Oil prices kicked off the week’s trading with losses as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC’s production cutbacks and U.S. sanctions on Iran and Venezuela.
FILE PHOTO: FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo
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LONDON: Oil prices slipped on Monday, with concerns of a sharp economic slowdown overshadowing support from tighter supply due to OPEC’s production cuts and U.S. sanctions on Iran and Venezuela.
Brent crude oil futures were down 36 cents, or 0.54 percent, at US$66.67 per barrel at 1200 GMT, while U.S. West Texas Intermediate (WTI) futures were at US$58.75 per barrel, down 29 cents, or 0.49 percent.
Both crude oil price benchmarks closed down last week after briefly hitting their highest since November 2018.
“Oil remains in a tug-of-war between fundamentals and a fickle sentiment in the global financial markets,” said Vandana Hari of consultancy Vanda Insights.
Concerns about a potential U.S. recession emerged on Friday after cautious remarks by the U.S. Federal Reserve caused 10-year treasury yields to slip below the three-month rate for the first time since 2007.
Historically, an inverted yield curve – where long-term rates fall below short-term ones – has signaled an upcoming recession, and world stocks hit a 12-day trough on Monday.
Bullish sentiment helped drive benchmarks to last week’s highs, but that move could now leave them vulnerable to a correction.
“Speculators increased their net long in ICE Brent by 15,934 lots over the last reporting week, to leave them with a net long of 308,606 lots … the largest position since late October,” ING said in a note.
“A large gross long is a key downside risk for the market, especially with growing concerns over the economy.”
Adding to concerns of a widespread global downturn, manufacturing output data from Germany, Europe’s biggest economy, shrank for the third straight month, though an improved index on business climate there provided some cheer.
“Estimates for growth and earnings have been revised down materially across all major regions,” said U.S. bank Morgan Stanley.
But BNP Paribas strategist Harry Tchilinguirian told the Reuters Global Oil Forum: “Oil supply fundamentals remain price-constructive with OPEC+ collectively making good progress on pledged supply cuts while involuntary supply losses in Iran remain sizeable and those in Venezuela continue to mount.”
The Organization of the Petroleum Exporting Countries and non-affiliated allies such as Russia, together referred to as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of oil supply this year to prop up markets, with OPEC’s de-facto leader, Saudi Arabia, seen to be pushing for a crude price of over US$70 per barrel.
Commerzbank noted declines in U.S. crude stocks and expenditure by U.S. shale firms were also providing support.
“Oil market-specific reports, which point to tighter supply, are preventing prices from falling any more sharply.”
(Reporting by Noah Browning; Additional reporting by Henning Gloystein, Editing by Louise Heavens and Mark Potter)
SINGAPORE: A former general manager of Ang Mo Kio Town Council (AMKTC) and a company director accused of bribing him for contracts pleaded guilty on Monday (Mar 25), in a twist of events following weeks of trial.
Victor Wong Chee Meng, 59, pleaded guilty to three charges under the Prevention of Corruption Act, with another two similar charges to be taken into consideration for sentencing.
In all, the five charges involved more than S$86,000 in various forms of gratification from company director Chia Sin Lan, who also pleaded guilty on Monday.
Wong had received this from Chia, 63, between December 2014 and September 2016. It includes more than S$34,000 worth of entertainment expenses incurred at various KTV lounges, massage parlours and restaurants.
He had also received financial benefits in the form of a S$13,500 discount on a car he bought, as well as remittances made to Xu Hongmei, his mistress from China.
Chia’s two firms, 19-ANC Enterprise and 19-NS2 Enterprise, provided construction services to various town councils around Singapore.
Company director Chia Sin Lan has pleaded guilty to corruption. (Photo: Najeer Yusof/TODAY)
The two had been accused of giving and receiving more than S$107,000 in various forms of gratification, in return for contracts. But after weeks of trial, Wong indicated on Mar 5 that he intended to plead guilty.
LION’S SHARE OF GRATIFICATION IN ENTERTAINMENT EXPENSES
On Monday, the court heard that Wong, who was then an employee of CPG Facilities Management, the appointed managing agent of AMKTC between November 2013 and October 2017, had been introduced to Chia sometime in February 2015.
They were introduced by either Mr Tay Eng Chuan, a shareholder of 19-NS2, or Ms Alisa Yip, the operations manager of 19-ANC and 19-NS2. Mr Tay and Ms Yip had met Wong while he was a property manager at the Marine Parade Town Council.
Sometime in end 2014, Wong told Ms Yip that he was looking to buy a new car, as his own car had only a year and four months left. Ms Yip informed him that 19-ANC was looking to sell a 16-month-old Toyota Corolla Altis, and estimated that the price of this car was about S$85,000.
Wong asked Ms Yip for a discount to account for the purported high mileage of the car. After discussing the issue with Chia and Mr Tay, Chia then agreed to sell the Toyota Corolla Altis to Wong with a discount of about S$10,000.
As part of the transaction, 19-NS2 also agreed to purchase Wong’s old car at S$20,000 – which Chia later traded in for S$16,500, for the purchase of a new Toyota Corolla Altis.
This brought the overall discount Wong received to about S$13,500.
But the lion’s share of the gratification took the form of entertainment expenses incurred at various KTV lounges, massage parlours and restaurants which Chia and Wong frequented shortly after getting to know each other.
Between May 2015 and July 2016, Chia and Wong visited visited KTV lounges, restaurants, massage spas and a hotel on 29 occasions. Chia had paid for the expenses on these occasions, which included the purchase of alcoholic beverages, tips to the KTV lounge staff, and the purchase of flower garlands to show appreciation to the KTV lounge singers, including Ms Xu.
