Released ahead of the Rio+20 Earth Summit, it calls on the world to modify production and consumption patterns and turn to renewable energy sources.

“Overall, biodiversity has declined by 28 percent around the world since 1970. But in low-income countries the loss is particularly important – it reaches 60 percent. The depletion of the natural systems is hitting hardest in countries that can least afford it,” said Jim Leape, director general of WWF International, introducing the 2012 Living Planet Report on May 14 in Geneva.

The most important publication of the renowned environmental organisation, released every two years, looks at biodiversity around the world and at humanity’s ecological footprint – namely the pressure we put on land and water.

The increase of the latter has been enormous since 1961: “We are using 50 percent more resources than the earth can support. Today we are living as if we had one and a half planets. If we continue like this, by 2050 we will need three planets. Our pattern of consumption is unsustainable,” Leape said.

On average, high-income countries have an ecological footprint that is five times that of low-income ones. The ten countries with the biggest ecological footprint per person are Qatar, Kuwait, the United Arab Emirates, Denmark, the United States, Belgium, Australia, Canada, the Netherlands and Ireland.

The report came out five weeks ahead of the United Nations Sustainable Development Conference, or Rio+20, in Rio de Janeiro, which will follow up on the commitments to sustainable development adopted two decades ago at the Earth Summit in the same city.

“It is an important moment to look at what is happening on the earth,” Leape added. “There are proposals to establish Sustainable Development Goals and to change signals to the market by adding social and ecological indicators to GDP.

“The marketplace continues to send the wrong signals because so many costs are not built into the price system. Prices should tell the truth. Governments must eliminate subsidies for fossil fuels and commit to clean energy access for all.”

Asked whether the green economy, the main theme of the conference, is the right solution, he told IPS that “the central challenge is figuring out how to move to a green economy. There is a lot of debate on the term; some like it, some don’t. But somehow we must get on a path that the earth can sustain, and define a new prosperity with the planet’s resources. We need a different model for future development.”

The report does indicate the WWF’s belief that another course is possible, and outlines possible solutions. The first is to preserve natural capital by protecting ecosystems, and land and water.

Significant progress has been made in the key area of deforestation, but there is always a threat of setbacks. While Brazil, for example, has been the leader in the trend against deforestation in the last few years, a new law passed there could severely weaken protection of forests.

Another proposal is to look at the “water footprint”, or the way water is managed on the production side. “We are providing incentives to talk about water in the economy,” explained Stuart Orr, freshwater manager at WWF. “We work very closely with businesses to help them understand their footprint. And some of the most progressive works on water are done in Africa.”

In Kenya, WWF has found out that 10 percent of foreign exchange was linked to the exploitation of one single river basin.

The environmental group has outlined incentives to better manage river basins, which have attracted the interest of different countries.

“We develop standards on the use of water for business, and we counsel governments on how to reach hydropower sustainability - for example, by building standards on hydropower development,” Orr said. “In China, we have worked with the government on a river basin allocation that applies to 270 rivers in the country.”

Sustainable production is another solution. And it starts with renewable energy. “We don’t need new technology to do it,” said Sam Smith, leader of the WWF climate and energy initiative. “Last year, investments in renewable power were greater than in fossil fuels. In Spain, 16 percent of electricity was provided by wind power.”

This is also true in emerging countries. Mexico has set a goal for 50 percent of the country’s energy supply to come from renewable sources by 2020, and the government is promoting wind power and solar panels. And in Africa, South Africa and Kenya have taken significant renewable energy initiatives along similar lines.

Energy efficiency is another promising path. In Pakistan, thanks to an initiative launched by WWF in conjunction with Ikea, 40,000 farmers are now growing cotton in a way that reduces the severe environmental impact of conventional cotton production. According to the report, in 2010, 170,000 hectares of cotton production used 40 percent less chemical fertiliser, 47 percent less pesticide, and 37 percent less water.

On the consumption side, “each of us can play a role. Companies and consumers want better choices,” Leape said.

Labels can be a solution. In Chile, which supplies eight percent of the global pulp and paper market, WWF is working with the government and the forestry sector to strengthen and broaden the scope of Forest Stewardship Council (FSC) certification.

The same goes for fish. Overall, a nearly five-fold increase in global marine fish catch, from 19 million tonnes in 1950 to 87 millions tonnes in 2005, has left many fisheries overexploited.

Chile provides 30 percent of the global salmon market and 13 percent of the global market for forage fish. WWF is promoting the Marine Stewardship Council (MSC) certification in the South American country, as an important mechanism to ensure the exploitation of fisheries in a way that is both environmentally sustainable and economically viable.

“The challenges underlined in the Living Planet Report are clear,” Leape said. “Rio+20 can and must be the moment for governments to set a new course towards sustainability. The meeting is a unique opportunity for coalitions of the committed – governments, cities and businesses – to join forces and play a crucial role in keeping with a living planet.”

Source: ipsnews.net

With a smooth sun setting in the background, the two international finalists, Mr. Victor Sim (Nanyang Technological University) and Ms. Anne Belski (Swinburne University of Technology) presented their case-studies to the well crowded public.

Among the guests of honor was Dutch ambassador H.E. Johannes W.G. Jansing and high representatives of PUB.

Singapore and the Netherlands have strong relations for centuries resulting in successful cooperations in many areas across industries. More than anything else, Singapore and the Netherlands share a special relationship with water. Over many years both countries built extensive expertise and experience in delta water and water technology.

With the creation of a bilateral platform exchanging knowledge and talent through this Singapore-Netherlands Water Challenge the relationships between the water sectors of Singapore and the Netherlands were even more strengthened.

PUB, Deltares, Royal Haskoning, Royal Boskalis Westminster, Fugro, Surbana, Hydronav, YJP Surveyors, Foreign Talent, Singapore-Delft Water Alliance were supporting this unique Challenge and the Grand Final celebration event.

The spotlights were on H.E. Johannes W.G. Jansing when he addressed the guests with his inspiring speech:

“Where innovation and knowledge meet water technology, a world of possibilities awaits. Both Singapore and the Netherlands are proven leaders in the quest for sustainable economic growth and maximization of human resources, leveraging the promising global water sector. As we continue to explore these vital subjects, there are innumerable opportunities for bilateral cooperation- not only between our two countries, but also between businesses, governments, individuals and knowledge institutions, on an international scale. “

The successful Grand Final event was attended by more than 300 guests unanimous recognizing the importance of knowledge and expertise crossing the whole water-cycle.

It was the right time and place for parties to grab the opportunities to meet, establish new business connections and highlight opportunities of cooperation.

All was spiced up with a delicious dinner buffer.

Can’t wait to see the results of the 2014-2015 version of this Singapore  Netherlands Water Challenge? Or is your organization interested in participating as partner or sponsor? Please contact the DutchCham/Netherlands New Water House, Mr. Vladan Babovic (vladan@dutcham.sg)

Source: Nele Cornelis

All DutchCham photo galleries

Galeri Utama is a brand-new gallery in Fort Canning Park, located opposite Clarke Quay. As one of the changing rooms of the former swimming pool has been transformed into a unique gallery, DAiS was inspired to name this exhibition Changing Rooms.

A fitting title to provoke thought, it will feature diverse art that will redefine space – changing the room and thereby changing the mood and mindset of the guests. Enhanced by the natural location at Fort Canning Park, it is perfect for the showcasing of the artists’ organic works.

Featured artists:
Frances Alleblas – drawing
Marcel Heijnen – photograpgy
Hedwige Jacobs – drawing/animation
Caroline Mars – painting
Gonneke Verschoor – ceramics
Monica Winnubst – sculpture/installation

Venue: Galeri Utama, 70 River Valley Road (opposite Liang Court)
The exhibition will run ’till 26 May
Opening hrs: Wed-Fri 2-6pm, Sat/Sun 11am/8pm

More information:  http://www.dutchartists.sg/ 

Partial results from the Greek Interior Ministry showed no clear winner but big gains for the Coalition of the Radical Left at the cost of the mainstream New Democracy and Pasok parties, which had both signed on for major spending cuts to stabilize the country’s finances.

In France, voters elected Francois Hollande as the country’s first Socialist president since the 1980s, promising to change how the euro-zone is dealing with its debt crisis.

Currency traders reacted negatively to the developments. The single currency fell sharply to $1.2968 from $1.3083 in late New York trade Friday.

“The election outcome in Greece creates significant uncertainty ahead for the country primarily and the broader spectrum of euro-area assets,” Goldman SachsGS -2.28% strategists said in a note to clients.

Officials from the European Union and the International Monetary Fund immediately warned that Greece must adhere strictly to its austerity program and said there is little room for any new talks on the bailout terms.

“What happens to these austerity measures now are what are weighing on the euro,” said Emma Lawson, currency strategist at National Australia BankNAB.AU -1.71% . “We have long suspected that this period would be a difficult one for the common currency,” Lawson said.

The negative tone was also felt on growth assets such as the Australian dollar, which tumbled to a fresh 2012 low of US$1.0156 from US$1.0163. Strategists said the pair remains vulnerable to any further bad news on the global outlook.

A key event for the Aussie this week is the government’s annual budget due on Tuesday which is expected to promise steep spending cuts to return a budget surplus in the next fiscal year.

“The Australian dollar is likely already priced for this, and many measures are in the public domain, but any surprises on spending are likely to weigh on the Australian dollar. The upside may come if the austerity measures are less strict,” Lawson said.

source: Wall Street Journal

The QFLP allows foreign law firms to practice commercial areas of Singapore law.

Currently, only six international firms hold the first set of licenses issued in 2008.

US law firm Jones Day has set its sights on one of the new licences that are up for grabs.

Having opened four new offices globally in the past year alone, Jones Day plans to double the number of lawyers outside of the US in the next three to five years.

It said over 100 lawyers will be in Asia.

Sushma Jobanputra, Managing Partner of Jones Day Singapore, said: “We use Singapore as our hub for providing our services to the region, in particular, countries (India, Indonesia, Vietnam, Thailand and Philippines) in which we are very active. We do not have offices in any of those countries and as a result, for our clients, we are working out of Singapore to do transactions for them in those jurisdictions. We think that a Singapore law qualification is extremely important for the office to provide full service for our international clients.”

Another law firm, UK-based Watson Farley Williams, has expressed similar interest in applying.

Chris Lowe, Managing Partner of Watson Farley Williams Singapore, said: “The QFLP license is going to be important for us because it means we can have more people who can practise Singapore law through our business. At the moment in terms of our sectors, we are hitting a boom in this part of the world in the natural resources side, power & energy and transport side. That’s great and we’re going to need more lawyers.”

Although some 600 new law graduates enter the market each year, questions have been raised on whether there is enough supply to meet the growing demand for local lawyers.

Professor Simon Chesterman, who is dean at the National University of Singapore’s Faculty of Law, said: “Whether a third law school is the best way of approaching that is another question. There has been some talk of Singapore Management University increasing its intake, and that will obviously relieve some of the strain on the market. I think it will be a mistake to rule out any options at present, although the idea of setting up a third law school would need to be thought through very, very carefully indeed.”

Other concerns such as fiercer competition for work and talent were dismissed by at least one local firm.

Stefanie Thio, Joint Managing Partner of TSMP Law Corporation, said: “It’s a complete myth that international firms coming into Singapore will cannibalise Singapore law firms’ work because the cost structure of international firms are such that they bid for totally different area of work from most of us. They bid for project finance work and international financing work, and that’s a domain that Singaporean law firms have not been able to penetrate successfully. It will give us access to a more interesting and diverse set of work and that’s going to be good for the market generally.”

The number of foreign law firms has increased significantly from 70 in 2007 to 110 firms in 2012.

Firms can start to apply for the licences in the second half of 2012 with the process to be completed by early next year.

source: channelnewsasia.com

This is because Singapore has become an increasingly popular destination for multinational corporations over the past few years, said Hydrogen.

“We have seen companies from sectors as diverse as technology, energy, pharmaceutical and wealth management open offices here. The big question here is whether Singapore will become Asia’s Silicon Valley or its Switzerland,” said Simon Walker, Hydrogen’s Asia MD.

While the three most popular places for survey respondents to live and work remain the US, the UK and Australia, their dominance is waning.

The report showed that 12 per cent picked the US as the top relocation destination, down from 18 per cent last year.

The UK and Australia each got 9 per cent of the votes, down from 10 per cent and 11 per cent respectively.

As Singapore becomes an increasingly attractive relocation destination for expatriates, Hydrogen said employers in the city state are finding that they have the pick of the world’s top professional talent.

Mr Walker said: “Singapore has one of the lowest crime rates in the world, and it offers a clean and healthy environment free from traffic pollution.

“So it is not surprising that 88 per cent of those who have moved to Singapore feel that their living conditions have improved.”

The report – which interviewed 2,353 people globally – also showed that the workforce was getting more internationalised. For example, 72 per cent of respondents said their employers see international experience as important or very important, up from 63 per cent in 2011.

Source: channelnewsasia.com

Speaking at the May Day Rally on Tuesday, Mr Lee said this must be achieved through sustainable improvements and not through a big risk with short-term jumps.

He said the plans include implementing the Inclusive Growth Programme, which has now been increased to S$100 million, to upgrade 100,000 low-wage workers.

There are also substantial fiscal transfers to low-wage workers and their families through GST Vouchers, Workfare and the Special Employment Credit.

Mr Lee said over a lifetime low-income households will get more than S$500,000 in government subsidies.

Nearly 1,500 unionists, employers and government leaders gathered at their annual May Day Rally.

Mr Lee said Singapore has made good progress in recent years, but while macro conditions are good, workers have become anxious.

Unionists have voiced concerns over issues such as the cost of living, especially in health care.

The plight of low-wage workers is also on their minds, as discussions take on a new complexion after the former chairman of the National Wages Council (NWC) floated an idea to drastically push up the wages of low-wage workers.

Mr Lee warned against quick solutions, and explained why the idea won’t work.

“Professor Lim Chong Yah recently proposed pushing up low wage workers’ wages quickly – 50 per cent in three years. I appreciate his good intentions. I share his concern over this group of workers but I do not agree with his drastic approach. The only realistic way is to move step by step, with wages and productivity going up in tandem together as fast as we can but as fast as is possible.

“In the early 1980s, we did have one period when we zoomed up and pushed wages up rapidly. But even then, we ran into problems. Wages shot up but productivity didn’t improve and we lost competitiveness. So in 1985, when the winds changed and when conditions turned difficult, we plunged into a very deep recession. It was scary.”

Mr Lee also explained the effect of higher wage increases on small and medium enterprises. He said they too are affected by wage increases. That’s because they also employ many low-wage workers and as a result, may end up passing on the costs to consumers.

Mr Lee said low-wage workers will end up worse off if wages go up sharply and are not matched by improvements in productivity.

“Union leaders understand this but they are under pressure because the proposal has been widely discussed and raised expectations and so it is important for me to spend some time today to explain to you why we have to move carefully; why a drastic approach will not work; and why we should not confuse workers,” Mr Lee said.

“(It is) better to aim for what is sustainable and don’t take a big risk with short-term jumps in wages. I promise you we will always do our best to uplift low-wage workers and we have many programmes doing that.”

Turning to the issue of foreign workers, Mr Lee noted the different perspectives of employers and workers.

Employers cannot find enough Singaporean workers, especially those who’ll stay on the job and for Singaporean workers, the presence of foreign workers adds to competition, reduces wages and takes away jobs.

Prime Minister Lee said both arguments are valid but only up to a point.

“One of the unionists asked me: how many foreign workers do we need? I said there is no magic number. It depends on the economic opportunities. In a good year, you want to allow a few more to come in. In a slow year, we can tighten and let some of them go off but it also depends on our own needs,” Mr Lee said.

But he said the inflow of foreign workers has to slow down significantly in the coming years, as Singapore cannot keep on bringing in 80,000 foreign workers a year.

“Companies are already feeling the squeeze. It gives them the incentive to upgrade their productivity and to develop a Singaporean core in their companies (and these are) people who will form the long-term skills, the long-term loyalty and long-term capability for the companies and Singapore,” Mr Lee said.

“While we must always be open to the world, let me be quite clear – Singaporeans will always be our priority. This is the purpose of all our policies, including on foreign workers and talent. We are trying to seek the maximum advantage for Singapore and Singaporeans.”

Mr Lee’s challenge to the tripartite partners is to make Singapore the first choice for investments and talent; and ensure that citizens enjoy better jobs, better pay and better lives.

Source: CNA

Both EU Commission President Jose Manuel Barroso and Justice Commissioner Viviane Reding will boycott the Euro 2012 tournament in Ukraine.

German Chancellor Angela Merkel may do so too. A spokesman said any such visit would depend on Ms Tymoshenko’s fate.

Five European presidents are avoiding a summit next month in Yalta, Ukraine.

A Ukrainian foreign ministry spokesman said the presidents of Austria, the Czech Republic, Germany, Italy and Slovenia would not attend the Yalta summit of Central and East European leaders on 11-12 May.

“We’re announcing it beforehand, so that nobody makes any sensation out of it. There is no reason for seeing a [diplomatic] protest behind it,” spokesman Oleg Voloshin said.

Earlier, German Environment Minister Norbert Roettgen said the Berlin government should stay away from Ukraine during Euro 2012, which Ukraine is co-hosting with Poland in June-July.

Ms Tymoshenko is reported to be on hunger strike and says she is very ill.

On Friday images appeared showing bruises on her body, which she says prison guards inflicted. She is being held in Kharkiv, eastern Ukraine.

An official in the Ukraine Prosecutor’s Office, Vadim Goran, denied her allegation, saying the bruises came from “pushing against blunt, hard objects, or banging into them” and “in no way resulted from a punch to the stomach as she says”.

After seeing the photos Sweden’s Foreign Ministry summoned the Ukrainian ambassador and demanded an explanation.

Ms Tymoshenko, a former prime minister and key rival of Ukraine’s President Viktor Yanukovych, is serving a seven-year jail sentence for abuse of office and faces another trial on tax evasion charges.

The new trial has been delayed until late May because she is refusing to attend on health grounds. She accuses Mr Yanukovych of exacting political revenge on her.

The authorities have denied her request to be treated abroad. She is said to have been suffering months of back pain and is reported to have been diagnosed with a herniated spinal disc.

Mr Roettgen, quoted by Germany’s Bild newspaper, said the Ukrainian “dictatorship” must not be allowed to exploit Euro 2012 for its own benefit.

“That’s why I think visits by ministers and prime ministers to Euro 2012 are out of the question in current circumstances,” he said.

The German team will play the Netherlands in Kharkiv on 13 June. The tournament runs from 8 June to 1 July.

‘Cold War’ boycott?

Germany’s Social Democrat opposition leader Sigmar Gabriel also called for a boycott.

EU Justice Commissioner, Viviane Reding, said she would boycott Ukraine’s opening ceremony for Euro 2012 because “you cannot close your eyes on human rights, even during a great sporting celebration”.

Ukraine’s foreign ministry says it hopes the reports about Germany considering a boycott of Euro 2012 are just “a press canard”.

“We would not like to think that the political leaders of Germany are capable of reviving the methods of the Cold War and making sport a hostage of politics,” spokesman Oleg Voloshin said.

In another blow to Ukraine’s image abroad the eastern city of Dnipropetrovsk – not one of the Euro 2012 venues – suffered four bomb blasts on Friday, which injured 27 people.

The authorities believe the attack – described as “terrorism” – was linked to a similar bomb blast in the city last November, in which the device was also placed in a rubbish bin.

Police have released photofit images of three suspects wanted in connection with Friday’s attack.

Fourteen victims remain in hospital in the city, two in a serious condition, Interfax-Ukraine news agency reports.

Source: BBC News

What do people do?

In many towns and cities, particularly Amsterdam, Arnhem, Utrecht and The Hague, the Queen’s Day celebrations begin on the evening of April 29. There are public music performances and street parties. Some events continue until daybreak when the actual Queen’s Day events begin.

Many people in the Netherlands have a day off work and schools are closed on April 30. It is the only day in the year that people without licences to trade can sell things on the street. Some people set up stalls to sell second-hand goods and Queen’s Day themed products in many city and town centers.

There is a lot of busking and official musical performances on Queen’s Day. Many people spontaneously sing “Het Wilhelmus“. This is a poem written in 1574 and describes the life of William of Orange (William the Silent) and his fight for the Dutch people. It is written as if William of Orange is introducing himself to the Dutch people. Versions are also played by bands performing at Queen’s Day events and on radio stations.

Each year, the royal family visits one or a few places on April 30. There they are entertained with displays and performances around local historic events. The members of the royal family generally join in with the games in a good natured way and greet thousands of people who turn out to see them.

Public life

On April 30, banks, post offices and many businesses are closed. Opening hours in stores vary. Some stores are open as usual, some are open for part of the day, and some are closed all day. Public transport runs to a normal or special timetable and there are extra train services to take people home from large celebrations. However, buses and trams in the center of large cities may have different or shortened routes to avoid the crowds. Restaurants may be shut, open as usual or only serving special “Queen’s Day” meals. Cafes and restaurants may close earlier than usual.

