In the first week of April, my air-con broke down again. Everything seemed to work, but it was not blowing cold air. There were two notable points:
The air-con compressor is Daikin MA56EV16. Specs: non-inverter, 20,267 BTU/hr, cooling capacity 5.94 kW, current 7.6A, sound level 54 dB(A).
Indoor unit: Daikin FT25DVM. 9k BTU/hr. Cooling capacity 2.6 kW. Airflow 247 cfm. Sound level 36/29 db(A). Power 815W.
The compressor can only cool two rooms simultaneously. It can cool 3 rooms at 74% efficiency and 4 rooms at 56% efficiency.
Can I change the compressor to an invertor unit keeping everything else? ChatGPT says yes, but the air-con technician says no.
In the end, it turned out that the fan blade shattered into pieces. That explained the exploding sound I heard that night before — I found the air-con was not cold the next morning.
The blade costed $42 new, but there was no stock left. The technician found a 2nd one for $85. And he recommended to change the motor (also 2nd hand) as well for $225. (He insisted on it.) It was plain just changing the blade alone was not profitable for them.
(The motor was still available new for $255, but they would charge a further installation fee of $60 — I called the first air-con shop I found online. Maybe that was not a good idea.)
As they were replacing the parts, I felt that the replacement motor looked older than mine! It also made a low whining sound when in operation.
If the air-con breaks down again, and parts get harder and harder to find, I will need to replace the whole system. It will be a major pain. This air-con system is 14 years old with two breakdowns.
Minimum requirements: inverter, 36k BTU/hr.
US/EU did 4 things to sanction Russia over the Ukraine invasion:
As the next big target, China is obviously not seating still. It is actively promoting the use of Yuan for trading.
It is not a surprise that Russia is on board (they are forced to), but Saudi Arabia, Brazil and India are also on board this time round. India does not want to use Yuan, of course, but it wants De-Dollarization nonetheless. These countries are usually pro-USA.
The problem when you weaponize the Dollar is that people wonder when you will use it against them. In the past, the US has invaded countries that try to switch away (witness: Iraq, Libya).
Why do countries need to use US dollars at all? If Russia trades with China, why don't they use either Ruble or Yuan? There are two reasons. First, you may have something to buy, but you have nothing to sell. Let's say China received a bunch of Rubles for its goods, what can it buy in return? Second, if it cannot be spent now, will it keep its value in the long run? You don't have control over it.
So China will want Russia to pay in Yuan. Russia has to convert Ruble to Yuan first (i.e. pay market price). It prefers not to do this unless it does not have a choice (like now).
Unlike Ruble or Yuan where they are used primarily in one country, US Dollars are universally accepted. So you sold some goods to a country but have nothing to buy in return? No problem, just spend it in another country.
For a currency to be used as the trading currency, there must be a "loop" where the countries can trade self-sufficiently within themselves. The currency is just used for convenience. It is consumed, not stored.
The country whose currency becomes the reserve currency will get a 'free pass'. It can print as much as it wants and devalue the holdings of other countries. USA has been doing this for decades and other countries are tired of it. No one will trust another country, so the talk is about using a gold-backed currency. In the end, gold is the only thing that can be trusted — because no one has found how to make more of it.
| Currency | US$1 | Normalized |
|---|---|---|
| China Yuan | 6.88 | 1.000 |
| Russia Ruble | 81.66 | 11.869 |
| Saudi Riyal | 3.75 | 0.545 |
| India Rupee | 81.98 | 11.916 |
| Brazil Real | 5.07 | 0.737 |
| Ringgit | 4.42 | 0.642 |
| SGD | 1.33 | 0.193 |
What is needed is a way for the currencies to be converted frictionlessly from one to another, and if they cannot be consumed immediately, stored in a "value-retaining" currency (i.e. backed by gold).
It is said that China is paying in Yuan to Saudi Arabia for its oil. Which is then used by Saudi Arabia to buy (Chinese) gold — paper gold — with it. It remains to be seen how liquid this is.
I heard the article How Much Does The Government Make On Each BMW 7 Series Sold In Singapore? from Dollars and Sense. The focus is on how much the Government earns on each BMW 7 series car, but the article purposely avoids the other elephant in the room.
| OMV | $102,460 |
| ARF | $207,872 |
| Others | $45,328 |
| COE | $115,500 |
| Total | $471,160 |
The car is sold at $636,888. The dealer's margin is $165,728, 26% of the car price.