The total expenses incurred were more than S$34,000.
Victor Wong Chee Meng, the former general manager of Ang Mo Kio Town Council. (Photo: TODAY/Najeer Yusof)
Wong and Ms Xu had got into a romantic relationship after the two met in February 2015 at a KTV lounge. In June that year, she approached Wong and asked for 100,000 renminbi (about S$21,000) for renovations to her house in China.
Wong spoke to Chia about it, and subsequently, 80,000 renminbi (about S$17,300) was remitted to Ms Xu through a business associate of Chia’s.
In November 2015, Ms Xu told Wong she had fallen victim to an investment scam and was cheated of around 50,000 renminbi (about S$10,500). Wong approached Chia and told him of Ms Xu’s situation, following which Chia agreed to help Ms Xu.
In total, about 130,000 renminbi (S$27,796) was remitted to Ms Xu.
WONG FELT OBLIGATED TO HELP CHIA’S FIRMS
According to court documents, there was an increase in works awarded to 19-ANC and 19-NS2 by AMKTC in 2015 as compared to 2014. This upward trend continued in 2016.
Wong admitted that after receiving the gratification, he felt obligated to Chia’s firms, and wanted to help them by using his authority at work.
For example, in a 2016 tender for a term contract for design, supply and delivery of low emission incense burners to AMKTC, investigations revealed that 19-ANC had come in as the fourth lowest bidder, and recommendations were made by the contract manager to award the tender to the lowest bidder, Uniquetech.
Wong admitted that he had asked the contract staff to concentrate on the eco-friendly features of the burner, as he knew that the eco-burner from 19-ANC was the most eco-friendly among the tenderers.
He had also denied the requests of the other tenderers for more time to produce a mock-up that fit AMKTC’s requirements.
The former general manager also admitted to influencing his staff in the contracts department to include 19-ANC in the list of contractors to approach for Invitations to Quote.
Owing to his influence, the court documents said, unless 19-ANC could not provide the required works, the staff of the contracts department automatically invited 19-ANC, on their understanding that this was “Victor Wong’s preference”.
Mitigation and sentencing for Wong and Chia will take place on Mar 29.
Over the last few years, social media has grown to become an essential aspect of everyday life. For entrepreneurs, using social media has become a routine marketing mix. Various social media platforms have millions of users that allow vendors to connect with the target audience, build relationships, attract new leads and share information related to your industry with much ease.
With the endless benefits, if you aren’t using the various social media channels for your marketing, you are certainly missing out on various business opportunities for your venture. Just to prove this, below are some social media statistics courtesy of social media analysts WebDam, Advertising Age and JeffBullas.com.
Approximately 72% of internet users are active on social media daily.
43% of online marketers have found a customer through LinkedIn.
52% of all online marketers have landed a customer through Facebook.
Emails with social sharing buttons have a 158% click-through rate higher compared to emails without social sharing buttons.
Approximately 47% of online customers attest that Facebook is their number one influencer of purchase.
Up to 86% of online consumers agree that they use social media in their purchase decision-making process.
Well, with the above outlined stubborn facts, it is time to create the right social media marketing strategy. However, doing this by yourself can be daunting, time-consuming and costly. This is why the introduction, and use of social media tools received a huge applaud. Well, some of the essential social media marketing tools you should have are outlined below.
1. Buffer – best for social media management
Photo credits – Buffer.com
Are you looking to save time on your social media management? If so, consider integrating buffer in the list of your marketing tools. Initially, buffer was a Twitter scheduling tool. However, it has evolved and currently supports all the major social media channels including Instagram, Facebook, LinkedIn, Google+ and Pinterest.
This social media scheduler makes it easy staying active and engaging on social media. It lets social media marketers schedule and publish marketing content on all social media networks.
Some of the neat things Buffer does include;
You can add articles and content from web to your buffer queue and share content on the go through its chrome extension.
Shorten links automatically as you share.
Upload quality photos and videos
Access social media analytics that tracks your performance over time.
Develop a posting schedule to have your content spread out throughout.
2. AddThis – best for content distribution, tracking, and analysis
This is an essential social sharing and engagement tool common in various social media websites. It features share and follow buttons that makes it easy to distribute your content, grow your audience and boost your channel social media presence. Besides website marketing, this tool provides valuable data on social media audience behaviour, number of people sharing your content, social engagement, and where your traffic originates.
Photo credits – AddThis.com
Intriguing features of AddThis include;
Has follow buttons for easy and quick audience building
Gives insights on browser language, type, date and time of visits to your website and traffic referrers.
Responsive as it works with various devices.
Easy to install
Available for browser extensions
3. Buzzsumo – best research and insight tool
For effective marketing, research is a crucial aspect. To succeed among many competitors, you should research and understand what they are doing. Buzzsumo is a powerful tool for this. Leverage this tool for keyword research and find trending topics your audience might be interested in.
Use Buzzsumo to search for interesting posts to share on social media, share content ideas and competitor research if you have some cash to invest in. Read a thorough review of Buzzsumo.
4. Google Trends
This is yet another trends hacking and market research tool. It helps you find what’s hot at that time. This analysis helps you create more relevant content. Searching through various categories helps marketers understand what concerns followers at the moment, helping them create content around the issues.
Social media marketing isn’t about talking always. Marketers should also have time to listen what followers and potential prospects have to say. Well, Google alerts is a free and overly effective tool that helps monitor what happening around you. You can use it to set alerts for various keywords, keep track of your brand mentions and important topics within your niche or about some key competitors.
