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Archive for 2019|Yearly archive page

TOC, cybernuts juz plain jealous isit?

In Internet, Tourism on 20/04/2019 at 11:36 am

I couldn’t help laughing when I saw this headline from Terry’s Online Channel: “Why is a controversial foreign blogger allowed to organise a massive gathering at the Botanic Gardens?”

I laughed even more when I read

Why is a foreign vlogger who has consistently stoke controversy allowed to involve himself in Singapore’s domestic issues? Doesn’t Singapore have law specifically designed to prevent that foreigners from influencing local social and political issues?

This is pure BS from TOC: nowhere in the TOC rant does it give details of

— how he involves himself in Singapore’s domestic issues; or

— how he’s influencing local social and political issues?

TOC is juz publishing fake news.

NAS’s juz a guy organising a do for his fans, and hoping to use them as props for his next mega dollar video, as far as I’m concerned.

And Terry Xu and TOC is not happy that S’poreans can have a bit of fun, while helping a FT make money.

TOC has explained its KPKB

No, seriously the question is whether a video is considered political when it is negative and when it is positive, it is not. Because by answering that question, you can realise what is political and what is not, particularly under Singapore’s govt’s definition.

FB comment on the article

Go read the article again and tell me if it got across that point. It didn’t. It was rant against an FT. The comment was damage control.

Btw, the sliming continues, TOC posted a copy of his Israeli passport and told us he can’t go to M’sia because of it. What has this to do with the price of eggs?

To be fair to Terry and his bunch of TOC idiots, a lot of anti-PAP types are expressing their unhappiness on FB and other social media.

What a bunch of kill-joy born losers. And juz because Nas said some nice things about living here. I mean after all there’s lot of free things here: Fake News: S’pore is Pay And Pay/ Truth: Plenty of gd, free stuff.

These grumpy, anti-PAP losers should organise an anti-Nas protest or a protest against all foreigners who say nice things about S’pore (After all if they hate Nas because he says nice things about S’pore, they must hate all foreigners who have nice things to say about S’pore) at Hong Leong Green and see how many people turn up.

Btw, I’m no fan of Nas but I know people who enjoy his stuff. Live and let live.

TOC and other anti-PAP types have scored an own goal on this issue. And they keep wondering why the PAP keeps winning?

 

 

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Hyflux: Good Friday cruxification

In Corporate governance, Financial competency, Infrastructure on 20/04/2019 at 4:15 am

Christ and the two thieves were not the ones crucified yesterday.

Yesterday (yes on a public holiday), Hyflux said that MayBank had decided to appoint receivers and managers over the assets of Tuaspring, except for the desalination plant and shared infrastructure, and not to extend an agreement whereby it would not enforce its rights over Tuaspring to allow Hyflux to time to conclude a binding agreement with a successful bidder or investor for the plant. The agreement had been extended several times and expired on 16 April.

The integrated asset’s desalination plant is set to be taken over by PUB at zero dollars in May, after PUB issued a notice to Hyflux on 17 April to terminate the parties’ water purchase agreement.

But Hyflux is not dead. It’s juz hanging onto life on a cross

Hyflux said the termination of the collaboration agreement “is expected to have a material impact on the financial performance of the group”.

In the interim, the power plant at the Tuaspring integrated facility is expected to continue operations as usual, it added.

Read more at https://www.channelnewsasia.com/news/business/sm-investments-moves-to-terminate-hyflux-rescue-deal-in-11460852

Btw, can’t stop laughing:

Hyflux said the termination of the collaboration agreement “is expected to have a material impact on the financial performance of the group”

The “financial performance of the group” is one fat zero before this event.

Further reading:

Hyflux: Sue those with money

Hyflux: “going concern” BS/ KPMG again and again

Hyflux on investor losses: “Not our fault, banksters at work”

 

 

 

 

BSing academics protected from fake news law?

In Internet on 19/04/2019 at 10:34 am

OMG. Our local academics can continue producing fake news without getting into trouble.

But let me begin at the beginning. On 11 April, 83 academics (only two based here, although there were 30 over S’poreans based overseas) signed a letter of concern about the proposed Protection from Online Falsehoods and Manipulation Act (POFMA). They sent it to the education minister*.

In a public reply, the education ministry assured academics that the proposed law will not affect academic work. The group behind the letter, Academics Against Disinformation, said that they are unable to accept that assurance from the Ministry until it is reflected in the language of the bill.

Here’s what I posted earlier about our very own local academics producing fake news:

Local academics propogate fake news?

Our brown-nosing constructive nation-building academics presented at the recent Select Committee hearings on Deliberate Online Falsehoods,

an alarming scenario of disinformation campaigns launched by foreign actors bent on attacking the island state, of cyber armies in neighbouring Malaysia and Singapore working as proxies for other countries in undermining national security.

Did they produce any evidence?

But the actual examples of fake news which have come up during this national debate have mostly been prosaic; a hoax photo showing a collapsed roof at a housing complex, which sent officials rushing unnecessarily to the scene; and an erroneous report of a collision between two trains on the light rail transit line.

As the BBC reporter wrote

Irritating and worrying for some, for a while, but hardly likely to bring Singapore society to its knees. In any case both Singapore and Malaysia already have plenty of laws capable of penalising false, inflammatory or defamatory comment.

http://www.bbc.com/news/world-asia-43637744

So, as far as I’m concerned the row on Coldstore between PJ Thum and our brown-nosing constructive nation-building academics is “The unspeakable in pursuit of the uneatable!” (Re Oscar Wilde)

Or  “A plague o’ both your houses!” (Shakespeare)

Btw, have to tell u that the reporter also said

It also gave Singapore academics and officials an opportunity to snipe at the US belief in free expression, the “marketplace of ideas”, which had allowed the abuse of personal data on Facebook to take place, in contrast to Singapore’s “better safe than sorry” belief in a more tightly regulated society.

Thinking about it, it’s reasonable to conclude that our academics (save two) didn’t sign the letter because they know they are producing BS aka fake news. Our local academics can continue producing fake news without getting into trouble.

Among academics in Singapore, it is an open secret that work is circumscribed by the government’s desires. At conferences and workshops, academics awkwardly and regularly “joke”, tilting their heads to glance over shoulders, about their remarks being heard by “the government”. Students and younger scholars regularly ask if they should avoid certain topics because of “sensitivities”.

https://newnaratif.com/…/eaaab05200f0645e4451f748dc85ef7a

Since you have read this far, you may be interested in

Why the PAP is really afraid of Facebook?

Silencing fake news and inconvenient voices: two sides of the same coin

Fighting fake news while raising revenue

What is “news”?/ “Fake news” is not “fake” says Harvard expert

—————————————————-

*The letter outlined concerns over the law, in particular POFMA “will have unintended detrimental consequences for scholars and research in Singapore and for the global academy”. The letter went on to say that that the Act “discourages scholars from marshalling their expertise in precisely the areas where it is most needed – namely, pressing questions and challenges for which there are no clear answer or easy solutions”.

 

Will TOC ever report this about ringgit?

In Currencies, Malaysia on 19/04/2019 at 5:56 am

But to be fair, neither will any of the usual suspects in the anti-PAP alt media universe. Why? Because Tun is the Greatest and Regime change is always good?

Malaysian ringgit into Asia’s worst performer this month.

FTSE Russell said Monday it may drop Malaysian debt from the FTSE World Government Bond Index because of concern about market liquidity, roiling the nation’s currency and bonds. And less than two weeks ago, Norway said its sovereign wealth fund will cut emerging-market debt including Malaysian securities from its index.

https://www.bloomberg.com/news/articles/2019-04-16/malaysian-ringgit-staggers-after-blows-from-ftse-russell-norway

Neither will they report

The Singapore dollar rose to a 17-month high against the Malaysian ringgit on Wednesday (Apr 17), as demand for the Malaysia currency weakened amid concerns the country’s debt may be removed from a key global bond index.

The Singapore dollar rose to an intraday high of RM3.0632 on Wednesday, the highest since the Singdollar touched RM3.0724 on Nov 20, 2017, according to global financial portal investing.com.

Year-to-date, the Singdollar has risen 0.74 per cent against the ringgit, according to Bloomberg.

Read more at https://www.channelnewsasia.com/news/business/singapore-dollar-rises-17-month-high-against-malaysian-ringgit-11456122

 

The one-party state and fake news

In Internet, Political governance, Public Administration on 18/04/2019 at 7:57 am

In Why I no ak the Select Committee hearings on Deliberate Online Falsehoods in April last year, I wrote about the above. I tot that as this is the season about

disaster and even death as the doorways for redemption. It’s about apparent failure and ultimate success. It’s about vivid appearances and unsuspected realities.

Tom Morris

, I’d resurrect the piece given that a very draconian law is going to be enacted soon (Fake news law: Ownself judge ownself)

The problem about lies or “fake news” is who gets to decide what is or is not a lie or “fake news”.

In liberal democracies, even the president of the US cannot get his view of what is or is not a lie or “fake news” accepted by even a majority of the voters. There’s some sort of consensus (“conventional wisdom”) driven (manipulated?) by the elites and media about what is or is not a lie or “fake news” in which facts often play an important part.

In a one-party state (de facto or de jure) the ruling party decides what is or is not a lie or “fake news”

— Keeping power in a one-party state

— Would this happen in a one-party state?

— Coldstore: Why Harry’s narrative or the highway

The planned tackling of “fake news” is a smokescreen for muzzling further netizens, not juz cybernuts. The internet and social media has made it a lot easier for S’poreans to share facts, ideas, and criticisms of the way we are governed by the PAP.

— Minister wants his cake and eat it/ PAP doesn’t get the Internet

— Ingratitude, uniquely S’porean? Blame the internet? Not really

— Us Netizens: Comancherios of the Internet?

This freedom (relative) to share facts, ideas, and criticisms of the way we are governed by the PAP worries the PAP (juz like the CCP worries about the internet and social media in China), hence the plan to further muzzle the internet and social media.

In a recent FB post, I commented that I can see the good of getting Lim Tean and Goh Meng Seng (Meng Seng: fake news propogator) off the air: Chris K that my view was the equivalent of thinking the SS were right to kill everyone in a village when a few SS troops were killed nearby. He has a point.

Since you have read this far, you may be interested in

Why the PAP is really afraid of Facebook?

Silencing fake news and inconvenient voices: two sides of the same coin

Fighting fake news while raising revenue

What is “news”?/ “Fake news” is not “fake” says Harvard expert

Local academics propogate fake news?

 

Only in Japan

In Japan on 18/04/2019 at 4:03 am

Japan bans dual citizenship. But, “The law creates a duty to remove your other citizenship but failing to do so is not a crime,” FT quoted an expert as saying.

What about the pink elephant in the corner, DPM Teo?

In China, Public Administration on 17/04/2019 at 11:02 am

I couldn’t but think the above, when I read in the constructive, nation-building CNA:

Despite their vast difference in size, Singapore and China have common issues to tackle, Singapore’s Deputy Prime Minister Teo Chee Hean said on Monday (Apr 15) as he hailed the good bilateral ties between the two countries.

These issues cover areas like economic transformation, skills retraining and managing an ageing population.

Read more at https://www.channelnewsasia.com/news/singapore/singapore-china-have-common-issues-to-tackle-dpm-teo-chee-hean-11447412

Funny he doesn’t mention the area where both ruling parties have a common interest: suppressing fake news.

Our very own, pending, draconian law on fake news ( Fake news law: Ownself judge ownself) sounds very much like what China already has: the ruling party decides what is fake news. But to be fair to S’pore, the PAP govt says that there’ll be an appeals procedure making the judiciary the decision-maker. In China, the judges are subordinate to the party. According to our Constitution, our judiciary is independent.

The CCP way is the PAP way: The PAP way?

 

Americans love Chinese food

In China on 17/04/2019 at 4:12 am

Chinese cooks were exempted from anti-immigration laws aimed at the the Yellow Peril.

In the 1880s, the US passed legislation barring Chinese workers from immigrating to the US. Only a few categories were exempt – including restaurateurs – and historians say this contributed to a boom in Chinese restaurants in the US.

https://www.bbc.com/news/world-us-canada-47892747

Hyflux: Sue those with money

In Accounting, Corporate governance on 16/04/2019 at 10:47 am

This means going after the directors and mgrs (Remember MD Oliver Lum has a Dalvey Rd house and her motorcycles), the auditors, and the valuers of Tuaspring.

I was inspired to suggest this after reading the very droll Mr Lombard

Get claws in to auditors

A probe into Grant Thornton’s audit of collapsed contractor Interserve suggests a scandalous anomaly, and a possible deterrent. Advisers to the company were paid more in fees than its market value before administration. It happened at Carillion and Patisserie Valerie, too. If fees could be clawed back in the event of shareholders being wiped out, it might improve the quality of both audits and advice.

Here’s why the directors, mgrs and auditors could be liable:

So in the light of the loss in 2017, it’s reasonable to ask why the book value of Tuaspring was not looked at again before the auditors blessed the 2017 accounts in March 2018,

Hyflux directors, mgt & auditors kooning from 2016 onwards?

Here’s why the valuers are worth shaking down.

When Hyflux was first awarded the Tuaspring project in 2011, based on the financial model which modeled the cashflow projections from the project, the power plant was expected to generate profits from day one. This financial model was audited by an external financial model auditor and furnished to the offtaker. In 2013 when Tuaspring was able to secure a non-recourse project financing loan, the lender commissioned an independent market study of the project which arrived at similar conclusions supporting the book value of approximately SGD1.4 billion.

Hyflux fiasco shows why “book value” is BS

But

“This valuation [Done in 2018 which showed that the book value was BS: my comment]  is based on the most recent market study conducted by K4K Training & Advisory SL, the same consultant who did a similar market study in 2016 (which supported the valuation then). The view taken in this most recent market study is significantly different from that in 2016 due to . . . the losses in the electricity market in the recent years and the projected lower spark spreads for the remaining concession period.”

Noting that the current valuation is “significantly lower” than that adopted in 2016, Hyflux said that it intends to commission a further valuation to be undertaken by a different valuer for the purposes of finalising the 2018 full-year financial results.

“As the carrying value is a reflection of the current depressed market, in the event that the Singapore power market recovers to provide generation companies with sufficient spark spread margins, the valuation might then be revised.”

Hyflux as reported by BT

Hopefully, ACRA do more than watching (but don’t hold yr breath): Hyflux: “going concern” BS/ KPMG again and again.

 

Microsoft & Chinese workers make Jack Ma eat bitter

In China on 16/04/2019 at 4:27 am

Enabled  by US technology (See How Microsoft is subverting China), young Chinese tech workers make Jack Ma eat his words about working overtime ( In China, the 996 schedule means working 9am to 9pm, six days a week) being a “huge blessing” for young workers.

Alibaba Group founder and billionaire Jack Ma again weighed in on the Chinese tech industry’s gruelling overtime work culture on Sunday, this time calling enforced long hours “unsustainable”.

Ma’s comment followed his remarks on Thursday that working overtime could be a “huge blessing” for young workers who found careers they were dedicated to.

He was responding to a debate that has emerged in recent weeks among Chinese tech workers over the 996 schedule, which means working 9am to 9pm, six days a week. Industry workers set up a discussion group called “996.ICU” on the code-sharing platform GitHub, suggesting that anyone working those hours all the time could end up in a hospital intensive care unit with burnout.

“If you find a job you like, the 996 problem does not exist; if you’re not passionate about it, every minute of going to work is a torment,” Ma said in a post on his Weibo account on Sunday.

“No one likes working at a company that forces you to do ‘996’. Not only is it inhumane, it’s unhealthy and even more unsustainable for long periods – plus workers, relatives and the law do not approve of it,” he said. “In the long term, even if you pay a higher salary, employees will all leave.”
Ma added that companies that thought they could profit by forcing staff to work overtime were “foolish” and doomed to fail.

https://www.scmp.com/news/china/society/article/3006127/alibaba-founder-jack-ma-says-companies-forcing-staff-work

Grandpa Xi will not be happy.

Young Chinese workers are “Making America Great Again” by preventing “China from Rising”. Green cards for them, and not for Indians.

Three cheers for TOC

In Internet on 15/04/2019 at 1:45 pm

TOC’s Correspondent has done a very gd piece. He and TOC should do more of this kind of factual stuff, and less of the anti-PAP BS aka fake news. There are a lot of inconvenient facts that a few clicks of the mouse can reveal. Don’t juz BS, juz do the searches.

Massive cost overrun in infrastructure projects in Singapore in recent years

Yes, I’ve been hard on TOC, Terry and “Correspondent”

Terry and his Correspondent taking wrong pills again

Cybernuts can relax: TOC resumes normal anti-PAP service

TOC now part of constructive, nation-building media?

but it’s because I know they are capable of doing better than juz mindlessly attacking the PAP, or mindless praising it (Wah lan! TOC praises PAP govt).

 

StanChart mgt think they like PAP ministers isit?

In Banks, Corporate governance, Temasek on 15/04/2019 at 4:21 am

Glass Lewis, a proxy advisory group, recommended that shareholders vote against the company’s pay policy at the coming AGM. The influential advisory group said it was concerned by the bank’s decision to change its methodology for calculating the pensions of executives including chief Bill Winters.

However the FT had reported earlier that Temasek doesn’t have an issue with Stanchart on the matter: HoHoHo: StanChart CEO learning from our ministers.

How to? Given our ministers earn so much but their performance is only so-so. Their only credible claim of success is that things have not regressed to the standards of one-party states like Cuba, N Korea, California, New York and Venezuela. Hey what about Vietnam and China? They also one-party states.

Make S’pore Great Again. Summon Harry, Dr Goh, the other Chinese Old Guards and Ahmad Ibrahim. The Indians, other Malays and Eurasians in the Old Guard can remain in their graves.

How Microsoft is subverting China

In China, Internet on 14/04/2019 at 10:48 am

We read a lot in reputable Western media about how China is attempting to subvert Western liberal democracies. But we don’t hear there about how the US (the Europeans, Antipodeans, Canadians and Japanese juz roll over and play dead ) is striking back, or that China may actually be only defending itself against US subversion.

TrumpLand is using a tactic that Sun Tzu would approve: providing tools to enable lazy, unpatriotic, entitled young Chinese tech workers to demand shorter working hours.

FT headline:

China tech worker protest against long working hours goes viral

Online campaign against working 9am-9pm six days a week hits nerve with youth

It reported that the Chinese organisers are rallying support via a project on GitHub, the Microsoft-owned collaboration platform for coders and developers. The project is called 996.icu, because by working 9am-9pm, six days a week , as the English version puts it, “you might need to stay in an Intensive Care Unit someday”. They insist this is not a political protest.

The movement is being organised by volunteers on collaborative platforms — primarily Microsoft’s GitHub, used for code-sharing, as well as Slack, used for messaging. Both are US tech cos.

JD.com said in response to media reports of employees complaining that their 996 schedule was a way of forcing resignations, “We will not force employees to work overtime, but we encourage everyone to fully invest themselves.” Define “fully invest themselves” please.

Workers of China unite against Chinese tech giants and Make America Great Again.

Why ang moh luxury brands lick Chinese p***ies

In China on 14/04/2019 at 4:19 am

Further to China is Great Again

Chinese consumers account for about a third of the world’s $1.2tn luxury goods sales, according to consultancy Bain, which predicts Chinese luxury sales will grow at a “mid teens” rate this year, down from 20 per cent last year.

