When retailers are in tears, Mustafa is doing roaring business. What is the magic?

They call him the Rajah of Serangoon Road and with good reason. While many retailers are suffering losses, downsizing, or have completely given up and moved out, Mustaq Ahmad's department stores in the Serangoon Road area are doing a thriving business. On a mid-week afternoon, the store is packed with customers and you have to squeeze through the crowd to get to Mr Ahmad's office on the second level of Mustafa Centre, at Syed Alwi Road. The managing director of Mohamed Mustafa & Samsuddin Company (MMSC) has another store round the corner at Serangoon Plaza. Already known to the public as an unaffected and humble man with assets worth well over S$100 million, Mr Ahmad greets you behind his plain desk with a patient look on his face and the opening line: "People always ask me 'how do you do it?' But there's nothing new to this business, it's basically buying and selling." Still, he fields your questions with the fortitude of a man accustomed to the media probing him for the secrets to his success. Born in India, the 45-year-old has come a long way since he started a shop in Campbell Lane selling ready-made garments with his father and uncle back in 1971. For the current financial year ending June 1997, he estimates sales of between S$230 million and S$250 million from the stores' combined shopping space of 150,000 sq ft. But profitability is "still on the low side" because of the S$45 million Mustafa Centre which was opened last April. "But we're satisfied with it," says Mr Ahmad. And why not? Last financial year, net profit stood at S$3 million and for the current year, he's projecting some S$5 million. Naturally, this figure wasn't plucked from the sky in some misguided sense of optimism. The sales will come from the daily weekday traffic of 10,000 and weekend traffic of 15,000 to 20,000. And the crowds are still growing. Yet, it can't be the ambience that is pulling in the crowds. At first sight, Mustafa's looks like a window designer's nightmare. Merchandise from chilli crackers to sequinned handbags and portable radios are stacked unglamorously against windows and along the aisles on the floor. The reason is simple enough: the store is quite literally bursting at the seams. "There just isn't anymore space," came Mr Ahmad's simple answer. "With nice displays, you lose 4 to 5 times more space. Basically, people come here to buy things and not to look at displays. We're not promoting any products, we are selling promoted products. So let someone else promote them and we'll do the selling." A more obvious reason for the stores' attraction is its pricing. While some department stores are trying to go up market and targeting customers with big spending power, Mr Ahmad aims for the mass market. "At our shop here, we believe everybody is a customer," explains Mr Ahmad, pointing out that maids and employers shop there together. Mustafa's is also a favorite of Indian and Bangladeshi foreign workers. "We have a lot of things which most people can afford and anybody can come in and find something for themselves. Customers can buy small things and all these small things can add up to a big volume. At the same time, we also have bigger ticket items, so there'll be a product for everyone." Mr Ahmad says he also offers lower mark-ups compared to other stores. "Of course we make money," says Mr Ahmad. "But we work it out such that we have a smaller mark-up and customers get the lowest market price, but we have enough margin from a big turnover." Gross profit margin on products is at an average of about 15 per cent at his stores, with some ranging from 10 to 30 per cent. The reason why his stores can keep prices low is because they buy in much bigger quantities and can therefore negotiate for lower prices. "And if there's a big price difference in the market, we parallel import the goods," says Mr Ahmad. Parallel imports, which range from electrical products to perfume, make up about 20 per cent of the goods. "Although we only have two shops here, we do a lot of homework and my staff will travel to buy these goods," he reveals. But just when you think his secret is all down to a pricing strategy, Mr Ahmad tells you it isn't all that simple. "It's not just the price, it's the real thinking behind it," he emphasises. "We ask ourselves if we are going hand-in-hand with customers or if we are just trying to sell them things." Taking the tourist business as an example, Mr Ahmad says the visitors are quite prepared to spend, but some retailers think they should therefore make as much money from them as possible. "But if he finds out the price difference, he will not come back," he points out. "The normal price is the price that will build trust, even though it's not necessarily the cheapest." At the same time, the method of pricing is also important. According to Mr Ahmad, MMSC's products are presented without a lot of hidden cost. For instance, if the price tag of an electrical product at his stores says S$300, it already includes the 3 per cent goods and services tax (GST). "Someone else could have a S$299 price tag, but have yet to include the GST, plus S$10 for delivery and so on. So in the end, the customer pays S$320," he explains. "It's a very simple method we use without being afraid that someone will beat us with a S$299 price tag. That's where the confidence comes in." Although customers may take some time to realise this, they keep going back to his stores when they do. "This is because they know there is something different, there's honesty," says Mr Ahmad. "Then we're a little bit better than the next store." Of course, the fact that MMSC stores have a wide range of products also helps. Because of its location in Little India, MMSC's complete range of Indian supermarket products makes it very popular. So even though there are Indian spice shops in the area, they can't beat MMSC stores for their range, and hence, the convenience. And instead of fancy carrier bags, MMSC stores use plastic bags which are tied with a security tag once the items have been paid for. This may not exactly look elegant, but it certainly is an effective method against pilfering, which stands at about 0.5 per cent, compared to some stores with a rate of between 3 and 4 per cent. While the MMSC stores don't look expensive, Mr Ahmad emphasises that its goods aren't cheap either. "Customers don't care about the seller's problems, as long as the price is fair," he states. So instead of frequent sales, he keeps his prices steady. "This is business we are building everyday, because we can't promote everyday." Although many retailers expect the poor trading conditions to continue for some time, Mr Ahmad believes the outlook is good for his business. "There's a lot of opportunities, not only here, but all around the world," he says matter-of-factly. "We're short of space, but not short of customers. We can open a shop anywhere, as long as we have our own niche market and can use our way of doing business." The fact is, Mr Ahmad is confident that if he were to set up this type of stores in Kuala Lumpur, Jakarta or Hongkong, it will be a hit. But don't mistake this for arrogance. "Why am I confident? Because we find that there are certain weaknesses in the market, so we take the opportunity to remove those weaknesses and provide for the customer," came the simple reply."A lot of big businesses don't have confidence in doing things." And this confidence means that if he pays $1 for item, no one can pay 50 cents for it, and he can sell it to the customer for $1.20. "It's a fair price, but not the cheapest," emphasises Mr Ahmad. "Those who think cheapest is the fairest come into the market and then disappear because expenses are more than their income. Some others think they want to make as much profit as possible, but this doesn't match because the market cannot accept it." "So the question is at what levels can the market accept the prices," he says. "That's the trick of the game." The difficulty is of course, how to read market correctly. And that, according to Mr Ahmad, comes down to how much a person is involved in the business. "If a person shows enough interest, he can create a niche market," he believes. "Just study the needs of a particular group of people and fit their needs. Everybody needs their daily necessities right? So the business is there already." The other thing he believes retailers should do is to retain whatever they started out selling. "So if you were selling artificial jewellery, and want to sell gold as well, then keep both," he says. "And when you add diamonds, you should sell all three. You have to build on existing business because you've done it successfully and if you maintain your bread and butter, you're safe." With his business cruising along, what are his expansion plans? "We're very satisfied with how we're doing and as and when things come up, we will expand," says Mr Ahmad. "But for us to set up anywhere, we need a big capital, and there's no magic show where we can set up without it." Although renting is easy, that is not an option for him because "rentals will go up and you'll be at the mercy of your landlord". Another way to gain capital quickly is to invest in high leverage business "and get headaches everyday". But this is not a prefered choice as Mr Ahmad would rather take it at a more unhurried pace. "We can take whatever challenges as long as we don't put too much worry on ourselves or stress on our health," he says in his laid-back manner. Raising funds through a public listing is yet another possible -- and much faster -- means of financing a business, but MMSC is only just "thinking about it a little bit". "If we want to move fast in the market, we might do that, but if we decide to move slowly, we can remain like this," he says. "We're not aggressive in the sense of wanting to reach this or that target in a certain year. We are very comfortable with this speed." One thing's for sure though. With 60 per cent of his customers being locals and 40 per cent tourists, Mr Ahmad would like to see more Singaporeans of all races visiting his store. "Right now, Indians form about 65 per cent of customers, so we need more Chinese shoppers." So far, the only expansion plan that's certain is his proposal to convert the 130 hotel rooms above Mustafa Centre into an additional 45,000 sq ft of retail space. Having said all that, Mr Ahmad's business philosophy boils down to taking care of the people he's dealing with. His staff, customers and suppliers attest to his friendly and easygoing nature, largely because he isn't stuck in some plush boardroom holding endless meetings, but meeting them regularly on the shopfloor. Of course, there's also the 'X' factor -- Mr Ahmad's ability to understand the consumer psyche, and his swift reaction to changes in consumer demands and expectations. But just when you think you've got Mr Ahmad's business strategy in a nutshell, he surprises you. "Whatever I say, tomorrow, the ideas might change," he says with a shrug. "Because tomorrow is another day." Article Credits -Corinne Kerk

Former Minister Mentor Lee Kuan Yew about Environment

World’s thinnest hard disk drives released in Singapore

Singapore’s Data Storage Institute launches A-Drive, One of the world’s thinnest hard disk drives At 5mm, the A-Drive, a hybrid hard drive developed by A*STAR’s Data Storage Institute (DSI), is one of the world’s thinnest in a 2.5″ form factor. It’s also one of the world’s first — the other being Western Digital‘s hybrid hard drive, which is also 5mm thick. The new drive was unveiled on 1st November to commemorate DSI’s 20 years of research. The A-Drive, which could be commercialized within a year and retail at USD60, can provide up to 1TB of hard disk drive (HDD) space and 23GB of solid state drive (SSD) space. That’s about 250,000 songs. Compared to SSDs, a hybrid disk drive provides more storage space at less cost and power consumption. If placed in tablets, which uses SSDs, it could extend storage space while prolonging battery life by 30 percent. It could be used in ultrabooks as well, where thinness is a priority. Dr Pantelis Alexopoulos, executive director of DSI, told Yahoo! that the A-Drive is also more secure. When an SSD is lost, its encryption code can be broken. That’s not the case for the A-Drive, he said. The hybrid drive could be sold as portable devices, or they could come baked into mobile devices through working with OEMs. Enterprises could be a potential market as well, where it can cut power usage by half. DSI is currently discussing with partners to market the device in Singapore. Dr Alexopoulos posited that getting from a partnership deal to manufacturing would take about 6 to 8 months. Patents for the design of the hybrid drive’s axial field motor, along with 30 other designs, have been secured.

