Tuesday, December 2, 2008
Friday, November 28, 2008
Monday, November 10, 2008
Tuesday, November 4, 2008
SINGAPORE:
The uproar began slightly over a month ago when SP Services announced that electricity tariffs would increase 21.5 per cent in the last quarter of this year.
Consumers, already burdened by record inflation, saw red and pointed to profits of S$1.086 billion that SP's parent company, Singapore Power, made last year.
How would the poor cope, and why couldn't Singapore Power use some of its profits to absorb the cost, many asked in newspaper and Internet forums.
But the company remained largely silent, leaving market regulator, the Energy Market Authority (EMA), to respond to news coverage and readers' letters.
On Friday, Singapore Power broke the silence and launched a spirited defence against public anger. "We have nothing to hide," said group chief executive officer Mr Quek Poh Huat in a media briefing helmed by top management.
The key message was this: Blaming SP Services for high tariffs is akin to shooting the messenger. "If I'm the lorry driver (delivering) goods to your house, and you ask me how come the (price for) a bag of rice has doubled, I can't explain to you," said chief financial officer Yap Chee Keong.
SP Services does not generate electricity; it transports power from the generation companies (gencos) to end-users, selling to households without any price mark-up. The transmission charge, together with the fee for billing and reading of meters, makes up 17 per cent of the tariff.
Over the last six years, Singapore Power has reduced transmission charges by 24 per cent through higher efficiency. The remaining 83 per cent of the tariff – or 25.13 cents out of the current 30.45 cents per kilowatt hour – is paid to gencos.
EMA sets the formula for tariffs, which Non-Constituency Member of Parliament Sylvia Lim asked to be revealed in Parliament last month.
Singapore Power's profit from the regulated electricity market here was S$423 million last year, representing a 6 per cent return on total assets (ROTA) – a "reasonable" rate compared to other countries.
In Australia's Victoria state, for example, the ROTA is 9.6 per cent. The rest of its profit was from sale of investments and its Australian operations.
In the briefing, Singapore Power also tackled other thorny questions: How far in advance can consumers know of next quarter's electricity prices? Why can't investments in infrastructure be postponed? Why not ask the government for funding? Tariffs for Jan to Mar 2009 will be based on October's average forward fuel prices, said SP Services deputy managing director Jeanne Cheng.
The gencos will convert the average forward price to Singapore dollars and use it to set the tariff's fuel component.
"By the end of November, we would submit to EMA for approval the tariffs for (next) quarter. EMA would require time for checks, but I believe EMA is trying to work to shorten this period to have an earlier announcement," she said.
SP Services had announced this current quarter's tariffs two days before they kicked in, but notice of up to a month is possible, said Mr Quek. When contacted, EMA said: "We are working with SP Services to shorten the turnaround time, but ultimately, due process is needed to compute, check and confirm the figures.
" Singapore Power will invest S$5.1 billion in infrastructure over the next five years, with funds coming from operational cashflows and external borrowings.
It has borrowed S$9 billion from the international markets this year for further investment, said Mr Yap. It would be unfair to ask the government for funding because that would mean taking from taxpayers, he said. "We can take the easy way out, but S$10 billion from the Budget would mean S$10 billion less for the rest."
Mr Yap added: "Energy has a direct correlation with gross national product. If you believe Singapore will grow, then you need to plan forward. It's like the airport – you have to build it before planes will come.
" Singapore's major industries like the banking and pharmaceutical sectors also require high quality power grids with minimal voltage fluctuations, and "just to maintain the same standard, you have to invest", said Singapore Power's chief operating officer Ong Boon Hwee.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/386840/1/.html
Well, i believe everyone who lives in Singapore would be lamenting on the sudden hike of a whopping 21% in Electricity Tariffs.
Many angry residents have complained and demanded for explanations in Straits Times Forums as well as many other independent blogs and forums island wide.
Sudden increase of 21% is really a lot, if you take a household of 4 person (mine for example), before would be around $180 and now its at $210++. Though the amount $30 increase to some may be insignificant but to some, it may meant a weeks worth of lunch or maybe 2 weeks worth of public transport fees.
