.
At midday, the benchmark Straits Times Index gained 59.54 points or 1.9 percent at 3,147.03.
Gainers beat decliners 381 to 164 with 1,035 stocks unchanged.
There were 789.3 million shares traded valued at S$986.4 million.
Rig builders gained as crude oil prices rose to a fresh record, which should boost investments in oil and gas exploration activities. Keppel Corp (other-otc: KPELY.PK - news - people ) led the market's charge, rising 6.2 percent to S$11.68 while SembCorp Marine jumped 4.8 percent to S$3.90.
Banking shares also advanced, with DBS Group up 1.7 percent at S$19.38, United Overseas Bank (other-otc: UOVEY.PK - news - people ) up 1.8 percent at S$20.56 and Oversea-Chinese Banking Corp rising 1.7 percent to S$8.51.
Property stocks were also higher. CapitaLand was up 4.4 percent at S$6.68, City Developments gained 4.3 percent to S$12.14 and Keppel Land added 2.8 percent to S$5.86.
DBS Vickers Securities has upgraded its rating on the Singapore property sector to 'overweight' from 'neutral,' saying that property companies' share prices reacted ahead of the anticipated decline in home prices.
'Value and buying opportunities are emerging as stocks approach trough valuations,' said Lock Mun Yee, analyst at DBS Vickers, in a note. Lock, however, said the sector is lacking positive catalysts over the next six months.
Among other blue chips, Singapore Telecom gained 0.5 percent to S$3.91, Singapore Airlines (other-otc: SGPJF.PK - news - people ) added 0.8 percent to S$15.38 and Singapore Exchange rose 2.9 percent to S$8.17.
Singapore-listed Straits Asia Resources Ltd. (SAR), an Indonesian coal producer, rose 4.8 percent to S$3.06 after its parent Australian Straits Resources Ltd. (SRL) proposed to spin off all its coal assets into an entirely separate operation.
SRL plans to undertake a distribution-in-specie of its 51 percent stake in SAR to its shareholders and sell its coal assets to the unit. SRL also floated the possibility of making a secondary listing in Australia for the coal company.
Wednesday, April 23, 2008
BG wins contract to be sole Singapore LNG importer
One of the world's most active traders of liquefied natural gas (LNG), won the contract to become the exclusive supplier for Singapore's planned import terminal, the energy market regulator said on Friday.
Khoo Chin Hean, Chief Executive of the Energy Market Authority (EMA) said that BG offers 3 million tonnes per year (tpa) of LNG from Egypt, Trinidad & Tobago and future Australian supplies, he said.
"BG offers firm supply at competitive prices from its global portfolio from Egypt, Trinidad & Tobago and future Australian supply," he told a news conference.
Singapore said last year it expected to import 1 million tonnes per year (tpy) of LNG by 2012, below the terminal's annual capacity of 3 million tonnes.
Khoo Chin Hean, Chief Executive of the Energy Market Authority (EMA) said that BG offers 3 million tonnes per year (tpa) of LNG from Egypt, Trinidad & Tobago and future Australian supplies, he said.
"BG offers firm supply at competitive prices from its global portfolio from Egypt, Trinidad & Tobago and future Australian supply," he told a news conference.
Singapore said last year it expected to import 1 million tonnes per year (tpy) of LNG by 2012, below the terminal's annual capacity of 3 million tonnes.
Tuesday, April 22, 2008
Blogs languish in high-tech Singapore
INTERNET-SAVVY Singaporeans, who make up the growing force of voters, are waiting to see how their government will respond to the web's newly revealed power as a political tool.
A mood of anticipation has settled in among the people, who have watched with amazement the sweeping impact of the worldwide web in shaping public opinion in Malaysia.
For the Singapore government, which relies on newspapers and television to do the job, it is bad news.
So the question here is: To what extent will the erosion of government control on information and its grip on power quicken the process of loosening up?
How will the young leaders of the People's Action Party (PAP) adapt to the new challenge?
Prime Minister Lee Hsien Loong hinted last week that laws would be relaxed to cope with the "rapidly changing" new media, but only carefully, an obviously cautious response.
