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  1. Hi all, as above question........ say i got $50k cash, which FD account has highest interest? pls dun tell me about whatever investment scheme or whatnot.... not interested in investments for this sum of $$.
  2. suchow again? https://www.theonlinecitizen.com/2019/08/14/modis-govt-withdraws-request-to-world-bank-to-support-temasek-led-amaravati-capital-project/ According to a Reuters’ report last month (Jul 2019), the World Bank announced that it had withdrawn US$300 million of funding for the new capital in Andhra Pradesh, after the Indian central government dropped support for the project. In a statement, World Bank said, “On July 15 the Government of India (GoI) withdrew its request to the World Bank for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project. The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government’s decision.” The World Bank website had also showed the status of Amaravati Project as “dropped”. The total project cost was US$715 million and the state government in 2016 had sought funding from the World Bank. However, it had committed US$300 million. But now, even this US$300 million has been withdrawn, thanks to the request from Modi’s central government. “For a change, good sense has prevailed upon the bank to withdraw from the disastrous programme,” Sreedhar R., the director of the Environics Trust, one of the activist groups that has been critical of the project, said in a statement. The project is a joint development between the Singapore Consortium led by Temasek-linked Ascendas-Singbridge and Sembcorp Development, and Amaravati Development Corporation Limited, a company set up by the former Naidu’s state government. Indian PM Modi laid the foundation stone for the project in 2015. http://projects.worldbank.org/P159808?lang=en Amaravati Sustainable Infrastructure and Institutional Development Project OVERVIEW DETAILS FINANCIALS PROCUREMENT RATINGS RESULTS MAP DOCUMENTS NEWS & MEDIA PROJECT AT-A-GLANCE Project ID P159808 Country India Region South Asia Status Dropped Approval Date (as of board presentation) N/A Closing Date N/A Total Project Cost** US$ 715.00 million Commitment Amount US$ 300.00 million Team Leader Raghu Kesavan, Jon Kher Kaw View More » LATEST PROJECT DOCUMENTS Project Information Document-Integrated Safeguards Data Sheet - Amaravati Sustainable Infrastructure and Institutional Development Project - P159808 (English) January 21, 2019 India - Amaravati Sustainable Capital City Development Project : Environmental and Social Assessment - Executive Summary (English) August 1, 2018 India - Amaravati Sustainable Capital City Development Project : Environmental Assessment (Vol. 2) : Environmental Impact Assessment : Environment Management Plan Report for Flood Mitigation Works (English) August 1, 2018 View All Documents » * The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature ** Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show commitment at Board approval. It does not reflect any cancellations. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
  3. Urban legend or dream come true? Former journalist and bank employee training to be doctors https://www.tnp.sg/news/singapore/former-journalist-and-bank-employee-training-be-doctors Ex-VP of bank and former journalist among this year's intake of future clinicians at Duke-NUS Medical School. One worked in a bank. Another was a former journalist. And now, they are studying to be doctors. They are two of the 81 students in this year's intake of future clinicians at Duke-NUS Medical School, Singapore's only graduate medical school. Mr Lim Chun Chai, 39, a father of two, was a vice-president at OCBC Bank for nine years. He was responsible for processing and documenting corporate loans. Ms Hoe Pei Shan, 31, is a former journalist at The New Paper, The Straits Times and The Business Times. If they complete their four-year graduate programme, they will be awarded a medical degree in 2023. Before enrolling at Duke-NUS, both Mr Lim and Ms Hoe took the Medical College Admission Test administered by the Association of American Medical Colleges.
  4. Hi all. I intend to purchase a car for my Dad to drive for Grab. I will pay the 30% downpayment. The thing is I was initially quoted 2.4% interest rate. But upon hearing that my Dad is using it for Grab, the sales person increase the interest rate to 3.4% on the basis that PHV car loan will have higher interest rate even though Im only taking 70% loan. I called LTA to clarify and they say they there is no such regulation. I called the bank and the CSO tells me that as long as I register the vehicle under my Dads name (you can do that now for PHV) and not under a business entity, then the interest rate will not change. The thing is I told the agent about this but she is adamant that she is right and says that I am flouting the law if my Dad attempt to drive PHV under the usual car loan. She is even willing to give up my sales. So... who is right?!