If you want to own, you got to pay.
When you see a high-end car in Singapore, just remember that it is a 4-room HDB flat on wheels. $600k used to be able to get you a nicely-sized condo, but housing prices have gone up so much that you can only get a 4-room HDB flat...
Stallholders said there are too many competing bazaars in other parts of Singapore this year.
Kebab seller Mr Hasan said on Wednesday (Apr 5) that he regrets taking up a stall at the Geylang Serai Ramadan bazaar this year.
Pointing to the stalls next to his, the owner of Hasan Istanbul Kebab told CNA: “We’re all losing money. (We) cannot cover costs, cannot even cover rent.”
Over at the neighbouring stall selling Ramly burgers, a worker who declined to be named echoed that sentiment.
“We regret taking it this year,” he said. “It was okay in previous years.”
Mr Hasan is forking out about S$25,000 (US$18,860) in rent, while his neighbour is paying S$20,000.
There have been complaints about high rental costs at the Geylang Serai Ramadan bazaar since it started on Mar 17.
Besides the cost of renting a stall at the bazaar, multiple stallholders said there seemed to be fewer visitors this year, attributing it to ongoing bazaars across Singapore.
Mr Muhd Ridzuan, who runs a stall selling burgers and fried snacks, said that at the 2019 bazaar, he saw snaking queues starting from about 4pm.
When CNA spoke to him at about 6pm on Tuesday, there were no queues at most stalls in the vicinity.
In the past, only three or four bazaars were held during Ramadan, he said. This year, he estimated that there are at least eight or nine. According to social media posts by bazaar organizers, there are pasar malams – night markets – in Bedok, Jurong East, Tampines, Punggol and other locations during this period.
Mr Ridzuan said he hopes that more customers will come after the bazaar in Kampong Glam ends on Apr 16.
Owner of J8 Food Street, Mr Max Tan, also said too many bazaars were set up this year.
“Everyone is very spread out,” he said, referring to the customers. “Footfall was higher in the past, pre-COVID.”
Associate Professor Muhammad Faishal Ibrahim, lead adviser of Wisma Geylang Serai, wrote in an Instagram post on Tuesday that more than 2 million visitors have visited the bazaar.
“We are already on set to be on record of having the largest number of people coming to a Ramadan bazaar in Singapore,” said Assoc Prof Faishal, who is also Minister of State for Home Affairs and National Development.
There are 700 stalls available for rent at the Geylang bazaar this year, but nearly 200 were empty as of Mar 21. Wisma Geylang Serai later said in a Mar 24 press release that the take-up rate was 95 per cent for food and beverage booths, and 80 per cent for retail stalls.
The bazaar’s organisers – S-Lite Event Support, Enniche Global Trading, and TLK Trade Fair and Events, – said they limited the number of popular Ramly burger and kebab stalls and spread them out in the bazaar.
The organisers said on Tuesday there were 20 stalls selling "premium products" under the food and beverage category, out of 150 stalls.
"In the event if, there are too many stalls selling the same food/product in the same zone, it may lead to price wars which would be highly detrimental for the stall holders. Too many similar food/products will also limit variety and options for visitors," said the organisers.
They added that despite the limits and the stalls being spread out, there could be more than one stall selling Ramly burgers and kebabs within a specified zone.
The statement added that vendors who wanted to sell Ramly burgers and kebabs at the bazaar would have been told about this.
But some stallholders felt that the organisers did not do enough.
“There are a lot of repeat stalls, identical stalls,” said Mr Tan, whose stall sells Thai milk tea and snacks. There were at least two other Thai milk tea stalls in the same area that CNA visited.
Stallholders selling Ramly burgers also said repeat stalls could make it difficult to cover operational costs.
Asked if he would be able to break even, Mr Ridzuan said: “I think so, but can only earn a bit, maybe 10 per cent.”
Some sellers questioned why the stalls selling Ramly burgers and kebabs were singled out, although the stallholders said it was standard practice in the industry for such stalls to be charged more.
“Other stalls have more customers but pay less rent,” said Mr Essam Ezz, who estimates that 85 per cent of his earnings will go towards paying the rent for his kebabs stall.
