30 Jul '11, 1am

Voices: Why can't the Government stop new transport operators from "cherry-picking" public transport routes, too?

The govt wants it pound of flesh is the reason why even when the transport companies made tons of money, they are still allowed to up fares. It is because the govt insists on taknig a huge chunk of the annual profits as its dividend that the companies have no sinking fund to replace rolling stocks and new buses. In a normal private operation it has an obligation to keep aside profits to replace/renew capital. In this case, govt is taking the lion's share of profits, leaving little for capital renewal. That is way the PTC under proxy Gerard Ee would unfailingly approve fare increases. So the problem is actually caused by the govt becasue of its greed and disregard for commuters' cost. The solution is as simple as govt not touching any of the profits until the required quantam is set aside for capital replacements/renewal.

Full article: http://www.todayonline.com/Voices/EDC110730-0000057/Rules...

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