Panel makes recommendations to raise quality of financial advisory industry






SINGAPORE : Singaporeans planning to buy insurance products can look forward to paying lower costs.

This comes after the Financial Advisory Industry Review Panel made a slew of recommendations to raise the quality and efficiency of the financial advisory industry.

They include proposals aimed at lowering the distribution costs of insurance products.

The panel reviewing the financial advisory industry has recommended measures that include raising the minimum education qualification of new financial advisers.

They also propose that a website be set up to make it easier for consumers to shop for financial products.

Lee Chuan Teck, assistant managing director for Capital Markets at the Monetary Authority of Singapore (MAS), said: "The panel recommends that MAS work with the industry to develop a web aggregator that allows consumers to easily compare pricing, benefits and other features of similar products offered by different insurers."

A survey by MAS found that 80 per cent of Singaporeans are not prepared to pay an upfront fee for financial advice.

This led the panel to focus on how to lower distribution costs for insurance-based products.

It has proposed the introduction of a direct channel for consumers to buy basic insurance products directly from the insurers.

Tan Hak Leh, president of the Life Insurance Association, Singapore, said: "Any measures that lead to greater transparency would increase competitiveness and each player would then need to find ways to stay competitive in the market."

However, the financial adviser's role will not be displaced.

A financial adviser's services would still be required to sell some products.

Augustine Lee, president of the Association of Financial Advisers (Singapore), said: "Insurance (products) normally are sold and not bought, so you still need to have independent financial advisers to help you in terms of decision making and choosing the right product."

The Consumers Association of Singapore has welcomed the latest recommendations.

It said the main beneficiaries would ultimately be the consumers.

Seah Seng Choon, executive director of the Consumers Association of Singapore, said: "The issue about under insurance for Singaporeans may be addressed, now that the distribution costs can be lowered through competition."

MAS said it will consult the public on these recommendations and then decide on their implementation.

- CNA/ms



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Hyundai to hike car prices from Feb 1 by up to Rs 20,000

NEW DELHI: Hyundai Motor India will increase prices of its vehicles by up to Rs 20,000 across all models by February 1.

"On account of rise in input cost and fluctuation in currency, we will increase the prices up to Rs 20,000 by February 1, 2013 across all the models starting from Eon to Santa Fe SUV," Hyundai Motor India Ltd (HMIL) Vice President, Sales and Marketing Rakesh Srivastava said.

The company sells a range of vehicles starting from the entry level hatchback Eon priced at Rs 2.77 lakh-Rs 3.83 lakh to luxury SUV Santa Fe tagged at Rs 22.61 lakh-25.63 lakh (ex-showroom Delhi).

Rival and market leader Maruti Suzuki India has increased the prices of its different models, except the imported sedan Kizashi and SUV Grand Vitara, by up to Rs 23,000 from today.

Post the increase the M800 will be costlier by up to Rs 2,500 from its existing price of Rs 2.08 lakh-Rs 2.33 lakh (ex-showroom Delhi). Similarly, the company's hot selling model Swift will be dearer by up to Rs 5,000 from the current price of Rs 5.57 lakh-Rs 6.82 lakh (ex-showroom Delhi).

On the other hand, the company's compact sedan Dzire will see a price hike of up to Rs 10,000 from Rs 4.91 lakh-7.4 lakh (ex-showroom Delhi).

The company's multipurpose van Ertiga, currently priced at Rs 5.9 lakh-Rs 8.63 lakh, will become costlier by up to Rs 7,800. The steepest price increase of Rs 23,000 will be on the cargo version of its van Eeco, which was tagged at Rs 3.9 lakh (ex-showroom Delhi).

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Mars Rover Finds Intriguing New Evidence of Water


The first drill sample ever collected on Mars will come from a rockbed shot through with unexpected veins of what appears to be the mineral gypsum.

Delighted members of the Curiosity science team announced Tuesday that the rover was now in a virtual "candy store" of scientific targets—the lowest point of Gale crater, called Yellowknife Bay, is filled with many different materials that could have been created only in the presence of water. (Related: "Mars Has 'Oceans' of Water Inside?")

Project scientist John Grotzinger, of the California Institute of Technology in Pasadena, said during a press conference that the drill area has turned out "to be jackpot unit. Every place we drive exposes fractures and vein fills."

Mission scientists initially decided to visit the depression, a third of a mile from Curiosity's landing site, on a brief detour before heading to the large mountain at the middle of Gale Crater. But because of the richness of their recent finds, Grotzinger said it may be some months before they begin their trek to Mount Sharp.

