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http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1139621/1/.html
pharoah88 ( Date: 21-Jul-2011 17:26) Posted:
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A Chinese book
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SINGAPORE: They are the heads of listed companies but, when they received SMSes from " powerful people" , they had to ask him to explain what the messages meant.
Sharing this anecdote at the Human Capital Singapore Conference on Thursday, Associate Professor Tan Khee Giap from the Lee Kuan Yew School of Public Policy said: " They know you are speaking English but they do not get the point … digesting it and doing something about it - that is really different."
If some training courses are conducted in Chinese, said Dr Tan, this could help improve the productivity of small and medium enterprises (SMEs).
Noting that the productivity of Taiwanese SMEs was higher than that of Singapore ones, he said that " quite a substantial number" of Singaporeans are not functionally proficient in English and thus have difficulty grasping concepts when attending professional development courses.
He suggested that the Workforce Development Agency provide some of its training material in Chinese, as many SMEs will not come forward if materials continue to be only produced in English.
" What is important to businessmen is making money and creating jobs, but if we are going to stick to those rules, they are going to be in deep trouble," he said. " Those SMEs that come forward, perhaps do not need help so much - they are no longer SMEs or they are the top 10 SMEs - so I think that explains Singapore's productivity (levels)."
Concurring, precision engineering company Avantek director Billy Cheong said: " A number of SMEs are family-run businesses and not all bosses are proficient in English. There are a number of assistance and productivity schemes for SMEs, but as many of these materials are in English, these SMEs are unaware about them."
Kino Biotech executive chairman Ting Yen Hock pointed out that while Chinese is the mother tongue and working language of Taiwanese workers, Singapore is multicultural and that should be taken into consideration.
Certain industries like pharmaceuticals have more English-educated workers, while employees in electronics - especially those aged 40 and above - are more conversant in Chinese, said Mr Ting. As such, it would help if companies provide training resources and standard operating procedures in both English and Chinese.
Singapore's productivity dipped between 2007 and 2009, but shot up last year to 10.7 per cent - the highest increase since 2000, driven by robust economic growth.
Last February, the Government made raising productivity a priority and set out a target to grow productivity by 2 to 3 per cent annually over the next decade, more than double the 1 per cent achieved over the last decade.
Given that 99 per cent of SMEs here provide almost 60 per cent of jobs and contribute to 53 per cent of the gross domestic product, " if we can raise the productivity of SMEs, it will increase the productivity of Singaporeans" , said Dr Tan.
NTUC deputy secretary-general Ong Ye Kung, who was at the conference, suggested five ways by which productivity could be improved - including paying special attention to the " lowest rung" and having a more flexible human resources system.
" As manpower becomes scarcer, it would make sense for the HR community to take a hard look at its systems and processes, to ensure it is open and flexible, so as to consider every willing and able candidate for every position," he said.
- TODAY
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A Chinese book
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SINGAPORE: They are the heads of listed companies but, when they received SMSes from " powerful people" , they had to ask him to explain what the messages meant.
Sharing this anecdote at the Human Capital Singapore Conference on Thursday, Associate Professor Tan Khee Giap from the Lee Kuan Yew School of Public Policy said: " They know you are speaking English but they do not get the point … digesting it and doing something about it - that is really different."
If some training courses are conducted in Chinese, said Dr Tan, this could help improve the productivity of small and medium enterprises (SMEs).
Noting that the productivity of Taiwanese SMEs was higher than that of Singapore ones, he said that " quite a substantial number" of Singaporeans are not functionally proficient in English and thus have difficulty grasping concepts when attending professional development courses.
He suggested that the Workforce Development Agency provide some of its training material in Chinese, as many SMEs will not come forward if materials continue to be only produced in English.
" What is important to businessmen is making money and creating jobs, but if we are going to stick to those rules, they are going to be in deep trouble," he said. " Those SMEs that come forward, perhaps do not need help so much - they are no longer SMEs or they are the top 10 SMEs - so I think that explains Singapore's productivity (levels)."
