iShares MSCI Singapore Index Fund (ETF) (EWS) news: Singapore: Bubble ...

Forbes recently ran a contribution declaring Singapore to have a housing and credit bubble. Mr. Colombo will undoubtedly predict the next bubble and pop, since he has pointed to ten possible bubbles in the last three months. The amount of data he pulls together is very impressive. If you want an update on Singapore economic data I highly recommend the article.

He has tons of attention grabbing numbers, but the argument boils down to - low interest rates causing a credit bubble and correspondingly a housing bubble. He suggests that economic crashes in China and other parts of Asia (though he didn't mention Thailand) plus rising interest rates will cause housing to crash, borrowers to default, and Singapore's large financial industry to take everything down. After the collapse of US housing and the ensuing financial crisis, this all sounds reasonable.

Except that Singapore's housing and credit markets are different from the US. Starting with property, we see a volatile and recently bubble like trend:

Talking to property agents in 2010 and 2011, the market also sounded like a bubble - speculators were buying properties and reselling them very quickly, then reinvesting and driving prices. Singapore's government did not follow Greenspan's 'I can't see a bubble until it pops'. Instead, a number of 'cooling measures' (economists would call these macro-prudential policies) were instigated to reduce speculation. These started as additional taxes for quick flipping of property. We can see in the next figure that the impact of the measures was significant. In fact, the initial reports for December 2013 indicate a drop in housing prices. Again, my agent contacts are all saying that volumes are way down. And I'm hearing anecdotes of housing selling below valuations (unheard of in the previous decade).

Now remember that these private properties are actually less than 20% of the market. We should be looking at public housing:

(click to enlarge) (click to enlarge) (click to enlarge)

Here we all see a big run up in prices from 2007 to today (with a down-blip at the end). But we can also see an eight year stretch of no housing price increases. Overall we have 6% per year from 1999 to today, or 4% yearly appreciation, which doesn't sound so much like a bubble. We should also check the supply and demand fundamentals:

So construction of new units was low and flat in the 2000s and recently increased. Compare with population growth:

The mid-2000s had a big influx of immigrants while housing supply was not growing to match. Unsurprisingly, prices increased rapidly.

The original claim was that the 'bubble' was caused by ultra-low interest rates leading to unsustainable borrowing. While interest rates clearly did lead to a lot of borrowing there are reasons to believe there will not be a crash in Singapore. My first reason for being optimistic is that the most recent 'cooling measures' have been macro-prudential regulations targeted at excessive borrowing. The Monetary Authority of Singapore announced in 2013 that a small percentage of Singaporeans were taking on dangerously high debt service levels. To curb this, various policies were enacted. In early 2013 a limitation on loan-to-value and debit levels on car loans. This instantly hammered the 'private transport' inflation from 5% to zero. In mid 2013 the Monetary Authority of Singapore put new restrictions on property loans. These featured caps on loan to value (80% on first property; 60% on a second property) and total debt service ratio (60% for all loans against haircut income). Significantly the total debt service ratio must be calculated as if interest rates were 3.5% or higher - not at current low rates.

The caps on additional property and total debt service ratio are particularly meaningful in Singapore. While home-equity loans in the US were used to fund home extensions and cars, in Singapore they tend to be used to purchase additional property for rental income. This means that actual re-payment is less sensitive to employment than it was in the US. Further, employment is very high in Singapore.

Conclusions:

Mr. Colombo raised concerns about an overheated construction sector as well. The first item to allay concerns is that the significant investment in infrastructure will continue for at least another decade. Two more pan-island subway lines are planned for start in the next decade as are several extensions to existing lines. Additionally, never underestimate Singaporeans desire to rebuild their apartments. Residential housing in Singapore rarely lasts even 20 years, and so the construction industry will be sustainable even just refreshing the existing housing stock.

Finally, even a large global recession may not have lasting impact on Singapore. The Singapore economy was hit significantly by the global financial crisis. However, the recovery was very quick - 1 or 2 years depending on how one counts. Singapore has two big safety nets for recessions. Most important, normally running a surplus, Singapore is able to engage in very significant short term stimulus spending - on the order of 10% of GDP for 2009. Secondarily the extensive importing of labor provides a safety valve - foreign workers are laid off first, and so unemployment never gets very high. Additionally, Singapore's export markets are quite diversified with Europe, China, Malaysia, Indonesia, Hong Kong each about 10% and US a little less than that. While an economic crisis in China would be bid news for Singapore, I don't see that as likely to cause a credit crash in Singapore.

Not everything in Singapore is roses however. While I don't a crisis in the near future, I do have concerns about medium term growth trends. As shown in the graph above, population growth has been quite strong over the last ten years. This has strained housing availability (evidenced by the prices), transport infrastructure, and particularly the political climate since most of the population growth has been immigration. These strains have resulted in a number of restraints on immigration. In spite of a government goal to add another million people, population growth will slow for the next several years while infrastructure catches up. The slower importation of labor will also pressure wages, particularly in lower skill industries.

While house prices have been high and interest rates low, I believe there is no imminent crash. While emerging markets have been hit hard, Singapore is not an emerging economy - it is a developed nation, with a strong economy, full employment, and enjoys a 'safe haven' status for regional wealth. While the big returns of the 80's and pre-crisis 90's are unlikely, returns to Singapore companies ( EWS) and Singapore small caps ( EWSS) are likely to be reliable. Both the EWS and EWSS funds give a sustainable 4% yield. Investors looking for a good entry point should pay close attention to the exchange rate ( FXSG) and bargains due to spill over effects from capital outflows from emerging markets. The exchange rate history suggests a 2 to 2.5% annualized appreciation adding to the 4% dividend stream. Thus I feel Singapore is still an acceptable place for investment - risks are lower than the market is implying.

Singapore's bunker suppliers boost services

OW Bunker has used Coriolis flow meters on their supply vessels worldwide for the past seven years.

Singapore has indicated further tightening of its bunkering standards might be on the way, and, according to Wendy Laursen, major bunker suppliers OW Bunker and Dynamic Oil Trading are positive about the hub's continued focus on quality.

Recently a spokesperson for the Maritime and Port Authority of Singapore stated at an international conference that they expected the use of mass flow meters to be compulsory 'in due course'. This focus on protecting the interests of shipowners and operators follows on from changes to the Singapore Bunkering Standard (SS600 and SS524) in 2013 that aimed to prevent quantity and quality disputes. Key changes included the inclusion of the values of hydrogen sulphide and oxidation stability on the certificate of quality issued by the provider.

Søren Christian Meyer, vice president of the physical division of OW Bunker, one of the world's largest bunker suppliers, says any reports of fuel being frothed damage the reputation of the whole industry. 'Clearly these circumstances are based on the actions of the few, and ultimately shipowners and operators do have a choice in who they buy their fuel from. Like in any market, you get what you pay for. Nevertheless, it is vital that responsible fuel suppliers take a progressive approach to ensuring quantity and building a positive reputation for the industry,' he says.

'Clearly, technology and innovation is an example of what the industry can do to drive positive developments, and in relation to ensuring quantity, mass flow metres are currently advocated as the best solution.' OW Bunker has used Coriolis flow meters on their supply vessels worldwide for the past seven years. This technology measures the quantity as the force of the fuel oil flows through vibrating tubes. Sensors and transmitters are then used to generate a linear flow signal, which is linked to software located on the bridge to monitor the amount of fuel oil taken on board and is accurate to ±0.5%.

'From OW Bunker's perspective, the investment has certainly paid dividends. As well as ensuring the quantity of fuel delivered, using a Coriolis flow meter creates a more efficient and smoother delivery process between the bunker barge and the receiving vessel. Importantly, using the technology does not slow deliveries down and we can still pump fuel oil at speeds of a minimum of 650m³/h.'

However, Mr Meyer believes the technology needs further development. The meters are not a plug and play solution and can be sensitive to external stress, vacuum and pressure pulsations, as well as pulsations in the fuel oil that come from nearby gear pumps and engines.

Lars Møller, CEO of Dynamic Oil Trading, says that as the world's leading shipping hub Singapore must ensure that it continues to set a great example by driving progress and innovation in the bunkering sector as well as upholding quality standards and giving shipping companies the confidence to take on bunkers in Singapore.

Dynamic Oil Trading was launched in 2012. The company is headquartered in Singapore and operates globally, with plans recently unveiled for the launch of an operation in Dubai and further expansion planned in Asia, Europe and the Americas.

'In 2013 we have seen evidence of a more robust attitude towards bunker suppliers by the Singapore MPA, with a number of companies being removed from its list of accredited suppliers,' says Mr Møller. 'The revisions made by the MPA to the Singapore Bunkering Standards have been implemented for very good reasons, he says. 'Naturally it has instigated some additional information gathering and paperwork, but any steps that are taken to record more detail of the quality of fuel products as well as the quantity supplied should be welcomed.

'In terms of the impact of these amendments, anything that gives our customers greater confidence in the quality and quantity of the product that they are buying, whilst also protecting suppliers against claims, is a good thing. These measures also align the Singapore Bunkering Standards with the international ISO8217 standard which is a benefit for shipping companies trading internationally, as it provides them with a consistent quality standard. We'll judge any future amendments to Singapore Bunkering Standards on their merits, but as long as the management and operational impact on suppliers is not disproportionate and we have enough notice of any further changes, we will approach them in a positive spirit.'

