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PM talks cock about “private” sector

In China, Temasek on 14/09/2014 at 6:57 am

The private sector-led, Government backed Guangzhou Knowledge City (GKC)* is a good model for future Singapore-China projects, said Prime Minister Lee Hsien Loong on Friday (Sep 12).

… Mr Lee said he was happy with the progress, six years after he first discussed the project with provincial leaders … the private sector-led GKC is a different model that Singapore is “trying out” after the Suzhou Industrial Park and Tianjin Eco-city, both government-to-government projects. (CNA on Friday)

Funnily the private sector leadership is provided by Temasek-owned company Singbridge who is in a j/v and the southern Chinese city of Guangzhou.  Singbridge is 100% owned by Temasek, 100% owned by the Minister for Finance. Not even the fig-leaf of a SGX-listed TLC like Keppel or SIA.

And PM went to Catholic High and NJC? But then Yaacon was from RI (see tom)

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*”The hurdle for government-to-government projects like Suzhou and Tianjin will be higher in future, so I think this (GKC) is a good model that we should explore going forward,”

“But there has to be a balance between private sector leadership and government support, and there has to be market demand for what’s being offered by the project” …

Located 35 kilometres from Guangzhou city centre, work is underway to turn the Guangzhou Knowledge City, currently a 123 square-kilometre site into a future magnet for industries like pharmaceuticals and info-comm technology, part of local authorities push for so-called high end industry.

 

PM talking cock? Impossible to know if trade-offs are reasonable, fair or appropriate

In Political governance, Temasek on 29/06/2014 at 4:49 am

(Or “Shades of Orwell’s Big Brother?”)

Came across this thoughtful piece by Andy Mukherjee over the weekend. It explains clearly the issues and trade-offs Singapore faces in building our ideal society, while ensuring that Singaporeans have jobs and economic opportunities to build better lives and a brighter future.
As the article points out, we do enjoy important advantages compared to other countries, but it will still not be easy. There are serious trade-offs, which we must be willing to acknowledge and address. If we just pretend that everything can be better, and no hard choices are necessary, we will get into trouble. Mukherjee calls this “please-all economics”, and expresses confidence that Singaporeans are too pragmatic to fall for it. We must make sure that he is right. – LHL on FB two weeks ago

Piece PM raving about: http://in.reuters.com/article/2014/06/12/breakingviews-singapore-unrest-idINL4N0OQ07F20140612

But if we don’t know how much money we have, and how much are the returns the reserves are making for us, how can we judge if the trade-offs PM and his govt make are the right ones? After all he has as gd as admitted his govt got immigration, welfare, public tpt and public housing policies wrong by changing (sorry tweaking or is it evolving?) these policies.

And these were policies significant numbers (self included, and I note not M’sian new citizen Pussy Cat Lim who confines herself to general banalities) had been warning against for yrs. We were called “noise”, until the govt decided to change these policies.

This is what one LHL said many yrs ago when he was DPM and economic and financial czar:

The Singapore government, May 16, defended the secrecy surrounding its financial reserves of more than US$100 billion, saying it was not in the national interest to disclose details.
The veil of secrecy was necessary to protect the Singapore dollar from speculative attacks, Deputy Prime Minister Lee Hsien Loong said in parliament.

“It is not in the people’s interest and the nation’s interest to detail our assets and their yearly returns,” he said.http://www.singapore-window.org/sw01/010516a3.htm

This remains the govt’s stand.

And if I remember correctly, his dad once said that info reserves had to be kept a secret so that S’poreans couldn’t ask for more welfare, which they would if they knew how much money S’pore had. Readers correcting me or referencing the quote appreciated.I can’t find it via my googling.

In this mobile internet age, it is sad and self-defeating that the the PM and the PAP govt (ministers and civil servants) cling to the Leninist system that all information is political and can be designated a “state secret” at any time if the govt decides it does not help to bolster the govt’s or party’s own legitimacy and power.

