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Archive for November, 2018|Monthly archive page

What Tun doesn’t say about Chinese money

In China, Malaysia on 30/11/2018 at 6:33 pm

Xi should ask this guy to call Tun and explain things to him. LOL

Tanzania’s President John Magufuli has said he prefers Chinese to Western aid as it comes with fewer conditions.

Mr Maugufuli has been under intense pressure from Western nations over his controversial policies.

On 15 November, Denmark said it had suspended $9.8m (£7.5m) in aid because of “unacceptable homophobic comments” by a Tanzanian politician.

China has become a major investor in Africa, challenging Western influence on the continent.

It has promised to spend $60bn in investment, aid and loans in Africa over the next three years, mostly in infrastructure development.

“The thing that makes you happy about their aid is that it is not tied to any conditions. When they decide to give you, they just give you,” Mr Magufuli said.

https://www.bbc.com/news/world-europe-46364342

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Entitled, ugly S’porean

In Uncategorized on 30/11/2018 at 10:10 am

KPKBing about 6-month wait to see specialist in Changi General Hospital. He refuses to try to make an appt at some other public hospital because he lives in Tampines and wants convenience of CGH.

Well then sit down and shut up.

Dr Lam Pin Min, Senior Minister of State for Health, mentioned in Parliament last week that the median waiting time for new subsidised specialist appointments has improved from 28 days in 2013 to 22 days in the first half of this year.

My personal experience did not seem to show this. On Nov 20, I happened to call Changi General Hospital (CGH) for an appointment for my chronic neck pain as a new subsidised patient referred by a clinic under the Community Health Assist Scheme (Chas).

To my surprise, the earliest appointment is on May 23, 2019, exactly 180 days of waiting to see a specialist.

In disbelief, I asked the staff member to double-check because I thought it is impossible that the waiting time is so long.

Unhappy anti-PAP user of SingHealth

Reminds me of an anti-PAP heavy user of SingHealth. He says he does not expect to have to wait to see a specialist once he has registered. I asked him if he ever had to wait to see a private specialist: he kept quiet. I later upset him by telling him that I no longer had to wait to see the GP in Marine Parade Polyclinic. At the appointed time, I see the doctor. What I didn’t tell him is that I scheduled the appointment at 2 pm: first one to see doctor.

———————————————————————-

 

Why PAP’s cock-ups don’t matter to most voters most of the time

In Political governance, Public Administration on 29/11/2018 at 12:12 pm

Think the

— MRT problems (Khaw seems to say that part of it is the fault of Dr Goh Dr Goh’s HK counterpart had similar views on MRT and other major issues),

— present and future HDB “flaw” (“Houses are for living in, not for speculation”),

— uncalled for water hike (Watergate: All about fleecing the sheep, Watergate: MIW caught with pants down),

— Hawkergate (Another sign that GE will be next yr/ Three cheers for TOC),

— promised pain of a GST hike (How to ensure no GST rise),

— and a general perception of arrogance (Think of Kee Chiu’s smirks):

then wonder why the PAP will get at least 60% of the vote at next GE in a free but unfair election.

Doesn’t sound rational does it?

It’s rational though because there is a great deal of ruin in a nation, as Adam Smith once observed: meaning a lot of things need to go wrong over a longish period of time before a country gets into a mess and voters get really upset.

Think M’sia. It went off the rails in the 90s under the then and now present PM. The next PM tried to sort things out but was ousted by a peeved Tun, his predecessor, who then picked Najib who decided if the US Marshall is to be believed, that he’d rather be rich than good.

Other examples:

— The Swedish welfare system was only reformed beginning in 1990s despite problems with it becoming apparent in the 70s (Think the hike in the price of oil). The system was set up after WWII.

— The US infrastructure system is still staggering despite many roads, bridges etc passing their useful life spans decades ago.

As Chris K has said “S’porean’s have not suffered enough”. Which is the reason why Oxygen and his TRE cybernut pals keep on cursing S’pore hoping their fellow S’poreans finally suffer. Meanwhile ordinary S’poreans juz take the “right” coloured pill and keep on paying and paying.

Meanwhile the PAP will continue doing just enough to keep us mutinous but not rebellious, using our own money. Ownself pay ownself to keep PAP in power.

No wonder Oxygen and his nutty pals are consumed with anger and rage.

But let’s be fair to S’poreans and the PAP:

Like people around the world, the Taiwanese voted for peace and prosperity.

BBC’s ending sentence in an article on the recent Taiwanese elections.

Whatever the problems S’poreans have with the PAP as regards prosperity, will having people like Mad Dog, Lim Tean and Meng Seng (Mad Dog, Lim Tean, Meng Seng where are yr durians?) in an anti-PAP coalition govt ensure prosperity?

So cybernuts, don’t blame S’poreans for voting for the continued hegemony of the PAP. Blame the likes of Mad Dog, Lim Tean and Meng Seng. S’poreans are prepared to vote for people like Chiam, Low, Auntie and Dr Tan Cheng Bock.

 

What alt media doesn’t tell about OECD social mobility study

In Media on 28/11/2018 at 1:16 pm

There was a lot of KPKBing by anti-PAP types (sane and nutty) about the major international study on social mobility from the OECD economics think tank: Meritocracy here? What meritocracy?

the report also identified gaps in areas such as how well students from lower socio-economic status (SES) backgrounds do compared to the top scorers in the nation.

FEWER LOW SES STUDENTS OBTAIN SCORES EQUIVALENT TO TOP PERFORMERS

However, not many were performing to standards attained by the top quarter in Science, a measure the report categorised as national resilience.

It was found that among 15-year-old students from lower-SES backgrounds, only 10 per cent were able to attain a score of at least 631 in the Programme for International Student Assessment (Pisa) for science in 2015.

For the Republic, a score of 631 is the 75th percentile score for science.

https://www.todayonline.com/singapore/singapore-ranks-third-educational-mobility-gaps-remain-report

Alt media and the cybernuts went into overdrive on this report from the supposedly constructive, nation-building media.

But the constructive, nation-building media also reported

Singapore’s Education Ministry (MOE) said that the “relatively low” national resilience is “a function” of the fact that Singapore’s top performers do very well.

(Btw, any idea what this means?)

More importantly, here’s what Schleicher head of education at the OECD said

In countries such as Singapore, Japan and Finland, the test results of the poorest 20% are higher than the richest 20% in the Slovak Republic, Uruguay, Brazil and Bulgaria.

He says it’s a cause for optimism that some countries have made sure that “excellent teaching” is available for rich and poor pupils.

And then there’s this from him

In Singapore, many going to university will be the first in their families to get a degree. It’s an example of social mobility and widening doors.

https://www.bbc.com/news/business-46013665

So why didn’t alt media report this? Is it because alt media and other anti-PAP opinionators only read ST and other local media publications and pick stuff that shows what the PAP govt is doing wrong? Some only read the freebies like Goh Meng Seng. Once he KPKBed about the lying local media. When it was pointed out that ST had reported what he complained the MSM did not report, he said he only read the free stuff.

With enemies like him, no wonder the PAP knows it will win the next GE.

Disney Princesses Today

In Uncategorized on 28/11/2018 at 10:55 am

Check out the creator on FB https://www.facebook.com/evacomics/photos/a.10151827944278315/10156129252548315/?type=3&eid=ARBwpqMLSZKM1BzQjPsOYqHXzXnYn_phhHiwphah7Tl33RGYbXr1MjuIoXUHLCZx7aN0ogeYDSoEPQ8C&__tn__=EEHH-R

“Houses are for living in, not for speculation”

In Financial competency, Financial planning, Property on 27/11/2018 at 1:50 pm

Of course not PAP: but Grandpa Xi.

And it’s a statement that the PAP and voters should remember. While a lot of the KPKBing about the price falls in older HDB flats is coming from the usual suspects like P(olitician) Ravi, the SDP (Note the silence of the Wankers: Low, Auntie and Bayee got condos waiting to be seized when they lose court case), and the cybernuts, bet u there were greedy PAP voters didn’t know that a 99-yr lease is juz that and are suffering in silence.

They heard “asset appreciation” and bought resale flats.

Will this resale flat buyer vote for PAP in next GE?

“I bought in the resale market when the prices were quite high some years back,” said Jun Liang, 42, whose apartment is in a 55-year-old block called Selegie House. “When I look at the value now, it would not have appreciated — in fact, after renovation costs it could even be a small loss.”

[…]

Home-owner Jun and his wife bought their apartment in one of the oldest HDB blocks in 2013 after getting married, spending about S$700,000 on the property and another S$100,000 to renovate. Now, they have thoughts of upgrading to a private condo. But, looking at their budget, the couple wonder if they’ve any chance of getting the home they want.

https://www.bloomberg.com/news/articles/2018-10-25/singapore-s-public-housing-envy-of-the-world-hits-rough-patch

I think he’s deluded about a small loss taking into account renovation costs. Remember prices for flats like his took a dive after Lawrence Wong’s warning about the govt taking back the land when the leasehold expires: Why 30-year old HDB flats difficult to sell.

And it’s going to get worse. 🤑🤣😛😢😪😂😝😜

Fat cat medical doctor/ investor quantified the loss

The flats in Selegie House are the small types. The one in question probably a 806sqft 4-rm flat.

If really need to sell today, unlikely to get serious offers much above $500K. Buyers will need big chunks of cash onhand to pay.

Even if SERS, the compensation by HDB based on market valuations will be a big % loss of what he paid, and certainly not enough to buy any replacement new 4-rm flat in city centre area, even if its a subsidized BTO as part of SERS package.

If there’s SERS, HDB might offer them BTO replacement flats in a slightly cheaper district such as Kallang River / Mountbatten area. This was what they did for the Rocher Centre residents when it got torn down for the N-S Highway.

.

What’s gd for GM is gd for China

In China on 27/11/2018 at 11:03 am

In an interview with The Wall Street Journal, Mr Trump said GM should stop making cars in China.

So no longer true that “What’s good for the country is good for General Motors, and vice versa.”? This statement was made by Charles E. Wilson while president of the General Motors Corporation, a leading United States automobile manufacturer in 1953. Wilson later became secretary of the federal Department of Defense.

The statement has frequently been misquoted as “What’s good for General Motors is good for the country.”