Due to mass celebration, it is difficult to reach many addresses in the center of large cities, especially Amsterdam by most forms of transport. Apart from minor criminal acts such as pick pocketing and urinating in public, Queen’s Day events are usually very peaceful. If April 30 falls on a Sunday, the celebrations take place on Saturday April 29.

Background

On August 31, 1880, Princess Wilhelmina was born in The Hague. She was the last child of King William III and the only child to outlive him. On August 31, 1885, and on the same date each year after that public birthday celebrations were held for her. The occasion was originally known as Princesses Day (Prinsessedag) and became known as Queen’s Day in 1890 after Wilhelmina became Queen following the death of her father. On August 31, 1902, people in the Netherlands heard that Queen Wilhelmina had recovered from typhus and Queen’s Day became a true public celebration.

On September 6, 1948, Wilhelmina’s daughter, Juliana became queen and from 1949, the Queen’s Day celebrations were moved to April 30, her birthday. On April 30, 1980, Beatrix, Juliana’s daughter, became queen. Her birthday is on January 31, but the date of Queen’s Day remained the same as a way of honoring Juliana. Hence, Queen’s Day is the Queen’s official birthday and the anniversary of her coronation.

Symbols

The national flag of the Netherlands is a horizontal tricolor with red at the top, white in the middle and blue at the bottom. On some feast days, an orange strip of cloth, known as a wimpel, is hung above the national flag. This is a symbol for the Dutch royal family, which uses the name “House of Orange-Nassau”. The national flag and the colors red, white, blue and orange are widely displayed on Queen’s Day. Many people make a special effort to wear an orange item of clothing, to dye their hair orange or to color their faces orange. Accessories that combine the color orange with some symbol of the royal family, such as a crown or a lion, are especially popular and sought after.

The traditional drink on Queen’s Day is oranje bitter. This is made by soaking the peel of bitter oranges (Citrus aurantium) in jenever, a strong alcoholic drink sometimes known as gin. The resulting liquid is bright orange. A lot of other orange food stuffs are prepared for Queen’s Day. These include: cakes; custard slices with orange icing or filling; white chocolate; and soft drinks.

The increase was lower than the 28,300 new jobs in the first quarter of 2011 and the seasonal high of 37,600 in the fourth quarter of 2011.

Even though employment creation moderated slightly, the job market remained fairly strong.

The jobless rate rose slightly, as the seasonally-adjusted overall unemployment rate increased from 2 per cent in December 2011 to 2.1 per cent in March 2012.

These are the key findings from a report – Employment Situation, First Quarter 2012 – released by the Research and Statistics Department of the Ministry of Manpower (MOM) on Monday.

The unemployment rate rose over the same period for residents from 2.9 per cent to 3 per cent and citizens from 3 per cent to 3.2 per cent.

An estimated 59,100 residents, including 52,800 Singapore citizens, were unemployed in March 2012.

The seasonally-adjusted figures were 64,000 for residents and 57,700 for citizens.

These come amid the rise in layoffs in the earlier quarter which has since eased off in the first quarter this year.

MOM said the bulk of the employment gains in the first quarter continued to come from services, which added 19,800 workers.

Construction continued to register strong increase of 8,000.

Manufacturing employment declined by 500.

This was the second consecutive quarter of decline, but the losses have eased from the 1,400 in the fourth quarter of 2011.

About 2,700 workers were made redundant in the first quarter of 2012.

This was lower than the 3,250 workers affected in the preceding quarter, but close to the 2,750 laid off in the first quarter of 2011.

Manufacturing laid off fewer workers (800) in the first quarter this year, after its large cutback in the preceding quarter, at 1,660.

MOM said this offset the increases in layoffs in services – from 1,360 to 1,600 – as well as in construction – from 240 to 300.

Source: asianewschannel.com

“We (the cabinet) have finalised the date of the elections. It has been pinned for September 12, 2012. Then it’s up to voters,” Rutte announced in The Hague at his weekly press conference after a cabinet meeting.

Rutte and his ministers quit Monday after his minority government and its far-right ally failed to agree on a plan to slice the budget to steer the eurozone’s fifth-largest economy back below the EU deficit ceiling of three percent from last year’s 4.7 percent.

The agreement, according to the coalition government consisting of Rutte’s People’s Party for Freedom and Democracy and the Christian Democrats, would have seen cuts amounting to 14.4 billion euros and brought the deficit down to 2.8 percent next year.

Rutte told the Lower House on Tuesday he expected the elections on the announced date but it had to be set in stone by the outgoing cabinet on Friday.

Although not part of the ruling coalition, Geert Wilders’ Party for Freedom (PVV) had effectively guaranteed the government’s majority for the last 18 months by agreeing to support it in parliament.

Nevertheless, lawmakers belonging to Rutte’s coalition together with three other minority parties mounted a majority in parliament late Thursday to get a new austerity package passed.

The five parties, representing 77 seats in the 150-seat Lower House, agreed on measures that include a sales tax hike, health care cuts and a pay freeze for civil servants. A draft of this package has to be delivered to Brussels before an April 30 deadline.

Source: asianewschannel.com

His cabinet was plunged into crisis when Geert Wilders’ Freedom Party (PVV) quit talks aimed at slicing 16bn euros (£13.1bn) from the budget.

Mr Wilders refused to accept austerity demands to bring the budget deficit in line with EU rules.

His party was not part of the coalition but supported the minority government.

Dutch broadcaster Nos said Mr Rutte spent almost two hours on Monday afternoon at the queen’s palace in The Hague where he made the cabinet’s resignation official.

After he left, a government statement said that the queen had asked “all ministers and deputy ministers to continue to do everything that is necessary” in the Netherlands’ interests.

Mr Rutte’s government lasted just 558 days. Only three other Dutch administrations since World War II have been in office for shorter periods, Dutch news agency ANP says.

He will address the Dutch parliament on Tuesday afternoon, which will be followed by a parliamentary debate on the political crisis. A key question facing the political parties is whether to hold general elections before or after the summer recess. Many of the major parties want a vote in late June.

EU deadline

The Dutch economy, the eurozone’s fifth largest, has survived the eurozone crisis relatively well with a national debt of around 65% of economic output but its projected budget deficit falls foul of new EU rules requiring eurozone governments to keep below 3% of GDP.

A recent forecast from the Netherlands’ Central Planning Bureau estimated that the country’s public deficit would rise to 4.7% of GDP

The Netherlands has been asked to submit its budget measures to the European Commission by 30 April, although it is not clear how firm that deadline is. Since 5 March, the two coalition parties along with the Freedom Party have been trying to reach agreement on budget cuts before the deadline.

Mr Wilders, who was said to have stormed out of talks at the last minute, said the coalition’s proposals would harm economic growth and affect many people’s spending power. Socialist Party leader Emile Roemer said he too was not prepared to support the attempt to bring the budget deficit below 3% by 2013.

AAA status

But there are fears that the failure of the budget talks could harm the Netherlands’ prized AAA credit rating status and the low yield on government bonds.

The BBC’s Anna Holligan in The Hague says that many are now asking if the Netherlands cannot balance its books without the government collapsing, then which government can; and where it leaves the EU fiscal compact, aimed at enforcing budget discipline.

Speaking after a cabinet meeting on Monday morning involving Mr Rutte’s liberal VVD and the Christian Democrats (CDA), Finance Minister Jan Kees de Jager said they would “show the financial market and Dutch people that we can also put forward a solid financial policy”.

Economic Affairs Minister and CDA leader Maxime Verhagen said on his Twitter feed earlier on Monday that the main concern was “how, on the way to elections, we can keep the economy and finances on the rails”.

Dutch daily NRC Handelsblad reported that confidence in the Netherlands had already fallen on the financial markets on Monday, with the gap widening between Dutch and German government bonds.

Source: BBC news

Online giants Facebook, Google and Yahoo! have also received merit from Greenpeace for their sustainability efforts in a report released this week called “How clean is your cloud?”

Businesses around the world are adapting the way they operate to include product sustainability. But the question is, are corporates in Asia ready for the green economy?

A so-called “green building” can save 10 per cent in operating expenses, 17 per cent in energy consumption, and the capital value of commercial buildings could increase by about two per cent from such sustainable initiatives – cost savings which appear to make business sense.
However, in Singapore, consultants Green Asia Group said that some buildings use three times more energy than they should, and that legislation should be brought in to cap how much energy is being used by corporates and developers.

Bradley Gardner, founder of the GreenAsia Group, said: “What we are actually doing is we are in talks with the government to hold a workshop… A lot of corporations are looking at (sustainability) and it is bottomline-driven. Unfortunately, the environment comes second and what comes first is ROI, and on ROI, you can be saving a lot of money.

“There are a lot of myths out there about green buildings ,and generally they say they are more expensive, and that is incorrect. In fact we are here today at the United World College. One of the reasons we have come here is because this building was completed 10 months ahead of schedule, with S$30 million in savings and 50 per cent less energy usage. That, to any developer, any corporation is going to be interesting in this particular (economic) climate.”

The Association of Chartered Certified Accountants (ACCA) said that accountants are increasingly helping businesses and policymakers to measure, understand and reduce their impact on society.

But it added that a mind shift change is needed.

Gordon Hewitt, Sustainability Advisor at the ACCA, said: “The current state of the global economy has led to an unsustainable use of resources, income inequalities, environmental degradation and a greater level of risk.

“Accountants are increasingly helping businesses and policymakers to measure, understand, and reduce their impact on society and the environment as a whole.”

ACCA is currently bringing together industry players from around the region to find out whether corporates in Asia are ready for the green economy.

Kevin Lee, Sustainability Manager at PowerSeraya Limited, said: “I think with the sustainability mindset within management over the last few years, they are starting to consider it. For example, when they start to think about projects, they will try to rope me in so that I have some voice and consideration in business decisions.”

Esther An, Deputy GM and Head of Corporate Social Responsibility at City Developments Limited, said: “A lot of international funds, they are assessing the companies not just based on their financial performance, but on their carbon footprint as well as their social performance before deciding to park the fund.

“And why they look at it is because responsible and sustainable companies tends to have the DNA to survive in good times and bad times, and also achieve sustainable growth – and for investors you know they are always thinking long-term.”

Beyond a reduction of its carbon footprint, CDL estimates that S$12 million in electricity was saved annually from its 27 BCA Green Mark awarded buildings from 2008 to 2010.

Source: channelnewsasia.com

The sale is part of ING’s plans to divest some of its Asian operations to repay the Dutch government’s 2008 bailout funds.

ING is selling life insurance and investment management in two separate deals, which could raise more than US$6.5 billion combined, sources previously told Reuters. It has asked suitors for the insurance business to submit first-round bids by the third week of next month.

Other companies likely to express interest in the investment- management sale include South Korea’s Mirae Asset and Fidelity Worldwide Investment, the sources, who had direct knowledge of the matter, said.

The information booklet for the investment-management sale is expected to go out this week, they added.

Source: Reuters

NODX fell 4.3 per cent on-year in March compared to a 30 per cent rise in February, largely due to a contraction in non-electronic NODX which outweighed the expansion in electronic NODX. Electronic exports rose 2.8 per cent but could not make up for non-electronic exports falling 7.8 per cent due to lower exports of structures of ships & boats (-99 per cent), petrochemicals (-13 per cent) and primary chemicals (-15 per cent). The figures are in contrast to February, when electronic exports rose 23 per cent on-year while non-electronic exports expanded 34 per cent.

Rajiv Biswas, Asia Pacific Chief Economist with IHS, said: “The biggest weakness was in the shipbuilding sector – which is a very volatile sector depending on what’s produced from month to month – and also the petrochemicals area, because Chinese demand right now is quite soft in the last few months.” On a month-on-month seasonally adjusted basis, NODX decreased by 17 per cent compared to an expansion of 7.2 per cent in the previous month.

On a seasonally adjusted basis the level of NODX reached S$14 billion, lower than the S$17 billion registered in February. As for total trade, it dropped by 0.9 per cent on-year compared to a 26 per cent rise in February.

Total exports declined by 2.2 per cent in March compared to a 25 per cent expansion in February.

Total imports increased marginally by 0.6 per cent in March, following a 27 per cent rise in February.

While the March export figures did not fare well compared with February’s 30.4 per cent year-on-year rise, economists have said that February’s numbers were skewed because of a one-off surge in the exports of ships and bunkers, and they are optimistic for a firmer recovery going forward.

Leong Wai Ho, a senior regional economist with Barclays Capital, said: “A stronger, more sustained revival might be seen in more segments from April onwards in Singapore. One reason is the pass-through from stronger growth momentum in the US, which typically takes a longer time to reach Singapore.” Latest manufacturing indicators from the US and China are also holding firm, suggesting that global demand is still expanding. But some economists are more cautious.

Vishnu Varathan, a market economist with Mizuho Corporate Bank, said: “Demand conditions in China will be supported but are not going to be exuberant; the recession in the Eurozone probably will deepen. So against this backdrop, overall, the NODX figures will drop off and you will see it at a subdued pace – between 3.5 and 5 per cent growth this year.”

The Monetary Authority of Singapore decision this month to allow a stronger appreciation bias for the Singapore dollar could also pose a challenge, but economists believe it is not expected to have an excessively negative impact on exports. Mr Varathan said: “But then again, the ‘tightening’ was a lot more nuanced than it appears at face value given that a ‘slightly’ stronger appreciation bias will be incremental at best, whereas the band narrowing immediately caps upside potential. So the risk posed by the central bank’s tightening is mitigated to a large extent.”

Source: channelnewsasia.com

While drinking morning coffee and enjoying a full breakfast, Mr Frederik Härén, publisher and author of “the Idea book” inspired the guests with his ideas on a Global divide – the gap between the companies which are thriving in today’s rapidly changing world and the ones who are struggling. By travelling for many years from China to the US, from South Africa to Turkey and meeting leaders of multiple global companies he masters to talk about the global approach of current multinationals.

Mr. Härén brought up the idea of a tree that spreads its branches as far as it can reach, but still needs its roots to be able to do so.

It is for sure a topic that plays in the heads of the business leaders today.  Many questions and the intense discussions after the talk proofed it.

Subsequently the event there was still plenty of occasion for each participant to meet 20 other valuable decision makers and professionals.  We even encouraged each to pass referrals that actually can turn into business.

Advance estimates from the Ministry of Trade and Industry (MTI) showed the economy grew by 9.9 per cent on-quarter, reversing the previous quarter’s 2.5 per cent contraction.

Economists had forecast first-quarter growth of around 6.3 per cent.

Compared to a year ago, the economy expanded by 1.6 per cent, down from 3.6 per cent previously.

The construction sector grew by 24.6 per cent on-quarter, due to a pick up in residential construction activity and public transportation projects.

Year-on-year, the construction sector was up by 6.2 per cent.

The manufacturing sector grew by 14.7 per cent on-quarter, compared to 11.1 per cent contraction in the previous quarter.

MTI said the turnaround was supported by higher output levels in the electronics and precision engineering sectors.

However, the manufacturing sector contracted by 2 per cent when compared to the previous year, as a result of a high base effect in the first quarter of 2011.

Given the first quarter numbers, economists are likely to raise their growth forecast for the year as a whole.

The official forecast for 2012 is growth of between 1 and 3 percent.

Source: channelnewsasia.com

During his speech to the European Union (EU) – Association of Southeast Asian Nations (ASEAN) Business Summit in Phnom Penh on April 1, Karel De Gucht, the European Commissioner for Trade, stressed that a comprehensive free trade agreement (FTA) was needed between the two regions.

He pointed out that at EUR160bn (USD213bn) per year, the EU accounts for over 10% of ASEAN’s total trade in goods, with the percentage for services being even higher – at 13% of the total. However, according to De Gucht, “these figures probably underestimate the total trade between our two regions as today’s global supply chains mean that of ASEAN’s exports to China often end up in products eventually shipped to Europe”.

In addition, the current stock of bilateral investment stands at EUR260bn, and bilateral investment flows were over EUR31bn in 2010. European investment in ASEAN thereby accounts for a quarter of the annual total.

The FTA, he said, would “tackle the full range of barriers that obstruct flows of goods, services and investment between our regions”. It would not only eliminate tariffs, but also investigate regulations that block trade in goods and services, improve the protection of intellectual property rights and secure access to markets for government procurement.

While he appreciated that the establishment of an FTA would take some time, he revealed that the EU is nonetheless “making concrete progress towards that objective”.

De Gucht disclosed that the EU’s bilateral FTA negotiations with Singapore are close to conclusion, and it is making good progress with Malaysia. FTA negotiations are also being launched with Vietnam, after a scoping exercise was concluded last week, and he hoped that the EU can advance discussions with other ASEAN countries in the coming months.

However, he added that negotiating at a regional level rather than on a country by country basis was still the EU’s preferred option in the long-term.

“I want to make very clear that as we engage in these negotiations our overarching goal of regional integration remains clear. That goal is made even more important by the programme to build an ASEAN Economic Community by 2015, which we fully support,” De Gucht said.

“We have momentum now. I hope we can use it to get to the critical mass that will allow us to come back to the regional process very soon,” he added.

Source: Tax-News.com

Dutch bank ABN AMRO appointed Singaporean Daniel Teo as its Country Chief Operating Officer for Singapore and Chief Operating Officer of Private Banking Asia on April 2.

Mr Teo is a banking veteran with over 25 years of experience.
Prior to this, Mr Teo was the Regional Chief Operating Officer and Managing Director at Bank of Singapore (BOS).

He was also one of the founding members of ING Asia Private Bank when it first started in 2001.

ABN AMRO said in a statement that Mr Teo will report to the Country Executive Singapore and CEO Private Banking Asia, Hugues Delcourt.

“His deep sector knowledge, strong background in regional and global banking operations and systems are great assets that we can leverage on,” said Mr Delcourt.

One of the mandates expected from Mr Teo is to strengthen the internal processes and best practices in order to support the bank’s strong growth ambition in Singapore and the region.

Mr Teo’s appointment, together with three other new joiners earlier this year, is part of the bank’s move to expand its bench strength in Singapore and Asia.

Rajiv Sodhi joined on January 6 as Team Leader and Senior Private Banker to head its Non Resident Indian (NRI) desk in Singapore.

Hong Kong-based Alfie Lau was appointed on February 1 as the Regional Head of Private Lending.

Singapore-based Josephine Feilzer joined the bank’s Private Wealth Management & International Desk team on February 15.

Source: channelnewsasia.com

A footprint of 1.0 is excellent, but when some kids realized that their own footprint result of 2.3 meant that they are consuming our planet Earth 2.3 times faster, they knew they had something to talk and learn about.

Joost Hoffman, architect and consultant of sustainable energy was happy to ad to Petra’s presentation. He pointed at the idea of sustainable buildings where energy is recycled and materials can be reused for new buildings.

The 12 year old Jari Zegers, who’s father works for Phillips, knew that aircos consume the most energy in Singapore. Traffic follows that.

His classmate Lotte Roukema suggested the design of building with more windows to safe energy consumed by office lights. Not a bad idea, concluded Joost, but even a better idea in the Netherlands where the sun shines less strong.

Now it was time for the students to think about creative ideas of their own.  Find ways to travel by air in a more sustainable way, was the mission.

Group 8’s most innovative ideas were quickly uncorked on white boards (a smart green alternative for paper!)

Liv Wage and his friends believed in planes fueled by waste energy or by water molecules from the clouds.

Cas Deelen saw it more spectacular. With his idea cannons would replace our planes.

Manuel Dessing took the mission a bit more serious and explained in an ingenious way that energy for planes could be gained from dunghills.

A plane fuelled by wind energy was rather a pattern Daan Van Helvoort would follow.

Finally Lotte and her team of classmates were dreaming of travelling in air balloons.

It is clear that WWF earth Hour this year can count on this young force of enthusiasm, ready to change the world.

Petra and Joost were also excited to see these innovative ideas exploding with this young public but they were as happy to hand over the word again to Mister Stan Van Laar and Miss Renske Vlug, the class teachers of these driven adolescents.

Source: N. Cornelis

H.E. Minister of the Environment and Water Resources, Dr Vivian Balakrishnan was presented with the first JointhePipe bottle in the presence of the Dutch Ambassador to Singapore, H.E. Johannes Jansing at the World Water Day festivities organised by the PUB at the Marina Barrage.

Say ‘ Yes’ to tap water! By drinking tap water from a reusable JointhePipe water bottle, people will be helping to reduce the enormous amount of plastic waste and CO2 emissions caused by the production and transportation of disposable bottles of drinking water and at the same time they will make a contribution to our efforts to redistribute water in a fairer way. Today there are still a billion people who do not have access to safe drinking water in their communities while in other places perfectly drinkable water is used to flush toilets, water plants and wash cars.

JointhePipe will start selling its signature reusable (BPA free) water bottles and carafes in the shape of sections of a water pipeline. In addition, JointhePipe will sell tap water stations for public spaces, playing fields, parks, sports facilities, offices, restaurants and schools. Proceeds from the sale of the tap water stations and reusable water bottles in Singapore will be used to finance sustainable water and sanitation projects in Asia. The more people join, the longer the water pipeline will become and the more people will get access to safe drinking water.