Mention and social proof are other amazing social listening tools.
6. IFTTT – best for social media automation
Employing automation tools is the best way to save time and money in your marketing strategy. If This, Then That is a tool that makes running your social media marketing strategy much easier. With this tool, all you need to do is create rules that end up triggering specific actions when an action happens.
Photo credits – IFTT
For instance, you can create a rule where every time a Google notification or a specific alert occurs; it is automatically added into Google documents. You can then check the document later at your own time. The best part being that you can override the rules if you are active.
7. ContentGems – best for content discovery and distribution
This is a content discovery and distribution tool that scans thousands of online content helping marketers find timely, interesting and relevant content for distribution to their audience on various platforms. Having updated content is essential as it leads to more traffic to your website.
The tool monitors leading news sites and blogs for exceptional content, gives users access to thousands of RSS feeds, send weekly emails, has Twitter filters that weeds out low-quality content and allows marketers to build customized feeds. Thing is, you will get to enjoy advanced features of this tool at a small cost.
8. Hootsuite – best for social media management
This is a time saving social media marketing tool that allows marketers to manage all their social profiles from a single location. Users can discover and easily schedule content, identify social media influencers, connect with customers and social media platform followers easily.
Photo credits – Hootsuite.com
The tool is easy to understand and offers an entirely complete set of tools for social media management. This includes content scheduling, analytics, curation, monitoring, contests hosting and team management. It also works as a helpdesk, allowing social media marketers to protect their reputation and answer clients straight from the application.
9. Keyhole – for hashtag tracking and keyword analysis
For major social networks such as Twitter, Facebook, and Instagram, use of hashtags and specific keywords is vital. Well, to track the performance of hashtags and keywords, you will need Keyhole. It tracks your account data, generates analyzed reports and offers ideas and suggestions on how you can optimize your social media marketing strategy.
It gives analytics for brand mentions and hashtags, embeds widgets for your website, provides customized alert email notifications and other collection of social media marketing features.
Final Thoughts
Social media tools keep on evolving with new apps and updates being released regularly. This is an advantage as it helps boost your social media marketing efforts, ensuring that your marketing strategy is a success. However, note that not every tool is necessary or relevant. Not all tools meet the needed functionality. Therefore, revise your social media strategy, consider your marketing goals as well as the social media channels you use before determining the important tools.
SINGAPORE: Train commuters can expect longer train intervals and early closures at selected MRT stations from April to June this year.
The adjustments have been made as part of the extended engineering hours in order to facilitate power supply system renewal and maintenance works, SMRT said in a press release on Monday (Mar 25).
In April, there will be longer intervals of about 10 to 15 minutes for train services on the North-South Line (NSL) between Orchard and City Hall MRT stations.
(Image: SMRT)
This will take place on Saturday and Sunday mornings, from the start of service until 7am.
There will also be no NSL service between City Hall and Raffles Place stations during the affected period. Commuters are advised to use the East-West Line (EWL) instead, said SMRT.
EARLY CLOSURE
In May and June, seven MRT stations along the EWL from Lavender to Bedok will close earlier at 11pm on selected Fridays and Saturdays.
(Image: SMRT)
A shuttle bus service between Bugis and Tanah Merah stations will be provided during the affected periods. The buses will pick up and drop off passengers at designated bus stops near the affected MRT stations.
(Image: SMRT)
The timings for the last train’s departure from each station will vary during the affected period.
“Commuters are advised to check the departure times at affected MRT stations, or on SMRT Trains’ website and social media platforms, in order to plan their journeys ahead of time,” said SMRT.
“More time may also be needed to travel between MRT stations using the shuttle bus services,” the transport operator added.
SINGAPORE is gradually unveiling its military modernisation plans for the Singapore Armed Forces.The development trajectory will be shaped by both adapting emerging critical technologies to new security requirements and improving institutional agility to exploit these new technologies.
According to Singapore’s Ministry of Defence, modernising the Singapore Armed Forces (SAF) will involve developing capabilities to counter ‘hybrid’ threats in the information and cyber domains, expanding counter-terrorism capabilities, and eventually leveraging advanced emerging technologies such as artificial intelligence, data analytics and robotics in most aspects of defence planning and military operations.
The next-generation SAF will build upon existing conventional capabilities, while having the flexibility and robustness to employ novel operational and organisational concepts to use breakthrough technologies for national defence.
At its core, Singapore’s military modernisation reflects SAF’s primary mission: to deter threats to Singapore’s security, territorial integrity and sovereignty, to enhance Singapore’s peace and security through defence diplomacy, and, if deterrence or defence diplomacy fails, to enable a swift and decisive victory.
The SAF aims to upgrade its network-centric warfare capabilities for joint operations and to strengthen overall military effectiveness.
To preserve its strategic deterrent, the SAF is in the process of acquiring advanced military technologies and platforms. These include upgraded early coastal and air defence warning systems, new aircraft and naval vessels, and infantry technology to improve army security and mobility. These upgrades are designed to be linked together as a force package and create an asymmetric advantage.
The SAF envisions being able to mix-and-match these diverse platforms — ships, submarines, aircraft and unmanned systems — across all warfare environments: air, land, sea, underwater and cyber. For example, an unmanned aerial vehicle would spot an enemy tank or ship and send the coordinates to any available non-line-of-sight strike system in the rear, which would immediately fire at the target.