Couldn't there be a gradual increase like say an increase of 3% every quater? one matter that i couldn't quite agree with Singapore Power (SP) is that they say that blaming them is akin to shooting the messenger (See Bold).
Why i disagree? Here is why:
1. if you are just a messenger as in Singapore Power, then why do we need you as the middle man? Aint the fees we pay you also has a factor of your so called "Salary" in it? Dun act as if you are not involved.
2. Don't give the stupid blatant excuse as if the general public are uneducated, where you think you can fool us with some lame excuse like u did. What you mean you dunno... with the position and title you hold, i reckon you better know what is going on and how are the tariffs charged and how to justify the 21% increase is. I seriously think you should resign, being the CFO, you can proudly say that you dun know how such calculations are done, and even give a stupid parable on the delivery man who does not know why the bag of rice increase, ofcourse he knows why, its just that he doesn't want to tell you that the increase is due to his salary increment and his year end big fat bonus.
3. The Govt have been telling a lot of companies and busniess not to rise their prices and the salary of employees to help curb inflation, and then Electricity prices and transport prices keeps on increasing. Shouldn't there be a curb of increase on these neccessities as well? especially these are used almost every ticking second.
4. why are the electricity price pegged to that of the oil futures prices? (See Bold) in such a case, the company is always in a win-win situation. Whether it gain or losses in the futures market, it will always charge it back to the users in the electrictiy tariffs. Should the risk be borned by the company instead of the users?
I was reading my friend's blog where she cooked up some butter prawns and it has interest me so much that i decided to cook some to try. The process is rather simple, i got some help from her and then off i went to cook.
The taste is really very similar to those restaurant. Buttery flavour with added spice and chili taste. Ingredients and cooking method is rather easy. I shall cook it this sunday to all Grandma, Aunt, Uncle, Cousins to eat.
I shall not reveal the ingredients yet.
Monday, October 20, 2008
This is the pics with my sister, my Brother (Sister's Husband) and my cousins. Not forgetting Bobby.
Tuesday, October 14, 2008
After reading this article by Lydia Lim, i cannot help but agree fully with her that we should treat all foreign workers humanely and not carry a skeptical, prejudice and bias attitude towards them. As if everyone of them are criminals or would be criminals.
Monday, October 13, 2008
Held at Speakers' Corner, the only outdoor area where public meetings can be held without a permit, the crowd included several people who were sold products in July, when there were already concerns about Lehman's health. -- DESMOND WEE/THE STRAITS TIMES
ABOUT 600 investors in Lehman-linked derivatives held a public meeting in Singapore on Saturday to protest about the way banks sold them the investment products and to discuss ways to get compensation.
Held at Speakers' Corner, the only outdoor area where public meetings can be held without a permit, the crowd included several people who were sold products in July, when there were already concerns about Lehman's health.
'They never told me the issuer was Lehman and I told the manager I was afraid of American banks,' said Ms Lin Ling, who bought S$60,000 worth of Lehman-linked 'Minibonds' from a Singapore finance firm that had marketed the structured notes as a safe alternative to fixed deposits.
Ms Lin said she was persuaded to buy the notes when she went to renew a fixed deposit account. She and other investors showed brochures printed by the finance company which did not say the products were structured by Lehman.
A few elderly investors broke into tears saying they had lost a large portion of their retirement savings. 'I didn't know it's Lehman. There's no Chinese explanation,' said a lady in her 60s who identified herself as Madam Lee. 'I don't want interest, I just want my deposit back.'
Investors in Hong Kong, Singapore and Indonesia have over the past month complained the bond-like products they purchased from banks were actually complex derivatives and that they stood to lose most or all of what they had invested.
Both Singapore and Hong Kong have rules that say banks must ensure that clients purchase investment products that were consistent with their needs and risk profiles.
The products included Minibonds which were sold in Hong Kong and Singapore and DBS Group's High Notes 5 series, which would lose most of their value should anyone of eight underlying firms, including Lehman, go bankrupt.
