SG: Fall in COE prices fail to trigger increase in sales

Businessman Lim Chin Liang is suing local Ferrari agent Ital Autos for an unspecified sum after their quality tester wrecked the car on a test drive. The car, an 430 Scuderia, one of 8 in Singapore, was crashed when the tester lost control of the car on wet roads. Ital claims that the test driver has an accident-free record in his 19 year career. A lack of proper communication has triggered the Lim to sue Ital, for they 'refused to settle', 'never apologised' and kept on questioning the value of the car. Lim was “surprised” that an authorised agent lacks this information.  Based on credit company Kenso Leasing’s director, the car was sold at the  $500,000+ mark. Ital has denied that the company's driver had failed to exercise care and skill, and that the car was damaged beyond repair. The company also said the accident occurred when the car was travelling at speeds of about 68 km/h.Pictures used for illustration purposes only.

Stamford Tyres Corporation Limited announced the opening of its new Stamford Tyres Commercial Centre in Jurong, reinforcing its status as Singapore's largest independent tyre and wheel distributor.  The S$25 million centre which houses a tyre warehouse, truck tyre centre and tyre retreading plant will provide support for its expanding total tyre management business in the South East Asia region. Mr Wee Kok Wah, President of Stamford Tyres Corporation Limited said, “With the opening of the Commercial Centre, Stamford Tyres will be able to support the Group’s international exports of proprietary brand tyres and wheels to countries such as Russia, United Kingdom, United Arab Emirates, Canada, Ecuador, and Tanzania. This will certainly benefit the local dealers who will now enjoy greater flexibility in distributing a mix of different types of tyres according to their customers’ needs."

SMRT’s core business involves operating trains and buses, and for the first time, they have suffered a loss with their core. They reported a $25 million loss for the financial year, which ended 31st March. This drove their overall net earnings down to $61.9 million, an 11-year low. This shows that the increase in ridership doesn’t necessarily translate into profits. Their train services saw a 2.9 percent increase in ridership, but their operating profit dropped to just $5.5 million from the $65 million last year. Losses from their LRT services doubled to $2.1 million. To round up their public transport services, SMRT buses registered a $28.4 million loss as well. This loss can be attributed to added staff; SMRT employed more to increase its maintenance crew. Pictures used for illustration purposes only.