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Can anyone explain what will be the impact of the rating? File photo: Singapore's skyline. Enlarge Caption SINGAPORE: Credit rating agency Moody's on Monday downgraded the outlook of Singapore's three main banks to "negative" from "stable" amid rising property prices and mounting household debt in the city-state. "The two main drivers underpinning our opinion are the recent period of rapid loan growth and rising real estate prices in Singapore and in regional markets where Singapore banks are active," it said in a statement. "These have increased the probability of deterioration in the banks' credit profiles under potential adverse conditions in the future." Moody's said Singapore banks have been operating in a favourable environment for an extended period amid low interest rates and strong regional economic growth, which has led to rising credit and asset inflation in the property and financial markets. Domestically, household debt increased to 77.2 percent of gross domestic product as of March 2013 from 64.4 percent at the end of 2007, with private property prices growing 120 percent during the same period. "Regionally, we observe similar or even more dramatic trends," Moody's added, noting that Singapore banks generate more than 37 percent of their revenues from overseas markets. A tightening of US monetary policy is a "potential trigger" that could have an impact on interest rates in Singapore and neighbouring countries as well as capital flows in emerging economies where Singapore banks are active, Moody's said. Federal Reserve Chairman Ben Bernanke said last week the US central bank would maintain its growth-oriented policies "for the foreseeable future". But some analysts expect its $85 billion-a-month bond purchases to taper off in coming months, possibly in September. Moody's outlook report covers prospects in the next 12-18 months for DBS Bank, Oversea-Chinese Banking Corp and United Overseas Bank.

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ST Forum Jul 29, 2011 Loan quantum puts flat beyond reach MY WIFE and I heeded the Government's call to have more babies and have more than reproduced ourselves with three wonderful children. With a growing family, an elderly parent and a maid, my family of seven was badly in need of a bigger living space. We decided to make use of our second and final chance to apply for new build-to-order (BTO) subsidised public housing. After close to a year of unsuccessful applications, we were overjoyed to be finally invited to select a BTO flat. But our joy proved to be short-lived. The subsidised public housing we selected costs close to half a million dollars. Our combined income of more than $7,000 is at the high end of the Housing Board's income ceiling. Yet when we applied for an HDB loan, we were surprised that the board required a downpayment of 60 per cent - more than a quarter of a million dollars - on the purchase price. The HDB offered a maximum loan of only $188,000 on a half-million-dollar public flat. I truly wonder if public housing is affordable any more if citizens, like my family who have heeded the Government's call to have more children, have to find more than a quarter of a million dollars to make the downpayment on a subsidised public flat. Shi Weilong

ZURICH - The OECD has branded 46 countries and territories for 'insufficient progress' in meeting standards on tax cooperation and banking secrecy, a Swiss newspaper reported on Monday. Swiss daily Tages Anzeiger reported that in a letter dated March 5 to British Chancellor Alistair Darling, OECD chief Angel Gurria had provided a list including Switzerland and Singapore, as well as territories such as the Cayman Islands, Andorra and Montserrat. The list also included Costa Rica, Chile, Grenada, Guatemala, Hong Kong, Liberia, Panama, the Philippines, San Marino and Uruguay, as well as Gibraltar, Guernsey and Jersey and a host of Pacific and Caribbean islands. France and Germany have been leading the charge to clamp down on tax havens, calling for an international 'sanctions mechanism' to be imposed on territories that are on a list due to be prepared for a full G20 summit on April 2. Swiss Finance Minister Hans-Rudolf Merz said last week that the OECD list was drawn up at the request of the G20. Amid the pressure, Switzerland, Luxembourg, Austria, Monaco, Belgium, Andorra and Liechtenstein - all of which are on the March 5 list - said late last week that they would relax their bank secrecy laws to provide more cooperation against tax cheats. Swiss Foreign Minister Micheline Calmy-Rey also criticised the OECD for providing a blacklist, in remarks published Sunday. 'It is unacceptable that the OECD secretariat acts secretly on the orders of single member states. We have protested against this course of action. Such an error should not be repeated,' she told newspaper NZZ am Sonntag. -- AFP