Foreign labour tightening has affected businesses of some small and medium companies

SINGAPORE: The gradual tightening of foreign labour regulations has affected businesses of some small and medium companies. That is according to a recent survey conducted by the Association of Small and Medium Enterprises (ASME). The survey also showed that some companies are looking to relocate or have already relocated overseas due to difficulty hiring in Singapore. It was conducted last month based on the ASME's 6,000 strong members. In the survey, two in five SMEs said that the recent manpower policies have negatively affected their business. About three in 10 SMEs indicated they have moved or are thinking of moving their operations elsewhere. The rest who are not looking to relocate said they are still cautiously monitoring the current business environment and labour shortage in Singapore. ASME's president Mr Chan Chong Beng said: "We have also heard people not expanding at the moment because they are waiting for a clearer picture to come and any additional expansion could be a burden to them. Mr Chan added: "The next alternative is to relocate to a cheaper country and we have seen companies who have relocated to Malaysia and the trend will continue because you want to survive." Acting Manpower Minister Tan Chuan-Jin recently cautioned that the pace of cutting foreign labour dependency must be managed to avoid prompting firms to relocate. This may cause retrenchment and higher unemployment among Singaporeans. The current labour crunch faced by companies includes skilled workers. But recent figures revealed the number of skilled foreign workers in the S Pass category, rose by some 12 per cent. As of June this year, there were 128,000 S Pass holders, as compared to 113,900 last year. These are for workers earning at least S$2,000 a month. The number of employment pass holders dropped by 0.4 per cent for the first half of this year. The contraction could be due to tighter requirements such as higher minimum salary, which was introduced in January. It is possible that companies are using S Passes to bring in more junior level PMEs. President of the Singapore Chinese Chamber of Commerce and Industry, Teo Siong Seng said the sentiments on the ground may be different. Mr Teo said: "The real feeling on the ground, especially among my 40,000 members is that in fact they are facing a very severe manpower crunch, especially the SMEs. "I think the government may need to release more figures as to exactly different sectors of the business industries, what are the net increase or decrease, in the work permit, in the S-Pass and also in the Employment Pass." The Manpower Ministry said it will be taking a closer look at S Pass holders. Chairman of Government Parliamentary Committee for Manpower Zainudin Nordin believes there is a possibility of further tightening for this group of foreign workers. Mr Zainudin said: "If there is no progress in building productivity or building the Singapore core, then something has to be done because as long as there is still the option of and the availability of cheap labour source, people will also make that option. "I would expect the government to tighten measures to ensure that we go towards less dependency of foreign labour because in my view, it's just not sustainable." The government had indicated that it is on the right track in reducing dependency on foreign labour but this will take time. Channel News Asia Reports

Tightening of foreign labours has negative impact on business owners

WHO issues guidance on new SARS-like virus

GENEVA — The World Health Organization on Wednesday urged health workers around the world to report any patient with acute respiratory infection who may have travelled to Saudi Arabia or Qatar and been exposed to a new SARS-like virus confirmed in two people so far. The United Nations agency put out a global alert on Sunday saying a new virus had infected a 49-year-old Qatari who had recently travelled to Saudi Arabia - where another man with an almost identical virus had died. The Qatari remained critically ill in hospital in Britain, according to the WHO’s latest information as of Tuesday. The WHO said on Wednesday no new case of acute respiratory syndrome with renal failure due to the new virus had been reported but its investigations continued. “We’ve got things in place should things change, should the behaviour of the virus change,” spokesman Gregory Hartl said. The WHO said it was working closely with Saudi authorities regarding health measures for the haj pilgrimage to Mecca next month when millions of Muslims travel to the kingdom and then return to their home countries. Its clinical guidance to 194 member states said health care workers should be alert to anyone with acute respiratory syndrome that may include fever (above 38oC or 100.4oF) and cough, requiring hospitalisation, who had been in the area where the virus was found or in contact with a suspect or confirmed case within the previous 10 days. The virus, known as a coronavirus also related to the common cold, comes from the same family as SARS (Severe Acute Respiratory Syndrome) which emerged in China in 2002. SARS infected 8,000 people worldwide and killed 800 of them before being brought under control. The WHO said it was identifying a network of laboratories that could provide expertise on coronaviruses to countries. “Though it is a very different virus from SARS, given the severity of the two confirmed cases so far, WHO is engaged in further characterizing the novel coronavirus,” it said, referring to genetic sequencing. Hartl, speaking to reporters on Tuesday, said: “This is not SARS, it will not become SARS, it is not SARS-like.” It was not established whether the virus spread by human to human contact or just how it was transmitted, he said. “We don’t know if all cases of infections are as severe as the two cases we have currently or in fact whether there have been 2 million cases of this virus and only 2 severe cases.”

Citizen & PR will be eligible for subsidies for poly part-time diploma courses

Singapore citizens (SCs) and permanent residents (PRs) who want to pursue part-time diploma courses are in luck. From Oct 1 this year, those accepted into polytechnic part-time diploma programmes for the first time will be eligible for government subsidies, said the Ministry of Education (MOE) today. Citizens will receive a 70 per cent subsidy regardless of government subsidies previously received from participating in full-time diploma or full-time and part-time degree programmes. This will apply to those who attempted but failed to obtain a full-time diploma qualification previously as well as to citizens who already have a full-time diploma or degree. Currently, MOE provides subsidies at the diploma level only once and does not subsidise those who already hold diploma or higher qualifications. Meanwhile, PRs will receive a 60 per cent subsidy regardless of the subsidy consumed in their previous full-time diploma programmes. They will receive this subsidy as long as they have not previously attained a qualification at the diploma or higher level that was subsidised through an MOE subsidy or Government sponsorship. This revision is applicable to all part-time diploma programmes at the polytechnics which are subsidised by MOE. New part-time diploma intakes commencing their studies on or after Oct 1 will be able to benefit from this revision. This is part of the government's commitment to help working Singaporeans to upgrade or re-skill through part-time learning at the polytechnics. In addition, individuals who wish to study further after a full-time or part-time diploma can enrol in the relevant Advanced Diploma (AD) and Specialist Diploma (SD) programmes. The MOE subsidy for these post-diploma programmes can be tapped on more than once by each individual, subject to a limit of once every five years.

Wish You all a Happy Onam

PM Lee's National Day Rally 2012

HDB restricts PR flat owners' abilities to sublet

With immediate effect, Singapore permanent residents who own flats will only be allowed to sublet their HDB flats for one year, down from the current three years. In a statement, the Housing Board says that subletting rules for PRs have been revised to deter flat owners from buying flats for rent or investment. Under previous rules, PRs who owned flats were subject to the same set of rules Singapore citizens had to abide by as flat owners. This meant that they could seek HDB approval to sublet their flats for a maximum of three years if they met the Minimum Occupation Period (MOP) requirement. However, new revisions made to the rules and regulations mean that flat owners with permanent residency will only be allowed to sublet their flats for a maximum of one year, and only if they are doing so for the first time. Furthermore, applications to extend approvals will be assessed at the end of one year on a case-by-case basis only, with the total period of subletting a flat capped at five years. Previously, owners could apply to renew the period of subletting upon the expiry of each three-year period, with no cap on the number of renewals and the total period of subletting. According to the authority, a 2011 crackdown on illegal subletting resulted in the compulsory acquisition of flats owned by a total 18 people. In total, 56 were penalised for subletting their flats without HDB approval. HDB also added that PRs should sell their flats if they no longer need the flats for themselves. In one case, a couple had their flat compulsorily acquired after HDB found that they had been using their executive apartment in Tampines as a lodging house for tourists. No changes have been made to the rules governing flat ownership by Singapore citizens. Flat owners should contact HDB to report or ask for more information on subletting

Good conduct condition to be set for PRs

A good conduct condition will be introduced for Singapore permanent residents if the proposed amendments to the Immigration Act (IA) are approved. The Immigration (Amendment) Bill was introduced for First Reading at the Parliamentary Sitting today. Four key amendments to the IA were proposed to help strengthen Singapore's border security as well as facilitate the legal entry of bona fide foreigners into Singapore while keeping out undesirable persons, goods and conveyances. The first amendment proposes to criminalise marriages of convenience by any person in order to obtain an immigration facility (e.g. entry visa, permanent residency, long-term pass, etc). The amended provision will also include criminal syndicates and middlemen who facilitate or stand to gain from such illicit practices. The penalties for the offence are a fine not exceeding $10,000 or imprisonment for a term not exceeding 10 years, or both. The manufacture, trafficking, and possession of paraphernalia for immigration forgeries will also be criminalised. The proposed amendment will come with a presumption clause that would assume that any person found in possession of the forgery paraphernalia has the intent to commit forgery, unless proven otherwise. The penalties for the offence are a fine not exceeding $8,000 or imprisonment for a term not exceeding 5 years, or both. The third proposed amendment will allow immigration authorities to receive advance information about passengers or crew arriving in Singapore. This proposed amendment will tighten the Immigrations & Checkpoint Authority's (ICA) checkpoint security measures by empowering ICA to collect passenger/crew information on inbound persons prior to arrival. Many other countries have already implemented a system of advance passenger information for security risk management purposes. Meanwhile the last amendment allows ICA to cancel the Re-entry Permit (REP) issued to a Singapore Permanent Resident (PR) if he contravenes any law or is involved in any activity which threatens a breach of peace or is prejudicial to public order. He will lose his PR status if he travels out of Singapore or remains outside Singapore without a valid REP. This proposed amendment will also enable ICA to impose, vary, or set additional conditions for the validity of the REP.