Concurring, precision engineering company Avantek director Billy Cheong said: " A number of SMEs are family-run businesses and not all bosses are proficient in English. There are a number of assistance and productivity schemes for SMEs, but as many of these materials are in English, these SMEs are unaware about them."
Kino Biotech executive chairman Ting Yen Hock pointed out that while Chinese is the mother tongue and working language of Taiwanese workers, Singapore is multicultural and that should be taken into consideration.
Certain industries like pharmaceuticals have more English-educated workers, while employees in electronics - especially those aged 40 and above - are more conversant in Chinese, said Mr Ting. As such, it would help if companies provide training resources and standard operating procedures in both English and Chinese.
Singapore's productivity dipped between 2007 and 2009, but shot up last year to 10.7 per cent - the highest increase since 2000, driven by robust economic growth.
Last February, the Government made raising productivity a priority and set out a target to grow productivity by 2 to 3 per cent annually over the next decade, more than double the 1 per cent achieved over the last decade.
Given that 99 per cent of SMEs here provide almost 60 per cent of jobs and contribute to 53 per cent of the gross domestic product, " if we can raise the productivity of SMEs, it will increase the productivity of Singaporeans" , said Dr Tan.
NTUC deputy secretary-general Ong Ye Kung, who was at the conference, suggested five ways by which productivity could be improved - including paying special attention to the " lowest rung" and having a more flexible human resources system.
" As manpower becomes scarcer, it would make sense for the HR community to take a hard look at its systems and processes, to ensure it is open and flexible, so as to consider every willing and able candidate for every position," he said.
- TODAY
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Accommodate needs of the ‘silent’ in transport fare hike
Letter from Sunny Choong
WHAT a caring letter, I thought, when I read
“They just want to earn a living” (July 20).
It articulated the impact of a public transport fare increase on the intellectually disabled who make the effort to improve themselves within the constraints they face.
I wish to add to the public conversation on the proposed fare hike.
If daily or monthly costs such as public transportation, or any costs of that ilk, make it uneconomical for individuals to travel — and therefore undertake gainful employment and contribute to society — there is an unseen cost to Singapore arising from the proposed fare hike.
This is a complex issue and it would be useful for the stakeholders to articulate their proposals. For instance, transport operators should articulate how the needs of these segments of society could be accommodated.
The letter reminded me that there are those who rely on people such as the letter writer to have a voice. It also reminds us that just because these groups may be unable to articulate their perspectives in person, it does not mean they do not have a valid contribution to the debate.
If decisions are made without taking in all the facts, the decisions are generally sub-optimal.
sUb-prIme  aUthOrItIes  ? ? ? ?
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People who are different deserve understanding and respect, too
Letter from Malti Lalwani
I DO not have any direct contact with children with autism, but it was very saddening to read the letter, “Eatery asked autistic boy to leave” (July 18), and to realise what this family had to go through.
In an environment like Singapore’s, where “real education” has not started to help people be more gracious and empathetic, this must have hit the family doubly hard.
I suspect this is an incident that repeats itself for them.
I would like to humbly add that this lack of empathy and graciousness as well as the ignorance and general attitude in society at large exist in other areas of nonconformity to the mainsteam.
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A classic case of corporate failure?
Staff do not always set out to do bad things, but companies should beware ‘ethical fading’
Aditya Chakrabortty
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The euro zone’s last stand
Throwing good money after bad will not work only a comprehensive strategy can rescue it now
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‘Smack-down sister’ no trophy wife
Wendi Deng, the steely, ambitious woman behind Rupert Murdoch, earns her moment in the spotlight
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Transport standards
under review: Lui
Leong Wee Keat
weekeat@mediacorp.com.sg
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How grossed out would you be if you had to apply snail secretion onto your skin for protections against harsh UV rays and impure particles in our air? That's what the South Americans do apparently.
Don't freak out just yet as you aren't supposed to apply it directly from the snail itself.
Most beauty products are said to use snail secretion as its main ingredients.
 
