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Car loan interest rates in S'pore hit 2.78% after US Fed's latest hike SINGAPORE - On top of rising car prices that come with record prices for certificates of entitlement, buyers of new cars here now have to fork out even more for loans. Some banks and financial institutions have raised interest rates to 2.78 per cent. This is an increase of 0.5 percentage point from the 2.28 per cent interest rate reported in May. https://www.straitstimes.com/singapore/transport/car-loan-interest-rates-in-spore-hit-278-after-us-feds-latest-hike

Pump prices mostly up 3 cents in Singapore after killing of Iran top general source: https://www.straitstimes.com/singapore/transport/pump-prices-up-3-cents-after-killing-of-iran-top-general?xtor=CS3-18&utm_source=STiPhone&utm_medium=share&utm_term=2020-01-08 8%3A01%3A29 SINGAPORE - Most petrol pump prices here have risen by three cents a litre to yet another record high in the latest fallout from the assassination of Iranian military leader Qassem Soleimani by United States forces last week. A litre of petrol at major fuel retailers here now costs $2.34 for 92-octane grade, $2.38 for 95-octane and $2.77 for 98. Diesel is $1.99 a litre. Caltex's 98 with Techron is $2.80, while Shell's V-Power is $2.94. All prices are before discounts. Caltex raised its prices on Tuesday (Jan 7), while Shell raised its prices on Monday. SPC was the only major player to resist the latest hike, with its prices remaining unchanged as of Tuesday afternoon. Observers said that while the killing of Major-General Soleimani had made the market more volatile, crude prices had already been climbing before his death. Fuelled by a thaw in the US-China trade war and ongoing supply cuts from major oil producers, Brent crude ended 2019 at a four-month high of US$66 a barrel. Brent has since risen further, ending at US$68.91 on Monday. The current volatility is also attributable to uncertainty over how Iran will respond to the killing. Many Iranian leaders have warned of reprisals. But oil industry consultant Ong Eng Tong reckons oil prices will rise, as Iran is likely to retaliate, and that would in turn ignite US sanctions, which will drive oil prices higher. The last time pump prices went up was just before Christmas, when rates moved up by three cents a litre. Compared with 18 months ago, pump prices have climbed seven cents.

http://www.straitstimes.com/singapore/transport/grab-uber-deal-sparks-fears-of-price-hike Grab-Uber deal sparks fears of price hike Consumers and industry watchers are raising concerns that Grab's acquisition of Uber's South-east Asian business will lead to higher fares.PHOTO: ST FILE PublishedMar 26, 2018, 10:38 pm SGT Christopher Tan Senior Transport Correspondent [email protected] Zhaki Abdullah [email protected] SINGAPORE - Consumers and industry watchers are raising concerns that ride-hailing firm Grab's acquisition of rival Uber's South-east Asian business will reduce competition and lead to higher fares. Ms Zhang Bin Bin, who takes both Grab and Uber rides, is unsure how fares will change now that "competition is minimised". "If prices increase or if they match regular taxi prices, I will probably go back to public transport," said the film-maker, 23. Freelance photographer Robin Choo, 27, had the same concerns. "If prices for rides booked through Grab were to rise, I think I will have reconsider my travel options," he said. Drivers interviewed raised concerns about their incentives and commission rates. Private-hire drivers pay about 20 per cent of each fare to their operators. Mr Ken Tan, 45, is concerned about how the move might affect his earnings. While he has driven for both Uber and Grab, he said he was able to earn more driving for Uber due to the better driver incentives. Drivers now no longer have the option of choosing another operator if they are dissatisfied with their current firm, he said. Mr Thanaraj Suppiah, 36, who has been driving full-time for Uber since last June, said: "I will have to see how well Grab takes care of drivers." Mr Ang Hin Kee, executive adviser to the National Taxi Association as well as the National Private Hire Vehicles Association, said consumers and drivers need more choices, not fewer. Nonetheless, if the merger is approved here, he hopes that end users will be better off. "With potentially lower cost of operations via lower staff overheads and less spending on advertisement, the new entity can focus on delivering better terms for drivers and commuters," he said. "But if it infringes on commuter and driver interests, I hope the regulators can steer it back on track." Singapore University of Social Sciences senior lecturer and transport economist Walter Theseira said regulators can do one of two things to ensure that the market remains equitable for all parties. One is to have a dominant player which is well regulated. The other is to have multiple players and let natural competition keep them in check. "My personal view is that there has to be first of all, evidence that market size leads to efficiency," he said. "Secondly, there must be an appropriate lever to ensure that an enlarged player does not abuse its power." Meanwhile, consumers do not seem too worried that Grab - with its ambitions of becoming a major player in the food, payment and loan sectors - would have access to information on how they travel, eat and spend. "With the Government's cashless drive, consumers like myself will have to face the fact that my data is being collected," Mr Choo said. "My concern lies with how secure my data is." Said Ms Zhang: "I am quite indifferent to that... since many apps or even devices are already collecting such data." Grab Singapore head Lim Kell Jay said: "We have always cared about our customers' well-being and as a start, we will immediately extend our free personal accident insurance policy to all new interested Uber drivers and riders who choose to be part of our platform. "We expect our combined operations to create a better experience for our community of drivers and passengers... we expect to see shorter wait times and faster pick-ups. This would mean better productivity for our drivers, and better reliability for our passengers."