Singapore Permanent Residence tougher to attain

The PTS Scheme is a scheme which gives a foreign individual working in Singapore on a P, Q or S Singapore work pass the opportunity to apply for a permanent resident status in Singapore. It has long been seen as the easiest route to gaining Singapore permanent residency. However, according to a recent news article, the number of Singapore permanent resident (PR) applications approved under the Professionals, Technical Personnel and Skilled Workers Scheme (PTS Scheme) have plummeted by 58.7% between 2009 and 2010. Deputy Prime Minister and Minister of Home Affairs, Mr. Teo Chee Hean confirmed that only 11,161 PR applications were approved in 2010. In comparison, 27,042 PR applications were approved in 2009. The article also revealed the profiles of applications that were approved under the PTS Scheme between 2005 and 2010. In gist, out of all the approved PR applicants during this period: 83% are diploma or university graduates; 56% are 30 years old or younger; and 43% earn at least S$4,000 per month. Additionally, 85% of the successful applicants received their PR status five years after residing in Singapore via the Singapore employment pass, long-term visit pass (LTVP), work pass, dependant’s pass and student pass. Analysis by Rikvin shows that the following three factors – acceptable salary, age and education – are crucial to securing the Singapore permanent residency status and in fact serve Singapore’s human capital and societal needs. For one, having more residents who are diploma or university graduates dovetails with the national strategy to increase the quality of its workforce as they can fill professional-level vacancies and complement the workforce. Secondly, as Singapore has an ageing population, having more residents who are younger means having a more productive and future-ready workforce. In turn, granting young foreign professionals the PR means that they can set up homes in Singapore. This translates to the possibility of building families and mitigating the low birth trend that Singapore has been facing for years. Thirdly, having residents earning more than S$4,000 a month, which was the qualifying salary for a P2 Employment Pass w.e.f 1 July 2011, is consistent with the national aim to attract more high-calibre professionals to Singapore. Furthermore, having a higher salary means having the ability to meet the rising costs of living in Singapore. On a macroscopic level, the ability to meet these requirements mean that applicants have proven that they have the means to reside in Singapore and not fall through society’s cracks. Singapore does not have a dole system and will never be a welfare state. Approving the application of potential residents who can independently earn a living and sustain their livelihood will in turn ensure that Singapore as an economy does not incur unnecessary societal debt. This then ensures a lower societal burden for all and for years to come.

S. R. Nathan conferred Pravasi Bharatiya Samman

Singapore’s former president S R Nathan has been conferred with the prestigious Pravasi Bharatiya Samman, the highest honour accorded to people of Indian-origin oversees. Mr. Nathan was presented with the award by Union Minister of Overseas Indian Affairs, Vayalar Ravi, himself at a function here yesterday. The award honours individuals who have made outstanding contributions in their chosen field. “This medal is recognition of Singaporeans of Indian origin and it’s not only for me, it’s for all other Singaporeans of Indian origin,” Mr. Nathan was quoted as saying in a report by Channel News Asia said. Mr. Ravi made the trip to Singapore especially to present the award to Mr. Nathan, as the former president was unable to receive the award in January, when it was given out, said the Channel report. Mr. Nathan, 87, is a Singaporean of Tamil descent. He was the sixth president of Singapore from 1999 to 2011. “I hope this relationship between India and Singapore, which we have all worked towards, will be strengthened from time to time and that this bond that has been established between us for cultural reasons will be preserved.” “Our cultural heritage is very important because without our cultural heritage, we would be nobody,” Mr. Nathan added.

5 health conditions of special concern in Singapore

Certain health concerns are more common in Singapore as compared to other countries. (Thinkstock photo) Due to environmental and genetic factors, certain health concerns have a higher prevalence rate in Singapore as compared to other countries. Here are five specific health issues -- myopia, colorectal cancer, nose cancer, type 2 diabetes and thalassaemia — that Singaporeans should pay attention to. 1. Myopia (short-sightedness or near-sightedness) WHY: Children in spectacles are all too common in Singapore which has one of the highest prevalence rates of myopia — an eye condition that affects a person's ability to see distant objects clearly — in the world. At least 30 per cent of our Primary One kids have defective vision (as compared to 12 per cent in Hong Kong). And as these children progress to upper primary school, the percentage goes up to 60 per cent. Professor Donald Tan, Medical Director at the Singapore National Eye Centre (SNEC) explains: "Genetically, the Chinese are predisposed to myopia. So Chinese children who spend hours in near-focus activities, such as reading, craftwork, playing computer games and using handheld devices like mobile phones are at an even higher risk." PREVENT THIS: Parents can encourage good eye care habits, such as holding the work as far away as possible and not lying down to read. They can also get their children to pursue outdoor activities like badminton or rollerblading. On Saturday, 28 April 2012, make sure you attend Fabulous From 40!, Singapore's most successful Women's Health Forum. Get insights and practical tips on crucial women's health topics, such as diabetes, menopause, oral health and ovarian cancer, presented by top experts from SingHealth. 2. Colorectal cancer WHY: Singapore has one of the highest incidence of colorectal cancer in Asia. It is also the most common cancer here. Dr Choo Su Pin, Senior Consultant at the Department of Medical Oncology, National Cancer Centre Singapore (NCCS), observes: "Every year, 1,500 Singaporeans are diagnosed with this form of cancer which affects men and women alike." Those who are over 45 and have a family history of colorectal cancer are at a higher risk. However, less than 10 per cent of colorectal cancers are due to inherited gene defects, adds Dr Choo. PREVENT THIS: To reduce your colorectal cancer risk, don't smoke, because the inhaled smoke can carry carcinogens to your colon. Also, keep active and maintain a healthy weight. Diet-wise, cut down on red meat, fat and alcohol. High-fibre foods may have a protective effect. If you are already showing symptoms like persistent diarrhoea or constipation, bloody or thin stools or mucus in stools, unexplained weight loss and abdominal discomfort, consult a doctor. 3. Diabetes WHY: Diabetes mellitus is a chronic disease where there is too much sugar (glucose) in the blood. It is caused by either the inability of the pancreas to secrete a hormone called insulin, or the body's inability to use insulin properly. Dr Goh Su-Yen, Head of the Department of Endocrinology at Singapore General Hospital (SGH), says: "In Singapore, nine per cent of the adult population has diabetes. Studies on diabetes among the Chinese, Malays and Indians have shown that the latter two races have a higher incidence of the condition." Recently, international researchers found that six genes could trigger type 2 diabetes in people of South Asian ancestry, like Indians. In fact, they are up to four times more likely to develop the disease than Europeans. PREVENT THIS: Being overweight, more than 40 years old or pregnant, or having a family history of diabetes, put you at a higher risk. Eat a balanced diet and control your sugar intake to keep blood glucose levels under control. Also, exercise regularly to maintain a healthy weight. Naturally, do not smoke and limit your alcohol intake. Related article: Are you at risk of diabetes? 4. Nose cancer (nasopharynx or nasopharyngeal cancer) WHY: In Singapore, nose cancer is the 6th most common cancer in males. The cancer is actually known to occur more frequently in Asia and North Africa than in the rest of the world. Dr Terence Tan, Senior Consultant, Department of Radiation Oncology, National Cancer Centre Singapore (NCCS), says: "Nose cancer mainly affects the Chinese (especially those in the Cantonese dialect group), and to a lesser extent, Malays." It affects men more than women, and typically occurs between the ages 35 and 55. Having a family member with nose cancer can mean that you are genetically predisposed to it. PREVENT THIS: There are no sure ways to prevent nose cancer. Avoiding salt-cured foods and preserved meats which are high in nitrates, might help to reduce the risk of the disease. Related article: Learning to cope with nose cancer 5. Thalassaemia WHY: Thalassaemia — an inherited blood disorder that often results in anaemia — is the commonest genetic condition in Singapore. Dr Angeline Lai, Head and Senior Consultant, Genetics Service, Department of Paediatrics, KK Women's and Children's Hospital (KKH), explains: "About 5 per cent of our local population, or 1 in 20 persons, is a carrier for thalassaemia, which could be alpha-thalassaemia, beta-thalassaemia or haemoglobin E (HbE). PREVENT THIS: As thalassaemia is an inherited condition, it cannot be prevented with lifestyle or diet changes. Dr Lai adds: "Being a carrier for thalassaemia (thalassaemia minor) does not cause any symptoms and does not require any treatment. If both husband and wife are carriers of the same type of thalassaemia, they have a risk of having a baby with a severe form of thalassaemia (thalassaemia intermedia or major). Lifelong treatment, including regular blood transfusions, is needed in these forms of thalassaemia. Thalassaemia screening for couples planning to have a baby is available so that they can be aware of their risk." This article was written by Jaclyn Lim for Health Xchange, with expert input from the Singapore National Eye Centre (SNEC), National Cancer Centre Singapore (NCCS), Singapore General Hospital (SGH) and KK Women's and Children's Hospital (KKH).

'Apple to become world's first $1 trillion company'

London:Apple will become the world's first trillion-dollar company when its shares top $1,000 each, Wall Street analysts have predicted.

The technology giant's shares were worth $633.38 last week as its stock price rose above Google's for the first time, the Daily Mail reported Friday.

Brian White, of Topeka Capital Markets, then claimed Apple's sky-high share price will hit four figures within 12 months - making the company worth $1 trillion.

He said in his report: 'Apple fever is spreading like a wildfire around the world.'

Gene Munster, of Piper Jaffray, followed that up by claiming Apple stock will hit $1,000 - but by 2014.

The company, based in Cupertino, California, is already the most valuable company in the world currently valued at $590.82 billion, according to the newspaper.

Just a year ago the shares were changing hands at $341. In January, Apple revealed it had more than doubled its profits to $13.06 billion, compared with $6 billion for the same quarter in 2010.