Incoming National Service recruits take an oath during a ceremony marking the commencement of their basic military training on Pulau Tekong off Singapore on February 7, 2017. Source: TOH TING WEI / AFP
After acquiring new equipment and introducing more capable systems — including the establishment of new units — the second phase of SAF modernisation will establish new operational commands to deal with an expanded spectrum of operations at home and overseas. This allows the SAF to widen its operational flexibility and responsiveness.
In a third phase, the SAF will aim to enhance its leadership and human capital through revising training and education, to maintain a steady stream of capable and committed personnel.
Implementing network-centric type warfare has been a major strategic imperative of many advanced militaries since the early 1990s. The major problem back then, as it is now, is that many of these complex systems need to be linked together — not only technologically, but organisationally and operationally.
The SAF must be able to integrate the various sensor-to-shooter loops between the various services and platforms in real time. This means integrating battle management across air force, army, navy and cyber; command and control, communications and networks; intelligence, surveillance and reconnaissance; electronic warfare, positioning, navigation and timing; and precision munitions. At the same time, SAF operational commanders and national servicemen must trust these systems.
Herein lies Singapore’s principal strategic strength and weakness. Given limited manpower resources, Singapore and the SAF have over the years demonstrated greater strategic focus on technological solutions.
This led to excellent systems-of-systems engineering capabilities. But it increasingly made ‘technological superiority’ the primary strategic determinant, enabler and catalyst of Singapore’s military effectiveness.
In a process that could be characterised as technocratic and cost-effective defence management, Singapore’s defence ecosystem has evolved into an adaptive ‘systems integrator’ rather than a ‘disruptive innovator’.
The SAF will rely increasingly on robotics, artificial intelligence and learning machines, smart materials, sensors and other advanced technologies.
As such, implementing its modernisation will depend on corresponding strategic, organisational and operational agility to exploit these technologies. How current operational constructs and force structures will integrate new technology is a matter of much debate in militaries across the world, including Singapore.
New technologies will question the level of human involvement in the future of warfare, the need to alter traditional force structures and recruitment patterns, and in what domains force will be used. Militaries are developing their own often-diverse solutions to these issues.
As in the past, the pursuit of next-generation defence innovations presents a range of complex challenges for Singapore’s defence planners, from identifying and prioritising emerging technologies, to adopting and adapting them to new force structures using novel operational concepts.
Ultimately the strategic logic and goal remain unchanged: to create viable defence options and political effects.
In this context, the key lesson from past military innovations is this: breakthroughs in technology alone will not guarantee successful innovation.
Michael Raska is Assistant Professor and Coordinator of the Military Transformations Programme at the Institute of Defence and Strategic Studies, a constituent unit of the S. Rajaratnam School of International Studies (RSIS), Nanyang Technological University (NTU), Singapore.
A version of this article originally appeared here on RSIS. This article was republished from East Asia Forum under a Creative Commons license.
SINGAPORE: Last year, founder of Udders Ice Cream Wong Peck Lin suggested that the rules under the Liquor Control Act be made more flexible at an industry dialogue facilitated by the Singapore Chinese Chamber of Commerce and Industry (SCCCI).
The Act, which came into force in 2015, restricted the sale of liquor at retail outlets and the consumption of liquor in public places after 10.30pm, affecting food and beverage with more than 0.5 per cent alcohol.
Udders’ Rum Rum Raisin ice cream had been a casualty.
Ms Wong’s feedback, along with that of other industry stakeholders, led to the lifting of the ban on the sale of food products containing alcohol, drawing cheers from affected companies and those craving a tub of rum and raisin ice cream after dark.
Skyline of Singapore’s Central Business District. (File photo: Reuters)
Regular dialogues with the Government organised by trade associations and chambers (TACs) like the SCCCI are without doubt effective platforms for companies to address pain points.
SUPPORTING ENTERPRISE AND INNOVATION
TACs today play a critical role in facilitating debate and conversation between businesses and the Government to shape pro-enterprise and pro-innovation policies.
Members at the Singapore Business Federation’s SME Committee (SBF SMEC), for example, closely monitor the industries and sectors they represent so they can effectively formulate Budget recommendations to the government.
To date, the committee has put up more than 170 recommendations, of which close to a third have been adopted.
These include the deferment of the increase in Foreign Worker Levy in Budget 2015, the introduction of a Working Capital Loan in Budget 2016 and more recently, the request for a single agency focused on championing the interests of SMEs which saw the merging of International Enterprise and SPRING to Enterprise Singapore (ESG) in April 2018.
In a nod to the leading role that TACs play in shaping Singapore’s economy, Minister for Finance Heng Swee Keat announced in Budget 2019 that through the Local Enterprise and Association Development (LEAD) programme, ESG will work on five-year roadmaps with capable and willing TACs with “an ambition to do more for businesses”.
Finance Minister Heng Swee Keat speaks in Parliament on Thursday (Mar 1).
Since the introduction of LEAD in 2005, 47 TACs have led more than 200 industry initiatives, benefitting over 40,000 companies in areas ranging from operational efficiency and productivity to business innovation and growth.
TACs are uniquely positioned to drive industry-level initiatives for transformation, help SMEs scale up and build capabilities as well as make inroads overseas.
STRONG ALONE, STRONGER TOGETHER
Closer to the ground, TACs have a firmer grasp of members’ businesses, the industry they represent and the challenges faced.
Increasingly, TACs are taking the lead in aggregating the common needs of the industry and seeking out innovative solutions by pooling together resources and expertise – a shift away from government-prescribed solutions for industry problems to solutions from the ground up that the Government can help to fund.