Much of that growth is driven by “new wealthy female consumers in their 20s who are purchasing for the first time”, said Erwan Rambourg, an industry analyst at HSBC, which predicts China luxury sales growth of 12 per cent, about half that of 2018.

FT

China is Great Again

In China on 13/04/2019 at 11:00 am

A UK royal (Duchess of Cambridge) and the UK PM wear clothes owned by a Chinese company.

Most of the UK assets of LK Bennett, the fashion and shoe retailer that went bust recently whose customers include prime minister Theresa May and the Duchess of Cambridge, have been sold to a company controlled by its Chinese franchisee.

 

Hard Truths about working life

In Uncategorized on 13/04/2019 at 4:25 am

Came across this review in the FT of NINE LIES ABOUT WORK: A FREETHINKING LEADER’S GUIDE TO THE REAL WORLD, BY MARCUS BUCKINGHAM AND ASHLEY GOODALL

People care which company they work for. The best people are well-rounded. Work-life balance matters most. These are three of the nine lies that [ the authors] believe create a disconnect between the way people know they work best and the ways they are told to work.

They believe that how we think about, talk about and structure our work is ineffective and so through anecdotes, data and their own personal research, they offer insights on how to break these ingrained practices that hamper us.

Taking the example of “work-life balance matters most”, the authors explain that while humans have had a thing for balance since the year dot, work-life balance itself is almost impossible to achieve because of the way work and life are approached. A new method is needed, and in this case it is learning to find “love in what you do rather than simply ‘doing what you love’”.

The book at times can take a little too long to get to the point, but it certainly leads to some free thinking about the way we do our jobs and how we can approach what we do in a different way.

So what if S’pore is very low on democratic accountability?

In Political economy, Political governance, Public Administration on 12/04/2019 at 11:08 am

The KPKBing about very draconian laws further restricting the space on the internet and social media is evidence, anti-PAP activists say, that the PAP govt is very authoritarian with very little democratic accountability. Very true: look at the area shade pink. Among developed “countries” only HK (Remember Goh Meng Seng thinks HK is paradise), is worse.

So what? Look at the area shaded pink in these two charts, and vote wisely and tactically.

 

 

 

 

London trashes S’pore

In China, Currencies on 12/04/2019 at 4:45 am

Not reported by constructive, nation-building media. Not unusual. But anti-PAP alt media is silent too. Why? Sad.

According to Swift , the payments company, more than 36% of renminbi transactions were carried out in the UK in December last year, compared with about 6% each in France and Singapore.

Tot PAP govt said we had plans to be a leading off-shore renminbi trading centre.

What went wrong? After all we are already a leading global FX trading centre.

 

Why S’poreans migrating to Antipodes or Canada

In Economy, Political economy, S'pore Inc on 11/04/2019 at 10:55 am

Totful, caring or juz KS pushy parents want their children to more easily move up the economic ladder.

This is something that our constructive, nation-building media wouldn’t dare tell u about. Funnily neither does alt media (TRE excepted, if it republishes this piece).

The Great Gatsby curve illustrates the connection between concentration of wealth in one generation and the ability of those in the next generation to move up the economic ladder compared to their parent. Shows that in S’pore very difficult to move up the economic ladder. We are in same boat as UK, USA, France, Italy and Switzerland.

No wonder S’poreans migrate to Australia, NZ and Canada. They hope their children can be more mobile economically.

Equal Opportunity in S’pore? What equal opportunity?

What our alt media can learn from Sweden

In Internet on 11/04/2019 at 4:36 am

Dagens Nyheter the leading Swedish newspaper was losing money. It’s now profitable again.

Since taking charge in 2013, editor-in-chief Peter Wolodarski, encouraged his reporters and editors to view the social media platforms as sources for ideas and stories.

Its journalists then do what most social media users are unable to do

[U]se the grist from social media to badger politicians, question police departments, pose awkward questions to business leaders, and set fresh ideas in a broader context. Scanning social media also allows editors and reporters at Dagens Nyheter to pay close attention to the way their stories echo through their online communities.

FT

FT also reported that Dagens Nyheter is now offering products and services to its readers.

It offers an SKr11,495 electric bicycle emblazoned with the newspaper’s name (150 sold in the first week). It is also running two chartered train journeys through Europe at SKr25,000 per person (the 680 places sold out within a week).

Maybe TOC and other alt media publications can pick up ideas from Dagens Nyheter: especially setting fresh ideas in a broader context (not juz repeating “PAP are always wrong”, and organising trips. They could organise trips to failed one-party states like Venezuela or Cuba, dysfunctional democracies like PeenoyLand or India, or prosperous democracies like Taiwan and NZ.

 

DBS should take leaf from Temask’s book

In Corporate governance, Financial competency, Temasek on 10/04/2019 at 10:51 am

Too bad Hyflux and DBS (the bank issuing it’s securities) didn’t have in 2016, Temasek as a precedent to follow. Temasek in a letter to ST’s Forum (Ownself praise ownself) talked about its disclosure format for its bonds’ issues in 2018

The question is: Do people read those disclosures? Are they accessible and understandable to a lay reader?

Our research led us to a different approach in respect of our first Temasek Retail Bond.

We took a leaf from the issue of Astrea IV Private Equity Bonds, and made a special effort to provide a more accessible format of risk disclosures via a gatefold.

The gatefold supplemented the offering documents, and was intended to be retail-friendly and easy to understand.

In particular, the gatefold highlighted the associated risks in an accessible manner.

Feedback was very positive on the presentation of pictorials, flowcharts of fund flows, credit ratios and FAQs for both the Astrea IV and Temasek gatefolds.

We believe it would be a welcome step if issuers and their advisers consider an accessible style of gatefold, to highlight the key credit risks of their businesses, especially when they issue bond and bond-like offers to retail investors.

Temasek letter to ST’s Forum (Full text below)

Now go tell DBS how to try harder make sure greedy people read: though pigs will surely fly first. Perp investors were warned: Hyflux: Don’t cry for the investors

The letter in full:

Bond issues should be easy to understand for retail investors

Dr Jeremy Teo Chin Ghee raised interesting points in his letter (Timely to encourage retail bond market, April 5).

Our research showed that Singapore retail investors have very different risk capacities and appetites.

Younger investors look for growth, while older retirees may prefer a steady income stream. Others seek higher risk-reward opportunities.

We believe retail investors should have access to a wider range of risk-reward products, rather than be cut from riskier products through tighter regulations – the current regulations already require comprehensive disclosures of risks.

The question is: Do people read those disclosures? Are they accessible and understandable to a lay reader?

Our research led us to a different approach in respect of our first Temasek Retail Bond.

We took a leaf from the issue of Astrea IV Private Equity Bonds, and made a special effort to provide a more accessible format of risk disclosures via a gatefold.

The gatefold supplemented the offering documents, and was intended to be retail-friendly and easy to understand.

In particular, the gatefold highlighted the associated risks in an accessible manner.

Feedback was very positive on the presentation of pictorials, flowcharts of fund flows, credit ratios and FAQs for both the Astrea IV and Temasek gatefolds.

No two businesses will be the same, and all will have different risk and credit parameters.

We believe it would be a welcome step if issuers and their advisers consider an accessible style of gatefold, to highlight the key credit risks of their businesses, especially when they issue bond and bond-like offers to retail investors.

Stephen Forshaw

Head, Public Affairs

Temasek International

Temasek cares. Vote wisely.

No need to worry about climate change

In Environment on 10/04/2019 at 4:32 am

Trump is right about that even if he’s wrong about the reason

There’s a silver bullet that the climate Nazis (his most bitter enemies are legion among this bunch of progressives) don’t talk about because they want us to cut back very drastically energy use. They want the third world to remain third world.

Around the world, a number of companies are racing to develop the technology that can draw down carbon. Swiss company Climeworks is already capturing CO2 and using it to boost vegetable production.

Carbon Engineering says that its direct air capture (DAC) process is now able to capture the gas for under $100 a tonne.

With its new funding, the company plans to build its first commercial facilities. These industrial-scale DAC plants could capture up to one million tonnes of CO2 from the air each year.

https://www.bbc.com/news/science-environment-47638586

Will TOC dare report this about M’sia?

In Malaysia on 09/04/2019 at 10:46 am

Voters, especially the young, are not happy with the new govt. They also think that economic prospects are as bad as when S’pore’s friend was in power.

Kajidata Research tracked the political leanings of 9,071 Malaysians aged 21 years old and above from before the 14th general election, and found that overall satisfaction for PH had slipped by 16.4 points in December, with the biggest fall seen in the 20-29 age bracket at 20.6 points.

It found that economic confidence had dropped of 6.5 points since GE14, and as of December 2018, the score was almost back to the level of when Barisan Nasional was in power.

“Though the decline in economic confidence was true for all age groups, the large drop within the youth bracket suggests that they may have become disillusioned with Pakatan Harapan’s management of the national economy,” Kajidata said in a report accompanying the study results.

https://www.todayonline.com/world/youth-support-pakatan-harapan-dips-economic-dissatisfaction-rises

Somehow, I doubt TOC and other anti-PAP alt media publications will dare report this because this report is evidence against their narrative “M’sia Yesterday, S’pore Tomorrow. Change is coming. and for the good.”

Vote wisely, vote tactically.

HoHoHo: Rogue bank kanna fined again

In Banks, Emerging markets, Temasek on 09/04/2019 at 6:27 am

(Updated on 10 April at 5am:  StanChart will pay US and UK authourities US$1.1bn to settle charges that it violated sanctions and ignored red flags about its customers: more than expected. It’s deferred prosecution deal with the US marshals extended until 2021. Ho Ho Ho.)

Standard Chartered is bracing itself for a bumper fine this week that could total hundreds of millions of pounds as it settles US charges over Iranian sanctions violations.

The London-headquartered but Asia-focused bank is expected to draw a line under a long-running investigation into sanctions busting by Wednesday when a six-year deferred prosecution agreement (DPA) with US authorities is set to expire.

DPAs allow firms to settle charges with state authorities without facing criminal prosecution. The companies must agree to specified conditions, which can include a fine and their conduct being monitored for a set period.

https://www.theguardian.com/business/2019/apr/07/standard-chartered-readies-for-huge-us-fine-over-iranian-activities

Related posts:

StanChart: Yet more problems for “rogue bank”

HO Ho Ho: What Temasek forgot when it bot into StanChart

HoHoHo: Time for StanChart’s CEO to go?

HoHoHo: StanChart’s CEO is worse than our paper generals

 

Hyflux: “going concern” BS/ KPMG again and again

In Accounting, Corporate governance, Financial competency on 08/04/2019 at 10:46 am

The constructive, nation-building media report that the Accounting and Corporate Regulatory Authority (Acra) is watching the Hyflux fiasco closely. And this is newsworthy? It’s ACRA job to investigate, not watch, cock-ups like these.

But then being a regulatory bureaucrat is one good way of getting a very expensive free lunch. The other is being a minister.

ACRA is watching because Hyflux investors (who never bothered to read the issue documents or Hyflux’s financials) are asking why Hyflux’s auditor KPMG failed to flag the risks of Hyflux earlier. Like real given they didn’t bother to read: Hyflux: Don’t cry for the investors. So even if accounts were qualified, what could the investors? Only KPKB earlier because the shares etc would have been suspended on a haram certification.

Seriously, this “news” reminded me that UK’s accounting watchdog Financial Reporting Council (FRC) made public, several weeks ago, plans to make auditors apply more robust checks when reviewing whether a company was likely to continue operating in response to several high-profile corporate failures that have undermined confidence in business.

Two recent UK corporate failures were similar in nature to what happened at Hyflux.

To recap: KPMG on 22 Match 2018, said the 2017 accounts were halal, but on 22 May 2018, the company sought court protection from its creditors: Did Hyflux’s auditors mislead? and Hyflux directors, mgt & auditors kooning from 2016 onwards?.

——————————————

Hyflux’s BS explanation:

“When KPMG issued an unqualified opinion on the full year results for the Hyflux Group in March 2018, there were no events or conditions that individually or collectively, cast significant doubt on the going concern assumption as at the balance sheet date of 31 December 2017, or at the audit report date of 22 March 2018.”

Then according to Hyflux, everything went wrong when in May, there was a run on Hyflux by its banksters. Because of its bad (and unexpected?) Q12018 results announced on 9 May: “certain financiers expressed concerns over their ability to continue with existing credit exposures to the group.”* They tot halal Hyflux had transmuted into haram Hyflux.

Hyflux on investor losses: “Not our fault, banksters at work”

Hyflux should have remembered

A Banker Lends You His Umbrella When It’s Sunny and Wants It Back When It Rains

(Often attributed to Mark Twain)

———————————–

Coming back to the FRC: it wants auditors to do more when reviewing whether a company was a “going concern” and likely to remain in business for another year, highlighting the collapses of construction group Carillion (auditor KPMG) and retailer BHS as key factors behind the decision.

It said auditors should challenge corporate management teams “more robustly” and “thoroughly test” the adequacy of the evidence put forward by company directors. It also wants auditors to say whether they believed management assessments with respect to going concern judgments were appropriate, and to explain how they came to that conclusion.

It said the collapse of BHS, Carillion, and failed UK bank HBOS during the financial crisis, had “brought into question why such companies had clean auditor’s opinions, which included no warnings that the companies were at risk of collapse”. Sounds like Hyflux?

Mike Suffield, the FRC’s acting executive director of audit regulation

Recent corporate failures and the FRC’s own enforcement work has shown the existing [going concern requirements] needs to be strengthened.

Our proposals will significantly expand the work required of auditors — however, we believe this to be an important investment in the quality of the work that underpins what is a cornerstone of audit.”

Karthik Ramanna, professor of business and public policy at the University of Oxford’s Blavatnik School of Government

The implication of these proposals is that auditors missed key red flags due to weak auditing standards. The real issue isn’t that the auditors need more technical guidance but rather that they are conflicted in their dual roles as watchdog and consultant.

(Emphasis mine)

Hyflux shareholders should be angry to learn that KPMG (their auditor which audited Carillion and HBOS), said it had (in the UK) already increased how much information it provided in audit reports this year by highlighting the key risks the firm considered when “carrying out work on the going concern basis of accounting”.

KPMG added: “It is vital that as a profession, we examine all possible avenues to improve public trust both in audit, and the wider corporate landscape. We welcome the FRC’s consultation into the standards governing our work around going concern, and how we report on that work to shareholders.”

Will KPMG also provide this info for us natives for SGX listcos?

Btw, KPMG is the forensic auditor whose report the Aljunied Town Council is relying on in take the Wankers Three to the cleaners: “Peanuts”: WP MPs’ liability. KPMG is also Temasek’s auditor: TOC misrepresents facts yet again.

Chinese miss out on two of life’s greatest pleasures

In China, Hong Kong on 08/04/2019 at 4:25 am

One is enjoying diary products like fresh milk, butter and cheese because of lactose intolerance:

Approximately 65 percent of the human population has a reduced ability to digest lactose after infancy. Lactose intolerance in adulthood is most prevalent in people of East Asian descent, affecting more than 90 percent of adults in some of these communities.

Lactose intolerance – Genetics Home Reference – NIH

https://ghr.nlm.nih.gov/condition/lactose-intolerance

The other is not being able to enjoy booze by having a combination of genes that puts us off drinking alcohol. It causes an unpleasant reaction and makes them feel unwell.

Further to Fake news on alcohol and stroke, if you did not read the BBC article I referenced there, you’d have missed something the bit about alcohol intolerance:

East Asian countries are useful places to study the effects of alcohol.

Many people with Chinese ancestry have a combination of genes that puts them off drinking alcohol. It causes an unpleasant reaction and makes them feel unwell.

As a result, there is a wide variation of alcohol intake in China – one in three men doesn’t drink and very few women do.

But by comparing the health outcomes of drinkers and non-drinkers according to their genetic profile, scientists say they have been able to assess – with much more certainty than before – the direct effects of alcohol on stroke risk, distinct from any other factors.

Western populations don’t possess these genes, so it would be impossible to carry out a similar study here.

And most studies are observational, which makes it’s difficult to judge which factor is causing what effect.

Dr Iona Millwood, study author and senior epidemiologist at the University of Oxford, said: “Our genetic analyses have helped us understand the cause and effect relationships.”

https://www.bbc.com/news/health-47817650

No wonder, we Chinese compensate for these defects by eating sea slugs, chicken claws, sharks’ fin and other exotics.

 

Want to die? Fly FlyFirefly?

In Airlines, Malaysia on 07/04/2019 at 10:14 am

Singapore has withdrawn the Instrument Landing System (ILS) procedures for Seletar Airport while Malaysia has indefinitely suspended its permanent restricted area over Pasir Gudang, both countries said on Saturday (Apr 6).

Singapore’s Transport Minister Khaw Boon Wan and his Malaysian counterpart Anthony Loke said in a joint statement that the agreement was made “in the spirit of bilateral cooperation”.

“With this agreement, the Transport Ministers look forward to FlyFirefly Sdn Bhd’s commencement of flights to Seletar Airport effective April 2019,” they added.

Read more at https://www.channelnewsasia.com/news/singapore/singapore-seletar-airport-ils-malaysia-suspends-pasir-gudang-11418642

Wasn’t ILS introduced because FlyFirefly was going to use the airport? Will Tun or the M’sian transport minister say sorry when a FlyFirefly aircraft crashes, killing passengers and crew? M’sia objected to ILS after Tun and friends came into power.

Fake news on alcohol and stroke

In Uncategorized on 07/04/2019 at 4:15 am

A large Chinese study seems to debunk the theory that the odd drink can help safeguard against stroke. (The Lancet)

Even light-to-moderate drinking increases blood pressure and the chances of having a stroke, according to a large genetic study in The Lancet, countering previous claims that one or two drinks a day could be protective.

The UK and Chinese researchers followed 500,000 Chinese people for 10 years.

They say the findings are relevant to all populations and the best evidence yet on the direct effects of alcohol.

https://www.bbc.com/news/health-47817650

Downside of China-US trade deal for Asia and Europe

In China, Economy on 06/04/2019 at 1:40 pm

Citi says that should Chinese import capacity not increase and China imports up to an additional US$200bn worth of US goods — “the economies more exposed to China would be the most vulnerable to any adjustment in trade flows”.

Asian economies would be the most exposed if trade flows are adjusted from a proportional market share perspective, while European economies face similar losses across all scenarios.

Worse than smoking/ Eat like Jews.

In Uncategorized on 06/04/2019 at 7:04 am

Bad diets are riskier than smoking.

According to the Lancet, one in five global deaths are associated with a poor diet, because of its contribution to cardiovascular disease, cancers and diabetes. Key causes are too much salt and not enough whole grains or fruits. Israel has the lowest rate of diet-related deaths, while (mainly Muslim) Uzbekistan has the highest.

 

Indonesia: Temasek, Google & McKinsey singing from the same page

In Indonesia, Internet, Temasek on 05/04/2019 at 1:18 pm

Only Indonesia is outpacing India digitally, according to McKinsey.

No wonder Temasek sees a bright future for e-commerce in the region.

In a report in November [2018], Google and … Temasek calculated the value of south-east Asia’s internet economy at $72bn in 2018.

Previous reports by the pair have predicted a regional internet economy worth $200bn by 2025, but last year they raised that projection to closer to $240bn.