"We will study if we should relax parts of the regulations but we will look at this issue very carefully, to prevent any adverse effect," he said.
This had raised a few initial cheers until people started reading his cautionary remarks that followed.
His 'loosening up' interview with a newspaper was punctuated by concern that freely-run blogs during elections – the type that Malaysians were allowed to do – could lead to corruption.
He offered no details. Some observers believe he was referring to the possibility that bloggers might be financed or bribed by interested parties.
For me, it simply means that a Malaysia-style digital coup is out – period.
But the saga in Kuala Lumpur – and Singaporeans' growing resort to the Internet for information – is far from lost. Instead it has raised a wider picture beyond just changing laws.
It calls into question the whole top-down way the country is being governed at a time when a new generation of educated, demanding voters is taking over.
Actually the PAP had embraced the Internet earlier than most others when it built a fast-speed cable network to promote commerce and acquire skills.
But in politics, it is a different matter. The party, despite its sophistication, is years behind others in using it to pursue its political goals.
From the top down – PAP ministers to Members of Parliament to grassroots workers – the party is ill prepared to use the Internet to gain public support.
"This is surprising given its sophistication and vast resources," said a media consultant. The problem, he added, lies in control, not lack of know-how.
A recent example of web reticence: A web-blog (http://www.p65.sg/) run by young PAP Parliamentarians to connect with Singaporeans has fallen into neglect.
Twelve MPS who were born after independence launched it 18 months ago declaring this "it's where we talk" objective – but they haven't been talking much.
It wasn't regularly updated, said a news report, and it is languishing, with 80% of Singaporeans saying they didn't even know of its existence.
I read several pages and found them too boring and cautious, apparently phrased to support policies rather than give frank, independent views on problems facing Singapore.
"These are capable people, so why is their writing so mundane? The answer is probably fear of speaking out of line," said an online writer.
No PAP leader runs his or her own website, although Foreign Minister George Yeo blogs regularly – through a friend's site.
Surprisingly the opposition, which has the most to gain from it, is faring even worse. Apart from the official sites, few leaders operate personal blogs.
The main opposition Workers Party is so fearful of defamation suits that it has forbidden its younger 'gung-ho' committee members from taking part in chat-sites under their names.
The immediate future is a little hazy, but the longer-term trend is clear.
The Internet is exerting more influence on the way Singaporeans live and think with each passing year.
In next five to 10 years, no politician in Singapore can afford not to use the web to reach out to voters. Tightening laws can only hinder but not stop it.
Some eight years ago as I was entering my sunset years, I launched my own information site after realising that I could sit in my room on this tiny island and post messages that could be read anywhere in the world 24 hours a day.
Because such a miracle was possible, I told myself I had do it before I left this world.
This is how many bloggers feel about their work, which is offering a wide range of diverse, alternative views and ideas that will drive the world – and Singapore – on.
Three years ago when political blogs began to spread their wings, I posted an article in my website asking Minister Mentor Lee Kuan Yew: "Why not start a blog?"
With his wisdom and sharp mind, I said, he should have his personal website so that he could pass his experience to young people through a medium they were getting accustomed to.
"The reason is compelling. More youths have stopped reading newspapers, preferring the Internet and this is not a passing fad," I wrote.
In fact, "it is time for the government to make use of blogosphere as a place to talk with its citizens, rather than rely 100% on the mainstream media."
If I were to add a postscript today, I would say: "It's not a question of whether the government will do it but when."
A mood of anticipation has settled in among the people, who have watched with amazement the sweeping impact of the worldwide web in shaping public opinion in Malaysia.
For the Singapore government, which relies on newspapers and television to do the job, it is bad news.
So the question here is: To what extent will the erosion of government control on information and its grip on power quicken the process of loosening up?
How will the young leaders of the People's Action Party (PAP) adapt to the new challenge?
Prime Minister Lee Hsien Loong hinted last week that laws would be relaxed to cope with the "rapidly changing" new media, but only carefully, an obviously cautious response.