One good example is how the Singapore Hotel Association (SHA) has helped to drive the adoption of innovative technologies to raise productivity among its members.
In 2017, an initiative led by SHA and supported by the Singapore Tourism Board through the Business Improvement Fund – brought together the hotel industry to call for tech solutions that overcome manpower shortfalls and enhance guests’ experience.
Shortlisted solutions were then piloted at some 30 hotels.
Among them was a digital concierge system that functions as a chatbot with artificial intelligence. Piloted at Andaz Singapore Hotel, the chatbot named Andy instantaneously addresses common guest enquiries including dining and itinerary recommendations through the hotel’s Facebook messenger account.
Messenger boasts some 1.3 billion monthly users, who engage in about eight billion conversations a month.
During the pilot period, the hotel managed to direct around 60 per cent of enquiries to Andy, freeing up front-desk staff to engage with guests with other needs. Today, the hotel plans to integrate Andy with its existing systems so that he, too, can process requests for room service, extra pillows and other amenities.
Similarly, the Institute of Singapore Chartered Accountants (ISCA) has encouraged the adoption of technology among their small and medium-sized accounting practices by developing a customised audit software in partnership with a software developer under ESG’s LEAD programme.
The off-the-shelf solution, built based on ISCA’s audit methodology, enhances audit quality, increases efficiency and eliminates the need for individual firms to customise their own software. This form of automation has cut down processing time by 20 to 30 per cent compared to current paper-based systems.
These are just a handful of examples of how TACs are leading the change in industry transformation and helping companies overcome limitations to stay competitive through initiatives that might be otherwise difficult for them to undertake alone.
BEYOND BORDERS
Given the size of Singapore’s small domestic market, Singapore companies need to also actively look beyond their shores to expand their businesses. This, however, is risky, requires a significant outlay of resources and time, and the process can also be complex, especially if they take the plunge on their own.
Thankfully, TACs have joined forces with the Government to help them break into overseas markets through trade fairs and business missions – prime platforms for firms to obtain business leads, connect with potential business partners and gain market exposure.
With the support of ESG and the Ministry of Trade and Industry, SBF organised and led a group of over 80 Singapore companies to the China International Import Expo last year. It was the largest ASEAN delegation to showcase their products and services to the Chinese market.
Facebook signs are seen during the China International Import Expo (CIIE), at the National Exhibition and Convention Center in Shanghai, China November 5, 2018. (Photo: REUTERS/Aly Song)
The International Marketing Activities Programme (iMAP), managed by ESG, covers up to 70 per cent of the costs of these initiatives, allowing TACs to shift the global expansion of local companies to high gear.
Between 2011 and 2015, ESG (then IE Singapore) teamed up with more than 50 TACs through iMAP to organise 1000 business missions and Singapore pavilions in overseas trade fairs, benefitting some 15,000 companies, 95 per cent of which were SMEs.
TACS OF THE FUTURE
For as long as trade has existed, merchants have banded together, whether to forge alliances, advance their interests, set out standards of conduct for trade or shape legislation, through the formation of TACs.
In what may be a little-known fact, the dawn of Singapore’s TAC movement can be traced as far back as 1837 when the Singapore Chamber of Commerce (renamed Singapore International Chamber of Commerce in 1964) was formed to defend the interests of the local business community against the East India Company administration.
Since then, TACs have played a vital role in supporting Singapore’s rise from former British colonial trading post to thriving Asian metropolis, remaining as committed to creating a vibrant local business community as they were nearly a bicentennial ago.
But more can be done. Bigger trade associations can play a leadership role in bringing together TACs and companies to support efforts that bolster the growth of our industries and economy.
Today, TACs face the same disruption as their members with the same urgency to transform. To effectively guide members through the turbulence and provide value for the next generation, TACs, too, need to change, adapt and innovate more nimbly.
People crossing a street in Singapore’s central business district. (File photo: Reuters)
In a 24/7 world, connected globally through technology, TACs must embrace the digital world and evolve into highly interactive, globally accessible platforms that engage members at a much faster and relevant pace.
This brings new challenges to the TACs of today, but it is an opportunity to become stronger, more efficient and more effective. TACs have to rethink what they can bring to the table and how they can adapt to the tools of tomorrow to stay relevant in a rapidly changing world.
Ultimately the success of any TAC rests on the shoulders of the community and companies it serves. It is only when our local business community succeeds and flourishes that everyone wins.
Mr Teo Siong Seng is the Chairman of the Singapore Business Federation.
SINGAPORE: After six years of trying to get pregnant – including multiple rounds of IVF – Chloe (not her real name) was not about to concede defeat.
“I’m taking a break, but I know biologically I’m still ageing,” said the 40-year-old manager in an email to Channel NewsAsia.
Like many women who go through the arduous journey of attempting to conceive, Chloe was anxious about her ticking biological clock.
“I wanted a backup plan, in case one day I do decide to try again,” she said.
Chloe first heard about egg freezing after reading an article that Google was paying for its employees to undertake the procedure. While her company or health insurance did not cover such treatment, Chloe was determined to secure “Plan B”.
Last year, Chloe, a Singapore permanent resident, flew to a fertility clinic in Sydney to freeze her eggs. It wasn’t a snap decision – it took her nearly four years to consider her options.
“I ended up going for my gut instinct,” said Chloe.
“I knew that if I didn’t try everything I could to have children, I would have regretted not having my eggs frozen.”
EGG QUALITY DROPS WITH AGE
Chloe faced an issue that all women go through – the quality of her eggs would diminish over time.
