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  1. The interest in new off-peak cars has practically disappeared as a result of sky-high Certificate of Entitlement (COE) premiums in recent months, with industry analysts predicting that recently-implemented car loan curbs may further dampen demand. Only eight new red-plated cars were registered last month, as compared to 96 registered in the same period two years ago. Figures from the Land Transport Authority (LTA) also showed that the number of normal cars converted to off-peak cars under the revised scheme fell to 761 in the past financial year, compared to the 1,361 cars that were converted between April 2010 and March 2011. Between April 2011 and March 2012, 857 normal car owners switched their rides to red plates. The proportion of red-plated cars has also shrunk in recent years. They now constitute about 7.3 per cent of cars here, as compared to a peak of 8.4 per cent in 2010. Then, there were 50,040 off-peak cars, as their numbers rose steadily between 2003 and 2010. The off-peak car scheme was introduced in 1994 to allow more people to own cars but not contribute to peak-hour congestion. Buyers paid lower taxes for such cars, but they could be driven only during evenings, weekends and public holidays. The scheme was revised in 2010 to make it more attractive for people to switch to these red-plated cars, with cash rebates given earlier and the vehicles allowed to be driven during all hours on Saturday and the eve of five public holidays. The LTA had previously envisioned that the enhanced off-peak car scheme could eventually lead to about 10 to 15 per cent of red-plated cars here, which it believed could reduce peak-hour traffic volume. Motor traders TODAY spoke to said that demand for off-peak cars usually wanes when car prices are high, as the S$17,000 tax savings would constitute a smaller percentage of the total car price. Said Singapore Vehicle Traders Association President Neo Tiam Ting: "The rebate is the same no matter what the car prices are. So, for example, a few years back in 2009, when car prices were about S$50,000, the rebates will take up a higher percentage as compared to now, when car prices are about S$100,000." Mr Ron Lim, General Manager of Nissan agent Tan Chong Motor, felt that the recently-enforced curbs on car loans will be a "further deterrent" for budget buyers who previously turned to off-peak cars. During the Ministry of Transport's Committee of Supply debate last month, Member of Parliament Lim Biow Chuan had suggested doing more to promote red-plated cars as an option for consumers who wished to fulfil their aspirations but may not need to drive every day. Contacted yesterday, Mr Lim suggested the authorities could consider giving a bigger tax rebate so that potential car owners can see the benefits of owning an off-peak car. SIM University's Head of Urban Transport Management programme Park Byung Joon suggested that the weekday timing restrictions on off-peak cars could be tweaked to make the scheme more attractive. Pointing out that that roads get congested mostly during the two peak hour time belts of 7am to 10am and 5pm and 8pm, Dr Park suggested that red-plate drivers could be allowed to drive any time outside of these 6-hour timeslots. Responding to TODAY's queries, the LTA said that "there are no plans to change the benefit structure (of the scheme) at this point of time". "The OPC (Off-Peak Car) scheme is an ownership scheme which allows motorists to own cars at lower cost, if they are prepared to use it sparingly," the LTA spokesperson added. "The tax benefits and usage conditions of the OPC are set upfront so that car buyers and owners can assess, based on their own travel patterns, whether or not an OPC would be able to meet their needs." Source: http://www.todayonline.com/singapore/numbe...dives-coes-rise
  2. A taxi took a dive into a swimming pool at a condominium when it took a wrong turn in the heavy rain early Sunday morning. The ComfortDelgro taxi apparently plunged into the pool at about 3am. ComfortDelgro spokesperson Tammy Tan said the driver had gone to the condominium along Upper Bukit Timah Road to fulfil a booking job. As it was raining heavily, the driver could not see clearly and made a wrong turn. He thought it was to the road leading to the lobby. The 44-year-old driver managed to escape unhurt before police arrived on the scene. The vehicle was fished out after 7am. Ms Tan said, "We are relieved to learn that our cabby had escaped unhurt and we will assist him the best we can. We will also be in touch with the condominium with regards to any damage that may have resulted." Source: http://www.channelnewsasia.com/news/singapore/taxi-dives-into-condo/881512.html
