Latest news with #HIP
AsiaOne
3 days ago
- Business
- AsiaOne
Vers likely to be launched in next decade: Chee Hong Tat , Singapore News
The Voluntary Early Redevelopment Scheme (Vers) — a proposed Government buyback programme for Housing Board flats nearing the end of their 99-year lease — will 'likely happen' in the first half of 2030s, said Minister for National Development (MND) Chee Hong Tat. In a wide-ranging interview with the local media on Aug 5, Chee said that his ministry will use the current term of Parliament of up to five years to 'develop the policy framework and parameters' for Vers. This includes identifying possible sites where the scheme will be first offered, ensuring that there are sufficient homes for those involved to relocate to, and working out a 'fair' compensation package for residents whose flats are taken back early. 'We do not need to scale up Vers until sometime in the late 2030s when the older flats reach their 70-year mark,' said Chee, who was appointed MND minister on May 23. 'When we are ready, MND and HDB will engage Singaporeans on the framework and policy parameters to take in further and feedback. Our plan is to progressively offer Vers to selected estates in different parts of Singapore." Asked about the possible issues Vers would bring, Chee said that he is mindful of the need to stagger re-development to prevent disruptions to residents living in the same estate. 'We don't want to end up in a situation where flats that are all about the same age… you end up having to do Vers for all of them at the same time,' he said. Chee's remarks echoed then-Prime Minister Lee Hsien Loong's when he first announced Vers during the 2018 National Day Rally as a scheme to address the issue of lease decay and the resulting decline in value of older flats. He said then that several older estates, such as Marine Parade, Ang Mo Kio and Bedok, were built in a 'tremendous rush' in between 1970s and 1980s to meet the housing shortage at that time. 'Therefore, if we do not plan ahead, 99 years later, all the leases in such towns will expire around the same time… and will be returned to the state in a few years,' added Lee. 'We will have to find new homes for a lot of people at once.' Chee said that the compensation terms for Vers will be less generous than those chosen under Selective En-Bloc Redevelopment Scheme (Sers) as the flats chosen will be older, and hence, less financial upside. The most recent flats selected for Sers were 606 units in Blocks 562 to 565 at Ang Mo Kio Avenue 3 in April 2022. This decision sparked discontent among several residents, who were concerned about having to pay more for a similarly sized replacement flat. Only around five per cent of all HDB flats are suitable for Sers, according to MND. Chee said that MND will 'focus our efforts and resources on Vers', adding that there are no plans to identify HDB blocks for compulsory acquisition and re-development through Sers. Second round of HIP for older flats Separately, Chee announced that flats which had undergone Home Improvement Programme (HIP) will receive another round of structural upgrades and improvements. The minister said that these flats, which had been spruced up through the programme when they were about 30 years old, 'should be good for another 30 to 40 years before they start to show their age again'. Launched in 2007, the Government has spent about $4 billion on the HIP, upgrading close to 381,000 ageing flats as of March 2024. Chee said that the upgrades to flats through HIP II will be 'more extensive' to last till the end of their 99-year lease. These include adopting 'enhanced solutions' for spalling concrete, employing corrosion resistant repairs to older flats, and using microwave scanning to identify spalling occurring underneath the concrete surface. 'This will enhance the durability of repairs and help to improve the liveability of our older flats,' said Chee. Spalling concrete is a common issue for older buildings, especially in areas with damp conditions such as kitchens and toilets, according to HDB's website. The issue is largely caused by carbonation, a natural deterioration process that causes steel reinforcement bars in the ceiling to corrode and the concrete to crack. He added that more details about HIP II will be announced during his ministry's Budget debate in 2026. When asked if residents will be offered either HIP II or Vers, Chee said that it will not be the case. Since flats that undergo Vers will be over two to three decades, the minister added that there may still be a need for flats to undergo HIP II from around the 60-year mark to ensure that they remain liveable. It is also possible that residents who are offered to sell their flats to the Government through Vers may not choose to do so, and stay until their leases run out. 'The Government will support them in other ways to keep their flats and their estates liveable and vibrant, including through upgrading programmes like HIP II, Silver Upgrading Programme and Neighbourhood Renewal programme,' said Chee. Chingshijie@