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ASIA BUSINESS
JULY 21, 2011, 4:06 A.M. ET
ANA, AirAsia to Launch Budget Carrier in Japan
BY HIROYUKI KACHI
TOKYO—All Nippon Airways Co. and Malaysia's AirAsia Bhd. said Thursday they will launch a new low-cost carrier to be based near Tokyo, and which will begin operations in about a year.
The Japanese airline, commonly known as ANA, will hold a 67% stake in terms of voting rights in the joint venture, to be called AirAsia Japan ...
s100125 ( Date: 21-Jul-2011 16:24) Posted:
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Tiger Airways.
In the final hour of trading yesterday, Tiger's share price jumped 14.5% from 4:02pm to 4:44pm, before sliding down to S$1.14 currently. Strong volume was witnessed, with around 50m shares were traded. There are unconfirmed talks that Institutional investors could also be accumulating the beaten down stock, but we maintain our cautious stance and reiterate our Trading Sell recommendation.
We could re-rate Tiger on i) Thai-Tiger's approval ii) oil price weakness and iii) signs of turnaround in Australia.
Target price set at S$0.71.
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21st July 2011
 
 
Top Story: Indonesia Banks – Soaring higher                                                                                                                                                Overweight
 
Sector Initiation (Indonesia)
 
Bank Rakyat Indonesia: The top pick - Fair value IDR8,500                                                                                                    Outperform
 
Bank Mandiri: Primed for growth - Fair value IDR9,500                                                                                                                      Outperform
 
Bank Danamon: Regulatory and rights issue headwinds - Fair value IDR6,600                                      Market Perform
 
Bank Central Asia: Priced for perfection - Fair value IDR7,350                                                                                            Underperform
 
¨            Indonesia’s banking industry continues to leverage on a supportive economic environment that is driven by domestic demand. GDP growth of 6-7% pa.. is forecast for 2011-2012 that will sustain loan growth of over 20% pa (2010: +23.3%).
 
 
Bank Rakyat: The top pick                                                                                                                                                                      Outperform (Initiation of Coverage)
 
New Coverage (Indonesia)
 
¨            We like Rakyat for its entrenched leadership of the micro lending and consumer segments that will be the key driver of loan growth of over 20%. During 1Q11, micro and consumer loans each grew 39.6% and 21.9% yoy respectively, leveraging on Indonesia’s strong economic growth and a growing middle class. The micro lending segment also enables Rakyat to generate high NIMs concurrent with low NPLs thus helping to generate superior ROEs (1Q11: 33.4%).
 
 
Bank Mandiri: Primed for growth                                                                                                                                                  Outperform (Initiation of Coverage)
 
New Coverage (Indonesia)
 
¨            Mandiri is attractive for its strong growth capacity. Leveraging on Indonesia’s solid macroeconomic fundamentals, Mandiri recorded strong loan growth of 24.7% yoy during 1Q11 and is poised to outstrip its 20-22% growth target in 2011. Mandiri’s traditional strength in corporate banking also puts it in a strong position to capture infrastructure-led loan demand from Indonesia’s new investment cycle.
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Genting Malaysia:
Gets nod for US$4bn Vietnam project                                                                                                              Outperform
 
News Update
 
¨            According to a media report, the Genting group and its Vietnam partner, Vina Capital have obtained the Vietnam government’s permission to reclaim 1,555ha of land in the Thang Binh district, paving the way for a US$4bn (RM12bn) recreational resort project with gaming facilities for foreigners. They have been given 12 months to reclaim the area (which is in the Chu Lai Economic Zone, about 70km south of Hoi An City). The project will have five-star hotels, resort villas and up to 2,500 houses for sale or rent. Although the report did not mention which Genting entity would be involved in the project, we believe Genting Malaysia (GM), may be involved as it was believed to be in talks with a partner to explore opportunities in Vietnam.
 