While the tax hike on diesel has affected businesses and cabbies, the move will help discourage usage of the fuel and create a better and healthier living environment, said Senior Parliamentary Secretary for Transport Baey Yam Keng. He noted that the land transport sector is the second-largest source of emissions in Singapore, and this has to be addressed as the land transport system expands. To do so, the Government is also promoting commuting modes such as car-sharing, trains and personal mobility devices, managing vehicle growth and usage, and encouraging the adoption of cleaner and more carbon-efficient vehicles, he said. MPs Lee Bee Wah (Nee Soon GRC) and Gan Thiam Poh (Ang Mo Kio GRC) yesterday raised concerns about the hike, as they called for more support to mitigate the impact on cabbies and businesses. Finance Minister Heng Swee Keat had announced a doubling in excise duty on diesel fuel from 10 cents a litre to 20 cents last week. This took effect from Feb 18. Yesterday, Ms Lee pointed out that no lead time or grace period was given, and many service providers which use diesel vehicles have lost money overnight. She called for ComfortDelGro, the largest taxi operator here, to at least absorb part of the diesel tax hike. Meanwhile, Mr Gan said certain heavy machinery and special purpose vehicles have no diesel alternatives in the market, and appealed for firms and operators using them to be exempted from the hike. In his speech, Mr Baey listed several ways in which the Government is helping to cushion the impact of the diesel tax increase. Related Story What's behind diesel tax increase? Related Story Singapore Budget 2019: Diesel duty at pumps doubles to 20 cents per litre Related Story Diesel duty hike will filter down to some consumers: Industry The annual special tax for taxis has been reduced by $850, and Mr Baey said he was glad that all taxi operators have pledged to pass on the entire savings to cabbies in the form of rental reductions and, for some, Medisave top-ups. ComfortDelGro cabbies driving a diesel taxi that is five years or older can get a $100 voucher if they convert to a hybrid taxi by the end of next month, he added, urging other taxi operators to offer similar incentives and more non-diesel options. On concerns from parents about school bus fares, Mr Baey said the Government is helping operators through a new road tax rebate scheme for all diesel buses, for a three-year period from August. All diesel school buses, diesel private-hire buses and excursion buses ferrying schoolchildren will also get an additional cash rebate for three years from August. Mr Ang Hin Kee (Ang Mo Kio GRC) said after the sitting that he hoped more taxi firms would take up Mr Baey's call to support cabbies. But the National Taxi Association's executive adviser added that rebates like the $100 voucher from ComfortDelGro offer only slight reprieve to taxi drivers, as the daily rental rate for a hybrid taxi is $120, compared with $100 for a diesel taxi. "Taxi firms should look into lowering the rental rates. If not, cabbies may not switch to hybrid taxis, and instead clock longer hours and distances on their diesel cabs to cover the higher diesel rates. "This runs contrary to the intention of the tax hike," Mr Ang said. https://www.straitstimes.com/politics/baey-diesel-tax-hike-for-better-living-environment