‘I am very excited to launch JointhePipe in Singapore’, says Daniel van Dijk from JointhePipe. ‘Singapore is focussing on sustainable development and the quality of the tap water is very good’. Increasingly, companies are embracing sustainable business practices and many Singaporeans are looking for ways to make a contribution. I am really looking forward to working with local partners here. Singapore is in many ways an example for the region. It’s a logical choice to launch JointhePipe here’.

JointhePipe, with its headquarters in Amsterdam – the Netherlands, promotes the drinking of tap water in countries with good quality tap water. Through the sale of reusable water bottles and tap water stations in the shape of sections of a water pipeline, JointhePipe raises awareness and funds for sustainable water projects in Africa and Asia.

Source: Join the Pipe

The city of about 7 million people secured top position in a new index based on six criteria including the degree of economic integration and labor costs. The Netherlands, the U.S., the U.K. and Australia occupied the next four leading slots.

The ranking marks a victory for Hong Kong 15 years after thecity’s return to Chinese sovereignty stoked concern that its role as an international financial hub would slide. General Electric Co. has established operations there, Gap Inc. is among the retailers drawn by the 28 million Chinese tourists who pass through it and HSBC Holdings Plc is one of the financial titans listed on its stock exchange.

“Hong Kong is a gateway to China, it has competitive tax rates and that makes it one of the natural choices for companies to set up their Asian headquarters,” said Tomo Kinoshita, deputy head of Asia economics research at Nomura Holdings Inc. who has worked in the city for five years. “It makes sense for companies that want to be close to China as well as the rest of Asia to use Hong Kong as their base.”

Bloomberg Rankings measured 160 markets on a scale of zero to 100 percent based on six factors. These are the costs of setting up business, hiring and moving goods; the degree of economic integration; less tangible costs such as inflation and corruption; and the readiness of the local consumer base, a category that includes the size of the middle class, household consumption and gross domestic product per person.

Last-Placed Brazil

Hong Kong scored 49 percent, eclipsing the Netherlands’ 48.3 percent and the U.S.’s 46.9 percent. Of the top 50, Germany was the leader on the basis of cost of doing business, moving goods and less tangible costs, while the readiness of the local consumers was deemed best in the United Arab Emirates. The price of labor and materials was lowest in Montenegro and the Netherlands was deemed best for setting up a business.

Brazil came bottom of the top 50 with 35.5 percent, undershooting India at 35.9 percent andRussia at 36.1 percent.

Hong Kong’s reputation for rule of law and corruption-free administration has helped distinguish the city from mainland China. Its links to the world’s fastest-growing major economy have plus points by allowing it to serve as center for the international use of the yuan, and last AugustChina further relaxed limits on investment flows.

Hong Kong charges a corporate tax rate of 16.5 percent compared with the U.S.’s 35 percent. The prospect of tougher regulations on the financial industry elsewhere has increased pressure on banks from investors to weigh a move there.

GE Decision

When General Electric was looking to open headquarters for its global growth and operations team outside the U.S., it chose Hong Kong for its proximity to important emerging markets, quality of life and infrastructure, according to Michael A. Jones, executive vice president of business development, global growth and operations.

“Hong Kong is one of the best places in terms of transportation and logistics,” Jones said in a telephone interview. “The ability to be in a vibrant international city was pretty important.”

The city still faces challenges. It is home to Asia’s largest wage gap, and less than 25 percent of the land is developed, forcing up property prices and discontent among lower-paid locals.

Dutch Appeal

The Netherlands ran second, reflecting the appeal of an economy with five major ports and easy access to mainland Europe. Companies based there include Royal Philips Electronics NV, the largest light-bulb maker, and ASML NV (ASML), which has an 80 percent market share in the semiconductor equipment market.

The U.S., the world’s largest economy, came third. President Barack Obama released a business-tax overhaul proposal on Feb. 22 that would reduce the corporate rate to 28 percent and eliminate tax breaks.

Regionally, Chile was ranked the best place to do business in Latin America, while the U.A.E. was top in the Middle East and Africa. Poland had the highest score in emerging Europe.

The World Bank ranks Singapore and Hong Kong top in its gauge focused on the ease of doing business. The Washington- based Heritage Foundation has named Hong Kong the world’s freest economy for 18 successive years.

Source: Bloomberg

Singapore based Asia-Pacific presence to promote development and use of its advanced, 

Singapore, 20 March 2012 – Advanced water treatment technology company PWN Technologies (PWNT), based in the Netherlands, officially opened its Singapore office today at an event graced by Mr Chew Men Leong, Chief Executive of PUB, Singapore’s national water agency and Executive Director, Environment & Water Industry Programme Office (EWI); His Excellency Johannes W.G. Jansing, Ambassador of the Kingdom of the Netherlands; Mr Martien den Blanken, CEO of PWN; Mr Pieter Spohr, CEO of PWN Technologies and high level representatives from partner organizations.

The event marked another milestone in the company’s commitment to bringing its sustainable, advanced water treatment solutions to the Asia-Pacific since its initial entry in 2009. In 2010, it became a founding sponsor of the Singapore International Water Week, a global water event hosted in Singapore. It was also awarded funding for a project supported by the Singapore National Research Foundation (NRF) under its Environmental & Water Technologies Strategic Research Programme, and administered by the EWI. The project’s aim is to build and test a SGD 5 million CeraMac demonstration plant at Choa Chu Kang Waterworks in 2011, which became operational on 1 July 2011.

The Singapore office will allow PWNT to further develop its potential in Australia, Singapore and Vietnam, and establish relationships for growth into new markets. Other plans to be managed out of Singapore include the development of Human Resources and Research & Development opportunities with universities and other partners in the region, in line with PWNT’s mission of delivering innovative, advanced and sustainable water treatment solutions, especially in highly urbanised areas.

Mr Chew Men Leong expressed his support of PWN Technologies’ commitment to the region. ‘PWNT’s choice of Singapore as the first Asia-Pacific office site outside of the Netherlands is a testimony to Singapore’s growing status as a Global HydroHub. R&D is a key driver of growth in our water industry and we look forward to PWNT’s contribution in boosting research and technological capabilities in the sector here,” said Mr Chew.

Highlighting his commitment to the success of PWNT’s Singapore office, Mr Pieter Spohr, CEO of PWN Technologies revealed that the regional office targets to manage close to EUR 60 million of projects over the next three years in the region.

CeraMac Demo Plant Results Exceed Expectations

The opening provided the opportune moment for the revelation of the CeraMac plant’s operational results at CCK Waterworks. In operation for the past 8 months with great performance stability, the plant has yielded results that have exceeded all expectations according to PWNT. The higher flux that the CeraMac plant is achieving relates to lower capital and operating costs for water treatment. The effectiveness of the SIX and CeraMac technologies has also led to the appointment of PWN Technologies to build a water-treatment plant based on these innovations in Andijk, The Netherlands. The plant will be completed at the end of 2013.

 Source: PWNT

The Dutch firm has accepted an improved bid of 9.5 euros a share, a 54% premium on its closing price of 6.18 euros on 16 February, the day before the two firms announced they were in talks.

The takeover is being seen as a move by UPS to expand its business in Europe.

UPS is the world’s largest package delivery company.

“The complementary strengths of both organisations will create a customer-focused global platform that will be a leader in transportation technology and customer service,” the companies said in a joint statement.

“The combination underlines UPS’s long-standing commitment to Europe by expanding its express capabilities in Europe.”

Source: BBC News

This despite a two per cent fall in average hotel room rates in the region.

The latest index placed Singapore sixth among traditionally expensive countries like Switzerland, Italy, Denmark and France.

Average room prices for hotels in Singapore came in at S$239 last year, a two per cent drop compared to 2010.

Singapore was also ranked the second most expensive city for five-star hotels in the world.

London hosted the most expensive five-star rooms at S$537, just S$43 ahead of Singapore which came in at S$494.

Johan Svanstrom, managing director (Asia Pacific) of Hotels.com, said: “The hotel industry in Singapore has developed tremendously in recent years. For one, the hotel room inventory has really grown with numerous openings of prestigious hotels targeted at affluent, business travellers.

“On top of being a business hub and a stopover for long-haul travellers, the country has also invested in upscale attractions such as the integrated resorts that have proved to be a great hit with tourists – these make Singapore the perfect vacation option for luxury travel.”

Hotel room rates in some of Singaporeans’ favourite destinations saw significant price falls.

This, coupled with the relative strength of the Sing dollar, meant it is cheaper for Singaporeans to stay in hotels in many Asian destinations.

For instance, Japan’s hotel room rates fell seven per cent after the earthquake in March 2011, while Thailand’s room rates dipped due the recent floods.

On the back-end of a sluggish economy, Vietnam joined six Asian nations boasting the lowest prices in the report, alongside Cambodia, Thailand, Taiwan, Philippines and Malaysia.

For Chinese cities such as Shenzhen and Shanghai, room prices saw further reductions due to greater competition from new developments and on-going currency fluctuations.

The hotel price index tracks the real prices paid per hotel room for about 149,000 properties in more than 19,800 locations in over 85 countries.

Source: channelnewsasia.com

The report aims to improve understanding of market competitiveness and to identify where growth, opportunity and talent are likely to be found in the decades ahead. Its findings provide valuable insight for investors, institutions, and municipalities in cities around the world.

“Economic dynamism is definitely rising elsewhere, especially in Asian cities, but U.S. and European cities have legacy advantages that give them a strong competitive edge,” said Leo Abruzzese, the EIU’s global forecasting director. “In particular, these developed cities are better at attracting top talent from across the world.”

With a combined population of about 750 million, the 120 cities ranked in Hot Spots represent approximately 29 percent of the global economy and generated a combined GDP of US$20.24 trillion in 2011.

According to the report, the ten most competitive cities in the world are:

• New York (1st),
• London (2nd),
• Singapore (3rd),
• Paris and Hong Kong (joint 4th),
• Tokyo, (6th),
• Zurich (7th),
• Washington, DC (8th),
• Chicago (9th), and
• Boston (10th).

The Global City Competitiveness Index

For Hot Spots, the EIU developed a “Global City Competitiveness Index” that measures cities across eight distinct categories of competitiveness and 31 individual indicators. Categories include economic strength, human capital, institutional effectiveness, financial maturity, global appeal, physical capital, social and cultural character and environment and natural hazards. A city’s overall ranking in the benchmark Index is a weighted score of the underlying categories.

A new Economist Intelligence Unit (EIU) research report reveals that New York, London and Singapore rank first, second and third in competitiveness, out of 120 of the world’s major cities. Released today, the report, entitled Hot Spots, ranks the most competitive cities in the world for their demonstrated ability to attract capital, business, talent and tourists.

The report aims to improve understanding of market competitiveness and to identify where growth, opportunity and talent are likely to be found in the decades ahead. Its findings provide valuable insight for investors, institutions, and municipalities in cities around the world.

“Economic dynamism is definitely rising elsewhere, especially in Asian cities, but U.S. and European cities have legacy advantages that give them a strong competitive edge,” said Leo Abruzzese, the EIU’s global forecasting director. “In particular, these developed cities are better at attracting top talent from across the world.”

With a combined population of about 750 million, the 120 cities ranked in Hot Spots represent approximately 29 percent of the global economy and generated a combined GDP of US$20.24 trillion in 2011.

According to the report, the ten most competitive cities in the world are:

• New York (1st),
• London (2nd),
• Singapore (3rd),
• Paris and Hong Kong (joint 4th),
• Tokyo, (6th),
• Zurich (7th),
• Washington, DC (8th),
• Chicago (9th), and
• Boston (10th).

The Global City Competitiveness Index

For Hot Spots, the EIU developed a “Global City Competitiveness Index” that measures cities across eight distinct categories of competitiveness and 31 individual indicators. Categories include economic strength, human capital, institutional effectiveness, financial maturity, global appeal, physical capital, social and cultural character and environment and natural hazards. A city’s overall ranking in the benchmark Index is a weighted score of the underlying categories.

Since no one city excels in every category, a diverse range of cities ranks first in each of the eight categories: Tianjin (economic strength); Dublin (human capital), Zurich (joint first in financial maturity and institutional effectiveness; social and cultural character); Vancouver (joint first physical capital); London (global appeal) and Montreal (environment and natural hazards).

Key findings include:

The most significant advantage that developed country cities hold is their ability to develop and attract the world’s top talent. European and American cities dominate the human capital category of the Index, as they are able to continue to attract capital, businesses, talent and tourists despite concerns over aging infrastructure and large budget deficits. It will be key for these Western cities to harness their legacy advantages and global connectivity to continue to compete and succeed against fast-growing emerging market cities.

11 of the top 30 cities are European: London (2nd), Paris (4th), Zurich (7th), Frankfurt (11th), Geneva (joint 13th), Amsterdam (17th), Stockholm (joint 20th), Copenhagen (joint 23rd), Vienna (joint 25th), Dublin (27th) and Madrid (28th).

Asia’s economic rise is reflected in the economic competitiveness of its cities: In terms of “economic strength,” the most highly weighted category, 15 of the top 20 cities are in Asia. Twelve are in China. Tianjin, Shenzhen and Dalian top the list, while nine other Chinese cities rank in the top 20. Singapore (15th), Bangalore (16th), Ahmedabad (19th) and Hanoi (joint 20th) complete the top 20. The top 32 Asian cities are all forecast to grow by at least 5% annually between now and 2016. Twelve of them will grow by at least 10%.

A “middle tier” of mid-size cities is emerging as a key driver of global growth: Although most companies target a combination of advanced economies and emerging markets megacities, the fastest overall growth is found in a middle tier of mid-sized cities with populations of 2m-5m such as Abu Dhabi, Bandung, Dalian, Hangzhou, Hanoi, Pune, Qingdao and Surabaya. In fact, just nine of the 23 megacities (with populations over 10 million) ranked in the top 30 on economic strength. These mid-size cities are collectively forecast to grow by 8.7% annually over the next five years, ahead of the megacities on which many firms focus.

Infrastructure investments will drive emerging markets growth, but more will be needed to secure their attractiveness to tomorrow’s talent: One of the most pressing challenges for emerging market cities in the decades ahead will be whether they can focus their development not just on skyscrapers, rail links and other infrastructure, but also on the softer aspects that will be crucial to their ability to attract and develop tomorrow’s talent—including education, quality of life, and personal freedoms, among other things. In addressing these aspects of competitiveness, cities in Latin America and Africa including Buenos Aires (ranked 60th), Johannesburg (67th) and Cape Town (73rd) can quickly improve their performance in the ranking.

Source:  www.dubaichronicle.com

The island, ranked by the World Bank as the easiest place to do business, was the world’s third-most competitive city after New York and London among 120, according to the report. Singapore ranked the highest in financial maturity and physical capital, beating Hong Kong, which was ranked fourth overall, the report showed.

“Our strong attributes of trust, knowledge, connectivity and livability have underpinned our ability to attract investments, business, talent and ideas,” Leo Yip, chairman of Singapore Economic Development Board, said today in a statement. “It is also becoming a strategic location for Asian enterprises to build capability to grow international markets.”

Singapore has cut taxes in recent years to spur investment, prompting companies to hire hundreds of thousands of people from overseas. Foreigners and permanent residents make up more than a third of the nation’s 5.2 million population. The city has brought in about 1 million people since the beginning of 2005 as the government allowed more immigration to make up for a declining birth rate.

The city state forecasts its economy will expand 1 percent to 3 percent this year after growing 4.9 percent in 2011. The current gross domestic product forecast for Singapore in 2012 doesn’t factor in “downside risks emanating from abroad,” the trade ministry said on Feb. 16.

‘Neck to Neck’

While Singapore and Hong Kong were “neck to neck” in most of the categories, Singapore outperformed in environmental governance and global appeal, said Sudhir Thomas Vadaketh, senior editor at Economist Intelligence Unit.

Asia ranked the highest in terms of economic strength, the most weighted category in the ranking, making up 15 cities in the top 20, the report said. Of these, 12 cities are in China, the report showed.

“Asia’s economic rise is clearly reflected in the economic strength of its cities,” Stephen Bird, chief executive officer of Citigroup’s Asia-Pacific region. “Cities are engines of global growth that are transforming the landscape of investment, talent and business.”

The 120 cities account for about 29 percent of the global economy with a combined GDP of $20.2 trillion. The report looked at such categories as economic growth, social aspects, infrastructure and talent to identify areas of opportunities, Michael Zink, head of Citigroup for the Southeast Asian region, said today in Singapore.

Source:  www.bloomberg.com

Professor Mark van Loosdrecht is recognised for pioneering a biologically sustainable and cost-effective way to remove unwanted pollutants from waste water.

His breakthrough process, called Anammox, makes use of a unique group of bacteria to remove ammonia from used water.

The process can greatly reduce energy consumption in used water treatment, and hence is a more sustainable solution for urbanised cities.

The bacteria, discovered by a group of his researchers in the Delft University of Technology, converts ammonia to harmless nitrogen gas.

His method also bypasses an intermediate stage where ammonia is turned into nitrate before turning into nitrogen.

This leads to less oxygen and organic carbon required.

Bypassing the intermediate stage has also led to considerable space and energy savings.

Professor Loosdrecht said: “We can now use the organic carbon to produce biogas. Methane, it’s natural gas. And with the biogas, we can burn either to produce electricity, or to run a car. Like compressed natural gas for driven cars.”

He’s the fifth recipient of the water prize since it was launched in 2008 and is selected from 61 competitive nominations from 25 countries.

Demonstrating the process’s feasibility, PUB said that for the past two years, it has been test-running a variant of Professor Loosdrecht’s Anammox process at the Changi Water Reclamation Plant.

The water award honours outstanding contributions of those who either applied ground-breaking technologies or implemented innovative policies and programmes which benefit humanity.

It’s a highlight of Singapore International Week, which will be held in July.

The award will be presented on 2 July.

Named after Singapore’s former Minister Mentor Lee Kuan Yew, the prize comes with a cash prize of S$300,000, a certificate and a gold medallion.

Source: channelnewsasia.com

On Tuesday the 21st she gave an inaugural lecture in the IEL distinguished speaker series supported by DutchCham: “Sustainable Innovations – People, Planet and Profits”  

Professor Cramer is a renowned thinker and leader in making businesses innovate for sustainability. She shared her experiences, success stories from the Netherlands and Europe, and her thoughts on how Singapore’s own efforts in this area could be built upon. In her own words “Business as usual is not going to cut it anymore.” It is undeniable that industrialization and technology have come at a cost of our environment. We are quickly reaching a point where it is possible that nothing can be done to reverse the damage. Technology and business are often blamed for what happened, but it is also clear that they can be the solution to the problem.  Later that week this was followed by a lecture at NEXUS: “Eco-efficiency in the water sector: Potential Collaboration between Europe and Asia”.

Thursday evening the 23rd DutchCham members were given the opportunity to meet & greet Prof. Cramer in a joined event with the ADB. After a very generous introduction by Ambassador of the Netherlands in Singapore Johannes W.G. Jansing who named her as a very, very special person, especially as a facilitator of collaboration between government, business and knowledge institutions in the Netherlands. Professor Cramer gave the approximately 70 members of the ADB and DutchCham a brief lecture on her current work and insight on: Business opportunities of sustainability.

Prof. Cramer made a very energetic and enthusiastic impression, considering she had already been ‘on the road’ for 10 days. In brief she described one of the biggest challenges of the 21^stcentury: Sustainability!  With only one available earth, an ever growing world population & wealth and increasing use of resources we need innovation to move towards sustainable production to meet our consumer needs.

Several MPs had raised the difficulty faced by some foreign spouses in Singapore in getting a PR status or citizenship.

Deputy Prime Minister and Minister for Home Affairs Teo Chee Hean said the scheme will be for a duration of three years and up to five years for each subsequent renewal.

This is instead of the current shorter periods of one year.

Long Term Visit Pass Plus holders will also receive benefits.

Mr Teo said: “LTVP+ holders will also receive healthcare subsidies for inpatient treatment, inpatient treatment at restructured hospitals, pegged at a level close to that for PRs, that is, about the same rates as PRs even though they have not yet been given PR.

“It will be easier for LTVP+ holders to work to supplement the family income. They will only require a Letter of Consent from MOM to work, which can be easily obtained through online application.”

Source: channelnewsasia.com

As Singapore enters a different growth phase, it will have to strive for a productivity-led growth and further tap on growth opportunities that a rising Asia provides.

Mr Lim elaborates that restructuring of the economy will take place at four levels, namely economy, sectoral, firm and worker levels.

To do so, the government will roll out various schemes and incentives to help companies cope with constraints on foreign manpower and rising costs, as well as help to up-skill workers.

Mr Lim said the ministry’s sectoral strategies are gaining traction. For instance, Singapore is a global leader in the marine and offshore sector.