 

BS from ex-MSM tua kee on Heng’s appt?/ Juz Plan B ler

In Political governance on 26/11/2018 at 9:47 am

Do you notice what is wrong in the first sentence?

Something curious happened on Thursday morning (22 November), one day before the highly-anticipated revelation of whom the People’s Action Party’s (PAP) secretive cadres had picked as its central executive committee’s first assistant secretary-general. It would be Heng Swee Keat, Chinese-language daily Lianhe Zaobao reported, making him a near certainty to become Singapore’s fourth Prime Minister. A majority of the ruling party’s cadre members picked him over Chan Chun Sing, the man many had predicted would get the job.

The leak to the media was uncharacteristic as the cadre system has been described as a closed shop, a priesthood even, that keeps its decisions close to its heart, leaving it to the top leadership to make the announcements public. Thursday’s report, closely followed by Today’s story on the same issue citing a “senior party leader”, breached that sacred rule.

Balji, one-time PAP enabler: “The Idiots — S’pore”: From PAP loudhailer to running dog?(apologies to dogs, mall dogs especially mongrels)

The first sentence had me running back to the PAP’s constitution to double check a fact. I tot the party cadres do not choose the first assistant secretary-general, as claimed by Balji, or indeed any other office bearer. They vote on who will be members of the politburo (or central executive committee), who then decide who else to include in the politburo, and who then decide who the office bearers will be.

The cadres do not choose the the first assistant secretary-general or any other office bearer.

To double confirm this I asked Secret Squirrel and Morocco Mole if the PAP had changed their procedures. They said “No”.

So what is Balji trying to do given that the cybernuts are still shouting themselves hoarse that Kee Chiu will be the next PM because PM wants him to be the next PM? Btw, they got faeces on their faces saying that he’d beat Heng to the post of first asst). Can one reasonably assume that Balji is trying to show that PM is weak and that there are divisions inside the PAP? Remember that he’s trying to redefine himself as a Jedi juz like Bertha Henson: Ex-ST wimmin promoting ex-PM’s book? 

Most probably Balji forgot the PAP’s rules on choosing polituro members given that he had a massive heart attack several yrs ago.

Btw, do remember that I wrote in 2015 that Heng would be the next PM:  The next PM has been unveiled. I still do, sans serious health problems, which could still happen: hence the perceived “promotion” of Kee Chiu since 2016 (after Heng got a stroke) by PM. There is a need a plan B and Kee Chiu is plan B.

But Kee Chui (Why “Kee Chiu” got renamed “Kee Chui”) can still be PM even after Heng becomes PM. More on this soon.

 

The evidence that the Social Enterprise hawker centre model is badly flawed

In Public Administration on 25/11/2018 at 1:41 pm

In Why the Social Enterprise hawker centre model is badly flawed I posted an analysis from a FB poster that the Social Enterprise hawker centre model is badly flawed because hawkers

have little bargaining power, so taking the strict legal route is not the way to go.

Here’s the evidence albeit the example is not directly to the point because the row is between the operator of a commercial food court (NTUC Foodfare who also operates Social Enterprise hawker centres ) and a hawker’s family. However the row centres on a contractual term that is also present in contracts that hawkers have with operators of  Social Enterprise hawker centres

the story of another hawker who was fined S$3,500 for closing her fish soup stall at Food Emporium for a week after her father, the main chef, suffered an injury.

https://mothership.sg/2018/11/foodfare-hawker-fine-dispute-ntuc/?fbclid=IwAR2l2bct7a_aMsAu3O4H9EYMCUsTdJqsKOrZ9fTKa1mxMwTzysth6U9qq3U

While the story had a happy ending (money refunded to the hawker despite the rules being broken) before it was published by the Indian “Idiots” (something the anti-PAP types who highlight this story pretend never happened), one cannot but feel for the family.

Read it to see why because hawkers

have little bargaining power, so taking the strict legal route is not the way to go.

While one can argue that the frontline NTUC Foodfare executives should have been more compassionate, the model is ultimately based on a contract drawn up by the operator. And in the case of Social Enterprise hawker centres, similar contracts have been OKed by the NEA, without the input of hawkers, or so the activists active on behalf of the hawkers claim.

 

When Trump is right about lying media

In Uncategorized on 25/11/2018 at 10:45 am

OK sort of.

Look at this and tell me if Trump loves polluting the atmosphere as the media alleges?. I mean he’s a lot more green that the EU and Grandpa Xi. His bark (He is sceptical about climate change and loves “beautiful, clean” coal) is worse than his bite.

Why the Social Enterprise hawker centre model is badly flawed

In Public Administration on 24/11/2018 at 2:40 pm

I used to be agnostic about the Social Enterprise hawker centre model and tot that its problems were caused by the Pay And Pay attitude of the PAP govt, its biz allies and NTUC: Pay And Pay in action

But then I read this on FB (edited for paragraphing):

[T]he idea of a hawker centre operator runs counter to the nature of the business. We forget that hawkers are first and foremost small independent business operators, not employees that serve the greater social good or cause. That’s how ‘hawker culture’ started and it should be left to grow organically as it had for many years. It was never meant to be all things to all people.

By artificially suppressing hawker centre food prices and trying to ‘curate’ and dictate the terms of their businesses, this new model has unintentionally made it harder for them to do what they do best, reasonable food at reasonable prices in a way that makes sense for them. Whatever services that truly support the hawker in his business should be kept but whatever terms or conditions that reeks of unreasonable control or which takes away the hawkers choices should be jettisoned.

The G and these social enterprises have to understand that these hawkers are individuals against the might of a behemoth, they have little bargaining power, so taking the strict legal route is not the way to go.

Just bring the hawker centre back to its roots and let it flourish organically. It was for the hawkers to have a clean and safe operating premise. Just provide that at nominal or reasonable rent and throw in the support services at cost and leave them be. This heavy handedness is killing whatever hawker culture there is left, and then there’d be nothing left to gazette or enjoy. And no CKT worth eating when you want some.

Real meritocracy at work

In Uncategorized on 24/11/2018 at 10:56 am

The real “natural aristocrats” not the PAP version as exemplified by the PAP yesterday.

Denise Coates

Ownself pay ownself 220m £220m last year but it’s her own money.

Bet365 was established by Ms Coates in 2000, when she started to transform a small chain of betting shops in Stoke in central England owned by her father Peter, into an online betting giant.

She realised punters were avoiding shops and betting on mobile devices. Meanwhile, online gambling bans in other major countries, such as the US, China and India, had made Europe home to the world’s biggest companies for placing wagers via the internet.

FT

Btw she has a first-class degree in econometrics from a red brick Uk university.

Michelle LaVaughn Robinson Obama

She

was born in Chicago’s South Side, to a poor but aspirational and tightly knit family who poured every spare dollar and iota of energy into their children — even while her father, a boiler engineer, struggled with multiple sclerosis. That parental support, along with her penchant for obsessive planning, propelled her to a selective “magnet” high school, then Princeton and Harvard Law School, on scholarships. She returned to Chicago as a lawyer at Sidley Austin, seemingly destined for a stable, prosperous, middle class life — a striking feat, in itself, for a black woman from the wrong side of the tracks.

Her life famously changed when she was asked to mentor another upwardly mobile black Harvard Law School student, Barack Obama.

Donald Trump

OK he became a billionaire because of pa’s money and connections. But remember his casinos etc went under and he had to sell his yacht and Trump One. But he reinvented himself as reality tv star, and with help from Deutsche Bank (His cos owed money to Wall St’s finest who didn’t want to know him after his cos went bankrupt) regained billionaire status, and then became POTUS beating the shit out of Hilary Clinton who behaved like a PAP aristocrat.

Financial literacy test for wannabe hawkers?

In Financial competency, Financial planning on 23/11/2018 at 10:46 am

I ended Double confirm GE in 2019: Free lunches for two yrs for KPKBing hawkers saying “Dollars and Sense” of a Hawker Stall should be required reading for wannabe hawkers.

I’m still unable to find out from their agitator friends if the newbie hawkers had read and understood what they were signing up for. If they had (have to assume they are not cybernuts, but educated S’poreans: yes, yes a big assumption), then the real issue is whether their projected revenues were overoptimistic. And if so, did the operators over-promise but the newbie hawkers didn’t realise that they were being taken to the cleaners, or did the hawkers cock up their estimates of footfall etc?

So maybe budding hawkers got to pass a financial literacy course?

After all

A financial education curriculum will be rolled out to all polytechnic and Institute of Technical Education (ITE) Year 1 students from next year, as part of government efforts to boost financial literacy among Singaporeans and help them manage their money well.

The mandatory module, which will not be graded, will focus on budgeting, goal-setting and financial basics such as the effect of compound interest on debt and savings.

Additional modules will also be piloted with some Year 2 and 3 students over the next few years to help them become more savvy consumers and learn how to use insurance, investments, and national schemes such as the Central Provident Fund.

This was among several new initiatives announced on Saturday (Nov 17) by MoneySense, Singapore’s national financial education programme.

An online financial health check tool for all Singaporeans and permanent residents was also launched at the roadshow at Our Tampines Hub, which will run until Sunday before moving to the HDB Hub in Toa Payoh on Dec 8 and 9.

The questionnaire, which is available on the MoneySense website, helps to assess progress in areas such as money management, insurance, investment, retirement and estate planning, and provides recommendations to address the gaps identified.

ST recently
Another constructive suggestion: include a module on how to make realistic projections and another on “take nothing the operator of hawkers’ centres says on trust”.
Yet another constructive, nation-building suggestion: screen out the cybernuts especially those from TRELand.
Because if the newbie or wannabe hawkers are anti-PAP cybernuts, no point even trying to educate them, let alone subsidise them in the hope that their revenues will grow because of improving footfalls by 2020. It’ll be a waste of tax-payers money that can better go to fund our ministers millionaire life styles.
Worse, there’ll be a spate of food poisoning as cybernut hawkers would prefer to read TOC and TRE and KPKBing on these sites rather than cook good, hygienic food. Morocco Mole tells me that his cousin in NEA tells him that many of the recent fatal food poisoning cases are suspected to be the consequence of employees reading and posting on TRE rather than on focusing on food preparation.

