Subsidised GP scheme expanded to benefit more Singaporeans

More Singaporeans will benefit from subsidised general practitioner (GP) healthcare from Sunday with the expansion of the Community Health Assist Scheme.

The scheme formerly known as the Primary Care Partnership Scheme has been changed to better reflect its objective and reach.

From Jan 15, qualifying income for the scheme has been raised from the current $800 to $1,500 per capita monthly household income.


The age criteria for eligibility will be lowered from 65 to 40 years old. Patients under the scheme will pay subsidised rates at specialist outpatient clinics when referred by GPs under the scheme.

Banks in Singapore scramble for share of deposit pie

Banks here, especially foreign ones, are getting into the seasonal spirit by offering higher interest rates on deposits as they usher in Chinese New Year.

But some market watchers say the banks' motives for handing out 'red packets', to gain a share of the deposit pie after bonus season, may be far from festive.

They say some banks may be scrambling to stockpile cash just in case the global banking system seizes up again as it did in 2008 and 2009.

Banking analyst and head of research at CIMB, Mr Kenneth Ng, said: 'There is an aggressive hunt for deposits. Banks are offering rates considerably higher than the Singapore Interbank Offered Rate (Sibor), especially the foreign banks.'

What some banks are offering

• HSBC

Enjoy 0.8 per cent and 1 per cent per annum on eight- and 12-month Singdollar and US dollar term deposits.
Fresh funds of at least $25,000 and up to $5 million in either currency, deposited from now until Feb 29, will qualify for the promotion.

• UOB

Customers who place an additional sum of $10,000 from now till Feb 29, can enjoy an interest rate of 0.628 per cent a year. The $10,000 can be deposited incrementally throughout the promotional period.

• ANZ

Interest rates that increase at the end of every three-month cycle, starting at 0.7 per cent for the first three months, and up to 1.5 per cent for the fourth quarter, if at least $150,000 is held for a 12-month tenor.
Different rates apply for amounts less than $150,000.

• OCBC

The first 1,000 customers who deposit at least $68,000 will receive a two-piece abalone gift set. The first 380 who deposit $368,000 or more, will receive a six-piece abalone set.

Car COEs dip in Jan 1st bidding

SINGAPORE - Certificates of entitlement saw a fall in prices for most categories at the end of the first bidding exercise of the year at 4pm today.

Premiums for Cat A (cars 1,600cc and below and taxis) were on a downward trend, dipping for the fourth bidding exercise in a row.

It closed $46,889, a 6.2 per cent drop compared to the last bidding in December 2011.

Cat B (cars above 1,600cc) COE premiums fell by a similar margin. It dropped six per cent to end at $65,801.


The open category dipped by a slightly bigger margin of 7.5 per cent to close at $65,700.

COEs for commercial vehicles ended lower at $38,699.

However motorcycle premiums rose by 14 per cent to $1,689.

COE PREMIUMS TO RISE

Most distributors are expecting COE premiums to rise in 2012 because of a smaller quota.

Based on the current rate of deregistered vehicles, the number of Cat B COEs is expected to fall from about 353 per tender to 325 between February and July next year, a recent Business Times report said.

The new vehicle population quota that will kick in from August to January 2013, the second half of the quota year, will reduce that number even further: to 250 per bid.

However the situation could be different for small cars. The first half of the quota year -- February to July -- will see an increase from 550 COEs per bid to 600, the report said. The number will then fall from 600 to 455, based on the current scrappage.

DBS/POSB customers hit by unauthorised ATM withdrawals

SINGAPORE - DBS is investigating several hundred cases of unauthorised withdrawals from POSB/DBS accounts allegedly made from Malaysia in what could be a large scale bank fraud.

A local news source reported that when last checked at 8pm today, about 200 customers had reported unauthorised withdrawals from their bank accounts to DBS.

The average amount withdrawn is believed to be about S$1,000.

The Straits Times reported that the bank is combing through all transactions made in Malaysia to validate them. In the meanwhile, the bank has deactivated cards suspected to have been compromised.

Several Singaporeans have been writing in to citizen journalism website Stomp complaining of unauthorised withdrawals from their bank accounts from Malaysia.

The spate of unauthorised withdrawals appear to have affected just POSB and DBS account holders for now.

One reader, who gave his name as Dennis, said he found out a sum of money had been withdrawn from his account, with the withdrawal done in Malaysia, and made a police report on January 4.

Dennis told Stomp that there has been a number of cases where money was withdrawn suspiciously from DBS and POSB bank accounts over the last few days. Those affected include cardholders with ATM cards as well as those holding debit cards.

He added that he noticed that in all the cases, the ATM cards remained in possession of the owners, who did not leave the country, but the withdrawals took place in Malaysia.

One victim, Ms Lin, told a news channel that she was told by DBS that the unauthorised transaction had been made on a Malaysian ATM machine around the same time she was withdrawing her money.

Facebook user Amanda Goh posted on her profile that her POSB account had been "hacked" into, with four transactions made from overseas ATM machines.

The withdrawals added up to $2,000 over a two day period, she wrote. She added that she has no internet or paypal accounts.

Another reader Ricky Ng wrote in to warn those with DBS and POSB accounts to check their bank accounts for money suspiciously withdrawn.

