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Singapore expects budget surplus of S$3.4 bln in FY 2016/17

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SINGAPORE, March 24 – Singapore is likely to
record an overall budget surplus of S$3.4 billion ($2.48
billion) or 0.8 percent of gross domestic product in fiscal
2016/17 starting on April 1, Finance Minister Heng Swee Keat
said on Thursday.
For fiscal…

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Death of NSF: Officers punished by fines, delays in promotions

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SINGAPORE – The two Singapore Armed Forces (SAF) officers involved in the training exercise that led to the death of Private Dominique Sarron Lee were punished by having their promotions delayed, Defence Minister Ng Eng Hen told Parliament today (March 24).

He was responding to a question by Non-Constituency MP Dennis Tan, who wanted to know details of the punishments meted out to Captain Najib Hanuk Bin Muhamad Jalal and Major Chia Thye Siong.

The two men were found guilty of negligent performance of lawful order or duty in 2013, but did not face criminal charges. They were punished according to military law, but the SAF did not specify details of the punishments.

Dr Ng revealed today that they were punished with penalties consistent with other servicemen who have committed similar offences, through fines and delay in promotion.

“Both officers have suffered a setback in their careers. The monetary cost of the promotion delays is significant, amounting to about half of their total annual salaries,” Dr Ng said.

Earlier this month, a report by The Straits Times pointed out that Major Chia was promoted a year after he was found guilty, sparking an intense debate online.

“This seems to be a contradiction of the assurances by Mindef and the SAF that the negligent officers have been duly dealt with, that justice has been done,” Pte Lee’s family members said on Facebook.

Pte Lee was found by the coroner to have died from “an unforeseen acute allergic reaction” to smoke grenades. While the 21-year-old had under played and under declared his asthmatic condition, more smoke grenades than necessary were used during the exercise, the coroner noted.

The number of smoke grenades discharged and the distance between the smoke grenades were also found to have breached the limits and minimum distance specified in the Training Safety Regulations.

huizhen@sph.com.sg

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Thursday, March 24, 2016 – 17:33
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Budget surplus expected, despite higher expenditure

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SINGAPORE – After registering a deficit for two straight years – albeit of a smaller magnitude than initially projected – the Government expects an overall budget surplus of S$3.45 billion for FY2016, not least because of a jump in the Net Investment Returns…

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Tax breaks for firms that engage in charitable work

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SINGAPORE – To boost corporate social responsibility and make it easier for employees to give back through their workplaces, businesses will receive tax breaks for sending their employees to volunteer at, and for providing services – including secondment of…

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Personal income tax relief to be capped at S$80,000 a year

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SINGAPORE – Starting from Year of Assessment 2018, each person will be allowed to claim only up to S$80,000 in personal income tax relief each year – a move that raised some experts’ eyebrows, as they feel it runs counter to the Government’s wider efforts to…

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Japan fleet kills 333 whales in Antarctic hunt

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Tokyo – Japanese whalers returned to port Thursday after an Antarctic hunt that killed more than 300 of the mammals, the government said.

The fleet had set sail for the Southern Ocean in December, with plans to slaughter 333 minke whales, despite a worldwide moratorium and opposition led by Australia and New Zealand.

Japan’s Fisheries Agency said in a press release that the target number of “scientific research” kills was achieved.

The 2015/16 season came after a hiatus prompted by a 2014 ruling by the United Nations’ International Court of Justice, which said the annual hunt was a commercial venture masquerading as science.

The fleet arrived early Thursday at Shimonoseki port in western Japan, the agency said.

Besides the kills, the agency also said it conducted non-lethal research such as observation, the taking of skin samples from live whales and attaching tracking devices to whales.

“Attaching GPS devices helps us study minke whales’ migration routes by tracking them for several days,” agency official Hiroyuki Morita told AFP.

Despite the moratorium and opposition from usually-friendly nations, Japan persists in hunting whales using a loophole in the International Whaling Commission’s 1986 ban on commercial whaling that allows for lethal research.

Tokyo claims it is trying to prove the whale population is large enough to sustain a return to commercial hunting, and says it has to kill the mammals to carry out its research properly.

However, it makes no secret of the fact that whale meat ends up on dinner tables and is served up in school lunches.

In response to the ICJ ruling, Japan’s 2014-15 mission carried out only “non-lethal research” such as taking skin samples and doing headcounts.

Japan has hunted whales for centuries, and their meat was a key source of protein in the immediate post-World War II years when the country was desperately poor.

But consumption has dramatically declined in recent decades, with significant proportions of the population saying they “never” or “rarely” eat whale meat.

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Thursday, March 24, 2016 – 17:05
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Badminton: BWF brings in life bans to ward off match-fixing fears

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KUALA LUMPUR – Badminton bosses have brought in lifetime bans for match-fixers and illegal gamblers as part of a new charter announced on Thursday which gives the body greater scope to root out corruption.