malaysia boleh!!! ==================== MALAYSIA has put off plans to ban foreign-registered vehicles from filling up on subsidised petrol in its border areas with Singapore and Thailand, Deputy Prime Minister Najib Razak said yesterday. The ban was originally to start today for Thai-registered vehicles in the north and on June 9 for drivers of Singapore-registered cars in the south. But Datuk Seri Najib, who is in Singapore to attend a security summit, told reporters that an anti-inflation Cabinet committee would meet tomorrow to review the plan. 'We have to find a new effective date because there are other matters, like for example, can we have separate pumps because the Singaporeans are saying that they don't mind paying the market rate,' he said. His comments indicated that the government may allow foreigners to buy higher-priced fuel, whereas the earlier plan was to impose a total ban on foreigners buying fuel. He said that the postponement was made following requests by Singaporeans. Many Malaysians who work in Singapore have also complained that they should be allowed to enjoy subsidised rates for their Singapore-registered vehicles, he added. The move is part of Malaysia's measures to curb soaring subsidies, which are expected to cost the government RM45 billion (S$19 billion) this year as global oil prices skyrocket. It bars foreign-registered vehicles from refuelling at petrol stations within 50km of the country's borders with Singapore and Thailand. The penalty for station owners who flout the rule is a fine of up to RM250,000 or a jail term of three years. Separately, the Malaysian High Commissioner to Singapore, speaking to The Straits Times yesterday, said that the Malaysian government is conscious of the 'practical issues' that have arisen from the proposed ban. There are many Malaysians who own Singapore vehicles, including some who live in Johor Baru but travel daily to work here, Datuk N. Parameswaran said. They should not be 'penalised'. 'Being Malaysian, they should be able to enjoy a Malaysian facility extended to Malaysians,' he said. Mr Parameswaran said that government officials meeting tomorrow will discuss suggestions that Malaysians who own Singapore-registered vehicles be allowed to buy petrol by flashing their identity card, the MyKad. 'That's a very practical possibility,' he added. It had been reported that some Malaysians who own Singapore-registered vehicles were upset by the ban. But others, like Ms Jenny Leong, thought it was fair. 'I work in Singapore and live here, so I shouldn't get to enjoy the subsidy,' said the 60-year-old financial consultant, who is a permanent resident here. ASSOCIATED PRESS

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Marshals at Holland V HDB hires them to improve flow at carpark with new parking system By Sumathi V. Selvaretnam THE Housing Board has deployed marshals from a private company to guide drivers at a much-talked-about carpark in Holland Village that has recently been outfitted with an electronic parking system. They are there to help improve traffic flow around the 400-lot Holland Avenue carpark, which has been at the centre of a three-week controversy. Last month, the HDB forced two popular valet services that operated out of the carpark to close down, saying they caused congestion, harassed motorists and blocked lanes. On Sept 22, the HDB introduced the electronic system for the carpark, the closest one to Holland Village's restaurants, bars, spas and retail outlets. When The Straits Times visited last Friday evening, carpark marshals dressed in red polo T-shirts were seen guiding motorists to available lots. They work for G.Tech, the company that manages the electronic system, which runs on CashCards. The HDB said on Tuesday that the setup, which charges drivers by the minute, has cut down on the number of motorists who monopolise lots. It said the new system has helped an additional 300 to 700 motorists find a spot each day. Some motorists who spoke to The Straits Times, though, said they still preferred valet parking, which they said were more convenient. With the new system, drivers who head to the area at popular times, such as on Fridays and weekends, still have trouble getting lots, and many are forced to wait in the carpark for some time before they can park. 'In an emergency, I don't have to wait around. I'll just give the car to the valet and head off,' said Ms Jocelyn Wong, 31, an interior designer. Last Friday, for example, at least six cars were seen waiting for a lot between 7pm and 8pm. Eleven out of the 15 motorists interviewed said sometimes, the wait took as long as 20 minutes. Sales manager Rajan Subramaniam, 35, was among them. 'They still let cars in when it is full. I am paying for every minute while waiting,' he said. Responding to queries from The Straits Times, the HDB said drivers should consider nearby carparks during prime hours. These include the multi-storey carparks at Block 5A Holland Close, Block 10A Holland Drive, the surface carpark next to the Buona Vista Swimming Complex and the on-street carpark at Chip Bee Gardens. All are within walking distance of Holland Village. It added that though the carpark does not bar drivers from entering when it is full, they are given a 10-minute grace period to look for a lot before exiting it. Meanwhile, some businesses in the area which had deals with the valet companies to park their customers' cars have seen their takings drop. Mrs Sabrinah Hussin, 23, who manages Splendour Spa, said she has had fewer walk-in customers, and the number of regulars has dropped byhalf. [email protected] http://www.straitstimes.com/Breaking%2BNew...ory_285428.html

