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The_King

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  1. https://www.instagram.com/p/C45F0ldAfU9
  2. Hong Kong has increased the income tax paid by anyone earning over $640k and above to 15%, but compared to Singapore, Hong Kong looks generous. In Singapore, income tax is 15% from $89k and 22% from $237k and above. As the cost of living in Singapore rises, this increasingly matters. Last year's Mercer Cost of Living survey put Singapore in second place to Hong Kong as the most expensive city in the world for expats. In 2022, Hong Kong was still ranked first, but Singapore was ranked sixth. Hong Kong has always been expensive. But the gap with Singapore is closing, and it's suddenly an issue. Hong Kong bankers say the island nation's cost of living is a key reason why they wouldn't countenance moving there now. "It would take a really significant career opportunity to get me to Singapore," says a managing director on the trading floor at one European bank in Hong Kong. "The cost of living there is just too high, plus Hong Kong is where all the action is. Singapore is more boring - there's no real excitement there," he considers. It's a perspective that's been voiced to eFinancialCareers before. In January 2023, Hong Kong bankers suggested to us that Singapore was "expensive and dull." This was after the pandemic, when Hong Kong bankers escaped strict COVID rules by moving to Singapore. Since then, many have moved back, and the cost of living in Singapore has risen further. "The attraction of Singapore has died off," says another managing director with decades of experience on Hong Kong trading floors. "Anyone who wanted to leave has left, and it's no secret that Singapore has become quite expensive in terms of housing and taxes. Singapore's immigration rules there have also been tightened due to their own political issues, plus it's all small scale in Singapore and that's not everyone's cup of tea." One Hong Kong equity strategist tells us that he too wouldn't go to Singapore now because it's "in a bubble." - "The cost of living is higher than it used to be in Singapore - you'll pay more there for accommodation and for schooling, so it's better to live in Hong Kong," he says. Like the other financial services professionals, he also favours Hong Kong for its broader lifestyle. "I don't mind a two or three-day trip to Singapore for shopping and eating, but there's not much else to do there," he says. "In Hong Kong there are mountains, hiking, national parks, beaches and Shenzhen all a stone's throw away. I'd be bored stiff living in Singapore." https://www.efinancialcareers.com/news/hong-kong-bankers-want-to-live-in-singapore
  3. SINGAPORE – Former transport minister S. Iswaran was handed eight new charges in court on March 25. These are under Section 165 of the Penal Code, which makes it an offence for public servants to accept gifts from someone involved with them in an official capacity. When asked by District Judge Brenda Tan, Iswaran – who now faces 35 charges in total – said he pleaded not guilty to the additional charges. On March 25, the Corrupt Practices Investigation Bureau (CPIB) said in a statement that Iswaran had allegedly obtained, as a public servant, valuables with a total value of about $18,956.94 from a Lum Kok Seng. Iswaran had allegedly known him to be involved in business that had a connection with his official function as Minister for Transport. These alleged offences were committed between November 2021 and November 2022. According to charge sheets, the items include bottles of whisky, golf clubs and a Brompton bicycle that cost $7,907.50. The business transacted involved a contract between Lum Chang Building Contractors and the Land Transport Authority for addition and alteration works to Tanah Merah MRT station and existing viaducts. The website of Lum Chang, a property management, interior design and construction firm, lists a Mr Lum Kok Seng as its managing director. The firm’s construction arm, Lum Chang Building Contractors, has taken on multibillion-dollar civil, building and infrastructural projects in Singapore, including being the main contractor for Bukit Panjang station along the Downtown Line. Iswaran arrived in court on March 25 at about 8.20am with members from his legal team from Davinder Singh Chambers. Speaking to the media gathered outside the court, he said: “Sorry you all had to get up so early this morning.” As he walked towards the court trailed by members of the media, one of them tripped and fell. Iswaran helped him pick up his belongings. Chief Prosecutor Tan Kiat Pheng told the court that the purpose of March 25’s hearing was to tender eight additional charges