Together, he said local companies Keppel Offshore and Marine and Sembcorp Marine have 70 per cent of the global market share in offshore drilling rigs and production vessels.

The government will allocate S$150 million to help companies in the marine and offshore cluster develop R&D capabilities in deepwater offshore engineering.

Singapore is also looking to build on its status as an international trading hub by anchoring high value-added trading clusters.

Mr Lim said: “With the rise of Asia, there is strong demand for investment-grade gold. IE Singapore will seize this window of opportunity and work with other agencies to grow a new precious metals trading cluster.”

The government is also committing S$42 million to drive productivity in the logistics and transportation sector this year.

In addition, Mr Lim said the government will pump S$200 million over the next three years to offer more support for companies under IE Singapore and Spring Singapore’s capability development schemes.

On an annual basis, that is about 40 per cent more than the government’s expenditures in previous years.

Addressing the concerns of Members of Parliament on the impact of Real Estate Investment Trusts (REITs) on rentals, Mr Lim acknowledged that the seven industrial REITs have to remain competitive in the rental market to attract tenants.

Mr Lim said: “REITs are part of a competitive rental market where no single player should have the market power to significantly influence rentals.

“I would like to assure members that we will not hesitate to intervene if we see evidence of collusion or abuse of market dominance.”

Overall, Mr Lim said in spite of the slowing growth and global economic uncertainties, Singapore is well-placed to capture growth opportunities in Asia and build on its position as a global Asia hub.

He added efforts to restructure the economy for sustained growth will help to generate good jobs and expand opportunities for Singaporeans.

Source: channelnewsasia.com

The country has always been a popular destination for multinationals given its ease of doing business, use of English as the first language and location as the gateway to Asia. But recently it has been targeted by hi-tech players, internet start-ups and incubator funds looking to tap into the region’s entrepreneurial and tech-savvy spirit.

The latest entrant is a US$10 million incubator fund called Golden Gate Ventures (GGV) which aims to build a partnership between Silicon Valley and Asia.

One way of doing this will be to send high-performing Asian entrepreneurs to the US to work with leading start-ups in Silicon Valley.

One of the venture capitalists behind GGV, Vinnie Lauria, said: “I see a lot of opportunity here. Silicon Valley is Silicon Valley. But in this region there are a lot of new tech start-ups coming who are going to do really well and we want to be a part of that.”

Plans are already in the pipeline to fly successful mentors and entrepreneurs to Silicon Valley to work alongside big names such as the founders of Bit Torrent, MySpace and YouTube.

GGV will also be targeting other south-east Asian markets such as the Philippines, Thailand, Indonesia, Vietnam and Malaysia. It will be looking for internet companies and suitable start-ups to invest in.

British expat Dan Truman has been working with a US-based start-up in Singapore for two years. He said: “There is a real buzz that Singapore can turn into a hub for successful start-ups and maybe unearth the next Google or Apple. You also have the option of outsourcing R&D to neighboring countries with cheaper labor costs.”

Singapore is attractive as it ranks number one in the world for ease of doing business and number four for starting up a business, according to the World Bank.

Universities and polytechnics now have entrepreneurship programs, as well their own incubators, and private players are seeing the opportunity to mentor young people starting out.

While having a market of just five million people, investors usually park their money in Singapore but then invest in much bigger markets close by, such as Indonesia, which is the world’s fourth most populous country, with 238 million citizens.

Source: The Telegraph/UK.

The measures are to be seen as part of an approach to build ‘a fair and inclusive society and a stronger Singapore’.

The below overview is not intended to provide a detailed analysis, but serves to give some level of information/guidance on the topics. Please do contact us should you require more information as to understand how these measures could impact you or your business.

Tax measures for individuals

The only measure for individuals is the increase of the earned income relief for elderly and handicapped workers. To encourage these elderly workers to stay employed the relief for employees from the age of 55 and up will be doubled to SGD6,000 (up to the age of 59) and SGD8,000 for those who are 60 and above. To provide more support to handicapped workers, the relief is doubled ranging from SGD4,000 to SGD12,000 (depending on the age group, below 55, from 55 to 59 and 60 and above).

Highlights of general tax measures for businesses

On a separate note, from 1 September 2012 onwards employer’s and employee’s CPF contribution rates will be increased for older workers to enable these workers to better prepare them for their retirement.

Enhancement of the Merger & Acquisition scheme:  a 200% tax allowance will be granted on qualifying M&A transaction costs, subject to a cap of $100,000 per annum. The allowance will be written down in 1 year.
Furthermore the definition of qualifying M&A has been extended to include those where:
•  The acquiring company acquires shares of the target company through multiple tiers of wholly-owned subsidiaries; and
•  The qualifying conditions imposed on the target company are satisfied by any of the multiple tiers of wholly-owned subsidiaries of the target company
The M&A scheme will be available as an added feature for existing Headquarter incentive schemes, on a case-by-case basis. The condition that the acquiring company must be held by an ultimate holding company incorporated in, and a tax resident of, Singapore may be waived subject to conditions. These changes will take effect for qualifying M&A completed from 17 Feb 2012 to 31 Mar 2015. IRAS and EDB will release further details of the changes by 30 June 2012.

-  Enhancement of the Productivity and Innovation Scheme: the PIC scheme will be enhanced in 4 areas, i.e. an increase of cash Payout rate to 60% for up to $100,000 for qualifying expenditures in 2012 to 2014, release of requirement for certification qualifying in-house training courses for expenditure incurred up to $10,000 per annum, inclusion of expenditure incurred on R&D cost-sharing agreements to qualify as expenditure on R&D and inclusion of qualifying automation equipment acquired on hire purchase with repayment schedule straddling two or more financial years. IRAS will provide more details of the changes by 30 June 2012.

-  Non taxation of gains from disposal of equity investments: gains derived from the disposal of shares on or after 1 June 2012 by companies will not be taxed, if:
(i)  the divesting company holds a minimum shareholding of 20% in the company whose shares are being disposed; and
(ii)  the divesting company maintains the minimum 20% shareholding for a minimum period of 24 months just prior to the disposal. For share disposals in other scenarios, the tax treatment of the gains/ losses arising from share disposals will continue to be determined based on a consideration of the facts and circumstances of the case. IRAS will release further details of the change by 1 June 2012.

-  SME cash grant: companies will be granted a one-off non-taxable SME cash grant pegged at 5% of the company’s 2011 revenue. The grant is capped at $5,000. As a requirement, the company must have made CPF contributions for at least one employee during the relevant accounting period for 2011.

-  Introduction of integrated investment allowance: a scheme will be introduced to provide an additional allowance on fixed capital expenditure incurred for productive equipment placed overseas on approved projects with effect from 2012. EDB will administer the scheme.

-  Enhancement of double tax deduction for internalization scheme: by way to encourage SMEs to venture abroad, and reduce administrative burden on businesses, a tax deduction of up to 200% may be allowed on qualifying expenditure, up to $100,000 per annum, incurred on specified activities (overseas business development trips/missions, investment study trips, participation in overseas trade fairs) on or after 1 April 2012, without the need for approval from IE Singapore or Singapore Tourism Board. IE Singapore and Singapore Tourism Board will release further details of the changes by 31 March 2012.

-  Enhancement of the renovation and refurbishment deduction scheme: the scheme is now a permanent feature of the income tax regime. IRAS will release further details of the changes by 30 June 2012

Tax measures for Shipping and Aviation industry

-  Tax exemption of gains from disposal of vessels by qualifying ship operators and ship lessors: from 1 June 2012, qualifying ship operators and ship lessors under the Maritime Sector Incentive (MSI) award will be granted tax exemption on gains from the disposal of vessels automatically. Gains from the disposal of vessels under construction and new building contracts will also be exempt. Further details of the changes will be released by the Maritime Port Authority.

-  Withholding tax exemption of charter fees: starting 17 February 2012, bareboat, voyage and time charter payments to non-residents for the use of ships are not subject to withholding tax.

-  Enhancement of MSI-Maritime Leasing (container) award: award recipients will enjoy the automatic withholding tax exemption on interest and related payments, made on or after 17 February 2012, arising from loans taken to finance qualifying containers and intermodal equipment. In addition, with effect from YA 2013, income derived from the leasing of intermodal equipment (e.g. trailers) which is incidental to the leasing of qualifying containers will also enjoy the concessionary tax rate of 5% or 10%. Further details of the changes will be released by the Maritime Port Authority.

-  Extending the Aircraft leasing scheme: the scheme will be extended to 31 March 2017. Award recipients will be granted automatic withholding tax exemptions, subject to conditions, on interest and qualifying payments made on or after 1 May 2012 in respect of qualifying foreign loans entered into on or before 31 Mar 2017. Economic Development Board will release more details by 30 April 2012.

-  Enhancement of liberalized withholding tax exemption regime for banks: Specified entities will not need to withhold tax on interest and other payments made to permanent establishments in Singapore. This change will take effect for payments to be made from 17 February 2012 to 31 March 2021 (for contracts already in force before 17 February 2012) and all payments arising from contracts effective on or after 17 February 2012 to 31 March 2021. Further details of the change will be released by the Monetary Authority of Singapore by 29 February 2012.

-  Extending the withholding tax exemption for OTC financial derivatives: the withholding tax exemption on all payments made on qualifying over-the-counter (‘OTC’) financial derivatives will be extended to 31 March 2021. Further details of the change will be released by the Monetary Authority of Singapore by 30 April 2012.

-  Extension of the tax deduction for collective impairment provisions made under MAS notices: tax concessions on collective impairment provisions will be extended for 3 years till 2015 or 2016.

-  Enhancement of the designated investment and specified income list for financial sector tax incentive schemes: with effect from 17 February 2012, the list of specified income that is applicable for the various financial sector tax incentive schemes will be revised to an exclusion list. The list of designated investments will be rationalized, and expanded. Further details of the change will be released by the Monetary Authority of Singapore by 29 February 2012.

GST measures

-  Introduction of exemption on investment-grade and precious metals: with effect from 1 October 2012, the import and supply of investment-grade gold, silver and platinum will be exempt from GST. IRAS will release further details of the changes by 1 Sep 2012.

-  Extension of GST temporary import period to 6 months: with effect from 1 April 2012, the temporary import relief period of 3 months will be extended to 6 months. All other existing terms and conditions of the scheme apply. Singapore Customs will release further details of the change by 26 March 2012.

Stamp duty

-  Enhancing stamp duty relief for qualifying merger & acquisition: Stamp duty relief will be extended to M&A deals completed from 17 February 2012 to 31 March 2015 where:

• The acquiring company acquires shares of the target company through multiple tiers of wholly-owned subsidiaries; and
• The qualifying conditions imposed on the target company may be satisfied by any of the multiple tiers of wholly-owned subsidiaries of the target company

EDB may waive the condition that the acquiring company must be held by an ultimate holding company that is incorporated in Singapore and a tax resident of Singapore, subject to conditions.

IRAS will release further details of the changes by 30 June 2012.

The Cooperation Agreement for NUSDeltares was inked by Prof Barry Halliwell, NUS Deputy President (Research and Technology) and Mr Harry Baayen, Managing Director of Deltares on 23 February. Witnessing the signing was His Excellency Johannes WG Jansing, Ambassador of the Netherlands to Singapore and Prof Chan Eng Soon, Dean of the Faculty of Engineering.

Speaking at the event, H E Jansing said that both the Netherlands and Singapore are literally built on water, making sustainable future growth inexplicably linked to living and working in harmony with water.

Sustainable water management is a topic of global importance, and NUS has strong capabilities in water research and management, said Prof Halliwell.

He added: “The establishment of NUSDeltares will further strengthen our foundation in this area. This new partnership deepens our long-standing collaboration with Deltares. We look forward to working closely with Deltares to provide sustainable urban water solutions for Southeast Asia and beyond.”

NUSDeltares will look into areas such as urban water management, adaptation to climate change, operational management systems as well as hazards, risks and their mitigation. Besides high-impact research, the alliance will also pursue specialist consultancy services in Southeast Asia. It will develop a network of collaborators and offer on-the-job-training, short courses or degree programmes.

The new water alliance follows the success of the Singapore-Delft Water Alliance initiative, jointly advanced by NUS, Deltares and Singapore’s water agency PUB.

The IMF, in an economic outlook report on the world’s second-largest economy, highlighted China’s vulnerability to global demand.

“The global economy is at a precarious stage and downside risks have risen sharply,” the IMF said, citing the possible deep crunch in the financial sector in Europe that would be felt around the globe.

“Should such a tail risk of financial volatility emanating from Europe be realised, it would drag China’s growth lower.”

The IMF outlined the negative impact if the eurozone crisis tipped Europe into a deep recession, dragging China’s growth lower mainly due to shocks through trade.

In that “downside scenario” China’s growth would fall by around 4.0 percentage points this year from the 8.2 percent rate the IMF projected in January.

“The risks to China from Europe are, therefore, both large and tangible.”

In that case, “China should respond with a significant fiscal package.”

China’s exposure to financial spillovers is limited, it said, noting foreign assets, including sovereign debt, represent only 2.0 percent of Chinese bank assets.

However, the export-dependent economy is highly exposed through trade linkages. Nearly half of China’s exports go to Europe and the United States.

Lower global demand would further reduce investment and employment and may trigger a decline in China’s property market.

The IMF recalled that China’s vulnerability was revealed in the 2008-2009 global financial crisis, when global growth plunged.

China launched a huge credit and fiscal stimulus in response, limiting the sharp impact on the domestic economy — and yet growth still sank by five percentage points.

“However, a track record of fiscal discipline has given China ample room to respond to such an external shock,” the IMF said.

If the euro area falters, the IMF recommended Beijing launch a substantial stimulus programme, equivalent to roughly 3.0 percent of gross domestic product spread out over 2012-2013.

That would limit the decline in growth to around 1.0 percent, cushioning the negative fallout on employment and people’s livelihoods, the IMF said.

The stimulus measures could include reductions in consumption taxes, advancing plans for social housing and scaling up investments in the social safety net, among others.

“Unlike in 2008, the stimulus package… should pass through the budget and not be reliant upon a public infrastructure,” the IMF said, referring to the way the spending boost was previously dealt through the banking system, state enterprises and local government financing vehicles.

“The weak external outlook underscores the importance of accelerating the transformation of China’s economy to reduce its vulnerability to the vagaries of global demand,” it added.

- AFP/de

De Lage Landen and the rest of the Clipper 11-12 Race fleet welcomed to Marina at Keppel Bay – 28 January 2012

De Lage Landen embraces the world’ is one of ten identical yachts spending nearly a year sailing round the world during Clipper 11-12. In total forty thousand nautical miles, over 74 thousand kilometers, visiting fourteen ports on six continents.

It is the first time in history that a Dutch company participates in this race.

All yachts of the Clipper race arrived in Singapore on 28^th of January when they received a hearth warming welcome in this lively cosmopolitan city The Singaporean employees of De Lage Landen were still celebrating the Chinese New year festivities, but were more than enthusiastic to wave their race team welcome at the Marina at Keppel Bay. All of them dressed in blue and fluttering flags.

The mishmash of nationalities on board was touched by so much enthusiasm and felt like coming home as it is in Singapore where the choice of food from a broad range of cultures meets all tastes.

The other teams, also navigating in the Marina must have experienced the same enlightening feeling. Even the Vice Premier of Singapore was present to join the crowd.

Last leg coming from Bantam the DLL team finished in 6^th place but in the general race classification the DLL team still ranks in 3^rd spot.

On 4^th of February it’s back on board for a race of extremes. It starts in tropical heat and light headwinds and then, as you track north, the weather turns colder, the winds come from directly ahead and the sea state kicks up to deliver a real challenge. Thermals are added to the layers of clothing and snow might even make an appearance as you route east of Taiwan in to the East China Sea and point towards the Olympic sailing city of Qingdao.

De Lage Landen Sails for The World Wildlife Fund.

Sustainability and environmental awareness are strongly anchored in the nature of Cliper Arund the World and the objectives of De Lage Landen. The partnership between De Lage Landen en Clipper Ventures offers plenty of opportunities to raise the profile of sustainability during Clipper 11-12, during costumer and member events in the ports visited by” De Lage Landen embraces the World” and by choosing the WWF as their “boat charity”.

The WWF also a partner of DLL’s parent company Rabobank will be both financially and actively supported by Team DLL during Clipper 11-12.‘

Let’s be honest with ourselves, OK?

China is all that really matters for global stock markets.

If China’s economy slows more than expected in 2012 — and grows at something significantly less than the 8.2% to 8.5% now expected — it won’t really matter what the eurozone nations do about the Greek debt crisis or whether the United States stimulates its economy. In 2012, growth in the world economy will slip far enough to throw the developed world into something very close to a recession, and global stock markets will suffer through yet another painful bear market.

In the short term — let’s say for October, November and maybe December — what the United States and the eurozone do matters.

If the United States, through some currently unimaginable political alignment, were to implement a significant program of government spending on infrastructure and tax cuts to stimulate the domestic economy, global stock markets would rally.

If the eurozone countries manage to put together some credible package that kicks the euro debt crisis down the road into December and maybe into 2012, then global stock markets would rally.

But the rally wouldn’t last long if economic numbers and anecdotal news reports fed into worries about slower-than-expected growth in China.

On the other hand, if the evidence started to point away from the possibility of slower-than-expected growth in China, then a temporary rally on good news from the United States and the eurozone could turn into a lasting rally in global markets.

And I think that China is so central to global stock markets right now that good news on China’s growth in 2012 would produce a rally in global stock markets — and even to a degree in U.S. and European stocks — even if the U.S. didn’t do anything to stimulate growth and European nations wound up with a Greek default. (Although under that scenario, I’d still rather be underweight U.S. and European markets.)

If all this is true, then the big question is, How real are current worries that China will slow more than is now expected in 2012?

China is slowing down

There’s no doubt that China’s growth is slower than it was. China’s gross domestic product grew at a 10.3% annual rate in 2010. In the first quarter of 2011 that growth rate dropped to 9.7%, and in the second quarter it declined to 9.5%. Economic forecasts call for a further drop to anywhere from 9.0% to 9.3% for the third quarter.

This is exactly the kind of controlled slowdown that China’s government has been hoping to engineer in order to control inflation — which seems to have peaked at 6.5% in July — and to reduce speculation in the real-estate market. It would put China on a path for the 8.3% to 8.5% growth that the consensus is looking for as a bottom to China’s growth rate.

As decades of rapid and largely equitable growth in this Asian Tiger give way to a widening gap between rich and poor and slowing social mobility in a country often boastful of its meritocratic traditions, the government needs to adopt a more activist stance that better supports citizens, said the paper, penned by six economists for the city-state’s Institute of Policy Studies.

That means expanded welfare programs, more redistributive policies, and a bolder, experimental approach to policy making, among other steps.

It’s a fairly radical prescription for an island nation that has long been a darling of foreign bureaucrats, many of whom flock here to study its policy-making and economic management, led by a People’s Action Party government that emphasizes individual responsibility, lean social security and growth over distribution.

But the current social contract – optimal for places with young populations, rapid growth, full employment, and rising real wages – “would not be sufficient to ensure equitable and inclusive growth in the face of the changes unleashed by globalization, rapid technological change, and our own policies,” the economists said in the paper released Monday on the IPS website. The authors include academics and former senior civil servants who carry significant heft in policy-making circles, including Manu Bhaskaran, an academic at the Lee Kuan Yew School of Public Policy; Donald Low, a former senior bureaucrat at Singapore’s finance ministry; Tan Kim Song, an economics professor at the Singapore Management University; and Yeoh Lam Keong, former chief economist at the Government of Singapore Investment Corp.

Analysts widely believe that the days of double- and high single-digit growth rates year-in, year-out are things of the past; Prime Minister Lee Hsien Loong recently said the city-state would do well to average annual growth of over 3% in the coming decade. Rising socioeconomic tensions meanwhile are throwing up political challenges for the PAP, which came through May’s general election with its narrowest victory margin since Singapore’s independence in 1965, and saw its favored candidate barely win a presidential vote in August.

These electoral setbacks “reflected a discontent with the current model of economic and social development: the over-riding emphasis on growth over distribution; the inadequacy of our social safety nets and the uncertainty this creates; wage stagnation for significant elements of the workforce even as a small segment at the top enjoys large increases; and the increase in inequality,” the economists wrote in the paper.

Piecemeal tweaks won’t arrest these problems. “Singapore must find a social compact that achieves a better balance between growth and equity, and between individual responsibility and social insurance,” they said.

The solution, they said, involves creating sturdier social safety nets and rolling back a market-fundamentalist approach that has transferred risks from the state to citizens in areas like public housing, social security, and healthcare. While retaining the essence of Singapore’s admired social institutions, policy makers should also borrow successful ideas from Scandinavian and East Asian contemporaries, and reject existing dogma – like the insistence on the virtues of small government and low taxes, and a reflexive rejection of expanded welfare – the economists said.

Crucially, Singapore’s strong balance sheet allows it to pursue such reforms without sacrificing fiscal prudence and sustainability, the economists argued. Risks of moral hazard from increased social interventions can also be mitigated with creative policy formulation, they added.

