Search the Community

https://asia.nikkei.com/Economy/China-s-Greater-Bay-threatens-Singapore-s-finance-and-tech-status China's 'Greater Bay' threatens Singapore's finance and tech status Analysts see huge Hong Kong-Macao project siphoning business away from city-state JUSTINA LEE, Nikkei staff writer March 04, 2019 06:35 JST To stay competitive and become a "smart" city, Singapore has been investing in emerging digital technologies across various industries SINGAPORE -- China's ambitious Greater Bay Area project encompassing Hong Kong, Macao and nine cities in Guangdong could threaten Singapore's standing as a hub for finance and technology. Earlier this month, Chinese authorities unveiled their plans for the vast area, which boasts a population of 71 million and an estimated gross domestic product of $1.64 trillion. Although a concrete road map for developing the Greater Bay Area has yet to be made, the unveiling was a crucial step forward in Beijing's efforts to quell rising protectionism around the world and spark a slowing economy at home. According to economists, the project could eventually overshadow Singapore. Lawrence Loh, director of the Centre for Governance, Institutions and Organisations at NUS Business School, noted that the huge project "will definitely" have an impact on Singapore. "The geoeconomics of the new Chinese development will be formidable in its scale and scope, [creating] synergies across many industries and markets," he said. Loh added that the Greater Bay Area is also "a much bigger region," with 12 times Singapore's population and almost five times its GDP. "The main challenge for Singapore will be specifically in the finance sector and -- more broadly -- in its location as a business hub," Loh noted. Tommy Xie, head of Greater China Research at OCBC Bank, said that Hong Kong will be the first to benefit from the project. Strengthening Hong Kong's role as a global financial center and magnet for investment by China "may pose some immediate challenges to Singapore," he said. Still, rather than being put off, some Singapore companies see potential in the huge area. Lucas Loh, president of China & Investment Management at Capitaland Group, said the core growth engines, Guangzhou and Shenzhen, in the Greater Bay Area "are also part of [the company's] core city clusters in China." Capitaland has been ramping up its presence in Guangzhou over the past year, acquiring two residential sites in Zengcheng District and a mixed-use site in Guangzhou Science City, which Loh says is "a key component of China's plans to turn the Greater Bay Area from a strong manufacturing base into a science and technology hub." Shenzhen will form an important part of China's Greater Bay Area. © AP However, not all analysts think the project will damage Singapore. "Hong Kong and Singapore are global cities which tap worldwide talent pools and financial markets, so the Greater Bay Area does not really represent a marked shift in the competitive dynamic between the two," said Duncan Innes-Ker of The Economist. Innes-Ker thinks the city-state can mitigate some effects of the project by reducing barriers that prevent Singapore-based companies from operating in Southeast Asia. "ASEAN's economies are expected to expand rapidly," he said. "This should provide many opportunities for financial and professional service providers based in Singapore" To boost competitiveness, Singapore has been increasing efforts to transform itself into a "smart" nation by investing in emerging digital technologies across various industries. In fintech alone, investments in 2018 more than doubled to $365 million from a year ago, according to a recent report by Accenture. Singapore is also working on fifth-generation, or 5G, technologies. In January, Singapore Telecommunications, Ericsson and Singapore Polytechnic launched the nation's first 5G training and testing center. The partners will use the facility to develop applications for transportation, logistics, health care, manufacturing and other industries.