http://www.todayonline.com/business/gst-hi...new-initiatives GST hike �more likely� if Govt needs to raise revenue for new initiatives

http://www.straitstimes.com/singapore/transport/inspection-fees-rise-by-10-as-government-tightens-vehicle-emission-standards?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook&xtor=CS1-10 Looks like the tuning workshop will be badly affected.

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates. But now companies are pushing back. Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost. “While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal. A Bank of America spokesman declined to comment. The latest law firm salary raises boosted first-year pay by 12.5%, and gave comparable hikes to the rest of the associate lawyer ranks. Pay generally went up by between $20,000 and $35,000 for every associate, topping out at salaries of $315,000 and above for the senior-most associates, typically with eight or nine years of experience. The chief litigation officer for a Fortune 100 company said $180,000 for a first-year isn’t justified, pointing by way of comparison to a lawyer in the company’s litigation department with 20 years of experience who doesn’t make that much money. “Why would we ever think a first-year associate is worth that?” the lawyer said, adding that they recently denied a firm’s request to charge $400 an hour for a first-year. The identities of the law firms that received Mr. Leitch’s message aren’t known, but the email appeared to target firms that handle the bank’s litigation. “We value the work performed by our Litigation Roundtable firms and seek to maintain a true partnership that meets our reciprocal needs—thoughtful, strategic, and cost-competitive representation at rates and alternative billing arrangements that are attractive to our counsel,” wrote Mr. Leitch. Advertisement The email ended by saying Mr. Leitch entrusts the firms who receive the email with its work because of their “legal expertise and entrepreneurial instinct,” and looks forward to continuing to partner with them. Like many other large companies, BofA has worked in recent years to reduce its legal spending; in 2013, the bank told the Association of Corporate Counsel it slimmed the number of firms it hires to defend it in litigation to 30 from around 700. Bank of America spent $1.2 billion on litigation in 2015, according to its earnings report. BofA has used firms including Skadden, Arps, Slate, Meagher & Flom LLP; Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cleary Gottlieb Steen & Hamilton LLP for big litigation matters in the past. Paul Weiss declined to comment. Representatives for Skadden and Cleary didn’t immediately return calls for comment. Cravath didn’t immediately respond to a request for comment. The push-and-pull over pay and rates has for decades been a source of tension between corporate legal departments and the law firms they hire. Historically, law firms charged their clients in only one way: by the hour. While many in-house lawyers grumbled about the arrangements, saying they encouraged inefficiency and led to eye-popping bills, they mostly paid them. But within the last decade or so, companies have pushed back. They now routinely demand “flat-fee” arrangements for a single piece of work, like a lawsuit or a transaction. And many have stopped paying for photocopies and legal research, items that were once rubber-stamped. In-house lawyers have also ramped up resistance to paying for the most junior lawyers, often saying they won’t pay for first- and second-year lawyers even if they are staffed on assignments. Such lawyers, the thinking goes, are too often billed out at hundreds an hour to perform relatively menial tasks, like reviewing documents. Not all in-house lawyers are railing against the raises. Edward Ryan, the global general counsel for Marriott International Inc., said he believes “law firms are responsible for their own cost structure” and that what ultimately matters is “the value of what we pay for.” That said, he questioned if clients will “take their business elsewhere” if law firms try to pass off the costs directly. Before Cravath raising its salaries, associate pay industrywide hadn’t budged in nearly a decade, a time during which law school tuition has skyrocketed, leaving many graduates with upward of $100,000 in debt. Many associates had complained to law-firm leaders that in recent years their pay scale had failed to keep up with cost-of-living increases. It isn’t entirely surprising that dozens of firms have followed Cravath’s lead and matched the new salary structure in recent days. Large law firms view keeping pace with market leaders like Cravath as part of staying competitive in recruiting and retaining their younger lawyers, even if their profits are lower and they operate in smaller markets.