against Iswaran and transmit the new charges to the High Court. Mr Navin Shanmugaraj Thevar, one of Iswaran’s lawyers, questioned why the new charges were tendered only now, and if the prosecution intended to file more charges against his client. Mr Thevar said the prosecution recorded 36 cautioned statements from Iswaran in January 2024 but only handed the former minister 27 charges at his first court hearing on Jan 18. “The eight new charges today were not part of the 36 (cautioned statements),” the defence lawyer added. A cautioned statement sets out a notice for an accused person to provide his defence in response to an offence he is being charged with. Mr Thevar added that the eight new charges related to matters that the CPIB had questioned Iswaran over in July and August 2023. He said: “On March 16, three days before the criminal case disclosure conference (CCDC) at the High Court, CPIB called my client in and he was served eight new charges.” During a CCDC, the prosecution and defence disclose information about the case to facilitate the trial process. He added: “When Mr Iswaran asked CPIB when the charges would be brought in court, he was told a decision had not been made.” Chief Prosecutor Tan said in response that all charges tendered against Iswaran were based on evidence uncovered by CPIB and they had been reviewed by the Attorney-General’s Chambers (AGC). He added that the State Courts was not the right forum for such issues and urged the defence to raise them in the High Court instead. Iswaran, 61, was charged at the State Courts on Jan 18 and his case was later transferred to the High Court. A chambers hearing was fixed for April 2 for the prosecution and the defence to exchange information ahead of the trial. Those who have ongoing High Court cases will have to return to the State Courts if additional charges are filed against them. Iswaran initially faced 27 charges, including two for corruption. The corruption charges relate to alleged bribes obtained from billionaire Ong Beng Seng as inducement for advancing the hotel and property tycoon’s business interests in relation to agreements between race promoter Singapore GP and the Singapore Tourism Board (STB). Mr Ong, who is chairman of Singapore GP, is credited with bringing the Formula 1 Grand Prix to Singapore. Iswaran initially faced 24 counts under Section 165. He is the first reported person to be charged under the section. These charges are for allegedly obtaining, as a minister, items with a total value of more than $200,000 from Mr Ong between November 2015 and December 2021. These items include tickets to the Singapore Grand Prix, football matches and musicals in Britain. Iswaran was also handed a charge of obstructing the course of justice for allegedly making repayment of $5,700 in May 2023 for the cost of a business class flight ticket that he purportedly took in 2022 at Mr Ong’s expense. Iswaran was elected in 1997 as an MP for West Coast GRC, where he served for 26 years. He was promoted to full minister in the Prime Minister’s Office in 2011. He resigned from the People’s Action Party in January and stepped down as transport minister and West Coast GRC MP. Following his court appearance on Jan 18, Iswaran issued a statement declaring his innocence and said he would focus on clearing his name. He was granted $800,000 bail. He was allowed to leave Singapore from Feb 16 to March 4 to help his son settle in at a university in Melbourne. The prosecution imposed several conditions to this application, including additional $500,000 bail and having to provide the investigation officer with his itinerary and his address overseas. ST had reported that during his trip, Iswaran was admitted to private hospital Cabrini Malvern for respiratory illness. He was advised by his doctor not to travel for 12 days following his discharge from the hospital in Melbourne on March 5. He returned to Singapore and surrendered his passport to the authorities, the AGC said on March 20. On Feb 5, Minister-in-charge of Trade Relations Grace Fu told Parliament that STB was conducting an audit of the 2022 edition of the Formula One Singapore Grand Prix, following allegations of corruption against Iswaran. She said that to safeguard Singapore’s interests, the Ministry of Trade and Industry was also reviewing the terms of the deal between STB and Singapore GP to organise the F1 night race here. For each corruption charge, Iswaran can be fined up to $100,000, jailed for up to seven years, or both. He can be fined, jailed for up to two years, or both, for obtaining valuable items from someone he had business dealings with as a public servant. For obstructing the course of justice, he can be jailed for up to seven years, fined, or both.