The Badminton World Federation (BWF) also made it an offence not to report knowledge of illegal betting or failure to co-operate with BWF investigations as it bids to avoid the plight of tennis, which has been rocked by match-fixing allegations.

“BWF is committed to clean sport and this code is for everyone in badminton,” BWF Secretary General Thomas Lund said in a statement.

“It covers almost all people associated with our sport and addresses circumstances that have come about with the evolution of badminton.

“We can demand interviews with anyone in the sport as well as ask those who are alleged to have committed offences to hand over items such as mobile phones, laptops, telephone records.”

Badminton was hit by a match-fixing scandal at the 2012 London Olympics when eight players, from China, South Korea and Indonesia, were kicked out of the women’s doubles tournament for deliberately trying to lose matches.

Lund said the new code, which covers players and their entourages, event staff, referees and volunteers, had been under review since 2010 and follows a tightening of anti-doping rules in January.

“The integrity of our sport is clearly a critical area which we take very seriously,” the Dane said.

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Thursday, March 24, 2016 – 16:51
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Over 140,000 seniors to get Silver Support payouts this year

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SINGAPORE – Payouts under the Silver Support Scheme will begin at the end of July, with more than 140,000 lower-income seniors to receive S$300 to S$750 per quarter, said Finance Minister Heng Swee Keat on Thursday (March 24).
The permanent scheme, announced…

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Oil slide, strong dollar drag Asian shares lower

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Hong Kong – Asian shares dropped on Thursday, with energy stocks taking a hammering from a slide in oil prices while a stronger dollar piled pressure on commodity producers.

Energy stocks dragged Wall Street and European equities lower on Wednesday after US oil prices dipped below US$40 (S$55) a barrel for the first time in five sessions.

Crude posted its biggest loss in six weeks after news US commercial stockpiles surged by 9.36 million barrels last week, more than three times the prediction of analysts polled by Bloomberg News.

Hints the US could raise interest rates next month drove the dollar higher, piling pressure on commodities and sending Sydney’s resources-rich benchmark tumbling 1.13 per cent.

Chinese stocks also fell, with Shanghai down 1.36 per cent and Hong Kong falling 1.52 per cent in afternoon trade. Tokyo closed down 0.64 per cent and Seoul 0.46 per cent.

“The oil price and equity markets are teetering on the verge of a much larger pullback as hawkish (US Federal Reserve) officials have lifted the US dollar,” said Angus Nicholson, market analyst at IG.

“Markets in Asia look to be rolling over as the whole region suffered steady losses throughout the session.” Comments from several Fed members have raised expectations the bank may start to take a more bullish approach than signalled last week, when it held interest rates steady.

James Bullard, president of the St Louis Fed, fuelled speculation on Wednesday when he said more upbeat employment figures could see the US central bank tighten monetary policy.

“You get another strong jobs report, it looks like labour markets are improving, you could probably make a case for moving in April,” he said.

A stronger greenback makes it more expensive for investors using other currencies to buy dollar-priced commodities, and raw materials from iron ore to gold took a hit.

Oil prices were mixed during Asian trade on Thursday. The US benchmark WTI added 12 cents but held under US$40 a barrel, trading at US$39.91 in mid-afternoon, while Brent fell 15 cents to US$40.32.

“Fed officials this week reminded the market that they still want to move forward with the rate hikes,” Mark Lister, head of private wealth research at Craigs Investment Partners, told Bloomberg News.

“Investors have been looking for a reason to pull back and this is one… Concerns remain about how sharp the slowdown is in China.” Oil has taken a battering over concerns world demand cannot keep pace with a glut of supply as economic growth slows, particularly in major consumer China.

Moves by members of the OPEC producer group to cap production – fresh talks are planned in Qatar on April 17 – have pushed prices up from the 13-year lows they flirted with this year.

But few are predicting a major recovery any time soon, and energy companies slid in Asia on Thursday.

PetroChina fell 4.28 per cent after it reported profits tumbled almost 70 per cent to 35.5 billion yuan (S$7.4 billion) – their lowest level since 1999 – and CNOOC lost 3.38 per cent in Hong Kong.

Commodities traders were also hit. BHP slumped 3.41 per cent in Sydney, while Japanese trading house Mitsui & Co lost 7.51 per cent after it forecast its first loss since 1947.

Shares in Australia’s ANZ Bank also lost 5.21 per cent after the lender forecast its bad debt charges from resource companies will be A$100 million (S$103 million) higher than predicted.

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Thursday, March 24, 2016 – 16:51
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Domino’s Pizza 50% Off & More Coupon Codes 24 Mar – 30 Apr 2016 | SINGPromos.com

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NEW: Domino’s Pizza 50% off & more coupon codes. Order online & save more

Domino’s Pizza 50% Off & More Coupon Codes 24 Mar – 30 Apr 2016 | SINGPromos.com

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