CNA938 Rewind - Reduce, reuse and upcycle?
CNA938 Rewind
While you declutter your homes, there is a place you can consider for the upcycling of those items. That means giving used items a new life. Hui Wong works through what an upcycling business can use and how this business concept takes shape with Yvette Ng, YNG founder.
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an hour ago
- CNA
CNA938 Rewind - Stock take today: US stocks snap three-day gains, Japan's rice prices out of reach
CNA938 Rewind On the daily markets analysis on Open For Business, Andrea Heng and Hairianto Diman speak with Naomi Fink, Chief Global Strategist at Nikko Asset Management.
AsiaOne
2 hours ago
- AsiaOne
$55k dream renovation turns into nightmare; contractor borrows money from homeowner, Singapore News
What was meant to be a dream "French cream style" makeover for a Sentosa flat has turned into a costly nightmare for a homeowner. Luo now finds himself dealing with uneven cabinetry, long delays, the lingering smell of formaldehyde and his daughter's bedroom looking like what he describes as "tombstone style". He told Shin Min Daily News he paid $55,000 to a Malaysian contractor he found on Facebook to renovate the unit at Ocean Way. He also spent an additional $18,000 on electrical wiring and $22,000 on Ziptrak blinds. His decision to go with a Malaysian company stemmed from previous experiences with Singapore-based firms that outsourced work across the Causeway. "I thought it would be more straightforward to deal with them directly," he said. Instead, the project dragged on for nearly a year and remains incomplete. Construction officially began only after Chinese New Year this year, despite an original move-in date set for November. "There was delay after delay," he said. "Once, we agreed to meet at 10am and I waited until 5pm. He didn't show up." Things didn't get better once work started. Luo said there were repeated issues: damaged flooring, cabinets that couldn't fit in the lift, misaligned fittings, and an overpowering chemical odour despite promises of "zero formaldehyde". The most jarring result was the treatment of his daughter's room, designed around a romantic arched entrance, which he says now resembles a grave marker. To make matters worse, Luo said the contractor, a husband-and-wife team, borrowed $2,000 before starting work. The husband claimed it was to pay workers' wages. A second request for $3,000 was rejected. Later, when Luo asked to be repaid, the wife claimed they had divorced and were merely 'business partners'. In a text message, the woman wrote: "I never borrowed money from you. I hate borrowing money from people. "Sky is no longer my husband. We divorced at the end of last year and have to continue the business, but I'm no longer tied to him by marriage. "That sum of money you lent out is not my responsibility. My responsibility is to help you do up your house nicely so that you can move in smoothly." Du, the contractor, confirmed that the money was borrowed, but insisted it was agreed to be deducted from the renovation costs. She also said most major items had been installed, and blamed the homeowner's lack of cooperation for the delays. "We received 75 per cent of the payment, but the progress exceeded what we were paid for," she said, adding that she decided to halt work until the $13,000 balance was paid. In a surprising turn, she hired a debt collection agency to chase Luo for the outstanding payment even though the work remains unfinished. Du insisted that there was never a guarantee of "zero formaldehyde" and that the arched wall design, which Luo's family now calls a "tombstone", had been approved by him. She also explained that a 15cm gap left in the cabinetry was intentional to accommodate later installations, not an error. "Yes, there was a delay from February to April, but it was a big unit and there were many details," she said. Luo has since engaged two other contractors to fix the problems. He said the whole experience has been draining financially and emotionally. "I haven't even moved in and it's already a mess. What's going to happen after?" [[nid:714357]] This article was first published in The New Paper . Permission required for reproduction.
CNA
2 hours ago
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Bank of Korea chief says excessive rate cuts could cause price upswing in property markets
SEOUL :South Korea's central bank governor said on Thursday "excessive" policy interest rate cuts could cause another round of price upswings in the property market and increase volatility in currency markets, although the domestic economy remains sluggish. "If we rely too much on economic stimulus policies out of urgency, there may be greater side effects later on. For example, if we cut the base interest rate excessively, there is a high risk that it will lead to a rise in real estate prices," Governor Rhee Chang-yong said in a speech prepared for the bank's 75th anniversary. His comments come after the bank flagged more rate cuts to come on the day it trimmed borrowing costs by a quarter percentage point to 2.5 per cent on May 29, to reflect the impact of the U.S. trade tariffs and tepid domestic consumption. The widely expected rate cut, the fourth in the current easing cycle, came as the newly elected President Lee Jae-myung geared up for major stimulus measures including this year's second extra budget to boost growth. Rhee's concerns about excessively cutting interest rates also stemmed from recent currency market volatility. "The gap between domestic and foreign interest rates may widen further as the U.S. Federal Reserve adjusts the pace of its interest rate cuts, and uncertainty surrounding the results of trade negotiations with major countries may increase, leading to increased volatility in the foreign exchange market," Rhee said in the speech.
