Where the Hedgies are flocking to

In Uncategorized on 18/01/2010 at 5:25 am

George Soro’s hedge funds’ Asian office will be in HK. So will GLG’s.

Nothing to do with S’pore’s merits, or whether the government here is incompetent vis-a-vis HK, though note HK government officials are better paid than ours. It’s all about proximity to China and Korea: where the money is.

If Indonesia rises and if S’pore is respectful of Indonesia’s wishes, S’pore will have its day in the sun. Granted a lot of “ifs”. But remember the late 1970s and 1980s when Indonesia was the new Texas (“oil” territory).  S’pore benefited economically.

And to those, “government always messes up” foreign journalists and their mindless local fans, revisit what happened to PSA and your “govmin is incompetent and S’pore is doomed” comments.

Spring cleaning my files recently, I notice that much had been written at the time about the loss of Maersk Line (2000)  and Evergreen (2002) to the then new port of Tanjung Pelepas in southern Malaya. There were a lot of doom-and-gloom stories about the competitiveness of the port here, and by extension, that of S’pore.

But the loss of these two big lines did not stop S’pore overtaking HK as the world’s biggest container port by throughput in 2005. A title it still retains.  Meanwhile, Tanjung Pelepas while doing well, has yet to snag another big line.

Moral: Never ever count S’pore Inc’s management out especially when it can fall back on the island’s historical strengths; something it has contributed to, though not as much as it is claiming credit for. Bear this in mind when the PM makes the case for salary rises for his cabinet and civil servants.

Oh and I can understand why MM Lee hates the media.


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