“… south-east Asia’s internet economy hit an inflection point in 2018. Powered by the most engaged mobile internet users in the world, industries like ecommerce, online media, online travel and ride-hailing grew at an unprecedented rate,” they wrote.

“Investors have taken notice, pouring record amounts of funds into the region — now it’s time for everyone else to pay attention.”

FT

Temask has stakes in Indonesian start-ups Go-Jek and Warung Pintat (retail tech start-up). Grab where Temasek has an investment is a rival to Go-Jek in Indonesia.

M’sia getting “peanuts”; S’pore getting billions

In Casinos, Economy, Malaysia, Tourism on 05/04/2019 at 4:25 am

In M’sian casino operator kanna do NS by Tun?, I speculated that Genting M’sia was forced to buy a yacht by the M’sian govt for US$126m when others were bidding much lower prices.

Here’s the real reason why: Genting will spend S$4.5bn to improve the facilities on Sentosa and pay more tax here, all this when Tun is trying to bully and intimidate us. So maybe Genting was paying US$126m to keep him from getting upset that a M’sian company was going to spend billions here and not in M’sia?

How theS$4.5bn will be spent:

The new attractions of Super Nintendo World and Minion Park, spanning over 164,000 sqm, will be gradually rolled out at the Universal Studios Singapore every year from 2020 and completed around 2025.

Minion Park, inspired by the Despicable Me movie franchise, will take over the Madagascar zone, now designated for rides and shows tied to the animated movie of the same name. Both Minion Park and Super Nintendo World, based on Nintendo’s popular games and characters, will feature new rides and attractions.

The SEA Aquarium will also be expanded to take over the Maritime Experiential Museum, to create a new Singapore Oceanarium.

Apart from these, RWS’ waterfront promenade will be redeveloped to include a free public attraction featuring a nightly show and multi-purpose event zone that can be adapted for different festivals and events, as well as new dining options.

RWS will also introduce a driverless transport system across the Sentosa Boardwalk, which links to VivoCity mall in Harbourfront.

As for the increased taxes

a tiered structure for casino taxes will be introduced after the current moratorium ends in February 2022. Currently, there is a flat tax rate of 5 per cent for Gross Gaming Revenue (GGR) made through premium gaming and 15 per cent for GGR made through mass gaming.

Premium gaming refers to the GGR made through players who open a deposit account with a credit balance of no less than S$100,000. Mass gaming covers players who fall outside of this category.

With the change, the first S$2.4 billion of GGR from premium gaming will be taxed at 8 per cent, while GGR which exceeds S$2.4 billion will be taxed at 12 per cent.

For mass gaming, the first $3.1 billion of GGR will be taxed at 18 per cent while GGR which exceeds $3.1 billion will be taxed at 22 per cent.

https://www.todayonline.com/singapore/irs-allowed-expand-casinos-exclusivity-rights-extended-end-2030

In the context of all these goodies for S’pore, paying US$126 to M’sia is “peanuts”.

Btw the price of Genting S’pore (owned by controlling shareholder of Genting M’sia) fell: investors and analysts are not happy about the taxes, and capital expenditure that have spent.

Silencing fake news: even SPH has concerns

In Media, Internet on 04/04/2019 at 11:02 am

Further to Silencing fake news and inconvenient voices: two sides of the same coin, when even the constructive, nation-building SPH is concerned

In a submission to Parliament, Singapore Press Holdings, the country’s largest media organization, warned that a broad interpretation of “fake news” could could lead to “fears among citizens about freely expressing their opinions or engaging in robust and constructive debates, or even to self-censorship by news outlets wary of falling foul of the law.”

https://edition.cnn.com/2019/04/02/asia/singapore-fake-news-intl/index.html?fbclid=IwAR22aU_0W-3Io4sCj03lopodZMWnS_95xaYgRcknGGIJkgdMI2KPlw4PQAg

, PAP voters who voted for Tan Cheng Bock as president should be concerned about the coming law’s powers to ministers: Fake news law: Ownself judge ownself.

Here’s something I came across sometime back, but can’t remember where:

Removing content is not the only way to shape our minds; the most powerful censorship tactics are those we never see – for good and ill.

The coming laws on fake news is nothing more than an attempt to ensure self censorship, something S’poreans are very good at, even Goh Meng Seng, for all his fake news skills:

Meng Seng: fake news propogator

What Meng Seng and TOC don’t tell us about dispute with Tun

“Licking the ass of the enemy of my enemy”

M’sian casino operator kanna do NS by Tun?

In Malaysia on 04/04/2019 at 5:35 am

M’sia’s government has sold a seized superyacht allegedly bought with money stolen from the 1MDB state fund for US$126m (£95.9m) the BBC reports. The buyer was Genting M’sia, the owner of the only legal casino M’sia.

Equanimity has been moored off the coast for the past five months, on show for potential buyers. The government said the pool of buyers was small, and while many offers were received, only a few topped US$100m. The price was short of the US$250m reportedly paid by Mr Low.

Wonder if Tun and his cabinet users will be regular users of the yacht as guests of Genting? Of course, all the rules will be followed. They don’t want to end up like Najib.

 

Fake news law: Ownself judge ownself

In Internet, Public Administration on 03/04/2019 at 5:08 am

Or in posh English, not Singlish, “In the proposed fake news law, ministers are judge and jury.”

This is a seriously good reason concerned about the proposed bill introduced on Monday, which gives the government very sweeping powers in the name of regulating fake news propogators like Goh Meng Seng and TOC’s Danisha Hakeem.

My main concern is that it makes ministers the initial (and in most cases the final and only) arbiters of truth about claims regarding the PAP government’s performance: “Ownself judge ownself”.

That is most unfair and unnatural because it makes a minister the judge and the jury in his own cause. Worse although there is some sort of a right of appeal, the burden of establishing the truth lies on the appellant, not the minister. I do not think a minister should have the power to regulate comments made about them or their department in the same way as the government having the power to regulate hate speech or even seriously offensive speech against race or religion.

There is an obvious potential for serious conflicts of interest here, like “Ownself check ownself”.

Hyflux: Don’t cry for the investors

In Financial competency on 02/04/2019 at 11:59 am

Perpetuals buyers were warned, while pref share investors made money in the 2011 pref shares issue.

Tan Kin Lian in Hong Leong Park on Saturday

shared that he was aware how some of them became Hyflux perpetual securities and preference shareholders despite not being financially “savvy”.

“They were just ordinary investors wanting to have a reasonable rate of interest without taking too much risk. If they wanted to take risk, they would have bought shares,” said Mr Tan, who donated funds to organise the protest event.

Read more at https://www.channelnewsasia.com/news/singapore/we-have-not-lost-faith-hundreds-of-hyflux-investors-gather-to-11395566
He couldn’t be more wrong (as is usual) about “They were just ordinary investors wanting to have a reasonable rate of interest without taking too much risk.” But then he’s the talk cock, sing song king who (together with his partner in that crime, Goh Meng Seng) deprived us of President Tan Cheng Bock, allowing the PAP’s preferred candidate to win.

Well it seems he never bothered to read document offering the perpetual securities to the public. Pg 37 of the perpetual securities issue document had this warning (Emphasis mine) which the investors ignored

RISKS ASSOCIATED WITH AN INVESTMENT IN THE SECURITIES
The Securities may not be a suitable investment for all investors.
The purchase of the Securities involves certain risks including market risk, interest rate risk,
foreign exchange risk, credit risk and liquidity risk. Investors should ensure that they fully
understand the nature of all these risks before making a decision to invest in the Securities. Each potential investor in the Securities must also determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should:
• have sufficient knowledge and experience to make a meaningful evaluation of the Securities,
the merits and risks of investing in the Securities and the information contained or
incorporated by reference in this Offer Information Statement and the Product Highlights
Sheet;
• have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of
its particular financial situation, an investment in the Securities and the impact such
investment will have on its overall investment portfolio;
• have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Securities;
• understand thoroughly the terms of the Securities; and
• be able to evaluate (either alone or with the help of a financial adviser) possible scenarios
for economic and other factors that may affect its investment and its ability to bear the
applicable risks.
The Securities are complex financial instruments. Sophisticated institutional investors generally
do not purchase complex financial instruments as stand-alone investments. They purchase
complex financial instruments as a way to reduce risk or enhance yield with an understood,
measured, appropriate addition of risk to their overall portfolios. A potential investor should not invest in the Securities which are complex financial instruments unless it has the expertise (either alone or with the help of a financial adviser) to evaluate how the Securities will perform underchanging conditions, the resulting effects on the value of such Securities and the impact this investment will have on the potential investor’s overall investment portfolio.
This Offer Information Statement and the Product Highlights Sheet are not and do not purport to
be investment advice. Investors should conduct such independent investigation and analysis
regarding the Securities as they deem appropriate. Investors should also consult their own legal,
tax, accounting, financial and other professional advisers to assist them in determining the
suitability of the Securities for them as an investment. Investors should make an investment only
after they have determined that such investment is suitable for their financial investment
objectives. Investors should consider carefully whether the Securities are suitable for them in light
of their experience, objectives, financial position and other relevant circumstances.

Pretty comprehensive and in reasonably simple English. So either the perpetuals investors ignored the warning or never bothered to read: just buy.

Kee chiu if you still sympathise with them? After all they must be PAP voters, Will Oliver Lum and other Hyflux investors still vote for the PAP?, because we know the cybernuts don’t have money to even fund their favourite alt media sites.

Interestingly (I stand corrected because I may have missed it because I was getting tired), I can’t find such a provision in the offer document of the Cumulative Non-voting Non-convertible Perpetual Class A Preference Shares .

Wonder why? An honest mistake? No, most likely because Hyflux pref shares had been issued before (Hyflux: Qns to ask?) to the public, and nothing went wrong: in fact investors made money. And preference shares are shares (“You die, yr problem”) while the Perpetual Securities could according to Chris K be mistaken for bonds, hence the warnings. Don’t anyhow say PAP govt don’t care?

Still, if I were a pref share holder, I’d ask SIAS to KPKB about the lack of warning: nothing to lose further, since lost everything except underwear. Anyway, Morocco Mole (Secret Squirrel’s side kick) tells me that his second cousin removed working in DBS’s investment bank tells him that most of the 2016 buyers had made money in the 2011 issue: issue traded above par. They were hoping for a repeat killing. Kee Chiu if you think they deserve sympathy.

Btw, an interesting read: http://thefinance.sg/2019/03/11/when-exactly-did-tuasprings-operational-problems-start-hyflux/

The is the kind of stuff TOC and other anti-PAP alt media publications should be publishing instead of the rants of anti-PAP types like Goh Meng Seng and his wind bag kaki. I did forward the piece to TOC: no pix, no sound. Sad.

Related posts:

Hyflux directors, mgt & auditors kooning from 2016 onwards?

Hyflux on investor losses: “Not our fault, banksters at work”

Hyflux fiasco shows why “book value” is BS

A really curious incident

========================

*Did TKL read the other offer document? And did Meng Seng, other anti-PAP cybernuts, and other alt media experts read the 2016 securities issue documents? Or even Hyflux’s recent reply to SIAS. Somehow I don’t think so going by their comments. Sad.

 

China tua kee, India sua kee

In China, India on 02/04/2019 at 4:43 am

Last month the Nifty 50 index of Indian stocks gained nearly 8% last month to within touching distance of all-time highs. That beats China’s CSI 300, which rose 5.5% over the same period.

But this monthDragon

Where China leads, the hope is that others follow. Two measures of manufacturing activity for China shifted into expansion mode during March, rising above a reading of 50, helping offset disappointing news elsewhere. That sent the CSI 300 index up nearly 3 per cent and leaves the benchmark in positive territory over the past 12 months.

FT

Fake news laws give SPH biz advantage

In Media on 01/04/2019 at 9:14 am

So there’ll be laws to tackle deliberate online falsehoods (more below).

Maybe ST and other SPH publications can use their finely honed constructive, nation-building skills to make SPH a great investment again?

The People’s Daily is the CCP’s official paper, juz like ST is the de-facto voice of the PAP.

The rise of the internet has lost it readers it but it has found a competitive business advantage: providing censorship. China’s official newspaper is tapping into the censorship boom meant to clean up the Chinese internet by being the leading outsourcer in the booming censorship industry.

Coming back to S’pore. From the constructive, nation-building CNA.

The new Bill will give the Government the power to hold online news sources and platforms accountable if they proliferate deliberate online falsehoods, he said.

“This includes requiring them to show corrections or display warnings about online falsehoods so that readers or viewers can see all sides and make up their own minds about the matter.

“In extreme and urgent cases, the legislation will also require online news sources to take down fake news before irreparable damage is done,” the prime minister said.

Mr Lee said that today, there is no shortage of people and groups who conduct coordinated campaigns to produce fake news to misinform and mislead for reasons such as financial gain, to sow social discord or even to radicalise people.

Social media platforms propagate such fake news together with factual stories and are either “unwilling or unable” to take action to block the misinformation, he said.

Read more at https://www.channelnewsasia.com/news/singapore/laws-deliberate-online-falsehoods-introduced-parliament-pm-lee-11393654

Can’t argue with PM that

there is no shortage of people and groups who conduct coordinated campaigns to produce fake news to misinform and mislead for reasons such as financial gain, to sow social discord …

Think TOC’s Danisha Hakeem.

Or The Indians Idiots

— TISG: “useful loudhailer” for PAP administration

— “The Idiots — S’pore” keeps on promoting divisiveness?

But to be fair, TOC can be constructive, nation-building:

TOC now part of constructive, nation-building media?

Wah lan! TOC praises PAP govt

Terry and his Correspondent taking wrong pills again

 

S’porean Chinese parents will want this

In Uncategorized on 01/04/2019 at 4:34 am

Cameras in the classroom. In a “Only in China …” tech story,

http://www.sixthtone.com/news/1003759/camera-above-the-classroom?_branch_match_id=622364393810240664#_=_

about students being tracked by surveillance cameras in the classroom that identify if they are paying attention, with photos sent to their parents in weekly updates.

Ang mohs find it creepy, but S’porean Chinese parents understand why it’s done: out of love and concern. They’ll want it too.

But I’m not sure if our local Chinese women will agree with their mainland cousins about this

Creepy, uncomfortable and downright weird are just some things an advertisement starring Tom Hiddleston has been called, but none of that will matter as it’s found success with its intended audience – Chinese women, as the BBC’s Yvette Tan explains.

Imagine waking up in the morning, walking down to your stylish kitchen and finding actor Tom Hiddleston making breakfast for you.

It’s a fantasy vitamin company Centrum is cashing in on for its new Chinese advertisement.

It may have been widely mocked in the Western media, but the made-for-mobile ad has been remarkably well-received in China.

https://www.bbc.com/news/world-asia-china-47743791

I’m not too sure if Chinese women here will see it the way mainland women see it. What do you think?

M’sians working here so poor meh?

In Malaysia on 31/03/2019 at 10:59 am

Or juz cheapskate, law-breaking, entitled, lunch-stealing, freeloading criminals who think we scared of Tun?

Pasir Gudang MP Hassan Abdul Karim Hassan was quoted by The Star as telling reporters that S’pore should  to discuss with M’sia,  S’pore’s move to deny entry to those with outstanding fines for vehicle-related offences from April 1

He said this would cause “a lot of inconvenience” to the thousands of Malaysians travelling daily to Singapore for work.

He said the action reflects poor bilateral relations between the two govts. So why not tell Tun to stop trying to bully and intimidate S’pore on water supply and territorial waters?

Amount involved is S$32m according to the S’pore govt.

Related posts:

M’sian minister thinks M’sian drivers tua kee

M’sia, S’pore are like …

M’sian minister talking thru his ass

When M’sia threatened war/ Gd day to sink a RMN vessel

Asia holds up Hermes

In Casinos, Japan on 31/03/2019 at 4:41 am

If Chinese, Japanese and other Asians stopped buying Hermes products …

PAP giving money to anti-PAP group

In Public Administration on 30/03/2019 at 11:17 am

In creative hubs such as London and New York, contemporary art has been born in the underground and, eventually, syphoned from the top. “Singapore’s art scene is not organic,” criticised Lorenzo Rudolf, founder and president of Art Stage Singapore in an interview with Southeast Asia Globe. “A successfully sustainable, functioning art scene can only grow from the bottom up. Never in history have you seen an art scene which has been built from the top down functioning.”

So what? Artists are getting paid by the PAP govt, even if that group, usually defines itself as anti-PAP.

[T]here is evidence that emerging artists are benefiting from state-funded initiatives. In 2018, the National Arts Council launched the SG Arts Plan, as well as Orthodox, which was held during Singapore Art Week (SAW) in January – an exhibition focused on work inspired by issues surrounding faith and belief exclusive to 20-something artists. The seventh edition of the Singapore Art Week ran for nine days and staged events and openings across the island, from galleries and museums to art precincts, and independent art spaces. Alongside this came the announcement of a partnership between the Singapore Tourism Board (STB) and Frieze, which included S.E.A. Focus – an initiative set up by STPI Creative Workshops & Gallery as a platform for Southeast Asian artists to present their work in the pop-up spaces. There is also ART SG – a new art fair for Singapore and Southeast Asia debuting in November and coinciding with the Singapore Biennale which aims to spotlight young artists.

https://www.dazeddigital.com/art-photography/article/43563/1/singapore-reality-growing-contemporary-art-scene-sarah-choo-su-en-wong-art-week

Money talks, BS walks.

PAP is really trying hard to get 65% of the popular vote: Why PAP aiming for 65% of the popular vote.

Vote wisely. Remember that a GST rise is coming: How to ensure no GST rise.

Vote tactically (I tell how soon) because at worse PAP will still form govt:

But the cybernuts like bapak should not be raising their hopes of their hero Mad Dog forming a coalition govt of spastics. At the very least, the PAP will get only 60% of the popular vote (a 10 point fall) and retain a two-thirds majority and not win back Aljunied. No GRC will fall even to Team TCB.

Another reason why ground is not sweet for the PAP

 

Major tech IPOs since 1997

In Financial competency on 30/03/2019 at 7:15 am

In 1997, Amazon did its IPO. “Peanuts”. Next big one was Google in 2004.

TRE: “Clueless Alternative Parties” & Thinking about VERS

In Public Administration on 29/03/2019 at 7:20 am

Let me declare upfront that I am neither an Incumbent Party supporter or an Alternative Party supporter.  I will cast my vote to the party whom I have confidence will work for the betterment of Singapore at the ballot box. And I will try to be as discerning as possible.  There are Incumbent Party members who have work for the betterment of Singaporeans, just as there are those who have not.  Likewise, there are Alternative Party members who are likely to work for the betterment of Singaporeans, just as there are those who won’t.

There is one sombre message that I believe all Alternative Parties members need to bear in mind.  They cannot, should not and must not think that they can win the General Elections because the electorates dislike or no longer trust the Incumbent Party.  Rather, they have to showcase their abilities and capabilities, that is, what they can actually do for the people if they are elected into the Parliament.  Furthermore, they must act in a way to be above reproach at all times.

As of this moment, I can honestly say that I have lost almost all faith in the Incumbent Party and I am very much inclined to cast my vote to an Alternative Party.  However, some recent behaviours of the Alternative Parties leave much to be desired, so much so that I could not help wondering whether I would be making a wise decision.

I will describe an incident below which I hope will serve as wake-up calls for the Alternative Parties members.