  5. Man taken to hospital for burns after power bank explodes in his pocket at Bedok hawker centre A man was taken to hospital on Friday evening (Jan 11) after suffering burns from a power bank, which had exploded in his pocket. The middle-aged man at Bedok Interchange Hawker Centre burnt his palm when he reached into his pocket to remove the device, reported Chinese-language daily Lianhe Wanbao. The Singapore Civil Defence Force said it responded to a call at about 6.40pm at Block 209 New Upper Changi Road. The man, who is in his 40s, was taken to Changi General Hospital. Ms Wendy Hong, 60, told The Straits Times that she was having her dinner when she heard a commotion, with several diners standing up, surrounding the injured man. "There was a thick, grey smoke, and I could also smell a very strong stench of burning chemicals," said the part-timer who works in the clothing industry. Passers-by helped to put ice on his hand, wrapping it up with plastic food wrap. "His face was screwed up - it was clear he was in a lot of pain," she added, noting that the ambulance arrived shortly. Photos given to Lianhe Wanbao show the badly burnt and melted remains of the power bank on the hawker centre floor, as well as a large frayed hole in the man's back pocket. Duck rice stall assistant Huang Jia Qiang told Lianhe Wanbao that he heard a small explosion, in addition to the smell of something burning. He said that the man had been using his phone while eating, with the phone connected to the power bank in his pocket at the same time.
  6. Need a bit of advice, please. Had a bit of AUD$ in a bank (which shall remain nameless for now) and am absolutely fed up with their (lack of) service. Would like to transfer that out into a new foreign currency fixed deposit with another bank while I wait for the AUD to (hopefully) pick up in strength vs the SGD. I'm looking for a tenure of 6 months (min) to 12 months (max). Which bank(s) would you recommend based on: 1) best interest rate for AUD FCFD? 2) least hassle in starting up an acct? 3) least overheads (fees) in starting up an acct? I intend to put the $$ in via a demand draft, but I can also do a wire transfer (some fees involved with the latter). The amount is not a lot but it should be more than enough to meet the "minimum" criteria for most FCFD (over $10k AUD). I'm just looking for a good place to park this small amount for a short time. I've only explored DBS in detail right now - they're giving just over 4% for a 6 month tenure, with 0.125% fees (min $10, max $120) to start the A/C. Maybank seems to be giving better rates on their website (4.75% for AUD with 12 month tenure), but I haven't called them up. Could those with experience with other banks please advise? Thanks in advance.
  7. I'm looking to change my bank home loan. (private housing) based on today's interests rate, anyone can recommend a bank who can offer a better deal? Income level and other criteria, sure meet the requirements. Loan amt, only $930k Current bank is UOB on FD rate package.
  8. Would like to seek the opinion and advise from knowledgeable expert here. Planning to get new car from a AD. The SE offered me a good deal but on the condition that I will have to take up a private car loan from Hitachi at interest of 2.78% rather than the in house loan of 2.5% interest from UOB. The SE promise that he will compensate the 0.28% of extra interest that I have to pay in term of cheque. With that it seems like I'm not losing out from anything since the extra interest from Hitachi will be compensated back to me. Am I missing out on anything? Is there something I have to look out for? Are there any risk in doing so? Would appreciate is people can provide some feedbacks and advice. Thanks!