The MPA recently completed an LNG bunkering technical standards and procedures study with Lloyd's Register and has agreed to harmonize procedures with the ports of Antwerp and Zeebrugge in Belgium. Mr Møller welcomes Singapore's desire for offering LNG. 'However, the financial climate has been tough on this industry, and it is too early to say what the long-term take up of LNG will be or whether it will be limited to a few, specific regions and routes.

'There is no doubt that LNG will have a role to play in the future, particularly beyond the implementation of the global 0.5% sulphur limit in 2020 or 2025. From an environmental perspective, it is certainly viable in meeting the impending regulations. However, there is much that needs to be done in terms of developing the infrastructure for LNG as well as setting standards that will ensure its safe supply.'

LNG trading and LNG supply can be a complementary offering for the bunker industry, and the specialised skillset required can sit within a larger bunkering operation and be focused on those ports and routes where LNG is viable, says Mr Møller. 'For LNG to be successful, the bunkering process must be closely aligned with the process that is used today. Many core bunkering skills are entirely transferable to the LNG sector. Bunkering companies must play a central role in developing this, and I believe it will give confidence to shipping companies if they can see that today's bunker industry is involved in the development of a future LNG bunker supply chain.'

In the short term, there is sufficient distillate to meet current demand and anticipated demand post-2015, when the sulphur content limit of bunker fuel in ECA waters falls to 0.1%, says Mr Møller. The greater unknown is the situation after 2020 or 2025, when the global sulphur limit falls from 3.5% to 0.5%. Currently, most future refinery capacity lies outside of existing ECAs. 'The greater the uncertainty over fuel stocks and the more time that passes before we have a clearer industry consensus over the preferred mix of compliance technologies, the more likely it will be that the stricter global sulphur limit will be deferred to 2025.'

Dynamic Oil Trading is finding an increasing appetite among its customers to hedge against bunker price movements during the tough economic conditions experienced by shipping at present. The company helps them determine the most suitable risk profile and risk management instruments.

Brian Thorhauge, global head of risk management at OW Bunker, agrees that there is a genuine level of uncertainty about future prices. For example, the impact of the US shale oil reserves could lower prices. However continued upturn and improvement in confidence within the global economy may see an increase in demand which will drive oil prices upwards. Additionally, there are continued geopolitical risks, specifically the unrest in the Middle East and North Africa, which can also have an impact.

'From a risk management perspective, this uncertainty on future pricing means that solutions are becoming more complex, as a number of hedging instruments are required as part of a total strategy. For example, shipowners and operators are moving beyond plain swaps which just fix the price of fuel oil for a specific period,' he says.

'We are now seeing an increased number of customers moving away from the traditional average of the month settled swap and demanding more tailor made solutions for both swap solutions and strategies with the combination of physical delivery in specific ports. This means that they don't have to worry about their paper positions and also have the assurance of supply when and where they want it, at an agreed price, which can be adjusted accordingly based on the differential at the particular port where the product is lifted. Customers can also consider strategies with a fuel cap or minimum purchase price'

Mr Thorhauge says that shipowners and operators must work closely with their fuel suppliers to implement an effective strategy. From the fuel supplier's perspective, they must have a complete understanding of their customers' business and operations, trading routes as well their appetite for risk. This enables the provision of tailor-made solutions that are right for each business.

'It is vitally important that as we move towards the 2015 0.1% ECA regulation, shipowners and operators look to develop fuel procurement strategies that deliver compliancy in the most cost-efficient way. If those that operate in ECAs are not retrofitting scrubbers or converting to LNG, distillates remain the only option. With a minimum $300 premium above heavy fuel oil, it is worth taking the time to understand their exposure and look at ways through the development of risk management solutions that can mitigate against this, and ensure that they keep as much cash and profitability in their business as possible.'

Images for this article - click to enlarge

Unless otherwise stated, all images copyright © Mercator Media 2014. This does not exclude the owner's assertion of copyright over the material.

Indonesian export ban leaves Singapore short of granite

A shortage of granite due to an Indonesian export ban has left several construction projects in Singapore in a rocky state.

Contractors told The Straits Times that there have been delays for various projects since the middle of this month.

A Building and Construction Authority spokesman said yesterday that the industry was still importing granite aggregate from 'many other regional sources', though it declined to name them. She said it was working with importers to ramp up supply from these 'diversified' sources.

'If needed, the Government will activate the release of the national stockpile to ease the temporary disruption in supply,' she added.

Indian startup 'Six Degreez' wins i.JAM programme award from Singapore ...

Six Degreez, an Indian startup that has developed a mobile contacts management platform, has won the IDM Jump-start and Mentor (i.JAM) programme award from the Singapore government, administered by its Media Development Authority.

The award consists of a grant of around Rs 25 lakh along with institutional support from Singapore's fast-growing startup ecosystem.

The Singapore IT Federation (SITF) will also support Six Degreez in its growth efforts. The firm will use the funds to further enhance and sharpen the features of the product. 'We believe Six Degreez to be a worthy effort and are happy to make an early contribution to their progress,' said Yong Seong Wei, manager-in-charge at the Singapore government's Media Development Authority.

Founded in last December by Arun Samudrala and Niranjan Rao, a former investment banker and an alumnus of IIMAhmedabad, the firm has developed a technology platform that helps people maintain autoupdated address books in their phone, without the fear of losing their contacts if they lose their phone.

When users change their contact details, they can update their own phones, and the Six Degreez system automatically updates all their chosen friends' phones- and vice-versa. 'The decision by the Singapore government is a big source of encouragement to us,' said Samudrala, cofounder of Six Degreez.

Alternative business structures spread to Singapore

Alternative business structures, adopted with great brouhaha in the U.K. some two years ago, are coming to Singapore.

Legalweek.com reports that Singapore will update its laws to 'accommodate firms wishing to adopt alternative business structures, with changes likely to come into force next year.' Non-lawyer employee ownership, however, will be capped at 25%.

ABS, which also exist in Australia, allow non-lawyers and entities that are not law firms to become managers or have ownership interests in law firms. Many observers say they portend a revolutionary change in the legal market, including allowing law firms to go public. The activity in the U.K. since their introduction, however, has succeeded in breaking down the entry barriers to the legal services market as non-legal entities secure interests in law firms.

While no law firm in the U.K. has of yet sought equity in the public markets, Australia's Slater & Gordon became the first publicly-traded law firm in the world in 2007. Indeed, it used some of the capital to acquire a number of U.K. law firms and has since grown to 1,600 lawyers globally.

How To Trade Singapore's Stock Market In This Panic

Singapore's financial markets have been shaken in the past few weeks along with many other Asian and emerging markets. Interestingly, Singapore's rout began just days after I published my report about Singapore's bubble economy (I'm not saying that it was the reason for the decline).

In my last report, I focused on Singapore's economy itself, and in this piece, I will perform a basic technical analysis of Singapore's Straits Times (STI) stock index. The STI is currently trading at 3,027, which places it just above an important technical support zone located at approximately 3,000 to 3,020, as shown in the chart below. This support zone has marked the bottoms of several downward moves in the past year, which makes it an important psychological level. If this support zone is broken to the downside, another sharp bearish move is likely to occur. Conversely, there is a chance that a bounce will occur if the market is unable to break below this support.

Chart Source: Stockcharts.com

On a longer time scale, there is a possible chart formation that resembles a wedge pattern. If the lower support of the wedge (the support zone shown in the chart above) is broken, this formation is likely to become a bearish wedge variant, which could result in a decline to the lows reached in June 2012. Wedge patterns are often continuation patterns that lead to moves that are in the same direction that led into the pattern in the first place.

In recent months, the STI's 200-day moving average has gone from being in an uptrend to a downtrend, which means that the market's momentum is now biased toward the downside. In my experience, bearish market moves are much likelier when the 200-day moving average is in a downtrend versus in a neutral trend or uptrend.

A break below the STI's 3,000 to 3,020 support zone could present a good opportunity to enter a short position in expectation of further declines. If I entered a short position in this scenario, I would make sure to have a stop loss order to exit the trade if the STI manages to break back above its support zone, creating a 'bear trap.'

Please follow me on Twitter, Google+ and like my Facebook page to keep up with my trading and economic bubble-related commentary.(Disclaimer: All information is provided for educational purposes only and should not be relied on for making any investment decisions.)

Singapore's horse racing scene set to whinny in 2014

By: Julia Wood & Chubby Jayaram Singh

Neville Hopwood/Stringer | Getty Images Sports | Getty Images

As the year of the horse gets underway, horse racing in Singapore is taking off.

The number of race horses in the city state has doubled since 2007 to 1,400 and the market is now starting to attract more international patrons, according to Wade Burridge, managing director of PremierRacingPartnerships.com.

'Ownership used to be dominated by the locals but due to incentives from the turf clubs and prize money increases, all of a sudden, Singapore has become a lot more affordable. It gives [owners] a bit more of an outlet from markets like Australia, New Zealand and South Africa to own horses in Singapore. Now, I would say it would be a 60 to 40 ratio, 60 percent local, 40 percent international.'

( Read more: Nobu in Singapore: Founder De Niro dishes out plans)

As an Australian expat in Singapore, Mr. Burridge has worked in both markets and says when it comes to cost, Singapore is the better place to race.

'In Australia most training bills are between $5,000 and $10,000 a month, per horse. In Singapore, they are between $1,500 and $3,500.'