AsiaOne
3 days ago
- Business
- AsiaOne
Buy-out of HDB units nearing the end of their leases likely in next decade: Chee Hong Tat, Singapore News
The Voluntary Early Redevelopment Scheme (Vers) — a proposed Government buyback programme for Housing Board flats nearing the end of their 99-year lease — will 'likely happen' in the late 2030s, said Minister for National Development (MND) Chee Hong Tat. In a wide-ranging interview with the local media on Aug 5, Chee said that his ministry will use the current term of Parliament of up to five years to 'develop the policy framework and parameters' for Vers. This includes identifying possible sites where the scheme will be first offered, ensuring that there are sufficient homes for those involved to relocate to, and working out a 'fair' compensation package for residents whose flats are taken back early. 'We do not need to scale up Vers until sometime in the late 2030s when the older flats reach their 70-year mark,' said Chee, who was appointed MND minister on May 23. 'When we are ready, MND and HDB will engage Singaporeans on the framework and policy parameters to take in further and feedback. Our plan is to progressively offer Vers to selected estates in different parts of Singapore." Asked about the possible issues Vers would bring, Chee said that he is mindful of the need to stagger re-development to prevent disruptions to residents living in the same estate. 'We don't want to end up in a situation where flats that are all about the same age… you end up having to do Vers for all of them at the same time,' he said. Chee's remarks echoed then-Prime Minister Lee Hsien Loong's when he first announced Vers during the 2018 National Day Rally as a scheme to address the issue of lease decay and the resulting decline in value of older flats. He said then that several older estates, such as Marine Parade, Ang Mo Kio and Bedok, were built in a 'tremendous rush' in between 1970s and 1980s to meet the housing shortage at that time. 'Therefore, if we do not plan ahead, 99 years later, all the leases in such towns will expire around the same time… and will be returned to the state in a few years,' added Lee. 'We will have to find new homes for a lot of people at once.' Chee said that the compensation terms for Vers will be less generous than those chosen under Selective En-Bloc Redevelopment Scheme (Sers) as the flats chosen will be older, and hence, less financial upside. The most recent flats selected for Sers were 606 units in Blocks 562 to 565 at Ang Mo Kio Avenue 3 in April 2022. This decision sparked discontent among several residents, who were concerned about having to pay more for a similarly sized replacement flat. Only around five per cent of all HDB flats are suitable for Sers, according to MND. Chee said that MND will 'focus our efforts and resources on Vers', adding that there are no plans to identify HDB blocks for compulsory acquisition and re-development through Sers. Second round of HIP for older flats Separately, Chee announced that flats which had undergone Home Improvement Programme (HIP) will receive another round of structural upgrades and improvements. The minister said that these flats, which had been spruced up through the programme when they were about 30 years old, 'should be good for another 30 to 40 years before they start to show their age again'. Launched in 2007, the Government has spent about $4 billion on the HIP, upgrading close to 381,000 ageing flats as of March 2024. Chee said that the upgrades to flats through HIP II will be 'more extensive' to last till the end of their 99-year lease. These include adopting 'enhanced solutions' for spalling concrete, employing corrosion resistant repairs to older flats, and using microwave scanning to identify spalling occurring underneath the concrete surface. 