It is unclear if the PAP government, which has enacted comparatively modest reforms so far, would be prepared to pursue these recommendations. A PAP spokesman wasn’t immediately available to comment.

However, the authors of the paper acknowledge that the first step to change is often the hardest.

“The main obstacle [to creating a new social compact] lies in a mindset that often does not recognize the need to make important, and sometimes radical, systemic changes as [Singapore’s] operating context changes,” they wrote.

Source: The Wall Street Journal

The excellent speaker Dr. Verwey revealed that this job was far most the most exciting and challenging experience in his career. He and the team of specialists were accommodated at the FROC (Thai Flood Relief Operations Centre) and faced beside the enormous dimensions of the disaster also political and organizational challenges.

In the beginning the Thai authorities believed they could handle the disaster by pumping the water through the existing canals and contradictory statements were the norm within the authorities.

Dr. Verwey added to this that he was impressed and touched by the help of the army and mostly the local Thai people who built tens of kilometers sand bag walls.

The specialist team did not fear many hours of field visits and often meetings ended after midnight, but the achievements were relieving: the flood extends and flood depths were reduced and the breaking of the Choa Phaya dike was avoided. The Thai authorities were now capable of spreading better information to the public and to the corporate world.

For Dr. Verwey it was a clear statement: The Dutch specialists are now branded as the world class rescuers for water problems!  .

Source: DutchCham

The economy grew 3.6% between October and December, from a year earlier, down from 5.9% in the previous quarter.

For the full year, Singapore’s economy grew by 4.8%, a sharp decline from a 14.5% expansion in 2010.

Prime Minister Lee Hsien Loong has warned that growth is likely to weaken further in 2012.

“The external environment is uncertain. Debt problems in Europe are far from solved. Next year looks like being difficult for the global economy,” the prime minister said in his new year’s message.

“As a small, open country, Singapore will inevitably be affected,” he added.

On a quarter-on-quarter annualised basis, the economy contracted by 4.9% during the period, compared with a 1.5% gain in the previous quarter.

Manufacturing hurt

The manufacturing sector is one of the key drivers of growth of Singapore’s economy. However the sector has been hit hard by a combination of various factors in recent months.

Firstly, the debt crisis in the eurozone and a sluggish recovery in the US has seen a fall in demand from those key markets.

Secondly, the floods in Thailand in the latter half of 2011 disrupted supplies of components such as hard disk drives, hurting production at Singaporean factories.

Data released last month showed that industrial production fell by 9.6% in November from a year earlier, with electronics production down by 30.1%.

The Ministry of Trade and Industry said the decline was a big drag on economic growth.

“The moderation of growth in the fourth quarter was largely due to the slowdown in the manufacturing sector,” it said in a statement.

Overall, the manufacturing sector grew by 6.5% in the the three months to the end to December from a year earlier, down from a 13.4% expansion in the previous quarter.

Source: BBC News

Green
When you enter the first platinum LEED rated building in Europe* — the new TNT Centre located in Hoofddorp, The Netherlands — you are immediately struck with just how simple it is to reduce energy consumption. You push the revolving door to enter. At the heart of the interior is a staircase. There is no sign of an elevator (although they do, of course, exist).

At the head of the building is a glass roof, which emanates natural light far more efficiently than light bulbs ever could. The TNT corporate headquarters is powered, to a very large degree, by an impressive design, which includes a subtle push for people to make better choices. Energy is provided by a few solar panels and a biofuel energy system that produces more than enough to power three neighboring buildings as well.

The Rotterdam-based entrepreneurs who built the TNT headquarters building, OVG real estate developers, are in high demand worldwide. At the Clinton Global Initiative, former President Clinton challenged OVG to be a part of President Obama’s $4 billion commitment to create green jobs in the beleaguered construction industry, by providing much needed energy upgrades of federal and private sector buildings. And the United States is not the only country calling. According to Cees J. van der Spek, OVG’s sustainability director, eight other countries, including BRIC (Brazil, Russian, India and China) have also contacted OVG. The company has more demand than they can keep up with.

Political Will
OVG is taking the lead (and LEED) in the private sector and reaping the rewards, but if you visit the Netherlands, it’s easy to see that the Dutch green culture has been cultivated with smart public policy. Most of the locals in Amsterdam get around on bikes; half of residents use their bike daily and 85 percent are riding at least once a week, according to Ria Hilhorst, Amsterdam’s cycling official. Trains, buses and trams are available everywhere throughout the Netherlands. And if you choose to own a car, you are taxed on the weight of it, incentivizing owners to go for smaller, more fuel-efficient vehicles.

The governments in Germany and Denmark succeeded in making bicycling safe and attractive, as well. Could bicycling (as an alternative to gas-guzzling cars) underpin one reason why these countries are doing so much better economically than the U.S. and other European countries, particularly PIIGS (Portugal, Ireland, Italy, Greece and Spain)?

Pedal-power policy has created a strong, healthy (physically and fiscally) culture that has put the Netherlands, Denmark and Germany at the top of the developed world in providing efficient social systems at far lower costs than the U.S., as I outline in greater detail directly below. This is particularly visible in one of the largest drains of GDP in the U.S. — health care.

Physical Health
Riding a bike pays off dramatically in physical health. There are far lower rates of obesity in nations whose citizens pedal their bikes to work, than there is a nation where people spend hours each day in cars and in front of computers. Obesity is an epidemic in the U.S., where 34 percent of Americans are obese. As Mike Milken, the chairman of the Milken Institute, an economic think tank, says, “If everyone in America lost weight and returned to the same weight levels of 1991, we would save one trillion dollars. We would cover all the uninsured, and we would be able to quadruple the money for medical research.”

Good food is another pride of the Dutch. Restaurants, like de Apotheek wine salon (in the Hotel Pulitzer in Amsterdam), pride themselves on serving only wine and food that have been grown using sustainable farming techniques that will preserve the soil and seeds for centuries to come. Of course, there are American fast food restaurants in Dutch cities, mostly for the American tourists; however, the locals love their organic produce and lean, wild game. (Deer is very popular.)

Fiscal Health
Good health dramatically reduces the costs of health care. In the Netherlands, a country where most citizens have health insurance, health expenditures are 10.8 percent of GDP, compared to 16.2 percent in the U.S. Denmark’s health to GDP is an impressive 7 percent, and Germany’s is 8.1 percent. And the U.S. has a higher infant mortality rate than the Netherlands, Denmark and Germany (6.06 deaths/1,000 live births compared to 4.59 in the Netherlands), more than two and a half times as many women dying in childbirth (24 deaths/100,000 live births compared to 9) and a lower life expectancy (78.37 in the U.S., 80 in the Netherlands), according to CIA.gov’sWorld Fact Book.

Peace
The United States also spends almost three times as much on our military, by GDP, than the Netherlands, Denmark and Germany, at 4.06 percent, 1.6 percent, 1.3 percent and 1.5 percent respectively. With two wars in the Middle East, one could easily make a case that our oil addition, which costs the U.S. $8 billion or more in OPEC deficit each quarter, is the primary reason we’ve become such a warring, indebted nation. We pay a high price in health, defense spending, soldier’s lives and GDP growth stagnation to feed our oil addiction.

Amsterdam is a peaceful city, famous for its “live and let live” attitudes (legalized prostitution and drugs), both now and historically. In the 1600s, if you wished to escape religious persecution and try your hand in America, the Dutch were great seamen, who frequently shuttled Europeans over to New Amsterdam (and profited from the slave trade as well). In 1969, John Lennon and Yoko Ono staged their famous honeymoon Peace Bed-In at the Amsterdam Hilton. Visitors today can stay in the same suite, which has been preserved, with Yoko’s input, and includes Lennon lithographs, peace memorabilia and other artwork symbolizing the spirit of the event and time.

There is much to be learned from the Dutch, who have found a way, through public and private partnerships, cultural indoctrination and political will to make green peace a part of daily life. They are reaping the physical/fiscal benefits at a time when the world needs bold, effective solutions.

If you are interested in visiting The Netherlands, be sure to watch out for my travel article, which will be published in January 2012, and includes important travel tips and the best restaurants and landmarks in Amsterdam.

*According to the U.S. Green Building Council, the TNT Centre was the first building in Europe to be listed platinum LEED in its directory.

Source: http://www.huffingtonpost.com

Green
When you enter the first platinum LEED rated building in Europe* — the new TNT Centre located in Hoofddorp, The Netherlands — you are immediately struck with just how simple it is to reduce energy consumption. You push the revolving door to enter. At the heart of the interior is a staircase. There is no sign of an elevator (although they do, of course, exist).

At the head of the building is a glass roof, which emanates natural light far more efficiently than light bulbs ever could. The TNT corporate headquarters is powered, to a very large degree, by an impressive design, which includes a subtle push for people to make better choices. Energy is provided by a few solar panels and a biofuel energy system that produces more than enough to power three neighboring buildings as well.

The Rotterdam-based entrepreneurs who built the TNT headquarters building, OVG real estate developers, are in high demand worldwide. At the Clinton Global Initiative, former President Clinton challenged OVG to be a part of President Obama’s $4 billion commitment to create green jobs in the beleaguered construction industry, by providing much needed energy upgrades of federal and private sector buildings. And the United States is not the only country calling. According to Cees J. van der Spek, OVG’s sustainability director, eight other countries, including BRIC (Brazil, Russian, India and China) have also contacted OVG. The company has more demand than they can keep up with.

Political Will
OVG is taking the lead (and LEED) in the private sector and reaping the rewards, but if you visit the Netherlands, it’s easy to see that the Dutch green culture has been cultivated with smart public policy. Most of the locals in Amsterdam get around on bikes; half of residents use their bike daily and 85 percent are riding at least once a week, according to Ria Hilhorst, Amsterdam’s cycling official. Trains, buses and trams are available everywhere throughout the Netherlands. And if you choose to own a car, you are taxed on the weight of it, incentivizing owners to go for smaller, more fuel-efficient vehicles.

The governments in Germany and Denmark succeeded in making bicycling safe and attractive, as well. Could bicycling (as an alternative to gas-guzzling cars) underpin one reason why these countries are doing so much better economically than the U.S. and other European countries, particularly PIIGS (Portugal, Ireland, Italy, Greece and Spain)?

Pedal-power policy has created a strong, healthy (physically and fiscally) culture that has put the Netherlands, Denmark and Germany at the top of the developed world in providing efficient social systems at far lower costs than the U.S., as I outline in greater detail directly below. This is particularly visible in one of the largest drains of GDP in the U.S. — health care.

Physical Health
Riding a bike pays off dramatically in physical health. There are far lower rates of obesity in nations whose citizens pedal their bikes to work, than there is a nation where people spend hours each day in cars and in front of computers. Obesity is an epidemic in the U.S., where 34 percent of Americans are obese. As Mike Milken, the chairman of the Milken Institute, an economic think tank, says, “If everyone in America lost weight and returned to the same weight levels of 1991, we would save one trillion dollars. We would cover all the uninsured, and we would be able to quadruple the money for medical research.”

Good food is another pride of the Dutch. Restaurants, like de Apotheek wine salon (in the Hotel Pulitzer in Amsterdam), pride themselves on serving only wine and food that have been grown using sustainable farming techniques that will preserve the soil and seeds for centuries to come. Of course, there are American fast food restaurants in Dutch cities, mostly for the American tourists; however, the locals love their organic produce and lean, wild game. (Deer is very popular.)

Fiscal Health
Good health dramatically reduces the costs of health care. In the Netherlands, a country where most citizens have health insurance, health expenditures are 10.8 percent of GDP, compared to 16.2 percent in the U.S. Denmark’s health to GDP is an impressive 7 percent, and Germany’s is 8.1 percent. And the U.S. has a higher infant mortality rate than the Netherlands, Denmark and Germany (6.06 deaths/1,000 live births compared to 4.59 in the Netherlands), more than two and a half times as many women dying in childbirth (24 deaths/100,000 live births compared to 9) and a lower life expectancy (78.37 in the U.S., 80 in the Netherlands), according to CIA.gov’sWorld Fact Book.

Peace
The United States also spends almost three times as much on our military, by GDP, than the Netherlands, Denmark and Germany, at 4.06 percent, 1.6 percent, 1.3 percent and 1.5 percent respectively. With two wars in the Middle East, one could easily make a case that our oil addition, which costs the U.S. $8 billion or more in OPEC deficit each quarter, is the primary reason we’ve become such a warring, indebted nation. We pay a high price in health, defense spending, soldier’s lives and GDP growth stagnation to feed our oil addiction.

Amsterdam is a peaceful city, famous for its “live and let live” attitudes (legalized prostitution and drugs), both now and historically. In the 1600s, if you wished to escape religious persecution and try your hand in America, the Dutch were great seamen, who frequently shuttled Europeans over to New Amsterdam (and profited from the slave trade as well). In 1969, John Lennon and Yoko Ono staged their famous honeymoon Peace Bed-In at the Amsterdam Hilton. Visitors today can stay in the same suite, which has been preserved, with Yoko’s input, and includes Lennon lithographs, peace memorabilia and other artwork symbolizing the spirit of the event and time.

There is much to be learned from the Dutch, who have found a way, through public and private partnerships, cultural indoctrination and political will to make green peace a part of daily life. They are reaping the physical/fiscal benefits at a time when the world needs bold, effective solutions.

If you are interested in visiting The Netherlands, be sure to watch out for my travel article, which will be published in January 2012, and includes important travel tips and the best restaurants and landmarks in Amsterdam.

*According to the U.S. Green Building Council, the TNT Centre was the first building in Europe to be listed platinum LEED in its directory.

Source: http://www.huffingtonpost.com

Eurozone chief Jean-Claude Juncker said after a three-and-a-half-hour conference call that the 17 single currency countries had pledged 150 billion euros ($195 billion) in new loans for the International Monetary Fund to use in stabilising the debt-laden euro area.

The shortfall from a 200-billion-euro target announced by EU leaders at a December 9 summit was in large part caused by Britain’s refusal once more to sign up on the terms demanded.

Britain’s share, based on IMF quotas determined by wealth and size, would be in the order of some 30 billion euros.

The IMF currently has some 250 billion euros available for lending to countries that enter reform programmes.

The appeal for help from states who rely on the eurozone as a major trading partner and fear recession in 2012 has put pressure on the United States as the biggest IMF contributor. Washington however has its own debt and budget crises to contend with.

“The EU would welcome G20 members and other financially strong IMF members to support the efforts to safeguard global financial stability by contributing to the increase in IMF resources so as to fill global financing gaps,” Juncker said in a statement.

He said the Czech Republic, Denmark, Poland and Sweden had each pledged to make loans, but added that Britain would only “define its contribution early in the new year in the framework of the G20.”

A British government spokesman said: “The UK has always been willing to consider further resources for the IMF, but for its global role and as part of a global agreement.”

A diplomat involved in the talks said the European Union as a whole “implicitly” agreed to cough up, using individual loans.

A key factor, though, will be how the Americans respond.

Juncker, who spoke of a “special responsibility” for eurozone states, noted that for some countries, notably Germany, parliamentary approval will be required before it will come up with the lion’s share at 45 billion euros.

The head of the German central bank said last week that it will only do so on condition the very biggest G20 contributors come through with the goods.

Jens Weidmann said that Germany’s quota is available, provided there is “fair” burden-sharing among IMF members.

But “if large members, for example the US, were to say ‘we’re not taking part,’ then from our point of view it is problematic,” he said.

Russia last week suggested in Brussels that it could contribute up to $20 billion in loans and investments via the IMF but China, India and Brazil have yet to go that far.

Finance ministers knew international credit rating agencies were watching closely – after one of the biggest, Fitch, warned that a meaningful solution may prove “beyond reach” of the EU.

The diplomatic source told AFP that the British government could not sell more money for the eurozone now to increasingly sceptical voters.

Finance minister George Osborne has maintained his position that London will not fund special eurozone aid since a G20 summit in Cannes in early November.

The latest sign London is out of synch with broader EU goals came 10 days ago after Prime Minister David Cameron vetoed an EU treaty change and then opted out of a subsequent pact to create a new “fiscal union.”

The EU leaders decided to give the IMF the lead following months struggling to increase their existing, stretched eurozone bailout fund, the 440-billion-euro European Financial Stability Facility (EFSF) set up last year after Greece had to be rescued.

The agreement should offer some respite on the day that European Central Bank (ECB) chief Mario Draghi described as “morbid speculation” interpretations of an interview in the Financial Times in which he appeared to envisage a eurozone break-up.

In the interview, he said that if countries left the eurozone, they would only “have to undertake the same reforms that were due to begin with, but in a much weaker position.”

That was seen as breaching the ultimate taboo, but he insisted: “I have no doubts whatsoever about the strength, the permanence and the irreversibility of the euro.”

Source: AFP/www.channelnewsasia.com

Saab CEO Victor Muller said “the last nail in the coffin” was previous owner General Motors Co.’s rejection of a Chinese company’s attempts to gain control of the ailing Swedish brand. Muller personally handed over the bankruptcy petition to a Swedish court, which approved it late Monday.

Though a theoretical chance remains for a new buyer to step in during the bankruptcy process, analysts said Saab’s troubles underline how difficult it is for a small, niched carmaker to survive in today’s competitive global market.

“I think it does kind of reflect the situation in the industry that scale is everything,” said IHS Automotive analyst Ian Fletcher. “Everyone else have been snapped up … Saab unfortunately were the last people waiting to dance with someone and they didn’t have the right partner.”

Volvo Cars, Sweden’s other car maker, is presently ramping up production after China’s Geely Holding Group bought it from Ford Motor Co. last year.

Muller, a Dutch entrepreneur, used his luxury sports car maker Spyker Cars to buy Saab from GM in 2010 for $74 million in cash plus $326 million worth of preferred shares. He vowed to gradually increase production while restoring Saab’s Swedish identity — which critics said was diluted under GM ownership. But the company ran out of money just a year later.

As production stopped and salary payments were delayed, Muller fended off bankruptcy by selling Saab’s real estate and lining up financing deals with investors in Russia and China. He bought time by placing the company in a reconstruction process under bankruptcy protection.

But the deals fell through, blocked by regulators or by GM, which was concerned that its technology would end up in the hands of Chinese competitors.

The final Chinese suitor, Zhejiang Youngman Lotus Automobile Co., said it was hoping for a deal “to the last moment” but pulled out after the last proposal for a solution was rejected by GM over the weekend.

GM spokesman Jim Cain told The Associated Press Saturday that each new proposal “results either directly or indirectly in the transfer of control and, or ownership of the company in a manner that would be detrimental to GM and its shareholders.”

In another email Monday, Cain said he had nothing to add “except to say it is unfortunate.”

The news was grim for Saab’s more than 3,000 employees, torn between hope and despair for the past three years.

“This is the most unwelcome Christmas gift I could have imagined,” said Fredrik Almqvist, 36, who has worked at Saab’s assembly line for nearly 17 years.

While experts say the company is likely to be chopped up and sold in parts, local officials in Saab base Trollhattan — around 75 kilometers (46.6 miles) north of Sweden’s second-largest city, Gothenburg — were hoping a new buyer would emerge to salvage the brand.

Saab’s small but loyal following of enthusiasts around the world, enamored with the carmaker’s pioneering use of turbocharged engines, heated seats and quirky features — such as ignition locks between the front seats — had also not given up hope of the firm’s survival.

“Saab drivers don’t want to drive run-of-the-mill cars. They want something that is more unique, more individual, but also of a good value,” said Mike Philpott, chairman of the Saab Owners Club in Britain. “Very safe, very well-built and also slightly unique and actually a little quirky. And we like those quirky parts of Saab.”

Originally an aircraft maker, Saab entered into the auto market after World War II with the first production of the two-stroke-engine Saab 92. It soon became a household name in Sweden, and in the 1970′s released its first turbocharged model — the landmark Saab 99.

GM bought a 50 percent stake and management control of Saab in 1989, and gained full ownership in 2000. The aircraft and defense company with the same name remained an independent entity, building fighter jets and weapons systems.

Saab Automobile’s sales peaked at 133,000 cars in 2006. After that, sales dwindled to 93,000 in 2008 and just 27,000 in 2009, as GM — itself in bankruptcy protection following the financial crisis — prepared to wind down the Swedish brand.

Muller stepped in after a takeover attempt by a consortium led by Swedish sports car maker Koenigsegg failed. Analysts expressed doubt over Saab’s chances of survival under Spyker, which later changed its name to Swedish Automobile.

Spyker manufactured only a few dozen high-priced cars a year and had never made a profit. Without support from other investors, Muller’s plans didn’t seem credible, critics said.

As the liquidity crisis deepened, he turned to Youngman and Pang Da Automobile Trade Co., another Chinese automaker, for financing. Muller blamed the former administrator of Saab’s reconstruction, Guy Lofalk, for the collapse of those deals, saying Lofalk had led the Chinese investors to believe they could become sole owners of the company. Muller said he knew that was impossible given GM’s concerns about licenses.