"We will study if we should relax parts of the regulations but we will look at this issue very carefully, to prevent any adverse effect," he said.
This had raised a few initial cheers until people started reading his cautionary remarks that followed.
His 'loosening up' interview with a newspaper was punctuated by concern that freely-run blogs during elections – the type that Malaysians were allowed to do – could lead to corruption.
He offered no details. Some observers believe he was referring to the possibility that bloggers might be financed or bribed by interested parties.
For me, it simply means that a Malaysia-style digital coup is out – period.
But the saga in Kuala Lumpur – and Singaporeans' growing resort to the Internet for information – is far from lost. Instead it has raised a wider picture beyond just changing laws.
It calls into question the whole top-down way the country is being governed at a time when a new generation of educated, demanding voters is taking over.
Actually the PAP had embraced the Internet earlier than most others when it built a fast-speed cable network to promote commerce and acquire skills.
But in politics, it is a different matter. The party, despite its sophistication, is years behind others in using it to pursue its political goals.
From the top down – PAP ministers to Members of Parliament to grassroots workers – the party is ill prepared to use the Internet to gain public support.
"This is surprising given its sophistication and vast resources," said a media consultant. The problem, he added, lies in control, not lack of know-how.
A recent example of web reticence: A web-blog (http://www.p65.sg/) run by young PAP Parliamentarians to connect with Singaporeans has fallen into neglect.
Twelve MPS who were born after independence launched it 18 months ago declaring this "it's where we talk" objective – but they haven't been talking much.
It wasn't regularly updated, said a news report, and it is languishing, with 80% of Singaporeans saying they didn't even know of its existence.
I read several pages and found them too boring and cautious, apparently phrased to support policies rather than give frank, independent views on problems facing Singapore.
"These are capable people, so why is their writing so mundane? The answer is probably fear of speaking out of line," said an online writer.
No PAP leader runs his or her own website, although Foreign Minister George Yeo blogs regularly – through a friend's site.
Surprisingly the opposition, which has the most to gain from it, is faring even worse. Apart from the official sites, few leaders operate personal blogs.
The main opposition Workers Party is so fearful of defamation suits that it has forbidden its younger 'gung-ho' committee members from taking part in chat-sites under their names.
The immediate future is a little hazy, but the longer-term trend is clear.
The Internet is exerting more influence on the way Singaporeans live and think with each passing year.
In next five to 10 years, no politician in Singapore can afford not to use the web to reach out to voters. Tightening laws can only hinder but not stop it.
Some eight years ago as I was entering my sunset years, I launched my own information site after realising that I could sit in my room on this tiny island and post messages that could be read anywhere in the world 24 hours a day.
Because such a miracle was possible, I told myself I had do it before I left this world.
This is how many bloggers feel about their work, which is offering a wide range of diverse, alternative views and ideas that will drive the world – and Singapore – on.
Three years ago when political blogs began to spread their wings, I posted an article in my website asking Minister Mentor Lee Kuan Yew: "Why not start a blog?"
With his wisdom and sharp mind, I said, he should have his personal website so that he could pass his experience to young people through a medium they were getting accustomed to.
"The reason is compelling. More youths have stopped reading newspapers, preferring the Internet and this is not a passing fad," I wrote.
In fact, "it is time for the government to make use of blogosphere as a place to talk with its citizens, rather than rely 100% on the mainstream media."
If I were to add a postscript today, I would say: "It's not a question of whether the government will do it but when."
Monday, April 21, 2008
Raymond wins Mini Cooper in Singapore contest
CITIBANK Malaysia and the Singapore Tourism Board (STB) in Malaysia recently picked Raymond Siva as the lucky winner of the "Uniquely Singapore Mini Cooper Contest".
The contest attracted a large number of customers who only needed to buy a minimum S$50 worth of items in Singapore and SMS to register for the contest.
Siva was delighted to have participated in some retail therapy in Singapore."I didn't believe I had won a car, and not just any car but a snazzy Mini Cooper convertible! In fact, I came here just to make sure it wasn't some gag on me.
"It turned out to be a surprise. All that shopping I did over Christmas and New Year in Singapore was worth it, after all," said Siva.