 
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CIMB Squawk Box... |
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Recent share price weakness makes Genting Singapore a screaming buy! |
Confused?   
There were various brokers' reports with various recommendations on Genting Singapore (GENS) in the last two weeks or so. Stock price in recent days has been gyrating up and down in very sizeable volume.
Should you buy GENS? Yes Yes Yes.
You should own this.
One of the de-rating factors that affected stock price was investors' argument that the above-theoretical win rate is not sustainable and the effect will be prominent in the next few quarters (i.e. 2Q and 3Q). As the matter of fact, we mentioned this couple of months back posts GENS 1Q11 result. By the way, in case you forgotten this, 1Q11 result was by and large a stellar one.
Yes for sure, the normalization at RWS is expected in the coming quarters but Singapore gaming market could grow at 44% to reach S$7bn in 2011, suggesting that there's no let up in market share to MBS. Well, at least in gaming dollar term. RWS was still the GGR market share leader with over 60% of the gaming pie. Very cleverly, RWS can optimize utilization of gaming space to drive the gaming revenue. Now currently it has a VIP: mass market table mix of 30:70 there about, but we figure that it will reshuffle the tables if the VIP segment continues to outpace the mass market. Revenue mix-wise, the VIP:non-VIP ratio should tilt higher than the 61:39 mark we saw in 1Q11. Beyond gaming revenue, the RWS's four hotels continued to perform well with climbing occupancy rate. With Journey to Madagascar launched in mid-May and USS to be opened at end-May, management remained upbeat on the attractiveness of USS to draw in more visitors, which in turn could translate into higher casino patronage and gaming revenue (something that we should see reflected in 2Q11 numbers).   
We reiterate OUTPERFORM with a target price of S$2.79.
How to trade this: Prices have fallen to its long term bullish flag support and this is the fourth test of this support trend line. We saw a sharp rise in volume yesterday, which could possibly be a selling climax.
If prices close where they are right now, it would form an inside day, which is a potential reversal signal.
The MACD and RSI are still falling but if prices hold where they are, then we see a strong potential for a bullish divergence signal. As there are still no firm reversal signals, we think that only aggressive traders should go long here with a stop placed below the recent low of S$1.755.
On the upside, resistance is seen around the S$1.94 or 50-day SMA.
A breakout above this level should send prices climbing towards its 200-day SMA at S$2.06.
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edchai ( Date: 20-Jul-2011 13:38) Posted:
Weaker quarterly report means buying opportunity ?? 
Comment ?
 
Greenbean ( Date: 20-Jul-2011 11:01) Posted:
DJ MARKET TALK: DB Downgrades Genting To Hold, Slashes Target (2011/07/20 09:59AM)
0159 GMT [Dow Jones] STOCK CALL: Deutsche Bank downgrades Genting Singapore (G13.SG)
to Hold from Buy, slashes its target to S$1.90 from S$2.43, on a lower
13X EV/EBITDA, saying 2Q gaming trend is likely to disappoint. " Our
recent visits to Singapore and channel
checks suggest the 2Q gaming trend is likely to be soft on-quarter. We
expect Genting Singapore''s 2Q EBITDA to be around S$332 million (down
34% on-quarter and on-year), dampened by seasonality, a weaker quarter, a
reverse in high VIP hold and increasingly
intense mass-market competition." The house tips rival MBS to gain
" significant market share" in 2Q, up from 40% in 1Q. " We believe the
street is expecting S$350 million-S$400 million EBITDA in 2Q. Should the
share price overshoot fundamentals, we see S$1.62
(11X EV/EBITDA) as a good entry level." The house now expects junket
approval in 2012 and cuts FY11-FY13 earnings forecasts by 16%-21%. It
cites earlier-than-expected junket approval as a key upside risk. Shares
off 1.1% at S$1.81, underperforming the STI,
which gains 0.4%. (matthew.allen@dowjones.com) 
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By Channel NewsAsia, Updated: 20/07/2011
Authorities looking at improving service quality of public transport
 