"Be alert as a few of our fellow Singaporeans have already fallen prey to this," he said.

In response, DBS has launched investigations and will also be alerting customers if any unusual activity is detected on their accounts.

The bank further said all customers will be fully compensated within 24 hours for any false transaction.

In response to media queries, the police confirmed that they have received several reports of unauthorised withdrawals being made from POSB and DBS bank accounts.

The Commercial Affairs Department of the Singapore Police Force is investigating the matter.
The public is advised to check their bank accounts, and if they believe unauthorised withdrawals have been made, to lodge a police report via the Electronic Police Centre (ePC) at http://www.spf.gov.sg/epc/ or at any Neighbourhood Police Centre.

The report should include the date, amount, location and transaction description for each unauthorised withdrawal.

In addition, bank account holders are also advised to report the matter to DBS.

Any customer who suspects their ATM or debit card has been compromised should contact the bank at 1800-220-1111 or visit any bank branch.

A replacement card will be issued on the spot at any of its branches, DBS said.

How to turn your $1,000 into $1 million

Sounds too far-fetched? We'll show you how, if you have a grand to spare.

It won't be easy - but it's not impossible. With some stocks growing more than a few hundred times since their IPO prices (think: Apple), it's quite possible!

The key is in spotting the cash cows early. Here are the signs to look out for.

1. SUSTAINABLE COMPETITIVE EDGE

Look for a company with an economic "moat" of some sort, says Paul Larson, an equity strategist. The company should continuously outdo competitors and maintain profits.

A company's "brand power" could give it a steady edge. People trust Coca-Cola, so they're willing to pay more money for it, even though a generic cola is essentially the same.

2. OWNERSHIP OF A DEMOGRAPHIC

Look for a company that's targeting a particular market.

If it's well positioned to dominate, the odds of success are good, says Andy Obermueller, a portfolio strategist.

If a company has potential access to an underserved market, it also has access to untapped wealth.
Take Urban Outfitters. It created a blueprint of expensive sweatshirts and denim that tapped a valuable market of affluent youth.

3. SCALE

The business has to have the potential to grow, grow and then grow some more, says Obermueller.

When you find a company with a market that seems endless and a product that is innovative, you likely have found a winner.

Consider Green Mountain Coffee. It jumped on the Keurig cup idea early and captured much of the market.

4. DISRUPTIVE TECHNOLOGY

Look for patents - a company's ownership of intellectual property gives it pricing power.

The archetype for disruptive technology is a drug company with no revenue - and no product but a strong drug in development.

When that drug is granted US Food and Drug Administration approval, the company can become a billion-dollar business, says Obermueller. This happened with Genentech in the early 1980s.

Singapore's economy grew by estimated 4.8% in 2011

The pace of growth of the Singapore economy eased in the fourth quarter of 2011, the Ministry of Trade and Industry said on Tuesday.

According to advance estimates, the economy grew by 3.6 per cent on a year-on-year basis in the fourth quarter of 2011, compared to the 5.9 per cent growth in the third quarter, the MTI said in a statement.

On a seasonally-adjusted quarter-on-quarter annualised basis, the economy contracted by 4.9 per cent, following the 1.5 per cent gain in the previous quarter.

MTI said that for the whole of 2011, the economy is estimated to have expanded by 4.8 per cent, in line with its growth forecast of around 5.0 per cent for the year.

S'pore's economy to grow 1-3% in 2012

SINGAPORE - Singapore's economy is expected to grow by one to three per cent in 2012, said Prime Minister Lee Hsien Loong in his New Year message yesterday.

Mr Lee explained that as a small, open country, Singapore will inevitably be affected by the debt problems in Europe as the external environment is uncertain and 2012 looks to be a difficult year for the global economy.

In 2011, Singapore achieved a 4.8 per cent economic growth.

The prime minister also highlighted that the tightening inflow of foreign workers will also slow economic growth.


"Admitting fewer foreign workers also means forgoing business opportunities and accepting slower growth," said Mr Lee. Adding that, Singaporeans must raise productivity, "to make up in quality what we will miss in quantity".

However, Mr Lee said: "Overall, we have every reason to be confident and optimistic."

"Amidst this flux, we need to be confident of our position, and clear about our priorities and plans to build a better Singapore," he emphasised.

The government is working hard to tackle the immediate challenges and the long-term issues to improve Singaporeans' lives.

Among pressing issues, the government is committed to keeping homes affordable to all Singaporeans. In 2012, PM said that there will be another 25,000 new launches of BTO flats.

The government will also redouble efforts to improve the public transport system and expand the train and bus network. He said that more MRT lines are on the way and bus services will be enhanced to improve the daily commuting experience.

In the long run, the prime minister pledged to keep healthcare affordable and accessible, enhance the education system and uphold inclusive growth and social mobility.

Mr Lee noted that population is a "particularly complex and critical challenge," which will be discussed over the year, so that Singaporeans can better understand what is at stake and what choices we must make as a nation.

"I am confident that in a changing world, we will continue to bond as one people and walk shoulder to shoulder into a brighter tomorrow," said Mr Lee, as he wished Singaporeans a happy new year.