Tim Cook, Apple's chief executive who took over from the late co-founder Steve Jobs, said: 'We could have sold more if we'd had more supply. We could not be happier.'

Apple's growth is expected to be driven by sales in China, where January's launch of the iPhone 4S triggered a near riot in Beijing, the Mail said.

Earlier this year Morgan Stanley analyst Katy Huberty predicted Apple could sell 40 million iPhones in China this year. Apple is also expected to move into the TV market after the launch of its set-top box Apple TV.

Malaysia accident: Dead Indians to be brought home

New Delhi: The bodies of two Indians, who were killed in a bus accident in Malaysia, will be flown to India, the external affairs ministry said here Tuesday.

The two Indian nationals, who died when a tourist bus overturned in western Malaysia Monday, have been identified as Rajendra Kumar Agarwal and Anita Aggarwal.

"Mission officials are in touch with their family members and have offered full assistance in repatriation of their mortal remains," the ministry said in a statement.

Senior officials from the High Commission have been deployed in hospitals to ensure that the injured Indian nationals are given assistance.

In Selayang Hospital I.K. Aggarwal and S.K. Gupta are admitted in ICCU and are said to be in critical yet stable condition, the ministry said.

The remaining seven patients - Archana Gupta, Leelavathyamma, Kali Bhardwaj Sharma, Rita Sharma, Pankaj Sharma, Gagandeep Singh and Ajit Lal - are in stable condition but are confined to bed with injuries.

As many as 22 Indians were injured in the accident.

According to the Malaysian police, the bus carrying the tourists was on its way to Kuala Lumpur from Genting Highlands resort, when the driver lost control on a hilly road. The vehicle hit a highway divider and overturned, killing two Indians and injuring 22 others.

The Indian high commission in Kuala Lumpur has established a helpline for the relatives of the patients.

Healthcare spending may reach 3.5% of GDP in 2030

SINGAPORE: Finance Minister Tharman Shanmugaratnam said a key challenge to sustaining a fair and progressive tax system in Singapore is healthcare spending.

Wrapping up the Budget debate in Parliament, he said healthcare spending is going to be biggest driver in the increase in expenditure over the next ten to 20 years.

He said Singapore is currently spending about 1.6 per cent of the GDP on healthcare.

By 2016, it would go up to two per cent of GDP and by 2030 when the rapidly ageing population will be the biggest driver of rising expenditure going forward, healthcare spending may reach around 3.5 per cent of GDP, taking into account demographic changes and higher medical inflation.

Mr Tharman stressed that Singapore should focus on achieving international standards for healthcare outcomes rather than simply on increasing spending.

He said: "It has to be said that we are getting relatively good outcomes compared to most countries despite spending much less dollar inputs. Second, target the subsidies where they are most needed. There will be a need for subsidies and there will be groups which have affordability problems which we must help them. But (we need to) target it where it is most needed and not broadly across the board. This is what we are doing in this year’s Budget and going forward.

Mr Tharman also encouraged Singaporeans to find a low cost care setting environment to save cost.

"Instead of staying in hospitals for a long period at a very high cost, (one can) move to a lower cost setting in the community or the home," he said.

Mr Tharman said the government is aggressively increasing its subsidies for home—based care and community based care so that people can enjoy being at home and the community at a lower cost to the tax payer.

He countered suggestions by the Workers’ Party for Singapore to spend 6.1 per cent of GDP like first world, developed countries.

Giving health care as an example, he said if its spending was raised to six per cent of GDP, this would mean taxes would rise significantly across the board.

"If it is GST, it has to rise to about 20 per cent. If it is corporate income taxes, it will have to rise to above 40 per cent. If it is personal income taxes, it will have to rise across the board with a top line rate moving to about 60 per cent," he explained.

He added: "Mr Low Thia Khiang also spoke about first world social safety net. I think you were congratulating us for moving to a first world safety net. I felt very intimidated when you said that because I don’t like the idea of this first world safety net because it means first world taxes and first world debts and I don’t like both ideas. I think all of us here have an inherent dislike for the level of taxes or the level of debt that comes with first world social safety net."

Singapore's IT awards spotlight social media pros

Singapore Computer Society confers awards to two executives for spurring social media growth, and acknowledges Neptune Orient Lines CIO Wu Choy Peng for transforming company's IT culture and processes.

SINGAPORE--The Singapore Computer Society (SCS) acknowledged the efforts of an industry stalwart, as well as rewarded the contributions of two social media proponents in its annual IT Leader Awards this year.

Its 2012 IT Leader of the Year title went to Wu Choy Peng, group CIO of logistics firm Neptune Orient Lines (NOL), who was rewarded for being instrumental in architecting the company's IT plan and streamlining its operations, the SCS said in a media briefing on Friday. The IT Leader Awards is into its 16th year of being.

Lim Swee Cheang, director of Institute of Systems Science (ISS) at the National University of Singapore (NUS), was also inducted into the IT Hall of Fame for helping implement several IT education programs locally, it noted.

According to Tham Ai Chyn, chairperson of the IT Leader Awards 2012 at SCS, the selection process this year had been "rather difficult" due to the numerous nominees submitted. This is why there were two winners selected for its Young Professional of the Year and IT Youth awards, as "it would not be fair" to settle for just one winner, she said during the briefing.

Spurring social media growth
Among the four other winners, two of them stood out for boosting the standing and use of social media within the IT industry.

Kelly Choo, co-founder and vice president of business development & strategy at Brandtology, for one, was conferred the IT Young Professional of the Year award for championing social media intelligence. He did so by inventing innovative ways for companies to leverage social intelligence to benefit their businesses, as well as spearhead Brandtology's growth to become a leading provider of social media intelligence globally, the SCS stated.

Speaking to ZDNet Asia at the event sidelines, Choo said social media is a great way for companies to connect with their clients and customers, especially in the area of customer service, marketing and public relations.

He added that in the IT industry, publicity has moved from television advertisements to the online world and social media is now an outlet for companies to establish their brands and interact with customers.

Choo's interest in social media was first piqued while studying in the University of Pennsylvania, U.S., during which he dabbled with the technology and realized its power to influence and interact with people. This was when Facebook had just been invented and accepted only accounts from the U.S, he added.

His past stint as an IT security specialist at Singapore's Ministry of Defence (Mindef) has also influenced how he correlates social media with security.

"While IT security and social media are not [immediately] related, the way of thinking is rather similar," Choo explained. "They're both about maintaining one's reputation and how people are talking about you online. With so much identity theft, viruses and worms on Facebook recently, IT security and social media have become more intertwined."

Nanyang Technological University (NTU) undergraduate Zhang Lizi, who was awarded the IT Youth award, is another who was recognized for his work in the social media field.

The 20-year-old, inspired by Facebook's success with its ranking algorithm, PageRank, devised his own trust ranking algorithm called TruRank. His algorithm helps online social networks mine interaction data to model the trust relationships between community members, and gained considerable attention after he presented his work at an international conference, the SCS noted.

Trustworthiness, said Zhang at the briefing sidelines, is the central issue face by people on social media platforms. "People exchange ideas, opinions and information and, in the growing number of people in virtual communities, they don't know who they can trust and whose information is more valuable," he explained.

Joel Lou, the CEO of JustCommodity Software Solutions, a commodity trading and risk management service provider, and Nicholas Ooi, the 17-year-old founder of IT services company Towards IT Technology, were the other recipients of the IT Young Professional of the Year and IT Youth awards, respectively, the SCS stated.

Thousands suffer as UK is swept by stomach bug

A highly infectious stomach bug has claimed thousands of victims as it sweeps across Britain.

The virus has badly affected schools from Cornwall to northern England, and forced the cancellation of surgery at hospitals in Scotland, Wales and Northern Ireland.

Because it is so infectious, it is a difficult illness to contain, experts say.

While there are outbreaks during most winters, levels are higher than usual this year.

Health Secretary Alan Milburn said the Department of Health was ' keeping a close eye' on the spread of the virus.
'It's right to be concerned about it,' he said. 'As I understand it, this is quite a common airborne virus which has hit certain parts of the country in hospitals and schools.
'It happens every year but the important thing is that we keep it under close monitoring, which is precisely what we are doing.'
Mr Milburn denied that the spread of the virus was a result of poor hygiene standards in hospitals.
The bug, known variously as Norwalk virus and SRSV (small roundstructured virus), often starts with the sudden onset of severe and explosive sickness.
A spokesman for the Public Health Laboratory Service, which monitors infectious disease outbreaks, said doctors across England were seeing
more cases than usual. 'There is SRSV activity around the country,' he said. 'It is the most common gut infection and levels peak during the winter season.'
Around 2,000 reports are normally made to the PHLS in a year of high activity.
However, most cases go unreported as the illness often lasts only 36 hours, and it is estimated that between 600,000 and a million Britons are affected each year.
The illness is more common at this time of year, which has led to it also being referred to as 'winter vomiting disease'.
Schools have been particularly badly hit by the outbreak.
One of the first affected was Fowey Community College in Cornwall, where half the 1,100 children called in sick on one day last week.
The virus has also been reported at schools in the Manchester area.
One-third of the 900 pupils at All Hallows School in Penwortham are currently off sick.
One victim, Jenna Clorin-Wright, 15, said: 'You feel terrible for about three days. All my friends have come down with it.'
The virus has caused the closure of hospital wards in Glasgow and affected several other hospitals in Scotland, as well as in Swansea and Newport in Wales, and in Belfast.
Among the towns with known outbreaks are Newcastle, Leeds,
Manchester, Preston, Birmingham, Eastbourne, Brighton, Southampton, Plymouth, Market Drayton in Shropshire and Derry in Northern Ireland.
Britain's leading infections expert, Professor Hugh Pennington, called the bug the 'Mike Tyson of viruses'.
He said the virus has a greater chance of spreading where a large number of people are in a closed environment, such as a hospital, school, holiday camp or a cruise liner.
'It is an institutional thing and it is not a surprise that there have been so many outbreaks in hospitals,' he said.
'It is a very clever virus. It is pretty good at spreading itself.'
Professor Pennington said scientists began to study the virus when they could not link outbreaks of vomiting and diarrhoea with other bugs such as salmonella.
But it was more difficult to study the SRSV in the lab under microscopes compared with salmonella and E.coli, he added.
Many patients do not go to see their doctor and if they do they are unlikely to take a sample that would confirm the nature of the illness.
The infection usually starts with the sudden onset of severe and explosive sickness, known as projectile vomiting. The victim can be absolutely fine one minute and then vomiting the next. Some people develop diarrhoea.
Symptoms usually last for 24 to 36 hours and there are rarely any long-term effects.
The illness is transmitted person to person, or via contaminated surroundings, especially of toilets, but it can be spread by contaminated food and water.
The most commonly contaminated food is shellfish that contains concentrated amounts of virus from sewage contaminated waters.

