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What about non-fuel cost?
Letter from David Boey
IT IS not surprising that the recent application by the two public transport operators to increase bus and train fares has raised the ire of some commuters.
Consumers do not welcome price increases for goods or services for which an alternative is out of their reach.
It is surprising, therefore, that households have generally accepted the electricity tariff without much fuss.
This may be due to most of them believing, somewhat mistakenly, that the tariff is closely correlated to the price of fuel and, as price-takers, there is nothing much they can do about the latter. And because the tariff has risen less rapidly than the price of fuel this year, perhaps it cannot be all that bad.
However, the cost of fuel accounts for about only half the tariff.
One component of the tariff that has received scant scrutiny is the non-fuel generating cost — the amount paid to the electricity generating companies to cover their non-fuel expenses (such as depreciation, staff costs, taxes) and profit.
For the first nine months of this year, the average non-fuel generating cost (excluding Goods and Services Tax) stands at 6.63 Singapore cents/kWh, an increase of almost 18 per cent from the 5.62 cents/kWh for the corresponding period last year.
These cents translate into about S$480 million annually for domestic consumers in total, compared to about S$410 million last year (annualised and based on last year’s demand).
Domestic demand is less than one-fifth of total demand, however.
Including non-domestic consumers, the total non-fuel generating cost paid to the electricity generating companies may be as much as, if not more than, the S$1.4 billion in combined annual passenger revenues of SMRT and SBS Transit.
The percentage increase, at least for domestic consumers, is much more than the proposed 2.8-per-cent increase in bus and rail fares.
How much of it goes towards the generating companies’ profits?
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Landlords are not the
only ones held to ransom
Letter from Erik Wilgenhof Plante
The news report “Some tenants in arrears hold landlords to ransom” (July 21) gives a one-sided view of the rental situation in Singapore.
Rising real estate prices have caused a lot of issues for tenants. Landlords often raise the rent to unacceptable levels, citing the real estate market. This would be logical if there were a shortage of rental homes, which is not the case.
Many landlords prefer to keep their premises empty [CASINO GAMING ? ? ? ?] for a few months than to keep a good tenant who pays a reasonable rent on time and causes no trouble.
Our previous landlord doubled the rent after the two-year lease of our townhouse expired. He refused to negotiate even though the average rent of similar properties was much lower.
We proved to be model tenants and had chosen the location because it was close to my son’s pre-school.
It places great strain on any family to pack up and leave every time. There is, however, often no choice.
The rent for an average condominium unit or townhouse is often four to five times more than the mortgage amount.
Buying is not an option for many renters because of the 20-per-cent cash payment required upfront.
We had no choice but to move and are now living in a HDB flat, which is the only form of housing that is still (barely) affordable.
I am already dreading the next time the lease comes up and the whole game starts anew.
At that time, there will be nowhere else to go.
In short, it is not only tenants who can hold the landlord to ransom. It is often the landlord who holds the tenant to ransom.
The absence of any form of rent control is creating a rental bubble that makes it almost impossible for renters to find a suitable home.
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frOm the letters in the newspapers and online
sEEms lIke
sIngapOre hIred ALL the wrOng tAlent
at the tOp ? ? ? ?
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What about non-fuel cost?
Letter from David Boey
IT IS not surprising that the recent application by the two public transport operators to increase bus and train fares has raised the ire of some commuters.
Consumers do not welcome price increases for goods or services for which an alternative is out of their reach.
It is surprising, therefore, that households have generally accepted the electricity tariff without much fuss.
This may be due to most of them believing, somewhat mistakenly, that the tariff is closely correlated to the price of fuel and, as price-takers, there is nothing much they can do about the latter. And because the tariff has risen less rapidly than the price of fuel this year, perhaps it cannot be all that bad.
However, the cost of fuel accounts for about only half the tariff.
One component of the tariff that has received scant scrutiny is the non-fuel generating cost — the amount paid to the electricity generating companies to cover their non-fuel expenses (such as depreciation, staff costs, taxes) and profit.
For the first nine months of this year, the average non-fuel generating cost (excluding Goods and Services Tax) stands at 6.63 Singapore cents/kWh, an increase of almost 18 per cent from the 5.62 cents/kWh for the corresponding period last year.
These cents translate into about S$480 million annually for domestic consumers in total, compared to about S$410 million last year (annualised and based on last year’s demand).