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  5. https://fb.watch/q-SItOjSIc/
  6. SINGAPORE: A total of 64 suspected drug offenders were arrested in an islandwide operation from Mar 18 to 22, during which more than 11kg of cannabis and other drugs were seized. Several teenagers were among the suspects. The youngest was a 17-year-old student, said the Central Narcotics Bureau (CNB) in a media release on Saturday (Mar 23). The student was among a group of four teenagers arrested at a flat at Compassvale Walk in Sengkang on the morning of Mar 18. About 16g of Ice, a digital weighing scale, numerous empty plastic packets and other drug paraphernalia were recovered from the bedroom of an 18-year-old. “Preliminary investigations found that the 18-year-old was involved in suspected drug trafficking activities and was assisted by the two 19-year-old suspects,” said CNB. Other areas covered during the islandwide operation include Ang Mo Kio, Woodlands and Yishun. CNB officers intercepted a car along Yishun Avenue 2 on Mar 21 and arrested the 40-year-old driver and his passenger, a 32-year-old man. About 10kg of cannabis, 1kg of Ice, 10g of ketamine, 82g of Ecstasy, 46 LSD stamps and 3,812 Erimin-5 tablets were found in the car. Officers then raided their homes at Sembawang Close and Woodlands Street 81. More drugs were found, including nearly 1.5kg of cannabis and 19 bottles of liquid suspected to contain GHB. Altogether, the drugs seized during the islandwide operation were worth about S$555,000 (US$411,000). "The seizure of about 11,467g of cannabis and 1,336g of Ice can feed the addiction of about 2,400 abusers for a week," said CNB. Commenting on the arrests of the teenagers, CNB’s director of enforcement Saherly Limat said this is a “worrying sign”, citing an Institute of Mental Health survey which found that more than 41 per cent of those who abused drugs started before the age of 18. The average age that drug users in Singapore start taking illegal substances is about 16 years old, according to the survey. “Early education and intervention from parents are thus crucial. We urge all parents to engage your child early – be the compass to guide them towards a drug-free life,” he added. Source: CNA/gs
  7. SINGAPORE - For housewife Lilian Law, 74, hailing a taxi from the roadside is "not possible" these days as fewer taxis are on the roads. The senior citizen does not have or know how to use ride-hailing apps, and has "no choice" but to get a cab from Parkway Parade's taxi stand on her return home from grocery shopping. She takes public transport to get to the mall in Marine Parade as there are no taxi stands near her home in Tanjong Rhu. Despite the widespread use of ride-hailing apps, Ms Law is among a sizeable number of passengers who still rely heavily on taxis and street-hail services, most of whom are seniors, tourists and people without ride-hailing apps. The authorities recently announced moves, as part of a review of the point-to-point transport sector, to arrest the decline in Singapore's taxi fleet. Regulations will be adjusted to lower operating costs for operators, including reducing inspection frequency for some newer taxis and extending the statutory lifespan of non-electric cabs from eight to 10 years. This comes as Singapore's pool of taxis and the proportion of street-hail rides - when a taxi is flagged down on the streets or hired at taxi stands - have tumbled. Only 12.3 per cent of point-to-point journeys in January 2024 were street-hail trips, compared with 22.4 per cent in January 2021, according to the latest Land Transport Authority statistics. The rest were ride-hail trips made via app or call bookings. In January 2024, there were 74,000 street-hail trips daily on average, a fraction of the 527,000 ride-hail journeys. There were 13,485 taxis in that month, a decline from 15,888 taxis in January 2021. While the proportion of street-hail rides has fallen, taxis and street-hail services remain important, Senior Minister of State for Transport Amy Khor said during a debate on the Ministry of Transport's budget on March 5. She added that taxis are critical in places such as airports and ferry terminals, and provide an important supply of rides, especially late at night when it is more difficult to get a private-hire car. 