A Daily Mail Report on 2nd March

China Just Sentenced A Man To Prison For Starting The Latest SARS Rumor

The Epoch Times reported on a possible SARS outbreak in Baoding China on 27th Feb, and one of its sources may have been sent to prison.

Reuters reports a man has been sentenced to "labor re-education" for his part in spreading rumors of a SARS outbreak.

Chinese officials maintain the man was working for a website and cooked up the rumor to increase web traffic to his site.

China Daily has also come out with its official response, saying the infections at PLA 252 hospital are not SARS. The rumors began circulating late last week and the man was sentenced by Sunday evening.

S&P downgrades 34 Italian banks

Rating agency Standard & Poor's downgraded 34 Italian banks on Friday, including heavyweights UniCredit and Intesa Sanpaolo, citing a reduced ability to roll over their wholesale debt and expected weak profitability.

The move follows S&P's downgrade of Italy's sovereign rating last month to BBB+, part of a mass downgrade of nine euro zone countries.

In a statement, S&P said its so-called Banking Industry Country Risk Assessment had worsened to group 4 from group 3 -- out of 10 groups -- reflecting its more negative view on Italy's banking system.

"Italy's vulnerability to external financing risks has increased, given its high external public debt, resulting in Italian banks' significantly diminished ability to roll over their wholesale debt," it said.

"We anticipate persistently weak profitability for Italian banks in the next few years, and a risk-adjusted return on core banking products that may not be sufficient for banks to meet their cost of capital.

We believe this may be negative for the Italian banking industry's stability."

Italian banks have borne the brunt of a sell-off in Italian assets since the euro zone's third-largest economy was dragged into the single currency bloc's debt crisis last summer.

Because of their vast holdings of domestic government bonds, Italy's top five banks have been asked to find some 15 billion euros by June to meet tougher capital requirements set by the European Banking Authority.

Lenders have also been effectively shut out of wholesale debt markets and have increased their reliance on cheap funds from the European Central Bank.

Italian banks tapped a whopping 116 billion euros of nearly 500 billion euros of three-year funds offered by the ECB last December, easing funding strains.

Singapore Foreign Minister on India's Bihar visit

Singapore Foreign Minister Masagos Zulkifli, currently on a visit to Bihar, today met Deputy Chief Minister Sushil Kumar Modi. Zulkifli, also the Home minister of that country, is now in India and just visited 'Bodh Gaya'. During his meeting with Modi at secretariat he apprised the deputy chief minister about the enthusiasm among the people in Singapore to know about the "development taking place in Bihar," an official release said. Zulkifli invited Kumar and Modi to a seminar being organised in Singapore in September on water management. During his meeting with Modi that lasted for an hour, Zulkifli evinced Singapore's interest for reaching help to Bihar in water management. Zulkifli informed that Singapore, facing acute shortage of drinking water, was involved in recycling and storage of rain water to meet its requirement. He also told Modi that Singapore was ready to assist in setting of the International University of Nalanda. He also wanted to know about the 'success story' of Bihar that led to improvement on law and order front and development of roads and improvement in health care in Bihar. Modi briefed about steps taken for women's empowerment providing them 50 per cent reservation in Panchayati Raj institutions and the 'CM's cycle scheme' which helped in increasing enrollment in government schools. (PTI)

Beijing appreciates Singapore's stance on US-China relations

In remarks made by Singapore's K Shanmugam on the conclusion of his back-to-back introductory visits as foreign minister to the United States and China, he noted that comments he made on the US-China relationship during his visit to Washington were warmly welcomed in Beijing.

Speaking at the Center for Strategic and International Studies’ Singapore Conference in Washington, Shanmugam had offered the United States a warning on anti-China rhetoric. “Americans should not underestimate the extent to which such rhetoric can spark reactions that create a new and unintended reality in the region,” he said.

“It is quite untenable to speak in terms of the ‘containment’ of China… (China) is determined to progress in all fields and take its rightful place in the community of nations,” added Shanmugam.

This was a reiteration of an earlier point Shanmugam made during an earlier visit to the Washington Post, “Containment does not work, will not work... Once you get into Cold War rhetoric, then you get everyone else into a Cold War framework, and it takes on a logic of its own.”

Back home in Singapore, Shanmugam said he was "struck by how carefully [Chinese officials] had read my speech because every single one of them spoke about it some detail", and that he thought "the Chinese leaders appreciated that frankness coming from Singapore which is both a good friend of US and China."

Shanmugam's carefully-worded stance comes three years after Singapore's first prime minister Lee Kuan Yew earned the wrath of Chinese netizens for suggesting that Asia needed the United States "to strike a balance" in the Pacific given the unstoppable rise of China. The response of the Chinese foreign ministry was fairly muted in that incident, however.

While some of Singapore's southeast Asian neighbours have echoed its call to the two giants to not make them choose sides, others, such as the Philippines have recently allowed the US to build a greater military presence, alarmed by China's expansive territorial claims in the South China Sea.

Reports the Shanghaiist

Singapore’s Marina Bay Sands Sees More Foreign Gamblers.

A worker directs visitors into the casino during the grand opening of the Marina Bay Sands resort and casino in Singapore.Singapore’s efforts to dampen local demand for gambling may be working – at least according to new numbers from the operator of one of the island’s two casino resorts.

Foreign visitors to Marina Bay Sands, which is run by U.S. gaming group Las Vegas Sands Corp., now account for about four out of five visitors to the resort’s casino, the group’s chairman Sheldon Adelson says.

This suggests a decline in the proportion of local visitors to the US$5.5 billion property to 20% from about 38% indicated by Mr. Adelson in October 2010.

Las Vegas Sands didn’t provide any absolute visitor numbers for its Singapore casino and the company doesn’t regularly disclose the foreign-domestic visitor split.

But analysts say the growth in the foreign share suggests traffic from Singaporeans–a political hot potato in the city-state–is at least stabilizing.

That would be welcome news to lawmakers, who have anxiously watched local patronage at Singapore’s two casinos since they opened in early 2010, and to Marina Bay Sands, which is betting on a greater contribution from Asia’s more lucrative VIP gaming market for earnings momentum.

“The foreigners come in with more money than the local Singaporeans…it’s commonsense that somebody that comes in from a foreign territory will carry more money with them because they’re there less frequently,” Mr. Adelson told analysts in a conference call late Wednesday after his company reported its fourth quarter earnings.

Singapore authorities have sought to temper enthusiasm for the casinos in the nation of five million since gambling was legalized, partly to prevent locals from losing big sums of money and also in response to citizens who oppose the existence of the casinos on moral grounds. Singapore officials have consistently tried to impress on locals that the new casino resort attractions are mostly there to draw in high-end tourism, not help Singaporeans make fast fortunes.

A S$100 entry levy or a S$2,000 annual membership fee applies to citizens and permanent residents.

Locals initially appeared undeterred: in the seven months since the first casino opened, Singaporeans made more than one million trips to the two gaming houses.

But while the cash rush from local punters may have provided a nice tailwind for casino operators, the government has been quick to halt promotional efforts–such as free bus services—designed to reach out to locals.

According to CLSA gaming analyst Aaron Fischer, it makes sense that local demand should level off after the rapid growth of Singapore’s nascent gaming sector in less than two years.

“The key point is really that the mass market or locals is fully penetrated – the incremental growth has to come from overseas visitors,” he said.

Singapore’s gaming success, with its two licensed casinos at Marina Bay Sands and Resorts World Sentosa, has defied the expectations of many cynics and has helped fuel a resurgence in the island’s tourism sector.

The city-state took in S$17 billion in tourism receipts in the nine months to Sept. 30., up 22% from the same period a year earlier while total international visitor arrivals climbed 15% to 9.8 million.

Marina Bay Sands reported US$2.99 billion in gross gaming revenue for 2011, equivalent to almost 50% of the total gaming win for the Las Vegas Strip over the 12 month period to Nov. 30.

The resort’s hotel facilities have also been struggling to keep pace with demand, running at an occupancy rate of 98.8% in the three months ended Dec. 31. Mr. Adelson said he has made requests to the Singapore government for more land to allow his resort to add hotel capacity.

There have been no indications to date the government in the land-poor country will oblige, especially as it continues to monitor the social impact of the new industry on its population.

Lee Kuan Yew calls for understanding towards immigration policy

SINGAPORE: Former Minister Mentor Lee Kuan Yew has called for the understanding of Singaporeans towards the government's decision to continue taking in immigrants.

Speaking at a Lunar New Year gathering in his constituency of Tanjong Pagar on Friday, Mr Lee said Singapore's per capita income is one of the highest in Asia.

But it faces an ageing and shrinking population. Last year, the birth rate was 1.15, with the Chinese leading the decline among other races.

Mr Lee said Japan also suffers from similar problems. But its decision not to take in migrants has contributed to economic stagnation.