Singapore worked hard to cultivate its racing scene. Yet, while the Singapore Turf Club has been in existence decades longer than the Hong Kong Jockey Club, and similar centers in Australia and Japan, it still lags in fourth place when it comes to betting turnover and the number of races.

Debra Hawkins, senior manager of horse ownership at the Singapore Turf Club says recent success stories are starting to help lift its standing.

( Read more: British banker stirs up storm by mocking Singapore's 'poor')

'I think with the emergence of stars like Rocket Man and our exposure over in Dubai and the fact that our racing gets telecast to many countries in the world, it has put Singapore on the map,' she said.

Incentives and rebates from the Turf Club, along with an increase in prize money also makes Singapore a more attractive destination for race horse owners.

Will higher taxes derail Singapore's economy?

'In Singapore, we don't limit the number of horses people have, so it's very open. Prize money is probably the most important thing an owner looks at when they want to race and our prize money at the moment is $62 million a year. That doesn't include an owners' rebate. Every time a horse races, the owner gets paid a $900 rebate from the club, unless the horse wins or comes last. This is a huge benefit to owners because it comes directly off their training bill,' she added.

These changes are also having an impact on the socio-economics of horse racing, Burridge says. Those interested in the sport no longer see racing as an exercise in extravagance for high net worth individuals.

'You don't have to be a king or a queen to own a horse, there's companies out there like Premier Racing Partnerships who offer people small shares in horses. We started with seven owners about 16 months ago, now we've got 524. They range from holding a 1 percent stake, all the way up to 100 percent.'

( Read more: More money, more problems - Asia's unhappiest workforce)

Hawkins told CNBC that Singapore's racing industry will benefit from this shift in 2014, and to expect more races and more winners in the coming years.

'We have an opportunity to race nearly a thousand races a year; our prize money in comparison to our stabling is huge. I think [Singapore] can only be on the up,' she added.

As the year of the horse gets underway, horse racing in Singapore is taking off.

Air New Zealand bids for Singapore Airlines alliance against Qantas

The prospective bedfellows said their tie-up would put them in a stronger position to compete against Qantas and Emirates on routes to London. Photo: Bloomberg

Air New Zealand and Singapore Airlines say they should be allowed to form an alliance because of a ''strong competitive constraint'' from the tie-up between Qantas and Emirates.

In a filing to regulators in New Zealand, the prospective bedfellows said their tie-up would put them in a stronger position to compete against Qantas and Emirates on routes to London, as well as other airlines such as Thai Airways and Malaysia Airlines.

''The alliance will continue to face a strong competitive constraint from Qantas-Emirates,'' the pair said in submission to New Zealand's Ministry of Transport.

They said Qantas and Emirates operated a variety of services between New Zealand and Australia that linked to flights to the UK. It made Qantas and Emirates the largest carriers of passengers between New Zealand and the UK. Air New Zealand and Singapore Airlines, which are two of the three largest shareholders in Virgin Australia, unveiled their proposed alliance two weeks ago but need approval from regulators in New Zealand and Singapore. The process will take months.

The airlines have also argued their deal will stimulate passenger traffic into and out of New Zealand, and lead to more low fares.

They said their networks were ''largely complementary'' and the one route on which their flights overlapped - between Auckland and London - had five other airlines competing on it.

Investors believe their alliance will also cement ties between a block of airlines that includes Virgin and increase pressure on Qantas, which faces a loss of up to $300 million in the first half.

Qantas said on Wednesday it had expected a strong response to its alliance, particularly since it began the trans-Tasman component of the tie-up in August.

Most popular 2

Singapore Banks Tighten Electronic Communications Oversight (1)

Bloomberg News

DBS Group Holdings Ltd. (DBS), Southeast Asia's largest lender, restricted access to chat rooms, while Singapore rivals United Overseas Bank Ltd. (UOB) and Oversea-Chinese Banking Corp. increased scrutiny on electronic communications.

'In line with evolving industry practice, we have restricted access to chat rooms and enhanced our guidelines to further strengthen governance and controls,' DBS said yesterday in an e-mailed statement. UOB said it tightened guidelines and OCBC said it put monitoring protocols in place.

Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc, UBS AG, JPMorgan Chase & Co. and Citigroup Inc. are among banks that have banned or curtailed employees' participation in chat rooms involving other banks. That curbed the multidealer conversations used by traders to agree on transactions, share gossip and exchange tips on business flows.

Bloomberg News reported in June that dealers used chat rooms to pool information about their positions, executed their own trades before client orders and sought to manipulate benchmark rates by pushing through trades around the 60-second windows when they are set.

Investigators from Switzerland to Hong Kong are examining the markets. The Monetary Authority of Singapore, the central bank in Asia's biggest foreign-exchange center, said in October that it has been in touch with foreign regulators over the issue of currency manipulation.

June Censure

Singapore's monetary authority censured 20 banks including the three local lenders in June for trying to rig benchmark interest and currency rates. It ordered 19 of the companies to set aside as much as S$12 billion ($9.4 billion) at zero interest pending steps to improve internal controls.

OCBC (OCBC), Southeast Asia's second-largest bank, said in an e-mailed statement that all of its employees are guided by a code of conduct that aims to promote integrity and fair dealing.

'In relation to the use of instant messaging tools, our traders and dealers are also constantly made aware of what constitutes proper use of the services and the importance of protecting confidential proprietary information,' Frederick Shen, head of OCBC Bank's global treasury business-management unit, said in the statement. 'As an additional safeguard, we have put in place monitoring protocols where we selectively review communication conducted over these channels.'

Tightening Guidelines

In the June censure, OCBC was among banks asked by the monetary authority to set aside S$700 million to S$800 million, while DBS and UOB were asked to set aside S$400 million to S$600 million.

'As part of industry moves, we have tightened our guidelines on the use of electronic communication for our traders,'' Tan Ping Ping, a UOB spokeswoman, said in an e-mailed statement. 'We also monitor the various forms of communication made by our traders, including chat room conversations.'

Twenty banks and 133 traders tried to manipulate the Singapore interbank offered rate, swap offered rates and currency benchmarks in the city-state, the Monetary Authority of Singapore said at the time.

To contact the reporter on this story: Sanat Vallikappen in Singapore at vallikappen@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

Singapore sees skilled job creation sliding in 2014 as labour restrictions bite

SINGAPORE - Singapore's main economic planning agency expects the number of new skilled jobs created this year to fall by 25-35 per cent, a sign that the government's efforts to curb the number of foreign workers and focus instead on boosting productivity are starting to make an impact.

Singapore expects to create 14,000 to 16,000 new skilled jobs in 2014, down from 21,400 in 2013, its Economic Development Board (EDB) said yesterday.

The government has put into place a number of schemes aimed at improving productivity of Singaporean workers and reducing the country's reliance on foreign labour, whose presence increasingly riles its citizens.

New rules that will require companies to consider Singaporeans for skilled vacancies before turning to candidates from abroad will kick in this August.

'Quite clearly, companies have to adjust to the changing manpower landscape in Singapore,' EDB Chairman Leo Yip said.

'For some of them, it means changing the way they do their work in Singapore. For example, how robotics and technology can be used and the manpower can be deployed to do other things.'

The city-state saw its productivity grow by 0.2 and 1.6 per cent in the second and third quarters of 2013, marking the first time it grew for two quarters since 2012, after six quarters of contraction.

According to Yip, the EDB has not seen any loss in investment projects due to the tightening labour market and regulations.

Fixed-asset investment (FAI) in Singapore fell 24 per cent to S$12.1 billion in 2013 from S$16 billion in 2012, figures from the EDB showed.

'If you look at the trend over the last five-10 years, you see that US$12 billion (S$15 billion) is actually well within the range that we have secured. There were several spikes (including 2012), and those spikes were big investments,' Yip said.

While electronics still accounted for 27 per cent of total FAI last year, investment in the sector dropped by 46.8 per cent to US$3.3 billion.

FAI in the chemicals sector dropped 62.7 per cent to US$2.5 billion.

Government

Singapore is claimed to be the only country that moved from a third world to a first world economy in the last century.

Having recently returned from my old stamping grounds in Asia, I am again impressed.

When they came first emerged from the colonial era in the middle of the last century, many of these countries were not doing too well.

That has all changed and while Australia is progressing very nicely at a hundred miles an hour, Asia is steaming ahead at a thousand miles an hour.

There is a newly-found will that is being fuelled by the emerging confidence of the countries in the region. In addition to economic confidence Asia is also drawing on its long and rich cultures for added strength.

After my last visit, I read Lee Kuan Yew's autobiography and now better understand the complexities and difficulties of building a multi-cultural, multi-religious and multi-language country in a place with no natural resources on which to base an economy.

But build it they did.

Singapore is claimed to be the only country that moved from a third world to a first world economy in the last century and is often held up as a model for us to follow.

The scale and variety of industries that have relocated to their tiny island make this is a hard proposition to argue with.

But to get where they are, Singaporeans have depended on big government. Basing an economy on this sort of political intervention is, and always will be, risky.

There is an old political adage that goes: 'Always dance with the one what brought you' and it means that political debts must be always be repaid.

Once adopted, this sort of government philosophy places businesses in a very strong position and that is not always in the national interest.

I heard a very similar Asian saying: 'This country is rich, but the people are poor. Our country is good for business but not for people; when we were getting independence we offered the government a wing but they took the whole chicken.'