Lack of Thinking and Planning

The first incident revolves around NSP, which apparently held a rally last weekend.  (Surprise!  Surprise!)  A friend of my boyfriend attended the rally and we were quite surprised as none of our other friends are aware of that rally.

However, the worst is to come.  NSP members started telling the small group of audience (apparently only about 20+ people!) during the rally that NSP deserved to be voted in because they will be the voice of Singaporeans and they will do whatever is necessary to improve the lives of Singaporeans.  One member of the audience asked the following 3 related questions and requested NSP to use them as an example to show how NSP intends to act for the betterment of Singaporeans.

  1. Why are HDB flats priced so high despite having zero value at the end of the 99-year lease?
  2. How is the Incumbent Party intending to resolve the problem of tenants when the lease of their flats expire?
  3. What will NSP do differently to resolve the problem?

Our friend told us that apparently none of the NSP members have any clues on how to answer those questions. NSP members simply mumbled some incoherent responses and it became quite obvious after a while that they have never thought through the issue of the HDB 99-year lease at all.  Hence, the none of the NSP members have any ideas on how to resolve the problem of the tenants when the lease of their flats expire.

To be fair, I do not know how true is the above description since I was not physically there.  The only thing I can safely say is that our friend, despite being an Alternative Party supporter, was definitely not impressed by NSP. He left the rally feeling disappointed and disillusioned.

I found the above narration quite disturbing.  The HDB 99-year lease issue is a topmost issue affecting the lives of 80% of all Singaporeans and basically everybody knew about this issue for more than six months.  This is a most important and critical issue that has significant impacts on the lives of many Singaporeans.  If NSP is serious about being the voice of Singaporeans and it will do whatever is necessary to improve the lives of Singaporeans, how is it possible that nobody in NSP thinks through and works out some plans on how to resolve this critical issue?  If they are not concerned with such a critical issue, how exactly does NSP intend to be the voice of Singaporeans and to improve the lives of Singaporeans if they get elected into the Parliament?

To the credits of other Alternative Parties, both SDP (Chee Soon Juan) and PVP (Lim Tean) have clearly laid out their plans and thoughts on how this issue can be resolved.  This is what Singaporeans want and need from the Alternative Parties.  If these Alternative Parties members get elected into the Parliament, they have concrete plans to know what to do for the betterment of the lives of Singaporeans.  Of course, some plans may not be entirely feasible and need to be refined.  But it is at least a good start in the correct direction and it goes to show that these Alternative Parties are serious about improving the lives of Singaporeans if they are elected.  Indeed, prominent members like Pritam Singh/Low Thia Khiang, Chiam See Tong/Lina Chiam, Tan Cheng Bock, Goh Meng Seng, Tan Jee Say, etc should also make known how they intend to resolve this issue if they get elected into the Parliament.

Incidentally, a recent post indicates a very plausible method on how the Incumbent Party intends to resolve this issue – to finance VERS using a combination of tax hikes and price increases.  And the article was apparently written by a supporter of the Incumbent Party!

http://www.tremeritus.net/2019/03/25/why-vers-will-work-but-it-is-still-a-bad-idea/

I have performed some analysis in the past which shows that the government needs to fork out at least 3 billion every year to finance VERS, even if the average payment is merely $250,000 per flat.  The more probable financing cost is likely to be in the range of 4 to 5 billion every year.

At that time, I was adamant that VERS cannot work simply because it is too huge a financial burden – remember that this is not a one-time payment but a recurring cost year after year.  However, the above article throws some light on how VERS is to be financed – the monies generated by the tax hikes and price increases are easily in the range of tens of billions every year and these are more than enough to finance VERS, as well as to cover up losses in Temasek Holdings and GIC (the latter point was contributed by other writers).

Alternative Parties need to showcase how they intend to resolve this particular issue (and many other issues) to allow all Singaporeans to compare their plans against the Incumbent Party’s plan of financing VERS through tax hikes and price increases.  Then Singaporeans can make informed choices at the voting booths during the General Elections.

The only thing that is worse than showing a plan to finance VERS through tax hikes and price increases is when an Alternative Party does not even bother to think through this issue and has no plans on how the issue is to be resolved.  In such a situation, how are Singaporeans expect to trust that such an Alternative Party to run the country to improve the lives of Singaporeans if it is elected into the Parliament?

Cheryl Gupta

Alternative Parties seriously need to get up to speed

Why Kee Chiu not PM material

In Economy on 28/03/2019 at 10:16 am

Because when paper generals run a country, the economy underperforms the economies of neighbouring countries (Remember that Thai generals have no experience of combat operations, only coups, making money and politics. They can’t even “fix” elections.).

So S’poreans are really smart in not wanting Kee Chiu as PM? Already got experience of one paper general? After all PM was once known as BG Lee and was head of SAF.

And there’s the examples of paper generals at SMRT, NOL and SPH.

Heng will make S’pore great again.

Related posts:

generals, not private sector CEOs make it to PAP cabinet

“Freak election” training manual for SAF’s paper generals? And us 40% S’poreans too?

Paper generals: Don’t forget social media

 

Why ang mohs will vote for the PAP

In Uncategorized on 28/03/2019 at 5:44 am

[O]penness, multiculturalism and self-determination, as named by the Bicentennial Office – are exactly what many residents love about living here. “Singapore is a country with an identity of its own.

No I kid u not, BBC really said the above.

Now this is a lot better

Unlike in many other big cities, residents rarely worry about theft or violence. With one of the lowest crime rates in the world, even petty street crime is viewed as “a waste of time” said 11-year resident Bino Chua, who blogs at I Wander. “You can leave your car unlocked, your purse unattended,” said American Alison Ozawa Sanders, who has lived here for five years and is the co-author of The Expats’ Guide to Singapore. “As a woman, I can go out at night in any neighbourhood and not worry about my personal safety ever. As a parent, I don’t have the feeling that if I take my eyes off my kids for two seconds they’re going to be kidnapped.”

Singapore is also very clean and convenient to get around, with very few traffic jams, in part due to government restrictions on cars and the high price of vehicles here.

http://www.bbc.com/travel/story/20190317-the-three-values-that-shaped-singapore

Only two non ang mohs quoted and one’s an 11-yr old PAPpy running puppy of a blogger (Parents planning for him to be millionaire minster?); the rest quoted are ang mohs living here.

And going by the way they talk, they are not citizens, just guests of Hotel S’pore.

So Brad Bowyer (Remember him?) is not a real ang moh.  Real ang mohs support and appreciate what the PAP does.

Vote wisely. Vote tactically.

 

Merdeka Generation: PAP cares for u, really they do

In Political governance, Public Administration on 27/03/2019 at 11:28 am

(Part of an occasional series meant to burst the blood vessels of cybernuts like pork-eating, alcohol drinking “bapak” aka “Jihadist Joe”, and tax-dodging grave-dancer “Oxygen”).

Taxi driver Lim Ee Teh, 66, usually spends between S$10 and S$20 when he visits the polyclinic for his monthly diabetes check-up.

Mr Lim, who is eligible for the newly-announced Merdeka Generation Package, learnt on Sunday (March 24) that he could soon be paying less for this visit. This was after he attended a briefing organised by the Silver Generation Office (SGO) at the ComfortDelGro’s Cabbies’ Carnival.


What’s expensive, what’s cheap in diabetes treatment

If Mr Lim is seeing the polyclinic doctor monthly, his must be terok case. As the consultation fee is $12+, he’s only paying $7 for the blood test and medicine. But the blood test is pretty expensive: $13+ each time. So the numbers don’t add up: unless he’s seeing a nurse, where the consultation fee might be lower.

My friends’ monthly medicine bill for diabetes average between $4-5, they tell me. They see the doctor once every three or four months. They pay $12+ for the consultation, and $13+ for the blood test. Assuming, they see the doctor once every three months, their monthly cost is around $12.

Seeing the doctor and blood tests are the expensive bits.

—————————–

Whatever, this is what he (and me) are getting

Under the Merdeka Generation Package, which is eligible to all Singaporeans born between 1950 and 1959, beneficiaries will be entitled to Chas subsidies from November regardless of their household monthly income per person or the annual value of their homes.

Beneficiaries of the package will also receive an annual topup of S$200 into their Medisave account under the Central Provident Fund (CPF) until 2023. They will also receive an extra 25 per cent discount on their bills at polyclinics and specialist outpatient clinics, on top of prevailing subsidies.

https://www.todayonline.com/singapore/more-medisave-top-ups-merdeka-generations-wishlist

Wow. How not to vote for the PAP? Still prefer BS from Mad Dog, Lim Tean and Meng Seng, Jihadist  Joe aka Pious Joe?

And taz not all, from NTUC Fairprice, there’s this

And for a one-year period from July onwards, customers who belong to the Merdeka Generation will enjoy a 3 per cent discount on all purchases every Wednesday.

Merdeka Generation individuals are those who were born from 1950 to 1959 and obtained citizenship in or before 1996, as well as seniors who were born in or before 1949, became citizens in or before 1996 and did not receive the Pioneer Generation Package.

Mr Ng Chee Meng, the secretary-general of NTUC, said that this was done because of feedback from workers that they needed more help to cope with the cost of living.

“So NTUC, as a social enterprise, we were trying to see how we could help in meaningful ways. Essentially, what we wanted to do was help people cope with the rising costs, in ways we could afford,” he said.

https://www.todayonline.com/singapore/prices-ntuc-fairprice-house-brands-cut-remain-same-for-15-months

PAP is really trying hard to get 65% of the popular vote: Why PAP aiming for 65% of the popular vote.

Vote wisely. Remember that a GST rise is coming: How to ensure no GST rise.

Vote tactically (I tell how soon) because at worse PAP will still form govt:

But the cybernuts like bapak should not be raising their hopes of their hero Mad Dog forming a coalition govt of spastics. At the very least, the PAP will get only 60% of the popular vote (a 10 point fall) and retain a two-thirds majority and not win back Aljunied. No GRC will fall even to Team TCB.

Another reason why ground is not sweet for the PAP

Where we ahead of UK in financial services

In Financial competency, Financial planning on 27/03/2019 at 6:50 am

There’s a new bank in the UK: Bomad [the bank of Mum and Dad] to help finance house purchases.

S’pore has had this for ages (my dad had to take a loan from my grandmother, to help buy a house all those yrs ago). Bomad is still thriving. Friend telling me that daughter is hinting loudly that she and her husband-to-be need a loan. Problem is that she has siblings. So loan one, others will expect similar facilities. He didn’t stop at one because he hated (still hates) the PAP.

In the UK, an FT reader said Bomad should provide advisory services, not juz folk out the S’pore. S’porean parents have always provided such services as a mandatory addition to forking out the money for a HDB flat etc etc

Crying all the way to the bank by annoying the PAP

In Economy on 26/03/2019 at 12:48 pm
Fong Hoe Fang, who worked with and is a pal of Teo Soh Lung and Vincent Cheng. (Remember them?) recently struck Toto recently (OK, OK, he didn’t but it felt like he did)
[O]ne of its latest published non-fiction work is its best-ever-seller: This Is What Inequality Looks Like by sociologist Teo You Yenn.

They’ve already sold upwards of 24,000 copies, and are still going into more re-runs of the book. Public demand for it has not waned despite Teo’s arguments having been rebutted robustly at least twice by the establishment: once by Senior Minister of State Maliki Osman and another by veteran social worker Sudha Nair.

Another brave publisher from RI and ST: Quiet activist looking at his bank statement and smiling

Hyflux forgot that Tuaspring is in S’pore

In Uncategorized on 26/03/2019 at 6:26 am

All governments are monopoly buyers, able to demand tough conditions: which is why smart companies prefer to do biz in countries like M’sia and China where the authourities can be persuaded not to demand tough conditions in a spirit of mutual benefits.

Motor-cycling, M’sian-born Oliver Lum forgot this was S’pore when she agreed to sell water (juz below cost, I think I read somewhere: if anyone can find me the reference or point out if I’m wrong, I’ll be grateful) under a 25-yr agreement to the govt, planning to make lots of money by selling electricity to said govt.

Well in early March, national water agency PUB issued a default notice to Hyflux subsidiary Tuaspring Pte Ltd (TPL), which owns Singapore’s second and largest desalination plant, to remedy defaults arising under a 25-year water purchase agreement between them.

The defects:

It is understood that the plant had been experiencing operational issues since early 2017 and Tuaspring was unable to replace the facility’s poor-performing membranes promptly, affecting the quality and quantity of its water. There were numerous occasions when Tuaspring was unable to supply PUB with the required 70 million gallons of desalinated water.

https://www.todayonline.com/singapore/pub-take-over-hyfluxs-tuaspring-plant

Then PUB said on Thursday (Mar 21) it will terminate the water purchase agreement with Hyflux subsidiary Tuaspring Pte Ltd (TPL) and start taking over its desalination plant, if the company does not remedy its defaults by Apr 5.

Ms Lum also forgot govts can also blame suppliers when contracts go wrong: Will Oliver Lum and other Hyflux investors still vote for the PAP?

Never mind, the M’sian in her got Hyflux to pay her over S$60m (salary + dividends).

Another reason why ground is not sweet for the PAP

In Economy on 25/03/2019 at 10:43 am

PMETs are the S’poreans most affected by retrenchments, and hence by FT influx.

According to the labour market report released by the Ministry of Manpower (MOM) recently, PMETs accounted for 79.3% of retrenched residents in 4Q18. Overall, 2510 people were retrenched in the 4th Quarter. So 1990 of those retrenched were PMETs. (Aside no wonder young professionals are joining the SDP: SDP can learn from Thai Oppo parties)

This is a year-on-year increase of about 30% from the 2017 number and is also the highest level since such data was first published by MOM in 2006.

Educated get retrenched, WTF! 58% had degrees while 20% held diplomas. A substantial portion of individuals who were retrenched were those aged between 40 and 49 (34%) and over 50 (33.6%).

According to people interviewed by the constructive, nation-building ST, PMETs are becoming vulnerable and more steps need to be taken to reduce the risk of them being displaced. I’m surprised ST was allowed to say this.

The link between retrenchments and FTs by the A380 cattle class: a DBS analyst suggested that firms should raise the minimum qualifying salary for Employment Pass holders and increasing the length of time firms must advertise jobs on the national jobs portal before they can apply to hire a foreign professional.

Vote wisely.

Why the PAP should worry

Double confirm, ground not sweet for PAP

Will Oliver Lum and other Hyflux investors still vote for the PAP?

Hyflux directors, mgt & auditors kooning from 2016 onwards?

I said there

PAP voters get shafted:

Retail perpetual and preference share holders will have their S$900 million in claims swapped for S$27 million in cash and S$69.2 million shares, assuming that the shares are valued at 3.4 cents apiece. That works out to a 10.7 per cent recovery rate on their principal.

And there’s the retail shareholders.

But the cybernuts like bapak should not be raising their hopes of their hero Mad Dog forming a coalition govt of spastics. At the very least, the PAP will get only 60% of the popular vote (a 10 point fall) and retain a two-thirds majority and not win back Aljunied. No GRC will fall even to Team TCB.

The reasons:

Why 37,000+ sure to vote for PAP (But balanced off by above 34,000+ retail investors in Hyflux who could lose 90% of their investments)

Why S’poreans continue voting for the PAP to have 2/3 of parly seats

6,400 senior citizens each get $312.50 hongpao from a TLC

Why Milliennals will vote for the PAP

 

 

 

 

Make MU Great Again

In Financial competency, Footie on 25/03/2019 at 6:44 am

Or why MU, AC Milan and other ex-greats are no longer winning trophies.

A “bar chart race” video showing spending in world club football over the past 28 years.

Make MU Great Again: change Jewish owner and financial adviser (Rothschilds).  LOL

Silencing fake news and inconvenient voices: two sides of the same coin

In Internet on 24/03/2019 at 6:15 am

TOC accused (rightly) The Indians Idiots Sg of unprofessional behaviour even though TOC should be careful of throwing stones since it’s living in a glass house: ST etc can make the same accusation (rightly also) against TOC: Tweedledum v Tweedledee or TOC v The Idiots Sg.

This row reminded me how the PAP govt can kill two birds (fake news and dissident views) with one stone.

This is how to screw alt media without appearing to be repressive: make use of the fear of fake news.

Egypt’s Supreme Council for the Administration of the Media was given the power to block websites and social media accounts with more than 5,000 followers if they publish “fake news” or incite people to break the law.

The watchdog will also be able to fine them up to 250,000 Egyptian pounds ($14,500; £10,900) without obtaining a court order.

BBC report

OK, OK, the Egyptian way is too crude. What do you expect of paper generals not real ones? The Egyptian army loses to desert nomads in the Sinai. Only good for coups.

Here’s the British way: according to a UK government report, technology groups should be forced by a new regulator to ensure their platforms distribute quality news.

Our ang moh tua kees cannot in all honesty oppose such a law because it comes from the UK: they lick ang moh’s liberal ass, thinking what comes out is manna from heaven.

Seriously, if this law is passed here, Terry’s Online Channel, The Indians Idiots, Goh Meng Seng etc can no longer appear on Facebook given the unreliability of their original reporting and plagiarising of the local MSM. They can’t even copy and paste accurately.

Especially Meng Seng. When he recently pontificated “I am only the supporter of truth based on facts”, I couldn’t help laughing. Surely, he must mean “I am only the supporter of lies based on mistaken, spurious, apocryphal, fanciful, mendacious, untruthful, fictitious, deceptive, concocted, fallacious, incorrect, inaccurate, wrong, sophistical, casuistic, Jesuitical, misleading, delusive, imaginary, illusive, erroneous, invalid, deceiving, misrepresentative, fraudulent, trumped-up, facts”? As evidence, I cite Meng Seng: fake news propogator and What Meng Seng and TOC don’t tell us about dispute with Tun.

Related posts:

Why TOC’s Danisha Hakeem is a menace to the credibility of alt media

TISG: “useful loudhailer” for PAP administration

“The Idiots — S’pore” keeps on promoting divisiveness?

Sad.

Tweedledum v Tweedledee or TOC v The Idiots Sg

In Internet on 23/03/2019 at 6:02 am

 

What I find funny after reading Terry Xu’s Fb post (See below) is that I’m sure ST and other constructive, nation-building publications can say the same thing about TOC notwithstanding Terry’s holier than The Idiots attitude in his last paragraph.

Terry Xu should let sleeping dogs lie seeing that TOC cast the first stone (towards ST many yrs ago) a long time ago. Btw, I think I got grounds to KPKB yesterday to Terry about hypocrisy based on his comments about attribution. But as I know his writer and him, and respect what they are doing (most of the time) and because of the pressures that Terry faces in fighting the Dark Side , I’ll not talk further about the matter: let sleeping dogs lie etc etc.

Having said all this, The Indians Idiots are scumbags:

— TISG: “useful loudhailer” for PAP administration

— “The Idiots — S’pore” keeps on promoting divisiveness?

And this TOC writer (Why TOC’s Danisha Hakeem is a menace to the credibility of alt media) should move to The Idiots. He’s their kind of writer.

Anyway, Terry Xu posted on FB yesterday

After hearing complaints from my writers about how articles have been republished by The Independent SG with no attribution, I decided to take up my complaint with the publisher of the website.

Referring to the writer who has been doing that, I wrote, “It is fine if articles are written with reference to TOC’s site but if you refer to the months of postings, I have seen nothing of such. Can you please see that this behaviour stops?”