He said: "Our choice must be the other one - taking in immigrants. I know Singaporeans do not feel very comfortable seeing so many strange new faces, but the alternative is economy stagnation and worse, nobody to look after our old people later on."

Grape seed extract kills cancer cells

Washington: Cancer cells, which kill nearly 12,000 people in the US alone every year and affect more than half a million worldwide, could be eradicated with grape seed extract, reveals a study.

The extract creates conditions unfavourable for the cancers' growth by damaging both their cells' DNA and stops the pathways that allow repair.

"It's a rather dramatic effect," said Rajesh Agarwal, study investigator at the University of Colorado Cancer Centre and professor at the Skaggs School of Pharmaceutical Sciences.

"Cancer cells are fast-growing cells. Not only that, but they are necessarily fast growing. When conditions exist in which they can't grow, they die," said Agarwal, according to a university statement.

"I think the whole point is that cancer cells have a lot of defective pathways and they are very vulnerable if you target those pathways. The same is not true of healthy cells," added Agarwal.

India, China to drive boom in Asian economies: Singapore PM

Notwithstanding ups and downs, India and China will drive the boom in Asian economies in the coming years, Singapore Prime Minister Lee Hsien-Loong has said.

Speaking at the World Economic Forum (WEF) annual meeting here, he also noted that escalation of the European debt crisis would cause serious problems. "But there is a lot of momentum in the Chinese and Indian economies and that should help us to keep moving forward," Lee said.

Top economists and business leaders attending the WEF have also expressed optimism over the growth potential of India and China, amid gloomy global economic conditions.

"Emerging markets are doing well, there is still growth in China and India...," economist Nouriel Roubini, famed for his predictions on 2008 financial crisis, had said earlier.

In recent years, economic power has been shifting from developed nations to emerging markets. Going by estimates, emerging economies account for almost half of the world's gross domestic product.

According to eminent persoanlities at the WEF meeting, this shift would have an enormous impact on global consumption and investment patterns. In its latest report, the International Monetary Fund has projected India and China to clock growth rates of 7% and 8.2%, respectively, this year.

However, the global economy is expected to expand 3.3%, with the US being anticipated to grow 1.8% in 2012 while Europe could possibly see another recession, according to the IMF.

In Spain Police, firefighters, teachers and hospital staff protest

Spanish public sector workers have vowed to stage a mass demonstration in Barcelona to protest against budget cuts hitting key services in the Catalonia region.


Police, firefighters, teachers and hospital staff vowed a mass demonstration in Barcelona on Saturday.

The protest will be marked by the presence of regional police officers, prison guards and firefighters to warn that the austerity measures are undermining security in the country.

Union sources predict that attendance at Saturday's march could exceed the last one on January 18 which brought thousands of people into the street on a week day. Police gave the figure for that march as 11,000.

On Thursday, Tens of thousands of demonstrators poured into the streets of several cities in eastern Spain to protest against the government's austerity measures.

Unions' leaders called for the protests after the regional government of Valencia, Spain's most indebted region, announced deep spending cuts to health and education sectors.

Meanwhile, Spain's unemployment rate has soared to 22.85 percent- the highest in 17 years, which means there are more than five-million people unemployed in the country.

Spain has announced spending cuts of more than 11-billion dollars as well as tax increases to reduce the country's deficit to avoid seeking a financial bailout like Greece, Ireland and Portugal.

The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, triggering incidents of social unrest and massive protests in many European countries.

Human Rights Watch report made false assertions: Ministry of Law

Singapore’s Law Ministry has refuted claims in an annual report released on Monday by U.S.-based human rights group Human Rights Watch, saying it made “false assertions”.

The report had claimed, among other things, that Singapore’s government has been making “lame excuses” to “(violate) fundamental free expression rights”, adding that it rejected and contested the premises of recommendations for improvements in civil and political rights made by the United Nations Human Rights Council in May last year.


The response, issued by the press secretary to Law Minister K Shanmugam, is reproduced in full here:

We refer to Human Rights Watch’s (HRW) January 2012 country report for Singapore (Report) and the comments of its deputy director Phil Robertson, as quoted on Yahoo! News Singapore.

The Report dismisses Singapore’s Submissions to the Human Rights Council at the Universal Periodic Review, without dealing with the Submissions. Readers are encouraged to read the Submissions and judge for themselves.

HRW also made false assertions. For example, contrary to assertions in its news article1, capital punishment is not prohibited by international law. A large number of countries, including many modern, developed countries (like the US) impose the punishment. In Singapore, capital punishment has contributed to low rates of crime and drug use; and is overwhelmingly supported by Singaporeans.

Statements in HRW’s Report relating to detentions, freedom of speech and association, and the civil rights, as reported in your article, are likewise inaccurate. Singapore’s Constitution guarantees the freedom of speech and freedom of peaceful assembly. The Shadrake trial, which your article mentions, was fully reported by local, international and alternative media. Mr Shadrake was charged because he had alleged, among other things, that the Singapore courts conspired with State agencies to suppress material evidence. Such a statement would be considered to be in contempt of court in several countries.

HRW’s casual approach towards research and analysis, has been criticised by none other than its founder, Robert Bernstein, who has said that HRW “often relies on witnesses whose stories cannot be verified and who may testify for political advantage”.

The Singapore government is committed to creating and defending an environment where Singaporeans are secure, where their well-being is ensured, and where everyone can realise his or her full potential. Every society strikes its own balance between the rights of the individual and the society. National issues are openly debated in Parliament. Elections to Parliament are free and fair, and contested fiercely. Singapore’s stability, public healthcare, education and security have made it one of the most livable cities in the world: Singaporeans enjoy dignity, welfare and security – much more so than many cities and countries which HRW seems to be happier with.

Ms Chong Wan Yieng
Press Secretary to Minister for Law

S’pore govt should ease restrictions on freedom of expression: Human Rights Watch

Singapore’s government should ease restrictions on freedom of expression instead of making excuses not to do so, a US-based human rights group said on Tuesday.

In its annual report released on Monday which assessed progress on human rights in more than 90 countries over the past year, the Human Rights Watch (HRW) pointed out how the government had either dismissed or contested the recommendations to improve its civil and political liberties made by the United Nations Human Rights Council’s Universal Periodic Review (UPR) process in May last year.

The UN report, it said, had highlighted areas of concerns such as use of preventive detention, defamation suits and restrictions on public protests among others.

“Singapore's claims of exemption from human rights standards are just lame excuses for abuses,” said HRW’s deputy Asia director Phil Robertson.

“The people of Singapore deserve the same rights as everyone else, not more clever stories justifying government oppression."

The group said that legislations such as the Internal Security Act (ISA) and the Criminal Law (Temporary Provisions) Act grant the government “virtually unlimited powers” to detain suspects without charge or judicial review.

Those laws, it added, have been used to imprison government critics without trial, as well as criminal suspects who should be charged under the penal code. It suggested that the government should also use the criminal code to prosecute terrorism suspects in line with international procedures.

HRW also took issue with policies which ensure the government’s tight reins over the media, which it said enable censorship, and control over films, music and computer games.

It singled out the Newspaper and Printing Presses Act, which requires publications to renew registration annually, and gives the government a “free hand” to control circulation of foreign publications.

Freedom of association is also heavily scrutinised in the country, it said, with the Registrar of Societies having the right to deny registration to associations of 10 or more members and that police permits are required for any public event involving five or more people.

"Singapore's leaders may sometimes listen to the electorate's concerns over social and economic rights, but they are apparently deaf to pleas for political space to organise and speak out without fear of prosecution,” Robertson said.

“It’s telling that Prime Minister Lee Hsien Loong in his 2012 New Year’s message didn’t say a single word about civil and political rights.”

The group also called for the mandatory death sentence and judicial sentences which include caning to be banned, adding that the latter punishment amounts to torture. It added that British colonial laws on same-sex relations should be repealed due to its discriminatory nature and invasion of privacy.

Meanwhile, HRW commended the country for improving rights protections and working conditions for around 196,000 of foreign domestic workers through vigorous prosecution of employers and recruiters who physically abuse workers, fail to pay wages or subject workers to dangerous conditions.

However, it said that the government should include these workers under the Employment Act to ensure they have access to rights under the legislation.

In the review in May last year, the panel formed by the UN had recognised Singapore’s progress in improving human rights protections for women, children, migrant workers, and promoting racial and religious harmony.

Local media also reported that the panel had recommended that the country abolish the death penalty, but the government contested that its low crime rates reflect the success of capital punishment.

Singapore also dismissed the need to establish the national human rights institution – as suggested by the panel.

Singapore PM hopes for Year of the Dragon baby boom

SINGAPORE - Prime Minister Lee Hsien Loong said Sunday he hoped "fervently" that Singaporeans would boost the city-state's stubbornly-low birth rates in the coming Year of the Dragon.

In his Lunar New Year message sent to the media, Lee -- a father of four -- said growing Singaporean families was an "important priority" and that more local born babies were needed to maintain Singapore's national identity.

"I fervently hope that this year will be a big Dragon year for babies... This is critical to preserve a Singapore core in our society," he said.

"We do not want to rely more and more heavily on immigration, nor do we want to see our population shrinking year by year."

The Year of the Dragon is regarded as the most auspicious to have a baby because it is the only mythical creature among the dozen animals that represent each year in the Chinese cosmic cycle.

Superstitious Chinese believe children born during the Year of the Dragon -- the symbol of ancient emperors -- will possess courage and wisdom and bring luck to the entire family.

Historic data shows spikes of more than 10% in the city-state's total births during the most recent dragon years, 2000 and 1988, even as numbers declined in the interim years.

Referencing official data which showed Singapore's total fertility rate (TFR) dropping "steadily" from 1.60 babies per female in 2000 to 1.20 in 2011, Lee said the downward trend was "especially true" for Chinese Singaporeans.

Statistics showed Chinese Singaporeans' TFR dived from 1.43 in 2000 to 1.08 in 2011, the lowest among the three predominant races in Singapore.