  9. As mentioned in the title, which bank is better for property loan? A little new to buying new property, please share your views. Thanks
  10. CITIBANK is upending the traditional vehicle financing model here by pre-qualifying customers for car loans - thus bypassing the motor industry, which could lose millions of dollars in finance commissions if this practice is eventually adopted by other banks - PHOTO: AFP 18 Oct5:50 AM Singapore CITIBANK is upending the traditional vehicle financing model here by pre-qualifying customers for car loans - thus bypassing the motor industry, which could lose millions of dollars in finance commissions if this practice is eventually adopted by other banks. Under the Citi Direct Car Loan model, customers apply online for vehicle financing and those who are successful receive in-principle approval. With this conditional approval for a loan of a specified amount, a prospective car buyer can shop for a car knowing he or she has already qualified for financing. This is different from the current model where a new car buyer submits a loan application through the car company for the bank's approval. If the application is approved, the car company receives a finance commission from the bank, which can range from 1-2.5 per cent of the loan amount, depending on the quantum and tenure. Say, the average commission is 1.5 per cent and the average loan amount is S$100,000. For a top dealership selling 5,000 cars a year, with perhaps half of those purchases involving financing, the total commission could come to nearly S$4 million. To make its loan scheme more attractive, Citibank is offering flat interest rates of between 1.48 and 1.88 per cent per annum - much less than the prevailing market rate of about 2.28-2.68 per cent. Citi says its Direct Car Loan is a "no-frills service with no involvement of intermediaries, which in turn gives you the advantage of enjoying lower rates". At the same time, it is understood that the bank believes it is a more efficient and productive way of applying for vehicle financing. If the Citi model catches on with other financial institutions, it could spell the end of a longstanding relationship with motor distributors as well as finance income. But some car companies doubt that will happen. "Most distributors have a panel of banks they work with," says the managing director of a luxury dealership. "There are advantages to such tie-ups, the most important of which is customer convenience." He explains that car salesmen take care of the nitty-gritty for the buyer - something the latter won't get if a bank wants to be independent and go direct to the customer. "The salesman provides one-stop shopping," he adds. "If he doesn't do it, someone else will have to. So whatever is saved in commission may have to be paid out elsewhere." The sales director of another luxury dealership agrees: "It is part and parcel of buying a car. Of course, the salesman gets a commission but the emphasis is on customer service. Certain processes are involved; it's not as straightforward as it looks." Another factor working against the direct model is in-house financing, provided by the financial services arm of the manufacturer - something which all the German brands here have access to. "The dealer can easily take advantage of this alternative to keep financing in-house," the sales director says. He speculates that Citibank is rolling out this scheme because it wants to increase market share. The American bank is currently a small player in the vehicle financing market here, with DBS, OCBC and Hong Leong among the heavyweights. The latter three have tie-ups with most of the best-selling brands. "It's a good idea but, ultimately, it will be difficult to dictate terms to motor dealers." http://www.businesstimes.com.sg/transport/shake-up-ahead-for-car-loans
  11. is it secure? 1. assuming you lost your phone 2. although you have fingerprint sensor setup but your passcode is stupidly configure with 123123 123456 000123 3. if the perpetrator add in his fingerprint 4. he can activate the banking app and transfer money out i see many people use their phone while in mrt when standing near looking down ... can see everything a person doing with the phone no need a super duper tok kong hacker simply anyone grab/snatch the phone and can do nuts and crazy stuff in the first 15-30 mins even before the user can report to bank what do you think?
  12. Jman888

    Apple iTunes fraudulent charges

    more and more hacking going on
  13. Hi all, Just wondering whats the best thing to do or rather what are my options if i have access in OA account and still servicing a HDB bank loan. Theres about enough to pay 24months of installments in my OA(cos my house is dirt cheap so installment is pretty low) Is there any way i can make advanced payments or clear my OA to decrease the total sum? If yes, is that a smart move? What else can i do with this access? Thanks in advanced guys
  14. hmm... Trying to diverse my profile in this versatile mkt. I have some equities, some bond , some pty, some gold.. I was thinking of putting some $$ into FX FD, was intenting to put into AUD.. but was wondering if HKD is good also. Rate given by SC quite attractive now. Any advise from the financial experts in the forum :)
  15. I don't think this question has ever been asked in this forum before. I am wondering how many here have a million cash in the bank now (not CPF) with the house they are living in now (hdb or private) fully paid and with zero debt? Please note that I am not talking about those sitting on paper assets as some bros here will probably say they can liquidate this and that property to have x millions, I am talking about those debtless people with a million cash in the bank now. If you are in this category, it would be interesting to hear what do you plan to do with your cash in the next couple of years?