“Until this problem arose the relationship with GM was excellent,” Muller said.

Calls to Lofalk’s office were not answered Monday.

AP Business Writer Elaine Kurtenbach in Shanghai and Tom Krisher in Detroit contributed to this report.

Copyright © 2011 The Associated Press. All rights reserved.

Despite this pessimism, the majority of males expect to receive a bonus (85%) at the end of the year compared to 81% of the 214 female respondents.

Expectations for higher remuneration in 2012 is also clear, with 68% of men and 71% of women surveyed expecting a pay rise at the end of the year. The survey also found that 77% of male respondents do not believe their salary reflects accurately their performance, whereas the figure for females is 68%.

Randstad Regional Director, Singapore & Malaysia, Ms Karin Clarke, says despite economic uncertainty in the Eurozone, Singapore remains an employees‟ market given the country‟s low 2.0% unemployment rate.

“Employers‟ can expect to see continued upwards wage pressure in 2012. While the expectation for remuneration differs between the sexes, companies should equally apply the same talent retention strategies to both men and women.
“Remaining focused on attracting and keeping top talent should remain a priority for organisations. This may mean reviewing salary and benefits in order to maintain strong and motivated talent to drive growth when the global economy recovers,” says Ms Clarke.

The survey also found that:

• 69% of employees in Singapore expect to have a higher disposable income in 2012 than in 2011.
• 71% of employees in Singapore would be willing to move abroad for a job if they were paid more.
• Yet only 49% would still be prepared to move for a job better suited to them, even if their salary remained the same.
• 71% of Singaporean workers expect to work longer than their official retirement age.

The Randstad Workmonitor
After the successful introduction of the Workmonitor in the Netherlands in 2003 and more recently in Germany, the survey now covers 29 countries around the world, encompassing Europe, Asia Pacific and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time. The Workmonitor Mobility Index, which tracks employee confidence and captures expectations surrounding the likelihood of changing employers within a six month time frame, provides a comprehensive understanding of job market sentiments and employee trends. In addition to measuring mobility, also employee satisfaction & personal motivation, as well as a rotating set of themed questions are part of the survey.
The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed), by Survey Sampling International.

Source: http://www.randstad.com.sg

The group – Humanitarian Organisation for Migration Economics (Home) – also urged the Government to, among other things, put in place a ‘specialised anti-human trafficking law’ in its statement on Sunday to mark International Migrants Day.

‘We urge the state to make our laws work effectively for the protection of migrant labour against exploitative practices and unjust working conditions,’ said Home president Bridget Tan in the statement.

The statement was issued as part of Home’s celebration lunch, which was attended by more than 500 migrant workers.

Total employment grew by 31,900 in that period. This is higher than the second quarter’s gains of 24,800, and 20,500 in the third quarter of last year.

This brings the total employment figure for the first nine months this year to 85,000, slightly higher than the gains of 82,000 in the same period in 2010.

Most of the employment gains in the third quarter of 2011 came from services (21,200), slightly higher than in the preceding quarter (20,200). Supported by public sector projects, construction workforce rose by 6,800, higher than the gains of 3,600 in the previous quarter. Manufacturing registered gains of 3,700, up from 800 in the preceding quarter.

Randstad Regional Director, Singapore & Malaysia, Karin Clarke commented: “Strong hiring in Q3 reflected seasonal demand of manpower to support year-end festivities. Singapore’s expected growth forecast of between 3 per cent to 3.9 per cent for 2012 by private sector analysts illustrates confidence in Singapore’s economy, even as some companies hold a more conservative outlook for the new year.”

The seasonally adjusted overall unemployment rate also showed a slight decline, from 2.1 per cent in June 2011 to 2.0 per cent in September 2011.

Long-term unemployment remained low. 19 per cent of the unemployed residents in September 2011 had been looking for work for at least 25 weeks, down from 21 per cent or 11,200 a year ago.

Job vacancies dropped by 3.4 per cent over the quarter to 54,000 in September 2011, but remained 7.6 per cent higher than a year ago. This is the first quarterly decline since March 2009.

Nominal average (mean) monthly earnings rose over the year by 5.4 per cent in the third quarter of 2011, but this is lower than the 6.0 per cent growth in the preceding quarter.

After taking inflation into account, real average monthly earnings slipped by 0.2 per cent, the first decline after six consecutive quarters of year-on-year growth.

“This is in line with Randstad’s Workmonitor results released yesterday which showed that the majority of survey respondents expect to receive a bonus at the end of this year despite half of respondents expecting 2012 to be more financially difficult than 2011. A large number (69 per cent) of employees expect to have a higher disposable income in 2012 than in 2011,” said Ms Clarke.

The Ministry of Manpower said: “The employment outlook for the fourth quarter of 2011 has softened, as employers turn cautious, in anticipation of weaker economic conditions ahead….Going forward, employment gains are expected to moderate, beyond the temporary rise in manpower demand during the year-end and Lunar New Year festivities.”

Ms Clarke added: “Employers will continue to see upwards wage pressure in 2012. Companies still need to remain focused on talent attraction and retention if they wish to grow. This means having a robust yet flexible human capital strategy that will see the company maintain competitiveness through challenging periods.”

Source: The Business Times

The treaty is intended to help improve confidence in the euro by tightening the coordination of the 17 euro zone economies, requiring nations to balance their budgets and cut debt.

The outline of the plan was agreed to by most European leaders a week ago, with the exception of Britain. European officials hope to reach agreement on the eight-page draft of the treaty within weeks, with Britain being offered observer status in discussions.

The treaty will enter into force “on the first day of the month following the deposit of the ninth instrument of ratification by a contracting party whose currency is the euro,” the draft states.

That means that if one country held a referendum on the treaty and did not approve it, the decision would not block others from putting it in place once nine other nations ratified it. The terms of the treaty will, however, apply to each country only when the country ratifies it.

If a euro nation fails to ratify the treaty, it would be in an “uncomfortable position” politically, said one European official who spoke on condition of anonymity.

The draft makes it clear that countries outside the euro will not be forced to abide by the treaty before joining the currency alliance, but they can opt to do so.

That makes the treaty easy for most of the nations not using the euro to accept, said one diplomat from a country not using the currency who spoke anonymously because he was not authorized to speak publicly.

Because the agreement is an intergovernmental one, rather than an amendment of a European Union treaty, any moves to make sanctions easier to impose on nations that break deficit and debt limits are complex.

Under the proposed treaty, nations would agree to abide by tougher rules than those currently laid down in the European Union treaty. If broken, that agreement could not be enforced by the European Court of Justice, though national courts could be able to do so, officials said Friday.

The treaty would require nations to write debt brakes into their national law. Summit meetings of euro zone leaders would take place at least twice a year.

Jean-Claude Juncker of Luxembourg, who leads the group of euro zone finance ministers, said he was confident that Europeans would meet a Dec. 19 deadline for arranging 200 billion euros ($260 billion) in loans to the International Monetary Fund to help bolster emergency financing for vulnerable nations that use the euro. Euro zone countries are expected to provide 150 billion euros ($198 billion), while it was hoped that nations not using the euro would contribute around 50 billion euros ($66 billion).

“Countries have to say within 10 days what’s happening, and we’re collecting this at the moment,” Mr. Juncker said Friday in Luxembourg, according to Bloomberg News. Asked if the European Union would meet this deadline, he said, “I think so.”

Source: The New York Times

Interview with Dutch DJ Chuckie

Is this the first time in Singapore?

No, I came before to Singapore, I love it here, the people are nice and the food is delicious.

This week you were in Thailand and Jakarta,  how is the Asian crowd?

It is a great crowd, mixed people, they are very on track.  I often use the microphone to listen to the crowd and the participation is rewarding.

Now at Zouk Out, is this your first time?

Yes, this will be my first time at Zouk Out. I already heard amazing stories from other colleagues DJ’s. I am really excited to play at the biggest Asian dance festival with great artists as Avicii and Armin van Buuren.

How do you stay competitive with these world famous DJ’s?

We have different styles. I like hip-hop and electronic music and that’s what I try to pass through. I try to mix and cross over into various different musical styles.

With your style you created your own brand and club in Amsterdam; do you still play at your ‘Dirty Dutch Club’ in Amsterdam?

Yes, our club has evolved the past years, from 6,000 to 30,000 visitors. The yearly Dirty Dutch end of year’s event where I play in Amsterdam RAI is already sold out. Even though I have a busy schedule and travel around the world, I am always there at the ‘Dirty Dutch ‘event.

And another album came out?

‘Who is ready to jump’ is the album called, selling very well!  I just heard one of the songs was in the top 10 in I-tunes.

More and more of these big dance events are coming up in Asia, what do you think of the electronic / dance scene in Asia?

It’s great to see how Asia’s got has developed and to see how it has its own huge electronic music scene. It’s very different from the rest of the world, but I love it. People seem to enjoy our music. Clubs and events are very well organised.

What do you think of the future of Asia in this industry?

I think Asia will raise a lot of great super-producers. You can see the scene growing at this moment. Asians are very creative – the Asian electronic music scene will get bigger and bigger, and I’m happy to witness this with my own eyes.

You grew up in Suriname, worked in The Hague, developed your own brand, have one of the biggest club in Amsterdam and are now a BBC Radio 1 DJ. Where do you see yourself in the future? 

I see myself supporting a lot of new talent in the future. I use my Dirty Dutch platform to do that. At the moment I’m trying to help guys like GLOWINTHEDARK, BetatraXx and Gregori Klosman. I want to give people the same chances I got when I first started.

Any advice you can dispense to set up your own brand and be successful?

It is like music. Try to be original, innovative and find a signature that makes you different from the rest. Talent and creativity will always be recognised. It’s just a matter of time…

The strong Singdollar and a 5.7 per cent rise in the average price of goods and services are behind Singapore’s rise up the league table, according to the latest Cost of Living Survey by ECA International.

Japanese cities took the top four places followed by Seoul.

Globally, Singapore has catapulted to 31st spot from 42 a year ago, while Japan, largely owing to the strong yen, retains its grip on the top spot as the world’s most costly location.

Reminder letters from the Government will be sent from Dec 7 onwards to those who have not signed up. Those aged 45 and above who qualify will also receive their Central Provident Fund (CPF) Medisave Top-up upon signing up.

Singaporeans may sign up either online at the Grow & Share website (www.growandshare.gov.sg) or by completing the Grow & Share form available at any Community Centre, Community Development Council or CPF Service Centre.

More than 2.4 million Singaporeans received $1.5 billion in growth dividends end October. During the same time, 1.3 million Singaporeans also received $500 million in CPF Medisave Top-ups.

Source: StraitsTimes

The world’s average download speed is 9.43 megabits per second (Mbps); in Lithuania, the country with the world’s fastest download speed, that figure is 31.52 Mbps. To put that into further perspective, the EU’s average download speed is 12.99 Mbps while the U.S. has a speed of 12.12 Mbps. But let’s get more specific, Net Index also lists the cities with the fastest download speeds, gathering information from millions of consumers across the world regarding their Internet connections. Cities have to have at least 75,000 unique IP addresses to qualify for the sampling. We’ve listed the top European metropolises here and ranked them based on their download speeds. So, where’s the fastest?

#20 Krasnoyarsk, Russia

#19 Plovdiv, Bulgaria

#18 Kharkov, Ukraine

#17 Paris, France

#16 Rotterdam, Netherlands

#15 Cluj-Napoca, Romania

#14 Helsinki, Finland

#13 Amsterdam, Netherlands

#12 Den Haag, Netherlands

#11 Timisoara, Romania

#10 Stockholm, Sweden

#9 Tallinn, Estonia

#8 Hamburg, Germany

#7 Bucharest, Romania

#6 Constanta, Romania

#5 Riga, Latvia

#4 Iasi, Romania

#3 Sofia, Bulgaria

#2 Kaunas, Lithuania

#1 Vilnius, Lithuania

Source: Business Insider

These will form part of a ‘full-fledged professional Workplace Advisory Service targeted at Singapore’s 648,000 PMEs when they become our union members’, said labour MP Patrick Tay after the launch of a book for PMEs on Wednesday.

He told The Straits Times that some of the issues they face include being sent abroad to work and their position when the company they work for is merged with or acquired by another corporation.

Mr Tay, who is NTUC’s director of legal services and in charge of the division that looks after white-collar workers, also said the labour movement is mulling over ways to be attractive to PMEs.

Source: http://www.straitstimes.com

This is mainly because of poor performance in the non-oil trade, but has been mitigated by oil exports, which expanded by 54 per cent in the last quarter.

Similarly, forecasts for the year’s non-oil domestic exports (NODX), has also been downgraded from 6 to 7 per cent, to 2 to 3 per cent. This follows a shocking fall of 16.2 per cent in exports last month, over the same month last year. The drop was due to a sharp decline in the electronics sector.

The uncertain global economy, and continued weakness in the euro zone, slow growth from the US and a moderation in the growth of Asian economies will also be factors that may affect the growth of trade. For 2012, total trade growth is expected to moderate to between 3 and 5 per cent, and NODX is expected to grow at 3 to 5 per cent.

Source: www.straitstimes.com

These and other innovations reflect the increasing pace of technological change and groundbreaking work in the region, as well as the growth of “incubators” and incentives that cities such as Singapore have offered start-ups, particularly in the fields of science and technology.

“In a way, the West doesn’t have to prove itself,” said Magdeline Pokar, one of the judges and managing director for ResearchSEA, a research-news service focused on Asia. On the other hand, Asia “always looked perhaps to the West for how things should be done. But increasingly I would say there is a lot of confidence. It’s a big industry that’s growing within the region.”

Within Asia, the work varies widely, she said. “If you sent someone from the U.K. to Japan, they’re always astounded by the level of technology,” while the work coming out of an emerging economy, such as Vietnam, tends to be “applied innovation” focused on efficiency or reusability, she said. “You can see the immediate usage of it.”

One of the biggest problems Asian entrepreneurs and researchers face is funding. “It’s quite hard, still, to just go out and set up your own company and sell things or do things,” Ms. Pokar said. “There’s not a lot of (venture capital) money out there.”

For entrepreneurs in medical-related fields, navigating the bureaucracy of regulatory approvals is another challenge, and several finalists cited it as an issue. Other finalists noted the long processes as a last major hurdle to their product reaching consumers.

Adlens Ltd., which developed the Gold-prize-winning adjustable eyeglasses, called Emergensee, distributed them to victims of the March earthquake in Japan, said Yoshinobu Nakashima, the company’s Japan president. “The product itself is born for this kind of situation.”

Soon it plans to release a new product called p.o.v. According to Adlens’s global chairman, Dean Butler, the p.o.v. glasses contain liquid-filled adjustable lenses and cover the wearer’s entire field of vision, while Emergensee is most effective when looking straight ahead or slightly to the side.

Such modifications are crucial to innovative work. “Even the best ideas need to be iterated as real-world kinks emerge,” said Adam Smith, director of product management in Asia Pacific for Google Inc., and the head judge for the Asian Innovation Awards.

“Experimentation and failure also play a role in developing products that are unexpected, useful and entirely new,” he said.

Data on research-and-development spending is often correlated in success in innovation, but there is much more that goes into cultivating ideas and seeing them through to a finished product. For small businesses in particular, data on R&D spending is hard to come by, partly because different countries track it differently.

The judging panel selected the winners from 12 finalists, which came from more than 250 entries from China, Singapore, Taiwan, Malaysia, Hong Kong and elsewhere in the region.

In Singapore, the government’s Agency for Science, Technology and Research oversees 14 research institutes. One of them, the Institute of Bioengineering and Nanotechnology, won the Silver award for its MicroKit. The portable system for quick diagnosis can be deployed during outbreaks to keep them from becoming pandemics.

IBN Executive Director Jackie Ying said the device has gone through different stages, and her team is working on a series of disease-detection products. “We hope that by having early (and affordable) diagnosis we can really benefit a big part of Asia including developing countries,” she said. “The goal is to be able to look at complex diseases like cancer.”

In collaboration with a spinoff company, SG Molecular Diagnostics, IBN plans to launch a device in the coming year that can test for at least 20 different bacteria simultaneously and handle multiple samples at the same time. Ms. Ying said her team is also working on kits for food testing.

This year’s Bronze-prize winner, developed by the Chinese University of Hong Kong and Ximplar Ltd., turns everyday consumer electronics into hearing-enhancement devices. ACEHearing, which stands for Automated Customized Enhanced Hearing, will be applied first to smartphones, either as a downloadable app or as pre-installed firmware, said Andrew Van Hasselt, one of the principal developers and chair of the ear, nose and throat department at CUHK.

“Most people just try to make do and compensate for hearing loss,” Paul Lee, a director at Ximplar, said. “What they’re not aware of is they will eventually lose economic opportunities and self-confidence.” Messrs. Van Hasselt and Lee said consumers can expect to use the technology in early 2012. They see ACEHearing being incorporated into tablets, desktop and laptop PCs and MP3 players, so that users’ hearing profiles could roam with them wherever they go.

The Technopreneur award, which goes to the entry that best applies technology with the greatest potential for commercial success, went to Toshiba Corp.’s glasses-free 3-D TVs.

The Japanese tech giant said it plans to launch a larger model of the TV in Europe and Japan toward the end of this year. Seijiro Yasuki, general manager of design and development, said that the team working on the original 20-inch version developed the product in a short time period.

In addition, he said, glasses-free devices aren’t restricted to TVs. “It is already applied to other products such as the PC,” and potentially medical devices.

Credit Suisse sponsors the AIA awards and organized Thursday night’s gala event that honors the winners. The jury was selected by Wall Street Journal staff and coverage of the event and its winners is the sole responsibility of the Journal’s news department.

Source: The Wall Street Journal 

South-east Asian leaders meet on Thursday for annual talks where they will grapple with the South China Sea territorial dispute and review signs of a flowering of reform in Myanmar.

With the euro zone lurching through a debt crisis, raising the spectre of the region’s export markets drying up, there will also be pressure on the 10-member bloc to speed the integration of its potentially huge common market.

The Association of Southeast Asian Nations (Asean) leaders’ talks will move into Saturday’s East Asia Summit of 16 nations plus new members the United States and Russia.

President Barack Obama’s presence on the Indonesian resort island of Bali, which is hosting the back-to-back summits, comes as Washington rolls out a diplomatic campaign to assert itself as a Pacific power.

Source: http://www.straitstimes.com

The Singapore National Employers Federation sent out an official letter to inform you as a member about the upcoming  Re-employment law and to offer you our assistance so that you can get your company ready for the new law on time.

Dear Members

With this letter I would like to remind you of the upcoming Re-employment law and to offer you our assistance so that you can get your company ready for the new law on time.

The Retirement and Re-employment Act will be effective in less than three months from now on the 1st January 2012.

The objective of the law and guidelines is to enable employers to retain workers after 62 and up to 65 in a sustainable manner. Whilst the law lays out clearly the employers’ obligations , the  Tripartite Guidelines provide for ways in which employers may adapt its employment terms so that most employees can and will be retained beyond 62. Re-employment as compared to a straight raise of the retirement age provides us employers with the necessary flexibility, whereas we know from other countries that an increase of retirement age is very rigid.  

Teams from SNEF and/or NTUC would be happy to work with you to prepare your company for the re-employment law in the following ways:

1. Provide consultation and advice to align your existing re-employment policies with the Tripartite Guidelines
2. Assist you with funding through the ADVANTAGE! Scheme for job/work process/workplace redesign and WSQ HR re-employment training  

The Workgroup on Employability of Older Workers has been reaching out to employers to prepare them for the upcoming legislation. To date we have engaged directly 900 companies and assisted them to align their re-employment policies with the Law and the Tripartite Guidelines on Re-employment of Older Employees. Please feel free to ask any question and to seek our help. It is important for Tripartite relations to get re-employment started smoothly. 

Please feel free to contact Mr Lee Yew Cheong, Senior Manager at SNEF at Tel (DID): 68276939 or email: yclee@snef.org.sg on how we may assist.

For more information on re-employment and to download a copy of the Tripartite Guidelines on re-employment of older employees, please visit the re-employment website at www.re-employment.sg.

Yours sincerely,

Alexander Melchers

Vice President, SNEF and Singaporean-German Chamber of Commerce & Industry (SGC)

And Chairman

Tripartite Implementation Workgroup on Employability of Older Workers

ABN AMRO Private Banking was last night highly commended in the ‘Best Private Bank in Europe’ category of the Global Private Banking Awards 2011 organised by The Banker and Professional Wealth Management magazines, part of the Financial Times Group.

The awards evaluate private banks for their ability to deliver trusted advice, due diligence and risk management, as well as design efficient asset allocation strategies and bespoke portfolio solutions. Award winners must also be able to demonstrate their ability to attract and retain client assets.

A distinguished judging panel included senior representatives from Scorpio Partnership, Lenz & Staehlin, Fox Partnership, PricewaterhouseCoopers, AITE Group, Create Research and MilleniumAssociates. Yuri Bender, Editor in Chief of Professional Wealth Management, said: “ABN AMRO Private Banking’s performance in the last year shows that it is a rising force once more. The judges were impressed by the bank’s asset growth relative to its peer group, pan-European ambition and clear strategic plan. The bank was also praised for its high conviction and cross-border investment ideas, hedge fund capabilities and socially responsible investment tools.”

