Keeping the financial regulators on their toes



Initially as director and now as managing director of the GAO’s financial markets and community investment section, Brown and her staff have issued dozens of reports examining the flaws and offering recommendations to improve the $700 billion Troubled Asset Relief Program (TARP) bailout fund, the Wall Street regulatory reform law and the initiatives to prevent housing foreclosures.

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Property tax rebate for most HDB flat owners






SINGAPORE: All one- and two-room owner-occupiers of HDB homes do not need to pay property tax in 2013, similar to 2012.

For a majority of other HDB flat types, the property tax bill for 2013 will increase by between S$40 and $50, after taking into account a new S$40 rebate.

The increase in property tax comes after the revision of Annual Values (AVs) of HDB flats with effect from 1 January 2013, reflecting the rise in market rentals.

To mitigate the increase in the property tax payable by lower and middle-income households as a result of the AV revision, the government will give a one-off rebate of S$40 to owner-occupied HDB flats.

The Inland Revenue Authority of Singapore (IRAS) reviews the AVs of all properties - including HDB flats - annually.

The AV, which is based on the estimated annual market rent of a property if it were to be let out, applies to all homes, including owner-occupied homes. It is used as a basis to compute the property tax payable.

Property tax is calculated at 10% of the AV for non owner-occupied homes. For owner-occupied homes, the property tax payable is calculated based on concessionary tax rates (see table).

Since the last revision of AVs of all HDB flats on 1 January 2012, market rentals of HDB flats have risen by 8% to 13%. Accordingly, the AVs of all HDB flats will be revised from 1 January 2013.

To mitigate the impact of the increase in property tax payable, all owners of owner-occupied HDB flats will be given a one-time rebate of S$40. It will be automatically set off against the property tax payable in 2013. This rebate will not apply to non owner-occupied HDB flats which are currently taxed at 10%.

94% of HDB flat owners will receive this rebate.

All one- and two-room HDB owner-occupiers will not need to pay any property tax in 2013 as their revised AVs remain below S$6,000.

The revised property tax bills of other owner-occupied flat types, after taking into account the property tax rebate, are shown in the table below.


- CNA/ir




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Jayalalithaa to meet Karnataka CM to sort out Cauvery river issue

CHENNAI: In a significant development, Tamil Nadu chief minister J Jayalalithaa will meet her Karnataka counter part Jagadish Shettar on Thursday to find a solution to the contentious issue of sharing Cauvery river water.

Her move came against the backdrop of Monday's Supreme Court suggestion that an amicable solution to the Cauvery row could be thrashed out if both Tamil Nadu and Karnataka chief ministers sat and discussed the issue together.

However, the court did not issue any direction to both the states but adjourned the matter for further hearing on Friday to know the feasibility and time schedule for a possible meeting between the two CMs.

However, an official release from the TN government said that as per the suggestion of the Supreme Court, Jayalalithaa will meet Jagadish at Bangalore and would hold discussions on the issue.

The state government's decision also comes in the wake of a worsening situation in the delta districts where a farmer committed suicide, upset over possible crop loss.

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Space Pictures This Week: Space "Horse," Mars Rover, More





































































































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Co. Paying Just $1,200 for Each Factory Fire Life













A company that makes clothes for Sean Combs' clothing brand ENYCE and other U.S. labels reassured investors that a factory fire that killed 112 people over the weekend would not harm its balance sheet, and also pledged to pay the families of the dead $1,200 per victim.


In an announcement Monday, Li & Fung Ltd., a middleman company that supplies clothes from Bangladesh factories to U.S. brands, said "it wishes to clarify" that the deadly Saturday night blaze at the high-rise Tazreen Fashions factory outside Dhaka "will not have any material impact on the financial performance" of the firm.


The fire broke out on the ground floor of the nine-floor building as hundreds of workers were upstairs on a late-night shift producing fleece jackets and trousers for the holiday rush at American stores, including Wal-Mart, according to labor rights groups. Fire officials said the only way out was down open staircases that fed right into the flames. Some workers died as they jumped from higher floors.


PHOTOS from the factory fire.


After reassuring investors about its financial health, Li & Fung's statement went on to express "deepest condolences" to the families of the dead, and pledge the equivalent of $1,200 to each family. The company also said it would set up an educational fund for the victims' children.








Bangladesh Garment Factory Fire Leaves 112 Dead Watch Video









As reported on "ABC World News with Diane Sawyer" earlier this year, Bangladesh has become a favorite of many American retailers, drawn by the cheapest labor in the world, as low as 21 cents an hour, producing clothes in crowded conditions that would be illegal in the U.S. In the past five years, more than 700 Bangladeshi garment workers have died in factory fires.


READ the original ABC News report.


WATCH the original 'World News' report on deadly factories.


"[It's] the cheapest place, the worst conditions, the most dangerous conditions for workers and yet orders continue to pour in," said Scott Nova, executive director of Worker Rights Consortium, an American group working to improve conditions at factories abroad that make clothes for U.S. companies. Nova said the fire was the most deadly in the history of the Bangladesh apparel industry, and "one of the worst in any country."