Wife auctions evidence of husband's affair on Internet AFP - Thursday, August 14 SYDNEY (AFP) - - An Australian woman has taken revenge on her cheating husband by auctioning his mistress's "huge" panties and his "size small" condom packet on eBay. The seller, named only as Anna from Queensland state, says next in line for auction will probably be her husband's Harley Davidson motorcycle "at a start price of 99 cents and, of course, with no reserve!" A photograph shows the lacy black underpants, described as "size humongous" and the "size small" condom wrapper, which the woman found in her bed after her husband's alleged affair with a woman named Kylie. Anna says of the panties: "They are so huge I thought they may make someone a nice shawl or, even better, something for Halloween perhaps." She describes how she returned home early from work after her "soon to be ex-husband" of 22 years mistakenly sent her a romantic text message meant for the other woman, to find him discouraging her from entering their bedroom. In the room she found the empty condom wrapper under his pillow and "The Tart's panties at the foot of the bed". The listing was initially taken down by eBay because of its policy of refusing to sell secondhand underwear, spokeswoman Inessa Jackson told Brisbane's Courier Mail. "We let her know about the policy and instead she's now selling a photograph of the offending knickers," Jackson said. "eBay does connect colourful buyers with colourful sellers and I wouldn't be surprised if someone did buy these items, though I couldn't speculate on who would buy them or why. "This is obviously very therapeutic for this woman and it must be a great channel for her views on cheating and the sanctity of marriage." The photograph, which had a starting price of just 69 US cents, down from the original 99 cents asked for the actual items, had received 47 bids by Thursday, with the top offer standing at 127.50 US dollars with four days to go. The listing, along with the wife's story, has been added to eBay Australia's Best of eBay site at http://bestof.ebay.com.au. http://sg.news.yahoo.com/afp/2008081...ca0e61940.html

Hyundai is top 3 in J.D. Power and Associates Study BMW & Mercedes Benz are below Industry Average Even Toyota is behind Hyundai!

Was driving home along ECP towards airport just past the Keppel Viaduct. What happened after that sure placed things into perspective. Was on the way home after visiting my doc and it was really pouring today, one of the worst I've ever experienced, especially when driving. Was just happily cruising along when I suddenly heard a voice (God) telling me to slow down and not follow the taxi in front of me at too close a distance. Next thing I knew, the taxi, which was on lane 1, swerved left and right, it's pathetic tires lost grip (they really should change to better tires or if not, change regularly). The out-of-control cab tried to regain control but too late, it slammed into the side of another taxi on lane 2. It didnt stop there! It continued swerving left and right left and right and I was fast approaching it. Traffic was rather heavy and moving fast (70 at least - fast when considering the rain). Had to make split decision to decide where to swerve to steer clear of the cab (here i thank the driving skills gained on PG with the rest of you guys man). Managed to clear the still moving cab. Please guys, change your tires if they are due and don't save money on tires, especially when changing to big rims.