Jeroen Rijpkema, Chief Executive Officer of ABN AMRO Private Banking, said: “This award is first and foremost a tribute to the long term relationship we have with so many private banking clients across Europe and to the ongoing commitment of our staff. ABN AMRO Private Banking comprises some of the oldest and most trusted private banking brands in Europe and is committed to strengthening its top 3 position in the Eurozone, as well as accelerating its growth in Asia.”

ABN AMRO Private Banking is the international wealth management division of ABN AMRO Bank with EUR164 billion of assets under management, offering over 120,000 high net worth individuals a full range of banking, investment management, financial and estate planning products and solutions.

It operates in 12 countries worldwide employing over 4,000 professionals and includes the respected private banks ABN AMRO MeesPierson in the Netherlands, Bethmann Bank in Germany and Neuflize OBC in France. ABN AMRO Private Banking has one of the largest research and strategy teams of any private bank, with 40 analysts covering all major asset classes based in Amsterdam, Geneva, Zurich, Frankfurt, Paris, Singapore and Hong Kong.

Source:  www.abnamro.com and www.privatebankingawards.com/

ABN AMRO announces the opening of new offices in selected key locations for clients of the bank’s Energy, Commodities & Transportation (ECT) business. Today, a new office in Dallas will be opened and the bank also intends to reopen ECT focused offices in Moscow and Shanghai in the coming year. In addition, current banking activities for these sectors will be expanded in Sao Paulo.

In the last 18 months ECT has re-established its local presence in several countries to enhance client coverage. ECT is headquartered in Amsterdam and is now supported by a network of 10 international offices in Athens, Dallas, Dubai, Hong Kong, London, New York, Oslo, Rotterdam, Sao Paulo and Singapore. ABN AMRO’s overall international network spans 23 countries and territories.

Gerrit Zalm, Chairman of ABN AMRO, said: “Our dual international strategy is to support the activities of Dutch clients around the world, while also building the global client franchises of our ECT, Private Banking and Clearing businesses.  ABN AMRO has a long heritage and strong competitive positions in ECT, which will be strengthened by re-establishing our presence in selected key locations for clients, as well as by leveraging our combined expertise across these three leading global businesses.”

Harris Antoniou, CEO of ECT at ABN AMRO, said: “Our sector approach combines physical proximity to clients, alongside involvement in every part of the commodity value chain from extraction to distribution. Deep sector knowledge and product expertise enable us to service clients across the financing spectrum. The ECT business has supported world trade over many centuries and today it gives us exposure to global demand for commodities, as well as economic growth throughout developing markets.”

ABN AMRO has recruited a highly regarded energy banking team from UBS Investment Bank for the new office in Dallas, which will focus on building the bank’s US and international reserve-based lending, as well as oil and gas secured financing.

ECT offers standard and structured banking services to global clients in sectors such as commodity and trade finance, shipping, oil and gas. These include asset-backed and working capital facilities; structured commodity and pre-export finance; letters of credit, collections, guarantees and counterparty risk financing; cash management and electronic banking.

The bank is seeking to grow its merchant banking relationships with ECT clients, to complement its strength in lending. It continues to build its principal finance activities and is developing its foreign exchange and rates risk management offering, as well as commodity brokerage and clearing services.

ABN AMRO’s historic involvement in ECT industries dates back to 1720 and the development of international trade and shipping by Netherlands based finance houses that formed MeesPierson, the Rotterdam based bank which rejoined ABN AMRO in July 2010.

Source:  www.abnamro.com

2011 set a record for regulatory reforms that boost business conditions, among emerging-market and developing economies in particular, the annual ‘Doing Business’ survey of 183 countries found.

After Singapore, rounding out the top five and unchanged from 2010 were, in order, Hong Kong, New Zealand, the United States and Denmark. Among the major emerging economies, China was middle-ranked at 91st, ahead of Russia (120th), Brazil (126th) and India (132nd).

For the report, the World Bank gathered information on changes in legal frameworks, administrative procedures and technical obstacles in launching or expanding a business.

Source: www.straitstimes.com

Source: http://www.damen.com.sg ]]> http://www.dutchcham.sg/in-memoriam-of-pieter-d-h-kalis/feed 0 http://www.dutchcham.sg/executive-director-change-at-the-dutch-chamber-of-commerce-s http://www.dutchcham.sg/executive-director-change-at-the-dutch-chamber-of-commerce-s#comments Sat, 01 Oct 2011 23:00:27 +0000 admin http://www.dutchcham.sg/?p=2494 After two very busy and extremely successful years, our Executive Director, Richard Canneman will leave the DutchCham to devote his...
read more...]]> After two very busy and extremely successful years, our Executive Director, Richard Canneman will leave the DutchCham to devote his time to his IT company. During his tenure; membership grew from 63 to 132 members, readership of the DutchCham website and monthly newsletter exceeded our wildest expectation with more then a thousand subscriptions and a loyal following of those interested in the DutchCham and other business and cultural issues relating to The Netherlands, expat rumors and local info published on a regular basis. On behalf of the Board of Directors, our Founding Members and corporate and private members we thank Richards for his tireless pursuit of our goals and targets!

We are happy to announce that Houda Helal will become Richard’s successor as Executive Director as of October 1st. Houda, a graduate of the Rotterdam
Business school, joins us from a varied working background that includes working for the Dutch Protocol Bureau, The International Criminal Court
in The Hague, l’Oreal and recently The EuroCham in Singapore where she was responsible for Marketing and Events.

Houda can be reached at the DutchCham e-mail address: houda.helal@dutchcham.sg

Exemption for foreign sourced permanent establishment generated income. Under the proposed legislation all foreign sourced permanent establishment generated income (either profits or losses) will be excluded from the Dutch head office taxable base.
The 30% allowance rule will be amended. Currently foreign employees with specific skills under certain conditions can benefit from the 30% allowance scheme under which 30% of their income would be tax exempt for Dutch income tax purposes. Previously, if all the other conditions are met, Dutch nationals could benefit from this allowance when returning to the Netherlands after having spent more than 10 years overseas. Under the new 30% allowance scheme Dutch nationals would only qualify if they have resided/worked overseas for more than 25 years. Transitional rules apply.

Anti-abuse provisions for dividend withholding tax for distributions by Dutch cooperations. Currently distributions from a Dutch cooperation are not subject to Dutch dividend withholding tax. Under the proposed legislation dividend withholding tax will be due if the cooperation is solely interposed to avoid Dutch dividend withholding tax.

For more information: www.voskamplawyers.com

Source: Voskamp Lawyers

Singaporean workers are underwhelmed by their managers‟ leadership which lacks inspiration and motivation, according to the Randstad World of Work Report 2011/2012.

The report found that more than half of employees (53%) see a manager‟s ability to motivate and inspire others as the single most important attribute of a successful leader, yet 51% rate their direct manager‟s ability in this area as poor or average.

Randstad Regional Director, Singapore & Malaysia, Ms Karin Clarke, says the Singapore findings highlight a divide between what is expected of leaders and what is being delivered.

“With continued economic uncertainty in Europe and the United States, companies know they must deliver their growth plans. Yet they are hindered by the challenge of finding talented leaders that can achieve sustainable, long-term results,” says Ms Clarke.

This year’s Randstad World of Work Report includes findings from a survey of 1350 people (including 400 business leaders) in Singapore. The research is part of Randstad‟s annual Asia Pacific study of 8200 people that gathers perceptions of employees and employers to better understand the human capital challenges existing today.
The report found that three-fifths (59%) of employers say developing leadership skills for the next phase of growth was their biggest productivity challenge.

“To bridge the leadership gap, organisations must be committed to building a culture that fosters leadership. This includes promoting continuous learning and creating an atmosphere where engaged and talented people aspire to leadership roles,” Ms Clarke says.

This year’s report also found when it comes to trust, a large majority of employer respondents (80%) trust their organisation’s leaders, while over a third (37%) of employees don’t.

Ms Clarke says this suggests trust may be more readily fostered among middle managers who are likely to be involved in strategic planning and have direct contact with senior leaders.

“The good news is that more employees rate recognition (34%) and having a strong understanding of how their role contributes to achieving organisational goals (21%) more highly than salary and remuneration (15%).”

In the next 12 months, 57% of employers surveyed will offer leadership and career development, and 55% will offer general training and development to retain employees.

Ms Clark says to truly overcome these challenges, business leaders need to adopt comprehensive attraction, engagement and retention strategies, informed by industry trends and research.

“To remain competitive and lead in ever-changing market conditions, employers need to strike a balance – they need to get it right with the employers they have, while attracting talent for the next phase of growth.”

Other key findings of the research include:

• Top employer concerns were attracting talent for the next phase of growth (28%), retaining top talent (16%); and managing wage pressure and salary concerns (13%). Yet 56% of those surveyed rate their organisation‟s ability to meet these challenges as average or poor, 41% as good, and just 3% as excellent.
• Employees are demanding higher wages, not only as a reward for their performance but also to keep pace with higher inflation and increased living costs. Over the next 12 months, 18% of respondents expect a salary rise of up to 4%, 36% a 5 to 10% rise and 39% more than a 10% rise.
• 75% say that filling critical vacancies created by employee turnover or business expansion is the biggest productivity challenge for the next 12 months.
• 48% of employees rate their organisation‟s ability to attract top talent as good, with only a handful (7%) rating their ability as excellent.
• 56% of employers say they have ideas that could improve productivity but 53% believe their organisation doesn‟t have an effective process to capture ideas for business improvement or innovation.

Visit www.randstad.com.sg for further information.

On Tuesday 20 September from 14:30-17:00 a graduation ceremony will be held for the Bachelor of Maritime Operations, and Bachelor of Business Administration specializing in Transportation Management, a cooperation between Maritime Institute Willem Barentsz (Terschelling) of the Netherlands and Singapore Maritime Academy.

DutchCham board member and head of the Maritime Transportation & Logistics Committee Rob Mars will be guest of honour and deliver a graduation address.

This year 25 students will graduate in the 2 Bachelor programmes. The intake for the new study year is 18 students, and they are

already at the Netherlands campus to start their Stage B today (12 Sept). 　They will be back in Dec 2011 and will begin their internship from Jan 03, 2012. It would be great if some of the students could have their internship with a Dutch maritime company.

The full time study encompasses about 18 months at the Singapore Maritime Academy and MIWB Terschelling, and includes a traineeship and completing a thesis. The program is in place since 2006 with growing enrollment numbers; the graduates are well appreciated and have been able to quickly launch their careers in Maritime, Transportation and Logistics companies in Singapore.

For more information, or reservation of a place at the Graduation Ceremony please contact Pauline Koong by email PAULINE.KOONG@SP.EDU.SG or at Singapore Polytechnic, Singapore Maritime Academy, 500, Dover Road, Singapore 139651

Tel: 68706173

Fax: 67721958

The cost of living across Asia continues to accelerate, with inflation in Hong Kong at a 16-year high.

In Singapore, the inflation rate is going up, when forecasters said it would come down.

Meanwhile in China, inflation is running at a 3-year high.

ADB said while containing inflation should remain an economic priority, central banks generally have it under control.

Douglas Brooks, assistant chief economist, Asian Development Bank, said: “We are optimistic in what we have been seeing from the central banks, that they do happen to have inflation firmly in their targets and they are addressing it.”

That may mean fewer interest rate increases as the economic slowdown works to temper inflation and lower oil prices.

Wellian Wiranto, an economist at HSBC, said: “We keep on getting headlines about global growth concerns. And global growth concerns would feel more acute at this point. It’s hard to picture oil prices from picking up too much.”

Oil prices have fallen some 15 percent from around US$100 a barrel just a month ago.

ADB said inflation will continue to rise in developing Asia and food inflation, not oil, is the bigger concern.

Source: ChannelAsia.com

More information 

The 10-member grouping has a vision to create an ASEAN Community comprising the pillars of political security, economy, and socio-cultural values by 2015.

ASEAN senior officials met on Monday to lay the groundwork before the 44th ASEAN Ministerial Meeting, which opens on Tuesday in the resort island of Bali.

One of the agenda items is to review ASEAN’s efforts so far in realising a single community. It seems progress has not been fast enough.

ASEAN has just four years left, and time is not on its side.

ASEAN secretary-general Surin Pitsuwan, said: “The implementation has to be faster…I have been trying to encourage every member state that we do not stop at the ratification of the agreements, we will have to go down to the actual implementation. So, in the end…how do you translate what has been agreed at the regional level, down to the national implementation.”

Dr Surin said he wants to do more to put pressure on member states to speed up ASEAN’s integration process.

During the meetings, ASEAN foreign ministers are also expected to touch on security issues in the region. These include the border spat between Thailand and Cambodia, as well as disputes in the South China Sea.

Parts of the South China Sea contain some of the busiest shipping lanes in the world and are believed to be rich in oil and gas. They are being claimed by Brunei, China, Malaysia, the Philippines, Taiwan and Vietnam.

Dr Surin said: “There is also a sense of urgency that we need to send out the right signals…to the world that ASEAN and China can manage our differences, because this issue has been an issue of high anxiety, not only for us in the region, in East Asia, but also in the global community.”

The meeting of ASEAN foreign ministers is expected to bring the regional grouping and China a step closer to finalising a Code of Conduct in the South China Sea.

In Bali, ASEAN foreign ministers will also be meeting their dialogue partners, as well as take part in the East Asia Summit (EAS), and the ASEAN Regional Forum (ARF)

Source: ChannelNewsAsia

Programme Partners for the Singapore challenge are: Royal Boskalis Westminster, Singapore-Delft Water Alliance, PUB Singapore, National University of Singapore, Royal Netherlands Embassy in Singapore and Deltares.

Planning
1. Official launch of the challenge on the 6th of July by Ambassador Johannes W.G. Jansing (during SIWW)
2. Campus promotions: August-September 2011
3. Deadline registrations: 15 October 2011
4. Deadline proposals: 15 December 2011
5. Grand Final in Singapore: January/February 2012 (to be announced)

Do I need to pay to participate?
No, participation is free. Also, when you are invited for the semi-final presentations or the Grand Final, we will cover all your travel and accommodation expenses.

What is the award I can win?
The overall winner of the Challenge will be awarded with the Singapore-Netherlands Sustainability Award, which consists of an extensive internship or research project in Singapore and/or the Netherlands. In addition, individual business case winners will be awarded by the Programme Partners.

How to participate?
Click here to read everything about the registration process.

More information
For any additional questions, please email to waterchallenge@foreigntalent.nl (in Dutch, English or Mandarin).

For more information: http://www.hollandwaterchallenge.nl/

Minister for the Environment and Water Resources Dr Vivian Balakrishnan opened the Centre on Wednesday, the first of its kind in Asia.

The Aquatic Science Centre will be studying in-depth issues – such as whether there is a soil and plant type that can affect the quality of rainwater and what types of sediments best clean rainwater – with scientists, sociologists and even policy makers working together.

The aim is to be able to develop sustainable solutions for urban freshwater management.

Water quality tests – even from the nearby Ulu Sungei Canal – are an integral part of the work.

The 34-metre long bioflume with an adjustable wall is Asia’s first such experiment facility. Its barricade can be expanded up to five metres wide, depending on what experiments researches want to conduct. The facility also allows for the speed of water to be adjusted and plants to grow, so as to find out what types of plants can help mitigate floods while cleaning stormwater.

Costing S$6.4 million, the centre is a joint initiative among the National University of Singapore, national water agency PUB and Dutch company Deltares.

Dr Balakrishnan said: “This is work being done, not only between countries, not only between universities, and private sectors, but also across the different fields of engineering, biology, chemistry, and medicine, and public health. ”

He added: “New investments by water companies over the past five years will double the industry’s share of GDP to Singapore to S$1.25 billion, and create additional jobs.”

The centre is also open to the public from 8:30am to 6pm on weekdays.

Source: ChannelAsia

Prime Minister Lee Hsien Loong gave this assessment when he was tapped for advice he could give to other countries, at a Singapore International Water Week dialogue yesterday.

Saying that he hesitated to give advice because every city’s problems are different, he added: ‘But I think the most important thing may not be the water itself but the ability of the city to administer effective water policy.’ Only with effective governance in place, PM Lee noted, will governments be able to clean up slums, connect houses to sewers, charge for water supply and punish water theft.

In Singapore’s case, he said the country had planned its water strategy over many years, built reservoirs and catchment areas, studied desalination and dreamt of turning Marina Bay into a reservoir.

When new technology became cheap enough to turn salt water into fresh water and remove pollutants from the river affordably, the city-state invested in it, he told the 1,500-strong audience, including water ministers and leaders, at the Suntec Singapore International Convention and Exhibition Centre.

Source: SIWW 2011

Figures released today during a press briefing organised by the Delegation of the European Union to Singapore, also show that:

• The EU was Singapore’s largest supplier of goods in 2010 with a share of 12.3% of Singapore’s total imports.
• The EU is the most significant source of Foreign Direct Investment (FDI) in Singapore.
• The EU’s FDI stock amounted to S$173 billion in 2009 (latest available figure), representing 30% of all the accumulated FDI.
• The EU has also a considerable business presence in Singapore with more than 8,500 European companies, supported by the European National Business Groups.
• The EU is the ASEAN’s second overall trading partner and ASEAN’s largest foreign investor. Considering ASEAN as a single trading entity would make it the 5 th largest trading partner of the EU, representing 5.2 % share of the EU’s total external trade.

Singapore is by far the largest trading and investment partner of the EU among the ASEAN countries.

Background The EU Delegation to Singapore annually gathers data and statistics on trade and investment between Singapore and the EU, where it takes a “health check” on trade relations between the two. The strong trade ties the EU has with Singapore are of particular significance in the current period of financial and economic recovery. The ongoing Free Trade Agreement (FTA) negotiations between the EU and Singapore, launched in March 2010, are a proof of the importance both parties attach to further deepening their economic relations.

The EU is the world’s largest economy with 28% of the world’s GDP and 501 million consumers.

The EU is the world’s largest trading block, the world’s largest investor, and the world’s prime investment destination. Further it has a single market, a single tariff and a single set of rules.

For more information please contact: Luenne Choa, Press Officer, Delegation of the European Union to Singapore
Tel: +65 6336 7919 / Mob: +65 9694 9110
Email: luenne.choa@eeas.europa.eu

In running one of the most popular Wine Lounge/Diners in Singapore the biggest complaint on busy nights is always “There’s not a chair left to sit on ?”
So they decided to Open another outlet on the East Coast at Katong Village.

Wine BOS Katong has exactly the same concept and items available as Wine BOS Klapa. This then includes Bitter Ballen of course.
A couple of extras however are the ease of parking and a single Hall capable of seating over 100 guests.
It is therefore ideal for Corporate parties and Dinner & Dances and as always over 150 different wine labels are available.

Their policy of buying 2 bottles and getting one free continuous to be a very popular attraction, especially since the bottles you may not finish at dinner
Can be taken home or kept at Wine BOS for 2-4 weeks to be consumed upon your return.
Owner Charles Stephan mentioned that it was about time the East Side obtained a relaxing wine lounge for everyone there to be able to Chill and not spent the Earth on one bottle of wine. Most wines are priced between $30 to $60 and with the buy2 get 1 free promotion it really does become an excellent deal.

Wine BOS Katong will also continue to show the football and other sporting events as well as have their favourite promotions such as $9 steaks on weekends and half price Pork Knuckles.
It has started it’s soft opening to test the kitchen and operational equipment. And will be ready to go by July 1.

Wine Bos @ Katong Village
86 East Coast Rd
Katong Village
Tel.: 634 88 098

With 45 offices located throughout the region, the company plans to invest and grow its Asia Pacific business over the next three to five years.
The regional headquarters in Singapore will bring Randstad closer to its clients and candidates, facilitating the company‟s growth in Asia Pacific at a time when growing demand for skilled labour is rapidly increasing.
Randstad Managing Director, Asia Pacific, Ms Deb Loveridge said, “All indicators tell us that now is the right time for Randstad to develop a regional hub in Singapore. We believe Asia‟s labour markets will continue to grow as the region‟s economies expand and develop.
“The gradual economic shift east, towards the Asia Pacific, has resulted in many international companies, like Randstad, stepping up investment and placing greater strategic importance on the region, especially as regional GDP and consumer demand growth rates outperform those in other regions. The increased international focus on the region will intensify the competition among employers to attract and retain the best talent.
“Strategic human resources management can help overcome some of the biggest human capital challenges facing these economies today, including critical skills shortages, leadership gaps and an increasingly mobile workforce. Serving this growing demand in Asia is a key plank in Randstad‟s strategy to grow in the region,” she said.
Mr Kelvin Wong, Executive Director for Professional Services at the Singapore Economic Development Board (EDB) said EDB welcomes Randstad‟s decision to make Singapore its regional headquarters.
“Randstad‟s decision to set up its Asia Pacific headquarters here is a strong vote of confidence in Singapore. It will help strengthen Singapore‟s position as a home for talent, where companies can leverage on Singapore as a centre of expertise to attract, develop and retain talent for the Asia Pacific region.”
Randstad has 20 years of experience in the Asia Pacific, with an established network of strong local partnerships, history of best practice and commitment to HR knowledge development in Singapore and the region.Ms Loveridge said Singapore was a strategic choice for the development of its regional headquarters.
“Singapore is a leading global business centre with a strong and established international and local business community. The city-state is also widely recognised for its business-friendly regulation, its stable and secure environment, and high standards of living.
“This, coupled with its close geographic proximity to important markets like China and India, make it the ideal home-base for our business in the Asia Pacific,” Ms Loveridge said.
About RandstadRandstad is a Fortune 500 Company and one of the world‟s largest recruitment & HR services providers, with Asia Pacific operations in Singapore, Malaysia, Hong Kong, China, Australia and New Zealand. Specialising in temporary, contract and permanent staffing across the widest range of specialist industry sectors and professions, the Randstad Group employs almost 675,000 people every day with the aim of „Shaping the world of work‟.