Today, U.S. companies extended condolences to the families of the victims, and scrambled to answer questions about the dangerous factory that had been making their clothes.


Wal-Mart inspectors had warned last year that "the factory had violations or conditions which were deemed to be high risk," according to a document posted on-line.


Yet Wal-mart clothing continued to be made at the factory, according to workers groups who found clothing with Wal-Mart's private label, Faded Glory, in the burned out remains along with clothing for a number of other U.S. labels, including ENYCE, Dickies and a brand associated with Sears.


Wal-Mart confirmed Monday that its clothes were being made at the Tazreen factory. Even though Wal-Mart is famed for maintaining tight control over its supply chain, the company said its clothes were being made at the plant without its knowledge.






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S'pore's industrial output falls more than expected in Oct






SINGAPORE: Singapore manufacturing output fell more than expected in October as production of electronics and pharmaceuticals slipped.

Output fell 2.1 per cent in October from the same month the previous year, led by declines of 6.0 per cent and 11.7 per cent respectively in the electronics and biomedical sectors.

Economists had forecast a year-on-year drop in total manufacturing output for October of around 1 per cent.

The Economic Development Board (EDB) said in a statement most segments of the electronics industry continued to contract because of weak export demand.

Electronics output slumped 11.6 per cent in the first ten months of 2012.

The EDB said a 12.9 per cent on-year rise in output of medical technology was not enough to offset a 15.3 per cent contraction in pharmaceuticals.

Excluding biomedical, total manufacturing output grew by 0.6 per cent in October from a year earlier.

On a seasonally adjusted month-on-month basis, Singapore manufacturing output rose 3.3 per cent. Excluding biomedical manufacturing, output increased 2.3 per cent in October from September 2012.

- CNA/ck



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Distant Dwarf Planet Secrets Revealed


Orbiting at the frozen edges of our solar system, the mysterious dwarf planet Makemake is finally coming out of the shadows as astronomers get their best view yet of Pluto's little sibling.

Discovered in 2005, Makemake—pronounced MAH-keh MAH-keh after a Polynesian creation god—is one of five Pluto-like objects that prompted a redefining of the term "planet" and the creation of a new group of dwarf planets in 2006. (Related: "Pluto Not a Planet, Astronomers Rule.")

Just like the slightly larger Pluto, this icy world circles our sun beyond Neptune. Researchers expected Makemake to also have a global atmosphere—but new evidence reveals that isn't the case.

Staring at a Star

An international team of astronomers was able for the first time to probe Makemake's physical characteristics using the European Southern Observatory's three most powerful telescopes in Chile. The researchers observed the change in light given off by a distant star as the dwarf planet passed in front of it. (Learn how scientists found Makemake.)

"These events are extremely difficult to predict and observe, but they are the only means of obtaining accurate knowledge of important properties of dwarf planets," said Jose Luis Ortiz, lead author of this new study and an astronomer at the Instituto de Astrofisica de Andalucia, in Spain.

It's like trying to study a coin from a distance of 30 miles (48 kilometers) or more, Ortiz added.

Ortiz and his team knew Makemake didn't have an atmosphere when light from the background star abruptly dimmed and brightened as the chilly world drifted across its face.

"The light went off very abruptly from all the sites we observed the event so this means this world cannot have a substantial and global atmosphere like that of its sibling Pluto," Ortiz said.

If Makemake had an atmosphere, light from the star would gradually decrease and increase as the dwarf planet passed in front.

Coming Into Focus

The team's new observations add much more detail to our view of Makemake—not only limiting the possibility of an atmosphere but also determining the planet's size and surface more accurately.

"We think Makemake is a sphere flattened slightly at both poles and mostly covered with very white ices—mainly of methane," said Ortiz.

"But there are also indications for some organic material at least at some places; this material is usually very red and we think in a small percentage of the surface, the terrain is quite dark," he added.

Why Makemake lacks a global atmosphere remains a big mystery, but Ortiz does have a theory. Pluto is covered in nitrogen ice. When the sun heats this volatile material, it turns straight into a gas, creating Pluto's atmosphere.

Makemake lacks nitrogen ice on its surface, so there is nothing for the sun to heat into a gas to provide an atmosphere.

The dwarf planet has less mass, and a weaker gravitational field, than Pluto, said Ortiz. This means that over eons of time, Makemake may not have been able to hang on to its nitrogen.

Methane ice will also transform into a gas when heated. But since the dwarf planet is nearly at its furthest distance from the sun, Ortiz believes that Makemake's surface methane is still frozen. (Learn about orbital planes.)

And even if the methane were to transform into a gas, any resulting atmosphere would cover, at most, only ten percent of the planet, said Ortiz.

The new results are detailed today in the journal Nature.


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GOP Starting to Rebel Against No-Tax-Hikes Pledge













With the fiscal cliff looming for the United States, some Republican members of Congress said today they are ready to break a long standing pledge not to raise taxes.


"The only pledge we should be making to each other is to avoid becoming Greece. And Republicans should put revenue on the table," South Carolina Sen. Lindsey Graham said on ABC's "This Week."


Read more of the discussion of the fiscal on "This Week" today.


