Oil Price Down But Petrol Price Up

Business, Politics 9 Comments

Pump prices across all petrol stations when up after Government announcement of a hike in petrol duties. The tariff for premium grade petrol is now SGD$0.64 per litre, up by 20 cents, while the duty for lower grade petrol, such as 92-octane and 95-octane, is SG$0.56 cents per litre, up by 15 cents. The petrol companies sell their 95-octane petrol for about SGD$2.00 per litre. Premium grade petrol is around SGD$2.50. Read more »

Lucky Plaza Install Flood Barrier

Business, Places No Comments

Lucky Plaza has installed a million dollar flood barriers. This is barriers are designed to stop rain water from gushing into Lucky Plaza’s basement if there is a flood along Orchard Road. Read more »

Thai Tycoon Gain Control Of F&N

Business, People No Comments

Thai billionaire, Charoen Sirivadhanabhakdi, take full control of F&N (Fraser and Neave Limited) after paying S$8.8 billion (US$7.1 billion) in cash for it. F&N was form as a public company in January 1898 to take over the business of Singapore Aerated Water Company and the Singapore and Straits Printing Office with a share capital of S$225,000. And a 115 years later is valued at S$13.75 billion (US$11.2 billion). Read more »

CEO of The Gold Guarantee went missing

Business 52 Comments

The CEO of The Gold Guarantee, Mr. Lee Song Teck (age 34), went missing along with its investor’s money. Before TGG’s CEO when missing he had asked investors to pay a S$2,000 deposit for a kilo of gold when signs that his company is running out of cash. Earlier on 09th January, it was rumored that TCC has stop payment of 1.7% monthly interest to their investment. Read more »

Carrefour Done For In Singapore

Business No Comments

Carrefour shut down all of its operations in Singapore which comprise two outlets at Suntec City and Plaza Singapura, by end of 2012. Dairy Farm’s hypermarket arm, Giant, will replace Carrefour as anchor grocer, taking a 60,000 sq ft shop space in a separate location at  Suntec City. Read more »

Genneva Gold Office Raided

Business No Comments

On the 1st of October 2012, Genneva Gold was raided by both the authorities in Malaysia and Singapore for suspected offences including illegal deposit taking, money laundering, tax evasion and avoidance, false description (misrepresentations), appointment of agents without licence, and failing to lodge statutory documents. Read more »

No GST for Investment-Grade gold & precious metals

Business No Comments

Investment-grade gold (in the form of a bar, ingot, coin or wafer) must be in purity of 99.5% and above, with the following characteristics that differentiates it from gold in other forms such as jewellery: (i) Capable of being traded on the international bullion market; (ii) Bears a mark/ characteristic accepted as guaranteeing its quality; and (iii) Trade at a price based on the spot price of the metal it contains. Read more »

Let The F1 Circus Begin

Business, Places 9 Comments

In the words of Singapore ex-Prime Minister “driving around and then going into the pits; after that, changing the tyres and revving out again … makes no sense to me.” He said he could not understand the allure of such events. For the next 3 days, Singaporeans and Foreigners alike will have to bear with the noise of these loud machines and massive traffic jams into and out of the city due to traffic diversions. Read more »

Tyra Banks Spotted In Orchard Road

Business No Comments

Tyra Banks was spotted strolling along Orchard Road. She is in Singapore to promote her company ANTM. Read more »

Silver River Furniture Fined For Non GST Compliance

Business No Comments

Silver River Furniture, a Singapore Furniture Retailer, was fined S$4,000 on four counts of not complying with GST regulations on price displays. The Internal Revenue Authority of Singapore (IRAS) found two of Silver River Furniture’s advertisements in a local English daily in early 2012 with small print stating “all prices exclude delivery and GST”. Read more »

Singapore Government Collected About $100M

Business, Places 1 Comment

In the first half of 2012, Singapore Government collected S$93 Million in Casino Entry Levies from locals visiting the city’s two casinos. Which translated to about 2 millions Singaporean and PR visits a year. Or about 1,500 local visits each of the casino on any given day. The is a visible rise in gambling addiction amongst wealthy in Singapore. And going to the casino is becoming a social norm here. Read more »

F1 IPO In Singapore

Business No Comments

The the motor-racing franchise, Formula One Group, will be listed in the Singapore Exchange (SGX) for an initial public offering (IPO) that is valued nearly 4 Billion Singapore Dollars (US$3 Billion). According to its owner, Singapore was picked as the venue for the IPO because it has been hosting grand prix racing since 2008 and is home to a strong fan base for the sport. It is one of the biggest IPO in Singapore. Read more »

Indonesia to take control of the airspace above Riau

Business, Transportation 1 Comment

Indonesia would take control of the airspace above Riau Islands (about 20 kilometers south of Singapore), currently controlled by Singapore since 1946, from 2025. Singapore is willing to hand over control of the airspace above Riau Islands, earlier provided that the International Civil Aviation Organization (ICAO) gives the green light. Read more »

One Of Facebook Founder Takes Up Residency

Business, People No Comments

Eduardo Saverin, one of the founders of Facebook.com, took up a more tax-friendly residency status in Singapore. Mr. Saverin was living in Singapore since 2010 and plans to remain here “indefinitely”. He was born to a wealthy family in Brazil and gained American citizenship at the age of 17 in 1998. He then renounced his American citizenship after holding it for twelve years. Read more »

OCBC Is World Strongest Bank

Business 1 Comment

OCBC Bank has been named the world’s strongest bank by Bloomberg. The assessment is based on factors like the Bank’s Tier 1 capital ratio, loan-to-deposit ratio, ratio of non-performing assets to total assets. The bank’s internal efficiency ratio, which compares costs with revenues, were ranked. Read more »

Helicopter Training Facility Opened In Seletar

Business, Education, Places No Comments

Eurocopter, a French helicopter manufacturer, opened its new helicopter simulator complex inside Seletar Aerospace Park. The high-tech Eurocopter simulator was the first to be built outside of France is used for trainer pilots at executing different helicopter manoeuvres. An average of 50 of its pilots train with it annually. Read more »

Temasek Holdings Brought Shin Corp

Business No Comments

Shin Corporation PLC shares that was owned by Thaksin Shinawatra family sold its remaining 49.6 percent stake in the company to nominees of Temasek Holdings, the Singapore government’s investment arm, for US$1.88 billion. Read more »

SIA’s Golden Bird Takes Off

Business, Transportation 1 Comment

Singapore Airlines, or SIA, took to the air at dawn which heralded a new era in the Singapore’s aviation history. The first SIA flight SQ108, a Boeing 737 aircraft left for Kuala Lumpur at 6.14am. Read more »

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