The drilling, expected to start this month, will dig five holes about two inches (five centimeters) into bedrock the size of a throw rug and then feed the powder created to the rover's two chemistry labs for analysis.

The drill is the most complex device on the rover and is the last instrument to be used. Project Manager Richard Cook, of NASA's Jet Propulsion Laboratory, said that operating it posed the biggest mechanical challenge since Curiosity's high-drama landing. (Watch video of Curiosity's "Seven Minutes of Terror.")

A Watery Past?

That now-desiccated Mars once had a significant amount of surface water is now generally accepted, but every new discovery of when and where water was present is considered highly significant. The presence of surface water in its many possible forms—as a running stream, as a still lake, as ground water soaked into the Martian soil—all add to an increased possibility that the planet was once habitable. (Watch a video about searching for life on Mars.)

And each piece of evidence supporting the presence of water brings the Curiosity mission closer to its formal goal—which is to determine whether Mars was once capable of supporting life.

Curiosity scientists have already concluded that a briskly moving river or stream once flowed near the Gale landing site.

The discovery of the mineral-filled veins within Yellowknife Bay rock fractures adds to the picture because those minerals can be deposited only in watery, underground conditions.

The Curiosity team has also examined Yellowknife Bay for sedimentary rocks with the rover's Mars Hand Lens Imager (MAHLI).  Scientists have found sandstone with grains up to about the size of a peppercorn, including one shaped like a flower bud that appears to gleam. Other nearby rocks are siltstone, with grains finer than powdered sugar. These are quite different from the pebbles and conglomerate rocks found in the landing area, but all these rocks are evidence of a watery past. (Related: "A 2020 Rover Return to Mars?")

One of the primary reasons Curiosity scientists selected Gale crater as a landing site was because satellite images indicated that water-formed minerals were present near the base of Mount Sharp. Grotzinger said that the minerals' presence so close to the landing site, and some five miles from the mountain, is both a surprise and an opportunity.

The current site in Yellowknife Bay is so promising, Grotzinger said, that he would have been "thrilled" to find similar formations at the mission's prime destination at the base of Mount Sharp.  Now the mission can look forward to the surprises to come at the mountain base while already having struck gold.


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NRA Ad Calls Obama 'Elitist Hypocrite'


ap barack obama mi 130115 wblog NRA Ad Calls Obama Elitist Hypocrite Ahead of Gun Violence Plan

Pablo Martinez Monsivais/AP Photo


As the White House prepares to unveil a sweeping plan aimed at curbing gun violence, the National Rifle Association has launched a preemptive, personal attack on President Obama, calling him an “elitist hypocrite” who, the group claims, is putting American children at risk.


In 35-second video posted online Tuesday night, the NRA criticizes Obama for accepting armed Secret Service protection for his daughters, Sasha and Malia, at their private Washington, D.C., school while questioning the placement of similar security at other schools.


“Are the president’s kids more important than yours? Then why is he skeptical about putting armed security in our schools, when his kids are protected by armed guards at their school?” the narrator says.


“Mr. Obama demands the wealthy pay their fair share of taxes, but he’s just another elitist hypocrite when it comes to a fair share of security,” it continues. “Protection for their kids and gun-free zones for ours.”


The immediate family members of U.S. presidents – generally considered potential targets – have long received Secret Service protection.


The ad appeared on a new website for a NRA advocacy campaign – “NRA Stand and Fight” — that the gun-rights group appears poised to launch in response to Obama’s package of gun control proposals that will be announced today.


An NRA spokesman said the video is airing on the Sportsman Channel and on the web for now but may appear in other broadcast markets at a later date.


The White House had no comment on the NRA ad.


In the wake of last month’s mass shooting at Sandy Hook Elementary School, the Obama administration has met with a cross-section of advocacy groups on all sides of the gun debate to formulate new policy proposals.


The NRA, which met with Vice President Joe Biden last week, has opposed any new legislative gun restrictions, including expanded background checks and limits on the sale of assault-style weapons, instead calling for armed guards at all American schools.


Obama publicly questioned that approach in an interview with “Meet the Press” earlier this month, saying, “I am skeptical that the only answer is putting more guns in schools. And I think the vast majority of the American people are skeptical that that somehow is going to solve our problem.”


Still, the White House has been considering a call for increased funding for police officers at public schools and the proposal could be part of a broader Obama gun policy package.


Fifty-five percent of Americans in the latest ABC News/Washington Post poll say they support adding armed guards at schools across the country.