A woman is born with a finite number of eggs which continuously depletes throughout her lifetime, said Dr Lim Lei Jun from Sunfert International Fertility Centre in Kuala Lumpur.
“Women are most fertile in their twenties and early thirties. After the age of 30, egg quantity and quality starts to decline,” said Dr Lim.
The rate of decline is steepest after 37 or 38 years old.
“Even the healthiest diets or the best workout plans cannot reverse this fact.”
A technician opens a vessel containing women’s frozen egg cells on April 6, 2011 in Amsterdam. (Photo: AFP/Lex Van Lieshout)
Older eggs also have a higher chance of being genetically abnormal, such as having an extra chromosome which causes Down’s syndrome, said Dr Lim.
Egg freezing, or oocyte cryopreservation, therefore provides women the possibility of preserving younger and possibly healthier eggs until they are ready to start a family.
The process first involves stimulating the ovaries with hormones to produce multiple eggs, which is similar to the initial stage of IVF.
The eggs are then retrieved using a needle, and subsequently frozen in subzero temperature for later use.
WHY ARE WOMEN FREEZING THEIR EGGS?
Some women choose to freeze their eggs for medical reasons.
For example, a woman who has to undergo cancer treatment would freeze her eggs since chemotherapy could adversely affect her fertility.
Because of this, healthy women in Singapore are going overseas to countries like Thailand, Malaysia, Australia and the US to undergo social egg freezing.
While career demands play a certain extent, most women freeze their eggs because they have not found a suitable partner with whom to start a family, said Dr Suresh Nair from Seed of Life, a fertility centre at Mount Elizabeth Novena.
Speaking to Channel NewsAsia, Dr Nair said women – usually in their late 30s – find themselves with the looming question: “Will I be childless forever – even if I meet Mr Right?”
Women in Singapore are expected to juggle so much and meet society’s expectations, said Dr Nair.
“They must do well in university, but (also) do well at her workplace. She must be a good daughter, must be a good wife … and produce children, (and) look after them,” he listed.
A woman walking in Singapore’s financial business district. (Photo: AFP/Roslan Rahman)
Egg freezing can give time to plan out a future, along with a suitable partner and stable finances, Dr Nair said, adding that he has seen an increase over recent years in queries about egg freezing.
Sunfert, located in Kuala Lumpur’s affluent suburb Bangsar, said it receives an average of one Singaporean woman each month wanting to freeze her eggs.
The clinic charges around RM20,000 to RM25,000 (S$6,600 to S$8,300) for the procedure, which includes fertility medications, clinic visits, and the egg retrieval itself.
However, this doesn’t cover the storage fee, future thawing or fertilization when the woman is ready to use her egg.
Though the hefty price tag itself might be a deterrent for many, Chloe said the cost was “not an issue for my peace of mind”.
NOT 100 PER CENT FOOL PROOF
Even if a woman had good eggs that can be frozen, other factors also play a part in the success of a pregnancy, cautioned Dr Nair.
“Your womb ages, you age, your heart ages, your lungs age, everything ages.
“Pregnancy is a massive onslaught to the female body. All sorts of other problems can arise,” he said.
According to a report published in the Canadian Medical Association Journal, an older pregnant woman faces an increased risk of certain conditions, such as gestational diabetes and preterm delivery of a baby with low birth weight.
A pregnant woman walks down the street of the financial district in Singapore. (Photo: AFP/Roslan Rahman)
The 2015 report also cited a study showing that the success rate of a clinical pregnancy using a frozen egg was only 4.5 to 12 per cent.
This data was derived generally from eggs obtained from women younger than 30 years old.
In response to Channel NewsAsia’s queries, the Ministry of Social and Family Development (MSF) said that egg freezing, like other assisted reproductive techniques, was “not a guaranteed solution to delaying parenthood”.
“The risks of developing age-related complications during pregnancy are not mitigated by egg freezing,” said a ministry spokesperson.
The ministry also had to be “mindful” of the potential ethical and social implications associated with legalising egg freezing for non-medical reasons, added the spokesperson.
“Fulfilling one’s marriage and parenthood aspirations sooner increases the chances of conceiving children naturally,” said MSF, adding that age-related fertility problems can affect both men and women.
“There is no better substitute to having healthy children than when couples are relatively young and healthy,” said the spokesperson.
MSF added that the Government was carefully reviewing the possibility of allowing egg freezing for non-medical reasons, while also bearing in mind the various ethical and social implications.
NO NEED TO BE EMBARRASSED OF FERTILITY TREATMENTS
Even though fertility might be considered a taboo topic in some Asian societies, women in Singapore are becoming more open in discussing this issue, said Dr Nair.
Despite the common misconception that egg freezing implied being a spinster, this is a non-issue for women, he added.
“Most women are beyond that, they don’t care about that anymore,” said Dr Nair.
“They say: ‘I will choose who I want to marry … I don’t need men to support me. I am fully independent’.”
He added that women – single or married – should not be embarrassed to talk about their plans to have children.
File photo of in-vitro fertilisation, in which eggs were harvested from a woman’s ovaries, fertilised, and then cryogenically preserved. (Photo: AFP)
Although some parents may sometimes be antagonistic towards fertility treatment methods, a woman should be able to make her own choices, said Dr Nair.
The most common reactions women receive from family or friends about their decision to freeze their eggs are reactions like: “Don’t be so choosy, you just get someone lah”, relayed Dr Nair.
But for Chloe, people’s opinions did not matter.
“It’s a personal choice … Don’t worry (about) what others say about it. Do it for yourself,” she said.
“Support from others is important, but you need your own internal strength and courage to do this.”