 

 

 

Joint first assistant secretary-generals lah, ST (Updated)

In Uncategorized on 22/11/2018 at 4:32 pm

Updated to reflect constructive, nation-building media  breaking story and some more boasting from me

Finance Minister Heng Swee Keat is set to be named by the People’s Action Party (PAP) as its first assistant secretary-general on Friday (Nov 23), paving the way for him to succeed Prime Minister Lee Hsien Loong as the country’s top leader, a senior party leader and several cadres confirmed to TODAY.

What I predicted in 2015: The next PM has been unveiled

My original post earlier today

Joint first assistant secretary-generals lah, ST

That’s what Secret Squirrel told me when I told him

Singaporeans will get a good indication of who is most likely to succeed Prime Minister Lee Hsien Loong as People’s Action Party (PAP) leader and the country’s fourth prime minister tomorrow.

Sources said that the party’s top decision-making body met last night to finalise its choice of who fills the crucial post of first assistant secretary-general.

[…]

The choice for first assistant secretary-general appears to have narrowed down to two contenders: Finance Minister Heng Swee Keat, 57, and Trade and Industry Minister Chan Chun Sing, 49.

Constructive, nation-building ST

Secret Squirrel’s side-kick, Morocco Mole, reminded me that Darth Shah told the plebs not to read too much in coming changes to the PAP’s politburo.

And do remember that PM has the hindsight of knowing that Goh Cock Tong was a lame duck PM from the day he became PM because everyone knew who his successor would be even if it took 14 yrs to happen.

Somehow I doubt PM would like to be like Goh in that respect.

Joint first assistant secretary-generals lah, ST

In Uncategorized on 22/11/2018 at 10:57 am

That’s what Secret Squirrel told me when I told him

Singaporeans will get a good indication of who is most likely to succeed Prime Minister Lee Hsien Loong as People’s Action Party (PAP) leader and the country’s fourth prime minister tomorrow.

Sources said that the party’s top decision-making body met last night to finalise its choice of who fills the crucial post of first assistant secretary-general.

[…]

The choice for first assistant secretary-general appears to have narrowed down to two contenders: Finance Minister Heng Swee Keat, 57, and Trade and Industry Minister Chan Chun Sing, 49.

Constructive, nation-building ST

Secret Squirrel’s side-kick, Morocco Mole, reminded me that Darth Shah told the plebs not to read too much in coming changes to the PAP’s politburo.

And do remember that PM has the hindsight of knowing that Goh Cock Tong was a lame duck PM from the day he became PM because everyone knew who his successor would be even if it took 14 yrs to happen.

Somehow I doubt PM would like to be like Goh in that respect.

This time is different? Or is financial history going repeat itself?

In Financial competency, Financial planning on 21/11/2018 at 5:22 pm

Goldman Sachs’ “Bear Market Risk Indicator” is higher than on the eve of the financial crisis. This indicator is made made up of a mixture of economic, bond and equity market measures.

Also Bank of America’s latest investor survey revealed the number of investors that expect global economic growth to slow down has climbed to the highest since November 2008.

S’poreans fall for CNA’s flawed look at hawkers’ margins

In Accounting, Financial competency, Financial planning on 21/11/2018 at 10:46 am

CNA Insider, part of the constructive, nation-building media screamed

Profit margins for hawker fare? As low as 20 to 30 cents

Giving the example of

Mr Ng, who started The Fishball Story in 2013, disclosed that his net profit from selling a bowl of noodles at S$3 was 20 to 30 cents.

“That’s the margin … and it’s pathetic,” he lamented. “It’s very difficult for (hawkers) to continue selling cheap food any more.”

Read more at https://www.channelnewsasia.com/news/cnainsider/profit-margins-for-hawker-centre-fare-as-low-as-20-to-30-cents-10948414

This example and other similar examples in the CNA article had the usual cybernut suspects and even ordinary S’poreans KPKBing on new media about the plight of hawkers, and blaming the Pay And Pay people.

The ordinary S’poreans joining the cybernuts in baying for PAP blood are either not thinking straight or are financially incompetent.

Is that “margin” or “net profit” before or after the “salary” that hawker pays himself? When I see the word “net margin” or “net profit”, I assume that the amount is net of everything including “salary” payments made by ownself to ownself.

Same query for the other examples quoted in the CNA article because nowhere in the article does it state whether the “margin” or “net profit” takes into account the amount that the hawker pays himself for his efforts.

If it doesn’t then it’s really a tough life. If it does, then whether it’s that tough a life depends on the amount that ownself pay ownself before KPKBing about the “peanuts” net profit.


“Dollars and Sense” of a Hawker Stall

But does the “Estimated Monthly Cost” include the “wages” that the two entrepreneurs pay themselves? If they had employees, the employees’ wages would be included under this heading. But as they are both bosses and workers, it isn’t clear if “Cost” includes their “wages”.

Makes a big difference on the real bottom line.

Initial Cost Of Starting Hawker Stall (Inclusive Of Opportunity Cost)

(Excluding Apprenticeship Fee)

$40,000

Monthly Operating Cost$11,000 – $15,000

Estimated Daily Revenue $1,000 Based on assumption of 200 Customers, average spending of $5
Estimated Monthly Revenue $22,000 22 working days per month
Estimated Monthly Cost $13,000  
Estimated Monthly Gross Profit $9,000

——————————————————————-

Many moons ago when surgeon Susan Lim was trying to portray herself as more sinned against than sinning, I wrote

“Do the breakeven cost of $46,000 include any payments to you in the form of salary, director’s fees or advance payments?”. If they do, these numbers should have been disclosed by her when she bandied these numbers. These would have given an analyst a better understanding of what went into calculating the breakeven.

I’m not accusing Susan Lim or her accountants of anything shady or stupid. I’m juz trying to understand how the numbers she quoted prove that, This was a huge loss-making assignment.

 

 

 

Crazy Rich Asians: Money talks, BS walks

In Uncategorized on 20/11/2018 at 4:27 pm

“Crazy Rich Asians” is the top-grossing romantic comedy in 10 years. As at 1 Oct 2018, it “pulled in more than US$165 million through Sept. 30 at the box office in US and Canada, the world’s largest movie market.”

https://qz.com/1408252/crazy-rich-asians-is-now-the-top-grossing-rom-com-in-10-years/

A Google search this afternoon says it has grossed US$235.1 million.

Bollywood banging balls.

Public tpt users will vote for PAP?

In Infrastructure, Public Administration on 20/11/2018 at 11:01 am

When the CEO of SMRT threw his disgraced predecessor onto the path of train by saying that he disagreed with the failure’s view that SMRT had a culture problem, this reminded me that S’pore

is the second most affordable city for public transport, according to a study comparing trends in public transport fares across 12 major cities.

The Nanyang Technological University (NTU) study – which was commissioned by the Public Transport Council (PTC) – compared trends in public transport fares across the cities in terms of concessionary fares, fare affordability and fare revenue per passenger kilometre.

The cities include London, Beijing, Sydney, Seoul, Paris, Hong Kong, Taipei, Toronto, New York, Tokyo and San Francisco.

Constructive, nation-building CNA*

Us oldies definitely will

Singapore’s senior citizen and student concessionary fares were also among the lowest across the 12 cities compared, according to the study.

Seniors in Singapore, London and Sydney pay concessionary fares at age 60 while other cities have lower fares for seniors only at age 65 or 70.

The study also found that Singapore collected the lowest fare revenue per passenger kilometre, when compared with Hong Kong, Sydney, Toronto, New York, San Francisco and London.

————————————

*More details

The study measured fare affordability as the proportion of disposable income spent on public transport by a household in the second quintile household income group.

This quintile was chosen because it is the group “most likely to depend on public transport regularly”, said the study.

“To allow comparability of public transport affordability across the cities, an index illustrating the costs incurred by a typical family with two working adults and two schoolgoing/school age children as a percentage of household disposable income was developed,” it said.

[…]

Based on this, Singapore came in second after San Francisco in terms of fare affordability with an index score of 4.8, compared with San Francisco’s score of 4.1.

This means that on average, a typical family that uses public transport on a daily basis in Singapore spends about 4.8 per cent of its disposable income on public transport, said the study.

Read more at https://www.channelnewsasia.com/news/singapore/public-transport-in-singapore-second-most-affordable-out-of-12-10857020

 

Double confirm GE in 2019: Free lunches for two yrs for KPKBing hawkers

In Political governance, Public Administration on 19/11/2018 at 1:42 pm

OK, OK, sort of free.

Stallholders at seven new social enterprise-run hawker centres will get some help in paying for dishwashing services from next year, the National Environment Agency (NEA) announced on Friday (Nov 16) in a move to mitigate hawkers’ operating costs.

From Jan 1, the authorities will co-fund the costs for centralised dishwashing at seven new hawker centres. They are: Pasir Ris Central Hawker Centre, Kampung Admiralty Hawker Centre, Bukit Panjang Hawker Centre, Ci Yuan Hawker Centre, Yishun Park Hawker Centre, Jurong West Hawker Centre, and Our Tampines Hub Hawker Centre.

Stallholders there will pay 50 per cent of the costs for the first year, and 70 per cent of the costs for the second year, under an extension of the NEA’s Productive Hawker Centres grant. They will pay the full costs from the third year onwards.

https://www.todayonline.com/singapore/stallholders-social-enterprise-run-hawker-centres-pay-only-50-cent-dishwashing-costs-help

Notice that the subsidy ends at end of 2020 and that in 2020 it’s only 30% compared to 50% in 2019?

Well Terry’s Online Channel noticed and is KPKBing that’s “not enough”.

Looks like it wants everything subsidised for hawkers.

“Dollars and Sense” of a Hawker Stall should be required reading for wannabe hawkers. 

 

Our Taliban Christians will be cheering for Trump’s VP

In Uncategorized on 19/11/2018 at 10:26 am

Mr Pence’s appeal to Christianity in Asia at the end of his Apec speech also caused many in his audience to cringe.

FT

What he really said

As an Indo-Pacific nation, the United States is proud to be a part of this great story, and we’ll continue to write new chapters, with resolve and with faith — faith in the people who call this vast expanse home, and the boundless capacity of every individual to achieve their dreams; faith in our most cherished principles, and in the vision that we share for this region of the world. And lastly, I believe that we go with faith that, as we labor for a free and open Indo-Pacific, we do not work alone.