“The issue is, are there some sensible steps that we can take to make sure that somebody like the individual in Newtown can’t walk into a school and gun down a bunch of children in a shockingly rapid fashion.  And surely, we can do something about that,” Obama said at a news conference on Monday.


“Responsible gun owners, people who have a gun for protection, for hunting, for sportsmanship, they don’t have anything to worry about,” he said.


ABC News’ Arlette Saenz, Mary Bruce and Jay Shaylor contributed reporting. 


This post was updated at 9:32 am on Jan. 16 to reflect include comment from an NRA spokesman.

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Schumer to back Hagel as defense secretary



Schumer, the No. 3 Democrat and most senior Jewish senator, made the decision following a 90-minute meeting Monday in the West Wing, a secretive huddle that Schumer and White House officials kept under wraps until the decision to announce his support today.


“Senator Hagel could not have been more forthcoming and sincere,” Schumer said Tuesday in a statement. “Based on several key assurances provided by Senator Hagel, I am currently prepared to vote for his confirmation. I encourage my Senate colleagues who have shared my previous concerns to also support him.”

Schumer informed Obama of his decision Monday after the meeting with Hagel, phoning the former senator Tuesday morning to formalize his support, according to a Senate aide familiar with the discussion.

Schumer said that his support was sown up after Hagel -- who Obama formally nominated last week after a month of preparation -- committed to several positions regarding Iran that met with Schumer’s preference. As a two-term senator, Hagel had been unique in positions calling for direct talks the Iranian regime and opposing unilateral sanctions by the United States against the renegade regime. In a very detailed statement, Schumer said Hagel left no doubt that he would support a very aggressive posture toward Tehran.

“Senator Hagel rejected a strategy of containment and expressed the need to keep all options on the table in confronting that country. But he didn’t stop there,” Schumer said. “In our conversation, Senator Hagel made a crystal-clear promise that he would do ‘whatever it takes’ to stop Tehran from obtaining nuclear weapons, including the use of military force. He said his “top priority” as Secretary of Defense would be the planning of military contingencies related to Iran.”

Hagel also pledged to continue supporting the delivery of F-35 joint strike fighters to Israel and in general supported Israel’s right to a strong “Qualitative Military Edge”, as its leaders like to assert.

Schumer had become a key linchpin in the nomination battle, as many senior Republicans have expressed deep doubt about Hagel’s confirmation. If Schumer had opposed Hagel, then a crucial bloc of pro-Israel Democrats might have joined him and made confirmation impossible. Schumer’s announcement follows the public endorsement of Hagel by Sen. Barbara Boxer (D-Calif.), another prominent Jewish Democrat who is also a senior member of the Foreign Relations Committee.

White House officials made Schumer the first senator to formally meet with Hagel, whose views were not just a confirmation assurance, according to Schumer. “Senator Hagel realizes the situation in the Middle East has changed, with Israel in a dramatically more endangered position than it was even five years ago. His views are genuine, and reflect this new reality.”

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Bidding showdown over F&N expected on Jan 21






SINGAPORE: A corporate shoot out over Fraser & Neave is expected on January 21.

The Securities Industry Council (SIC) has said the final time by which TCC Assets or OUE Baytown can revise its offer is 5.30pm on January 21. Each party will either announce any revision to their current takeover bids or walkaway from the deal.

In a statement issued on Tuesday, SIC said that "given that neither TCC nor OUE Baytown has declared its offer final, the council considers that the company's shareholders should be provided with certainty to make their investment decisions in respect of the competing offers."

If either TCC or OUE makes a revised offer on January 21, then an "auction procedure" will kick-in.

TCC Assets on Tuesday extended its S$8.88 per share offer for F&N for the seventh time to January 21, the very same day that rival bidder OUE's offer expires. A consortium led by OUE made a S$9.08 per share bid for F&N in November 2012.

This, after a first bid by Thai tycoon Charoen Sirivadhanabhakdi through his investment assets, TCC and Thai Beverage, in September.

But given that the tug-of-war has been ongoing for several months, some experts said that the Securities Industry Council will not allow for an indefinite period of market uncertainty.

Shares of F&N have been trading above the offers made by TCC Assets and OUE, indicating that shareholders are expecting higher bids.

Fraser & Neave shares ended Tuesday up 0.1 per cent at S$9.70.

-CNA/ac



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Why it took so long for PM to react? asks BJP

NEW DELHI: The BJP wondered why it took "so long" for the Prime Minister to respond to the "barbaric" beheading of an Indian soldier along the line of control and asked if his reaction on Tuesday was out of conviction or compulsion.

