Tuesday, October 6, 2015

LTA, Malaysia's Land Public Transport Commission launch market sensing exercise for KL-S'pore High Speed Rail

LTA, Malaysia's Land Public Transport Commission launch market sensing exercise for KL-S'pore High Speed Rail

By
nishar@sph.com.sg@NishaBT
MALAYSIA'S Land Public Transport Commission (SPAD) and Singapore's Land Transport Authority (LTA) have jointly launched a market sensing exercise with a request for information (RFI) on the Kuala Lumpur-Singapore High Speed Rail (HSR).
Since the HSR was first announced in February 2013, both governments have been working to further develop the project.
The RFI is a consultation exercise to determine market interest in the project and garner opinions from industry players on certain commercial and technical aspects.
The ongoing bilateral discussions and formal tender process will take into account the feedback received.
In a joint statement, Malaysian Minister in the Prime Minister's Department Abdul Wahid Omar and Singapore Coordinating Minister for Infrastructure and Minister for Transport Khaw Boon Wan said: "This market sounding exercise marks a major milestone in our HSR journey. It is important for us to be properly informed of the industry views. We want to use this exercise to gauge market interest in the project and solicit views on different models and approaches. The feedback is crucial in helping us refine and validate our options, which will in turn help ensure a successful tender process subsequently."
The RFI exercise is slated to finish by year-end.
Interested parties should visit SPAD's website (www.spad.gov.my) or LTA's website (www.lta.gov.sg/hsr) for more information.

Brazil's Rousseff to be investigated for alleged funds misuse

Brazil's Rousseff to be investigated for alleged funds misuse

[BRASÍLIA] President Dilma Rousseff's campaign will be investigated for alleged use of funds skimmed from the vast Petrobras corruption scheme, officials said on Wednesday, in a twist that could potentially end her term early.
The opposition Social Democratic Party of Brazil (PSDB) has filed five complaints, including one now accepted by a federal electoral body.
Opposition lawmakers - whose candidate lost in a tight race against Ms Rousseff in 2014 - say Ms Rousseff of the Workers Party and running mate Michel Temer of the centrist PMDB funded their campaign with donations from companies involved in the corruption scheme that has rocked Brazil.
The electoral body in a 5-2 vote overturned an earlier ruling by Judge Maria Thereza de Assis Moura, who in February had said the evidence was insufficient to move forward.
The complaint specifically alleges that Ms Rousseff and Mr Temer engaged in "abuse of economic power, and of fraud, by funding campaign expenses... with donations from Petrobras contractor companies as part of the bribes distribution."
It is the first time the electoral body has opened such proceedings against a sitting president, according to the Superior Electoral Court.
In addition, Ms Rousseff is alleged to have used public financial group resources to fund social programmes for the poor, which is illegal in Brazil.
Some of Brazil's most senior government officials and private sector executives, as well as a growing list of political figures, are among the dozens already tainted by the growing scandal.
Ms Rousseff chaired Petrobras during the main period of the kickback and political payoff scandal that cost the company more than US$2 billion in 2014.
Now, Brazil's embattled first woman president has seen her approval rating slide to around 10 per cent, with the economy contracting and many critics calling for her impeachment.
AFP

Malaysian sultans join chorus of concern over Najib graft scandal

Malaysian sultans join chorus of concern over Najib graft scandal

[KUALA LUMPUR] Malaysia's nine state sultans have issued a rare joint statement expressing concern over a corruption scandal swirling around Prime Minister Najib Razak and calling for a swift and transparent investigation.
The statement issued late on Tuesday ahead of a two-day annual royal conference adds to mounting pressure on Mr Najib, who is facing calls to explain huge missing sums at a state-owned company he founded as well as nearly US$700 million in mysterious transfers to his personal bank accounts.
The revered sultans called for stalled Malaysian investigations to be revived and "appropriate stern action" taken.
"The findings of the investigation must be reported comprehensively and in a transparent manner so that the people will be convinced of the sincerity of the government, which shall not at all conceal facts and the truth," the official Bernama news agency quoted the royal statement saying.
Domestic investigations have been essentially shut down since August after Mr Najib replaced his attorney general and others scrutinising the affair.
But probes into alleged money flows across the globe have reportedly been launched by authorities in the United States, Switzerland, Singapore and elsewhere.
"The failure to give convincing clarifications and answers is feared to have resulted in a crisis of confidence," the sultans' statement said, referring to a plunge in the value of the ringgit currency and other market turmoil blamed in part on the scandal.
A parliamentary democracy, Malaysia has a unique system in which Islamic sultans serve as the ceremonial heads of nine of the country's 13 states, alternating as the nation's figurehead king every five years.
The sultans have no formal power, rarely dabble in politics, and their proclamations are not binding.
But the centuries-old royal families are accorded great respect as symbols of Muslim-majority Malaysia's heritage and guardians of the Islamic faith in the country, and the statement is likely to add to pressure on Mr Najib.
They opened their yearly Conference of Rulers on Wednesday.
Mr Najib, 62, has faced growing calls to resign over claims that huge sums of money had been syphoned off from state-owned development company 1Malaysia Development Berhad (1MDB), and the revelation in July of money transfers to his bank account.
His government calls the money "political donations" from Middle Eastern sources but has refused to provide details.
Both Mr Najib and 1MDB vehemently deny wrongdoing.
Analysts say Mr Najib looks unlikely to be ousted as he retains a strong position in the longtime ruling party, which he strengthened in July by purging his cabinet of members who had demanded transparency in the scandals.
AFP