An area rug is often the piece that brings your room together, but as we all know, it often becomes dirty very quickly because everyone walks over it, food is spilt…not to mention any pets that you may have who rub themselves against it. Sometimes vacuuming is not enough to get the rug back to its original condition. Here are some tips to bring the rug back to its best, thanks to Rug Cleaning NYC.
Should You Clean It?
The last thing you want to do is to make the rug look worse than it already is. This is why we would recommend that if you have an antique carpet, or a Persian rug for example, that you should leave it to professional rug cleaners. These rugs are expensive, and you shouldn’t mess around with them unless you know exactly what you are doing.
Tools Needed
Here are the tools you will need to clean your rug.
Specialist shampoo for rugs (or you could use a detergent)
Bucket
A brush with nice soft bristles. If you don’t have a brush like that, a sponge will often be an adequate replacement
Clean Water
1) Remove Dirt and Any Noticeable Debris Visible on the Rug
First of all, make sure you take the time to vacuum on both sides of the rug before you start to clean it.
2) Setup Your Cleaning Solution
For those of you who have specialist rug shampoo, make sure you carefully follow the directions on the bottle, as different products have different preparation procedures. Make sure you do not use hot water. If you do, this can cause the rug to shrink, and in some cases, cause fading.
3) Check the Colors Don’t Run
Before you start vigorously scrubbing your rug, it is crucial that you make sure that the cleaner you are using doesn’t lead to the colors of the rug running. To guard against this, you can complete a test of the solution in a small corner of the rug. Or, check that your rug is “colorfast”.
4) Wash the Rug
Now you can proceed with washing the rug with your soft-bristle brush or sponge. It is important to try and work the solution into a nice lather to maximize the effectiveness of the cleaning. We would recommend letting the cleaning solution sit on the rug for a few minutes.
5) Rinse the Rug
Once you have finished your cleaning, you can then rinse the rug. We would recommend using buckets of clean water.
6) Remove Any Excess Water on the Rug Before Drying
Before you can let the rug dry, try and remove as much water as you can. This will allow the rug to dry faster. For drying the rug, make sure you lay the rug flat. If you have any fans, this will also speed up drying.
If you have a carpet that needs cleaning, we would recommend you check out Carpet Cleaning NYC, who offer a wide range of cleaning services.
SINGAPORE: A Singapore Airlines flight that was home-bound from Newark on Saturday (Mar 23) was cancelled after an aerobridge collided with the plane while it was parked.
The carrier said that flight SQ22 was parked at the designated parking bay in Newark Liberty International Airport after arriving from Singapore when the aerobridge “came into contact” with the left engine of the plane.
“The incident happened while the aerobridge was being connected to the aircraft door for passengers to disembark,” the airline said in a statement.
All 150 passengers and 17 crew disembarked without incident, SIA said, adding that the aircraft was grounded for repairs.
The return flight SQ21 was cancelled, with alternative flight arrangements made for the 141 passengers who were affected.
In a notice to affected passengers, the airline said that they would be provided with a buffet breakfast at the Marriott Newark hotel while awaiting details of the rescheduled flight.
“We sincerely apologise for the inconvenience caused. Thank you for your kind understanding,” Singapore Airlines said.
Flight SQ22 is Singapore Airlines’ near-19 hour non-stop service to New York. Launched in 2018, it is the current world’s longest commercial flight.
Singapore Airlines is the first airline in the world to operate the Airbus 350-900ULR (ultra-long-range) aircraft.
SINGAPORE: Guess how many seniors are still paying off their housing loan?
Hard to imagine isn’t it?
But according to a Credit Bureau Singapore study in 2014, the number of Singaporeans aged 65 and above still servicing outstanding mortgage loans numbered over 15,000 – triple the figure in 2008.
It’s harder to imagine how these seniors will achieve retirement adequacy. Nearly three in 10 Singaporeans expect a lot less income in retirement than they do today, according to a 2015 Global Ageing Institute study.
The same survey found that a large number of Singaporean workers expect to receive benefits from the Central Provident Fund to fund their retirement expenses.
File photo of the CPF building. (Photo: TODAY)
So it is no wonder why most Singaporeans were anxious over news about the CPF payout age, when many were not sensitised to the opt-in nature of the scheme which allows recipients to receive payouts beginning at 65, or automatically receive payouts at 70.
Manpower Minister Josephine Teo nonetheless acknowledged that workers appear to be more concerned about being able to work longer and save more in Parliament last month.
More recently, she revealed that a survey done by the Manpower Ministry suggested that over half who withdraw their CPF accounts leave it in a bank account.
This episode shone a spotlight on Singaporeans’ concerns over retirement, where some readers asked what more could be done to secure their retirement finances and maximise returns on their money, instead of fixating whether we get our CPF at 65 or 70 or somewhere in-between.
1.TACKLE YOUR OUTSTANDING DEBT
How about ensuring you’re debt free first and foremost?
Debt can exert a heavy burden and lead to emotional stress, affecting our well-being and straining family ties. It also represents a huge opportunity loss because the interest paid could have been put to good investment use.
My advice would be to get rid of all outstanding debt, and prioritise those with the highest interest rates. At up to 26 per cent per annum, credit card bills can snowball into a huge debt.
A VISA credit card is pictured next to a computer chip on a bank card in this photo illustration taken June 9, 2016. (Photo: REUTERS/Maxim Zmeyev/Illustration/File Photo)
A simple calculation: S$10,000 on a credit card can be settled in 5 years with a S$300 monthly repayment, but this incurs almost S$8,000 of interest.