Domestic demand is less than one-fifth of total demand, however.
Including non-domestic consumers, the total non-fuel generating cost paid to the electricity generating companies may be as much as, if not more than, the S$1.4 billion in combined annual passenger revenues of SMRT and SBS Transit.
The percentage increase, at least for domestic consumers, is much more than the proposed 2.8-per-cent increase in bus and rail fares.
How much of it goes towards the generating companies’ profits?
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OVERHEARD:
Singapore is only gOOd in
MONOPOLYING
and paying
TOP SALARIES
tO CORPORATE RUNNERS
Singapore is nOt flUId like MACAU
nOt STRATEGIC
and is CONCERNED with
HOUSEFOLD ISSUES like:
- NO FREE FOODS ? ? ? ?
- NO FREE COACHES ? ? ? ?
because
FREE FOODS would affect RETAIL FOOD SALE ? ? ? ?
FREE COACHES would affect SMRT & SBS TURNOVER ? ? ? ?
PURE PROTECTIONISM ? ? ? ?
focusy ( Date: 24-Jul-2011 11:31) Posted:
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GENTING SP
has nO JUNCKET LICENCE
Y E T ? ? ? ?
after one and a half years in operations ? ? ??
focusy ( Date: 24-Jul-2011 11:31) Posted:
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| GALAXY ENTERTAINMENT: Bingo! Up 1,700% in 2.5 years |
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Sunday, 24 July 2011 08:04
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Excerpts from analyst reports...
Capital: GALAXY ENTERTAINMENT enjoying ‘supernormal growth era’
Galaxy started 2009 at HK$1.06 and recently closed at HK$19.36 for a 1,700% return.
INVESTORS OF Genting Singapore, whose stock has been weak in recent months, might take heart from the amazing performance of Galaxy Entertainment (HK:27) which is listed on the Hong Kong Exchange.
Get this: Galaxy has chalked up a 1,700% return since the start of 2009!
And research house Capital Securities says that leading gaming and leisure firm would continue to enjoy a “supernormal growth era”, and is raising the target price to 28.08 hkd from 18.01, with a potential 51.5% upside.
The “STRONG BUY” rating is maintained on Galaxy.
“Via its subsidiary, Galaxy Casino, S.A., the Group holds one of six Macau gaming oncessions authorized to carry out casino games of chance in Macau. Based on our Discounted 3-Stage FCFE H Model with CAPM 11.2%, gs 15.0%, gl 3.0% and H factor of 4.0, we would like to upgrade our 12-month target price,” Capital said.
The target price will result in EV of HK$121,271.0mn, with regard to FY11E Adjusted EBITDA of HK$5,018.9mn, EV/Adjusted EBITDA 24.2x.
Capital: Galaxy enjoying 'supernormal growth era'. Photo: Galaxy
The application of Discounted 3-Stage FCFE H model is due to the start of another “supernormal growth era” of the company, Capital added.
“There is no point in arguing that Galaxy Macau will be the next growth driver, though the existing organic growth of StarWorld Hotel, Waldo casino, Rio casino, Grand Waldo should not be ignored.
" Yes, competition is intensifying. Though, the cake is getting bigger and bigger.”
Capital said that the winner will be those who completed their expansion plans as soon as possible.
“As such, the beginning of operations for Galaxy Macau will be of paramount importance. Key risks include political and policy risks, interest rate risks, intensifying competition and uncertainties from the black market.”
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focusy ( Date: 24-Jul-2011 11:31) Posted:
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HSBC Global Research upgrades Genting Singapore (GENS) to Overweight from Neutral.
HSBC analyst, Sean Monaghan, noted that the stock has been weak since the company reported 1Q11 results, which showed a slowing in earnings growth (excluding VIP win rate volatility).
" While we acknowledge the slow relative growth of the Singapore casino market vs. the regional peers such as Macau, we suggest the Singapore market offers an excellent platform for casino operators to generate reliable earnings and cash flow."
HSBC maintained its target price of SGD2.22/share, calculated based on a 10% premium to its sum of the parts valuation. For the upcoming 2Q results, HSBC sees an erosion in market share in the mass gaming segment but a retention of its dominant position in the international VIP segment.
HSBC believes GENS is in a position to generate substantial free cash flow from 2012 and will be in a sound position to fund future expansion initiatives or commence paying dividends.