These structured notes offered modest returns of between 4 and 6 percent per annum. The Monetary Authority of Singapore (MAS) said about 9,700 people had bought Lehman-linked structured notes worth over S$500 million. Hong Kong authorities meanwhile said they have received more than 7,000 complaints from investors alleging banks improperly sold them Lehman-related investment products.
MAS has said that while it can impose fines and suspend the licenses of financial institutions found to be in breach of its rules, it does not have the power to order banks to compensate investors.
According to Mr Tan Kin Lian, one of the protest organisers, Saturday's gathering was to allow investors to meet and organise themselves so that they could get take collective action against the sellers or petition their Members of Parliament. -- THOMSON REUTERS
(http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_288734.html)
WHOS AT FAULT?
The people who purchased the bonds pointed their fingers at the banks for not informing them about the high risk and volitality of such products when selling them those bonds. They furthered that such matters are always in small fine print and included jargons that a non-financial person would not be able to apprehend. Such matters are made worst when they are only being told of the benefits and not the risk that comes with it.
In my opinion, i strongly think that there are bank agents (i use bank agent because of the different title that banks assign to their sales person) who will, on the need to hit the minimum target of sales per month, use unethical methods to push and sell their products even though their clients do not know what and where their money are going.
On the other hand, im quite surprise that such bonds holders are retirees, chinese speaking old folks who obviously cant understand those english description of the products and house wives alikes. Isn't this the same as trying to sell magical stones to the old lady walking down the street?
I was watching CH8 News where this old lady who can only speak fluently in cantonese told the news reporter that her entire $400,000 life savings are invested in the bond, and was told that it is safe and wont be lost. On seeing Lehman Bro bankruptcy in USA, she called the bank agent and was then told that she might lose her entire $400k investment...
My my, wat a tragedy, $400k maybe peanuts to some bank executives/agents during the high times when they earn this amount in like less than months/years? but this old couple may had taken 20 - 30 years to save this amount for retirement?
On the other hand, part of the blame have to be taken by the people who invested in the bonds, as the interest rates are too high to be true and not to be any high risk attached to it, some even claimed that they are being told that it is principal protected. Yes, it is principal protected provided the co. issuing the bonds do not go bust.
Both Singapore and Hong Kong have rules that say banks must ensure that clients purchase investment products that were consistent with their needs and risk profiles.
This is 1 patricularly grey area. How do you define people whose needs and risk profiles matches those bonds issued by the banks?
You may say that the auntie or uncles sipping coffee at the coffee shop every morning reading news paper are not suitable to invest in high risk bonds or they don't need it. But how would you know if maybe they rely on such products to make a fortune?
At the end of the day, once you put ur signature on the line to sign up for the bonds, you are taken to understood every single word that is in the contract. Its just too bad that these investments went bad and that it is unknown if they will ever get back their investments. However to ask for compensation for being misinformed about the product is as good as asking the casino to refund you back your money because they did not stop you from over gambling. if ever such compensation is returned, then can listed co. return shareholders money for the lost in value of the shares?
On the other hand lets see what is happening in HONG KONG...
DBS Bank in Hong Kong has said it will offer full compensation to customers who bought mini-bonds issued by Lehman Brothers. Customers only need to prove to DBS that DBS staff misled them during the sales process (0:23).
http://www.scmp.com/portal/site/SCMP/menuitem.02bb4e979f5e08d5df646910cba0a0a0/?vgnextoid=a5a3dce60f1ec110VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Blogs&s=Home&type=Audio
http://singaporemind.blogspot.com/2008/10/break-news-minibond-holders-in-hk.html
Read on, if you have interest.
Friday, October 10, 2008
Thursday, October 9, 2008
Heres the group of peeps that came together for the KTV Session. Can you spot the TCS Star among us?
Friday, September 26, 2008
For all you KOF Fans here, there is a new upcoming KOF XII coming soon to the nearest arcade near you. Watch this video demo, really am very impressed by the graphics and the effects. I must say that the previous KOF venture that uses 3d "like that of Virtual Fighter" was a total failure, many of the gamers still prefer the KOF 99/02 versions. Having played most KOF series (im no good at it) i must say that for fighting games, it will be best in the 2-D perspective, with a few exceptions to games like Tekken and Virtual Fighter.