ST Forum Jul 15, 2011 Price hike ripple effect: A personal experience IN HIS letter on Wednesday, Mr Edward Teo said that when a basic necessity such as public transport attracts a fare hike, there will soon be a chain effect of other increases ("Worry over fare hike ripple"). I find this to be true. For instance, the last time I complained and asked my neighbourhood hawker why she increased her food prices, she pointed to the rise in train fares. Once hawkers increase their prices, they will not reduce them, even when their costs go down. This is not the right time for public transport companies to chalk up higher profits, especially when we are still struggling with high inflation. Joan Chng (Madam)

Did anyone notice the price hikes across all model and dealers? When I bought my car last June, my monthly depreciation was approx 700 Now Most cars are atleast 1k mthly depreciation among All Dealers listing amid increment in coe quota 😅

Several thousand junior and mid-level civil servants will see their pay rise between 5 and 15 per cent this month - and more could enjoy similar increases after their salary reviews are completed. The two groups getting pay rises are: Graduate officers in the lower and middle rungs of the management executive scheme who earn between $3,000 and $10,000. They work in policy development and implementation, corporate services and operations. Non-graduate officers in the lower and middle rungs of the management support scheme whose pay starts at $1,600. http://www.straitstimes.com/BreakingNews/S...ory_763834.html What recession?

Have you ask yourself this question?

Have you ask yourself this question?

We need more opposition like her to perform the checks and balances of the PAP. I hope there would be many willing to support her. Check out her speech: http://m.youtube.com/#/watch?xl=xl_blazer&v=pIJzks6ByRs

CABINET ministers, appointment holders and top civil servants will not be getting a pay increase for the second year running, in view of the uncertain economic recovery. Salaries were to have gone up in January as part of salary revisions that follow from benchmarking to the private sector. But the move was deferred at that time as Singapore had slipped into recession. Announcing the second deferment on Thursday, the Public Service Division (PSD) said that annual salaries of officers in the elite Administrative Service, and of political, judicial and statutory appointment holders, will in fact shrink by up to 22 per cent this year. This means that the annual salary for ministers at the entry-level grade of MR4, for example, will amount to $1.49 million this year, down from $1.92 million last year. For Administrative Officers on the Superscale Grade (SR9), annual pay packages will be down to $338,100 this year - a 15 per cent decline from $399,500 last year. As part of Government efforts to retain talent, salaries are benchmarked to top earners in the private sector and reviewed yearly

Looking at oil pricing rally, I believe it should be soon before our ever sensitive petrol provider adjust upwards again... - light sweet crude for October delivery, settled at 74.37 dollars a barrel - Brent North Sea crude for October climbed seven cents to close at 74.19 dollars

Today's Straits Times print edition (sorry no web version yet) 2 year old Suzuki Vitara has a single vehicle accident, skidded and hit guardrail, seems no other car involved. 46 year old owner sends it for repair at NTUC authorized workshop and the insurer pays out 19k plus for repairing the car. But repair bill includes replacing undamaged parts, eg. reverse sensor when the damage was in the front. Owner contests the bill amount, NTUC tells him to take it up with the workshop himself. Seems NTUC is happy to pay the 19k, the driver loses NCB not enough, but still have to contend with a 400% rise in premiums. See newspapers for photos of the car after the crash...