  16. Better check if you kenna shafted by your legal ah long. http://forums.condosingapore.com/showthread.php/23448-Citibank-is-unilaterllay-rasing-the-spread-on-its-existing-Sibor-loan-customers-!/page2
  17. How often have we heard about the adventures of a man born about two thousand years ago? And now at Christmas, we celebrate His birth, and so what better way to know Him than to see His life and journey for ourselves? That was one of the main reason I set out to make this journey, to a place where strife and conflict mix with history, politics and adventure. It was also a bucket list item to see the place where they filmed Indiana Jones and the Last Crusade... Petra, who can forget the two Joneses riding out... So to see it for yourself is a really big deal:
  18. Anyone in the car industry can help? Without going thru a car dealer or middle man. I know sometimes car middleman is useful. But my father wish to try to do the sales himself, I am helping him because my father says the sales will free up some cash for his Hainan holidays and other future holidays. He just retired early this year. My father is trying to sell away his fully paid Subaru Forester 2008, to one of his friend. There is no loan on the car. The buyer has personally applied for a bank loan. I am not sure what type of documents the bank will issue when the bank loan is approved. I also want to know, when will the bank issue the cheque/funds in my fathers' name or account. Or when will the money be disbursed so that the car ownership can be effected. Anyone works in bank or car dealers who know the steps?
  19. Hi Bro, Any way for better use of our money in the bank that earn so little interest? Pls share your idea to increase our money!!!
  20. RadX

    BSI bank tio screwed

    Kena shut down by MAS MAS orders BSI Bank to shut down in Singapore POSTED: 24 May 2016 at 12:38 PM UPDATED: 24 May 2016 at 1:15 PM SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Tuesday (May 24) it has ordered the closure of Switzerland’s BSI Bank in Singapore. A notice of intention has been served to the bank to withdraw its status as a merchant bank in Singapore for “serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff”. This is the first time since 1984 a merchant bank in Singapore has been ordered to shut down. In 1984 Jardine Fleming (Singapore) was ordered to shut down over serious lapses in its advisory work. BSI Bank has also been fined S$13.3 million for 41 breaches of anti-money laundering regulations. The breaches include a failure to perform enhanced customer due diligence on high-risk accounts, and to monitor for suspicious customer transactions on an ongoing basis. BSI Bank has been operating in Singapore since November 2005, offering private banking services. It is a wholly-owned subsidiary of Switzerland-based BSI SA. “Clients and customers of BSI Bank are assured that the bank is solvent and has assets in excess of its liabilities and commitments. It also has the full support of its parent bank, BSI SA, in Switzerland. MAS is working closely with the Swiss Financial Market Supervisory Authority (FINMA), the home regulator of BSI SA, to oversee an orderly closure of BSI Bank in Singapore,” MAS said. It added that the Swiss authorities had earlier approved the acquisition of the entire BSI group by Switzerland-based EFG international. “In the interest of the customers of BSI Bank, MAS will allow the transfer of the Singapore subsidiary’s assets and liabilities to the Singapore branch of EFG Bank AG or to the parent entity, BSI SA.” SIX STAFF REFERRED TO PUBLIC PROSECUTOR Six members of the bank’s senior management and staff have been referred to the Public Prosecutor to evaluate whether they have committed criminal offences, MAS said. The six are former CEO Hans Peter Brunner, former Deputy CEO Raj Sriram, head of wealth management services Kevin Michael Swampillai, who is currently suspended by the bank, former senior private bankers Yak Yew Chee and Seah Yew Foong, and former wealth planner Yeo Jiawei, who is currently in remand and has been charged for various offences. The Attorney-General’s Chambers said in a statement on Tuesday that further charges against Yeo will be tendered “in due course”. “Insofar as the five other individuals named by the MAS are concerned, the Attorney-General’s Chambers will be working with the Commercial Affairs Department to review the facts before assessing the next appropriate course(s) of action,” it said. THREE INSPECTIONS, MULTIPLE BREACHES In 2011, MAS inspected BSI Bank and found policy and process lapses at the front office and weak enforcement by control functions. These lapses were rectified, MAS said. In 2014, it again inspected the bank and uncovered “serious shortcomings” in its due diligence checks on assets underlying the investment funds structured for the bank’s customers. The bank’s management was ordered to increase scrutiny of its risk management processes and internal controls. A more intrusive third inspection by MAS last year revealed “multiple breaches of anti-money laundering regulations and a pervasive pattern of non-compliance”. The 2015 inspection revealed widespread control failures which led to numerous serious breaches of various anti-money laundering regulations; poor and ineffective oversight by the senior management; unacceptable risk culture, with blatant disregard for compliance and control requirements as well as MAS’ regulations; and numerous acts of gross misconduct by certain staff, MAS said. “Specific regulatory lapses include the processing of multiple unusual transactions which were essentially pass-through trades often without economic substance. Approvals of such transactions were based purely on faith of client representations despite deficient documentation and concerns raised by the bank’s compliance officers.” Mediacorp News Group ©2015 Mediacorp Pte Ltd
  21. OK, so I guess most people already know how a car loan of 2% HP rate equals to easily over 5% APR over a few years. But for mortgage loans in Singapore, the rate which the bank advertises, is the 'nominal' APR and not the effective APR correct? e.g. I understand most banks use the 'daily rest' method to compound mortgages? (correct me if I am wrong, which banks here use monthly rest?). So for a loan at nominal 5% APR but with daily compounding, it would say work out to about 5.13% effective APR. Am I right to say the APR quoted by the banks here for mortgages is the nominal and not the effective APR? Is there any MAS rules that says we can ask for the effective APR from the banks?
