Are COEs broken? How to fix Singapore's car quota system
In this episode of TransportBT by The Business Times, host Derryn Wong is joined by associate professor Walter Theseira of the Singapore University of Social Sciences. Together, they take a hard look at the logic, politics and pain points behind the COE) system.
If you've ever questioned whether the system still works and who it really works for—this one's worth your time.
Why listen?
Because we need more than hot takes Prof Theseira doesn't just comment on COE headlines. He advised the Land Transport Authority, contributed to international transport studies, and spent years researching Singapore's car ownership model. If anyone can make sense of this, it's him.
Because the Acting Transport Minister's comments stirred real debate From private hire cars to system efficiency, Mr Jeffrey Siow's remarks raised eyebrows. Wong and Prof Theseira dig into what was said, what was really meant, and what the public response tells us.
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Because the public isn't just reacting to prices—it's reacting to fairness This episode doesn't shy away from the emotional undertow. The duo examines how public sentiment is shaped by perceived inequality and whether the system can regain trust.
Because big ideas deserve airtime Prof Theseira floats bold suggestions, including phasing out COEs altogether and replacing upfront costs with pay-as-you-drive models. They won't all land, but they're designed to provoke smarter conversations.
Because transport policy affects everyone Whether you drive, ride, rent or wait endlessly for a Grab, this episode helps you understand the trade-offs shaping your daily journey.
TransportBT is a podcast of BT Correspondents by The Business Times. Join Derryn Wong every month as he breaks down the headlines and the policy moves behind them for you. Listen now at bt.sg/podcasts . Got feedback or an idea for a future episode? Drop us a line at btpodcasts@sph.com.sg.
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Written and hosted by: Derryn Wong (derrynwong@sph.com.sg)
With Walter Theseira, Associate Professor of Economics, Singapore University of Social Sciences
Edited by: Emily Liu & Claressa Monteiro
Produced by: Derryn Wong, Emily Liu & Howie Lim
A podcast by BT Podcasts, The Business Times, SPH Media
Share your thoughts with us at btpodcasts@sph.com.sg .
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Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party's products and services. Please consult professional advisors for independent advice.
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- Business Times
Hongkong Land back in the black with H1 underlying profit of US$297 million
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Business Times
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How to maximise investment returns
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Business Times
4 hours ago
- Business Times
Are investors overlooking the upside risk in markets?
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After a strong start to 2025, with the Nasdaq-100 index up 9 per cent in the year to date and the S&P 500 not far behind, the debate now turns to whether this rally has legs. What's often overlooked is the potential for upside surprises – factors that could keep markets advancing despite widespread caution. 1. Earnings and growth momentum could surprise: Corporate earnings are the ultimate driver of equity markets. Two weeks into the second-quarter earnings season, early results have been encouraging. A large majority of companies are beating expectations by a healthy margin, well above historical averages. This suggests that analysts may have been too cautious in their forecasts, thus leaving room for the positive earnings momentum to continue. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Although the S&P 500 index earnings growth was estimated to slow to around 5.8 per cent year on year in Q2 at the start of the earnings season (based on LSEG IBES Estimates), this deceleration was well-telegraphed and is likely already in the price. From here, the consensus anticipates a notable acceleration in earnings, with third-quarter earnings growth estimated at 8.4 per cent. Combined with modest US economic growth forecasts that set a low bar for upside surprises, this creates precisely the kind of set-up that markets tend to reward. 2. Liquidity and positioning leave room for risk-taking: Global liquidity continues to expand. Rising money supply is helping to offset the drag from trade tensions and geopolitical shocks, providing a supportive backdrop for risk assets. Investor positioning also points to caution rather than exuberance. Many institutional investors remain underweight on equities, which suggests that there is room for re-risking if confidence improves. Hedge funds, in particular, have scope to re-leverage, with exposures far from extreme. This 'dry powder' could become an additional catalyst should momentum build. 3. Momentum is self-reinforcing: Momentum remains a powerful and often underappreciated force in markets. As momentum builds, it can attract further inflows from investors wary of missing out, creating a self-reinforcing cycle. This behavioural dynamic can extend rallies beyond what fundamentals alone might suggest. Portfolio implications for investors For investors, the key takeaway is to recognise that risks are not only on the downside. There is scope for upside risks as well, such as stronger earnings, improving market breadth, and modest investor positioning. Given this, we would adopt the following strategies: * Staying invested in the growth theme: This remains critical, as missing even a handful of strong days in the market can significantly reduce long-term returns. * Diversifying thoughtfully: While US equities have driven the recent performance, a weak US dollar environment could create opportunities in ex-US equities, particularly Asia ex-Japan, where we are overweight in our global equities allocation. * Balancing discipline with flexibility: Avoid chasing returns indiscriminately, but ensure one's portfolio isn't overly defensive in an environment where the returns on the path of least resistance may be still higher. * Reassessing allocations: For those underweight equities, incremental re-risking may be worth considering, particularly as macroeconomic and earnings momentum improve. The bottom line Markets are designed to recover. Investors, however, are conditioned to doubt them. This persistent scepticism – whether about valuations, leadership concentration, or macroeconomic headwinds – is precisely what allows rallies to extend. While risks to the downside remain, the case for potential upside is also strong and should not be overlooked. The critical question is whether investors are focusing too much on what could go wrong and missing what is quietly going right. The writer is head of asset allocation at Standard Chartered Bank's wealth solutions chief investment office