It’s not just S$8,000 that you could have spent.
If you had kept this $8,000 invested, with 4 per cent annualised returns, your money would have grown to nearly S$9,300 – meaning more money to spend each month or more retirement income to spread over a longer period.
This principle should apply to all aspects of our finances. Even for those of us who might secretly congratulate ourselves for being thriftier, have we managed to pay off our housing loans?
Eliminate your outstanding debt first because it will impact how much you have left over each month to spend.
2. STAY HEALTHY, GET INSURED
How about ensuring your healthcare needs are taken care of?
At age 65, we should have appropriate health insurance coverage.
Falling sick can be very costly so it is no wonder Singaporeans see affordable, quality healthcare as a key concern, according to a survey by government feedback agency REACH in January.
In recent years, the Government has rolled out national healthcare insurance schemes to pool risk.
An elderly man looking at a MediShield Life brochure. (Photo: TODAY)
All Singaporeans will have Medishield Life to help with large hospitalisation bills and for those born after 1980 or have opted in, Careshield Life, which aids with disability needs. Part of your average hospitalisation bill for a public hospital, which ranges from S$970 to S$6,389 (according to data.gov.sg) depending on your stay, the procedure and ward you choose, can be suitably covered.
But what about the pre- and post-hospitalisation follow-ups? You might want to upgrade to an integrated shield plan, which offers riders covering these expenses.
Those of us more risk averse may also prefer riders that cover the full hospitalisation bill including deductibles (subject to a mandatory 5 per cent co-payment imposed just last year to avoid over-consumption of medical services).
But having a hospital plan is not the end of the story.
Even after getting out of the hospital, recovering from a critical illness may mean losing the capacity to work altogether.
A critical illness policy assures you of a full sum to be paid out should you ever be diagnosed, not to be confused with a life insurance plan which pays out after the policyholder has passed on.
These insurance plans help to lessen the financial burden for retirees and their family, while providing income support for your care needs and dependents during your recovery.
As seniors are more prone to falls, which can debilitating at that age, a personal accident policy can also help to reduce out-of-pocket outpatient expenses.
Getting the right insurance coverage can go a long way in ensuring a huge medical bill doesn’t burn a hole in your pocket and scuttle other life goals you may have.
3. KEEP YOUR FINANCES IN CHECK
How about ensuring your expenditures are kept in check?
Sometimes the most important advice is the simplest: Spend on needs and not wants.
I cannot stress enough the importance of simple financial discipline. Categorise your expenses. Set a specific target or limit on each pot of money. Keep to that limit.
For example, if you plan to spend 10 per cent of your allocated retirement fund on food each month, don’t splurge on more.
The most difficult thing to do may be to differentiate between needs and wants. Do you really need your car? Do you really need a foreign domestic worker?
The recent proliferation of affordable and on-demand cleaning, care and ride-hailing services may make getting such help on an ad hoc basis more financially sensible than owning a car or employing a full-time foreign domestic worker.
And do you really need that huge house after all the children have left the nest?
Downsizing to a smaller apartment not only means you have smaller maintenance bills and less cleaning-up to do, it also allows you to unlock the equity in your old home – which can go a long way to fund new expenses and comforts.
File photo of HDB flats in Singapore. (Photo: Nurfarahhin)
4. HAVING A STEADY STREAM OF INCOME
How about having a diversified stream of income?
One of the major concerns retirees have is outliving their savings. A Nielsen survey in 2015 found that almost seven in 10 feel that their savings will not last through retirement.
Ensuring a consistent flow of income is crucial. Diversifying your portfolio to invest in different schemes can additionally augment your retirement income
Sure, you play the stock market. But the key to successful investment is time. It is not about timing the market, but how much time you leave your money in the market.
Reacting to market sentiments and making emotional investment decisions are both bad for investments, Warren Buffet once said, whereas investing in long-term funds can bring significant compounded returns.
For someone preferring less risky investments and with more pay-out certainty, it’s worth considering getting a retirement income plan.
This usually takes the form of an endowment policy sold by insurance companies, in which policyholders contribute either a regular amount for a designated time period or a lump sum. The pay-out age is timed to coincide very close to your retirement age, so that you can receive a guaranteed chosen amount, for up to 20 years.
The guaranteed pay-out provides a source of savings for retirees and usually can be structured to take the form of one lump sum or monthly payouts. There is also a projected non-guaranteed terminal pay-out when the policy matures – a bonus.
Your CPF Life fortunately pays out annuities for life, regardless of how long you live, providing a basic assured income.
5. RETIRE FROM WORK NOT LIFE
The irony is that many of our rising concerns about retirement adequacy stems from a higher average life expectancy which will reach 85.4 in 2040 and possibly even longer after, with advances in nutrition, care and medicine.
An old man walks on an overhead bridge in Singapore. (File photo: Francine Lim)
Retiring from work shouldn’t mean we retire from life. In the same vein, thinking about retirement adequacy must go beyond dollars and cents to consider what a life well lived entails.
It can be an opportune time to seek out new purposes and fulfil longstanding passions, to serve the community in a fresh role or start a new hobby.
It can mean time for ourselves and time for purposeful activities that give our days meaning, but the important thing is to exercise agency to chart a new, positive chapter in our lives.
Studies have also shown that those who keep active and engaged in retirement are happier and enjoy better health and well-being.
The last thing we want is for financial concerns to derail those plans. Planning early can give us the confidence to turn the page when we retire.
Patrick Chang is a financial consultant and author of The A To Z Guide to Retirement Planning.