Although the overall TFR for 2011 was a slight improvement on a record low of 1.15 two years ago it was far below the 2.1 babies needed for the population to replenish itself naturally.

"I do not think we have reversed the long-term downward trend," Lee said.

Singapore currently has a population of 5.2 million, a quarter of whom are foreigners.

Sentosa Island to Host Flower show from 20 - 29th January

Sentosa Flowers
Date 22 Jan - 29 Jan 2012

Sentosa's floral extravaganza returns for the eighth time to usher in the Lunar New Year! The island will be transformed into a magical floral wonderland that is cloaked in brilliant flowers and the sweet scents of spring. Welcome to Sentosa with your family & friends and celebrate the Lunar New Year amidst a million blooms!

Singapore Tourism Welcomes to Celebrate the Spring festival 2012

A new year, new beginnings and a guide to the best Chinese new year celebrations in Singapore.

Ready for Chinese New Year 2012? Wishing health, wealth and happiness for everyone, Singapore rings in the year of the auspicious dragon with brighter lights, bigger celebrations and great dragon dramatics.

While Chinese New Year officially falls on 23 and 24 January 2012, the days leading up to this significant occasion are full of pomp and revelry. The celebrations kick off with the Chinese New Year Celebrations 2012 Street Light-Up that turns the main streets of Chinatown into a dazzling dreamscape of colourful dragon-themed decorations. From 21 to 29 January 2012, the River Hongbao 2012 transforms The Float at Marina Bay into a captivating spectacle of lights.

If you didn’t already know, Chinese New Year is also referred to as the Spring Festival. To celebrate springtime, Sentosa Flowers 2012 takes place from 22 to 29 January 2012. Chinese New Year is also the best time to immerse yourself in theatre, dance and music performances, plus a host of free programmes at Huayi Festival 2012, a Chinese arts festival at the Esplanade. And if you happen to catch the tail end of the festivities, don’t miss Chingay Parade 2012 on 3 February 2012, which promises a dramatic experience with a gripping all-dragons show.

While you take part in the festivities, greet everyone you meet with a joyful “gong xi fa cai” and they’ll return an abundance of goodwill for the coming year.

New surgical procedure lowers BP

Toronto: A minimally invasive surgical procedure called renal denervation can significantly lower blood pressure (BP) in patients who are unable to control it with drugs.

The nearly painless procedure has been tried out for the first time by doctors at the Peter Munk Cardiac Centre (PMCC) in Canada. It involves de-activating nerves located on the outside of the artery that feeds blood to the kidney, thereby lowering BP.

BP patients have to endure an especially high risk of heart attacks and stroke, which continue to kill tens of thousands of people worldwide every year, according to a Peter Munk statement.

The first Canadian patient to undergo the procedure of renal denervation, is a 57-year-old male from Toronto, who will be discharged after overnight observation.

The procedure was performed by a team of Dheeraj Rajan, interventional radiology specialist, Douglas Ing, cardiologist, and George Oreopoulos, vascular surgeon. The team recently returned from Germany, where they trained for the procedure.

Barry Rubin, medical director of PMCC, said: "Decreasing a patient's systolic blood pressure from 160 to 130 mm Hg (mercury) over a period of six months, which this procedure has been shown to do, could prevent many heart attacks and strokes."

"Renal denervation could also save the healthcare system countless millions of dollars by minimizing the need for anti-hypertension drugs..., to say nothing of the millions more in savings from not having to treat heart attacks and strokes that don't happen," added Rubin.

The procedure was first used on patients in Australia, and its effects were reported in a clinical trial published in the Dec 4, 2010, issue of medical journal, The Lancet.

Airlines to Check Airbus A380 Aircraft for fresh Cracks

Singapore Airlines Ltd. (C6L.SG) and Qantas Airways Ltd. (QAN.AU) will inspect the Airbus A380 aircraft in their fleets after fresh damage was discovered on structural components inside the wings of the world's biggest passenger aircraft.

"We are liaising closely with Airbus and will be carrying out precautionary inspections as required. Checks will begin this morning on one aircraft," Singapore Airlines spokesman Nicholas Ionides said in an email Friday. "As Airbus has emphasised, the cracks do not affect the safe operation of the aircraft."

European air-safety regulators are poised to mandate enhanced inspections in the wake of new cracks found on an A380, according to government and industry officials, The Wall Street Journal reported Thursday.

The European Aviation Safety Agency directive, which is likely to come later Friday, marks the second time in recent months that industry and government officials have focused on cracks inside A380 wings.

"Qantas is developing an inspection program for its A380s in consultation with Airbus," a company spokesman said. "If the European regulator issues an airworthiness directive and it applies to Qantas, we will comply fully."

The second discovery of cracks in wing components in a month may shake customer confidence in the A380 manufactured by Airbus, a unit of European Aeronautic Defence & Space Co. EADS N.V. (EADSY). Earlier this month, Airbus had asked operators to check for small cracks in wing rib-skin attachments of the super jumbo. The manufacturer, which Thursday confirmed the discovery of the cracks, insists the A380 remains safe.

All the cracks are in L-shaped brackets that attach the wings' metal skin to structural ribs inside, said Airbus spokesman Stefan Schaffrath. He said Airbus has already established an inspection and repair program with EASA to address the first category of cracks.

Airbus didn't name the airlines whose planes have been affected nor give the number of planes on which the new cracks were found.

The spokesman for EASA said the agency, a division of the European Union, is in talks with Airbus about the issue. Regulators from other countries are expected to follow EASA's lead.

Earlier, cracks were found in the wing brackets during inspections of a Qantas A380 that suffered a midair engine blowout after takeoff from Singapore in November 2010. Subsequent inspections found similar cracks in other aircraft, including two operated by Singapore Airlines.

Singapore Airlines will keep relevant regulatory authorities fully informed about its investigations, Ionides said. Singapore Airlines operates 14 Airbus A380s and has five more on order, while Qantas has 11 jets from an order for 20.

Third suspect named in ATM fraud case

SINGAPORE - A third suspect, Chin Yew Pong, has been named along with the two Malaysians who were charged in court yesterday for their involvement in the DBS ATM skimming case, The Straits Times (ST) reported.

Loke Siew Fei, 27, and H'ng Gaik Chin, 39, were arrested on Thursday at a hotel in Lorong 22 Geylang, during a raid operation by the Commercial Affairs Department of the Singapore Police Force.

They were found with various devices used for ATM card skimming, including a customised panel with a pin-hole camera and a fake Fraudulent Device Inhibitor (FDI). The FDI they possessed was a green plastic object resembling an ATM card slot, ST said.

Loke and H'ng had their charges read to them on Saturday morning. If found guilty, they face a jail term of up to 10 years, or a fine, or both.

No further details were provided by the court about Chin, the alleged accomplice.


DBS said yesterday that it has, with immediate effect, blocked overseas ATM withdrawal functions for customers with no recent history of overseas usage.

Currently, all DBS and POSB ATM and debit cards can be used both locally and abroad, but customers have the option to block overseas usage of their cards by informing the bank.

For added security, customers who have not used their cards outside Singapore since July 1 last year will now not be able to make ATM cash withdrawals overseas unless the bank is instructed otherwise.

With effect from Tuesday, Jan 17, customers who have chosen to enable their cards for overseas use will also receive a real-time SMS confirmation.

For added protection, customers can also choose to lower their daily cash withdrawal limit at any branch.

DBS said "it is fast-tracking the rollout of additional security measures to further guard against unauthorised ATM withdrawals".

On Jan 12, DBS started sending SMS alerts to customers who have made ATM transactions overseas which are above a certain amount.

Starting tomorrow, the bank will commence sending SMS alerts for selective domestic cash withdrawals.

Close to 700 DBS/POSB customers have been affected by the ATM card skimming fraud, with a total of $1 million stolen.

Aakash: World's cheapest tablet launched; to be sold for $60 in retail

NEW DELHI: The wait for the world's cheapest tablet is finally over! The $35 tablet nicknamed Aakash was launched today and will be available at retail stores at a maximum retail price of Rs 2999 ($60), said its maker Datawind.


The Rs 3,000 figure is the 'maximum suggested retail price' of the commercial version of the product which we will offer with an embedded cellular modem and SIM," said Suneet Singh Tuli, CEO of Datawind, maker of the world's cheapest tablet.

The $60 tablet for retail sales has an inbuilt cellular modem and SIM to access internet, which will be absent in the $35 device, supplied to the government.

As a business, we need to make a profit, and our distribution channel needs to make a profit, which is all covered in the MRP of Rs 2,999," Mr Tuli told ET.

Both versions of the tablet, will run on Google's Android platform, with WiFi connectivity for internet access and cloud storage. The tablets will have 256 MB of RAM, a 32 GB expandable memory slot and two USB ports.

The commercial version of the tablet would have no duty waivers or subsidy, as in the government's version. An inbuilt cellular modem and SIM card will add to the price of the commercial tablet.

The commercial version of the tablet, is expected be out within 60 days, of its launch on October 5.

Datawind adds that it is supplying to the government at a price of Rs 2200, which includes sales tax and replacement warranty. "The $35 price is achievable at higher volume levels. When we supply the product to the government at $35, then too it will allow us a margin, albeit at higher volumes," Datawind CEO added.

India trails fellow BRIC nations Brazil, Russia and China in the drive to get its 1.2 billion population connected to technologies such as the Internet and mobile phones, a report by risk analysis firm Maplecroft said this year.

The number of Internet users grew 15-fold between 2000 and 2010, according to another recent report. Still, just 8 percent of Indians have access. That compares with nearly 40 percent in China.

Some 19 million people subscribe to mobile phones every month, making India the world's fastest growing market, but most are from the wealthier segment of the population in towns.

Bharat Mehra, an expert on the use of communications technology for development, said the budget tablet could be used to deliver distance learning in rural areas and among students.