'Not easy to get a taxi' Over the last 1½ weeks, The Straits Times' interviews with 34 taxi passengers showed that those who use street-hail services regularly include tourists, seniors, parents with young children and the price-conscious. At Changi Airport on the evening of March 21, ST counted 45 people waiting for taxis at Terminals 1 and 3, with a longer queue of 35 passengers at Terminal 1. Tutor Sheila Viswanathan, 48, was waiting for a cab at Terminal 3. She said getting a taxi there was more convenient than booking a private-hire car through ride-hailing apps such as Grab because of its immediacy and minimal wait time. Seniors, such as a 78-year-old retired teacher who wanted to be known only as Ms Foong, do not know how to download or use ride-hailing apps. Ms Foong said: "For an old lady like me, how am I supposed to know anything about pressing (my phone) to get a Grab?" But it is also "not easy to get a taxi" these days, she said, adding that it is common to wait at least 15 to 20 minutes for one at a taxi stand during off-peak hours, even in the city area. Calling for a taxi via a taxi hotline or hailing one from the roadside "is even harder", as there are fewer cabs on the roads. Parents of young children, like Ms Cho, 35, who requested not to be identified by her first name, turn to street-hail rides when they travel with their kids, since taxis are exempt from the law that requires children under 1.35m to be secured using booster seats in vehicles. Ms Cho, who is between jobs, said child-friendly trips on ride-hailing services are more expensive and harder to get. As for booking rides on GrabFamily, Grab's child-friendly service, with an appropriate child seat for her son, she said she needs to wait at least 10 minutes longer and pay at least $10 more than for a taxi trip. To avoid the longer wait and higher fares, Ms Cho would occasionally book a regular private-hire vehicle and bring her own child seat, but some drivers get "really angry" as it takes awhile for her to install the seat. Payment executive Phuong Dao, 29, a Vietnamese tourist, said he prefers getting a cab because of the ease of hiring one from taxi stands. He said he would stick to taxis since he did not want to put himself through the trouble of keying new payment method details into the Grab app. Others, like company owner Tim Kusuma, 44, avoid using private-hire vehicles and have not downloaded ride-hailing apps. Some private-hire vehicle drivers, he said, could be "sensitive" about their own cars, so he would rather use taxis, all of which are "treated as commercial... rather than personal". Then there are the price-conscious. Accountant Ros Osman, 32, said ride-hailing services cost about twice as much as street-hail rides on average. Citing her sister-in-law's trips from Bukit Merah to Outram as an example, a taxi ride costs $8 or $9, while a ride-hailing trip can set her back by $16 or $17. Ms Ros also said it is "very rare" to see a taxi near her home in Bukit Merah, and it is "quite hard" to flag one down by the roadside. She gets a cab this way only once every two weeks. Investment executive Wahidha Maideen, 50, said she takes taxis during the evening rush hour, as ride-hail options can be exorbitant due to peak-hour price surges. She added that it is "impossible" to flag down a taxi in town. Majority of cabbies' trips from apps Trans-Cab driver Francis Seah, 68, is an outlier among his peers, as he has not signed up with any ride-hailing app to obtain bookings. The veteran cabby of 20 years is not in favour of the practice of "picking and choosing customers" based on whichever mode offers higher fares, be it street-hail trips, taxi hotline bookings or assignments from ride-hailing apps. There is "no honesty" in doing so, he said. Similarly, ComfortDelGro taxi driver Noor Hamzah, 41, has been taking only street-hail trips and taxi hotline bookings throughout his nine-year stint as a cabby. He refuses to use ride-hailing apps, as he believes the flat-fare system offered by some is unfair to both drivers and commuters. But most of the 14 taxi drivers ST interviewed reported that street-hail rides take up just 5 per cent to 20 per cent of the trips they complete daily. ComfortDelGro cabby Nelson - who wanted to be known just by his first name - said he accepts street-hail rides only from tourist spots and areas with location surcharges. These include places such as the city area and Gardens by the Bay. The 39-year-old usually turns to street-hail jobs when demand is low on ride-hailing apps. Mr Song, a Strides Premier taxi driver in his 40s who spoke to ST on condition of partial