That saying made more sense when I read the Straits Times and noted that a four-room flat with no parking or amenities cost $770,000 singapore dollars ($AUD693,140) for a 99-year lease. After that time the flat reverts to government control.

The same newspaper laid out the cost of a government-issued Certificate of Entitlement. I had never heard of such a thing until it was explained to me that Singaporeans have no right to own a car without one.

To purchase a car, it is necessary to first obtain one of these certificates and the cost is quite extraordinary; a 1600cc car certificate for December 2013 was $SGD73,160 ($AUD65,857) and it only lasts ten years.

In the same month there were only 364 1600cc certificates issued and 591 bids to buy them. The cost of the certificate is additional to the purchase cost of the car.

Somehow I cannot see such a system working in Australia, nor do I think that their vast migrant labour programs or their rigid and controlling civic laws would be acceptable to us.

The transformation of Singapore is still amazing - its transport system and attractions are great - but accommodation has become expensive, food portions have shrunk and prices have gone in the opposite direction.

Singapore is still a very enjoyable, but expensive, place and I left it this time with very mixed feelings.

Government

Singapore is claimed to be the only country that moved from a third world to a first world economy in the last century.

Having recently returned from my old stamping grounds in Asia, I am again impressed.

When they came first emerged from the colonial era in the middle of the last century, many of these countries were not doing too well.

That has all changed and while Australia is progressing very nicely at a hundred miles an hour, Asia is steaming ahead at a thousand miles an hour.

There is a newly-found will that is being fuelled by the emerging confidence of the countries in the region. In addition to economic confidence Asia is also drawing on its long and rich cultures for added strength.

After my last visit, I read Lee Kuan Yew's autobiography and now better understand the complexities and difficulties of building a multi-cultural, multi-religious and multi-language country in a place with no natural resources on which to base an economy.

But build it they did.

Singapore is claimed to be the only country that moved from a third world to a first world economy in the last century and is often held up as a model for us to follow.

The scale and variety of industries that have relocated to their tiny island make this is a hard proposition to argue with.

But to get where they are, Singaporeans have depended on big government. Basing an economy on this sort of political intervention is, and always will be, risky.

There is an old political adage that goes: 'Always dance with the one what brought you' and it means that political debts must be always be repaid.

Once adopted, this sort of government philosophy places businesses in a very strong position and that is not always in the national interest.

I heard a very similar Asian saying: 'This country is rich, but the people are poor. Our country is good for business but not for people; when we were getting independence we offered the government a wing but they took the whole chicken.'

That saying made more sense when I read the Straits Times and noted that a four-room flat with no parking or amenities cost $770,000 singapore dollars ($AUD693,140) for a 99-year lease. After that time the flat reverts to government control.

The same newspaper laid out the cost of a government-issued Certificate of Entitlement. I had never heard of such a thing until it was explained to me that Singaporeans have no right to own a car without one.

To purchase a car, it is necessary to first obtain one of these certificates and the cost is quite extraordinary; a 1600cc car certificate for December 2013 was $SGD73,160 ($AUD65,857) and it only lasts ten years.

In the same month there were only 364 1600cc certificates issued and 591 bids to buy them. The cost of the certificate is additional to the purchase cost of the car.

Somehow I cannot see such a system working in Australia, nor do I think that their vast migrant labour programs or their rigid and controlling civic laws would be acceptable to us.

The transformation of Singapore is still amazing - its transport system and attractions are great - but accommodation has become expensive, food portions have shrunk and prices have gone in the opposite direction.

Singapore is still a very enjoyable, but expensive, place and I left it this time with very mixed feelings.

Singapore sees skilled job creation sliding in 2014 as labor restrictions bite

Credit: Reuters/Edgar Su

Office workers take a cigarette break in the morning light at the central business district area in Singapore October 28, 2013.

Singapore expects to create 14,000 to 16,000 new skilled jobs in 2014, down from 21,400 in 2013, its Economic Development Board (EDB) said on Tuesday.

The government has put into place a number of schemes aimed at improving productivity of Singaporean workers and reducing the country's reliance on foreign labor, whose presence increasingly riles its citizens.

New rules that will require companies to consider Singaporeans for skilled vacancies before turning to candidates from abroad will kick in this August.

'Quite clearly, companies have to adjust to the changing manpower landscape in Singapore,' EDB Chairman Leo Yip said.

'For some of them, it means changing the way they do their work in Singapore. For example, how robotics and technology can be used and the manpower can be deployed to do other things.'

The city-state saw its productivity grow by 0.2 and 1.6 percent in the second and third quarters of 2013, marking the first time it grew for two quarters since 2012, after six quarters of contraction.

According to Yip, the EDB has not seen any loss in investment projects due to the tightening labor market and regulations.

'They have not, as a factor, swung their business decisions,' Yip said. 'No company has told us, 'look, we don't want to come to Singapore anymore because your manpower situation has made you less attractive than before'.'

Nonetheless, Yip said companies have come forward to ask the EDB to 'train Singaporeans to develop the capability' that firms need, while assuring the EDB that they still choose Singapore as their investment destination.

INVESTMENT DECLINE

Fixed-asset investment (FAI) in Singapore fell 24 percent to S$12.1 billion ($9.59 billion) in 2013 from S$16 billion in 2012, with the electronics and chemicals sectors showing marked declines, figures from the EDB showed.

'If you look at the trend over the last 5-10 years, you see that S$12 billion is actually well within the range that we have secured. There were several spikes (including 2012), and those spikes were big investments,' Yip said.

While electronics still accounted for 27 percent of total FAI last year, investment in the sector dropped by 46.8 percent to S$3.3 billion.

FAI in the chemicals sector dropped 62.7 percent to S$2.5 billion.

'The semiconductor industry is in the phase where most companies tell us they are not certain that the recovery is clearly on the strong track,' EDB Managing Director Yeoh Keat Chuan said.

'They're holding on from making major green field investment. So what they do is incremental expansion in order to be able to tweak and expand their existing capacity,' Yeoh said.

($1 = 1.2757 Singapore dollars)

(Editing by Rachel Armstrong & Kim Coghill)

Why Singapore is steaming ahead

Having recently returned from my old stamping grounds in Asia, I am again impressed.

When they came first emerged from the colonial era in the middle of the last century, many of these countries were not doing too well.

That has all changed and while Australia is progressing very nicely at a hundred miles an hour, Asia is steaming ahead at a thousand miles an hour.

There is a newly-found will that is being fuelled by the emerging confidence of the countries in the region. In addition to economic confidence Asia is also drawing on its long and rich cultures for added strength.

After my last visit, I read Lee Kuan Yew's autobiography and now better understand the complexities and difficulties of building a multi-cultural, multi-religious and multi-language country in a place with no natural resources on which to base an economy.

But build it they did.

Singapore is claimed to be the only country that moved from a third world to a first world economy in the last century and is often held up as a model for us to follow.

The scale and variety of industries that have relocated to their tiny island make this is a hard proposition to argue with.

But to get where they are, Singaporeans have depended on big government. Basing an economy on this sort of political intervention is, and always will be, risky.

There is an old political adage that goes: 'Always dance with the one what brought you' and it means that political debts must be always be repaid.

Once adopted, this sort of government philosophy places businesses in a very strong position and that is not always in the national interest.

I heard a very similar Asian saying: 'This country is rich, but the people are poor. Our country is good for business but not for people; when we were getting independence we offered the government a wing but they took the whole chicken.'

That saying made more sense when I read the Straits Times and noted that a four-room flat with no parking or amenities cost $770,000 singapore dollars ($AUD693,140) for a 99-year lease. After that time the flat reverts to government control.

The same newspaper laid out the cost of a government-issued Certificate of Entitlement. I had never heard of such a thing until it was explained to me that Singaporeans have no right to own a car without one.

To purchase a car, it is necessary to first obtain one of these certificates and the cost is quite extraordinary; a 1600cc car certificate for December 2013 was $SGD73,160 ($AUD65,857) and it only lasts ten years.

In the same month there were only 364 1600cc certificates issued and 591 bids to buy them. The cost of the certificate is additional to the purchase cost of the car.

Somehow I cannot see such a system working in Australia, nor do I think that their vast migrant labour programs or their rigid and controlling civic laws would be acceptable to us.

The transformation of Singapore is still amazing - its transport system and attractions are great - but accommodation has become expensive, food portions have shrunk and prices have gone in the opposite direction.

Singapore is still a very enjoyable, but expensive, place and I left it this time with very mixed feelings.

Most popular 5

Anton Casey fired and flees Singapore in economy class over "poor people ...

Anton Casey caused an uproar in the country after posting a series of abusive photographs on Facebook where he called a local taxi driver a 'retard' and referred to commuters as 'the poor'.

The former City stockbroker was last seen on Friday morning boarding a Singapore Airlines flight en route to Perth, Australia, with his wife, a former Miss Singapore and his five-year old in economy class.

In an email to national daily The Straits Times, Casey said he hopes to make amends with the people of Singapore and return to the country one day, which he still considers his home.

He added: 'I hope the people of Singapore will allow me to volunteer my time and resources to community projects in order to make amends for my mistakes.

'I also hope the people of Singapore, my adopted home, will forgive me over time... Singapore is our home, and we hope to return when we feel safe.'