There seems to be an increase in quite a few things and dun seems justifiable Let's list them down. 1) Public Transport (More on profits then serving the public) 2) Petrol & diesel (Below US100 yet reduce onli a few cents) 3) electricity bills ( Increase by 20%!!! ) 4) Newpapers (Dun they have advertisment on the papers?) 5) 6) 7) 8)

Recently visited Kah Motor, i was informed that car loan interest rate was 2.38% p.a. and may increase to 2.68% p.a. Under 2.38%pa scheme, the condition of interest rate may be adjusted (not fixed). Every fool knows current situation like now would not permit any interest rate to move up at all. Any problem face such incident? If this is true, car price may take a tumble.

Two years ago, he downgraded from a 2.4-litre Honda Odyssey to a smaller car because he wanted to cut his petrol bills. True, petrol prices have gone up, but he claims his Nissan Sunny is also giving him lower mileage. Some Sunny owners can travel 10km on each litre of petrol. Yet Mr Lee Teck San, 47, says his cars takes him only about 270 km each time he puts in about 40 litres, which works out to less than 7km to the litre. The noodle hawker has no idea why his 17-month Sunny is a petrol guzzler despite multiple tests. Said Mr Lee: 'My petrol bill might not seem a lot over a month or two. But over 10 years, it can amount to a big sum of money.' He travels an average of 30km a day. His frustration over petrol started early. Soon after he bought the car, he noticed that he could do only 290km on a full tank, before the low-fuel indicator would come on. Each time he filled up, the 50-litre tank would take about 40 litres. Watching the fuel level like a hawk, he discovered that from one filling to the next, he was averaging just 270km. Mr Lee, who had bought the car from an authorised agent, went to Tan Chong Motor, the distributor of Nissan cars, with his problem. He has taken the car to them thrice. And each time, they checked the car and found nothing wrong with it. As the car is covered by a warranty, he did not have to pay for the checks. When contacted, a Tan Chong spokesman said: 'In times of high fuel prices, naturally, customers feel the pinch more. 'Generally, fuel consumption levels differ with each driver depending on his individual driving habits, usage patterns, and road conditions.' The spokesman said Tan Chong has received both positive and negative feedback on the fuel efficiency of the Sunny. When The New Paper on Sunday made two calls to Tan Chong's showroom in Ubi and to its service centre in Toa Payoh to ask about the Nissan Sunny, the staff there confirmed that the car should average 400km on a full tank under Singapore's road conditions. Other Sunny owners The New Paper spoke to had mixed reactions when they heard about Mr Lee's complaint. MYSTERY OVER FUEL EFFICIENCY Miss Rachel Tong, 36, who has had a Nissan Sunny for three years, said she often gets 400km out of a full tank, that is about 10km to a litre. But Mr Tan Hong Lin, 71, who has driven a Sunny for four years, said he averages less than 300km on a full tank. Even when he travels long distances on Malaysian highways, he gets only 300km. 'It's very hard to hit 400km in Singapore because there are so many traffic lights,' he said. So what could be behind the lower than expected fuel efficiency? Mr Pang Tsun Bin, 24, a mechanic, said a car with a leaking fuel tank or faulty safety valves would consume much more fuel than normal. A routine check would expose these problems, he said. Poor driving habits in general could also jack up petrol bills. Frequent bursts of acceleration and braking result in poorer fuel economy, said Mr Loh Chee Seng, a sales manager at ExxonMobil. Underinflated tyres also cause fuel to be wasted, he said. But Mr Lee insists he maintains a fairly constant speed when driving and keeps his tyres well-inflated. Elgin Toh, newsroom intern Fill up in the morning for more petrol. True or False? There is nothing like a petrol price hike to increase the number of urban myths on how to save fuel. The New Paper on Sunday checks out these claims and asks the experts. Myth 1: Petrol expands in hot weather, so fill up in the cooler early morning. Finding: False A spokesman for Chevron, which operates Caltex stations, says there is no difference in the amount of petrol you get whether you refuel in the day or night. This is because there is not much temperature variation in the air or in the fuel being dispensed, especially in a country like Singapore. Any vaporisation that might occur would be a very small amount and the effect on the amount of petrol pumped would be negligible. Myth 2: When filling up, do not squeeze the trigger fully and pump in 'fast' mode. Finding: True If you are pumping at a faster rate, some of the liquid that goes to your tank becomes vapour, which is sucked back into the underground storage tank, giving you less fuel. This is a concern if the service stations are installed with vapour recovery systems which prevent petrol vapours from escaping to the air. But not all stations use this. For instance, Caltex says its network in Singapore does not carry the system. No matter the speed of the pump, there is always vapour loss to the surroundings. However, the carbon canister in the fuel tank is able to capture some of the vapour during dispensing or normal operation, and it will be burnt off in the engine. Myth 3: Fill up when your tank is half-full. The larger space in a near-empty tank could lead to higher petrol fume loss. Finding: False Again, the carbon canister located in the fuel tank is able to capture some of this vapour. Myth 4: Overfilling your tank will result in the petrol flowing back into the pump. Finding: False The mechanism that allows petrol to flow back is called a return valve and they prevent harmful gas vapours from being released into the air. They are installed in some countries such as the United States but the pumps here are not fitted with them. Zaihan Mohamed Yusof DRIVE SMART, SAVE MONEY Regardless of what car you drive, good driving habits will help keep fuel consumption (and petrol bills) down. Here are some suggestions: It's not a competition: Don't weave in and out of traffic. Driving aggressively often means sudden acceleration and braking, which wastes petrol and will make you unpopular with other road users. Too fast, bill furious: Keep to the speed limit. While different cars have different speeds at which they are the most fuel-efficient, it is a good idea not to drive too fast. It will be safer too. Get in tune: Check the engine and air filters regularly. A properly tuned engine and clean air filters will leave you and your car purring with delight. Pump them up: Make sure the tyres are properly inflated. This also includes checking for both under-inflation and over-inflation. Don't idle: Waiting for someone? Consider turning off the engine if it is going to be more than a five-minute wait. Lose weight: Are you carting junk around in your boot? Lose it. Carrying extra weight just means you burn more petrol lugging it around. NISSAN LATIO Better