He replied, “Dear Terry, We have a ‘do-not-touch-TOC-content’ policy in place. Hence, I’m surprised that you are making such claims. In any case, all authors do declare their source for each piece they are working on and my editors do check for copyright infringement, attribution and accuracy. It may very well be the case of the newsmaker talking to two outlets at the same time. In which case, there is really no need to attribute to TOC.
In any case, if my writers do use your content. You can be rest assured that we’ll credit TOC for it. Chill my friend. We’re in the same space. Need to look out for each other.”

My response to that was to throw a series of articles.

http://theindependent.sg/in-what-capacity-did-ivy-ng-sign-…/

http://theindependent.sg/grassroots-leader-who-constructed…/

http://theindependent.sg/mothership-draws-flak-for-story-o…/

http://theindependent.sg/survey-shows-only-59-per-cent-of-…/

http://theindependent.sg/mainstream-media-speculates-that-…/

and noted that these articles are for just the month of March.

He then asked for the corresponding articles from TOC that were published.

Which I gave,

https://www.theonlinecitizen.com/…/ivy-ng-signed-documents…/

https://www.theonlinecitizen.com/…/grassroots-leader-who-c…/

https://www.theonlinecitizen.com/…/mothership-highlights-l…/

https://www.theonlinecitizen.com/…/survey-35-think-heng-ca…/

https://www.theonlinecitizen.com/…/media-speculates-former…/

Note that all the articles from TISG is after TOC had published its, even the screenshots are using the ones that TOC had posted. I haven’t yet included the articles that are based on the video write ups posted on TOC’s Facebook page.

In response to the claims, the publisher has replied, “Dear Terry, after careful examination and consideration, we find your claims to be baseless and unfounded.”

UPDATE: The publisher even accused me of backdating the articles! Hello… I can’t backdate Google News, even if I want to.

So case closed it seems and business as usual. Nothing I can do about it, I suppose? And how can you be friends with such people?

Clarification: As I tell my staffers, there are a few type of articles.
– Opinion pieces
– Govt release
– News of events
– Public knowledge
– Exclusive investigative articles

We do not credit MSM for govt releases because it should be public knowledge in the first place and Govt don’t release them on their public site only after MSM has reported on it. News event, we sometimes don’t because we are pissed that only IMDA certified press are invited.

But if you do read our other posts, we mention clearly it is from the MSM that we are taking the quotes from and also we would correct when journalists from MSM write to us.

HoHoHo: StanChart CEO learning from our ministers

In Banks, Corporate governance, Emerging markets, Temasek on 22/03/2019 at 10:58 am

He also gets a free pass from Temasek.

FT reports that StanChart is facing an investor rebellion over its chief executive’s pay after the bank changed how it calculated his pension in a way that falls foul of UK corporate governance guidelines. This comes as executives at the UK’s largest listed banks are being subjected to rising pressure to reduce their pension payments so that they are in line with the majority of staff.

StanChart’s CEO will receive a pension allowance of £474,000, which is the highest of any chief executive of a large UK-listed bank.

But unlike UK investors, Temasek, StanChart’s biggest shareholder, a person close it said it did not share other investors’ concerns on pay at the bank.

Related post: HoHoHo: Time for StanChart’s CEO to go?

Comprehensive list of articles on what went wrong with this investment: HoHoHo: Temasek’s “rogue bank” kanna caught again

China’s emerging fintech giant

In Banks, China, Insurance, Internet, Investment banking on 21/03/2019 at 1:53 pm

But first, why China is great again: Chinese insurer Ping An once had HSBC as a large shareholder but is now the largest shareholder in HSBC.

Besides insurance, it’s into banking, securities broking, asset management and has a trust biz.

In recent years Ping An has invested heavily in the development of new technologies including artificial intelligence, facial recognition and cloud computing.

So it’s becoming a tech co, like Goldman Sachs (At least that is what ex-CEO claimed that is what Goldie is).

Don’t anyhow accuse ministers of neglecting anything

In Uncategorized on 21/03/2019 at 7:05 am

Can kanna be sued for defamation, juz like sharing article can kanna be sued (and allegedly help make lawyer defending Uncle Leong, Lim Tean, laugh all the way to the bank: whatever Lim Tean has struck Toto it seems) .

Seriously, PAP ministers and MPs quick to sue, so will they follow what is happening in another country where British law is followed )somewhat) and where the ruling party is as sensitive as the PAP?

Bangladeshi authorities have arrested a senior member of football’s world governing body Fifa for allegedly defaming the country’s prime minister.

Mahfuza Akhter Kiron, a Fifa Council member, was detained after she had said that Prime Minister Sheikh Hasina was neglecting football.

A defamation claim was then filed by a local sport official, alleging that the comments embarrassed the entire nation.

On Saturday, Ms Kiron was denied bail and sent to jail, her lawyer said.

https://www.bbc.com/news/world-asia-47604146

Whatever, I suggest that those who want to avoid the fate Leong Sze Hian, Roy Ngerng, JBJ etc avoid saying that PM etc are neglecting footie or anything sensitive

During a recent TV talk show, Ms Kiron said that Prime Minister Sheikh Hasina was neglecting football in the cricket-mad Bangladesh.

This prompted local sport official Abul Hasan Chowdhury Prince to file a defamation claim.

“Mahfuza told the TV show that [the] PM maintains double standard for football and cricket. She rewards cricket for personal gain but ignores football,” Mr Hasan’s lawyer was quoted as saying by the Associated Press.

The defamation claim alleges that such comments about the sports-loving prime minister embarrasses the entire nation.

Groceries: PAP cares for u, really they do

In S'pore Inc on 20/03/2019 at 10:53 am

(Part of an occasional series meant to burst the blood vessels of cybernuts like pork-eating, alcohol drinking “bapak”, and tax-dodging grave-dancer “Oxygen”).

Yuppie, continued “peanut” prices for Fairprice’s baked beans, fried dacre, sardines, instant coffee (Robusta and Arabica: I use the cheapest brand available several times a week to strengthen my daily brew of coffee brewed for at least 24 hrs) and dog biscuits (actually Fairprice’s marie biscuits).

Btw, feel free to skip the following quote if u know what I was talking about and go direct to my comments below:

NTUC FairPrice has slashed the prices of 50 essential items under its house brands by up to 30 per cent, as part of moves to help customers cope with the cost of living.

The prices of these items, as well as 50 others under its house brands FairPrice, FairPrice Gold, Pasar and Home Proud, will also be held steady from Monday (March 18) until June 30 next year.

This means that regardless of inflation, the prices of these 100 items, which include daily essentials such as rice, oil, toiletries, batteries and household cleaners, will stay the same for the next 15 months.

Mr Seah Kian Peng, chief executive officer of FairPrice, said that these 100 items are “representative of what an average Singaporean household would need, and they are popular”.

https://www.todayonline.com/singapore/prices-ntuc-fairprice-house-brands-cut-remain-same-for-15-months

Elections must be coming to the world’s most expensive city, a ranking now shared with HK and Paris, much to the relief of the PAP.  OK, OK, I know it’s fake news that S’pore, HK and Paris are the world’s most expensive cities: unlike TOC, The Indians Idiots, Meng Seng’s FB page and other cybernut must-reads, I read the fine print.

Seriously, going by the time frame of the price freeze, the elections will be held by June next yr. I’ve always maintained that it’ll be held later this year. In 2018, I wrote Akan datang: GE in late 2019.

As for the dog biscuits, must be minister Shanmugam, dogs’ best friend in parly, that got Fairprice to freeze the price. If the pet dogs support the PAP, the owners will follow must be the reasoning. Every vote matters for the PAP.

Btw Fairprice’s special for French made butter are great value, make it affordable for me to have gourmet butter now and then.

Vote wisely.

Remember that only in S’pore does a govt (PAP of course) and trades union movement-related grocer sells French butter (albeit only now and then) at “cheap” pleb prices. Only slightly more expensive then its house brand ordinary butter.

Tun not happy with MayBank

In Banks, Malaysia on 20/03/2019 at 4:37 am

No not because it financed Tuaspring helping S’pore give him the finger over water.

But because Maybank (“May” is short form of “Malayan”) is saying that M’sians are buying our banks because they are of better quality, and pay higher dividends, thanks to the M$ being up s**t creek.

Maybank Kim Eng is keeping “positive” on Singapore’s banking sector while noting significant interest among Malaysian investors in Singapore banks from a flight-to-quality angle, and for their high dividend yields as the SGD appreciates.

This comes post a meeting with 15 Malaysian investors from a mix of long-only, hedge and private-banking funds to discuss Singapore banks and Maybank’s stock calls on them – for which the research house says was very little pushback on its top picks DBS and UOB, both rated “buy” with the respective target prices of $29.56 and $29.71.

OCBC, on the other hand, has a “hold” rating and price target of $10.73.

https://www.theedgesingapore.com/singapore-banks-shine-despite-regional-macros-competition-fintechs-maybank

Note of all three banks, OCBC has the most exposure to M’sia because of its extensive branch network in Malaya and its life insurance biz via Great Eastern M’sia, 100% owned by Great Eastern.

Genius of the PAP

In Uncategorized on 19/03/2019 at 4:31 am

Why the PAP wins and wins.

It’s not repression. Nor is it looking after S’poreans very well. It’s making S’poreans treasure or aspire to what the PAP wants them to have: things like “affordable” public housing, and clean, crime-free and car-free streets.

And making S’poreans hate the things that the PAP doesn’t want them to have: think freedom of expression (Not that clowns like TRE’s “bapak”, Lim Tean, Meng Seng, and Kirsten Han are worth listening to) or standing up for their rights.

One of the PAP’s failures is the success of the Pink Dot movement. Gays are hip. But S’poreans’ ang moh tua kee attitude have something to do with this. If only S’poreans will ape Western liberal attitudes, the PAP sure to lose. But they don’t. PAP must have got shumething right, right?

Why were non-Chinese left out of mushroom study?

In Uncategorized on 18/03/2019 at 10:57 am

Eating mushrooms more than twice a week could prevent memory and language problems occurring in the over-60s, research from Singapore suggests.

A unique antioxidant present in mushrooms could have a protective effect on the brain, the study found.

The more mushrooms people ate, the better they performed in tests of thinking and processing.

But researchers said it was not possible to prove a direct link between the fungi and brain function.

The National University of Singapore study’s findings were based on 663 Chinese adults, aged over 60, whose diet and lifestyle were tracked from 2011 to 2017.

https://www.bbc.com/news/health-47554966

(Emphasis mine)

Bet u the Tamil supremacists will KPKB that Tamils were unfairly excluded from the study. As will sensitive souls like P Ravi (he had a green card so he’s susceptible to being politically correct) wanting to know why was it that minorities were left out of the study. Multiracial society? What multiracial society?

The reasonable, but not conclusive, argument that a multi-racial study meant that analysing the data would be a lot more complicated than limiting it to one ethnic group will not wash in an election year. Juz wait for Mad Dog, Lim Tean or Meng Seng to stir the pot on the right of minorities to take part in a study on the effects of taking mushrooms. But then Lim Tean and Meng Seng* prefer to support M’sia rather than S’pore in the territorial dispute. at least SDP came out in support of S’pore.


* He even faked the news: What Meng Seng and TOC don’t tell us about dispute with Tun

 

Fake news: social media is a primary cause of polarisation

In Uncategorized on 17/03/2019 at 1:33 pm

Social media is NOT a primary cause of polarisation.

A common, and ostensibly common sense, assumption about the era we are living through is that social media is a primary cause of polarisation.

Most of the academic work in this area points to the complexity of that link, and resists a clear causal connection. Indeed, for the most part, it comes down against the idea that the online world is full of echo chambers.

The abstract for this commonly cited article in the journal Public Opinion Quarterly, by Seth Freeman, Sharad Goel and Justin M Rao, puts it succinctly:

“Social networks and search engines are associated with an increase in the mean ideological distance between individuals”, the authors write. “However, somewhat counter-intuitively, these same channels also are associated with an increase in an individual’s exposure to material from his or her less preferred side of the political spectrum”.

They go on: “The vast majority of online news consumption is accounted for by individuals simply visiting the home pages of their favourite, typically mainstream, news outlets, tempering the consequences – both positive and negative – of recent technological changes.”

Pls read the article if interested in the topic.

Why are over-40 S’poreans like Hollywood stars?

In Economy, Political economy on 17/03/2019 at 7:28 am

They are no longer wanted or employable.

This TRE reader got it right

Over 40s being retrenched are common. The army also tell regulars to GTFO after they turned 40. Just observe those Hollywood stars – over 40 no more leading man or lady.

Sad.

SDP can learn from Thai Oppo parties

In Uncategorized on 16/03/2019 at 9:57 am

Anti-junta parties in Thailand are fighting for the votes of young Thais.

Given that young S’poreans have no first hand knowledge of what Mad Dog did to maim S’pore’s budding democratic movement in the early 1990s in the name of ideological purity (I’m not only talking of the back stabbing of Chiam but also about the successful attempts to get the voters not to re-elect the other two SDP MPs), the young are the natural target of the SDP. The many young, keen young SDP activists, many of them professionals is testament of this.

Well the Thais anti-junta parties are targeting first-time voters with policies meant to appeal to youth, including calls to abolish or scale back military conscription, to legalise cannabis, or give LGBT people equal marriage rights.

The SDP should come up with policies that appeal to young S’poreans and publicise them on platforms that the young use, and not juz on Facebook which is for oldies, not hipsters.

Mad Dog and Dr Paul should also study the use of social media by the anti-junta parties:

“This is a significant demographic segment, and they represent a new generation who access the system in a different way,” said Thitinan Pongsudhirak, associate professor of political science at Chulalongkorn University. “They don’t use traditional media of listening to the TV and radio; they use social media and are completely 21st century,” he added.

FT

Just to show, I’m not anti-Mad Dog, juz objective:

I give Dr Chee credit that in the 90s his vision of S’pore in 2016 was a lot more closer to the reality (Mad prophet?) than mine or the PAP. And for the alternative policies that the SDP has proposed. And I’ll give him credit for his actions in reinventing the SDP and himself. But there’s too much historical baggage,

Chee reinvented SDP after making it toxic

And there’s

Will the real SDP, Dr Chee pls stand up?

Salute these Oppo warriors (I praise Mad Dog albeit when he was taking his anti-Mad Dog pills)

S’pore is parasite

In Economy, S'pore Inc on 15/03/2019 at 1:39 pm

Ong Hai Chuen posted on FB

Why is SINGAPORE the RICHEST country in ASIA? – VisualPolitik EN

Sonny Liew, yes he of The Art of Charlie Chan gave this totful response (Somewhat related post: “Bullshit is the glue that binds us as a nation” )

This analysis suffers from a common problem of failing to recognise Singapore as essentially a metropolitan area – as evinced by the presenter’s own constant switching from descriptions and comparisons using both the terms “city” and “country”.

The economic writer Joe Studwell in his intro to “How Asia Works: Success and Failure In the World’s Most Dynamic Region ” writes that his book “restricts itself to the developmental challenges facing what I would call ‘proper countries'”.

He goes on to say that he “ignores east Asia’s two main offshore financial centres – Hong Kong and Singapore”, along with the ” “micro oil state of Brunei” and “east Asia’s traditional gambling centre, Macau”, before describing comparisons of development between places like Singapore and Indonesia as a “pointless and deeply misleading debate”, since “Offshore centres are not normal states. Around the world, they compete by specialising in trade and financial services while enjoying lower structural overheads than other countries, which have larger, more dispersed populations, and agricultural sectors that drag on productivity… ”

“Offshore centre’s lower overheads mean that they also have a built-in fiscal advantage. Yet they can never exist in isolation – they are in a strict sense parasitic, because they have to have their host or hosts to feed on.”

It would make more sense to look at Singapore in City or Metropolitan Area terms when evaluating it’s policies and successes – so places like Hartford and San Jose would be in a similar league. These cities have small population sizes and may have comparable types of economies – Hartford’s economy is “strong in finance, especially insurance and benefits and is an important government center, as the capital of Connecticut”, while San Jose “is home to the larger part of the world’s leading technology center, suburban Silicon Valley.”

While good governance is still key to its success, failure to at least view Singapore partly through metropilitan area lenses may end up presenting a muddled picture…

Tun chickened out/ Two cheers for cowardly PAP govt

In Malaysia, Uncategorized on 15/03/2019 at 4:19 am

M’sia and S’pore are to return to their respective port limits before M’sia’s initial extension on Oct. 25, 2018 of its port limits off Johor. In response, S’pore extended its port limits off Tuas on Dec. 6.

Seems M’sia has backed down as S’pore had proposed a return to the status quo before 25 Oct earlier this yr, but got the finger.

Whatever, two cheers* for the PAP govt. We got what we wanted without sinking a M’sian vessel as I and others suggested: Why sink a M’sian vessel.

Morocco Mole (Secret Squirrel’s trusted sidekick) tells me that his second cousin removed in the M’sian coast guard tells him that the “accidental” ramming of an intruding M’sian vessel by a Maersk vessel, has the M’sian govt really worried. What would they do if another such accident sank a M’sian ship? For starters, they don’t have the resources to do a search-and-rescue operation, and would have to beg S’pore for help. And they couldn’t recover their sunken vessel without our help.

Related posts

What Meng Seng and TOC don’t tell us about dispute with Tun

How to squeeze Tun’s balls real hard


*Note to cybernuts (in the event TRE uses this piece) who don’t know meaning of “two cheers” like “bapak” because they never went to an elite school or even lesser schools like Hwa Chong, only neighbourhood schools or vocational institutes: read https://www.macmillandictionary.com/dictionary/british/two-cheers-for

Secret behind DBS’s fintech success

In Banks on 14/03/2019 at 1:28 pm

DBS is now the ang moh investors’ favourite SE Asian bank. It has a successful digital strategy that has the both the buy and sides saying “Buy”. UOB or OCBC can’t match DBS’s fintech skills.

Well the dirty secret is that there are almost no S’poreans in its much  deservedly vaunted fintech team. They are mostly FTs from achar land or PRC land. Locals (top young STEM grads from NUS or NTU) feel lonely and that they are working in Bangalore, Mumbai, Beijing or Shanghai.

Interesting that Peenoys not smart enough to work there. but the Peenoy HR personnel team in DBS are working on getting their fellow Peenoys employed there.

Flowless recovery = Date cat bounce or joyless recovery?

In Financial competency on 14/03/2019 at 6:14 am

Another gd day for mkts. So was last Thursday’s ECB whimp out really a catalyst. Well

A key aspect of the 2019 rebound for markets has been the absence of money chasing the action. True, emerging markets have pulled in cash, but for other key areas, investors are not chasing the recovery, they remain intent on getting out. So the present recovery still smells more like a short covering rally, where bearish bets have closed, leaving the market poised to jump a lot higher or follow the path currently indicated by slumbering government bond yields.

Société Générale has been focusing on the flows story for a while and here’s their latest update:

“Our research shows that, year-to-date, we have experienced a flowless recovery, equities have risen the most in decades, but outflows from the equities asset class have been significant, caused by last year’s damage to portfolios. Risk aversion is now very apparent and portfolios are already hedging for many risks. Cash positions have also become very sizeable indeed, as the prospect of a US recession in 2020 does not bode well for risky assets.”

FT columnist

Related post: Black Friday for equities

Hyflux directors, mgt & auditors kooning from 2016 onwards?