Not far from here, in the Parliament of Papua New Guinea, I am told, sits one of this country’s national treasures — a King James Bible, more than 400 years old. (Applause.) Before it made its way here, it passed through my home state of Indiana. It calls to mind the rich and diverse traditions of culture and faith that characterize this vast region of the world. And on that foundation, I believe we can be confident that our vision of a free and open Indo-Pacific will prevail. For, as it says in that old book, “where the spirit of the Lord is, there is liberty.” (Applause.)

https://www.whitehouse.gov/briefings-statements/remarks-vice-president-pence-2018-apec-ceo-summit-port-moresby-papua-new-guinea/

What has the PAP ever done for us?

In Political governance, Public Administration on 18/11/2018 at 1:41 pm

A  lot according to a TRe reader: a really Hard Truth for TRE cybernuts to swallow.

When TRE republished this, Another sign that GE will be next yr/ Three cheers for TOC, among the bile, vomit and BS that it caused, there was this comment that was posted by a 70%er

PC Ong:
2019 is the 200th anniversary of the founding of Singapore. Yes, Singapore was not founded by PAP but by Raffles. But the PAP deserves the most credit for getting Singapore to its 200th anniversary, as a top global city where talents and corporations of all kinds want to be. Ever since independence in 1965, Singapore could very easily have lost its way because we do not have natural resources and we were so vulnerable to external threats. Not only were these threats and vulnerabilities overcome, Singapore has just grown better and better, while other top cities in the world like New York, London, Paris, Tokyo and HK decline. This is due in large part to political stability and sound policies in Singapore.

As expected, he got slimed and insulted. So here’s my good deed for the day: publicising his view.

Other gd things PAP has done for S’pore:

Why are there hawker centres in Singapore?

https://atans1.wordpress.com/2013/01/25/when-55-of-voters-were-fts/

https://atans1.wordpress.com/2013/01/18/im-invested-in-spore-spore-in-50s-60s/

https://atans1.wordpress.com/2010/10/17/minimum-wages-yikes-pap-may-be-right/

https://atans1.wordpress.com/2009/12/15/property-prices-mm-lee-is-too-modest/

M’sia will benefit from Sino US trade war

In China, Malaysia on 18/11/2018 at 10:38 am

M’sia is smiling:

“We’ve got so many inquiries that our greatest problem is how to ramp up capacity,” including in electronics, steel production and automation from both China and the U.S., Malaysian Finance Minister Lim Guan Eng told reporters Sept. 13 in Hong Kong. “Once they come in it is very hard to pull out.”

https://www.bloomberg.com/news/articles/2018-09-18/u-s-china-trade-tussle-is-creating-winners-in-southeast-asia

Because

Vietnam and Malaysia stand to attract the lion’s share of ICT capacity that leaves China for two main reasons, the EIU said. The first is that an ICT supply chain already exists in these countries, with Samsung and Intel having a significant presence in Vietnam and Dell, Sony and Panasonic having plants in Malaysia. The other factor in their favour is that both Malaysia and Vietnam are signatories of free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which also includes Mexico, Canada and several Asian countries (but not China).

FT

And because

For the car parts industry, the main country beneficiaries of an expected shift in capacity outside China are Thailand and Malaysia.

FT

No wonder George Yeo (Remember him?) is looking at his bank statement and smiling

Malaysian billionaire Robert Kuok’s Kerry Logistics Network Ltd. is seeing “numbers are looking up a bit more” as companies divert distribution centers from mainland China and into places like Hong Kong and Taiwan, and parts of Southeast Asia, according to the company’s chairman, George Yeo.

“They’re thinking of the next factory, and they’re less likely to put it in China,” Yeo, a former trade and foreign minister in Singapore, told Bloomberg Television Sept. 14. He acknowledged that some firms already were planning to move business to lower-cost manufacturing sites outside of China.

Bloomberg

Finally

Malaysia could see the benefits both as a  trans-shipment point and because it’s a neutral country in which Chinese and American companies both would have an interest in investing.

Bloomberg

More advice for PM, PAP from world’s richest man

In Political governance, Public Administration on 17/11/2018 at 2:14 pm

Further to PM, PAP should remember what world’s richest man said, l came across another saying by Bezoz (“no mediocre” man). Explaining why he raised minimum wages at Amazon, Jeff Bezos said “the Henry Ford approach: if you put more money in your employees’ pockets, they spend more money on your platform. It comes back to you.”

Given that personal consumption figures are really bad here vis-a-vis places like HK, time to stop FTs by the cattle car loads so that wages of locals can rise, and they can spend more?

And given that the value of HDB flats are declining while private property prices are inching up (Will this resale flat buyer vote for PAP in next GE?) and the PAP needs a big win because of the change of PM a few yrs after next GE, voters with more $in their pockets are likely to vote PAP.

So time to tweak NIRC and NIR?

NIRC consists of 50 per cent of the Net Investment Returns (NIR) on the net assets invested by GIC, the Monetary Authority of Singapore and Temasek Holdings and 50 per cent of the Net Investment Income (NII) derived from past reserves from the remaining assets.

[W] spend 50 per cent of the estimated gains from investment, and put the remaining 50 per cent back into the reserves to preserve its growth for future use.

Under PAP rule will S’pore become like UK or Venezuela?

And promise not to think about raising GST until 2023? How to ensure no GST rise.

And even more goodies for oldies Hard Truth why PAP wins and wins.

After all after PAP wins 70% of popular vote, PM can take back most of the goodies. Think water hike after last GE:

Watergate: MIW caught with pants down

Watergate: All about fleecing the sheep

Watergate: PUB got consumption figures all wrong?

 

 

 

 

M’sia and S’pore are best ad for buying US

In Malaysia on 17/11/2018 at 11:32 am

In July, Defence Minister Mohamad Sabu had revealed that only four out of 28 Russian-made Sukhoi Su-30MKM and MiG-29 fighter jets owned by the Royal Malaysian Air Force can fly.

Our aircraft F15s and F16s have no such problems.

Btw, the Russian planes were bot in exchange for palm oil.

TRE Cybernut defends ex ST tua kee

In Media on 16/11/2018 at 2:42 pm

When TRE republished this Ex-ST wimmin promoting ex-PM’s book? there was this response from one of the usual anti-PAP windbags. The cybernut said that the wanna-be ST Editor (a personal friend, he claims) told him that she wrote articles that the PAP was unhappy with. Right my dogs sometimes do things I’m unhappy about. But I don’t put them down because most of the time they are well behaved. If an ST journalist is too disobedient, think Cherian George.

Seriously what about the many times where the wanna-be Sith Lord praises the PAP?

Whatever, here’s the full piece. Note that “Temesak” is not a typo on my part.

patriot of Temesak:

CI, as usual, you talk SHIT…do you know the journalist you critic personally??? have you read their articles and comments with underlining comments that do NOT please the Powers that be???… Bertha, I know personally and on many an occasion she confides and says that her articles may rile the Powers that be but went right ahead with it…whatever your agenda…don’t talk shit when you are assuming as for Cherian I may not know him but I do respect him for his writings and guts and his wife Zu??? well she is doing pretty well with SCMP a very Independent newspaper unlike SHITTY TIMES…so, shut the F…k up if you are assuming

This guy seems to have forgotten all their brown-nosing, XXXX sucking articles about the PAP.

Maybe “patriot of Temesak” is a PAP mole that exposed himself? He’s one of the die-die mustvote PAP nutters who are related to the real cybernuts like tax-dodging “Oxygen” or “rabble rouser”.

Want US$18 oil?

In Energy on 16/11/2018 at 11:07 am

Monday WCS was just US$17.78 a barrel, compared to US$58.91 for US West Texas Intermediate.  But buyers have bring their own pipelines, rail-wagons or trucks to Alberta. That’s the problem.

The existing pipelines etc are working at full capacity.

Context of “crony”‘s outburst at WP

In Corporate governance on 15/11/2018 at 1:17 pm

Remember Ms How’s outburst at Auntie

[She]  was a “hopeless” town council chairperson who was “inexperienced” and “so scared of everything”. She added that the town council would “sure die” under Ms Lim’s watch.

and wP MPs

All (the People’s Action Party) needs to do is to ask me for my views on the (elected) MPs… sure die, lah,

Secret Squirrel recently reminded me that after the AGO report was published, the WP town council (Chair Auntie) imposed a liquidated damage of $250,000 on FMSS. This despite WP maintaining until then there was no improper payment. So why seek damages after AGO published its report? Danny Loh (Ms How’s much hen-pecked husband) died suddenly in a sleazy Tokyo hotel shortly afterwards.

——————————-

Auntie screamed, “Crony? What crony? With crony like this, do we really need enemies? Low I tot u said she is kaki lang? What kaki leng? With kaki leng like this, how to retain Aljunied?”

Morocco Mole’s cousin (a WP cadre) reported that Auntie screamed the above as she bared her fangs and claws at a recent town council meeting. Low fled the room, claiming he had to go to the toilet.


Btw, as WP implemented the recommendations made by the AGO report (Also known as the PriceWaterhouseCoopers report because AGO got them to investigate the town council), and that of the KPMG report why are cybernuts saying that these reports are wrong?

And yet cheering on the AGO when its findings reflect badly govt departments etc, saying that this is evidence of PAP corruption or incompetence.

Is that why they are cybernuts? Can’t think straight.

Ms How’s outburst

Ms How saying that Ms Sylvia Lim, AHTC’s chairperson and WP chairman,

was a “hopeless” town council chairperson who was “inexperienced” and “so scared of everything”. She added that the town council would “sure die” under Ms Lim’s watch.

Ms How also accused Ms Lim of withholding information from auditors KPMG about “improper payments”, and that it was Ms Lim who did not want to keep the computer system of IT firm Action Information Management (AIM).

The court also heard that Ms How told the KPMG employee she was “not scared” to reveal that she was “thinking of asking (former WP chief Low Thia Khiang) to remove (Ms Lim) as chairperson of the town council”. She added that Mr Low had “played me (Ms How) out” by putting an “inexperienced MP as (town council) chairman”.