California adopts bill ensuring equal pay for women

California adopts bill ensuring equal pay for women

[LOS ANGELES] California on Tuesday adopted a bill aimed at ensuring equal pay between men and women, a measure considered among the strongest in the nation and applauded by Hollywood.
"Sixty-six years after passage of the California Equal Pay Act, many women still earn less money than men doing the same or similar work," Governor Jerry Brown said in a statement after signing the bill into law.
"This bill is another step toward closing the persistent wage gap between men and women." The California Fair Pay Act was introduced by Senator Hannah-Beth Jackson following a study that found that women earned about 84 cents for every dollar earned by men.
The bill builds on existing legislation by prohibiting an employer from paying any employee less for substantially similar work rather than equal work.
"Today is a momentous day for California, and it is long overdue. Equal pay isn't just the right thing for women, it's the right thing for our economy and for California," Jackson said during the signing ceremony.
The bill was also hailed as a major breakthrough for women by several Hollywood actresses who had advocated in favour of wage equality.
"On behalf of the more than 19 million women and girls who call California home, I thank Governor Brown and the courageous members of the California legislature for showing that true progress to close the gender wage gap is possible," said actress Geena Davis in a statement.
Added Oscar-winning actress Patricia Arquette: "The (bill)received bipartisan support because women support families and drive our economy.
"It is a critical step toward ensuring that women in California are seen and valued as equals." Arquette had made an impassioned plea for equal pay for women during her acceptance speech at the Academy Awards.
According to Forbes magazine, Hollywood's best paid actor, Robert Downey Jr., last year earned US$80 million, nearly US$30 million more than Jennifer Lawrence, the best paid actress who earned US$52 million.
The Washington, DC-based advocacy group National Partnership for Women and families, said Latina women in California earn 44 cents for every dollars earned by a white man while African-American women earn 64 cents for every dollars earned by a white man.
The US federal minimum wage is US$7.25 per hour if the worker's employer covers their health insurance, and US$8.25 per hour without medical coverage.
AFP

Singapore to report monetary policy decision on Oct 14

Singapore to report monetary policy decision on Oct 14

[SINGAPORE] Singapore's central bank said on Wednesday it would announce its semi-annual monetary policy decision on Oct 14.
The Monetary Authority of Singapore's (MAS) website showed its monetary policy statement will be released at 8 am (0000 GMT).
A majority of analysts polled by Reuters late last month said the MAS will probably ease monetary policy in October due to the rising risk of a recession and downside risks to the inflation outlook.
REUTERS

Singapore has sent formal request to Indonesia for names of errant firms: MFA

Singapore has sent formal request to Indonesia for names of errant firms: MFA

By
nishar@sph.com.sg@Nisha_BT
THE Ministry of Foreign Affairs (MFA) has sent a formal request for the names of the companies suspected of being linked to the haze in Indonesia and has also reiterated its offer of assistance.
"This was in response to the request by the Indonesian Environment and Forestry Minister, Siti Nurbaya Bakar, who had previously said that if Singapore wanted the names of these companies to be officially sent to it, then this had to be done through the government-to-government channel," said an MFA spokesman in response to media queries."We look forward to an early response from the Government of the Republic of Indonesia on our requests so that we can take the necessary action against those who are responsible for the haze."
The spokesman added that, in the same note, Singapore also reiterated its haze-assistance offer to Indonesia, which includes a team from the Singapore Civil Defence Force (SCDF) to provide assessment and planning assistance as well as up to three C-130 aircraft for cloud-seeding operations and to ferry the SCDF team.
In addition, Singapore is offering high-resolution satellite pictures and hotspot coordinates and a Chinook helicopter.
The spokesman added: "Singapore stands ready to assist Indonesia in its haze-combating and fire-fighting efforts."