 
Lui Tuck Yew (file pic)
SINGAPORE: Transport Minister Lui Tuck Yew said that it is the quality of service delivered by the two public transport operators that he is " paying most attention to" .
In a post on his Facebook page, Mr Lui said this will cover improvements in capacity, addressing crowdedness on buses and trains, frequency and reliability of service.
Mr Lui said he experienced the discomfort and frustrations that commuters face and wants to see improvements in the public transport system.
He noted that although SMRT and SBS Transit have raised the frequency of trains and buses, more needs to be done.
In the same post, he also said the operators SMRT and SBS have added a total of 590 weekly trips from March 2011. There will be further improvements later this year when more trains are added.
He also shared that since LTA began the regular quarterly bus improvement process with the operators in June last year, 64 bus services were improved.
But Mr Lui said: " Frankly, much more needs to be done."
For example, authorities are looking into how much they can further shorten the intervals between trains, during off—peak period.
He added the LRT system at Bukit Panjang needs to be significantly improved.
And the service standards for buses, he said is " not sufficiently stringent" .
Mr Lui said attention will be paid to feeder services where they need to increase the number of buses and the government will work with the operators to make sure this is done.
On fares, Mr Lui gave the assurance that the Public Transport Council (PTC) " looks out for the interests of commuters in all fare reviews" .
He said the fare cap system itself ensures that SMRT and SBST cannot increase fares beyond the cap.
" If there is no inflation and no wage increase for the year, the formula allows the PTC to impose a fare reduction of 1.5 per cent on the operators. Hence, they know they have to improve productivity and innovate."
Mr Lui said such measures have helped to increase the revenue and profits of public transport operators but through non—fare sources.
He added that close to 45 per cent of SMRT’s operating profit and 50 per cent of SBST’s operating profit in the past two years came from non—fare sources which include rental and advertising.
Both public transport operators have make applications for adjustments to fares.
— CNA/ck
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Cracks within ECB over
Greek debt solution
FRANKFURT
The ECB has proved a major stumbling block to agreeing to a second rescue plan for Greece as it has threatened to refuse to accept restructured Greek bonds as collateral in its lending operations in the event of a default or a selective default.
Mr Ewald Nowotny, head of Austria’s central bank and an ECB council member, said a full default would have “grave consequences” for Greece and the ECB’s ability to accept its debt as collateral. But he indicated that a selective default might work.
There is a full range of options and definitions — from a clear-cut default to selective default, to a credit event and so on.
Austria’s central bank governor Ewald Nowotny — A solution to Greece’s debt crisis could involve a “selective default” without major consequences, Austria’s central bank governor said, the first sign of a crack in the European Central Bank’s (ECB) hard line on the issue.
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Going private
raises interest
LINETTE LIM
linettelim@mediacorp.com.sg
SINGAPORE
“Recently we’ve seen several delisting cases on the SGX. And there are other names that have popped up as potential speculative themes — for example, GuocoLand and Ho Bee,” he said.
Potential privatisation targets are generally those with a majority shareholder owning between 50 and 70 per cent of the company, with the firm trading at a steep discount to its book value or revalued net asset value (RNAV).
Developer Allgreen was majority-owned by Malaysian billionaire Robert Kuok and trading at a discount of almost 40 per cent from its book value before delisting. — Recent share delistings on the Singapore Exchange (SGX) have raised the interest of small shareholders because such bids can come with attractive exit offers, sometimes as high as a 20 per cent premium to the last traded price, according to SIAS Research investment analyst Liu Jinshu.
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Government blasted over
handling of tainted beef
TOKYO — Japan’s government, struggling to contain radiation contamination among beef cattle, is being blamed by consumers and lawmakers for negligence over its handling of the food safety crisis, even as it moved to ban shipments from affected areas.
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Chronic road-hogging
on expressways
Letter from Danny G Tan
THIS is a daily occurrence on our expressways during peak hours. Many vehicles with a 70kmh speed limit travel in the middle lane to overtake those in the left lane.
Even though the overtaking vehicles are already travelling above their speed limit, they usually travel slower than the 90kmh limit on most expressways. Therefore, both the left and middle lanes get clogged with these slower vehicles, while faster ones share only the right lane.
I hope the traffic police can ensure that trade-vehicles stick to their 70kmh limit this will ensure that these vehicles do not use the middle lane for overtaking and stick to the left lane — and their speed limit — as a result.
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