The contest was on from Sept 15, last year to Jan 11 and was open to Citibank credit card members.
Other prizes included Creative Zen Stone Plus (MP3 player) and shopping vouchers, which were offered weekly to customers, who spent S$800 and above in a single day as well as 5X rewards points for purchases of S$300 and above per transaction on weekends during the campaign.
"This has indeed been a great experience as it is the first time we have conducted a campaign of this scale with the Singapore Tourism Board.
"At Citibank we want to deliver value to our cardmembers and giving away something as cool as this convertible is as much fun for us as it is for our winner!" said Vipin Agrawal, business director, Cards and Personal Loans for Citibank.
The contest attracted a large number of customers who only needed to buy a minimum S$50 worth of items in Singapore and SMS to register for the contest.
Siva was delighted to have participated in some retail therapy in Singapore."I didn't believe I had won a car, and not just any car but a snazzy Mini Cooper convertible! In fact, I came here just to make sure it wasn't some gag on me.
"It turned out to be a surprise. All that shopping I did over Christmas and New Year in Singapore was worth it, after all," said Siva.
The contest was on from Sept 15, last year to Jan 11 and was open to Citibank credit card members.
Other prizes included Creative Zen Stone Plus (MP3 player) and shopping vouchers, which were offered weekly to customers, who spent S$800 and above in a single day as well as 5X rewards points for purchases of S$300 and above per transaction on weekends during the campaign.
"This has indeed been a great experience as it is the first time we have conducted a campaign of this scale with the Singapore Tourism Board.
"At Citibank we want to deliver value to our cardmembers and giving away something as cool as this convertible is as much fun for us as it is for our winner!" said Vipin Agrawal, business director, Cards and Personal Loans for Citibank.
Sunday, April 20, 2008
Singapore Aims to Be a 'Media Hub'
In their first joint press briefing together, the Media Development Authority (MDA), Economic Development Board (EDB) and Infocomm Development Authority (IDA) Wednesday highlighted some of the local media sector's recent developments.
Christopher Chia, MDA's CEO, identified Singapore's broadcasting industry as a "big area of strength and growth", outlining the increasing number of co-production deals brokered with international production companies.
Examples of such companies are British distributor FremantleMedia Enterprise and U.S.-based Mark Burnett Productions. The latter partnered Singaporean production house Imagine OmniMedia to produce reality program, The Contender Asia.
According to the MDA, 16 international cable and satellite networks presently use Singapore as a base to uplink their channels to the region. Chia said this showed Singapore's growing position as a "regional media hub".
Chia also talked about the presence of large games and animation developers such as Lucasfilm, Koei and Ubisoft who have set up studios in the country.
Lucasfilm's 3D animation studio here is its first outside of the United States, and European Ubisoft expects its games studio here to be Southeast Asia's largest.
Thomas Lim, director for education, learning, digital media and entertainment, IDA said the games industry is a young but quickly growing sector that is broadening the media sector in the country. "We're finding new ways to carry media," said Lim.
Examples are Singapore-based AsiaSoft's clinching of the rights to publish Mythos, an MMORPG (massively multiplayer online role-playing game) in the region. Koei's Singaporean studio produced its first MMORPG entitled Romance of the Three Kingdoms Online, which launched in Japan in February this year.
Chia said the growth of media enterprises has been helped in part by the healthy media financing scene. Over S$500 million (US$369.5 million) in private capital is available for media projects, he said.
The government announced in July 2006 a fund of S$500 million (US$325.7 million) to be allocated over the next five years to fund Singapore's research and development (R&D) activities in interactive and digital media (IDM).
Manohar Khiatani, assistant managing director, industry development division, EDB, said Singapore's establishment as a trustworthy business environment is in part due to its respect for intellectual property.
Another attractive proposition Singapore holds for foreign companies is also its position bridging the divide between "East and West", by having insight to the region's culture but also western knowledge, added Khiatani.