In Accounting, Corporate governance on 13/03/2019 at 10:57 am

And will Hyflux retail investors still vote for the PAP? (Reference: Will Oliver Lum and other Hyflux investors still vote for the PAP?)

So

HYFLUX has taken a S$916 million impairment for the nine months ended Sept 30, to adjust for a fall in carrying value of the Tuaspring water and power plant and other write-downs.

This figure was released … after Hyflux submitted its latest statement of financial position to the High Court.

“The impairment loss . . . relates predominantly to the impairment loss arising from the assessment of the carrying value of Tuaspring and the impairment of receivables for previously completed projects,” …

Hyflux had asked a valuer to conduct an up-to-date valuation of the Tuaspring plant, but no exact figure was shared in the submission.

BT report in early March

But

When Hyflux was first awarded the Tuaspring project in 2011, based on the financial model which modeled the cashflow projections from the project, the power plant was expected to generate profits from day one. This financial model was audited by an external financial model auditor and furnished to the offtaker. In 2013 when Tuaspring was able to secure a non-recourse project financing loan, the lender commissioned an independent market study of the project which arrived at similar conclusions supporting the book value of approximately SGD1.4 billion.

Hyflux fiasco shows why “book value” is BS

And when it did its 6% Perpetuals in 2016, the book value attributed Tuaspring was around this value.

So in the light of the loss in 2017, it’s reasonable to ask why the book value of Tuaspring was not looked at again before the auditors blessed the 2017 accounts in March 2018,

When KPMG issued an unqualified opinion on the full year results for the Hyflux Group in March 2018, there were no events or conditions that individually or collectively, cast significant doubt on the going concern assumption as at the balance sheet date of 31 December 2017, or at the audit report date of 22 March 2018.

Hyflux on investor losses: “Not our fault, banksters at work”;

if not earlier in 2017 when signs of trouble may have become apparent. Unless of course maybe Hyflux’s finance and accounting departments were staffed by Wankers or their relatives and friends? See: Wankers’ Party still blur on audits and accounting and What the US army and WP have in common?.

OK, OK, juz joking.

I’ll end with more extracts from BT report to give an idea of how big the hole caused by the drop in book value of Tuaspring and how the banksters are getting their money back while PAP voters are being screwed (anti-PAP voters got no money according to TRE cybernuts):.

At the end of September 2018, the value of Hyflux’s held-for-sale assets was S$651 million, or S$824 million lower.

Hyflux said: “This valuation is based on the most recent market study conducted by K4K Training & Advisory SL, the same consultant who did a similar market study in 2016 (which supported the valuation then). The view taken in this most recent market study is significantly different from that in 2016 due to . . . the losses in the electricity market in the recent years and the projected lower spark spreads for the remaining concession period.”

Noting that the current valuation is “significantly lower” than that adopted in 2016, Hyflux said that it intends to commission a further valuation to be undertaken by a different valuer for the purposes of finalising the 2018 full-year financial results.

“As the carrying value is a reflection of the current depressed market, in the event that the Singapore power market recovers to provide generation companies with sufficient spark spread margins, the valuation might then be revised,” Hyflux said.

Banksters take their money and run:

However, if creditors consent to haircuts under its proposed restructuring scheme, Hyflux will return to a net asset position of S$1.1 billion, according to the group’s pro forma calculations. Mr Gerald said: “This means that the company may have positive value post restructuring.”

Post-restructuring, Hyflux’s pro-forma net tangible assets (NTA) per share would be 4.2 Singapore cents, based on an NTA of S$815.3 million distributed across an enlarged share base after an equity injection and various debt-for-equity swaps.

Indonesia’s Salim Group and Medco Group had earlier agreed to give Hyflux a S$400 million equity injection in exchange for a 60 per cent stake in the company post-restructuring. Effectively, Salim-Medco is buying into Hyflux at 3.4 Singapore cents a share.

If the Salim-Medco deal goes through, Hyflux’s debt securities holders and senior unsecured lenders will be cleaned off the balance sheet.

PAP voters get shafted:

Retail perpetual and preference share holders will have their S$900 million in claims swapped for S$27 million in cash and S$69.2 million shares, assuming that the shares are valued at 3.4 cents apiece. That works out to a 10.7 per cent recovery rate on their principal.

And there’s the retail shareholders.

Will they still vote for the PAP?  Double confirm, ground not sweet for PAP.

Vote wisely. But the problem is Mad Dog, Lim Tean and Meng Seng. 

Sad.

 

Watain ban: playing the easily offended game can backfire

In Public Administration on 12/03/2019 at 7:15 am

Easily offended Muslims are paying the price for being easily offended and making police reports etc, and getting other S’poreans into trouble. Their actions have had consequences. When social media took after here, all those years ago, some easily offended Muslims were forever making police reports or complaining loudly publicly about posts they found offensive. Well easily offended Taliban Christians (minority here thankfully) were watching and listening, and learning.

The govt said Watain targeted the Christian religion specifically and hence the ban. Fair point given that if the band insulted Muslims, it’d have been banned because the authorities didn’t want easily offended Muslims to be upset, and making known their unhappiness.

But because “Christians don’t riot” (BG Yeo said this when he was a minister: remember him?) some civil servant tot it fine to let them in to perform? I’m glad the govt is being even-handed in its illiberal attitude*, which I personally disagree with.

I note the band also targets Jews.

But they don’t insult or diss Islam or Muslims. Why, despite Islam being an Abrahamic faith too? I can only suppose because jihadists even in Sweden kill or threaten to kill those who mock Islam or Muslims. Christians and Jews in Sweden ain’t so violent against those who insult their religion, I suppose.

This is another reason to ban them: for having only the balls to insult those who they know won’t kill or threaten to kill them for the insults. Christians don’t riot remember? Ditto Jews? The Jews only file law suits.

And I agree with the Minister with responsibility for the welfare of pets, among other duties, who warned the Muslim community that it has responsibility to show that it lives in a multi-cultural society and must be aware of others’ sensitivities, just as it expects others to be sensitive to its sensitivities.

“You have a group of Malay young men, showing the one-finger sign, supporting the group,” CNA quoted the minister.

“If a group of Chinese went and showed the finger sign and said that we should allow it – how would you all have felt? It is the same.” Very true. Something for the Malay community to think about.

As the photo has gone viral “across the Christian community”, Shanmugam said that it was crucial to show that the picture does not represent what the Muslim community thinks. “They won’t realize that this a small group of Malays, but they may think, is this what Muslims think of us? So now we have to send the message that this is not what the Muslim community thinks. These are black metal group supporters, they are not the mainstream community.”


*Minister Shanmugan said, “The Christian preachers, when they talk to me, say ‘you are very, very strict when it comes to anti-Muslim, anti-Islamic messages…They said: ‘You treat the Muslim community differently than the Christian community.’ I looked at it and I thought that there is some truth to what they say, I won’t say that it is completely true but it is an approach.”

Added 21 hrs after first publication.

 

 

 

Black Friday for equities

In Financial competency on 11/03/2019 at 9:44 am

Juz that no-one noticed it. LOL

The Dow Jones Transportation Average — one of Wall Street’s favourite barometers of economic activity — has fallen for a record 11 consecutive sessions. Many investors, self included, regard its performance as a predictor of growth because it’s made up of of railroad operators, shipping companies and airlines that ship physical goods around the world. On Thursday, it fell for a record-equalling 10th straight session.

And indices including the S&P 500, Nasdaq Composite and FTSE All World all closed below their 200-day moving averages, seen by traders as long-term support levels.

That’s not all: the strength of dollar despite Fed turning chicken on interest rates shows that the other major economies look sick. And strong US dollar is bad for emerging markets.

The gd news is that S&P 5000 fell every day last week for a cumulative drop of about 2.4%  That would rank as its worst weekly performance since December 21, just before the market bottomed.

 

Streaming and the SDP

In Uncategorized on 10/03/2019 at 11:17 am

Looks like someone in the SDP (Mad Dog most likely?) didn’t understand its own streaming policy paper or didn’t read read the PAP’s minister’s proposal before dashing out this piece of turd: Ong Ye Kung Adopts SDP’s Proposal to Abolish Streaming.

Let me explain.

Further to No more streaming? Really? What a load of BS, where I reported Roy Ngerng’s analysis that the PAP’s “abolition” of streaming results in a more refined way of streaming, I can’t help but think that Mad Dog double confirms that he’s a howling Mad Dog.

The SDP (actually Dr Chee,  Morocco Mole assures me) was quick to say that the PAP followed their 2014 recommendation to abolish streaming: Ong Ye Kung Adopts SDP’s Proposal to Abolish Streaming.

Well I wanted to know did the SDP propose what the PAP govt is proposing to do that Roy says (I agree with him) is really streaming in another guise?

Take the hypothetical situation that students take 3 subjects for their ‘O’ Levels at Secondary 4, with the different G-subject combinations and grades according to the following:

[1] G3 (A grade), G3 (A), G3 (A).
[2] G3 (A), G3 (A), G2 (A)
[3] G3 (A), G2 (A), G2 (A)
[4] G2 (A), G2 (A), G2 (A)
[5] G2 (A), G2 (A), G1 (A)
[6] G2 (A), G1 (A), G1 (A)
[7] G1 (A), G1 (A), G1 (A)

Instead of 3 streams, now do we have 7 streams?

An extended version with 4 subjects would look like this:

[1] G3 (A grade), G3 (A), G3 (A), G3 (A)
[2] G3 (A), G3 (A), G3 (A), G2 (A)
[3] G3 (A), G3 (A), G2 (A), G2 (A)
[4] G3 (A), G2 (A), G2 (A), G2 (A)
[5] G2 (A), G2 (A), G2 (A), G2 (A)
[6] G2 (A), G2 (A), G2 (A), G1 (A)
[7] G2 (A), G2 (A), G1 (A), G1 (A)
[8] G2 (A), G1 (A), G1 (A), G1 (A)
[9] G1 (A), G1 (A), G1 (A), G1 (A)

Does this now make 9 streams?

Now, take this and multiply by the number of subjects students have to actually take (6 to 8, at least), and then by the more refined grading (A1, A2, B3, B4, etc.).

As such, the ‘Express’, ‘Normal (Academic)’ and ‘Normal (Technical)’ streams have been removed in name, but have they only been replaced by a more refined way of streaming, as outlined in [1] to [7 or 9, or more] above?

Roy Ngerng

I’ve not read the SDP policy paper but I’ve been assured by Secret Squirrel that the paper advocates a complete abolition of streaming including no more elite schools. No streaming by another name as per PAP govt plan which retains RI, MGS and St Nick and the so-called other elite schools. And a SDP sua kee (only Mad Dog is tua kee in the SDP) is muttering on FB that until elite schools are abolished, there still is streaming.

So why did SDP issue Ong Ye Kung Adopts SDP’s Proposal to Abolish Streaming?

All this means that Mad Dog did not understand the SDP’s policy paper, or forgot its contents, or did not read or analyse the minister’s comments before coming out with his claim that the PAP “borrowed” its recommendation: Ong Ye Kung Adopts SDP’s Proposal to Abolish Streaming.

With enemies like Dr Chee, the PAP doesn’t need friends. Sad.

The SDP now has a lot of good people nowadays especially as grass-root activists. And a SDP team of responsible adults, endorsed by Dr Tan Cheng Bock, can give the PAP a run for its money in any GRC contest.

Put down Mad Dog or at least triple his medicine, RI doctors in SDP. Please. Pretty please.

 

No more streaming? Really? What a load of BS

In Public Administration on 09/03/2019 at 10:58 am

Going by alt media reports, the cybernuts have bot into the SDP’s message that the PAP followed the SDP’s recommendation to abolish streaming. But has the PAP really abolished streaming as the SDP claims.

I think not. The PAP govt has actually refined streaming, while saying it has abolished streaming. Stupid SDP, stupid cybernuts. But what to expect from the best enablers the PAP have: with enemies like these, it doesn’t need real friends.

Roy Ngerng is absolutely right. Extract from: PAP’s changes on the education system is nothing but a cosmetic joke

Under the new system, G1 subjects correspond to the Normal (Technical) standard, Ong Ye Kung said. G2 subjects correspond to the Normal (Academic) standard and G3 subjects correspond to the Express standard.

Take the hypothetical situation that students take 3 subjects for their ‘O’ Levels at Secondary 4, with the different G-subject combinations and grades according to the following:

[1] G3 (A grade), G3 (A), G3 (A).
[2] G3 (A), G3 (A), G2 (A)
[3] G3 (A), G2 (A), G2 (A)
[4] G2 (A), G2 (A), G2 (A)
[5] G2 (A), G2 (A), G1 (A)
[6] G2 (A), G1 (A), G1 (A)
[7] G1 (A), G1 (A), G1 (A)

Instead of 3 streams, now do we have 7 streams?

An extended version with 4 subjects would look like this:

[1] G3 (A grade), G3 (A), G3 (A), G3 (A)
[2] G3 (A), G3 (A), G3 (A), G2 (A)
[3] G3 (A), G3 (A), G2 (A), G2 (A)
[4] G3 (A), G2 (A), G2 (A), G2 (A)
[5] G2 (A), G2 (A), G2 (A), G2 (A)
[6] G2 (A), G2 (A), G2 (A), G1 (A)
[7] G2 (A), G2 (A), G1 (A), G1 (A)
[8] G2 (A), G1 (A), G1 (A), G1 (A)
[9] G1 (A), G1 (A), G1 (A), G1 (A)

Does this now make 9 streams?

Now, take this and multiply by the number of subjects students have to actually take (6 to 8, at least), and then by the more refined grading (A1, A2, B3, B4, etc.).

As such, the ‘Express’, ‘Normal (Academic)’ and ‘Normal (Technical)’ streams have been removed in name, but have they only been replaced by a more refined way of streaming, as outlined in [1] to [7 or 9, or more] above?

Strange, no, why the PAP government announced that streaming will be “removed” but did not say how students will be streamed into the junior colleges, polytechnics and ITEs?

I suppose the good thing now is that students will not have to live with the label of being from certain streams, but will it only be replaced? I was from 8 G3s, or I am from 5 G3s and 3 G2s?

There were two perceptive comments among the usual rants

It will likely work like current JC to University, where there are basic subject prerequisites to take up a subject or course combination.

The impact is that students will likely have to decide career paths much earlier than in the past and pick the G3, G2 subjects early working on their areas of strengths.
The divergent will happen later, students will go to JCs, poly or ITE based on the level and choice of subjects.

And commenting on the above comment

bro, there is a difference between removing streaming and refining streaming.

what the clown pap ong Lj has done is NOT remove but refine.

unless he is so ffffing stupid he cannot say remove streaming when he can only say refine streaming.

under g1 g2 g3 there will still be many in g1 who zero chance right off the bat from poly or U. so actually even without S$m paid to us we know g1 is for ITE and g2 is for poly and g3 is for U.

America is Great Again but no thanks to Trump

In Energy on 09/03/2019 at 4:36 am

Thank Texas, New Mexico and geology. And America’s God?

By 2024 Exxon and Chevron now expect to be pumping almost 2m barrels a day combined from the Permian, which straddles Texas and New Mexico. That is 60 per cent more than previously forecast.

The Permian as a whole will already produce about 4m b/d this year, meaning that this one region — if it were an Opec country — would be the third-largest producer in the cartel, behind only Saudi Arabia and Iraq.

FT report

One in the eye for Allah and his prophet Mohammed?

Mammon of America got a lot more power.

Why 37,000+ sure to vote for PAP

In Political governance, Public Administration on 08/03/2019 at 9:57 am

I refer to Double confirm, ground not sweet for PAP where I talked of falling resale prices causing a problem for the PAP with those who bot resale flats. But this is not an issue for those received this special government grant for buying a home to live with or near their parents or children. A friend drew my attention to (emphasis mine):

The number of households that received a government grant for buying a home to live with or near their parents or children has nearly doubled, said the Housing and Development Board (HDB) on Friday (Feb 8).

Since the launch of the Proximity Housing Grant in 2015, about 20,100 households have benefited from the scheme as of end-2018. This compares to the 11,000 households that received the grant between 2015 and 2017.

The grant was increased in February 2018 to encourage more families to live near each other.

In total, S$377 million has been disbursed under the scheme. An additional 300 families will receive their grants once their resale transactions are completed.

Under the scheme, all Singaporean citizen families who buy a resale flat to live with their parents or children enjoy a grant of S$30,000. Those buying a resale flat to live near their parents or children receive S$20,000.

Eligible singles who buy a resale flat to live with their parents receive S$15,000, while singles who buy a resale flat near their parents receive S$10,000.
Advertisement

The proximity condition of “near” is defined as within 4km.

All Singaporeans are eligible for the Proximity Housing Grant once, regardless of their household income, ownership of private property or whether they have enjoyed housing subsidies before.

Those who own private properties will have to dispose of them within six months of the resale flat purchase.

As of Dec 31, 2018, about 20,400 households have applied for the grant. Of these, 53 per cent did not qualify for other housing grants, HDB said.

Families made up 83 per cent of the applications, while the remainder were singles.

Read more at https://www.channelnewsasia.com/news/singapore/hdb-proximity-grant-number-doubled-live-near-parents-children-11222086

why will they not thank the PAP govt by voting for the PAP?

FYI, I got the headline number based on “Families made up 83 per cent of the applications, while the remainder were singles.” and “An additional 300 families will receive their grants once their resale transactions are completed.”

Every vote matters for the PAP.

Vote wisely.

The loneliness of a TRE cybernut

In Holidays and Festivals on 07/03/2019 at 2:39 pm

A TRE cybernut was really lonely during the Chinese New Years hols: with no kaki to spend time with, he had to go online to kill time. LOL.

Recently, someone told me that when TRE used M’sian minister thinks M’sian drivers tua kee, a cybernut called rukidding kept posting comments attacking me etc. His various posts taken together were longer then my post which was mainly a “copy and paste” job from a CNA article, juz adding my usual insight, sardonic insight. I was really in a hurry because guests were coming on the first day of CNY.

What was really pathetic is that he was posting comments on the second day of CNY (the day TRE used the piece). Got no one to visit him? Or no-one to visit? Or worse he ethnic minority without any Chinese pals to visit? Or he too uncouth for them to invite him. Meanwhile “bapak” was boozing and eating pork.

Whatever rukidding can only go online isit?

He needs loneliness pill? Akan datang: Pill for loneliness.

Or time for him to get a dog. Doubtless, he’ll soon be charged for cruelty: dog has to eat what he has to eat.

With enemies like him, the PAP will rule forever and a day.

 

Shrinking commodity inventories

In China, Commodities, Emerging markets on 07/03/2019 at 5:14 am

Is the CEO of Glencore, the miner and hard commodities trader, talking his book or does he really have a point that commodities are a cheong.

“If you look . . . around the world, we’re at record low levels for a lot of commodities,” he said in late February. “In copper we have 13 days’ supply sitting in inventories. You have zinc down at record levels of eight days’ supply and nickel at 34 days.”

Since then the prices of these have rallied but, then so has most markets.

In trouble: Must be Bill Ng’s footie club again LOL

In Footie on 06/03/2019 at 9:59 am

Hougang United Football Club, one of nine clubs in the professional football league, has filed a police report against an employee after losing S$278,200 from its coffers.

A female administrative staff member, Tean Tai Tee, allegedly misappropriated the sales revenue from the clubhouse between Nov 29 and Dec 11 last year. Tean, 25, was subsequently arrested by the police and charged in court on Dec 16 with criminal breach of trust.