  3. Toyota's Profit Falls More Than Estimated on Yen (Update3) By Naoko Fujimura and Tetsuya Komatsu May 8 (Bloomberg) -- Toyota Motor Corp., the world's second-largest automaker, posted a steeper drop in quarterly profit than analysts estimated and said earnings this year will fall 27 percent on the yen's gain and declining U.S. sales. Net income fell 28 percent to 316.8 billion yen ($3 billion) in the three months ended March from 440 billion yen a year earlier, Toyota said in a statement today. That was lower than the 375.2 billion yen median of six analyst estimates compiled by Bloomberg. Sales rose 3.8 percent to 6.57 trillion yen. Toyota, Honda Motor Co. and Mazda Motor Corp. all predict profit will drop this year as the yen's gains against the dollar erode the value of sales in North America. President Katsuaki Watanabe forecasts sales of Corollas, Avalons and other vehicles in the region to drop 6.4 percent this fiscal year amid a "severe business environment.'' "The slowdown in the U.S. really hit Toyota,'' said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments Ltd. in Tokyo, which oversees $28 billion in assets. "The market has yet to hit bottom.'' The Toyota City, Japan-based company's shares fell 18 percent in the three months on the Tokyo Stock Exchange, the largest quarterly drop in more than six years. The shares declined 1.8 percent to 5,480 yen at the close of trading today before the earnings were released. Profit Drop The carmaker predicts net income to drop to 1.25 trillion yen in the year started April 1, from a record 1.72 trillion last year. Operating profit may fall 30 percent to 1.6 trillion yen. The stronger Japanese currency will probably trim 690 billion yen from operating profit, the company said. Toyota based its earnings forecast on exchange rates of 100 yen to the dollar and 155 yen to the euro compared with 114 yen to the dollar and 162 yen to the euro last fiscal year. Every 1 yen gain against the dollar and euro trims Toyota's annual operating profit by 40 billion yen and 6 billion yen, respectively, the company said today. "It's now time to readjust our structure after having years of constant growth,'' Watanabe said at a press conference in Tokyo. "It's a golden opportunity to eliminate waste'' in the company. The overall U.S. market dropped 8.1 percent in the three months ended March 31. The price of regular gasoline gained 8 percent to $3.29 a gallon in the period and cost $3.62 a gallon as of yesterday. "I expect more bad news from the industry,'' said Edwin Merner, president of Tokyo-based Atlantis Investment Research Corp., which manages $2 billion in assets. Still, "Toyota should come through this period stronger and better'' because of its lead in gasoline-electric hybrid technology. April Sales In April, Toyota boosted U.S. retail sales for the first time in five months on demand for the Yaris and the Prius. U.S. drivers are picking fuel-efficient Toyota models over General Motors Corp. and Ford Motor Co. pick-ups because of record fuel prices. GM reported a first-quarter loss of $3.25 billion last month because of deteriorating performance in North America. The Detroit-based carmaker was profitable in every other region. Ford reported a surprise profit for the quarter as earnings from Europe offset losses in North America. U.S. Outlook Demand for fuel-efficient vehicles, particularly in the U.S., has helped Toyota boost net income every year since it began reporting under U.S. accounting standards in the year ended March 2004. This calendar year, rising job insecurity may cause auto sales in the U.S. to slump to the lowest since 1995, according to Standard & Poor's. Toyota will delay opening its eighth North American factory, Senior Managing Director Takeshi Suzuki told reporters in Tokyo. The company originally planned to start production of the Highlander sport-utility vehicle at the plant by 2010, it said last year. The carmaker forecasts its North American sales will drop to 2.77 million vehicles this fiscal year from 2.96 million last year. Global sales will rise about 1.7 percent to 9.06 million vehicles for the period. Sales in China will rise 36 percent to 640,000 vehicles this fiscal year. Toyota's budget for research and development will fall 4 percent to 920 billion yen. Its capital spending will also drop 5.4 percent to 1.4 trillion yen. The company will raise its annual dividend by 17 percent to 140 yen a share from 120 yen. Higher Prices Toyota plans to raise prices for models including the FJ Cruiser sport-utility vehicle, Yaris compact and Prius hybrid by as much as 2.1 percent in North America later this month to help offset rising materials costs. Nippon Steel Corp. and JFE Holdings Inc., Japan's two biggest steelmakers, raised wholesale sheet steel prices 25 percent last month to cover an unexpected tripling in annual coking coal prices. They are seeking a further 10 percent increase as early as June, traders familiar with price talks said on April 22. Nissan Motor Co., Japan's third-largest automaker, is due to give its forecast and fourth-quarter earnings on May 13. To contact the reporter on this story: Naoko Fujimura in Tokyo at [email protected]; Tetsuya Komatsu in Tokyo at [email protected]. http://www.bloomberg.com/apps/news?pid=206...jobs&refer=home
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