Singapore GDP will take hit from haze as countries issue travel warnings

Singapore GDP will take hit from haze as countries issue travel warnings

[KUALA LUMPUR] As Singapore and Malaysia wheeze from cloying smoke generated by forest fires in Indonesia, the costs to tourism and health and productivity in the two countries could be outweighed by the impact on Indonesia itself - and the country's regional reputation.
"The damage this time when the haze finally runs its course is expected to be high,"  said Euston Quah, a professor and head of the economics division at Nanyang Technological University, who has studied recent fires and plans to look again at all the affected countries, including Indonesia.
"We must continually estimate and show the damage is not only to Singapore, Malaysia and other neighbouring countries, but also to Indonesia itself, which includes the loss of goodwill. The damage to Indonesia must be huge. " 
The strongest El Nino in two decades may prolong the dry weather, which means the hazy conditions could remain for some time longer.
The smog has shrouded Singapore and Malaysia for weeks and is likely to manifest in fewer tourist arrivals as some countries are starting to send travel warnings about the two countries, which might impact hotels and retail spending, according to Chua Hak Bin, an economist at Bank of America Merrill Lynch in Singapore. 
He estimates the impact on Singapore could range from 0.1 per cent to 0.4 per cent of gross domestic product, depending on whether the haze lasts for one month or three.  "The health costs might rise exponentially if the haze worsens and persists for a long period," he said.
The worst haze in 1997 cost Singapore US$300 million, while a milder event in 2013 led to about US$50 million of losses to retailers, hotels, tourism and the economy overall, according to Prof Quah's research.
The impact may go beyond tourism to impact the broader economy.
A protracted and severe haze may delay construction projects and slow factory output, according to Weiwen Ng, a Singapore-based economist at Australia & New Zealand Banking Group Ltd.
BLOOMBERG

China's foreign exchange reserves fall US$43.3b in Sept as central bank steps up yuan support

China's foreign exchange reserves fall US$43.3b in Sept as central bank steps up yuan support

[BEIJING] China's foreign exchange reserves shrank by US$43.3 billion in September as the central bank stepped up intervention to stabilise the yuan and calm sentiment after a surprise devaluation of its currency had jolted global markets.
China's reserves, the world's largest, dropped to US$3.514 trillion last month, central bank data showed on Wednesday, after a record slide of US$93.9 billion in August.
The devaluation of the yuan on Aug 11, and the consequent fall in reserves have raised questions about how sustainable China's efforts to support the yuan are, as capital trickles out of the country due to fears of a deepening economic slowdown and prospects of rising US interest rates.
Analysts expect the reserves to fall further.
"The decline in China's foreign reserves, while less than market expected, still shows that China's central bank continued the market intervention in the past month," said Singapore-based Zhou Hao, senior economist in Asia at Commerzbank. "As PBoC also intervened into the forward market in the past month, the foreign reserves will likely plunge again when these forward contracts mature," he said.
Policy makers have been keen to calm sentiment after a summer rout in stocks, the yuan devaluation and a series of clumsy attempts by authorities to stabilise equities spread turmoil in global financial markets.
Beijing is also pressing on with attempts to ease concerns about a cooling economy, which is growing at its slowest pace in decades.
The yuan devaluation had sparked worries of a global currency war and raised doubts about Beijing's ability to manage an economy transitioning from an investment- and exports-led model to one driven by domestic demand.
The value of China's gold reserves stood at US$61.2 billion at the end of September, down from US$61.8 billion at the end of August, the People's Bank of China said on its website.
China's International Monetary Fund (IMF) reserve position stood at US$4.69 billion, down from US$4.73 billion the previous month. It held US$10.47 billion of IMF Special Drawing Rights at the end of last month, down from US$10.53 billion at the end of August.
The central bank in July shifted to reporting its foreign exchange reserves on a monthly basis after adopting the IMF's Special Data Dissemination Standard (SDDS). The bank had previously released the data on a quarterly basis.
REUTERS