“From Day One, when I knew that she was going to be the chairman… oh dear, the town council is going to die,” said Ms How in the phone conversation. “She will do things to protect herself only. Then I told (Mr Low) you have to replace her… (to straighten out the town council). He doesn’t want to listen.”

She also alleged that she had dirt to spill on the WP MPs. “All (the People’s Action Party) needs to do is to ask me for my views on the (elected) MPs… sure die, lah,” she was recorded as saying.

Earlier in the conversation, Ms How said that the town council was “digging (its) grave” if it did not defend her. Pointing to her “powerful analogy of death”, Mr Singh asked on Monday if that meant she had information that would “finish them (WP MPs) off”, and “destroy them politically”.

Ms How replied that she did not have any information, but that everyone would be “dragged through the mud” because of how the media would report it.

Ms How also alleged that Ms Lim had withheld from auditors information related to payments made to the Housing and Development Board (HDB) for lift services. When questioned by Mr Singh, she said: “The fact that the payments made to HDB were for lifts and services (that were) not rendered… these were improper and should (be) raised to KPMG to look into.”

https://www.todayonline.com/singapore/wps-sylvia-lim-hopeless-town-council-chairperson-reveals-fmss-director-dramatic-court

Ang moh special forces to protect Xi

In China on 15/11/2018 at 11:16 am

Where are the Red Guards? Skivving isit? Or not trusted?

Port Moresby is hosting the Asia Pacific Economic Co-operation (Apec) summit this week,

Australia, the US and New Zealand have sent special forces to make sure that attendees (including one Grandpa Xi) will be safe given the place’s reputation for violence.

Wah Meng Seng so confident of winning GRC/ Tan Cheng Bock

In Uncategorized on 14/11/2018 at 2:14 pm

Our management software is ready and we won’t be held ransom by PAP attempt to control the management software

Goh Meng Seng

Or juz clowning around like Desmond Lim and Pwee?

Singapore Democratic Alliance (SDA) chairman Desmond Lim said his party has remained active in the Pasir Ris-Punggol GRC since the 2015 GE , which saw the SDA garnering about 27 per cent of the vote in the constituency, an eight-percentage-point drop from its 2011 GE performance. “We’ve conducted our regular house to house visits, attending to resident’s needs and requests. We are ready for any snap elections,” said Mr Lim, 51.

Democratic Progressive Party (DPP) secretary-general Benjamin Pwee, 50, said it was premature to speculate when the next GE will be, but he said: “The DPP stands ever ready to field good credible candidates for the coming GE.”

https://www.todayonline.com/singapore/pm-lee-hints-timing-next-ge-saying-pap-has-only-two-years-prepare-it

More likely to be clowning around.

Seriously, these guys want Dr Tan Cheng Bock to lend them his credibility with people who vote PAP but who are open-minded about changing their minds?

No wonder he is keeping quiet, real quiet: My predictions about Spastics’ League.

I don’t think he wants to tarnish his legacy (and money) on clowns like these guys and Lim Tean: Lim Tean where are yr durians?

 

Only America will visitors be asked if they are terrorists

In Uncategorized on 14/11/2018 at 10:52 am

The Esta (Electronic System for Travel Authorization) is an online US form, which some foreigners can use to waive their need for a full US visa.

One of the questions reads: “Do you seek to engage in or have you ever engaged in terrorist activities, espionage, sabotage, or genocide?”

One Scottish lady ticked “Yes”, by mistake she claimed.

Read whay happened next at https://www.bbc.com/news/uk-scotland-45678517.

It wasn’t pretty but sure is black comedy at its finest.

Another sign that GE will be next yr/ Three cheers for TOC

In Media, Public Administration on 13/11/2018 at 4:16 pm

In another sign that GE will be next yr, the PAP govt is showing that it does listen, even if the agitation for a change in policy started in Terry’s Online Channel.

I’m talking about Hawkergate. The quiet, underground grumbling about the so called “not-for-profit hawker centre model” which some unhappy hawkers and foodies like Seetoh see as Pay And Pay in action* did not catch the public attention until our constructive, nation-building media and TOC publicised the allegations. In highlighting the problems faced by hawkers such as costly tray-return deposit schemes, long working hours, unreasonable penalties for contract termination and additional fees for dishwashing, tray returns and quality control, they started a forest fire which had the PAP scrambling to contain the conflagration. TOC, unlike the MSM, also agitated for something to be done, unlike the MSM, whose silence on what should be done were deafening.

Senior Minister of State for the Environment and Water Resource Dr Amy Khor announced in October that NEA will do a “stock take” of the not-for-profit hawker centre model, which allows social enterprises and cooperatives to run these centres.

The National Environment Agency (NEA) said on Nov 9 that it had ordered “tweaks to standardise the contractual terms between socially-conscious enterprises and hawkers following feedback from hawkers, patrons and social enterprise hawker operators”. More on this at: https://sg.news.yahoo.com/nea-impose-changes-hawker-operator-contract-terms-1-january-085102551.html

The four changes include the removal of “onerous” terms to better safeguard the interest of hawkers, said Dr Khor on Nov 9 during a visit to Ci Yuan Hawker Centre.


All about hawker food

Why are there hawker centres in Singapore?

The Hard Truth about hawker food

The Harder Truth on hawker food

“Dollars and Sense” of a Hawker Stall

Subsidised hawker food book

——————————————————————-

Three cheers for Terry and his team (if there’s one). Sadly that’s all the recognition he’ll get. TOC needs $, but the cybernuts don’t want to help it out. A long time (2006 — 2012), the then readers were generous with their money. But then they were not cheapskates, born losers like those now polluting the comment pages of TOC and TRE.

Of course opportunists like Lim Tean and Meng Seng (Lim Tean, Meng Seng where are yr durians?) had to join in the agitation for changes. Since Lim Tean has raised funds from the public for various projects (see above link) but not done anything at all about his projects, he should hand over his loot the monies raised to TOC?


*Written before TOC started publicising the problems faced by hawkers in the not-for-profit hawker centre model and agitating for changes to the model. The contributors were focusing on LGBT and other identity issues. They had and have no time for chay kway teow issues, only ang moh issues.

 

 

 

 

 

 

 

The Hard and Harder Truths about Uber, Grab or Go-Gek

In Financial competency, Public Administration on 13/11/2018 at 10:19 am

They got the funding to burn dollar notes, others don’t.

“Tens of others had technology just as good as Uber that never went anywhere. The difference is Uber has been heavily financed by Wall Street and they’ve raised more than $13bn. We didn’t have the same access to capital.”

He says building Uber’s app might have cost something like $30m but the rest of its huge pile of cash has gone on subsidising rides, offering discounts, effectively buying up the market.

CEO of Autocab talking to BBC: https://www.bbc.com/news/technology-46151994

As Autocab had been providing various services to cab firms for 20 years and was developing apps back before Uber got off the ground, the BBC reporter asked the CEO (Safa Alkateb) the obvious question: why wasn’t this Manchester firm heading for a $120bn (£92bn) IPO and global domination and not the start-up born in San Francisco?

Safa Alkateb, who spent a career in Silicon Valley before coming home to run Autocab, had a simple answer – money.

The Harder Truth: Uber raised the white flag in S’pore and the region, the winner Grab stopped subsidising fares. Fares rose while incentives for drivers were scaled back.

The throwing of money is aimed at securing a monopoly or near monopoly position.

South-east Asian authorities gained valuable experience as they scurried to respond, suggested Toh Han Li, chief executive of the CCCS* and this year’s chair for Asean’s competition agencies group. The Grab-Uber case “can be considered as the first significant case involving co-operation among Asean competition authorities”, he said.

Nikkei Asian Review

*Competition and Consumer Commission of Singapore

 

Teachers here not as respected as those in China, M’sia, Taiwan and even NZ

In Uncategorized on 12/11/2018 at 4:12 pm

S’poreans think teachers are “very mediocre people” isit?

If teachers want to have high status they should work in classrooms in China, Malaysia or Taiwan, because an international survey suggests these are the countries where teaching is held in the highest public esteem.

https://www.bbc.com/news/business-46063947

S’pore is only at number 10 because money talks, BS walks? A person is respected here because of the size of their salaries: https://www.todayonline.com/big-read/big-read-invisible-people-class-conscious-society

Top 10 for teacher status

  1. China
  2. Malaysia
  3. Taiwan
  4. Russia
  5. Indonesia
  6. South Korea
  7. Turkey
  8. India
  9. New Zealand
  10. Singapore

Remember

that those in the private sector earning less than $1m are “very mediocre people”. And that the PAP only chose ministers from the private sector if they were earning $1m or more.

Ex-PM’s money obsession causing PAP problems

Anyone using money to distinguish between “mediocre” and “not mediocre” people is thinking in terms “of people in terms of social class or income”.

Don’t tell us, tell ex-PM, Indranee Rajah

As https://www.todayonline.com/big-read/big-read-invisible-people-class-conscious-society shows, status and money is very intertwined here, and it’s easy to blame the PAP for this. But maybe the PAP itself is a victim, not the creator of this culture?

What do you think?

Why S’pore is so shiok for private property investors

In Political economy, Property, Public Administration on 12/11/2018 at 9:46 am

Look at the table and note that here holding costs (i.e. interest paid) for 5 yrs (assumes no profit from sale after 5 yrs) and fees payable (taxes, duties) very low compared to rest of the world bar a shithole of a city. The PAP govt treats private property investors better than they treat otters (TRE Cybernut says PAP has created paradise for otters not citizens)? $ means US$.

Waz there not to like about the PAP if u are an investor in private property?

Compare this to if u bot a resale HDB flat: Will resale flat owners still vote for PAP in next GE? and Will this resale flat buyer vote for PAP in next GE?

No, not S’pore

In Uncategorized on 11/11/2018 at 3:41 pm

But the u/m story sounds so S’porean because it reminded me that five nsmen have had police reports filed against them for allegedly sharing unauthorised photographs of an accident in a training exercise which resulted in the death of a fellow nsman on social media websites.

Bill Cason has been a pilot for more than 20 years, and is president of the Federal Flight Deck Officers Association – although, because of the programme’s rules, cannot say whether he is an FFDO himself.

http://www.bbc.com/news/world-us-canada-43377461

Pilots allowed to carry guns in planes in the US are known as Federal Flight Deck Officers.