Outlook: Expat who mocked the poor in Singapore is by no means unique

Casey's employer, Crossinvest Asia, has also announced it has 'parted ways' with the banker with immediate after it launched an internal investigation over his inappropriate remarks.

In a statement, the firm said:' The online comments made by Mr Casey do not represent the culture that we have built over many years. Accordingly, Crossinvest Asia and Mr Casey have parted ways with immediate effect.'

Crossinvest acknowledged that Casey's comments had caused 'great distress amongst Singaporeans', who blasted his behaviour on social media and called for his immediate deportation.

Porsche-driving Casey had spent 12 years in the country. His wife and son are Singapore citizens.

Last week, the financier issued a separate statement where he apologised for his 'poor judgement' and described Singapore as a 'wonderful country' after the photographs where he mocked locals went viral.

British expat banker Anton Casey causes uproar in Singapore after mocking 'poor people' calling a taxi driver a 'retard'

In one post, Casey shared a picture of his son sitting on a train on Facebook with the caption: 'Daddy, where is your car & who are all these poor people?'

Another photo showed the five-year-old in his Porsche, with an equally offensive caption: 'Ahhhh reunited with my baby. Normal service can resume, once I have washed the stench of public transport off me.'

In a separate Facebook post, Casey insulted a local cabbie for wearing a towel on his lap and hand warmers while driving.

He added: 'Today's cabbie retard award goes to...Mr Arm Warmers, stripy mittens & towel on the lap man....After all, it's only 37c outside.'

British expat Anton Casey flees Singapore in economy class after losing his ...

Anton Casey caused an uproar in the country after posting a series of abusive photographs on Facebook where he called a local taxi driver a 'retard' and referred to commuters as 'the poor'.

The former City stockbroker was last seen on Friday morning boarding a Singapore Airlines flight en route to Perth, Australia, with his wife, a former Miss Singapore and his five-year old in economy class.

In an email to national daily The Straits Times, Casey said he hopes to make amends with the people of Singapore and return to the country one day, which he still considers his home.

He added: 'I hope the people of Singapore will allow me to volunteer my time and resources to community projects in order to make amends for my mistakes.

'I also hope the people of Singapore, my adopted home, will forgive me over time... Singapore is our home, and we hope to return when we feel safe.'

Outlook: Expat who mocked the poor in Singapore is by no means unique

Casey's employer, Crossinvest Asia, has also announced it has 'parted ways' with the banker with immediate after it launched an internal investigation over his inappropriate remarks.

In a statement, the firm said:' The online comments made by Mr Casey do not represent the culture that we have built over many years. Accordingly, Crossinvest Asia and Mr Casey have parted ways with immediate effect.'

Crossinvest acknowledged that Casey's comments had caused 'great distress amongst Singaporeans', who blasted his behaviour on social media and called for his immediate deportation.

Porsche-driving Casey had spent 12 years in the country. His wife and son are Singapore citizens.

Last week, the financier issued a separate statement where he apologised for his 'poor judgement' and described Singapore as a 'wonderful country' after the photographs where he mocked locals went viral.

British expat banker Anton Casey causes uproar in Singapore after mocking 'poor people' calling a taxi driver a 'retard'

In one post, Casey shared a picture of his son sitting on a train on Facebook with the caption: 'Daddy, where is your car & who are all these poor people?'

Another photo showed the five-year-old in his Porsche, with an equally offensive caption: 'Ahhhh reunited with my baby. Normal service can resume, once I have washed the stench of public transport off me.'

In a separate Facebook post, Casey insulted a local cabbie for wearing a towel on his lap and hand warmers while driving.

He added: 'Today's cabbie retard award goes to...Mr Arm Warmers, stripy mittens & towel on the lap man....After all, it's only 37c outside.'

The Singapore Sling dilemma

Saurabh Shukla | | New Delhi, January 27, 2014 | UPDATED 08:36 IST

Thousands of tourists thronging the city-state of Singapore and to the favourite hangouts of Clark Quay and Boat Quay may see a different Singapore by the end of the year, as the country braces for curbs on alcohol consumption in public. So, one may not be able to enjoy the Singapore Sling, the famed cocktail that originated in Singapore, in a public park or on a walkway. A senior minister told me that the government is now seriously considering expansion of the ban, currently imposed in Little India, across the entire city-state to ensure that there is uniformity in law.

Political opinion is divided on this; in Parliament many lawmakers demanded that the ban should be extended to rest of Singapore. While one lawmaker stressed that the ban has affected local bar owners in Little India, another lawmaker argued that families in Little India had approached her with a plea to discipline the crowd that gathers in the locality.

Referring to the riots in Little India, Deputy Prime Minister and Home Minister Teo Chee Hean said, 'This was the worst public order disturbance in Singapore in more than four decades.' Last week, he told Parliament, 'We are reviewing processes to tighten liquor control at specific places. Full set of liquor control measures will be announced when they are ready.' For a country that is tourist-friendly, these are tough decisions. But given the seriousness of the December riot, it is not surprising since Singapore is also a regimented country. For the time being though, the ban is on consumption of alcohol on streets and public parks in Little India, and sale of liquor is not allowed after 8 pm. Moreover, the police have been given extra powers to ensure there is no repeat of such riot.

Little India is home to hundreds of Indian restaurants and shops, and second home to thousands of Indian migrant workers. The riots in December, following the accidental death of an Indian migrant worker, came as a shock to Singaporeans who still cannot accept that ambulances and police vehicles were torched. Talking to me, some of them drew parallel with the 26/11 Mumbai attacks. That's a bit far-fetched, since the riot in Little India was not premeditated. And the police controlled it in two hours, without a shot being fired.

However, the police crackdown saw 35 Indians being arrested. While 10 were released, 25 of them are facing trial. Fifty-seven Indians and one Bangladeshi have been deported and have been banned from returning to Singapore. Considering that 13,000 foreign nationals were deported last year, it is a small number. But this being the election year in India, some political parties in Tamil Nadu may raise the issue as many of Indian migrants are from that state. So, Singaporeans have been extra careful; they despatched their two senior ministers to India - Foreign Minister K. Shanmugham and Minister in the Prime Minister's Office S. Iswaran who also handles trade and industry portfolio, besides being the second minister for home affairs.

As Singapore awaits the report of the inquiry commission, the government has to address the growing divide between the workers and the affluent Singaporeans. It's a tricky situation that the country must handle carefully.

Timely intervention and quick management of the situation by Indian High Commissioner to Singapore, Vijay Thakur Singh (in pic), helped in containing any damage to the relationship between the two countries over the riot in Little India. The envoy brought in a dose of proactive diplomacy and did an excellent job. The senior diplomat was quick to interact with the Singapore government and convey India's concerns.

'We have taken Little India issue strongly with Singapore, and they provided us quick consular access following the incident,' Singh told me.

She has ensured that her consular staffers are sent with interpreters to reach out to the community and in dormitories where migrant workers stay. The idea is that this issue be handled delicately to ensure that genuine problems of Indian workers is sorted out by Singapore government, and that actions of few Indian workers do not taint rest of the workers.

Singh now has to work closely with Singapore government to ensure that agents do not dupe Indian nationals. During my visit, I spoke to some of them who were promised high-paying jobs, but have been forced to work as part-time workers with low payments.

With increasing business ties between the two countries, New Delhi attaches high value to the bilateral relationship. But, India's regulatory surprises and change of goal posts are some of the concerns for Singapore's business leaders that need to be addressed.

The visit to Singapore is not complete without seeing its newest wonder, the Gardens by The Bay, where the light and sound show with psychedelic lights and a vertical green structure in the shape of a giant tree attracts one and all. The garden even has an India corner, featuring Indian trees and plants. One can see flowers and palms of different varieties from across the globe, and the setting provides a good weekend break for many Singaporeans. It also has an arena for music concerts, besides a cycling track. Indian urban planners would do well to learn from it.

Power of LKY is intactIt was a memorable experience to see the visionary 90-year-old Lee Kuan Yew (in pic) in action as he walked in, assisted by an aide, and sat facing his son Lee Hsien Loong, the country's prime minister, during my visit to Singapore's Parliament. Even at this age, Lee Kuan, popularly known as LKY, has a grip on country's politics.

He transformed Singapore into a financial centre with muscle, through his foresight and wisdom. Even though observers claim LKY increasingly paved way for his son, his party still reaches out to him for advice. While he is rarely seen at public events, LKY is still one of the towering global statesmen.

For more news from India Today, follow us on Twitter For news and videos in Hindi, go to @indiatoday and on Facebook at http://ift.tt/1iLBY4d. ताज़ातरीन ख़बरों और वीडियो के लिए आजतक.इन पर आएं.

India and Singapore are on a par in digital strategy: Subbaraju Alluri

EMAIL / USER NAME

We encourage visitors to register on Business Standard. Registering on the site is absolutely Free and offers you the following benefits.

Free Daily E-newsletter

Breaking News Alerts in your Inbox

Post Comments and Share your Feedback

Your Personal Business Standard Page

Free Portfolio of Stocks, Equity and Commodities Derivatives

Access Premium Services

Receive Selective Offers from our Third Party Premium Advertisers

Get Invited to Business Standard Events

Singapore actress Oon Shu An's open letter to Anton Casey goes viral

Former wealth manager Anton Casey drew flak after posting these offensive remarks. (Internet screengrab)

The fall out against Anton Casey continues and amid this, an open letter to the British expat who has now fled Singapore has gone viral.