Anti-fuel hike Rally aims to show how angry people are (In Malaysia) In Sinkapour, we can only suck tumb. Accept the fact. Die in silence.

http://www.asiaone.com/Motoring/Owners/Buy...0121-45869.html Raymond Lim can now say taxi fare hike is helping more Singaporeans to own cars. Good strategy actually. More people buy cars, pay COE and ERP, and LTA may just be able to raise internally the $500 million that LHL refused to give LTA to build a new HQ.

Jan 22, 2008 Govt earned $990m extra from GST hike By Lynn Lee THE Government earned an extra $990 million last year from the two-percentage point hike in Goods and Services tax. The bulk, $540 million, came from local consumer spending, while the remainder was from foreigners. A large portion of the collection went back to Singaporeans. They received a total of $630 million in cash, to offset the GST increase to 7 per cent in July 2007. With other measures like utility rebates, to help people adjust to paying more GST, the Government will spend $1.17 billion by the end of fiscal year 2007 on Mar 31 this year. Read the full story in Wednesday's edition of The Straits Times. This means for 1 year the 2% can generate around $2 Billion. I thought they basic reason for the hike is to help the poor ? And don't you think $2 Billion a year to help the poor is way too much ? Who needs charity anymore if indeed every cent is spent on the poor and needy.

Taxi Fare Hike is here. Guess we all want to be mentally prepared as to how much more we will actually spend (for those who take cabs sometimes) So lets share the price difference before and after with details, i'll start first (please note this only applies to cab fares with the increase - i know companies like smrt have not increased their fares yet. Orchard to Commonwealth Old Price : $7.50 - $8.50 New Price today : $13.70 i think if i am not driving either take public transport or don ' t go out liao

http://www.channelnewsasia.com/stories/sin.../315687/1/.html Is it really seeking the views of the public or for their own interest. What's yr view on this?