'This will enhance the durability of repairs and help to improve the liveability of our older flats,' said Chee. Spalling concrete is a common issue for older buildings, especially in areas with damp conditions such as kitchens and toilets, according to HDB's website. The issue is largely caused by carbonation, a natural deterioration process that causes steel reinforcement bars in the ceiling to corrode and the concrete to crack. He added that more details about HIP II will be announced during his ministry's Budget debate in 2026. When asked if residents will be offered either HIP II or Vers, Chee said that it will not be the case. Since Vers will be offered to flat owners progressively from their 70-year mark, the minister added these flats will need to undergo another round of upgrades through HIP II from around the 60-year mark to ensure that they remain liveable. It is also possible that residents who are offered to sell their flats to the Government through Vers may not choose to do so, and stay until their leases run out. 'The Government will support them in other ways to keep their flats and their estates liveable and vibrant, including through upgrading programmes like HIP II, Silver Upgrading Programme and Neighbourhood Renewal programme,' said Chee. Chingshijie@
Yahoo
01-08-2025
- Business
- Yahoo
Sana Biotechnology (SANA) Rated ‘Market Perform' on Diabetes Program Prospects
Sana Biotechnology, Inc. (NASDAQ:SANA) is one of the penny stocks that will skyrocket. On June 24, analysts at Citizens JMP reiterated a 'Market Outperform' rating on the stock and a $5 price target. The positive stance follows the updating of clinical data from a diabetes program. Elena Pavlovich/ Clinical trial results presented at the American Diabetes Association conference from the UP421 cadaveric pancreatic islet cell program demonstrated that the treatment was safe and well-tolerated in patients with Type 1 diabetes. According to Citizens JMP, six-month follow-up data from a modified pancreatic islet cell program should validate Sana's HIP platform in Type 1 diabetes. The research firm is also optimistic about Sana Biotechnology's SC291 program for autoimmune disease, which is expected to be available in 2025. Sana Biotechnology, Inc. (NASDAQ:SANA) develops engineered cells as medicines for patients. It aims to repair and control genes, replace missing or damaged cells, and make therapies broadly accessible. While we acknowledge the potential of SANA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and 11 Defensive Stocks Billionaires are Buying amid US Trade Tariff Uncertainty. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
American Press
16-07-2025
- Business
- American Press
Louisiana launches High Impact Jobs Program focused on energy, advanced manufacturing
(Special to the American Press) A new state program designed to boost high-paying employment in Louisiana officially launched this month, offering grants to companies in sectors deemed critical to the state's economy — including energy and advanced manufacturing — while excluding industries like gaming, retail, and solar farms. Louisiana Economic Development Secretary Susan Bourgeois told The Center Square that the program has received four applicants so far. The High Impact Jobs Program, administered by Louisiana Economic Development, was created to provide performance-based grants to businesses that create full-time, benefits-eligible jobs paying above-average wages. To qualify, companies must meet wage thresholds based on regional or parish averages and operate in eligible industries. Bourgeois said the program emerged from a confluence of factors her department identified after she took office earlier this year. According to Bourgeois, there were two or three issues that 'seemed disparate' at first — the Industrial Tax Exemption Program changes under Governor Edwards, a 20-year-old Quality Jobs Program that had never been fully reimagined, and the lack of a modern strategic plan at the department. 'Where we've landed with all this is that they're not independent,' Bourgeois said, suggesting that HIP is meant to address all three issues. To participate in the new program, businesses must be located in Louisiana and approved by the LED secretary. Eligible projects must either create jobs in distressed areas with wages at least 110% of the lesser of the parish or regional average wage, create jobs in other areas with wages at least 125% of the parish average wage, or retain highly skilled workers with advanced degrees, if approved in advance by LED. Grants are reimbursable and based on the annualized wages of qualifying new jobs, capped at $2,000 per job, per year. The reimbursement rate depends on the wage level: 8% for jobs in distressed areas that meet the lower wage threshold, 18% for jobs that meet 125% to 150% of the parish average wage, and 22% for jobs that exceed 150% of the parish average wage. A separate grant is available to retain highly skilled workers with advanced degrees, subject to LED approval. Bourgeois emphasized that the new program is fiscally capped at $125 million annually, unlike the Quality Jobs Program, which was open-ended and dictated entirely by statute. 