Kena shut down by MAS MAS orders BSI Bank to shut down in Singapore POSTED: 24 May 2016 at 12:38 PM UPDATED: 24 May 2016 at 1:15 PM SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Tuesday (May 24) it has ordered the closure of Switzerland’s BSI Bank in Singapore. A notice of intention has been served to the bank to withdraw its status as a merchant bank in Singapore for “serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff”. This is the first time since 1984 a merchant bank in Singapore has been ordered to shut down. In 1984 Jardine Fleming (Singapore) was ordered to shut down over serious lapses in its advisory work. BSI Bank has also been fined S$13.3 million for 41 breaches of anti-money laundering regulations. The breaches include a failure to perform enhanced customer due diligence on high-risk accounts, and to monitor for suspicious customer transactions on an ongoing basis. BSI Bank has been operating in Singapore since November 2005, offering private banking services. It is a wholly-owned subsidiary of Switzerland-based BSI SA. “Clients and customers of BSI Bank are assured that the bank is solvent and has assets in excess of its liabilities and commitments. It also has the full support of its parent bank, BSI SA, in Switzerland. MAS is working closely with the Swiss Financial Market Supervisory Authority (FINMA), the home regulator of BSI SA, to oversee an orderly closure of BSI Bank in Singapore,” MAS said. It added that the Swiss authorities had earlier approved the acquisition of the entire BSI group by Switzerland-based EFG international. “In the interest of the customers of BSI Bank, MAS will allow the transfer of the Singapore subsidiary’s assets and liabilities to the Singapore branch of EFG Bank AG or to the parent entity, BSI SA.” SIX STAFF REFERRED TO PUBLIC PROSECUTOR Six members of the bank’s senior management and staff have been referred to the Public Prosecutor to evaluate whether they have committed criminal offences, MAS said. The six are former CEO Hans Peter Brunner, former Deputy CEO Raj Sriram, head of wealth management services Kevin Michael Swampillai, who is currently suspended by the bank, former senior private bankers Yak Yew Chee and Seah Yew Foong, and former wealth planner Yeo Jiawei, who is currently in remand and has been charged for various offences. The Attorney-General’s Chambers said in a statement on Tuesday that further charges against Yeo will be tendered “in due course”. “Insofar as the five other individuals named by the MAS are concerned, the Attorney-General’s Chambers will be working with the Commercial Affairs Department to review the facts before assessing the next appropriate course(s) of action,” it said. THREE INSPECTIONS, MULTIPLE BREACHES In 2011, MAS inspected BSI Bank and found policy and process lapses at the front office and weak enforcement by control functions. These lapses were rectified, MAS said. In 2014, it again inspected the bank and uncovered “serious shortcomings” in its due diligence checks on assets underlying the investment funds structured for the bank’s customers. The bank’s management was ordered to increase scrutiny of its risk management processes and internal controls. A more intrusive third inspection by MAS last year revealed “multiple breaches of anti-money laundering regulations and a pervasive pattern of non-compliance”. The 2015 inspection revealed widespread control failures which led to numerous serious breaches of various anti-money laundering regulations; poor and ineffective oversight by the senior management; unacceptable risk culture, with blatant disregard for compliance and control requirements as well as MAS’ regulations; and numerous acts of gross misconduct by certain staff, MAS said. “Specific regulatory lapses include the processing of multiple unusual transactions which were essentially pass-through trades often without economic substance. Approvals of such transactions were based purely on faith of client representations despite deficient documentation and concerns raised by the bank’s compliance officers.” Mediacorp News Group ©2015 Mediacorp Pte Ltd

So whose pocket/s do you think is a little fatter now?

Another reason not to get sick. India-Singapore to sign a pact for movement of nurses http://economictimes.indiatimes.com/articleshow/45111352.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

I've been getting summoned for parking outside my house which is a continuous white line, okay I know im wrong I breached the rules. However, the way they run things really pissed me off. Firstly out of all the residents car that parked outside of their house (there were around 20 plus or more) only 3-4 got summoned. So one of the day which is yesterday, I caught that guy issuing me a ticket to my car, so I came out and asked why he only summoned specific cars only. He said they will only issue ticket to cars that the residence around that area complain, so I was like okay if that's the case I complain to him right on the spot and demand him to summon the rest of the cars then. He told me I need to call up the LTA hotline to make a report first, which is totally nonsense. It takes time to call them, and by the time they send another traffic warden down is already another 1hr plus or sometimes they do not appear at all! So this time round I was really pissed off, I called the LTA and request them to summon all the cars around the area. they say ok they will send someone down, I said someone is already down here so why can't they do something immediately. they said they need to go through some SOP before the traffic warden can issue. Then I was like ok, and the stupid procedure takes like years to process...so I get this traffic warden to wait here till they get the info to summoned. by then Ive had enough of waiting as its already 12 midnight and I don't have all day to play with them, so I called the supervisor to come down also and demand an explanation to this. The supervisor came down and gave the same lame excuse where they summoned cars only complained by the residence. I was like WTF? ok so I did made a complain earlier on so can u summon the rest of the vehicles, so they called their office to check and stuffs after so long then they decided to tell me okay they will summon every vehicles...but after driving around looking they decided not to summon and back out of their words....seriously wtf is going on?! they like to summon they summon don't like then don't summon? so okay I called the LTA officer today, she told me that they will only summon those cars complaint and with the carplate number given to them....I was like WTF?!?! seriously that's really b-------t...if u wanna enforce the rule then enforce all out...why do some half fuk job... I will be taking down those carplate numbers later on and gonna complaint to them...see what are they gonna do about it...if still not summon issue, I think there is really some unfairness and biasness in the way LTA and Certis Cisco run things.... sorry for the long post...just ranting