Wednesday, September 3, 2008
Monday, August 25, 2008
Finally got my PSP White!!!
I dunno what overcame me as long ago, i always manage to resist the temption of buying one whenever my friends whip out one. But ever since i got so bored while taking trains to and fro school, i decided to buy one.
Initially i thought of purchasing a Nintendo DS Lite... but while i was at the game shop, looking at the games, i thought, maybe PSP would offer better games.
My first game was Finan Fantasy Crisis Core, bought it at a discount of $59. This game really brought back memories of my FF7 days. (must buy!)
I must say that the shop, Funz Center is a really nice, clean, honest and friendly shop, the guy who served me is really attentive and there are no extra charge or last min charges like those shops who does dishonest services (being reported in the newspaper). Its located at Ang Mo Kio, here is their website (http://www.funzcentre.com/).
I went back to the shop that sells the 4 leave clover and got myself this limited edition Walt Disney Dale. Hope the lucky charm will enable me to win my games in the PSP. These 4-leaf clover accessories are purchased from C3 Shop available at Parco Bugis Junction lvl 1 (near Ajisen) the other shop is at Plaza Singapura (if im not wrong).
While on the way back, i noticed that there was a lot of rippling in the water and saw this snake wading through the canal. it stopped for a while as a school of fish was swimming in the path, and its stance was like it was ready to strike anytime!
Tuesday, August 19, 2008
19 August 2008
Recently i've been to a pretty interesting shop that sells the lucky 4-leaf clover (aka Shamrock or irish Clover) in key chains, handphone straps, pendants etc.
What is it?
Popular Irish folklore tells of Lady Luck Growing the 4-leaf clover in the Garden of Eden.
One leaf is for FAITH... The second for HOPE...
The third for LOVE... And the fourth for LUCK!
In Irish tradition the shamrock or Three-leaf Clover represents the Holy Trinity: one leaf for the Father, one for the Son and one for the Holy Spirit. When a Shamrock is found with the fourth leaf, it represents God's Grace.
History of the four leaf clover:
The four leaf clover is a universally accepted symbol of good luck with its origin ages old.
According to legend, Eve carried a four leaf clover from the Garden of Eden.
"The clovers also occupied a position in the cultural life of early peoples. White clover (T. repens L.) in particular was held in high esteem by the early Celts of Wales as a charm against evil spirits." Clover Science and Technology". N.L. Taylor, 1985.
Druids held the 4 leaf clover in high esteem and considered them a sign of luck. In 1620, Sir John Melton wrote: "If a man walking in the fields find any four-leaved grass, he shall in a small while after find some good thing.
The mystique of the four leaf clover continues today, since finding a real four leaf clover is still a rare occurrence and omen of good luck.
(source: http://www.fourleafclover.com/4fact.html)
They can be pretty expensive to buy and there is a chance that you will end up buying a fake if its too cheap to be true. I tried several attempts to find one clover leaf at the grass patch near my house and had no luck, all i could find was a 3 leaf clover. (maybe you can try your luck to find one)
I'll tell you how to identify a fake and a real 4-leaf clover later on, but first just to show you some of my purchase from the shop i mentioned.
"Papaya Soup Pork Chop Noddles"
BLACK ANGUS STEAK HOUSE
This is the fillet mignon that i mentioned, looks very very tasty rite? yes, indeed its crispy on the outside and tenderly rare on the inside.
Monday, August 18, 2008
Thank and Praise God
F8 SGP Audit and Assurance: 69
F9 Financial Management: 55
P3 Business Analysis: 55
Thank God for granting me favourable results. Though not very high, but at least it allows me to proceed on to my last 4 papers in the December exams.
My Thoughts on the results:
F8 SGP Audit and Assurance -
As i've had nearly 2 years of experince working in the audit industry, it may seem easy and straight forward at first. But do not be fooled by it, A&A in theory is much more than meets the eye. Its not absoultely easy, but having hands on experince, it makes wats being taught easier to apprehend.