'That was a commitment we made to the Legislature — that our new proposal would be fiscally responsible while still allowing us to compete and win,' Bourgeois said. According to LED rules and program documents, energy and process industries — including liquefied natural gas services, nuclear components, and carbon ecosystem management — are explicitly listed among eligible sectors. Other targeted industries include manufacturing, logistics, aerospace and defense, biotechnology and medical device production, agribusiness, data centers and general management operations, and technology fields such as robotics, cybersecurity, and industrial software. LED may also approve projects aligned with its strategic plan, which is updated periodically. Bourgeois said that updating the department's strategic plan helped shape the direction of the program. 'We identified five North Stars for the department…one of those that's really fundamentally important is wage growth,' Bourgeois said. 'If Louisiana citizens aren't seeing rising wages to support their families, then are we really effective?' Some industries are expressly barred from participating. These include gaming, retail, solar farms, professional sports teams, local utilities such as water and sewer systems, solid waste disposal, legal and accounting services, call centers, and entertainment companies such as film, music, and live performance production. In the Quality Jobs program's final week, major companies including Shell, Exxon, Air Products, Dow, Meta, Hyundai, and Woodland filed applications before that program's sunset. Each of those companies 'has used the incentive in the past and built project plans around that economic formula,' Bourgeois said.
News18
04-07-2025
- Science
- News18
Astronomers Discover 'Suicidal' Alien Planet Triggering Explosions In Its Star
Last Updated: HIP 67522 b, a Jupiter-sized planet, orbits its star in just 7 days. Its closeness disturbs the star's magnetic field, triggering stellar flares that scorch the planet's atmosphere A rare and astonishing sight has emerged in the universe, one that has left even scientists baffled. Astronomers have, for the first time, observed an alien planet seemingly inviting its own destruction. The planet, named HIP 67522 b, orbits so dangerously close to its host star that it is gradually being scorched and torn apart. Roughly the size of Jupiter, HIP 67522 b behaves like a suicidal world. It completes an orbit around its star in just seven days, and its proximity causes it to disturb the star's magnetic field. This disturbance results in massive stellar flares—explosions that strike the planet's atmosphere. A Self-Destructive Cosmic Duo According to researchers, this is the first time a planet has been seen influencing the activity of its own star. Typically, stars affect the planets orbiting them, but in this case, the planet appears to be fuelling stellar eruptions, creating a destructive loop never witnessed before. Astrophysicist Ekaterina Ilin from the Netherlands Institute for Radio Astronomy explains, 'As it orbits, the planet whips the magnetic field lines of the star like a rope. When the energy reaches the star's surface, it explodes with far more power than expected." Stars already possess intense magnetic fields, and when these get tangled, they trigger solar flares and coronal mass ejections. But this is the first instance of a planet being the catalyst. Unveiled by TESS and Cheops The discovery was made possible by NASA's TESS (Transiting Exoplanet Survey Satellite) and the European Space Agency's Cheops telescope. Initially, TESS detected unusual flare activity in the HIP 67522 system. Later, Cheops confirmed that whenever the planet passed in front of the star, 15 flares erupted—most of them directed towards Earth. A Planet Burning Itself Away These continuous blasts are stripping away the planet's atmosphere, layer by layer. While the planet is currently as large as Jupiter, scientists believe it could shrink to the size of Neptune over the next 100 million years. It's a cosmic spectacle that feels straight out of a sci-fi film—a giant alien world accelerating its own demise. Scientists now aim to study this rare system more closely using future telescopes, especially ESA's PLATO mission, set to launch in 2026. Researchers want to analyse the exact nature of the flares—particularly the UV and X-ray radiation, which can be the most destructive to planetary atmospheres. Ekaterina Ilin adds, 'This is such a new and unique case that I have millions of questions in my mind. We need to find more planetary systems like this to truly understand the pattern." First Published: July 04, 2025, 14:13 IST