Link Hahaha..... First kena super expensive price at super small size. I read that 5-room is 105 sqm! On top of that, it comes with 12 sqm balcony and 5 sqm ac ledge and walkways to the room. Common room size is 2.5x3 m.... Go figure.... Trivelis floor plan Now BTO popped up right beside it.

I am sharing my bad experience I had with M1 yesterday. I called M1 to terminate one of my spare line whose contract had just expired but was convinced by one of their Customer Service Officer not to do so. She advised me to downgrade to their lowest plan, the DIY Basic Plan, and told me that I will be given some entry level hps if I were to re-contract for 2 years. Being convinced, I then decided to settle for a Nokia Asha 300 as the free hp. Minutes later, I changed my mind and felt that the Samsung Galaxy Ace is a better choice. I then called M1 again and ask whether I can have the Galaxy Ace and was told that I need to top-up $48. I felt that it is a fair deal and checked the stock availability. Having done so, I then proceeded to the M1 shop at Compass Point to re-contract my line. I had a rude shock when the CSO attending to me told me that if I wish to buy the Galaxy Ace, I have to pay an EXTRA $10.70 every month for the next 2 years besides the $48 top-up. I argued that why wasn't I being informed when I called their hotline 1627. It is a DAYLIGHT ROBBERY by M1 should I buy. A simple calculation 24 X 10.70 = $256.80 plus the $48 will come up to $304.80. On top of that I have to keep the line for the next 2 years. I then called 1627 again to vent my frustration as I have wasted 2 hours of my time, petrol and car park charges. I hope the BIG GUN at M1 read my post. Bye bye to you M1 as I will potting my other 2 lines which is expriing soon to other service providers.

I heard from some source that the government has awarded to a contractor to implement GPS ERP. It seems that testing was done in India, not in Singapore and just after the GE Is this sneaky or what?

Prepare to pay more and more more and more more and more more and more more and more more and more more and more more and more more and more and more and more more and more more and more more and more more and more more and more more and more more and more more and more and more and more more and more more and more more and more more and more more and more more and more more and more more and more and more and more more and more more and more more and more more and more more and more more and more more and more more and more and more and more more and more more and more more and more more and more more and more more and more more and more more and more and more and more more and more more and more more and more more and more more and more more and more more and more more and more and more and more more and more more and more more and more more and more more and more more and more more and more more and .............................................

http://blog.omy.sg/cloudywindz/archives/914 hi all, very entertaining story on the little green dot.

Motor traders were speculating 40 percent reduction. End up only 3 percent.... election must be near... The Certificates of Entitlement (COEs) quota for the period February 2011 to July 2011 will be 22,368. Details of the quota for each vehicle category are at Annex A. Bidding under this quota will start with the February 2011 First Open Bidding Exercise. The COE quota consists of the following components:

from wikipedia Demonym Singaporean Government Parliamentary republic - President Alfred Yeo - Prime Minister Clinton Gandy - Speaker of Parliament Luis Pabon - Chief Justice Sean McKenna Unless there was a 2 door detat recently

Calling all IT experts. Need some help with the Microsoft Outlook else I will lose all my critical emails. It says my outlook.pst is corrupted. So I guai guai used scanpst.exe to scan. Half way into the scan, they say got error and terminated the scan. After that, I cannot run scanpst anymore. Does anyone know how to import a *.pst file to supersede what I have lost? I saved a copy of the outlook.pst elsewhere but dunno how to import it. Any assistance will be great. I am at wits end.