MSM late last week

Chairman of the club is one Bill Ng. Who he? The wannabe saviour of S’pore footie (Bill’s Game Changers trying to avoid 41 – 3 thrashing) who was arrested and is out on bail.

Sport Singapore filing a police report against National Football League side TBFC for suspected misuse of club funds and a purported attempt by a senior club official to obstruct the completing of audits of the league’s sit-out clubs.

TBFC and Hougang chairman Bill Ng and his wife Bonnie Wong, former FAS general secretary Winston Lee and former FAS president Zainudin Nordin were subsequently arrested.

Details that emerged from the case also shocked members of the fraternity, as TBFC was found to have earned S$37 million from its clubhouse operations while spending just S$169,000 on its football team.

https://www.todayonline.com/singapore/s250000-missing-hougang-united-football-club-staff-arrested#cxrecs_s

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Bill Ng: S’pore footie’s ang pow king

Bill the “donation” king/ A friend in need is not a friend indeed?

—————————————————————

As he, his wife, ex-FAS senior official and ex-MP have yet to be charged, or the cases dropped by the police, maybe it’s time for human rights activists to KPKB about persecution etc? They were arrested and released on bail almost a yr ago: Bill Ng, wife, ex-FAS president and FAS gen sec arrested.

That’s a long time ago. In the normal course of events, they should be charged or cleared.

Fat chance of ang moh tua kees KPKBing on their behalf. Human rights activists (think Maruah) don’t do rich people or alleged terrorists, only drug traffickers (or alleged ones), middle class ang moh tua kees like themselves, or FTs: Human rights kay pohs don’t do “fixers” and “jihadists”.

———————————————–

Amos’s lament about ang moh tua kees who “Talk the cock but don’t walk the cock”: Amos: Only mum is still a fan.

—————————————————————-

I’ll end by asking for some help. Could someone who has access to ST’s premium service, copy and past the u/m article in the comments section to this article (Scan article also can do). Need to confirm what I think the article said. There’s another Bill Ng story in the writing, if I get access to the article.

Football: Albirex Niigata go down to Chinatown People’s Park, Football News & Top Stories – The Straits Times

The controversial clubhouse at the centre of last year’s Football Association of Singapore (FAS) election donation saga will reopen today under the new ownership of Singapore Premier League (SPL …

www.straitstimes.com

https://www.straitstimes.com/sport/football/albirex-go-down-to-peoples-park

Why S’poreans continue voting for the PAP to have 2/3 of parly seats

In Political governance, Public Administration on 05/03/2019 at 1:35 pm

Interesting graphic that shows that S’pore scores well on well-being axis.

Explains why despite Terry’s Indian Goons, Correspondent or Ghui, all from TOC,  and the cybernuts ranters from TRE, The Indians Idiots, other alt media outlets and FB, 60- 70% S’poreans keep on supporting the PAP.

Rather than juz KPKB maybe these anti-PAP types should try explaining how S’pore “fixes” its high score on the Well Being axis.

Chart from https://www.economist.com/open-future/2019/01/28/culture-as-the-menacing-force-behind-todays-crazy-politics.

Vote wisely. And I don’t mean Mad Dog, Lim Tean or Meng Seng. But pls remember the SDP is more than Mad Dog.

Related post: Great IB riposte to Mad Dog and P Ravi etc

Jolovan’s latest problem shows Sylvia Lim’s and my prescience

In Political governance, Public Administration on 04/03/2019 at 10:01 am

 

And that Terry Xu has a good point on the police and constructive, nation-building media.”

Many moons ago, I asked:

“Jogging alone can be illegal?

‘If wearing the wrong tee-shirt or singlet?”

Well something like it has happened here.

Social worker and activist Jolovan Wham is being investigated for protesting outside State Courts without a valid permit, police said on Saturday (Mar 2)*.

Seriously, Auntie Sylvia was absolutely right in 2007 and 2009 when she spoke out publicly:

The change in definition of “assembly” and “procession” is more disturbing. As the Explanatory Statement to the Bill says, these words are no longer restricted to gatherings of 5 persons or more. This means even ONE person alone can constitute illegal assembly, thus giving the State complete control over an individual citizen’s freedoms.

‘First, to say that 1 person constitutes an assembly is certainly an abuse of the word. Secondly, is the government making the change because there had been incidents involving less than 5 persons which had disrupted public life? Unless there is compelling evidence to prove to us that expanding the definition of assembly and procession is needed, this expansion does not deserve our support,”  Sylvia Lim in parly in 2009.

Earlier, in 2007, she had said:

“This refers to clauses 29 and 30 of the Bill. By clause 29 of the Bill, we are removing the heading “Offences Against Public Tranquility” and replacing it with “Offences relating to Unlawful Assembly”. By Clause 30, we will be deleting “mischief or trespass or other offence” and replacing it with “to commit any offence”.

S 141 has been amended to bring it in line with a recent Court of Appeal case: PP v Tan Meng Khin [1995] 2 SLR 505. Now, an assembly will be unlawful if people intend to commit an offence punishable with imprisonment of 6 mths or more, even if it is peaceful and does not disturb public tranquillity. Under our law, a person who organizes a procession or assembly after the police rejection of a permit can be punished with max 6 months jail under the Miscellaneous Offences Act. Hence 5 or more people who gather to do so will become members of an unlawful assembly.

As our society continues to evolve, the time is surely ripe for us to allow peaceful outdoor protests as a form of expression. By all means, we can have rules about how, where and when such processions may be held, but wider law reform is needed. S 141 should be restricted to offences which threaten the public peace, and other laws such as the Miscellaneous Offences Act which require permits for peaceful assemblies should be modified.”

Jogging alone can be illegal?

Terry Xu wrote on FB yesterday

[T]he shocking part for me, is that the Police had provided information to the media to create an impression that Wham willfully committed an offence on 13 Dec despite being warned.

This is even before any charge is being made against Wham and established that a protest was being held in front of the state court. What is factually established is Wham took a photo in front of the state court with a piece of paper that had some wordings. He was not being approached by any officers nor arrested for his act, which would imply it was either too insignificant or too short of a time period to be noticed by the guards.

Also, the act of taking a photo should not be considered an offence as photographers from the media take photos of suspects on a regular basis. Unless there is a blatant double standard by the Police.

Yet the Police and the media frame it up as an act which justifies the investigation launched upon Wham.

It’s not shocking to me, or I’m sure, Auntie.

As I wrote many moons ago, try walking or jogging alone wearing a “Free our CPF” singlet: remember that any public assembly of more than one person needs police permission.

But what about wearing a tee shirt with a Oppo party logo, drinking teh tarik as social media celebrities Ravi and Jeannette Chong used to do when they were NSP tua kees? Nothing happened to them.

Seems anything the PAP administration or the SPF doesn’t like can be an illegal assembly.

Sad. Because discretionary, or vaguely worded powers can one day be turned against you, the upright, civic, PAP-voting S’porean; not juz against the usual suspects like Jolovan Wham.

Vote wisely.

Related posts:

PAP uses Lawfare against its opponents?

Seelan Palay: Sylvia Lim was right

Jolovan Wham: Nothing wrong in asking Tun M to intervene in S’porean affairs

Why Jolovan Wham’s vigil singled out?


*CNA report goes on

Wham had posted a photo on Dec 13 on social media channels, which showed him standing outside the court complex while holding up a piece of paper that read: “Drop the charges against Terry Xu and Daniel De Costa.”

The protest happened the same day Terry Xu, the editor of socio-political website The Online Citizen, and Daniel De Costa were charged for publishing an article that alleged corruption among the Singapore Government’s highest officers.

In response to Channel NewsAsia’s queries, police said that Wham had written to the police earlier in November to apply for a permit to stage a protest outside the State Courts. His application was not approved.

“The State Courts is gazetted as a Prohibited Area under the Public Order Act, with stricter security protocols,” police said.

“He was well aware that a police permit was required for such an event. Still, he went ahead to protest outside the State Courts on Dec 13, 2018.”

Read more at https://www.channelnewsasia.com/news/singapore/police-investigating-activist-jolovan-wham-protest-state-courts-11305502

 

 

 

Wecome to S’pore: Mall BSing on data protection law

In Uncategorized on 03/03/2019 at 6:35 am

(Part of an occasional series on uniquely S’porean behaviour, attitudes, customs etc)

The TOC article reported in Welcome to S’pore: Punish public-spirited S’porean is priority, got this considered FB response from a lawyer:

The article says that the management of the mall issued a statement that said, “We have mentioned that firms actions will be taken with regards to the video leak. To further clarify, the point of issue is on the filming of the CCTV footage, which is a breach of PDPA rules and regulations as well as security protocol.“

The statement seems a little confused. If the issue is on the “filming of the CCTV footage” (the collection of personal data) then the fact that there could have been signs informing the public of the existence of CCTV cameras capturing footage and hence personal data would be sufficient notice if the signs informed of the collection and the purposes of collection and the channels of disclosure of the personal data collected. In any event as the place was a public space, the collection of personal data in a public space – in this case the filming – could have been done without consent because the data was in this case “publicly available”. However the guidelines do encourage the good practice of putting up signs that inform that CCTV cameras are in use and the purposes for such collection of personal data.

On the other point of the “leak” (disclosure of the relevant personal data) and who is responsible rather depends on whether the leak was occasioned by an employee of the mall or an external service provider. If it was an employee, then the mall would still be the organisation responsible and the enquiry would revolve around whether the mall had taken all reasonable action to prevent such disclosure. If it was by an external service provider like a security company who was engaged by the mall, then the security company would be the subject of the Commission’s enquiry.

But ultimately someone was hurt. For the statement issued by the mall to centre on a possible PDPA breach rather than on what they would do to take care of a fellow human being is, in my opinion, inappropriate.

(Samuel Seow via TOC)

Welcome to S’pore: Punish public-spirited S’porean is priority

In S'pore Inc on 02/03/2019 at 9:25 am

(Part of an occasional series on uniquely S’porean behaviour, attitudes, customs etc)

It was recently reported in the media that a lady was hit by a falling glass door at the Alexandra Central Mall on Sunday (24 Feb).

As a result, she suffered multiple serious injuries, including head and liver injuries. She also had multiple fractures along her legs and pelvic bone, which means she will have to undergo surgery to help support and stabilize her spine.

She has been warded at National University Hospital. According to the victim’s sister, the victim would “cry out in agony” every time the painkiller wears off.

Meanwhile, the management of Alexandra Central Mall is reportedly on the hunt for the person who leaked the CCTV footage online. The footage captured the entire episode showing how the glass door fell on the lady.

TOC

Seems that mgt is claiming that the leak is in breach of data protection laws so he has to be caught.

Shouldn’t the mgt of Alexandra Central Mall be more interested in ensuring that no-one else gets hurt?

But TOC may offer an explanation

[F]ormer Chief of Navy and Transport Minister Lui Tuck Yew joined Chip Eng Seng’s Board of Directors in 2016, after he stepped down from politics in 2015. He did not want to run for elections anymore.

(Chip Eng Seng, a listc, owns the mall)

Remember an ex-soldier told MRT commuter that people must die before SMRT train can be damaged: SMRT SVP is great believer in shareholder value?.

OK, OK, I exaggerate, the PR head of SMRT said yrs ago

If you are stuck inside a train, never smash the windows or force the doors open. Stay calm and wait for help.

My response:

But what if passengers are in great discomfort or suffocating to death in the dark because the back-up system that was supposed to activate emergency lights within the carriages and provide ventilation was not working? And passengers don’t know when help is arriving because the driver is not authorised to tell them, or he doesn’t know?

Still no smash windows to breath fresher air, Mr Goh?

The reasonable implication of what Mr Goh says is that SMRT (remember he is SVP) prefers S’poreans to suffer great discomfort or die rather than damage SMRT property.

Shareholders will be pleased that they have someone, like Mr Goh managing SMRT, who is so concerned about shareholder value that he would rather people die than damage SMRT property.

I’ll go buy some SMRT shares tomorrow. With managers like him, nothing for shareholders to worry about neh?

That was a great buy. Sad didn’t buy enough.

Terry and his Correspondent taking wrong pills again

In Uncategorized on 01/03/2019 at 1:24 pm

In Cybernuts can relax: TOC resumes normal anti-PAP service, I reported that the reason why TOC had been writing pro PAP pieces like TOC now part of constructive, nation-building media? and Wah lan! TOC praises PAP govt, was because Terry and the Correspondent had been taking pro-PAP pills (“PAP govt is always right”) daily instead of the usual “PAP govt is always wrong” pills. Either they were fixed or they made an honest mistake.

Whatever, they are at it again

Filipino: Singapore makes my jaw drop every time I visit the place

[Ethan James Coronel] said he then began to appreciate the “wonders” of Singapore and would compare it with the Philippines, his country.

“I became a huge admirer of Singapore to the point that I bought Lee Kuan Yew’s From Third World To First just to learn about how Singapore became what it is now,” he said.

He said that the Singapore’s SMRT, for example, is something he admired and “enjoyed deeply”.

“Such a convenience most Singaporeans take for granted is a luxury to Filipinos like me because we don’t have an extensive subway system. You either need a car or have a hefty transportation budget for Grab to travel safely and comfortably in Manila; in Singapore owning a car is merely optional,” he explained.

“I often complained how abysmally maintained our infrastructure is.”

Another is the cleanliness which he said is “another thing worthy of praise”.

“Streets are almost always spotless and its waterways too. In Manila, garbage piles are found everywhere. Our rivers, tributaries and creeks emit a putrid smell and are sometimes completely covered with garbage,” he complained.

“And lastly, who wouldn’t marvel at the sight of Marina Bay Sands and Gardens By The Bay? They still make me do every time,” he added.

“There are more things worthy of mention but, man, nothing makes my jaw drop more than the ones I mentioned above every time I visit the place. Those and how delicious Old Chang Kee’s curry puffs are.”

Vote wisely.

Articles to help you vote wisely:

Merdeka Package shows how smart scholars are

Great IB riposte to Mad Dog and P Ravi etc

6,400 senior citizens each get $312.50 hongpao from a TLC

Will Oliver Lum and other Hyflux investors still vote for the PAP?

Did u know S’pore graduated to “Flawed democracy”?

Why Milliennals will vote for the PAP

Double confirm, ground not sweet for PAP

Keeping power in a one-party state

PAP confident of winning back Aljunied

In Uncategorized on 28/02/2019 at 5:06 pm

So confident that

Around 1,500 lifts managed by the Aljunied-Hougang Town Council will undergo the same Lift Enhancement Programme in the next 10 years, with the first batch of 180 lifts slated for upgrading in the next 15 months, a spokesman said in response to media queries.

HDB not allowing WP GRC to turn into slum

My take on chances of PAP winning in Aljunied: very good, if Pritam, Auntie and Low stand, or if Pritam stands with the other two stepping down, as I expect them to. Whatever the outcome of the court case against them, they are soiled goods: WP: Will Ownself sabo Ownself?

(Related post: “Peanuts”: WP MPs’ liability)


In 2017, I wrote

Well since earlier this year, I had it from Morocco Mole‘s twin brother that Low and Auntie would not be contesting the next GE. And it wouldn’t have been a secret if Morocco Mole’s twin brother knew about it. It was something the WP cadres were openly talking about among themselves, even if they were not posting about in on FB

WP Low’s anointed one

Related post: Akan Datang: New WP Sec-Gen and Chairman

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But if WP has Faizal, Show Mao and three new faces (I’m assuming that they’ll be the usual credible WP candidates, one of whom will be Lion Man: Will WP MPs walk the talk of Lion Man Leon?), I think that the swing voters will give the Wankers the benefit of the doubt, especially if Dr Tan Cheng Bock endorses the team. Interesting that Bayee is in this photo (Blackface Chee/ Tan Cheng Bock etc): Auntie and Low would rather be dead then be seen with Mad Dog.

PAP MP still sore at childhood failure?

In Uncategorized on 28/02/2019 at 7:10 am

Louis Ng has cybernuts cheering him on with his attack on streaming.

They and him must still be sore that they never made it to RI or MGS itsit? Or even to lesser schools like ACS (I), SCGS, Raffles Girls or even Chinese High (rebranded Hwa Chong to escape the taint of being the Red Commie School that trained Chinese towkays’ children).

Louis Ng only went to St Gabriel’s Sec School and Catholic Junior College> Anyone heard of these “shithole” schools? Kee Chiu please? Btw, Hard truths about elite schools.

He only became a PAP MP because he was monkeying around animal welfare. Here’s what his gang did to a real monkey: Amos and Chippy: The Empire strikes back.

There’ll be another sliming post on Louis Ng soon.

What our media can learn from the BBC

In Media on 27/02/2019 at 6:51 pm

Both our constructive, nation building media and anti-PAP publications like Terry’s Online Channel.

This BBC story titled

Singapore HIV data leak shakes a vulnerable community

https://www.bbc.com/news/world-asia-47288219

sets out the convoluted facts in a simple to read and follow narrative, while also highlighting the tragedy and fears of HIV sufferers. The use of this incident by both the PAP, and the anti-PAP activists, and their allied cybernuts for political ends, confuses the facts and issues, and detracts from the human suffering caused.

 

Hyflux on investor losses: “Not our fault, banksters at work”

In Accounting, Banks, Financial competency on 27/02/2019 at 5:08 am

OK, OK, Hyflux never said this. But going by what it has said publicly (See below), one can reasonable infer that this is the message it’s trying to imply: the motor-cycle riding Ms Lum, other investors, employees etc are suffering because Hyflux’s banksters were scared of losing their money, making a run at Hyflux, trying to squeeze money from Hyflux’s hard assets.

Let me explain.

According to Hyflux everything was fine financially in March when it’s auditors chanted everything was halal, not haram.

When KPMG issued an unqualified opinion on the full year results for the Hyflux Group in March 2018, there were no events or conditions that individually or collectively, cast significant doubt on the going concern assumption as at the balance sheet date of 31 December 2017, or at the audit report date of 22 March 2018.


Must be joking, right?

Auditors are supposed to assess continual use of going concern assumptions over the next 12 months as per the Singapore Auditing Standards SSA 570. With the (bankruptcy) protection filing date being two months after KPMG’s sign-off date, what are the material variances which have not been contemplated resulting in this failed assessment?

BT quoting an investor who lost $ in Hyflux

—————————————————————————————————-

Then according to Hyflux, everything went wrong when in May, there was a run on Hyflux by its banksters. Because of its bad (and unexpected?) Q12018 results announced on 9 May: “certain financiers expressed concerns over their ability to continue with existing credit exposures to the group.”* They tot halal Hyflux had transmuted into haram Hyflux.

Reminds me of the joke which Hyflux should have quoted:

A Banker Lends You His Umbrella When It’s Sunny and Wants It Back When It Rains

(Often attributed to Mark Twain)

But to be fair to its banks, did Hyflux tell its banks post December 2017 results, that everything was oh so fine financially, so that the 1Q 2018 results came as a big surprise to its lenders?

To be continued.

But I’ll leave you with what a top banking lawyer** once told other lawyers about bankers

Just remember this: if bankers were as smart as you, you would starve to death

(Henry Harfield addressing a meeting of lawyers in 1974)

Remember MayBank (the non-recourse lender) according to Hyflux really believed that Tuaspring was worth more than $1bn.