Samsung Electronics says Q3 profit likely up 79.8 per cent, beating expectations

Samsung Electronics says Q3 profit likely up 79.8 per cent, beating expectations

[SEOUL] South Korean tech giant Samsung Electronics Co Ltd said on Wednesday its July-September operating profit likely leapt 79.8 per cent from a year earlier, beating expectations and marking its first quarterly profit growth in eight quarters.
Samsung, in a regulatory filing, estimated its third-quarter profit at 7.3 trillion won (S$8.94 billion), compared with 6.7 trillion won tipped by a Thomson Reuters SmartEstimate poll of 30 analysts. The firm reported a 4.1 trillion won profit a year earlier.
Samsung also expects its third-quarter revenue to have risen 7.5 per cent from a year earlier to 51 trillion won. The firm will disclose full results in late October.
REUTERS

Microsoft unveils Windows 10 smartphones, new laptop

Microsoft unveils Windows 10 smartphones, new laptop

[NEW YORK] Microsoft unveiled its first Windows 10 smartphones on Tuesday as it launched a series of new gadgets in a bid to win a bigger share of the competitive mobile market.
The technology giant's two premium Lumia smartphones take aim at popular devices offered by Apple and Samsung and add a few original features, such as a security tool that unlocks the phone by scanning a user's eye.
Microsoft also unveiled its first laptop, the Surface Book - which also runs the Windows 10 operating system - and whose 13.5-inch detachable screen can be used like a notepad with a matching stylus.
The launch marks the latest step by chief executive Satya Nadella to build on the July release of Windows 10, which Microsoft said Tuesday was now running on 110 million devices around the world.
"We now begin a new chapter of Windows 10 with new devices built for Windows 10," Mr Nadella said at the New York launch event.
"What matters most is the mobility of your experience more than the mobility of any specific device."
The latest smartphone pitch follows a bruising rethink of the technology following Microsoft's disastrous 2014 acquisition of Nokia for some US$7.2 billion. Microsoft subsequently wrote down the Nokia assets by US$7.5 billion and eliminated more than 25,000 jobs.
Microsoft's Lumia 950 features a 5.2-inch high-definition screen and a 20-megapixel camera, while the Lumia 950 XL has a larger 5.7-inch screen.
The Lumia 950 will price at US$549, while the Lumia 950 XL at US$649. A third, more modest phone with fewer functions, the Lumia 550, will start at US$139. The Lumia phones will be launched in November.
Both phones can be connected by a small portable display dock accessory into a personal computer, a large screen or another display device. A keyboard or mouse can be connected, expanding the capacity of a smartphone to operate like a personal computer.
"We want to bring Windows 10 to life in your pocket," said Panos Panay, corporate vice-president for Microsoft's Surface division.
'STEPPING STONE'
Analysts said there is little chance for Microsoft to quickly shift the dynamics of the smartphone business, in which it holds only about three per cent, according to IDC.
Forrester Research analyst Frank Gillett said the phones' innovative eye-screening security and ability to link to other computing capacities were intriguing ideas, with the latter of particular interest to enterprises.
But the challenge to win market share is tough because it will require consumers who already have built relationships with other smartphone systems to switch, he said.
"These are stepping stone devices," Mr Gillett said. "Microsoft is trying to demonstrate that it can put out competitive interesting devices with some interesting or unique features.
"What they're really going to be groping for is something game-changing six or 12 months down the line."
Mr Gillett also praised Mr Nadella's emphasis on Windows 10 and the intent behind statements by the Microsoft chief that "devices come and go... you are the hub." Microsoft's objective is to build a "sticky, ongoing relationship" with consumer data that transcends any device, Mr Gillett said.
Analysts said the laptop investment was a bid to cede no further ground to rivals.
Bob O'Donnell at the research firm Technalysis said the laptop "definitely had the wow" factor and that the notebook could score points with tech "influencers," as well as with creative professionals and artists.
"It's the first real credible competition we've seen for Apple on that side," Mr O'Donnell said. Powered by sixth-generation Intel processors with up to 12 hours of battery life, the Surface Book starts at US$1,499.
Other gadgets unveiled included upgraded versions of the Surface Pro tablet, of a wearable fitness tracker and a new HoloLens system that lets users manipulate objects made of light - but which will not be available until the first quarter of 2016.
AFP

Airbus says no longer in discussions with Bombardier

Airbus says no longer in discussions with Bombardier

[PARIS] European planemaker Airbus Group said on Tuesday it had halted talks with Bombardier after exploring opportunities with the Canadian manufacturer.
"Airbus Group SE confirms that it has been exploring business opportunities with Canada-based Bombardier Inc and that such discussions are no longer being pursued," Airbus Group said in a statement.
Reuters reported earlier that Bombardier had approached Airbus about selling it a majority stake in the Canadian company's troubled CSeries jet.
REUTERS

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