Timing of next GE: More trumpets for me

In Political governance on 11/11/2018 at 9:37 am

In Akan datang: GE in late 2019,I predicted that the GE would be in late 2019, giving my reasons for the call.

Well, the general elections may be called as soon as next year, said Prime Minister Lee Hsien Loong, very recently.

While speaking at the welcome dinner dialogue of the Bloomberg New Economic Forum, he was asked if our bicentennial celebration of Sir Stamford Raffles’ arrival next year might be a reason to bring forward the general election which is due to be held in 2021, he said “It’s always possible. There are many reasons to bring elections forward for a party, so we’ll see”.

Dr Goh’s HK counterpart had similar views on MRT and other major issues

In Hong Kong, Political economy, Public Administration on 10/11/2018 at 3:35 pm

Remember Khaw saying this?

It was a very different era. Finance was tight, so we really had to scrutinise every dollar of spending.

The government of the day thought very hard if we could really afford an MRT line. It took months to think through and debate through this major strategic decision.

It was not easy. Some of you who are younger might not remember.

But I remember, as a civil servant, the big debate which was televised on the options – an all-bus system or an MRT system.

There were proponents for the MRT, as a city without MRT is almost impossible. But there were others who were extremely worried whether we can really afford it.

So sometimes today we spend money as if money comes easily. We forget that it was not too long ago. So when there are people who criticise the North-South and East-West Lines on why we did not do this and that, we were simply short of cash.

http://www.todayonline.com/singapore/comparing-singapores-newest-and-oldest-mrt-lines

He left out the elephant in the room: Dr Goh Keng Swee. He wasn’t convinced that an MRT would be cost effective. Hence the scrutiny the project underwent, even after the cabinet (sans Goh) had agreed to build it.

A contemporary of his, Sir John Cowperthwaite, HK’s financial secretary (17 April 1961 – 30 June 1971) had earlier opposed the building of the MRT system in HK, citing the cost: despite the traffic jams in the streets. Construction only began after he retired.

Here’s more on Sir John Cowperthwaite, who came to HK as a British civil servant in 1945. He should be interesting to S’poreans because he had views, some like that of Dr Goh, some unlike, on how to have a prosperous, thriving economy in a small state.

Like Dr Goh, he was for

Low taxes, lax employment laws, absence of government debt, and free trade are all pillars of the Hong Kong experience of economic development.

And

No deficit government financing, which could merely push costs to a future generation and make the territory vulnerable to financial upheaval.

[…]

Public housing would be funded, but only for tiny flats; reservoirs would be built, but users would be charged.

[…]

Requests by industry for subsidies were routinely rejected.

Architect of Prosperity: Sir John Cowperthwaite and the Making of Hong Kong

https://www.economist.com/news/books-and-arts/21729983-sir-john-cowperthwaite-most-unlikely-things-bureaucrat-hero

Sounds like a PAPpy?

But throughout the 1960s, Cowperthwaite refused to implement free universal primary education, contributing to the relatively high illiteracy rate among today’s older generation in HK.

And he really believed in the importance of the private sector, unlike the PAP (not excluding Dr Goh) who talked the talk of the importance but the private sector,  but who made sure GLCs dominate the local economy.

“I myself tend to mistrust the judgment of anyone not involved in the actual process of risk-taking.” This faith was rewarded. As industries such as cotton spinning, enamelware and wigs declined and Cowperthwaite declined to offer assistance, businesses shifted their attention to promising areas such as toy and electronics production, and then finance. Migrants found work in the expanding industries, becoming a cog in a productive engine rather than merely a cost.

(Economist review)

But he allowed private sector cartels to continue to dominate the HK economy. In his time, it was the Hongs (Jardines, Swire and other ang moh Hongs) and the big banks (HSBC and StanChart).  A tradition continued today with local property cos controlling the property mkt (no massive affordable public housing), and Cheung Kong, Jardines and Swire having a big share of the retail mkt, and HSBC and Bank of China dominating the finance sector.

 

 

Grey Rhinos, Chinese Puzzles Galore

In China on 10/11/2018 at 9:36 am

Further to China afraid of Black Swans and Grey Rhinos here’s where the Chinese first used the term “grey rhinos”

From NYT Dealbook over a yr ago (Btw, all the three cos mentioned below are in Grandpa Xi’s doghouse)

“Risks in the financial sector are sophisticated. Therefore, precautionary measures should be taken to prevent not only ‘black swan’ but also ‘gray rhino’ events.”
— Unsigned commentary in People’s Daily, the main newspaper of the Chinese Communist Party.

 

While the West may worry about unexpected events, sometimes called black swans, the focus in China is on problems that are large and very visible: gray rhinos.
You’ll recognize some gray rhinos because, until recently, they’ve been on buying sprees: Anbang, Fosun, HNA and Dalian Wanda.

Worth remembering: The recent crackdown on China’s once-celebrated international deal-makers comes straight from the top, from President Xi Jinping.

The Ups and Downs of Chinese Deal Making

 Enthusiasm for big deals with Chinese conglomerates is starting to cool.
Bank of America has decided not to do business with HNA, the huge conglomerate that The New York Times found had been giving business to relatives and associates with little disclosure to investors.
The problem? Bank of America is concerned about HNA’s shareholding and corporate structure, its complex business model, allegations concerning political connections, and Chinese regulatory interest in the company.
“We simply don’t know what we don’t know, and are not prepared to take the risk,” Matthew M. Koder, Bank of America’s president for Asia Pacific, wrote in an email.
Bank of America had been talking to HNA about new lending partnerships, according to a person with direct knowledge. It has also been among the banks helping HNA to take at least one of its many companies public.
 The beleaguered Dalian Wanda tore up a $9.3 billion agreement to sell a portfolio of hotels and theme parks and found a new buyer for the hotel properties.
After reaching a deal last week to sell the whole lot to the property firm Sunac China Holdings, Wanda announced that it would sell Sunac only the theme parks. The hotels will instead go to the Guangzhou-based R&F Properties — but for $3 billion, where the deal last week valued them at $5 billion.
The hasty reorganizations have raised concern about the due diligence being conducted. It also highlights the pressure that the Chinese government is putting on the country’s deal makers to reduce their piles of loans.
 The retail giant Suning has come under attack on Chinese state television over “irrational” foreign acquisitions, The Financial Times and Reuters reported.
In a program focused on risky overseas deals, China Central Television referred to Suning’s purchase of a 70 percent stake in the Italian soccer club Inter Milan as an example of a move that potentially raised concerns.
“This famous club has been loss-making for five years, with total losses of 275.9 million euros,” said the narrator. “What is the purpose of acquisitions like this?”

PAP’s thinking is Xi’s thinking

In China, Political governance on 09/11/2018 at 10:05 am

Further to What next? Senior civil servant saying that those who don’t vote PAP don’t wish S’pore well? where I quoted our London ambassador sneering at the ang moh way of alternating opposing parties in power

The alternative—a constant merry-go-round of contending parties—does not necessarily produce better outcomes. Politicians fail to keep the promises they make, the people become disillusioned, and eventually lose faith in democracy. Witness the low voter-turnouts in many Western democracies.

Doesn’t this sound like u/m?

Chinese leaders are too cynical about elections in the democratic West, and about the lessons that even messy campaigns can offer. They are not cynical enough about their own authoritarian system, refusing to see how it induces a sort of democracy-blindness. Even well-informed officials and scholars misread political dynamics around the world.

https://www.economist.com/china/2018/10/20/china-is-misreading-western-populism

Related posts:  Keeping power in a one-party state and Would this happen in a one-party state?

 

 

China afraid of Black Swans and Grey Rhinos

In China on 09/11/2018 at 4:14 am

Black swans, and grey rhinos, are likely to occur this year with adverse consequences, Fan Hengshan, vice secretary general of the National Development and Reform Commission (NDRC), wrote in a commentary in the state-controlled newspaper, Reuters reported recently.

Black swans are unforeseen occurrences. Grey rhinos are highly obvious yet ignored threats. China’s debt problem is a huge grey rhino.

More evidence why USA is bad luck for HSBC

In Banks on 08/11/2018 at 2:50 pm

Further to HSBC refuses to learn lesson of past where I grumbled about HSBC’s latest foray into the US consumer mkt (third time after two failures), there’s this

HSBC has said some of its US customers’ bank accounts were hacked in October.

The lender said that the perpetrators may have accessed information including account numbers and balances, statement and transaction histories and payee details, as well as users’ names, addresses and dates of birth.

The BBC understands the firm believes that fewer than 1% of its American clients were affected.

https://www.bbc.com/news/technology-46117963

In HK, HSBC uses feng shui experts. Time to fly one of them to the US.

HSBC refuses to learn lesson of past

In Banks on 08/11/2018 at 10:00 am

That it destroys shareholder value by investing in US consumer banking or finance.

HSBC is getting back into US consumer lending almost a decade after it was forced to write off US$10.6bn for its last foray into that US market. In 2003 it purchased subprime lender Household, but the financial crisis resulted in a write-off of US$10.6bn of goodwill. The biz was closed in 2009.

Recently it

said that it is launching a digital lending platform for US customers in the first half of 2019. The platform will be powered by online lender Avant, which has already processed almost $5bn of loans for more than 600,000 customers.

“The US unsecured personal loan market is growing at 20 per cent annually and has surpassed $125 billion in balances,” said Pablo Sanchez, Regional Head of Retail Banking and Wealth Management for HSBC in the US and Canada.

“By adding personal loans to our expanding product suite, we’re meeting the needs of today’s consumers who want a safe, fast and easy way to borrow money online.”

Going online means the bank can address a far broader market than just those in the catchment areas of its almost 230 US branches. The bank, which already offers credit cards, in the US, did not give any target for how much it hopes to lend.

FT

Sounds it is trying to put into practice what playwright Samuel Beckett said

Try Again. Fail Again. Fail Better.

Third time trying in US. Anyone Remember Marine Midland Bank?

In 1980, it acquired

a 51 percent controlling interest in Marine Midland Corporation. By then, it was the 13th largest commercial bank in the United States, with about 300 banking offices across New York and about 25 offices in foreign countries. HSBC acquired full ownership in 1987.

Wikipedia

Ah well there’s the profits from Greater China to keep us shareholders contented. The investment of bank resources into the Pearl River Estuary hopefully makes up being swindled by the Yankees a third time.