The opposition party said it was able to make the government understand the mood of the nation seeking tough measures against Pakistan in the wake of the barbaric incident.

"The fact that it has taken so long for PM to react makes me wonder if today's reaction is out of conviction or out of compulsion. I hope this marks the burial of the Sharm-al- Sheikh line," BJP leader Arun Jaitley said expressing skepticism over the Prime Minister's statement.

Expressing satisfaction over the talks with National Security Adviser Shivshankar Menon, BJP leader Sushma Swaraj said, "I can say that the meeting was successful...we were able to make the Prime Minister understand the mood of the nation."

Talking about Prime Minister Manmohan Singh's tough message to Pakistan that there cannot be business as usual with it in the aftermath of the "barbaric" beheading of an Indian soldier, Swaraj said, "I felt happy, even if it is late, the Prime Minister has understood the mood of the nation and what the opposition had talked about."

The Prime Minister had earlier deputed NSA Shivshankar Menon to brief leaders of Opposition in Parliament on the situation arising out of the incident along the LoC and the latter had an hour-long meeting with the two in the morning.

Swaraj said during their meeting with Menon, they had conveyed to him that protests and displeasure was fine, but the government should understand the anger of the nation and sought tough measures against the neighbouring country.

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"Fantastic" New Flying Frog Found—Has Flappy Forearms


Scientists have stumbled across a new species of flying frog—on the ground.

While hiking a lowland forest in 2009, not far from Ho Chi Minh City (map), Vietnam, "we came across a huge green frog, sitting on a log," said Jodi Rowley, an amphibian biologist at the Australian Museum in Sydney and lead author of a new study on the frog.

Rowley later discovered that the 3.5-inch-long (9-centimeter-long) creature is a relatively large new type of flying frog, a group known for its ability to "parachute" from tree to tree thanks to special aerodynamic adaptations, such as webbed feet, Rowley said. (Also see "'Vampire Flying Frog' Found; Tadpoles Have Black Fangs.")

Rowley dubbed the new species Helen's flying frog, in honor of her mother, Helen Rowley, "who has steadfastly supported her only child trekking through the forests of Southeast Asia in search of frogs," according to a statement.

The newfound species—there are 80 types of flying frogs—is also "one of the most flying frogs of the flying frogs," Rowley said, "in that it's got huge hands and feet that are webbed all the way to the toepad."

"Females even have flappy skin on their forearms to glide," added Rowley, who has received funding from the National Geographic Committee on Research and Exploration. (National Geographic News is part of the National Geographic Society.) "The females are larger and heavier than males, so the little extra flaps probably don't make much of a difference," she said.

As Rowley wrote on her blog, "At first it may seem strange that such a fantastic and obvious frog could escape discovery until now—less than 100 kilometers [60 miles] from an urban centre with over nine million people."

Yet these tree dwellers can easily escape notice—they spend most of their time in the canopy, she said.

Flying Frog On the Edge

Even so, Helen's flying frog won't be able to hide from development near Ho Chi Minh City, which may encroach on its existing habitats.

So far, only five individuals have been found in two patches of lowland forest hemmed in by rice paddies in southern Vietnam, Rowley said. The animals can probably tolerate a little bit of disturbance as long as they have large trees and temporary pools, she added.

But lowland forests are among the most threatened habitats in the world, mostly because they're so accessible to people, and thus chosen for logging and development. (Get the facts on deforestation.)

"While Helen's flying frog has only just been discovered by biologists," Rowley wrote, "unfortunately this species, like many others, is under great threat from ongoing habitat loss and degradation."

The new flying frog study was published in December 2012 in the Journal of Herpetology.


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Oprah Describes Intense Armstrong Interview













Oprah Winfrey said today that disgraced cyclist Lance Armstrong came well prepared for their highly anticipated interview, although he "did not come clean in the manner [she] expected."


Winfrey, who discussed the interview on "CBS This Morning" today, said, "We were mesmerized and riveted by some of his answers. I feel that he answered the questions in a way that he was ready. … He certainly had prepared himself for this moment. … He brought it. He really did."


Armstrong had apologized to staffers at the Livestrong Foundation before the Monday interview with Winfrey at a hotel in Austin, Texas, and reportedly admitted to them that he used performance-enhancing drugs throughout his storied career.


Armstrong also confessed to Winfrey to using the drugs, sources have told ABC News. Winfrey said this morning that the entire interview, for which she had prepared 112 questions, was difficult.


"I would say there were a couple of times where he was emotional," she said. "But that doesn't describe the intensity at times."