Stallholders that CNA spoke to were split on whether rent at the bazaar was expensive. Mr Essam is paying about S$30,000 – three times what he would pay at other night markets, he said.
But others said rents are increasing at all bazaars in Singapore, and what they were paying for a stall at the Geylang bazaar is comparable or slightly more expensive than other bazaars.
Mr Mohamad Hussin, the owner of MangoBossku, said he is paying about S$15,000 per stall, compared with S$13,000 for a bazaar stall in Woodlands.
Organisers of the Geylang bazaar said rents range between S$14,000 and S$25,000 per month for F&B stalls.
"The rental costs of the stalls for Bazaar Raya Geylang Serai are within the market rental rate," they said in the statement.
Mdm Nisha Samsudeen of a fried snacks stall said her family paid S$16,000 in rent and was not sure if they can turn a profit.
“Maybe we can pay for supplies, workers and rent, but (my family) may not draw a salary,” she said. “We’re hoping the last two weeks will be better.”
Two stallholders told CNA that the bazaar is going well for them, and attributed it to their marketing efforts.
Mr Bob Senget of The Messy Bros has earned about 80 per cent of the S$38,000 in rent that he paid for two stalls.
“Marketing must play (a) part,” he said. When asked if he uses social media to promote his stall, he said he also uses a microphone and speakers to attract attention at the bazaar.
Mr Hussin of MangoBossku said he uses TikTok to keep his customers updated. He has more than 52,000 followers on TikTok and about 21,000 followers on Instagram.
“I post on social media and they come,” he said.
Non-stop complaints from stallholders. :lol:
Bazaar is good business. No wonder everyone wants to organize one. But they still want to charge the old rate despite the increase in supply. Well, it's the "greater fool" theory. They managed to pass the cost to the stallholders, who now find it difficult to make back their money and cry foul.
These bazaars don't really offer anything special. You go to one, you have gone to them all. Heck, there is much duplication within one bazaar. Of the 150 food stalls, how many unique food choices are there?
Originally, the takeup rate was only 71% — 200 empty stalls! It was increased later to 95% for F&B and 80% for retail. Perhaps they were offered a better deal.
Also, 2 million visitors? Really? Just pluck a number from the sky and claim there is no problem. Very typical "everything-is-well" response. They didn't even stop to think if this number is plausible. 2 million over 20 days so far = 100k per day. Unlikely, I say.
In another article, the MP also said some stallholders told him they had turned in a profit after a week! Talk about hearing only the good things.
I don't really pay much attention to bazaars, but in a bazaar held near my place last year, there were 3 Ramly stalls in a space of roughly 20 stalls. That's a lot, but I also thought it was normal.
This time, I paid attention to the bazaar held next to Woodlands MRT station. There are around 50 food stalls. To my surprise, there are almost no duplicates — even for drinks! There is only one Ramly burger stall and two kebab stalls. Quite a number are Taiwan-based food, so there is some cultural mismatch. But then there are only so many kinds of Malay food.
So, a bazaar can be well-planned. The Geylang Serai Ramadan bazaar organizer is either too greedy, too ambitious or too optimistic.
| Cat | COE | Quota | Bids |
|---|---|---|---|
| A | $96,501 | 515 | 749 |
| B | $118,501 | 430 | 566 |
| D | $12,001 | 466 | 529 |
| E | $118,900 | 134 | 252 |
COE prices are high, but they are high because people are willing to pay.
There are 3 kind of buyers, I think:
People who can afford it. The cheapest car is around $150k, this works out to be $1.25k/month, or $42/day. This is downright affordable if you look at it this way. Even if you get a $300k car, it is only $2.5k/month. If you earn $15k/month — and this is a sizable group — what's $2.5k? Note that car expenses are not considered. They typically add another 50% to 100% to the monthly cost.
People who must have a car "at all cost". Everyone has their own reasons. They will only give up when they are priced out.
People who can pass the cost along. PHV, car rental companies. It is said they make up a large portion of cat A bidders. Cat D (motorbike) COE is also very high cos it can be monetized.
Car prices are high because the cost of using a car is low. ERP and parking are too cheap. $1 ERP is useless. Make it $3 at least. Hourly parking needs to be $4 instead of $1.20.
On a separate note, cars are at record low prices in China from heavy discounts to move sales.