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ENLIGHTENMENT
This wOrld alsO needs
jUst One
WORLD GOLD DOLLAR [G$]
There wOuld be nO FInAncIAl crIsIs
Creating mAny cUrrencIes
bAnks cheAt the cOnsUmers UsIng
twO-tIer exchAnge rAtes
tO mAde the dIfference
and eArn prOfIt
twIce fOr eAch trAnctIOn
warrenbegger ( Date: 24-Jul-2011 16:56) Posted:
I am a Freethinker. I am not bound to any religious and any ways of rightness.
So i can accept and respect all race, colour and religious. The only truth is all human blood are red in colour, thats fact we had to accept but many didnt see it inside U.
Good religious can lead to rightness but some may also lead to darkness. Dont know how their shit rush to brain one?
There's an old free saying, or maybe i said one :)
Different Religious is the cause of all different human separation.
We R just human, why cant we live in peace? Because of different religion different view? All keep arguring there's only their own true god? Or is there real god to save U or the world when we need them? Or is there a home for U when U leave your body? There's no answer to it, the answer is all inside yourself.
Why cant we combine all religion goodness or be a freethinker for a better world?
For world peace. WE need to become ONE.
One God. One human. One free mind. |
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Working on acne from the inside
Skip the creams and lotions and work on improving health from within
AP
One pleasant surprise that I find with my clients is that they have improvements in the quality of their skin once their lifestyles improve. As I always preach, skin condition is a good indicator of overall health.
I always help clients go for maximum health because a healthy body burns fat easily, gains lean, firm muscle easily, and in almost every case, has good quality skin.
When most people have acne, they head straight for the creams and lotions that can be placed on the " problem area" . There are two concerns I have with these solutions.
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Mermaid has secured a drilling contract in Indonesia worth US$26.5m for tender rig drilling MTR-2. We note the operational excellence of MTR-2, which had achieved eight years of no loss time accident.
In addition, we continue to see multiple catalysts from drilling which includes
1) exercise of the last in-the-money jack-up options with Keppel as well as
2) drilling contracts secured for newbuild jack-ups.
Any contracts secured by MTR-1 would also provide upside to our earnings estimates as we have not factored any contributions.
Current entry price provides limited downside risks, in our view.
Maintain OUTPERFORM
CIMB TP S$0.49.
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Standing up for the 'godless'
angry doc wasn't aware this special report (who reads newspapers these days anyway?), but thanks to this letter in the ST Forum, he is clued in:You don't need faith to be good
THE Saturday Special report last week ('God wants youth') stated that religious groups were determined not to lose a generation to godlessness, especially now with youth gangs in the news.
It also noted that what is at stake is the potential of losing the youth to cynicism, violence and even fanaticism.
These remarks suggest a prejudice against those without any religious affiliation.
The last census in 2000 showed that roughly 15 per cent of Singaporeans did not have any religious affiliation. The article essentially suggested that this group, 'the godless', are cynical and prone to violence.
As a society for non-believers, the Humanist Society (Singapore) disagrees.
The reality in societies everywhere is that there is no difference between non-believing youth and the religious youth in their propensity towards violence. There are actually higher levels of violence among those who identify themselves as 'religious' or 'faithful'.
As for cynicism, there is certainly no correlation between non-belief and a cynical attitude. Many non-believers are involved in the world around them, trying to make it a more humane, compassionate place.
The two largest charitable donations in the history of the world were by atheists: American investor Warren Buffett and his fellow American Bill Gates of Microsoft donated US$30 billion (S$39 billion) and US$11 billion respectively to the Bill and Melinda Gates foundation, a charitable organisation whose main goals are to enhance health care and reduce poverty worldwide.
I know of many non-believers, people who identify themselves as humanists, atheists and agnostics, who regularly donate to charity. Many also do volunteer work for humanitarian causes.
One does not need to have a religion to lead a good, happy and meaningful life and to have compassion for our fellow human beings.
Paul TobinPresidentHumanist Society (Singapore)
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C H E E R S !
Broker_77 ( Date: 22-Jul-2011 13:04) Posted:
| It will never go back to 1.325..it a uptrend can't you all see it? Good luck to thsoe who short..as usual up to u guys to believe. |
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Overcharged for bus-fare deductions
Are fare-card readers in order?
Who to approach when it happens?
Letter from Koh Kah Huat
ON JUNE 26, I emailed SMRT after noticing for a few days that the bus fare deducted on Service No 804 from Yishun bus interchange to the stop opposite Block 367 Yishun Ring Road, after transferring from Yishun MRT Station, was S$1.49.