The paper in June has always been touted as being tougher than December exams as the examiners are fresh for a challenge for the new year, while in December they are preparing for Christmas and didn't have time to crack their brain for a tougher paper. How true? Very true though, as this F8 paper is as tough as it was expected to be, i must say im quite fortunate to get 69 marks as it is only upon exiting the examination hall that i realise i left out certain key points and made some silly errors.
Im quite relief that i cleared this paper though.
F9 Financial Management -
This paper is a killer for a start, if you thought this paper is all about NPV, WACC, CAPAM and calculations calculations and more calculations, think again. Its approximately 55% theory and 45% calculations. The problem is, there is a formular sheet given. As with all exams, if there is formular sheet, it will be a tough calculation part required from you.
i was stunned during the examination as i literally left question 2 (25 marks) out with only a few calculations here and there to score measly marks (question 2 was about Merger & Acquisition and market capitalisation which i wasn't taught!). I was not really prepared for those theory questions as i went all out for calculations and formulars, and those theory questions really left me breaking out in cold sweat. On the calculations part, i had to be very meticulous and very focus for any chance to pass. Thank God i did not forget those important areas.
55 marks was just like yesterday's match between Manchester Utd vs Newcaslte Utd, hard fought and well deserved as i really studied very hard for this paper, though i was a little dissapointed not to gain something like a 70+ for this paper as i initially aimed for. The moment i opened the paper i knew it wasn't going to be an easy 3 hrs paper.
P3 Business Analysis -
This paper is really syllabus intensive with loads of things you got to learn. Apart from thanking God, i must really thank my friend Christine (her revision notes), her lecturer Andy Tan(for giving her the lecture notes) and not forgetting Mr. Dominic (my actual P3 Lecturer who taught me the e-marketing 6 I) for all their contribution. Studying for this exam was really a painful experince that is not easy to forget, so many tools to use and memorise and so many topics to revise.
The paper question 1 was easy (as in straight forward), but the 2 out of 3 questions were not! It is really divine interventaion and help that i got a 55 marks for this exam. i wasn't really expecting anything from this paper. During the exam, i just wrote whatever i thought of an kept writting on. Guessed that helps.
Overall, i went into the exam full of confidence especially for F9, but did not get the results that i desired. Now its the final run in with 4 papers in December 2008, this shall be the boaster to set me up for the final run in(sounds like olmypics hor).
Pray for me!
Sunday, August 3, 2008
What are your scores against the Zombies?
Ever since we placed the sofa near the windows, Uno has been sitting on it very frequently and watching the world pass him everyday. Maybe he is thinking of his hometown in USA or maybe where his mum and dad are...
Jokes for the day!
Age Cruise
A man and his wife, now in their 60`s, were celebrating their 40th wedding anniversary. On their special day a good fairy came to them and said that because they had been such a devoted couple she would grant each of them a very special wish. The wife wished for a trip around the world with her husband. Whoosh! Immediately she had airline/cruise tickets in her hands. The man wished for a female companion 30 years younger... Whoosh...immediately he turned ninety!!!
Big Balls
A tourist is in Spain, and goes to a fancy restaurant for dinner. As he looks around, he notices a diner being served a beautifully garnished dish with two gigantic meatballs in the middle. When the waiter asks him for his order, the man asks him about the meatball dish. The waiter explains that the meatballs are bull's testicles, and when the bull loses the bullfight, the bull is brought to the restaurant, and this beautiful dish is made. The diner tells the waiter that he wants the bulls testicles for dinner, but the waiter tells him that only one bull a day is brought to the restaurant, but he can have it tommorrow. The diner agrees. The next day the diner goes to the restaurant, and orders the testicle dish. When his food is brought out, he notices that the meatballs are extremely small. He mentions this to the waiter, and the waiter replies, ''Well sir you have to understand, sometimes the bull wins''.