Penned by actress and television host, Oon Shu An, 27, and published on Facebook on Saturday, the letter explained to Casey why these 'poor people smell', a reference to Casey's 'poor people' Facebook post earlier this week.

'Poor people stink because they run ten times as fast to earn in a lifetime what you earn in a month... Poor people smell. And it's the smell of a fight,' said the actress, who has been acting since she was 14.

The 27-year-old Fly Entertainment artiste's letter has been shared over 400 times and garnered over 200 Likes as of Sunday. It has also received a string of praises from other Facebook users.

Oon, who appeared in local movie Becoming Royston, then turned the table around and said the rich expat - who lost his job as a private wealth manager and packed his bags and left for Perth with his family on Friday -- had a stench too.

'You stink, like the rich people who think of ways not to change the system that allows people to be paid less than minimum wage, [the system] that allows contracts that terminate you for bogus reasons because it's cheaper to get someone else.'

Actress and television host Oon Shu An, 27, publishes an open letter to Anton Casey over his offensive 'poor people ...

Here is her open letter in full:

'So he got fired, and he's left the country. But I still felt like I wanted to say this to him.

Dear Mr Anton Casey,

Im sure you are having a hard time right now. I cant tell if it is actually affecting you. I doubt it. I think you are sorry... That people found out... maybe.

Anyway, i just wanted to tell you... That you are right. A lot of poor people -do- smell. And you know why they smell? Some people actually cannot afford soap. Some people haven't been taught hygeine. Some people cant afford deodorants or fancy perfumes. Some people work in the sun the whole day but get paid so little that ten cent fare hikes make a difference. Some people work behind fast food counters for such long hours until the smell of french fries stick to them and the smell refuses to leave, refuses to be scrubbed off, to feed other poor people who saved enough to bring their families for a little treat of meat that isnt even real meat, of food that claims to be cheap, fast and good when -we know- that of this holy trinity, u can only buy two, and maybe, the illusion of the third. This fast food, is their good food. because the 'good food' has been priced out of their reach.

Poor people stink because they run ten times as fast to earn in a lifetime what you earn in a month.

So yes. Poor people smell. And its the smell of a fight. You. You. Have a different kind of stink.

The stink of entitlement. The stink of a rich person who thinks his money should buy him respect. Who thinks that his money is a result of his hardwork. And only his hardwork. Nothing to do with his race, with his birthplace, what he was born with, with his parents, with his education, with people that believed in him. None of those things. His hardwork, and only his hardwork, brought him his money, and therefore, he has earned it. You stink, like the rich people who think of ways not to change the system that allows people to be paid less than minimum wage, that allows contracts that terminate you for bogus reasons because its cheaper to get someone else. Thank you for your years of service. But we will be letting you go. You stink like the rich people who only want to game the system. Which is fine, to each his own. But then they turn around and piss on the people who make their world run.

Mr Casey, Id rather be on the train.'

Related stories:British expat Anton Casey on anti-Singaporean Facebook posts: Please forgive meBritish expat Anton Casey's posts 'deeply offensive': Shanmugam

British banker fired, escapes to Australia after his remarks on “poor” Singapore

A Singapore-based UK banker, Anton Casey, who triggered massive public outrage over his Facebook remarks insulting Singapore residents, has been dismissed from his post and forced to flee to Australia.

His employer Crossinvest (Asia) Pte Ltd and Casey 'parted ways', the company indicated on Saturday, as quoted by AFP.

'Those comments go against our core corporate and family values that are based on trust, mutual understanding and are respectful of diversity,' the company's statement said.

Anton Casey, 39, married to a former Singapore beauty queen, has gone to Perth, Australia in the wake of the scandal.

Casey has permanent residence in Singapore which he calls his adopted home, and claims he received death threats after posting his 'poor people' comments on Facebook, referring to Singapore commuters.

One of the posts was a picture of a boy who is apparently Casey's five-year-old son sitting inside a metro train, with a caption above his head reading: 'Daddy, where is your car & who are all these poor people?'

In another post, Casey complained about 'the stench of public transport' while his Porsche was in the garage.

Following the incident and the public outburst that ensued, Casey deleted all his social networks profiles.

However, Facebook users on Friday made a page dedicated to Casey and the scandal around him, an 'e-card' to 'say goodbye proper', as the creator of the page put it.

Casey, in his turn, wrote a letter to a Singapore newspaper saying the remarks were 'the worst mistake' of his life, the Daily Mail reported.

'I hope the people of Singapore will allow me to volunteer my time and resources to community projects to make amends. I also hope the people of Singapore, my adopted home, will forgive me over time,' Casey also wrote.

Singapore is one of the world's richest societies, with a per-capita gross domestic product of Sg$65,048 ($50,890) in 2012, according to AFP data. Also, around 50,000 UK expats live in the wealthy country, with many of them employees of international banks.

Briton flees to Australia after being sacked for mocking Singapore 'poor'

British wealth manger Anton Casey, who has been forced to flee to Australia after mocking Singapore commuters as poor , pictured with his wife Bernice Wong Tim Stewart News Limited

Anton Casey, the British fund manager who mocked the 'poor people' of Singapore on Facebook, has been sacked and forced to flee the country for Australia.

Casey, 39, took a Singapore Airlines flight to Perth on Friday but not before first apologising for the biggest mistake in his life and offering to do ''community service''.

The angry reaction to his Facebook insults had left his situation and that of his former Miss Singapore wife, Bernice Wong, and son in the island state untenable.

In his Facebook posts he showed a picture of his son holding up his ticket on a Singapore MRT (Mass Rapid Transport) train with the caption: 'Daddy where is your car and who are all these poor people?'

Another image showed his son in a silver Porsche with the line, 'Normal service can resume, once I have washed the stench of public transport off me, FFS!'

He then described a Singapore taxi driver as a 'retard' for wearing gloves and covering himself with towels in 37C degrees weather.

Casey who worked for a small financial company called CrossInvest, and who occasionally appeared on local television as a financial pundit, had displayed, claimed angry Singaporeans, 'intolerable arrogance'.

Singapore's law and foreign affairs minister K Shanmugam described Casey's comments as 'deeply offensive, wrong, and unacceptable'.

CrossInvest said in a statement: '[Casey's] comments go against our core corporate and family values that are based on trust, mutual understanding and are respectful of diversity.

'Accordingly, CrossInvest Asia and Mr Casey have parted ways with immediate effect.'

Casey's parting message to the Straits Times newspaper was: 'I hope the people of Singapore will allow me to volunteer my time and resources to community projects in order to make amends for my mistakes.

'I also hope the people of Singapore, my adopted home, will forgive me over time... Singapore is our home, and we hope to return when we feel safe.''

Anton Casey who ridiculed poor in Singapore on Facebook left Crossinvest Asia ...

Anton Casey caused outrage with posts about 'stench' of public transport Wealth management firm confirms that he no longer works there Mr Casey, 39, says he, his wife and son have moved after 'threats' He says they have gone to Perth, Australia, and he has apologised again for actions

PUBLISHED: 11:00 EST, 25 January 2014 | UPDATED: 12:09 EST, 25 January 2014

A wealthy British banker who provoked a furious backlash in Singapore by suggesting public transport has a 'stench' and is only for 'poor people' has 'parted ways' with his employers.

Anton Casey, 39, no longer works for wealth management for Crossinvest, who attacked his comments for going against 'our core corporate and family values'.

The fund manager said that he received death threats after his comments were spread across the internet and has moved to Perth in Australia through fear of repercussions.

The scandal over the comments made by Mr Casey, who is married to a former Miss Singapore winner, erupted when he posted a picture on Facebook of his young son sitting on a train with the caption: 'Daddy, where is your car and who are all these poor people?'

A second photo showed his son sitting in his Porsche alongside the comment: 'Ahhhhhhh reunited with my baby. Normal service can resume, once I have washed the stench of public transport off me.'

He also branded a taxi driver a 'retard' for wearing mittens in hot weather and remarks: 'After 11 years residency, I am still trying to understand these people.'

Mr Casey was forced to apologise for his remarks in the face of a tide of online comments about his behaviour.

And yesterday his former employers confirmed that he would no longer work there 'with immediate effect'.

A statement posted on the Facebook page of Crossinvest's Asian office said: 'Crossinvest Asia is deeply concerned by the recent comments made by Mr. Anton Casey on social media which have caused great distress amongst Singaporeans.

'Those comments go against our core corporate and family values that are based on trust, mutual understanding and are respectful of diversity.

'Accordingly, Crossinvest Asia and Mr Casey have parted ways with immediate effect.'

Separately, Mr Casey announced his move to Australia in a statement to the Singaporean Straits Times newspaper.

He told the paper that he, his wife and child had gone to Perth 'due to threats made towards my family'.

He added: 'I also hope the people of Singapore, my adopted home, will forgive me over time.'

Mr Casey, a former London stockbroker, previously worked for HSBC and is married to Bernice Wong, 35, who won the Miss Singapore Universe contest in 2003. The couple married in 2008.

Details of his online gaffes were featured in the local media and on websites and internet forums.

Mr Casey was said to have gone into hiding and spoken to police because of the abuse he was receiving.

He later released a statement through a PR firm, saying: 'I would like to extend a sincere apology to the people of Singapore. I have the highest respect and regard for Singapore and the good people of Singapore; this is my home. I wish for nothing more than to be forgiven for my poor judgment and given a second chance to rebuild the trust people have had in me as a resident of this wonderful country.