Visit www.randstad.com.sg for further information.

If you would like to exhibit and be part of the European Pavilion, please contact EuroCham at +65 6836 6681 or email : matteo.vezzosi@eurocham.org.sg

1) a business network (for you to connect to other businesses)
2) a platform (for you to showcase your area of expertise).

The DutchCham will provide value to its members partially through the committees. We are in the process of setting up a media committee, focusing on digital interactive media, and would like to know if and how we could provide you with value through the DutchCham.

As such we ask you to fill out underlying questionnaire that we’ll use to determine our focus for the media committee.

The survey consists of merely 5 questions, taking less then a minute of your time.

Thank you very much in advance and take the survey

Dates and Fees

27 June to 1 July 2011
Fee: SGD 7,480 (exc. GST)

For Dutch Cham Members only : 15% discount applies on attendance fee if registration occurs by 6 June 2011.

For Enquiries, please contact Rachel Ma at 6516 8342 or bizmsstt@nus.edu.sg

Automotives: 11:30-12:30 – Wednesday, 8 June
Pharmaceuticals: 16:00-17:00 – Wednesday, 8 June
Legal services: 17:00-18:00 – Wednesday, 8 June
ICT: 17:00-18:00 – Thursday, 9 June

Kindly confirm attendance to Ms. Tuyet Doan (tuyet.doan@eurocham.org.sg).

Please note; The photo gallery below might take up to 60 seconds to load due to the amount of pictures.

12 May Launch of DAIS – Dutch Artists in Singapore –  between 18h00 and 21h00.

Going Dutch Furniture Group Pte Ltd
474- 476 River Valley Road
Singapore 248359

Blue World Carbon (BWC), the fast growing international company in the field of carbon credit development, trading and advisory services, announces the launch of a new Singapore based regional headquarters to facilitate its planned rapid expansion in the Southeast Asian markets. The new office will have a head start due to the recent joining into BWC of the Caspervandertak Southeast Asia team, based out of Singapore.

The team’s move into BWC will ensure a rapid start for BWC’s regional operations, as it provides for immediate in-house experience and a vast network, along which BWC plans to rapidly expand its foothold and project pipeline in the Asian carbon markets. Target areas are CDM projects and programmes (PoA’s) in the Renewables, Energy Efficiency and Methane Avoidance sectors in markets like Indonesia, Vietnam, Thailand and the Philippines.

BWC is headquartered in Belgium (Brussels) with offices in Russia, Ukraine, South Africa and Singapore, with further planned expansion into Southeast Asia. Its global team of professionals offers comprehensive carbon solutions to clients in the renewable energy and energy efficiency sectors in both the CDM and JI market.

Together with Climate Change Global Services (CCGS), the leading carbon development company in the Former Soviet Union (FSU), BWC is majority owned by the Russian-Dutch private equity firm 4RCap. 4RCap has a strong background in the energy sector; the activities today range from operating oil assets, wind turbine manufacturing, solar film, sector media & intelligence, to one of the world’s largest greenhouse complexes for flower production.

BWC’s global coverage and vast expertise will provide its clients with optimized solutions, allowing them to take full advantage of opportunities created by the current Kyoto Protocol’s CDM, as well as any post-2012 CDM/ Carbon Trading successor.

For further information please visit the website:
www.blueworldcarbon.com

Lee also assured that the government would work hard on its own with “a population of passive but engaging Singaporeans in the more difficult decisions and trade-offs which governing Singapore involves”.

Foreign Minister George Yeo along with cabinet minister Lim Hwee Hua and senior Minister of State Zailnul Abidin Rasheed, a sitting member of parliament Cynthia Phua and newcomer Ong Ye Kung lost the Aljunied GRC by a margin of 9.4 per cent to WP. WP leader Low led party chairman Sylvia Lim, and first timers Muhamad Faisal Abdul Manap, corporate lawyer Chen Show Mao, and postgraduate law student Pritam Singh in defeating PAP for the first time in the GRC, a unique grouping parliamentarians in electing minority representation from the pre-dominantly Chinese population in Singapore.

Overall, PAP received 60.14 per cent of the total votes from the 2.05 million voters and WP took 12.82 per cent.

The rest of the votes were taken by the other contesting parties – National Solidarity Party which took 12.04 per cent, Reform Party 4.28 per cent, Singapore Democratic Alliance 2.8 per cent, Singapore Democratic Party 4.83 per cent, Singapore People’s Party 3.1 per cent.

A total of 2.057 million or 93.06 per cent of the 2.21 million Singaporeans voted yesterday.

The PAP, in power since 1959 under the stewardship of Lee Kuan Yew, held 82 of the 84 seats in the last parliament elected in 2006, with vote support of 67 per cent. Singapore, rated among the world’s top commerce, trade and financial centers, is projected to post an economic growth of between four per cent and six per cent this year, a follow on to last year’s 14.5 per cent, having rebounded strongly from the global economic meltdown of mid-2008 and 2009. Singapore got independence in 1965 from Great Britain.

Source: http://ibnlive.in.com/generalnewsfeed/news/singapores-ruling-party-sweeps-elections/676832.html

Queen’s Day is a national holiday in the Netherlands and the kingdom’s other constituent countries, Aruba, Curaçao and Sint Maarten, on the 30th April (or on the 29th if the 30th is a Sunday). Queen’s Day celebrates the birthday of the Queen of the Netherlands and is supposed to be a day of national unity and “togetherness” (Dutch: saamhorigheid). The tradition started on 31 August 1885, on the birthday of Princess Wilhelmina, later Queen Wilhelmina. Since 1949, after the accession of Queen Juliana, Queen’s Day is Queen Juliana’s birthday on 30 April. Although Queen Beatrix’s birthday is on 31 January, she officially celebrates her birthday on 30 April.

Queen’s Day is known for its “freemarket” (Dutch: vrijmarkt) all over the country, where everybody is allowed to sell things in the streets. Other activities during Queen’s Day are children’s games, individual musical performances, and music concerts. The night before Queen’s Day is celebrated too in most cities, and this is called Queen’s Night (Dutch: Koninginnenacht). The largest celebration of Queen’s Day is in Amsterdam, Queen’s Night in The Hague and Queen’s Dance (Dutch: Koninginnedans) in Rotterdam. During the celebrations as reference to the colours of the House of Orange-Nassau, people dress in the colour orange, which is sometimes called “orange craze” (Dutch: oranjegekte).

Voskamplawyers family law department covers a wide range of subjects with a focus on the cross-border aspects. Such as:

• Drawing up of cohabitation contracts in an international context
• Advising on pre-nuptial agreements
• Divorce related advice in connection with children, housing accommodation, establishment of partner and child alimony, pension settlement, partition of property
• Estate planning to facilitate tax efficient transfer to future generations

VoskampLawyers is a boutique law firm with offices in Singapore and Amsterdam. The firm was founded in 2009 with founding partners from PwC and Loyens & Loeff.

Since August 2010 VoskampLawyers is the largest Dutch law firm in the South East Asian region.

For more information: www.voskamplawyers.com

From 13 May to 16 June the exhibition will be open to the public.

This is a first collaboration by the artists, who also conceptualised and founded the platform. Hailing from diverse artistic fields are: Frances Alleblas (drawing), Marcel Heijnen (photography), Caroline Mars (painting), Gonneke Verschoor (ceramics) and Monica Winnubst (sculpture/installation). The exhibition will showcase the artists’ fine art works in Going Dutch’s stunning showroom of design furniture from leading Dutch brands. The multi-disciplined works proved to be a unique challenge for the curator, Sandra Heijnen, owner of visual concepts and design outfit, Palette, and will surely delight any art connoisseur or appreciator.

The DAiS founders and artists first met in November 2010 to discuss the opportunity to strengthen their presence in the arts in Singapore. Thinking further, the artists realised that as a recognised group, it would be more effective for them – and other artists – to engage in the arts business and reach out to wider audiences here in Singapore and internationally.

As a collaborative platform, DAiS aims to support and involve its members through meetings, exhibitions and business networks to meet its objectives. Membership is open to any visual artist and art professional from the Netherlands based in Singapore. DAiS also plans to engage with other artist groups and organisations in Singapore as well as abroad for cultural and professional exchange.

For information, preview and interview requests, please contact:
Gonneke Verschoor +65 96287423 or Frances Alleblas +65 93588187

Email: mail@dutchartists.sg
website: www.dutchartists.sg

Exhibition
DAiS @ Going Dutch from 13 May to 16 June 2011
Tue-Sat 10.30am-7pm, Sun 11am-6pm

Opening exhibition
Date: Thursday 12 May 2011
Time: 6 to 9pm
Venue: Going Dutch – Showroom
474-476 River Valley Road, Singapore
Ilse Bergmans +65 90276612
website: www.goingdutch-group.biz
RSVP before 5 May 2011: mail@dutchartists.com

Paving the way for more technologically advanced container terminals in Singapore, the Maritime and Port Authority of Singapore (MPA) and PSA Corporation Limited (PSA) jointly launched the Port Technology Research and Development Programme today through a Memorandum of Understanding (MOU).

The MOU was signed by MPA Chief Executive Mr Lam Yi Young and Mr Tan Puay Hin, Regional CEO Southeast Asia, PSA International. The signing was witnessed by Permanent Secretary, Ministry of Transport, Mr Choi Shing Kwok, who was the Guest-of-Honour at the opening ceremony of the International Maritime-Port Technology and Development Conference 2011, which was held in conjunction with the 6th Singapore Maritime Week. Joining Mr Choi to witness the signing were Mr Lucien Wong, Chairman of MPA and Mr Fock Siew Wah, Group Chairman of PSA International.

The five-year Port Technology Research and Development Programme will focus on three broad areas, namely automated container port systems, advanced container port optimisation techniques and technologies, and green port technologies. The Programme will see MPA, PSA, equipment and technology providers, local institutes of higher learning and other companies coming together to develop advanced port technologies for Singapore’s container terminals.

MPA will fund the Programme with up to S$10 million over five years from the Maritime Innovation and Technology Fund (MINT Fund). PSA, together with local institutes of higher learning and other industry partners will provide co-funding and in-kind resources of up to S$10 million over the same period.

A key project that would be undertaken by PSA under the new MOU is the development of Automated Guided Vehicles (or AGVs) for future container terminals to reduce manpower and improve port productivity. PSA will also seek and adapt new technologies to develop more intelligent systems that will streamline port planning processes and operations. These seek to further raise the value-add of employees and overall productivity.

“For the world’s busiest transhipment hub, technology is vital in ensuring that its terminal customers are served seamlessly, efficiently and effectively round the clock. Through this Programme, MPA hopes that Singapore will continue to be at the forefront of technology in port operations and services adding to its development and growth as an international maritime centre,” said Mr Lam.

Said Mr Tan, “This MOU Programme will create new opportunities for collaboration with MPA and our industry partners to jointly develop more innovative port management solutions and tools. PSA is fully committed to propel itself to reach higher levels of productivity and effectiveness to serve our customers.”

Part of Encore! (The European Season in Singapore), the EUFF aims to foster closer cultural exchange between Europe and Singapore, and will also feature several short films from NTU’s School of Art, Design and Media

The festival will also play the Dutch movie: ‘Oorlogswinter‘

The Dutch Embassy gives each Dutch Organization 5×2 tickets to ballot amongst their members.

If you would like to take up this opportunity to go to the opening of the festival on the 5th of May please contact Ms. Marta Fiocco.

Carrying business cards and loaded with sixty seconds elevator pitches 22 DutchCham members attended the first DutchNet breakfast.

Each participant met 21 other valuable decision makers and professionals.  We encouraged each to pass referrals that actually turn into business while drinking morning coffee and enjoying a full breakfast whilst still in time for your daily routine.

Next DutchNet breakfast is on the 24th of May 2011, click here to register

Hosted at Suntec Singapore the 3rd Annual General Meeting showed an overview on the accounts and events of 2010 presented by Chairman Mr. Pieter Idenburg.
The Dutch Chamber of Commerce again as a healthy company aspires, set ambitious goals for 2011; increasing their membership base, strategic partnerships and events for the coming year. Most notable was that the chamber after its free membership drive doubled its memberships from 66 to an account of 148. Also was told to the attending members the plans up until 2012 and the progress so far.

Also an update was given on the four currently populated committees of DutchCham in 2010: Water, Energy, Media and Biomed as well as the plans to initiate another 3 committees before the end of 2011 in the following areas: Maritime, Transport & Logistics, Nutrition and Design.

After the 45 minutes presentation and 15 minutes Q&A members were able to network and mingle with food and drinks provided by our accommodation sponsor: Suntec Singapore

Professor van Lieshout is currently chairman of the project: “How will we earn our living twenty years from now?” This report focuses on the question how prosperity can be assured in the Netherlands in the future.

Economic policy in the recent period has been largely generic, focused on creating favorable conditions for businesses and investors, supplemented with specific policies for key sectors of the economy. Questions are again being asked about how adequate these policy instruments are in a changing world. This in turn raises the question how the Netherlands views its economy, which instruments it wishes to use for its economic policy, and how much policy space remains in a world where the global and regional interdependence between countries are increasing. The project group will seek inspiration from neighboring countries such as France, the UK and Norway as well as from more distant examples in countries such as Singapore, South Korea, Malaysia, Brazil and Chile.

In Singapore, the Professor met government officials, business people and academics to discuss these issues. The Embassy of the Kingdom of the Netherlands organized the programme and accompanied the Professor during his meetings.

More information about the project can be found via this link: http://www.wrr.nl/english/content.jsp?objectid=5596

All members are invited to attend this meeting. Apart from the presentation of the 2010 accounts during this meeting DutchCham shall present the new strategy and business model for 2011-2012.

Those members who (i) wish to stand for election as a member of the General Committee or (ii) wish to add any other items to the Agenda are requested to notify the undersigned in writing at the latest by Monday 4th of April 2011.

Please RSVP

We are very much looking forward welcoming you.

The event will bring together CEOs and top management of some of the innovative and forward thinking companies from Singapore and Netherlands along with key opinion leaders in the sustainable technology sector to deliberate on the key challenges and opportunities arising out of the global push for sustainability.

Due to late cancellations we have 2 seats left: Free of Charge (first come, first serve basis)

For more information please send an email to Richard Canneman (richard.canneman@dutchcham.sg)

The Tsunami waves caused major destruction in northern Japan. Trains have been shut down across the country and current estimates are 1000+ people have died. You can help with your donation.

Ammado.com Dutch Chamber of Commerce (S) member has setup up a platform for the Japan Earthquake and Pacific Tsunami Relief.

Your gift to the American Red Cross will support disaster relief efforts to help those affected by the earthquake in Japan and tsunami throughout the Pacific. On those rare occasions when donations exceed American Red Cross expenses for a specific disaster, contributions are used to prepare for and serve victims of other disasters.




General tax changes for businesses
20% corporate tax rebate, capped at SGD 10,000. Qualifying small and medium sized enterprises (SMEs) will receive for the Year of Assessment (YA) 2011, the higher of the 20% rebate or a cash grant amounting to 5% of the company’s revenue, capped at SGD 5,000. To qualify for the cash grant SMEs must have made CPF contributions in YA 2011.

The Productivity and Innovation Credit (PIC) has been increased to an enhanced tax deduction of 400% of qualifying expenditure incurred. This is subject to a cap of SGD 400,000 for each activity (up from respectively 250% and a cap of SGD 300,000 in 2010). Furthermore, qualifying expenditure in the periods YA 2011-2012 and YA 2013-2015 can be combined for increased flexibility in planning of investments. The PIC covers six areas: R&D; Approved design; Acquisition of IP; Registration of IP; Purchase/Lease of Automation Equipment; and Training of employees.

Per 1 January 2011 a foreign tax credit (FTC) pooling system will be introduced which can reduce tax payable for companies remitting foreign income to Singapore from foreign jurisdictions. Under certain conditions, FTC can then be computed on a pooled basis for each particular stream of foreign income (FI) remitted into Singapore, instead of computed per source.

GST zero-rating measures are introduced or expanded for the marine, biomedical and logistics sectors, will be effective from 1 October 2011.

The stamp duty relief rules on the conversion of an existing firm (an ordinary partnership) to an LLP are now extended to cover the conversion of an existing company to an LLP, subject to meeting qualifying conditions.

Key tax changes for businesses in financial sector
Effective from 1 April 2011, interest and other qualifying payments made by banks and other approved or licensed financial institutions to non-resident persons (excluding permanent establishments in Singapore) for the purpose of their trade or business will be exempted from withholding tax.

The tax exemption schemes for Captive Insurers, Specialised Insurers and Marine Hull and Liability Insurers will be extended.

Key tax change for businesses in maritime sector
With effect from 1 June 2011, the Maritime Sector Incentive (MSI) will be introduced to streamline and enhance existing maritime tax incentives. There are three categories under the new MSI, international shipping operations, maritime (ship or container) leasing and supporting shipping services. In addition to the existing arrangement of tax exemptions on qualifying income or concessionary tax rates, a new benefit includes the eligibility to, subject to conditions, automatic withholding tax exemption for interest payments on foreign loans for the construction or purchase of ships.

Personal tax changes for individuals
A one-off personal income tax rebate of 20% that is capped at SGD 2,000 will be granted to all residents for YA 2011.

The marginal income tax rates for the first SGD120,000 of chargeable income has been reduced. All Singapore resident taxpayers will pay less income tax, it is expected that the largest (percentage) tax savings will be made by middle-income earners.

Miscellaneous
The employer CPF contribution rate will be raised per September 2011 by 0.5 percentage points, bringing the total CPF contribution rate to 36%. Moreover, the CPF salary ceiling will be increased from $4,500 to $5,000 per month starting September 2011.

Under the Global Trader Programme (GTP) an approved GTP company is granted a concessionary tax rate of 5% or 10% on its income from qualified trades in a specified list of derivative instruments. From YA 2012, the GTP will be expanded to include all derivative instruments, including for example interest rate swaps and foreign exchange derivatives.

The tax incentive scheme for Trustee companies, under which Trustee companies can enjoy a concessionary tax rate of 10% on qualifying activities, will be enhanced. The provision of trustee and custodian services in respect of the issue of units of foreign Collective Investment Schemes and foreign Business Trusts will be included in the list of qualifying activities with effect from 1 April 2011.

Under the Finance and Treasury Centre Incentive (FTC) a company can enjoy a concessionary tax rate of 10% on income derived from undertaking qualifying activities and providing qualifying services to approved Local Network Companies (LNCs). The total annual revenue of the Singapore LNCs must not exceed 10% of the Group’s annual total revenue globally. This 10% of total revenue requirement will now exclude related party transactions.

To reduce compliance costs stamp duties on most of fixed duty and nominal duty documents are removed.

Source: Voskamp Lawyers: www.voskamplawyers.com

Mr Lim said this in Parliament during the debate on the estimates for the Ministry of Trade and Industry (MTI). He said at the economy level, Singapore must move towards higher value-added industries. This is part of the ongoing restructuring of the economy, shifting from low value-added activities to higher value-added activities and growing new clusters.

At the sectoral level, Mr Lim said the nation must move up the value chain within existing industries.

The ministry will work with companies that have made headway in their productivity efforts and these companies will serve as productivity champions and help demonstrate the value of productivity improvements to the rest of the sector. Mr Lim said Trade Associations and Chambers also have a key role to play as champions for productivity. The ministry will continue to engage them through the Local Enterprise and Association Development (LEAD) programme, which offers sectoral-based, customized assistance that target unique industry needs.

At the firm level, the government has enhanced the Productivity and Innovation Credit to further encourage companies to invest in activities that foster productivity and innovation. It is also reaching out to companies, including smaller firms, to ensure they get the message.

Finally, at the at the individual level, Mr Lim said it is important that workers continue to upgrade themselves, and take advantage of the many avenues in the Continuing Education and Training system to do so.

Source: Channelasia.com