If the transfer was from Service No 858, the fare deducted for the same journey on Service No 804 is even higher.
But without any transfer, the fare is 71 cents.
SMRT replied to ask for my ez-link card number, which I promptly gave them. The following week, SMRT said I would have to refer to TransitLink on the status of my claims.
But on Wednesday, SMRT said that if it finds that I was overcharged, it would check whether there was any software glitch or if it was caused by a wrong setting of the card reader system by the driver.
I would like clarity on who commuters should approach, the transport operators or TransitLink, in cases of wrong fare deductions.
And what sort of audits are in place to ensure that fare deductions are correct?
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Will food prices rise after renovation?
Since the closure of the Eunos wet market for upgrading/renovation, I have been going to Haig Road market, which I notice has been renovated, like the adjoining hawker centre.
But prices there are generally higher than those at the Eunos market and there appear to be fewer stalls selling vegetables and meats. Prices at the hawker stalls are also higher compared to those at the hawker centre at Eunos.
While I am glad the upgrading/renovation of Eunos market will provide a more pleasant marketing environment, I hope that prices will not go up when it opens in the second quarter of next year.
Meanwhile, I also pity the enforced holiday for the hawkers and stall operators until then.
One wonders why the authorities did not use the field next to Eunos MRT Station to set up a temporary wet market.
Loo Sw ee Hock
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Include electronic panels in transport review
Letter from Denis Distant
I REFER to the article “Transport standards under review: Lui” (July 21). The review should include the electronic panels that show bus arrival timings at selected bus stops.
I use the bus stop at Lucky Plaza, which has persistent problems. Often, the electronics go haywire, with rows of red lights. When the display works, it often has other problems such as wrong timings:
The bus is already at the bus stop, but the panel indicates it is still on the way.
On Wednesday morning, I waited for Service No 106, which the panel indicated was 15 minutes away.
After five minutes, there was still no change. Then, inexplicably, the entire display blacked out and, out of nowhere, Service No 106 arrived.
There should be proper maintenance of such information systems and if a particular one is repeatedly faulty, it should be replaced.
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‘Calls for video recording
have been considered’
The Ministry of Law reiterated that the ‘real check against abuse is to have clear guidelines and rules on how officers should take statements, and to enforce such rules’.
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Record loss of S$10.9 billion for MAS due to strong Sing dollar
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The MAS said that despite the large paper loss it would not be changing its investment strategy.
Mr Menon explained: " The whole purpose of holding foreign reserves is to hold them in foreign currencies to boost your international purchasing power.
" So our investment strategy must remain focused on that to maximise returns in foreign currency on a sustained long-term basis as well as ensure sufficient liquidity.
" Because as a central bank, we also need to make sure that our assets are in fairly liquid form to meet our monetary policy operation needs. So those are the two guiding principles and that will remain so.
" The translation loss is not a factor. It is just a reporting phenomenon where you report in Singdollar, the strength of the Singdollar diminishes the value of the reserves. Like I said, if we had reported our results in foreign currency or US dollar, this is not an issue."
The MAS said that during the year the Singdollar appreciated against most currencies. The Singdollar appreciated 9.9 per cent against the US dollar, some 5.5 per cent against the euro and 4.9 per cent against the sterling pound.
Song Seng Wun, regional economist at CIMB Research, said: " This is the difficulty when we report foreign exchange reserve holding, which is really a holding with a mixture of foreign currencies and assets. You've got US dollars in there, you've got euros, you've got yen, and a number of other currencies as well.
" The problem, as we all know, is that the strong Singdollar has certainly helped for those who do online shopping but for the government who reports reserve currencies in the reporting currency Singdollar, we've got a problem.
" And that is what we have got this time round, in that the US dollar depreciated by over 10 per cent, that is that the Singdollar has strengthened. So when we report any balance sheet in the reporting currency which is stronger, you are going to get exchange losses.
" By our estimate, we probably hold something like 60 per cent of the reserves in US dollar and if that currency depreciates by more than 10 per cent, then you will have an impact. Some of it is in euros as well, and again, many Singaporeans realise that the euro has weakened."
The MAS said that the current monetary policy stance of appreciating the Singdollar nominal effective exchange rate (S$NEER) policy band set in April this year remains appropriate.
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