anonymity, said he prefers ride-hailing app bookings as they come in one after another. This saves him a lot of time and effort as he does not have to "roam around aimlessly and waste petrol" looking for street-hail passengers. He picks up passengers on the streets only when it is quiet on the apps. Ride-hailing fares, he noted, can be twice the price of street-hail rides at certain times, such as during the morning rush hour. Mr Sanchez, 41, a Trans-Cab cabby who has been driving a taxi for 11 years, mostly accepts bookings from various ride-hailing platforms because it is a "take and go" situation, and he does not have to wait around for customers. In March so far, he has picked up just one passenger from a taxi stand, with the rest of his trips being sourced from apps. Still, Mr Sanchez said he gets to pocket all trip earnings from street-hail rides but has to pay high commission fees to the various ride-hailing platforms for app bookings. So he still prefers to take a mix of rides. Street hailing still key Despite the dwindling number of street-hail trips, taxi operators said such services are still vital. Mr Neo Nam Heng, chairman of diversified motor group Prime, which operates Prime Taxi, said street-hail rides are a necessity for some passengers to get around. Mr Neo said limousine taxis, for instance, cater to the needs of tourists at Changi Airport and the Singapore Cruise Centre in HarbourFront. These tourists typically travel in big families and carry luggage. Prime Taxi has about 200 limousine taxis in its fleet of 530 cabs. To revitalise the taxi industry, Mr Neo proposed an increase in financial support through tax concessions for taxi operators and injecting new blood into the industry by allowing permanent residents above the age of 50 to drive taxis. At present, only Singaporeans aged 30 and above qualify for a taxi driver's or private-hire car driver's licence. Mr Tommy Tan, chief executive of ComfortDelGro Taxi, Singapore's largest taxi operator with about 8,700 cabs, noted that street-hail rides "fulfil a vital niche" in the point-to-point transport sector, particularly for seniors, tourists and people without access to mobile apps. Adding that further change is necessary to create a level playing field for taxis, Mr Tan said ComfortDelGro hopes the Government can consider more measures to reduce operating costs and lower barriers for drivers wishing to join the industry. The company declined to elaborate further when asked. Ms Jasmine Tan, general manager of Trans-Cab, said there is still a market for street-hail rides. She added that her company, which has about 2,100 cabs, is observing and monitoring the market before deciding on further steps to improve the uptake of street-hail services. Strides Premier, majority-owned by SMRT subsidiary Strides Holdings, declined comment. MP Yeo Wan Ling, adviser to the National Taxi Association and National Private Hire Vehicles Association, said it is essential to consider the ways in which the ride-hail and street-hail business models converge. This includes exploring the feasibility of unifying the use of the various pickup points and taxi stands at airport terminals, and allowing private-hire cars to use taxi stands. She also said the associations will work with taxi and platform companies on driver earnings. Singapore Management University Assistant Professor Terence Fan, who specialises in transport issues, said having taxis roam busy locations is a form of "soft power" that puts Singapore on a par with other cosmopolitan cities such as London and New York City. He added that taxi operators should encourage their drivers to ply the streets with the promise of potential customers, through methods such as providing prospective passengers with information on the availability and expected wait times of street-hail services in different locations. Associate Professor Walter Theseira, head of the urban transportation programme at the Singapore University of Social Sciences, pointed to the relevance of street-hail services at key places with robust taxi-stand infrastructure, such as shopping centres and hospitals. But the problem lies with lower revenues from street-hail services than from ride-hailing trips, which discourage drivers from picking passengers up at taxi stands. "So it is not just an issue of where demand is - it's also about making the demand pay, relative to ride hail," said Prof Theseira.
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