When Hyflux was first awarded the Tuaspring project in 2011, based on the financial model which modeled the cashflow projections from the project, the power plant was expected to generate profits from day one. This financial model was audited by an external financial model auditor and furnished to the offtaker. In 2013 when Tuaspring was able to secure a non-recourse project financing loan, the lender commissioned an independent market study of the project which arrived at similar conclusions supporting the book value of approximately SGD1.4 billion.

Related post: Hyflux fiasco shows why “book value” is BS

———————————————-

*This is what Hyflux said:

The operating losses of Tuaspring drove Hyflux to record its first full year of loss in 2017. When losses were also reported in its first quarter 2018 results released on 9 May 2018, certain financiers expressed concerns over their ability to continue with existing credit exposures to the group. This, coupled with the uncertainty of Tuaspring divestment or entry of a strategic investor, raised a significant spectre of an upcoming liquidity crunch. Accordingly, subsequent to discussions with its legal and financial advisors, the Hyflux Board was advised to proactively take steps to make an application for a moratorium order, which is where events stand today. At that point in time, the company was in full compliance with its financial covenants and was not in default of any financing facility.

https://www.hyflux.com/wp-content/uploads/2019/02/Hyflux-responses-to-SIAS-letter.pdf

**From NYT’s obituary

Mr. Harfield spent his entire career at the New York law firm of Shearman & Sterling, where he helped develop the legal and regulatory framework for the international banking business after World War II. He represented the firm’s lead bank client, Citibank.

Many of the issues he worked on were esoteric, but important. He developed the legal basis for negotiable certificates of deposits, creating a legal way for commercial banks to pay interest on deposits. Citibank introduced certificates of deposit as a product in 1961.

 

 

 

Don’t blame kiasu parents, blame PAP govt

In Uncategorized on 26/02/2019 at 11:02 am

So despite TOC carrying education minister’s balls in Wah lan! TOC praises PAP govt, he says more needs to bee done, but that SAP schools remain an OB marker.

This reminded me that “In Love, Money & Parenting”, Matthias Doepke and Fabrizio Zilibotti, write that economic trends are the underlying drivers of various approaches to raising children.

They find that in countries with low inequality, such as Sweden, parents tend to be more permissive. In countries with high inequality, parents are “both more authoritarian and more prone to instil in their children a drive to achieve ambitious goals”.

They cited the US as an example but S’pore sure fits the bill. Think of all the tuition and enrichment lessons etc.

Another insight is “The parenting choices of the rich differ systematically from those of the poor … For example, psychologists have long noted that authoritarian parenting is more prevalent in families with low income.”

And there’s this, that’s not applicable here: “[S]ocial and economic discrimination in labour markets [means that] parents will have weaker incentives to invest in their daughter’s human capital, since the return to such investment is low”.

Related post: More qns for education minister

Hyflux: Details of $1.165bn debt securities

In Financial competency on 26/02/2019 at 5:04 am

 

Ignore the last column because these were indicative prices from DBS Securities, sometime last year. Borrowed graphic from BT.

My comment

Hyflux reflects the old broker’s truism that high yields and good news do not go together.

Hyflux is warning of investing in high dividend yield stocks

also applies to buyers of junk debt of cos that have high dividend yields.

Meng Seng: fake news propogator

In Financial competency on 25/02/2019 at 11:17 am

Either that or he one super blur spastic cat. Whatever, he’s one of the PAP’s most effective weapons in it’s attempts to slime the Oppo as a bunch of nutty opportunists.

Further to Merdeka Package shows how smart scholars are, I had tot Goh Meng Seng was trying to be like Alex Tan (Mrs Chiam said he was like a son) of States Times, S’pore Herald etc etc: a purveyor of fake news. This appeared in TRE under his name (emphasis mine):

The Fall of Net Investment Return Contributions?

Back in 2018, the PAP boasted that the Net Investment Return Contribution (NIRC) has more than doubled from $7b in 2009 to $15.9b in 2018.

However, the NIRC for 2019 has dramatically dropped to $3.6b in – which is about half of 2009′s NIRC when the world was facing an unprecedented global financial crisis!

Under the rules, the government can contribute up to 50% of total investment returns to the budget. Hence, there are two possibilities here.

The first is that it may have decided to use much less than the maximum 50% just to show that there is “deficit” and this is thus an “expansionary budget”. It might even be the case of political posturing to show that the government needs to raise GST to 9% because of “deficits”!

The second possibility is that our Sovereign Wealth Funds – GIC and Temasek Holdings – and MAS had suffered unprecedented losses which resulted in this dramatic drop in the NIRC!

Either way, it does not look too good.

These are the questions my team and I will pose to the PAP government if we are elected into parliament.

Goh Meng Seng

The NIRC is $17.2bn (up 4%). So what was Meng Seng smoking in his opium pipe? Ganja? Or Grandpa Xi’s dried turds? Too poor to buy opium?

Seriously either he was faking the NIRC number or he can’t read while at the same time smoking ganja or dried turd. Whatever, do we want him and his fellow clowns in parly? Remember he said:

These are the questions my team and I will pose to the PAP government if we are elected into parliament.

To be fair to him, this later appeared:

Correction:

The Straits Time reported that there will be a “basic deficit of $7.1B” and after taking into account of NIRC, the deficit is reduced to $3.5B.

After double checking the figures, this statement is misleading.

The deficit of $3.5B is the result of taking in BOTH the NIRC and the Special Transfers (all those goodies) into account.

The actual NIRC is $17.2B(up 4%) while the Special Transfer is $15.3B (up 70%).

My apology. I should not have trusted the Straits Time fully and should counter check on the figures.

Goh Meng Seng

So either Goh Meng Seng chickened out of lying or double confirm twice over twice over that he’s a double cock. Can’t get his facts right first time and giving a gibberish excuse for not getting it right first time. Other people have read the ST report (self included) and got the correct numbers from the ST report.

Whatever, do we want him and his fellow clowns in parly? Remember he said:

These are the questions my team and I will pose to the PAP government if we are elected into parliament.

And waz he doing relying on the constructive, nation-building ST for facts? Shouldn’t he be relying on TOC, State Times, S’pore Herald and other cybernut alt news outlets? And these are free to boot, unlike ST.

With enemies like him, the PAP doesn’t need friends.

Vote wisely.

 

Another Dow Jones record

In Uncategorized on 25/02/2019 at 9:38 am

US stocks finished higher on Friday — with the Dow Jones Industrial Average chalking up its longest weekly winning streak since 1995

Merdeka Package shows how smart scholars are

In Political governance, Property, Public Administration on 24/02/2019 at 11:23 am

It shows how the PAP’s millionaire ministers are killing five birds with one stone.

The Budget especially the Merdeka Generation Package has been condemned by all the usual suspects. Alt media and social media is full of criticism of said Budget. Nothing new here especially from the cybernuts who like Goh Meng Seng are prepared to misrepresent the facts (More on this another day). (Related post: 10- 20% of voters are anti-PAP cybernuts.)

Here’s an interesting angle from 99.co which has no known or even alleged links to the PAP IB or the constructive, nation building media.

THE MERDEKA GENERATION PACKAGE WILL INDIRECTLY HELP WITH AFFORDABLE HOUSING

The Merdeka Generation Package will benefit some 500,000 Singaporeans, mostly from ages 60 to 69. Over S$6 billion will be channelled into outpatient treatment subsidies, Medisave top-ups, and CHAS coverage of chronic illnesses.

But how does this affect Singapore’s housing? One of the biggest contributors to our rising cost of living is healthcare. Singapore’s healthcare inflation is now the highest in the region, and it will grow as our population ages. Anything that mitigates the rising cost of living will indirectly affect our ability to afford housing.

We feel that, while most Singaporeans can afford their HDB flats, taking the strain off healthcare costs will affect the housing considerations of retirees, or those near retirement. It may now be possible for some of them to finish off outstanding home loans instead of downgrading, for example, given CHAS coverage of chronic conditions and greater outpatient subsidies.

https://www.99.co/blog/singapore/how-budget-2019-could-impact-property/?utm_source=homepage&utm_medium=featured_stories

Hmm. Not tot about this. Did you?

What the Merdeka Generation Package does

— makes healthcare more affordable

— makes then housing more affordable

— also lessens pain of weaker HDB prices (Double confirm, ground not sweet for PAP) for resale buyers

vote buying i.e. spending more of our money on ourselves

— shows the PAP govt cares

Vote wisely.

Maybe that’s why Terry’s Online Channel has been praising the PAP govt — TOC now part of constructive, nation-building media? and Wah lan! TOC praises PAP govt?

But to be fair: Cybernuts can relax: TOC resumes normal anti-PAP service.

HSBC: another view

In Banks, China, Emerging markets, Hong Kong on 24/02/2019 at 5:06 am

Further to HSBC: Looking vulnerable, the view from an institutional broker, here’s another view from the Investors Chronicle, a respected retail investor magazine.

It says “Buy: HSBC”

HSBC’s progress is encouraging. That bodes well for the maintenance of its dividend, which was last cut in 2009.

showing the retail emphasis on sustainable dividend. (Think: Hyflux is warning of investing in high dividend yield stocks.)

It says HSBC’s Asia pivot makes it a natural victim of US-China trade rows. Chairman Mark Tucker blamed market weakness during the fourth quarter for lower-than-expected revenue for 2018: must have financed large share purchases on margin.

Combined with a 6 per cent rise in adjusted operating expenses as the lender seeks to expand across the northern China and Pearl Delta areas, this resulted in negative adjusted “jaws” – the difference between the rates of change in revenue and costs — of 1.2 per cent.

In its global banking and markets business, economic uncertainty and reduced primary issuance led to lower adjusted rates and credit revenue. But this was partially offset by stronger demand for securities services and global cash management liquidity.

Retail banking and wealth management were much stronger, posting an 8 per cent rise in net operating income. That business benefited from a 9 per cent rise in lending and improved deposit margins due to rising interest rates.

But mortgage lending grew in the UK and Hong Kong, although margins shrank.

Higher lending and adverse foreign exchange movements across business lines also resulted in an increase in adjusted risk-weighted assets, which reduced the common equity tier one ratio to 14 per cent from 14.5 per cent in the prior year. However, the return on tangible equity improved by 1.8 percentage points to 8.6 per cent, with management reiterating its target to grow that figure to over 11 per cent by 2020.

Expected credit losses were slightly higher than loan impairment charges in 2017: blame Brexit and trade rows. Credit quality in the UK will get worse.

Analysts at Shore Capital expect adjusted net tangible assets of 732 cents (US) a share at the December 2019 year-end, up from 701 cents at the same time in the previous year.

10- 20% of voters are anti-PAP cybernuts

In Uncategorized on 23/02/2019 at 2:23 pm

According to a survey commissioned by the Ministry of Culture, Community and Youth (MCCY), 90% of people that were polled in 2018 are proud to be S’poreans, while 80% agreed that S’pore is a caring and cohesive society.

The findings also showed that eight in 10 S’poreans were satisfied with race and religious relations in 2018, while two in three agreed that there were enough opportunities to interact with people of different backgrounds and beliefs.

These findings of the annual survey were revealed for the first time by Minister Grace Fu on Tuesday (22 January) in a wide-ranging interview on her ministry’s work last year.

TOC, The Indian Idiots, TRE and other anti-PAP publications and social media were outraged saying that S’pore is not “a caring and cohesive society” etc. Example

Upon reading the survey’s result, many netizens have expressed that they’re proud to be Singaporeans.

However, although a lot of them are proud to be Singaporeans, but they have opined that they don’t like the current ruling party.

Terry’s Online Channel

With enemies like these who confirm the survey’s findings, the PAP doesn’t need friends.

Related post on why 60-70% of the voters don’t buy the cybernuts’ and Mad Dog’s criticism of the PAP way of doing things: Great IB riposte to Mad Dog and P Ravi etc

 

 

HSBC: Looking vulnerable

In Banks, China, Emerging markets, Hong Kong on 23/02/2019 at 4:49 am

Because investors are likely to be disappointed: slower revenue growth, no share-buy back and dividend yield could go up (share price falls).

JPMorgan Cazenove, a leading UK broker, downgraded HSBC to “underweight” from “neutral” with a 620p target on the back of the bank’s full-year results on Tuesday. Among the broker’s concerns was a rise in funding costs as Hibor — a measure of lending costs between banks in Hong Kong — underperforms Libor, the equivalent UK rate.

Although we rate HSBC’s management highly and view the group on the right strategic path long term, we believe that revenue growth pressures (partly as a result of the changed outlook for US rate hikes, a widening Libor-Hibor gap and macro uncertainty) alongside cost investment needs could weigh on the [return on tangible equity] outlook for longer than we previously thought.”

With HSBC unlikely to deliver an 11% on tangible equity by 2020, its premium valuation of 1.2 times book value looked exposed, JPMorgan said. It added that while HSBC no longer had a capital surplus, but investors continued to expect a share buyback this year.

The dividend of 51 cents (US) should remain stable over the medium term but the yield of 6% (in line with other UK banks) might move higher (i.e. because share price falls) because of the the uncertainties faced,

Hyflux is warning of investing in high dividend yield stocks

In Financial competency on 22/02/2019 at 1:24 pm

Its share dividend yield over the yrs

2017 1.19%
2016 5.71%
2015 10.95%
2014 10.95%
2013 15.24%
2012 13.33%
2011 19.86%
2010 28.57%
2009 16.33%
2008 9.00%
2007 6.43%
2006 6.43%
2005 6.05%
2004 3.33%
2003 2.38%
2002 4.76%
2001 2.38% S

Trouble is that a high yield and low dividend cover (the ratio of a company’s net profits to the total sum allotted in dividends to ordinary shareholders) doesn’t leave a company much room to invest or as a buffer against market shocks.

Hyflux reflects the old broker’s truism that high yields and good news do not go together.

For investors in Reits pls remember that Reits have no cover for distributions, unlike normal cos.

Great IB riposte to Mad Dog and P Ravi etc

In Political governance, Public Administration on 22/02/2019 at 5:00 am

Mad Dog and P Ravi have been telling S’poreans not to succumb to the PAP’s bribes election goodies.

Btw, it would be smarter for them to tell or remind S’poreans that it’s our money the PAP is using.

Cybernuts can relax: TOC resumes normal anti-PAP service

In Uncategorized on 21/02/2019 at 7:22 am

Further to TOC now part of constructive, nation-building media? and Wah lan! TOC praises PAP govt, I’m happy to report that Terry’s Online Channel has resumed normal service. It has published a spate of anti-Budget articles.

But it was not an “honest mistake” that it sounded like the constructive, nation-building ST for awhile. Morocco Mole (Secret Squirrel’s side-kick) tells me that his, usually unreliable brother-in-law working in the ISD tells him that someone substituted “PAP is always right” pills for Terry Xu’s and Correspondent’s daily “PAP is always wrong” pills.

TOC now part of constructive, nation-building media?

In Uncategorized on 20/02/2019 at 7:25 am

Wah lan! Who who would have tot this possible? TOC is now amplifying ST’s constructive, nation-building messages that “The PAP govt really cares S’poreans, really they do” and “Vote PAP”.

I kid u not. Further to Wah lan! TOC praises PAP govt there’s now this paean to the PAP on TOC’s FB page (Skip it if it churns yr stomach, I nearly vomited):

… Singaporeans from older folk and young people give thumbs-up to budget

“Retiree Karin Tan, 64, told ST that she is “very happy” with the package. “I am currently already retired, and do not draw any income. This will help subsidise my medical costs,” she said.

Another Merdeka Generation member, Ameerali Abdeali, praised the government, “I appreciate the recognition and validation that members of my generation are being given for our contributions to the country.”

ST said that the young people it spoke to, welcomed the announcement that the Government will invest in long-term plans to protect Singapore from the effects of global warming. Heng had announced a carbon tax on this year’s emissions and would later launch the Zero Waste Masterplan.

Undergraduate Arjun Dhar told ST, “We are a city with the highest greenery density in the world, in which otters live in the middle of our central business district.”

“As we reflect on the Bicentennial, Singapore should also look to inculcate in all individuals a sense of care for the planet that nurtures us. This means replacing the idea that we are too small to make a difference with the idea that we each have a responsibility to try,” he said.

Ms Pamela Low, 24, a member of the Singapore Youth for Climate Action also told ST in the interview, “The Government eagerly investing in infrastructure to mitigate rising tides and sharing about it at the Budget shows the urgency of addressing the impact of climate change on the national agenda as it would become costlier in the future.”

https://www.theonlinecitizen.com/2019/02/19/st-singaporeans-from-older-folk-and-young-people-give-thumbs-up-to-budget/?fbclid=IwAR3JNp03HbQnnc9rqEU82-bfv1FXjOakB-uk_K4Dh06GXSNnWuBV3Lx4Efw

No it’s not as though Terry and the writer of this piece “Correspondent” have gone over to the Dark Side. Juz an “honest mistake” methinks because the piece ends on the an anti-PAP note, but who reads to the end? Only cybernuts, not most S’poreans.

And why did TOC highlight on FB the pro-PAP propaganda of ST? Some subversive working in TOC? Or juz a clueless intern? And Terry forgot to take his “PAP are wrong wrong” medicine before supervising his team?

Time to take writing and presentation lessons from me? I’ll give Terry and Correspondent a discount.

But I could be wrong. If Terry gets a light “sentence” over his persecution prosecution for criminal defamation and if Correspondent has move into a district 10 bungalow from his HDB flat, the two Jedi have been seduced to the Dark side by the Men In White.

Or maybe More evidence that being anti-PAP is bad for yr mental health?

“Peanuts”: WP MPs’ liability

In Accounting, Corporate governance, Financial competency, Public Administration on 19/02/2019 at 1:31 pm

All this talk about Hyflux’s accounts and KPMG reminded me of another set of accounts that involved KPMG.

Aljunied-Hougang Town Council (AHTC)

is seeking to claim S$33.7 million of “improper” payments made to AHTC’s former managing agent FM Solutions and Services (FMSS) and contractor FM Solutions and Integrated Services (FMSI).

A retired WP cadre (no friend of Auntie, Low or Bayee) told that this amount is excessive. It’s all the gross payments made by WP run Aljunied town council to FMSS and FMSI without deduction for services provided. No-one, not even PAPpy running dogs (apologies to the real dogs), denies that services were provided: What the US army and WP have in common. The issue is accounting for those payments: Wankers’ Party still blur on audits and accounting and .

The lawyer for the Wankers Three said

The sum of money that AHTC seeks to claim is unreasonable, as it amounted to all payments made to FMSS and FMSI. This contradicts the previous assessment made by accounting firm KPMG, which stated that there was an alleged improper payment of slightly over S$1.5 million, with only about S$624,000 to be recovered.

The retired cadre who has read all the various audit reports (AGO/ PwC and KPMG) says that while KPMG has lots of issues about the payments made to FMSS and FMSI , it has only flagged as an improper payment an amount around $1.5m. The other payments are open to question, some more questionable than others, only considering as haraman an amount around $1.5m  : What the US army and WP have in common

Whatever, funny that the defence lawyer slammed KPMG while relying on its view of liability of the amount in question:

Defence lawyers in AHTC trial slam the way KPMG compared managing agent costs

Read more at https://www.channelnewsasia.com/news/singapore/defence-lawyers-ahtc-trial-day-4-slam-kpmg-managing-agent-costs-10812630

Low can easily pay off $1.5m: juz sell one of his condos.