Lim said Singapore's planned NBN (next-generation broadband network) will help catalyze the digital media scene by delivering speeds of up to 1 Gbps and beyond. Singapore currently has a total submarine cable capacity of 28 Tbps and direct international Internet connectivity of 25 Gbps.
According to the MDA, the Department of Statistics' latest report estimates the overall media sector to have brought in some S$18.2 billion (US$13.4 billion) in revenue and employing 53,000 people as of 2005.
Christopher Chia, MDA's CEO, identified Singapore's broadcasting industry as a "big area of strength and growth", outlining the increasing number of co-production deals brokered with international production companies.
Examples of such companies are British distributor FremantleMedia Enterprise and U.S.-based Mark Burnett Productions. The latter partnered Singaporean production house Imagine OmniMedia to produce reality program, The Contender Asia.
According to the MDA, 16 international cable and satellite networks presently use Singapore as a base to uplink their channels to the region. Chia said this showed Singapore's growing position as a "regional media hub".
Chia also talked about the presence of large games and animation developers such as Lucasfilm, Koei and Ubisoft who have set up studios in the country.
Lucasfilm's 3D animation studio here is its first outside of the United States, and European Ubisoft expects its games studio here to be Southeast Asia's largest.
Thomas Lim, director for education, learning, digital media and entertainment, IDA said the games industry is a young but quickly growing sector that is broadening the media sector in the country. "We're finding new ways to carry media," said Lim.
Examples are Singapore-based AsiaSoft's clinching of the rights to publish Mythos, an MMORPG (massively multiplayer online role-playing game) in the region. Koei's Singaporean studio produced its first MMORPG entitled Romance of the Three Kingdoms Online, which launched in Japan in February this year.
Chia said the growth of media enterprises has been helped in part by the healthy media financing scene. Over S$500 million (US$369.5 million) in private capital is available for media projects, he said.
The government announced in July 2006 a fund of S$500 million (US$325.7 million) to be allocated over the next five years to fund Singapore's research and development (R&D) activities in interactive and digital media (IDM).
Manohar Khiatani, assistant managing director, industry development division, EDB, said Singapore's establishment as a trustworthy business environment is in part due to its respect for intellectual property.
Another attractive proposition Singapore holds for foreign companies is also its position bridging the divide between "East and West", by having insight to the region's culture but also western knowledge, added Khiatani.
Lim said Singapore's planned NBN (next-generation broadband network) will help catalyze the digital media scene by delivering speeds of up to 1 Gbps and beyond. Singapore currently has a total submarine cable capacity of 28 Tbps and direct international Internet connectivity of 25 Gbps.
According to the MDA, the Department of Statistics' latest report estimates the overall media sector to have brought in some S$18.2 billion (US$13.4 billion) in revenue and employing 53,000 people as of 2005.
Saturday, April 19, 2008
Singapore shares lower at midday on profit-taking
Singapore shares closed slightly lower at midday on Friday as investors took some profits following three consecutive sessions of gains.
Investors were cautious after Merrill Lynch (nyse: MER - news - people ) posted a bigger-than-expected loss of S$2.14 billion
in the first quarter and announced 3,000 more job cuts. Rival Citigroup (nyse: C - news - people ) will report its quarterly
results Friday.
'As long as Citigroup's results will not be substantially below expectation, the market is likely to take any disappointment calmly,' Westcomb Securities research head Goh Mou Lih said in a note.
The benchmark Straits Times Index was down 14.86 points or 0.5 percent at 3,111.44.
Decliners outnumbered gainers 255 to 187 with 1,141 st
Investors were cautious after Merrill Lynch (nyse: MER - news - people ) posted a bigger-than-expected loss of S$2.14 billion
in the first quarter and announced 3,000 more job cuts. Rival Citigroup (nyse: C - news - people ) will report its quarterly
results Friday.
'As long as Citigroup's results will not be substantially below expectation, the market is likely to take any disappointment calmly,' Westcomb Securities research head Goh Mou Lih said in a note.
The benchmark Straits Times Index was down 14.86 points or 0.5 percent at 3,111.44.
Decliners outnumbered gainers 255 to 187 with 1,141 st
Subscribe to:
Posts (Atom)