  22. MadDog70

    CIMB

    Given Malaysia's political and economical state, many are suggesting to pull out their funds from CIMB. Any view?
  23. Mlimhs

    Writ of Summons from the bank

    Hi all, would like to seek your advice on this case My best friend received a letter Writ of Summons from the lawyer representing the bank. The letter has given him within 8 days for 2 choices Admit the claim or Dispute the claim If he Admit the claim, does he require to pay the amount claimed and costs of $800 to the Plaintiff or his solicitor within 8 days from the date of the letter. Kindly advised. Thanks
  24. Any of our local authories check our credit cards companies and its offer of add-on services ??? ..... Always received calls from banks on their other services offered with the credit card.. Yahoo news: Citi to refund $700 million for deceptive card practices NEW YORK (AP) -- Nine million credit card customers will receive refund checks from Citigroup after U.S. regulators forced the bank to repay $700 million and fined it $70 million for illegal and deceptive practices. The order, coming from the Consumer Financial Protection Bureau, is the latest multimillion dollar settlement against the largest credit card issuers for their role in selling "add-on" products to customers, such as credit score monitoring or "rush" processing of payments. Bank of America reached a similar, slightly larger settlement with regulators in 2014 and JPMorgan Chase was fined in 2013. Under an agreement announced Tuesday with the CFPB, Citi will issue refunds to 8.8 million affected consumers who paid for these types of add-on products, and will pay two separate $35 million fines to the CFPB and to the federal bank regulator the Office of the Comptroller of the Currency. The settlement comes on the five-year anniversary of the creation of the CFPB, which came into existence through the passage of the Dodd-Frank law that overhauled the financial industry following the 2008 financial crisis. "We continue to uncover illegal credit card add-on practices that are costing unknowing consumers millions of dollars," CFPB Director Richard Cordray said in a statement. "This is the tenth action we've taken against companies in this space for deceiving consumers." Some of the illegal activity by Citi goes back to as early as 2000, the CFPB said, and ended in 2013, and covers a range of products sold by Citi and third-party affiliates. In one allegation, Citi telemarketers were said to have sold consumers identity theft protection services with a 30-day "free" trial, when no such free trial existed; or signed up consumers for an add-on service when it was ambiguous whether the consumer actually said they wanted it. In another situation, Citi sold credit monitoring services when Citi wasn't performing such services at all, or were not actively monitoring a consumer's credit file with credit reporting bureaus. Citi also allegedly misrepresented its customers by charging a $14.95 "expedited" payment fee to customers who made over-the-phone payments and did not tell consumers about no-fee options. Credit card add-on services were a lucrative source of revenue for banks for several years, sold to consumers as ways to protect their credit scores or identities or protect them if they lost their jobs. Banks' marketing of such services largely ended after increased regulatory scrutiny. "Add-on services, for the most part, provide no benefit to consumers and people should be very careful to sign up for them," said Nick Bourke, an expert at the Pew Charitable Trusts specializing in consumer lending issues. While credit card companies have largely ended the practice, Bourke and other consumer financial advocates say they are still sold by some high-cost installment loan providers or payday lenders. In a statement, Citi said it stopped the practices and has been issuing statement credits since 2013 to the affected customers. For the customer who no longer has an account at Citi, a check will be mailed. more stories, link : https://sg.finance.yahoo.com/news/citi-refund-700-million-deceptive-151407945.html
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