As for the cyclist's sense of remorse, Winfrey said that will be for viewers to decide.
"I would rather people make their own decisions about whether he was contrite or not," she said.


The interview will air on the OWN network for two nights, starting at 9 p.m. ET Thursday and continuing Friday.


Meanwhile, the federal government is likely to join a whistle-blower lawsuit against Armstrong, originally filed by his former cycling teammate Floyd Landis, sources told ABC News.


The government is seeking to recoup millions of dollars from Armstrong after years of his denying that he used performance-enhancing drugs, the sources said. The U.S. Postal Service, which is an independent agency of the federal government, was a longtime sponsor of Armstrong's racing career.






Joel Saget/AFP/Getty Images











Lance Armstrong Doping Confession: Why Now? Watch Video









Cyclist Lance Armstrong Apologizes to Livestrong Staff for Doping Scandal Watch Video









Lance Armstrong Stripped of Tour de France Titles Watch Video





The deadline for the government's potentially joining in the matter was a likely motivation for Armstrong's interview with Winfrey, sources told ABC News.


The lawsuit remains sealed in federal court.


Armstrong is now talking with authorities about possibly paying back some of the Postal Service sponsorship money, a government source told ABC News Monday.


The deadline for the department to join the case is Thursday, the same day Armstrong's much-anticipated interview with Winfrey is set to air.


Armstrong is also talking to authorities about confessing and naming names, giving up others involved in illegal doping. This could result in a reduction of his lifetime ban, according to a source, if Armstrong provides substantial and meaningful information.


As for the Winfrey interview, it was Armstrong's first since officials stripped him of his world cycling titles in response to doping allegations.


Word of Armstrong's admission comes after a Livestrong official said that Armstrong apologized Monday to the foundation's staff ahead of his interview.


The disgraced cyclist gathered with about 100 Livestrong Foundation staffers at their Austin headquarters for a meeting that included social workers who deal directly with patients as part of the group's mission to support cancer victims.


Armstrong's "sincere and heartfelt apology" generated lots of tears, spokeswoman Katherine McLane said, adding that he "took responsibility" for the trouble he has caused the foundation.


McLane declined to say whether Armstrong's comments included an admission of doping, just that the cyclist wanted the staff to hear from him in person rather than rely on second-hand accounts.


Armstrong then took questions from the staff.


Armstrong's story has never changed. In front of cameras, microphones, fans, sponsors, cancer survivors -- even under oath -- Lance Armstrong hasn't just denied ever using performance enhancing drugs, he has done so in an indignant, even threatening way.


Armstrong, 41, was stripped of his seven Tour de France titles and banned from the sport for life by the U.S. Anti-Doping Agency in October 2012, after allegations that he benefited from years of systematic doping, using banned substances and receiving illicit blood transfusions.


"Lance Armstrong has no place in cycling and he deserves to be forgotten in cycling," Pat McQuaid, the president of the International Cycling Union, said at a news conference in Switzerland announcing the decision. "This is a landmark day for cycling."






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Fast food linked to child asthma: study






PARIS: Children who frequently eat fast food are far more likely to have severe asthma compared to counterparts who tuck into fruit, a large international study published on Monday said.

Researchers asked nearly half a million teenagers aged 13-14 and children aged six and seven about their eating habits and whether in the previous year they had experienced wheezing, eczema or an itchy, blocked nose when they did not have cold or flu.

The questionnaires -- completed by a parent or guardian for the younger children -- were distributed in scores of countries.

It marks the latest phase in a long-running collaborative programme, the International Study of Asthma and Allergies in Childhood (ISAAC), which was launched in 1991.

The investigators filtered out factors that could skew results, such as maternal smoking during pregnancy, sedentary lifestyle and body-mass index, in order to focus purely on diet.

They found that fast food was the only food type that could be clearly linked to asthma severity.

Three or more weekly servings of fast food were associated with a 39-per cent increase in the risk of severe asthma among teens and a 27-per cent increase among younger children.

It also added to the risk of eczema and severe rhinitis.

In contrast, eating three or more weekly portions of fruit led to a reduction in symptom severity of between 11 and 14 per cent, respectively.

The study, which appears in the British Medical Association journal Thorax, noted that to prove an association is not to prove a cause -- but argued that a further inquiry was clearly needed.

"If the associations (are) causal, then the findings have major public health significance, owing to the rising consumption of fast foods globally," the authors said.

Previous research has found that the saturated and "trans" fatty acids trigger an inflammatory response from the immune system, the paper noted.

- AFP/xq



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