Had an accident last Nov 2009,and claimed $4000. Gg to renew my insurance with another co X,spoke with the agent thru and he asked what my previous insurance Co. was, told him it's Co. Y. So I expected him to chk and learnt of my accident claim, but he came back with answer and told me my NCD was 50%. I asked him is he sure or not, and I did not reveal the claim as I felt that it was not my fault of the accident. So I renewed my insurance with Co. x and all papers was signed,meaning I the proposal and the insurance accepted my proposal. Now e-mailed me and said they chk with my previous insurer and know got claim of $4000 Now asking me to top up $1169 extra. Is that fair to me? Both side accepted and now give me crap and asked me to top up over $1000. What recourse do I have?

I just did last Friday. Sabotage by a newly promoted supervisor, a young Chinese girl from boleh land. I was told to implement a new system by my regional but could mean more admin work for her team. So she feedback even the tiniest technical glitches to my idiotic director, who in turn conclude that the system is inefficient in front of my regional. My regional who thought the whole system is down questions me about it. I reported those glitches to them and got screwed by my director for making him look bloody bad. That was his last day before he went for retirement or go die better. The new director came in and reopen the case. That bitch printed out copies of A3 size paper and the so called reported issues are mere few points complete with dates of reporting etc. The new director looked at me and my manager and that bitch's manager, then quickly went through the motion and end the meeting. Chow Chee Bye, it's like having a punctured tire and telling the AD the car handling no good. Think I will go for a run later and figure out how to put her out of job.

Sometimes I look at the FTs working at foodcourts, Mac, petrol stations etc and I wonder if they regret coming here. Their pay is low by Singapore standards and only "high" for China because of exchange rate but also not that high. Because they are living here, they have use their meagre pay for transport, accomodation and food at the very least. If I'm not wrong they also had to pay those employment agencies a sum of money to get here. After deducting all expenses, I wonder how much they actually managed to send home. Worse still, some of them already have family and children in China. All in all I think the workers, be they local or foreign gets screwed. Only the bosses are laughing their way to the bank.

Just now I was negotiating my way into a carpark, and as I was talking with my wife and not paying attention, I downshifted from 2nd to 1st gear without fully depressing the clutch. The gear protested with a loud grinding noise and the gear shift sort of "bounced back" to 2nd gear. After that I depressed the clutch properly and shifted to 1st gear without any problems. And for the rest of the night there didn't seem to be any issues. Did I cause any long term serious damage due to my moemntary lapse in attention? Please advice me....

Was riding home on Upper Bukit Timah (UBT) Rd towards Woodlands Rd. Jam started after the viaduct, outside the Courts bukit timah. There is a massive jam. Traffic on the UBT towards the Woodlands Rd was diverted to Hume Avenue due to the road closure after the T-junction. Curious enough, I went back to see what was happening from the opposite direction. A trailer carrying a heavy equipment over the height limit of (4.5m?) slammed into the blue warning signboard. really FUBAR situation. I wonder how much the claim and the fine going to be.

http://halturnershow.blogspot.com/2009/02/...collateral.html

Wahlau eh. This Maserati driver really sia suay his peers, behaving in such an ungracious and unreasonable manner. His number plate is on full display too, SJD 9026C. Let's give his car doors a good dinging whenever we see him since he say it's "common" for dingings to happen in public car parks. http://singaporeseen.stomp.com.sg/singapor...nt.jsp?id=21490 STOMPer Vicky says she was appalled when this driver seemed to have deliberately slammed his car door against her car which was parked beside his, to demonstrate how such an incident is common. According to the STOMPer, this happened right after she confronted the driver's wife and daughter for hitting her car as they were opening their car doors. She said the incident happened last Sunday morning (Apr 27). She was waiting for her fiance in the car as she was not feeling well, when she saw the man and two female passengers approaching the car parked beside hers. She said as the women were getting into the front and back passenger seats adjacent to her car, she heard two loud 'thuds' and felt the impact of the opening car doors hitting her car. She got out of her car and told the woman at the front passenger seat that she had witnessed the incident and that they should be careful to avoid a similar occurrence in the future, said the STOMper. She said after the woman apologised, she decided to let the matter rest and walked away to inspect her car. However, she said the driver got out of his car and went up close to her and asked her what her problem was and why she was talking to his wife and daughter. She said as she moved away from him, the driver continued saying that at public carparks, it is common for cars to be hit when doors of adjacent cars are opened and that she should have parked elsewhere if she was not happy about the incident. The STOMPer said the driver then continued saying,