Will this resale flat buyer vote for PAP in next GE?

In Political governance, Property on 07/11/2018 at 4:19 pm

After reading this post, tell me if you think Jun Liang, the resale flat buyer, will vote for the PAP in the next GE.

Further to Will resale flat owners still vote for PAP in next GE? where I reported that the value of the homes has been falling even as prices of private dwellings rebounded over the past five quarters, leading to a 13.8 points gap in their price performance, the widest in more than a decade. Private home prices rose 0.5% in the third quarter, after climbing 3.4% in the previous three months here’s a really sad story

🤑🤣😛😢😪😂😝😜

“I bought in the resale market when the prices were quite high some years back,” said Jun Liang, 42, whose apartment is in a 55-year-old block called Selegie House. “When I look at the value now, it would not have appreciated — in fact, after renovation costs it could even be a small loss.”

[…]

Home-owner Jun and his wife bought their apartment in one of the oldest HDB blocks in 2013 after getting married, spending about S$700,000 on the property and another S$100,000 to renovate. Now, they have thoughts of upgrading to a private condo. But, looking at their budget, the couple wonder if they’ve any chance of getting the home they want.

https://www.bloomberg.com/news/articles/2018-10-25/singapore-s-public-housing-envy-of-the-world-hits-rough-patch

I think he’s deluded about a small loss taking into account renovation costs. Remember prices for flats like his took a dive after Lawrence Wong’s warning about the govt taking back the land when the leasehold expires: Why 30-year old HDB flats difficult to sell.

And it’s going to get worse. 🤑🤣😛😢😪😂😝😜

Nicholas Mak, executive director and head of research at real estate firm ZACD Group said:

HDB resale prices may fall 1 percent to 2 percent this year, according to Mak.  In the long term, besides undermining public sentiment, declines could threaten demand for private housing, since fewer people will feel wealthy enough to upgrade to condominiums, according to Cushman & Wakefield Inc.

https://www.bloomberg.com/news/articles/2018-10-25/singapore-s-public-housing-envy-of-the-world-hits-rough-patch

Who asked Jun Liang and his wife to believe PM and his ministers on asset values? Exposed: Flaws in PM’s HDB spin 

🤑🤣😛😢😪😂😝😜

And Jun Liang should also worry about the trade war between China and Trump because a slow down in China is terrible for us: we more affected than the rest of Asean:  PAP needs strong Chinese economic growth.

PAP needs strong Chinese economic growth

In China, Economy, Indonesia, Malaysia on 07/11/2018 at 10:54 am

Looking at chart, it’s no wonder our finance minister is really worried if Trump paks China really hard. S’pore’s very dependent on Chinese growth because China is an integral part of Asian supply chains.

South Korea, Taiwan, S’pore, M’sia, Indonesia, Thailand and the Philippines have all benefited from the rise of China as a manufacturing power, especially since the global financial crisis.

Singapore assessing 2019 forecasts amidst escalating trade spat: Finance minister

Singapore has already witnessed a slash in business investments amidst the looming trade wars.

Finance minister Heng Swee Keat thinks that Singapore may have to look out on its economic growth projects for 2019 amidst the escalating US-China trade tensions that have pumped up uncertainty for business investments.

“In the short run, the impact is not fully felt yet,” with Singapore retaining its growth forecast for this year at 2.5% to 3.5%, Heng said in an interview with Bloomberg Television. “But any trade tension that sets back globalization will affect everyone, including the countries that are directly involved, but also collateral damage right across all economies.”

Heng acknowledged that the Lion City had already witnessed the effects of the trade war through increased uncertainty and reduced investment by businesses, noting that next year’s situation will depend on how the situation will unfold in the next few months.

The ‘global production frontier’ being diminished could allow a prolonged trade war to severely disrupt the global supply chain thereby hitting countries with long-term growth challenges, the minister said.

“Our priority areas remain for economic restructuring,” Heng explained. “The other big area is looking at infrastructure development” with urbanization being a major trend in Asia.

Here’s more from Bloomberg.

 

“Singapore is a not a clean city. It’s a cleaned city.”

In Environment, Political governance, Public Administration on 06/11/2018 at 2:10 pm

So what we may ask?

More than S$120m a year is spent on cleaning public spaces. And PAPpies not happy that the PAP administration has to this amount to keep S’pore clean. (Perhaps they hope that this money can be diverted to millionaire ministers?).

The PAPpy unhappiness

At first, the policy [LKY’s Clean and Green policy of which the anti-littering campaign was part of ] worked, according to Liak Teng Lit, chairman of the National Environment Agency. A combination of public awareness campaigning and punitive measures made a difference. More people picked up after themselves. The city became cleaner.

————————————–

Green S’pore

LKY & greenery

My S’pore: A greener & more pleasant land

Urban planning: a constrasting tale of UK cities & S’pore

2025: LKY’s memorial unveiled

Uniquely global: Rainforest in a global city

————————————

In 1961, Singapore had a “broom brigade” of 7,000 day labourers who were directly employed by the department of health. By 1989, there were only 2,100.

But things changed. The city became wealthier, and it became easier to use low-cost labour to clean up. Nowadays, says Liak, Singapore isn’t clean because locals fear fines. It’s clean because there’s an army of workers scrubbing it. They do the heavy lifting. More than anyone else, they keep Singapore clean.

“Singapore is a not a clean city. It’s a cleaned city,” Liak declares.

There are 56,000 cleaners registered with the National Environment Agency. There are likely thousands of independent contractors who aren’t registered. Mostly they’re low-paid foreign workers or elderly workers. Taipei, by contrast, has maybe 5,000 cleaners, Liak adds.

http://www.bbc.com/capital/story/20181025-the-cost-of-keeping-singapore-squeaky-clean

One reason they give for wanting us to pick up litter: good for our souls i.e. civic consciousness the PAPpy way

Edward D’Silva [chairman of the Public Hygiene Council] is frustrated about the way the rise of this army of cleaners has changed the culture in Singapore. With so many cleaners, Singaporeans came to regard cleaning up as someone else’s job. Today, Singaporeans often leave their tray on the table at hawker centres after eating a meal, because they don’t consider it littering, or they think it’s the cleaners’ job to clean up after them. (In fairness, tray return facilities were only installed in 2013.)

D’Silva says students don’t pick up after themselves either, because they’ve always had a cleaner to do it for them. It’s something the Public Hygiene Council is trying to address at local schools. Simply put, he thinks Singaporeans have had it too easy for too long, and they need to change. Liak agrees.

“The government cleans the apartment [building], right up to your corridor, typically twice a day. When you have a very efficient cleaning service, and your neighbour messes up the place, you don’t blame the neighbour, you blame the cleaner for not picking it up,” he says.

BBC report

The real reason, want to save $:

In Singapore, cleaners are mostly drawn from a pool of roughly a million foreign workers as well as local aged workers. But as Singapore’s population grows and labour becomes more expensive, it simply won’t be affordable to employ so many cleaners.

Edward D’Silva says part of the original push for a cleaner Singapore was economic. Cleaning public spaces is expensive and it takes money away from more valuable pursuits. He says that’s still the case, and Singapore needs to change its behaviour fast. Singapore spends at least SGD$120m (US$87m) a year on cleaning public spaces.

“If you are able to instill and cultivate a habit whereby people don’t throw their litter anywhere and anyhow, then the money you would have otherwise spent to employ those cleaners, well, millions of dollars could have been better spent on health and education,” he said.

BBC report

As usual with the PAP, it’s all about money.

How Harvard “fixes” Crazy Smart Asians

In Uncategorized on 06/11/2018 at 10:22 am

Says that they are not likeable, so will not be good students.

Further to this Trump supports Crazy Smart Asians, at the trial that began in Boston to determine if Harvard discriminates against Asian-Americans, the plaintiffs point out that Asian applicants to Harvard do brilliantly on academic tests but mysteriously terribly on subjective measures such as likeability.

S’poreans who stage walk-out show why they are still sheep

In Uncategorized on 05/11/2018 at 3:02 pm

The staff of Google S’pore are no sheep on the face of it because they walked out last Thursday to protest against the company’s handling of cases of alleged sexual misconduct. When have S’poreans got the balls to strike? Last strike here was when FTs working at SMRT went on strike. Moreover as Reuters staff showed, even gathering to hold placards on their employer’s premises is an invitation for the police to come pay a visit.


Last Strike/ FTs lead the Way

SMRT: Better not take the bus

SMRT did not brief FT drivers on labour law?

TRE says it all about Ong Ye Kung, NTUC & SMRT

Ong Really PM Material?

Ong Ye Kung: A study in failure

Why he really could still be next PM

“Experts” wrong to write-off Ong as next PM

———————————————————–

But they are still S’porean sheep, because Google employees round the world walked out last Thursday  to protest against the company’s handling of cases of alleged sexual misconduct. If the S’pore office didn’t join in …

Actually, because of the time zone, the S’pore office was the first in the Empire to stage a walkout. Imagine if the Singkies had decided to continue working …

Crazy Rich Ganga User jailed for another yr

In Uncategorized on 05/11/2018 at 10:00 am

In Yet another Crazy Rich Asian druggie has gd lawyer, I blogged about how Metro scion Ong Jenn had a good lawyer that got him off on a lesser charge than what the prosecution wanted.

The prosecution appealed saying he should be convicted of abetting to traffic drug. But a High  Court judge dismissed the appeal against the conviction and against Ong’s reduced charges, to rule that he should not be convicted of abetting to traffic drugs.

But as for the prosecution’s appeal against the sentence, the judge agreed that the should jail term extended by a year to three years.

Even in S’pore where “Money talks, BS walks”, money can’t get a person everything.

Crazy Rich Fools?

In Uncategorized on 04/11/2018 at 4:25 pm

Those who buy and use iPhones.

Apple does pretty well charging customers more money for fancier versions of existing products. There is indeed no fool like a fool addicted to the persistent tapping of a blue-lit screen.

FT’s Letter from Lex

Ex-ST wimmin promoting ex-PM’s book?