'In the past 24 hours, due to a security breach of my personal Facebook page... my family and especially my five-year-old Singaporean son have suffered extreme emotional and verbal abuse online.'

Comments about Mr Casey on one Singapore media site included: 'Why oh why do you think you are so much better than others just because you happen to have cash... shame on you mate, shame!'

Another wrote: 'Can I sue this guy for insulting me?'

And a third said: 'You are lucky that you are rich, but don't look down on the poor because you have no ****ing idea what they have to go through.'

Mr Casey received further abuse over reports that he had sent a lawyer's letter to a Singapore news website for publishing his Facebook photos. One reader commented: 'Are you sure you have repented as stated in your apologies? You want to sue others to make the matter worse because you can afford an expensive lawyer.'

Anton Casey who ridiculed poor in Singapore on Facebook left Crossinvest Asia ...

Anton Casey caused outrage with posts about 'stench' of public transport Wealth management firm confirms that he no longer works there Mr Casey, 39, says he, his wife and son have moved after 'threats' He says they have gone to Perth, Australia, and he has apologised again for actions

PUBLISHED: 11:00 EST, 25 January 2014 | UPDATED: 12:09 EST, 25 January 2014

A wealthy British banker who provoked a furious backlash in Singapore by suggesting public transport has a 'stench' and is only for 'poor people' has 'parted ways' with his employers.

Anton Casey, 39, no longer works for wealth management for Crossinvest, who attacked his comments for going against 'our core corporate and family values'.

The fund manager said that he received death threats after his comments were spread across the internet and has moved to Perth in Australia through fear of repercussions.

The scandal over the comments made by Mr Casey, who is married to a former Miss Singapore winner, erupted when he posted a picture on Facebook of his young son sitting on a train with the caption: 'Daddy, where is your car and who are all these poor people?'

A second photo showed his son sitting in his Porsche alongside the comment: 'Ahhhhhhh reunited with my baby. Normal service can resume, once I have washed the stench of public transport off me.'

He also branded a taxi driver a 'retard' for wearing mittens in hot weather and remarks: 'After 11 years residency, I am still trying to understand these people.'

Mr Casey was forced to apologise for his remarks in the face of a tide of online comments about his behaviour.

And yesterday his former employers confirmed that he would no longer work there 'with immediate effect'.

A statement posted on the Facebook page of Crossinvest's Asian office said: 'Crossinvest Asia is deeply concerned by the recent comments made by Mr. Anton Casey on social media which have caused great distress amongst Singaporeans.

'Those comments go against our core corporate and family values that are based on trust, mutual understanding and are respectful of diversity.

'Accordingly, Crossinvest Asia and Mr Casey have parted ways with immediate effect.'

Separately, Mr Casey announced his move to Australia in a statement to the Singaporean Straits Times newspaper.

He told the paper that he, his wife and child had gone to Perth 'due to threats made towards my family'.

He added: 'I also hope the people of Singapore, my adopted home, will forgive me over time.'

Mr Casey, a former London stockbroker, previously worked for HSBC and is married to Bernice Wong, 35, who won the Miss Singapore Universe contest in 2003. The couple married in 2008.

Details of his online gaffes were featured in the local media and on websites and internet forums.

Mr Casey was said to have gone into hiding and spoken to police because of the abuse he was receiving.

He later released a statement through a PR firm, saying: 'I would like to extend a sincere apology to the people of Singapore. I have the highest respect and regard for Singapore and the good people of Singapore; this is my home. I wish for nothing more than to be forgiven for my poor judgment and given a second chance to rebuild the trust people have had in me as a resident of this wonderful country.

'In the past 24 hours, due to a security breach of my personal Facebook page... my family and especially my five-year-old Singaporean son have suffered extreme emotional and verbal abuse online.'

Comments about Mr Casey on one Singapore media site included: 'Why oh why do you think you are so much better than others just because you happen to have cash... shame on you mate, shame!'

Another wrote: 'Can I sue this guy for insulting me?'

And a third said: 'You are lucky that you are rich, but don't look down on the poor because you have no ****ing idea what they have to go through.'

Mr Casey received further abuse over reports that he had sent a lawyer's letter to a Singapore news website for publishing his Facebook photos. One reader commented: 'Are you sure you have repented as stated in your apologies? You want to sue others to make the matter worse because you can afford an expensive lawyer.'

'Anti

A SINGAPORE-BASED British wealth adviser who set off a firestorm by publicly insulting Singaporeans who have to rely on public transport has 'parted ways' with his former employer, the firm says.

Porsche-driving Anton Casey, 39, who is married to a former Singapore beauty queen, has gone to Australia but has not said what his future plans are following the controversy.

He holds permanent residency in Singapore, which he calls his adopted home, and claims to have received death threats after he referred to public transport users as 'poor people' in a social network post.

Mr Casey's employer Crossinvest (Asia) Pte Ltd said in a statement on Saturday: 'Those comments go against our core corporate and family values that are based on trust, mutual understanding and are respectful of diversity.'

'Accordingly, Crossinvest Asia and Mr Casey have parted ways with immediate effect,' it added in a Facebook post early Saturday.

In a statement to the Straits Times newspaper on Friday, Mr Casey, asking for forgiveness, said he had left for Australia 'due to threats made towards my family'.

The Briton and his family, now in Perth, faced stinging verbal abuse from internet users after Facebook posts insulting commuters in the wealthy city-state went viral.

One of the posts showed a picture of a boy, apparently his five-year-old son, sitting inside a metro train with a caption above the photo saying: 'Daddy, where is your car & who are all these poor people?'

Many took to social media on Saturday to welcome Mr Casey's departure from the boutique wealth management firm.Singapore - with a modern public transport system - is one of the world's wealthiest societies, with a per-capita gross domestic product of SG$65,048 ($58,250) in 2012.

British expat leaves job in Singapore after 'poor people' remark

Agence France-Presse

SINGAPORE - A Singapore-based British wealth adviser who set off a firestorm by publicly insulting Singaporeans who have to rely on public transport has 'parted ways' with his former employer, the firm said Saturday.

Porsche-driving Anton Casey, 39, who is married to a former Singapore beauty queen, has gone to Australia but has not said what his future plans are following the controversy.

He holds permanent residency in Singapore, which he calls his adopted home, and claims to have received death threats after he referred to public transport users as 'poor people' in a social network post.

Casey's employer Crossinvest (Asia) Pte Ltd said in a statement: 'Those comments go against our core corporate and family values that are based on trust, mutual understanding and are respectful of diversity.'

'Accordingly, Crossinvest Asia and Mr Casey have parted ways with immediate effect,' it added in a Facebook post early Saturday.

In a statement to the Straits Times newspaper on Friday, Casey, a Singapore permanent resident, said he had left for Australia 'due to threats made towards my family', asking for forgiveness.

The Briton and his family, now in Perth, faced stinging verbal abuse from Internet users after Facebook posts insulting commuters in the wealthy city-state went viral.

One of the posts showed a picture of a boy, apparently his five-year-old son, sitting inside a metro train with a caption above the photo saying: 'Daddy, where is your car & who are all these poor people?'

Many took to social media on Saturday to welcome Casey's departure from the boutique wealth management firm.

Singapore - with a modern public transport system - is one of the world's wealthiest societies, with a per-capita gross domestic product of Sg$65,048 ($50,890) in 2012.

Follow Us

Recent Stories:

Singapore home price fall sets bearish tone for 2014

Yachts at ONE°15 Marina Club at Sentosa Cove during the Singapore Yacht Show 2011 are anchored against the backdrop of luxury condominiums, in Singapore, on Sunday, April 10, 2011.

Private residential property prices in Singapore - one of the world's most expensive property markets - slipped in the final quarter of 2013, the Urban Redevelopment Authority said on Friday, a further sign that the nation's red hot property market is cooling.

Prices decreased by 0.9 percent on quarter, the first time overall prices have dropped since the first quarter of 2012. For the entire year, prices rose 1.1 percent, a marked slowdown on 2012's 2.8 percent increase.

'By now, we can be quite certain that the private residential market has turned the corner and is entering into a consolidation phase with reduced transactional activity and prices under pressure,' said Ong Teck Hui, national director for research & consultancy at Jones Lang LaSalle.

( Read More: When will Singapore roll back property curbs?)

According to Desmond Sim, associate head at CBRE Research, the reduction in prices is a clear consequence of the government's recent cooling measure taking effect.

The Total Debt Service Ratio (TDSR) - introduced in June - involves rules to ensure a buyer's monthly payments do not exceed 60 percent of their income, a move designed to make sure buyers aren't caught out by a spike in interest rates.

'The price falls are a result of a lot of the new developments launched last quarter being priced quite competitively. Definitely it's an effect of the latest cooling measure, and it's a reaction from both the buyers and sellers, more so the developers who knew that in order to move the units they needed to price it competitively,' said Sim.

Singapore's red hot property market has seen prices spike over 60 percent since 2009, as low interest rates and high demand have pushed house and apartment prices to staggering highs. In an effort to cool the market, the Singaporean government has unleashed seven rounds of cooling measures, which now appear to be paying off, as developers invest in fewer projects and buyers are subject to more restrictions.

( Read More: Is Singapore real estate losing its shine?)