Apple halts sale of iPhone 4S in China after riots in Beijing

Beijing: Apple Inc. postponed sales of its iPhone 4S in its mainland China stores on Friday after angry customers and gangs of scalpers threw eggs at the company's flagship Beijing store.

The violence erupted after the store failed to open on schedule at 7 am . Hundreds of people waited overnight in freezing weather at the store in the Sanlitun district on Beijing's east side for a chance to buy the high-end smartphone.

The company said it canceled the opening due to safety concerns about the waiting crowd of hundreds of people.

Apple announced the iPhone 4S will not be sold at its mainland China stores for the time being to protect the safety of customers and employees. It said the phone still will be sold online and through its local carrier.

US sanctions companies from China, Singapore, for Iran ties

BOSTON – The US sanctioned three foreign companies doing business with Iran’s energy sector on Thursday.

The move follows additional tough sanctions the White House recently put in place against Iran, in an effort to convince the leadership in Tehran to abandon its nuclear program.

The firms, Zhenrong Company from China, Kuo Oil from Singapore and FAL Oil Company Limited from the United Arab Emirates, will no longer be able to receive US export licenses, US Export Import Bank financing or loans over $10 million from US financial institutions.


The companies were sanctioned under the Comprehensive Iran Sanctions, Accountability and Divestment Act, a measure that the administration has historically been reluctant to utilize for fear that it would alienate other countries.

“The United States is working with international partners to maintain pressure on the government of Iran to comply with its international nuclear obligations,” the State Department said in a statement detailing the sanctions. “The sanctions announced today are an important step toward that goal, as they target the individual companies that help Iran evade these efforts.”

Japan on Thursday pledged to take concrete action to cut its oil imports from Iran in response to an appeal for support from visiting US Treasury Secretary Timothy Geithner.

Finance Minister Jun Azumi said Japan bought 10 percent of its oil from Iran.

“We would like to take action concretely to further reduce in a planned manner,” he said.

But he added: “It would cause immense damage if they were cut to zero.”

On Thursday evening, US President Barack Obama and Prime Minister Binyamin Netanyahu spoke by telephone at length about Iran, as well as about the recent effort by Jordan to restart Israeli-Palestinian negotiations.

The two men discussed “recent Iran-related developments, including the international community’s efforts to hold Iran accountable for its failures to meet its international obligations,” according to a White House statement. The statement did not specify which developments were addressed.

On Wednesday, another Iranian nuclear scientist was assassinated in an attack Tehran blamed on Israel and the US, an accusation to which Washington offered an usually strong denial.

Iran recently threatened to close the Strait of Hormuz and increased enrichment activities despite strong condemnation by the international community, UN sanctions and a reduction of oil imports from Iran by major trading partners.

Obama and Netanyahu reviewed the recent meetings between Israeli and Palestinian negotiators in Amman, according to a statement put out by the White House. Next week King Abdullah of Jordan is scheduled to visit Washington.Reports J.post

DBS CEO says sorry for fraudulent ATM withdrawals

SINGAPORE - DBS CEO Piyush Gupta said the bank is sorry for what the customers went through after the it was hit by a string of fraudulent withdrawals of funds recently.

Speaking at a DBS Private Banking event today, Mr Gupta added that the bank regrets the anxiety and inconvenience caused.

Last week, DBS found 400 cases of fraudulent ATM withdrawals from the accounts of its customers, which amounted to half a million dollars.

Following complaints from customers of the unauthorised transactions, DBS immediately deactivated the compromised ATM cards.

All affected customers were also compensated in full within 24 hours.

Mr Gupta said he is happy with the bank's reaction to the crisis and that they were able to identify the affected ATMs and customers quickly.

He has pledged to "stay ahead of the hackers" and assured customers that their deposits are safe.

India to open stock market to foreign individuals

NEW DELHI — India will allow individual foreign nationals to invest directly in its stock market in a bid to attract more funds and reduce market volatility.

The announcement late Sunday follows a year of large losses on the Sensex, India's benchmark index. The new regulations will come into effect Jan. 15.

So far, foreign individuals have been limited to investing in the country's stock markets indirectly through mutual funds.

A government statement said the change is intended to help combat market volatility and increase the flow of foreign funds into the country.

India's benchmark Sensex index fell more than 22 percent in 2011, making it one of the worst performing in the region. The rupee also lost about 14 percent this year and recently hit a lifetime low, breaching 54 rupees to the dollar.

This is the weakest the rupee has been since it was allowed to float against the dollar in the early 1990s.

After several years of 8 percent growth, the Indian economy has slowed down. The Ministry of Finance last month trimmed its growth projection for the fiscal year through March to around 7.5 percent, down from an earlier forecast of 9 percent.

Growth in the September quarter slipped to a two-year low of 6.9 percent and industrial production fell 5.1 percent in October, its first contraction since June 2009.

Severe turbulence rattles Qantas A380, 7 flyers injured

MELBOURNE: Seven passengers were injured when a Qantas A380 superjumbo with 450 passengers was rattled by severe turbulence over Indian airspace . The Qantas flight QF32 from London to Sydney had departed London on Friday night and was three hours out of Singapore on Saturday morning when it was hit by turbulence caused by bad storms in the Indian airspace, a spokeswoman of the Australian airline said.

"( The aircraft) diverted around most of it but it was the initial part of the storm that had the impact," the spokeswoman said. "The seat belt sign had come on but some passengers were still moving back to their seats."

Seven people suffered minor cuts and bruises during the incident, the Hearld Tribune reported. Four were treated in hospital while three were treated at a medical centre in Singapore but all have since been discharged . The aircraft was cleared to fly after being assessed by engineers and has departed Singapore.

Qantas spokeswoman Sophia Connelly said six of the seven would be arriving back in Sydney on Sunday, while one male passenger opted to fly to Perth. She said one person hit an overhead locker when the A380 was rattled by the turbulence, and part of the plane's interior was also damaged.

"One of the cabin overhead storage compartments needs to be fixed but nothing serious," she said. The turbulence happened over three close five-minute intervals. The turbulence incident is the latest misfortune for Australia's Qantas's A380 fleet.

Singapore’s economy contracted last quarter, falling 4.9%.

Singapore expanded at a sizzling 14.5% rate in 2010, a record.


Singapore’s economy contracted last quarter, falling 4.9%. Not all analysts predict the current period will also be down, but don’t expect a robust expansion anytime soon. Prime Minister Lee Hsien Loong, in his New Year message, repeated the government’s forecast of 1% to 3% growth for this year.

There’s no mystery why Singapore’s economy, a regional bellwether, is in trouble. The country’s trade is about three times its gross domestic product, and the external outlook is not favorable. Prime Minster Lee, not surprisingly, blamed the deteriorating global environment in general and Europe in particular. “As a small, open country,” he noted in his message, “Singapore will inevitably be affected.”

And so will tiny Hong Kong’s trading economy. Analysts are talking about 2% growth this year, down from a forecasted 5% for 2011. The slowdown has already started. Growth estimates for last quarter range from a relatively optimistic 3.3%, from HSBC, to a gloomy 1.5%, issued by JP Morgan.

It’s not only the small open economies that are having problems. India, which is certainly large and not considered especially trade-dependent, is also seeing the economy stumble. There, the retreat from reform is having a negative effect. Growth could drop below 6%, from 6.9% last quarter.

Unauthorized withdrawals hit DBS, POSB bank customers

SINGAPORE--Local banking giant DBS says it is investigating the unauthorized withdrawal of funds from the accounts of about 200 to 400 DBS and POSB customers, amounting to some S$200,000 (US$154,780), which appears to have occurred in Malaysia.

Jeremy Soo, managing director and head of the DBS bank's consumer banking group in Singapore, told ZDNet Asia in an e-mailed statement that some of its customers had notified the bank on Wednesday that unauthorized withdrawals were made in Malaysia through their DBS and POSB ATM (automated teller machine) and Debit cards. The compromised cards were immediately de-activated and the bank would be taking steps to compensate these customers in full. DBS acquired POSB in November 1998.

"We are treating the matter with utmost priority and would like to assure customers that they will be fully compensated, for any fraudulent transactions, within 24 hours of notifying the bank. We will also issue replacement ATM/Debit cards on-the-spot at any DBS/POSB branch", Soo said.

"Investigations are currently underway and we have started to proactively contact all customers whose account transaction history indicates that there has been an ATM transaction made in Malaysia, over the past few days, to double check and confirm that indeed such an ATM transaction was made," he added in the statement.

According to DBS, the average amount withdrawn was reported to be about S$1,000 (US$773.90).

One affected customer, Chen, told news network Channel NewsAsia (CNA) Thursday that when she checked her bank account online on Wednesday night, "some transactions [were] done, five times. In total, about S$3,000 [withdrawn]".

Another, Li, said an unauthorized withdrawal from her account was made from a shopping center in Kuala Lumpur, Malaysia. When she went to the police station to make a report, she met another person making a similar report. "Then I realized I was not the only one," she told the news network.

According to affected customers, the transactions took place in Malaysia while their ATM cards were still with them in Singapore.

Online citizens have taken to the Web to circulate the news. Twitter user Richard Jang tweeted: "#POSB & #DBS has done a good job on Internet banking with enhance security using token. But this time they fall for bank card withdrawals."

Another user Richard Yip tweeted: "If you can't trust #POSB or #DBS bank with your money, that's bad. Massive fraud happening!"

DBS said customers who believed their ATM or debit card might have been compromised can contact the bank at 1800-220-1111 or visit any DBS/POSB branch.

In July 2010, DBS customers were hit by a seven-hour service outage which the bank later attributed to a failure on IBM's part to fix an identified instability in its storage system.

When contacted, a spokesperson from NCR, the manufacturer of DBS' ATM network, confirmed it was helping the bank investigate the issue, but was unable to comment further until it uncovered more details.

According to DBS' Web site, the bank has over 3.2 million customers in Singapore where it operates almost 80 branches and over 1,100 ATMs.