In Media on 04/11/2018 at 10:18 am

Here’s a review of Goh Cock Chok Tong book that had me want to go out to buy it: https://berthahenson.wordpress.com/2018/11/02/how-the-holy-goh-got-on-with-the-father-and-the-son/?fbclid=IwAR2rBVxPronTL3UwADIsc_B3d8B4cCCqNsUgolJr9jAh715PbAlkLtMReW8

Until I remembered that Bertha Henson wanted to be a Sith Lord (in this case editor of ST). But she didn’t get her wish, and this Imperial Stormtrooper general (Paper arm) moved on, and tried to be a Jedi by criticising ST. My dogs despise her for biting the hand that fed her well. To be fair, she’s not the only one liddat

— Feeling free to bite hand that once fed him

— “Fake news: Just make mainstream media more credible”

— ST team in exile in SCMP (including Yaacob’s sis who was ST’s deputy editor) in HK

They were

enablers of a juggernaut. When they were regularly paid 30 pieces of silver serious sums of money, they never doubted that they were working for truth, justice, the S’pore way and Harry. But when the money stopped, they all had Damascene conversions, or so it seems. Humbug?

This brings me ex-deputy editor of ST (sis of retired minister and wife of  Cherian George, advocate of freedom of the media). She did a fawning, balls-carrying interview of Cock Chok Tong: https://www.scmp.com/week-asia/politics/article/2171489/lee-kuan-yews-sentosa-nudist-colony-idea-being-seat-warmer-and. Brown nosing habits are hard to shake off?

 

Sounds like TRE cybernut’s “good” twin

In Uncategorized on 03/11/2018 at 3:03 pm

Or is it “evil” twin of TRE cybernut rabble rouser? You decide. Whatever, juz as nutty and moronic as TRE cybernut?

What matters most is the will to carry on what has been laid down by our founding fathers.
To the 30% who are agitating against our various programs such as our CPF, our housing programs – HDB – health, education as well as our law enforcement it would be better if they sit back to compare the other countries that do not have these in place.

Countries run by corruption, cronyism insecurity with so called freedom and demoncracy to change the government moving from bad to worst.

Countries that the voters are taken for a ride with manifestos that can’t be implemented (a manifestos that even the head of the new government admitted were false).
Many of us like myself had gone thru the dark days of riots jobless empty stomach and had had better jobs security and all the good things albeit not the super luxurious life.

We can’t afford and should never allow corruption and mismanagement of funds especially the Town Council as these are our money by those who were elected to safeguard these funds.

FB post

He was responding to Singapore Matters (As TOC and TRE are to anti-PAP cybermuts, this site is to pro-PAP nuts

Our forefathers toiled with their hands to build a good home for us. They made many sacrifices and upheld the highest standard of integrity to make this possible.

That highest standard of integrity and incorruption has given us a competitive advantage over our neighbours and brought us to where we are today.

AGO regularly audits and highlights lapses, without fear or favour, to maintain integrity in our institutions.

Similarly, ALL town councils have to be audited by their own appointed independent auditors. There is no exception.

Pasir Ris-Punggol Town Council, for example, appointed Ernst & Young LLP as their independent auditor.

The best of systems can only be as robust as the people want it to be.

When we get angry and offended by those who seek to uphold integrity in our institutions, and vilify them, we have to ask ourselves: which direction do we want Singapore to go.

Do we want to maintain a high standard of integrity or do we want to lower it and celebrate wrongdoing instead?

Cont’d: Why anti-PAP types now really quiet about M’sian switch from GST to SST

In Malaysia on 03/11/2018 at 10:20 am

An update to Why anti-PAP types now really quiet about M’sian switch from GST to SST.

Yesterday,

Malaysia’s new government will cut public spending sharply despite foreseeing the economy growing more slowly than had been expected earlier

No money leh. Those anti-PAP types that want to abolish GST (think rational people like P[olitician] Ravi prepared for reduced govt expenditures? Need I say more?

Yes I can

Malaysia’s deficit target is set to expand this year to 3.7 per cent of gross domestic product (GDP) from a 2.8 per cent target under the previous Barisan Nasional government. The median estimate in a Bloomberg survey of nine economists was 3.2 per cent.

The shortfall is set to ease to 3.4 per cent next year.

Sounds like GST is needed in KL especially as

To fund the gap, the government will more than double the amount of dividends it expects to receive next year from state oil company Petroliam Nasional Bhd to RM54 billion.

This assumes oil price will not tank. Remember M’sia introduced GST because oil prices fell to US$30.

 

Survey feedback: a really Hard Truth

In Political governance, Public Administration on 02/11/2018 at 4:52 pm

The PAP administration is always asking for feedback via surveys etc. But even many of the 70% think that the whole exercise is a waste of time because they think the PAP administration already “knows” the results of the survey etc.

The feedback is for confirmation that the PAP administration got it right and is wayang.

To overcome this cynicism:

It is more important to follow through and take real steps to make people happier and more productive.

FT

Context of above quote

There is a growing view that too many companies think doing the odd staff survey is enough to tick the engagement box. It is more important to follow through and take real steps to make people happier and more productive. Put another way, a company can do as many surveys as it likes, but if it irks workers with doltish managers, idiotic dress codes, petty rules on attendance and worse, it should expect to be treated in kind.

The really Hard Truth:

The PAP administration can do as many surveys as it likes, but if it annoys voters with second rate but overpaid ministers, inefficient (think SMRT) or expensive public serices (water and electricity), bullying, agencies with bad culture (Integrated Health Systems*), petty rules or worse, it should expect cynicism: a “What’s it in for me?” attitude or worse even if S’pore remains a de facto one-party state.


*Senior mgr chiak chua

The day before, a senior manager of IHiS’ security management department, Mr Ernest Tan, had testified that he was reluctant to raise the alarm to his superiors despite knowing about suspicious logins to the patient database, for fear of working “non-stop” to “deliver answers” to top management.

This had led to a delay in the reporting and detection of the cyber attack, which saw hackers make off with the personal data of 1.5 million SingHealth patients between June 27 and July 4.

https://www.todayonline.com/singapore/cultural-issues-ihis-hampered-detection-and-reporting-cybersecurity-incidents

 

 

HohoHo: StanChart’s strategic plans are sounding like our restructuring plans

In Banks, Temasek on 02/11/2018 at 10:30 am

I’ve joked about our economic restructuring plans

“I’m sorry but

“We are feeling the pains of restructuring, but not yet seeing the dividends of our hard work. But we are pursuing all the right strategies, and I am confident that given time these strategies will work for us.”

smacks of “Jam to-morrow and jam yesterday – but never jam to-day”

Pardon my cynicism.

We’ve been here before. How many times has economy been “restructured” since the 80s? And how many times have SMEs been helped to  “restructure and tide through challenging times”?”

Economic restructuring: This time, it’s really different

Well it seems that StanChart is taking a leaf from it’s largest shareholder. This is the FT’s headline

Standard Chartered promises new plan to boost profitability

Lender’s new strategy will mean further job cuts as it aims to become a simpler bank
Well after three years of a turnround plan, however, there’ll be a new plan next yr.

chief executive Bill Winters has done a poor job of preserving shareholder value — never mind building some — since he joined just over three years ago. The shares are down 40 per cent.

HoHoHo: Time for StanChart’s CEO to go?

(Related post: HoHoHo: StanChart’s CEO is worse than our paper generals)

Ideas are only ever as good as their implementation.

Btw, talking about execution in Capitalism in America: A History, by Alan Greenspan and Adrian Wooldridge, talking about men like Carnegie, Rockefeller,

“These great entrepreneurs earned their place in history not by inventing new things but by organizing them.”

Here’s a comment about the book, “Three themes are highlighted — productivity as the measure of economic progress; the “Siamese twins of creation and destruction” as the sources of productivity growth; and the political reaction to the consequences of creative destruction”

 

 

 

Why anti-PAP types now really quiet about M’sian switch from GST to SST

In Malaysia on 01/11/2018 at 3:43 pm

When PH won GE and it was annced that GST would be scrapped in favour of Sales Tax, the local anti-PAP types cheered saying that taz the way to beat rises in the cost of living and inflation: bring down prices. I think even P Ravi joined in.

Since then, the silence has been deafening given

Malaysian parliament question time risked breaking out into mayhem on Monday (Oct 15), after finance minister Lim Guan Eng declared he never promised that the Sales and Services Tax (SST) would bring prices down.

https://www.todayonline.com/world/i-never-said-new-sales-tax-would-bring-prices-down-argues-lim-guan-eng

Don’t our anti-PAP types say in TOC, TRE and other alt-media sites KPKB that without GST, prices would be lower?

Tomorrow is Budget day in KL and

Finance Minister Lim Guan Eng’s maiden budget is expected to contain new taxes and spending cuts, and he has warned Malaysians that they should be prepared to make sacrifices.

The new government has to cover a revenue shortfall arising from its decision to scrap the goods and services tax (GST) and reintroduce fuel subsidies —  both done to fulfill election campaign promises.

https://www.todayonline.com/world/malaysia-prepares-austerity-budget-amid-strains-fiscal-deficit-0

Sacrifices? What sacrifices? Anti-PAP types told us that jux abolish GST and everything will be fine.

Any wonder why they so quiet on GST?

 

Why paper generals, not private sector CEOs make it to PAP cabinet

In Corporate governance, Public Administration, S'pore Inc on 01/11/2018 at 10:43 am

Today when flipping thru the FT, emphasis mine, I read

The desire to have more “business people” involved in politics is a well-worn itch. Gordon Brown’s decision, for example, to form a “ government of all talents” in 2007 with non-politicians such as Lords Digby Jones and Alan West proved a flop. The skills that make individuals successful in business rarely translate into politics. CEOs are programmed to take charge. Operating under political guidance grates, even for the most seasoned executive, however alluring the grace-and-favour mansion may be.

FT editorial

Our paper generals are programmed to take orders from ministers and senior civil servants; local private sector CEOs are not. Unlike our paper generals, who never have had to lead troops into battle or even into a hostile, environment, these CEOs “are programmed to take charge.”


Paper General in action

Kidding me? Kee Chui potential PM? He from RI?

Why “Kee Chiu” got renamed “Kee Chui”

——————————————————-

Btw, the CEOs of those successful TLCs and GLCs that are world class, are somewhere in between, if they rose from the ranks of the GLC or TLC, and not parachuted in. And the best ”are programmed to take charge”.