My car was installed by KM for the above mentioned solar film... Results is very lousy as the sfilms are sticked on with particles and dust, with the films folded when the car was handed over to me. Spoke to the SE and he referred me to look for the solar film dealer directly. Went down and managed to schedule an appoint with them today. Sent my car in @ 9am. Left my car there and went out. Went back at 1pm and job is halfway done. Went home to rest and went down to collect the car at 5pm, They called me on the way and mentioned that the car is ready for collection. In the process of checking the car, i discovered that 2 of the panels are still dirty and also folded, thus i request to speak to the manager. manager told me that he will schedule me and appoinment as the installer has already left. That is totally ridiculous as i took leave today just to sent my car in, which means now i haf to take another day leave. Then the manager dave me another solution by getting the installer to come back and redo, condition is i haf to gif them time, which i agreed. After which i continue checking the car and notice that theres a patch of adhensive glue, those glue sniffing type of glue on my boot cover. measuring 5cm by 1cm. so i told the in charge to take a look, which they manage to peel it off. Took out my polishing cream and polishing the residue off. However, the glue has already corroded the laqeur of the paint. Leaving a patch on the paintwork. Manager was equally stunned when he saw the patch on the paintwork. Glue is used by them to removed the old residue left over. He called in the operation manager of their company, sales manager of the manager. After much discussion, they decided to bear the responsibilities for respraying the boot cover for me by KM. Respray might take 2days or so, and they still cannot tell me whether they will give me a replacement car not. 1st- Lousy installation job and lousy Quality control, trying to smoke through and make their problem my problem. 2nd- Lousy and unexperienced workmanship which result in damage to the customer car, though compensation will be made, my 1

3 women in fatal pub brawl jailed By Elena Chong, Court Correspondent THREE women, who were involved in a fatal pub brawl at Clarke Quay with their boyfriends six months ago, were jailed on Tuesday. Mr Eugene Chua, the man the group set upon outside the Geographer's Bar on April 23, later died. Hostess Marliana Khamaruddin, 30, got the heaviest sentence of four years for causing grievous hurt to Mr Chua. The other two were each given 21/2 years for rioting. Marliana, Shariah Solahan, 22, a public relations manager, and waitress Nurashikin Mohamed Yasin, 24, pleaded guilty earlier. The group were so angry with Mr Chua's friend for grabbing the throat of Shariah earlier, they decided to take revenge. Mr Chua, 30, who worked as a manager at Que Pasa bar in Emerald Hill, died from a serious head injury two days later after he had been repeatedly punched and kicked. Ibrahim Abdul Rahman, 27, Marliana's boyfriend, and Alfe Rohan Bakri, 32, the boyfriend of Nurashikin, were jailed last month for grievously hurting the victim while part of the group. A sixth individual, Clarence Soh Keng Hian, 29, Shariah's boyfriend, is at large. Deputy Public Prosecutor Stella Tan told the court Mr Chua was with his friend, sales manager Ang Wee Hong, 31, in the area outside the bar's toilets when he accidentally bumped into Shariah's shoulder. All three were tipsy. During a dispute, Mr Chua pointed his middle finger at Shariah, who reacted angrily and moved nearer to him. Mr Ang grabbed her by the throat and Nurashikin quickly pulled his hand away. She punched him and was joined by Marliana who rained punches on Mr Ang's face. Marliana also kicked Mr Chua from behind and punched him on the face once. He fell but managed to get up. Both men were then escorted to another area by security staff. Meanwhile, Ibrahim, Alfe and Soh heard what had happened and were fuming. Soh suggested they find the two men to take revenge. The three men assaulted Mr Chua while the three women punched Mr Ang. While Mr Chua lay unconscious on the floor, Marliana walked to him and gave him two kicks - on the head and chest. http://www.straitstimes.com/Latest%2BNews/...ory_172057.html All becos of [inline middle.bmp] middle.bmp

I finally decided to RTFM from top to bottom. Under engine oil. They specified that you have to use a ILSAC GF3 engine oil that is also API SL rated. Then there is this chart that tells you that you should use oil of 10W40 to 20W50 grade. Do see something wrong with this? There are no ILSAC GF3 rated oil at 10W40 or 20W50! Only 5W20, 0W30, 5W30, 10W30, 0W40 and 5W40 grades meet ILSAC GF3.