Not Overly Concerned for Singapore in 2014

English: An aerial view of Parliament House in Singapore. (Photo credit: Wikipedia)

With global economic growth likely to improve in 2014 compared to 2013, many Asian economies are likely to see upsides to growth in 2014. This is particularly true for open economies, such as Singapore. We think that global growth will be supported by stronger domestic demand coming from the US and Europe. Impediments to growth in the US and euro area, such as the US sequester cuts and deleveraging in Europe, have run their course. We are optimistic that stronger export demand will boost externally driven sectors in Asia, including Singapore.

In the case of Singapore, based on advance estimates, Q4 GDP grew 4.4% y/y, down slightly from 5.9% in Q3. The performance was slightly weaker than expected. On a q/q seasonally adjusted annualised rate (SAAR) basis, the economy contracted 2.7%. We are not overly concerned about the contraction, given the consecutive expansion in the past four quarters, although it does suggest that current growth momentum is moderate.

The full-year figures provide a more positive read. Singapore grew 3.7% in 2013, up from 1.3% in 2012. This performance was better than initially expected. Both manufacturing (+0.8%) and services (+5.1%) grew faster in 2013, compared with 0.1% and 1.2%, respectively, in 2012. Only construction activity decelerated - to 5.5% from 8.2% in 2012. Nonetheless, the economy remains below trend - average growth over 2000-12 was 5.6%. The underperformance in 2013 was largely due to the manufacturing sector, which grew 6.6% on average between 2000 and 2012. Services were slightly slower than trend growth of 5.9%.

Manufacturing, construction and services not only contracted on a q/q basis in Q4, but also slowed on a y/y basis compared with Q3 (note that only the overall GDP number and manufacturing, construction and consolidated services figures are provided in the advance GDP report). Manufacturing slowed to 3.5% y/y, versus 5.3% in Q3, while services also slowed to 5.5% from 6.5%. On a q/q SAAR basis, manufacturing contracted by 4%, while services contracted by 1.7%. The slowdown in construction was sharper, with a contraction of 6.9%.

Based on advance estimates, Q4 GDP grew 4.4% y/y, down slightly from 5.9% in Q3. The performance was slightly weaker than expected. On a q/q SAAR basis, the economy contracted 2.7%. We are not overly concerned about the contraction, given the consecutive expansion in the past four quarters, although it does suggest that current growth momentum is moderate.

We expect Singapore's GDP growth to accelerate to 4.4% in 2014, supported by net external demand. This is slightly higher than the government's forecast of 2-4%. Global Purchasing Manager Indexes have remained positive, hinting at stronger industrial production globally and more demand for Singapore's exports. Externally-oriented sectors are likely to benefit as the US and Europe recover and move towards trend growth. We think that GDP growth in the US will accelerate to 2.7% in 2014 from 1.9% in 2013, while growth in Europe rebounds to a positive 1.3%, from a 0.4% contraction in 2013. Stronger domestic demand from rising confidence and household incomes in the US and Europe are likely to boost demand for Singapore's exports. At the same time, China's GDP growth will likely remain resilient, supported by domestic consumption and export growth.

Overall, we think that a stronger performance in externally-oriented sectors will more than make up for the likely consolidation in domestic sectors due to the tight labour situation and a cooling property market.

While the build-up of debt in the household sector and the resulting debt service burden have increased concerns on over-leveraging, we believe that risks are only moderate for now. The Singapore government practices a very prudent fiscal policy, reflected in its AAA ratings from all three international rating agencies. In the household sector, the low average loan-to-value ratio moderates the risk of over-leverage. About one-fifth of total mortgages are under the government statutory board Housing Development Board (HDB). This reduces risk, as HDB is not as financially sensitive as banks. The government has introduced numerous measures to cool the property market. We believe these measures are prudent and will limit systemic risk in the event of an economic deterioration.

Jeff Ng is Southeast Asia economist for Standard Chartered Global Research.

Singapore Chinatown kidnap attempt did not occur: police

Police officers at work in Singapore on July 18, 2012. The police have come out to reassure parents that the alleged ...

The police have come out to reassure parents that an alleged attempted child kidnapping at Chinatown did not actually occur. Details of the alleged kidnap attempt was published in online parenting magazine theAsianparent. A statement on the Singapore Police Force Facebook page read, 'Police confirm that the alleged attempted child kidnapping at Chinatown, reported by theAsianparent in their online article, did not occur. The Police have contacted theAsianparent to remind them to verify incidents of such nature with the Police before publication, and theAsianparent has removed the article. 'Police would also like to take this opportunity to advise against spreading unsubstantiated information which may generate unnecessary public alarm.'In its report, theAsianparent had said that a mother and her toddler, who was seated in a stroller, had been shopping in Chinatown. During the trip, the mother confronted a Chinese man who was allegedly trying to steal her phone. During the commotion, the wife of the man apparently pushed the stroller with the toddler still strapped in, the report said.The mother 'cried and shouted for help'. Passers-by reportedly helped grab the Chiense woman before she could head off with the stroller and the toddler.

More chill out as it's cool and windy in Singapore

Weather a boon for businesses, especially outdoor restaurants

Published on Jan 24, 2014 8:29 AM

If you think the mornings have been a bit chillier lately, you might be right.

In the past seven days, the lowest temperatures here have been up to two degrees lower than normal. Daily minimum temperatures this month have ranged from 23.5 to 21.1 deg C, markedly lower than the long-term January average of 23.3, based on Meteorological Service Singapore (MSS) data.

The wind has also been stronger, with gusts up to 72kmh - around twice the typical speed.

It has been drier too, with some areas reporting up to 85 per cent less rain than usual.

TO READ THE FULL STORY...

Please enable JavaScript to view the comments powered by Disqus.comments powered by

Singapore's World Bank fee raised to $857m

SINGAPORE- Singapore's contribution to the World Bank will rise by more than 17 times to US$672 million (S$857 million), after Parliament gave its approval yesterday.

The higher subscription to the International Bank for Reconstruction and Development (IBRD) - the main arm of the World Bank that supports developing countries - is part of a move by the IBRD to increase its overall capital by US$86.2 billion.

In explaining the reason for the increase to Non-constituency MP Gerald Giam, who had asked how the new figure was derived, Deputy Prime Minister Tharman Shanmugaratnam said Singapore cannot be a 'free-rider' in the global system.

Singapore has to play a part in the global effort to supplement the World Bank's resources, as the Republic has a vested interest in having strong and effective multilateral institutions, he said.

'Given our role as a major financial centre and the importance of a healthy global economy to our economic prospects, we should participate in this global effort... we cannot be a free-rider.'

Of this new fee Singapore is paying, US$38 million, or about 6 per cent, had been set aside in the national Budget last year, Mr Tharman said.

The remainder, known as callable capital, will not be drawn by the IBRD except in extreme circumstances, when it cannot meet its obligations on borrowings or guarantees.

The increase in subscription to the IBRD is the first since 1966, and will also mean a rise in Singapore's voting power in the IBRD, from 0.05 per cent to 0.25 per cent.

But Mr Tharman said the Republic's larger 0.24 per cent stake in the World Bank would still be lower than its share of global gross domestic product, trade and cross-border investments. Singapore's share of world GDP is about 0.4 per cent.

This is because Singapore started out as a developing country making small contributions, he said, when, in fact, the amount should be in proportion to Singapore's size and role in the global economy.

'We are playing a responsible role and increasing our contributions, but we are not over-committing,' Mr Tharman said.

Get a copy of The Straits Times or go to straitstimes.com for more stories.

'Daddy, who are all these poor people?' How Anton Casey's Facebook ...

Name: Anton Casey

Age: 39.

Appearance: Pasty expat Brit.

That's not very nice. I don't think you'll find many people who have a good word to say about Mr Casey.

What does he do? He's a fund manager.

In that case, fire away. Amazingly, Casey's job is the least unattractive thing about him.

What's his problem? Casey - who lives in Singapore - had to leave his Porsche at the garage, obliging him to take the train.

Good for him to see how the other half lives. He then posted a picture of his son sitting on said train on Facebook, along with the caption: 'Daddy, where is your car & who are all these poor people?'

Nice. Casey later posted another picture of his son sitting in the newly repaired Porsche, with the words: 'Ahhhhhhhhh, reunited with my baby. Normal service can resume, once I have washed the stench of public transport off me ...!'

He doesn't come across well on social media, does he? No. Soon another of Casey's Facebook postings went viral: a picture of his bundled-up taxi driver, with the caption: 'Today's cabbie retard award goes to ... Mr Arm Warmers, stripy mittens & towel on the lap man ... After all it's only 37C outside.'

Maybe Mr Arm Warmers was chilled by the full-on air-conditioning required by his sweaty expat clientele. That was pointed out in the torrent of online abuse that followed.

Perhaps a man's character should not be judged by unguarded comments, but by how he responds to the subsequent death threats. Casey changed his profile name to Anson Stasey, and when that failed to put people off the scent he deleted the account, and that of his wife, former Miss Singapore Bernice Wong.

That last detail is perfect. As an encore he issued a by-the-numbers apology ('I have the highest respect and regard ...' blah blah blah) through a public relations firm.

How are his employers taking it? Crossinvest Asia said: 'We will take appropriate action once we are in possession of all the facts.'

Do say: 'Actually, Singapore's public transport is among the cleanest in the world.'

Don't say: 'If you can't say anything nice, don't say anything at all or I'll kill you.'