Wife who wants to be 6 again
A man asked his wife what she'd like for her birthday. "I'd love to be six again," she replied.On the morning of her birthday, he arose early, got up, made her a nice big bowl of Lucky Charms andthen took her off to the local theme park.What a day! He put her on every ride in the park: the Death Slide, the Wall of Fear, the Screaming Monster Roller Coaster, everything there was.Five hours later she staggered out of the theme park. Her head was reeling and her stomach felt upside down. Right away, they journeyed to a McDonald's where her loving husband ordered her a Happy Meal with extra fries and a refreshing chocolate shake.Then it was off to a movie to see the latest blockbuster, a hot-dog, popcorn, a soda pop, and her favorite candy, M M's. What a fabulous adventure!Finally she wobbled home with her husband and collapsed into bed exhausted. He leaned over his precious wife with a big smile and lovingly asked, "Well, dear, what was it like being six again?"Her eyes slowly opened and her expression suddenly changed."You idiot, I meant my dress size!"
The moral of the story:Even when a man is listening, he's gonna get it wrong
Tuesday, July 29, 2008
Sad Day
They have currently 3 stores in Singapore, namely Singapore Air Port T1/T3 and Singapore Flyer. We went to the Singapore Flyer store.
Basically, they serve mainly Fried Chicken(guess you figured that out already.) and they only have 2 flavours (KFC also have only 2 types of flavour) which is Mild and Spicy. Menu ofcourse made up mainly of chicken meal in which they have the bone and the boneless version (chicken Strips) and some other salad and burger meals.
Meal is from $6++ - $8++ we order the spicy meal and the whipped potatoe.
Chicken is not oily, 3 piece meal comes with 1 drum stick, 1 chicken wing and 1 breast meat. i must say its still hot when we ate it, was crunchy, tender and juicy. However, the taste was nothing spectacular... i still prefer our good old KFC, original receipe. 3/5
The place is spacious and very clean and neat. you can sit there for hours chatting away comfortably, though there were a few kids running around and screaming at their top of the voices.
The famous F4 Gal version!
My Dad surely enjoying himself.
Im sure that recently there have been a few cases of reckless drivers whose reckless driving has caused death on the roads. Though i personally feel such cases are bound to happen given the fact that we have a huge car population of appx 500,000++. Its sad to see such things happen... and after the reported case of a young driver whose Evo sports car crashed into a turning taxi and causing the death of the driver, here comes another case where the driver caused the death of the passenger... and the victim? only 19 years old...
Thursday, July 17, 2008
Just for Laughs
A Chinese man walks into a bank in New York City and asks for the loan officer. He tells the loan officer that he is going to China on business for two weeks and needs to borrow $5,000.
The bank officer tells him that the bank will need some form of security for the loan, so the Chinese man hands over the keys to a new Ferrari parked on the street in front of the bank. He produces the title and everything checks out.The Loan officer agrees to accept the car as collateral for the loan. The bank's president and its officers all enjoy a good laugh at the Chinese for using a $250,000 Ferrari as collateral against a $5,000 loan.
An employee of the bank then drives the Ferrari into the bank's underground garage and parks it there. Two weeks later, the Chinese returns, repays the $5,000 and the interest, which comes to $15.41.The loan officer says, 'Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out and found that you are a multi-millionaire. What puzzles us is why you would bother to borrow $5,000?
The Chinese replies: 'Where else in New York City can I park my car for two weeks for only $15.41 and expect it to be there safely when I return.'
2. Hiring Accountants:
A Co. on the hunt for a chief accountant, have been interviewing hundreds of them and the Boss will always post this question to his prospected accountant:
1. What is 2 + 2 =?
and all of them gave the answer: 4
The boss sighed at the answer and move on to interview more candidates.
Alas, the last one came in and at the end of the interview, the boss posted the same question and the answer was given as such:
Interviewee: The answer is what you deem the answer to be...
The boss eyes brighten and said:
YOU ARE HIRED!
Tuesday, July 8, 2008
My New Room!
Im very happy with the design and functionality, just that it could be better with other colour on i guess...
Below are some pictures that will provide a laughter...
Sometimes, u dun know where exactly the exits are... do the management of the building every conduct a fire drill and a post mortem after that?