Graham's comments followed those by another Republican senator, Saxby Chambliss of Georgia, who said last week he'll no longer abide by the pledge.


"I care more about my country than I do about a 20-year-old pledge," he said in a local interview.


He got support today from House member Peter King, another Republican from New York.


"I agree entirely with Saxby Chambliss -- a pledge he signed 20 years ago, 18 years ago is for that Congress," King said on NBC's "Meet the Press." He added, "The world is changed and the economic situation is different."






JIM WATSON/AFP/Getty Images











Sen. Lindsey Graham and Sen. Dick Durbin on 'This Week' Watch Video











Loathed and Loved: What We Never Knew About J.R. Ewing Watch Video





Read Matthew Dowd's analysis of the efforts to avoid the fiscal cliff.


This growing chorus is about the pledge that Americans for Tax Reform president Grover Norquist has gotten hundreds of Republicans to sign. But in an interview with ABC News, Norquist says it's just a few deserters.


"The people who have made a commitment to their constituents are largely keeping it," he said. "The fact is there is more support for both protecting the rates, you saw the Republican leader in the house say rates are non-negotiable, and he also talked about revenue coming from growth."


But President Obama has said rates will go up for the wealthy. There could be some political cover for Republicans if the country actually goes over the cliff. All the Bush era tax cuts would expire, including those for the wealthy. Congress could then vote to actually reduce taxes for everyone expect the rich. Therefore, they wouldn't technically raise taxes and violate Norquist's pledge.


But Nordquist said he doesn't think the public would buy those political moves, and he also doesn't think the country will actually go over the cliff.


"I think we'll continue the tax cuts. Not raise taxes $500 billion. Obama made the correct decision (by extending the Bush tax cuts) two years ago," Norquist told us.


Leading Democratic Sen. Richard Durbin also said he believes a deal is possible now that the Thanksgiving holiday break is over.


"We can solve this problem," he said on "This Week," adding: "There's no excuse. We're back in town."



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Climate skeptic group works to reverse renewable energy mandates



The Electricity Freedom Act, adopted by the council’s board of directors in October, would repeal state standards requiring utilities to get a portion of their electricity from renewable power, calling it “essentially a tax on consumers of electricity.” Twenty-nine states and the District of Columbia have binding renewable standards; in the absence of federal climate legislation, these initiatives have become the subject of intense political battles.

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Crunch time for defending champions Malaysia






SINGAPORE: Southeast Asian champions Malaysia will be desperate to put a run of poor performances behind them when they begin the defence of their AFF Suzuki Cup football title this weekend.

Malaysia host southern neighbours Singapore in what is set to be a hothouse atmosphere at Kuala Lumpur's Bukit Jalil National Stadium on Sunday, with the home fans hoping to see their team repeat their heroics of 2010.

The Tigers showed bite in that tournament when they overcame a poor start to win the Southeast Asian title for the first time with a 4-2 aggregate victory over Indonesia in the final.

Coach K. Rajagobal has maintained the nucleus of that winning side but their form has dipped alarmingly with warm-up losses to Vietnam and Thailand, and draws at home against unfancied Hong Kong and Bangladesh.

Rajagobal was livid after Tuesday's 1-1 draw with Bangladesh and warned he would make "drastic changes" if they slip-up again this weekend.

"We didn't get the desired result against Bangladesh and I'll take stern action if we don't get a positive result against Singapore," he said.

"I'm concerned with the team's display... Another below-par performance will force me to make drastic changes to the team."

Singapore will be looking to avenge a 2-0 loss to the Malaysians at the same venue in June, and the three-time Southeast Asian champions are coming off a 4-0 thumping of Pakistan in their final warm-up game on Monday.

Group B also includes Indonesia, who reached the final two years ago but now look a very different side following a rift which has split the country's football scene into two leagues with different governing bodies.

Players from the breakaway Indonesian Super League have been told by their clubs not to join up with the coach Nil Maizar's national team, although Persija Jakarta striker Bambang Pamungkas opted to put his country first.

"I came from my home to join the Indonesian national team training camp," said the 32-year-old. "As a professional, I hope that the Indonesian football dualism ends here."

Thailand are the hosts of Group A and they will kick off their campaign at the Rajamangala Stadium in Bangkok on Saturday against the Philippines, the surprise package of the last Suzuki Cup.

The Thais have won the competition three times, but their last title came a decade ago in 2002. Led by wily coach Winfried Schafer, their squad blends experience with young talent and they will be fancied to end their long drought.

"The AFF Suzuki Cup is very important for this region and I hope we can at least reach the final, although it will not be easy," said the German. "We face three good teams but we are playing at home which is an advantage."

They face a tough opening test against the Filipinos, who reached the semi-finals for the first time in 2010 after a stunning 2-0 win over defending champions Vietnam in Hanoi.

The ambitious Azkals are looking to move a step beyond that and they are certainly well prepared after playing more than a dozen friendly matches in the past six months.

The match will be preceded by the tournament's opener between 2008 winners Vietnam and Myanmar.

Group matches are split between Kuala Lumpur and Bangkok with the semis and final, all played over two legs home and away, starting on December 8. The tournament wraps up on December 22.

- AFP/ck



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