BTW flaw in AndyM’s analysis which disqualifies from being an unbiased analyst

There is a fifth way which Mr Mukherjee has not considered. It is to reduce and reallocate government expenditures. In particular, the government can consider reduce defence spending so as to increase spending on welfare. This is a classic “Gun vs Butter” resource allocation problem studied in elementary economics. At present, Singapore is spending nearly a quarter of the $57 billion estimated government expenditures for FY2014 on defence alone (23% at $13 billion) … [TRE]

Maybe he aiming to be a PAP minister? He is a FT based here.

He did serious weight-lifting in 2011 at a Temasek briefing:First of all, congratulations on beating the sage of Omaha because [ … ] you seem to have out performed Warren Buffett on every horizon. He was BSing as Temasek and Berskshire cannot be compared ’cause Berkshire is listed, Temasek is not.

And if you think PM’s remarks on trade-offs when juxtaposed with his remarks  on the need for secrecy on reserves are Orwellian, his press secretary’s remarks in relation to Roy Ngerng are even more chilling:

… What is at stake is not any short-term positive or negative impact on the government, but the sort of public debate Singapore should have. When someone makes false and malicious personal allegations that impugn a person’s character or integrity, the victim has the right to vindicate his reputation, whether he is an ordinary citizen or the prime minister. The internet should not be exempt from the laws of defamation. It is perfectly possible to have a free and vigorous debate without defaming anyone, as occurs often in Singapore. Emphasis mine

Foster public debate by suing for defamation? Come on, pull the other leg, it’s got bells on it. I’m reminded of the slogans in 1984:

WAR IS PEACE
FREEDOM IS SLAVERY
IGNORANCE IS STRENGTH

 

 

 

SIR – I refer to the article “A butterfly on a wheel” (June 13th). You referred to an “alleged ‘serious libel’” by Roy Ngerng. This is not an allegation. Mr Ngerng has publicly admitted accusing Lee Hsien Loong, the prime minister, of criminal misappropriation of pension funds, falsely and completely without foundation. After promising to apologise and to remove the post, Mr Ngerng did the opposite; he actively disseminated the libel further. This was a grave and deliberate defamation, whether it occurred online or in the traditional media being immaterial.

What is at stake is not any short-term positive or negative impact on the government, but the sort of public debate Singapore should have. When someone makes false and malicious personal allegations that impugn a person’s character or integrity, the victim has the right to vindicate his reputation, whether he is an ordinary citizen or the prime minister. The internet should not be exempt from the laws of defamation. It is perfectly possible to have a free and vigorous debate without defaming anyone, as occurs often in Singapore.

Chang Li Lin
Press secretary to the prime minister
Singapore

– See more at: http://www.economist.com/news/letters/21604530-ukraine-singapore-employment-housing-food-trucks-john-birch-society-football-0#sthash.lPfPUP1T.dpuf

 

CPF: The cock that Swee Say talks

In CPF, Financial competency, Financial planning on 25/06/2014 at 4:43 am

The best way for Singaporeans to prepare for retirement is to use less of their Central Provident Fund (CPF) money when they are young. Mr Lim Swee Say, Minister in the Prime Minister’s Office, said this will ensure the current level of CPF payout can be maintained over time and not be eroded by inflation.

Mr Lim, who is also the labour chief, made that point when speaking to reporters on the sidelines of the closing of the Singapore Model Parliament yesterday. (23 Jan 2014). He later issued a clarification saying “that housing, healthcare and education for the children” were excluded from his spending comments, saying the constructive, nation-building media had misreported him.

Even with the clarification, he was talking rubbish, showing how clueless the nTUC minister was with the life of his ordinary members.

For starters, as TRE pointed out

Using less CPF money means leaving the money with CPF board, which in the case of OA, will earn only 2.5%. Inflation rate for the last few years already exceeded 2.5% (except last year, which barely covered the 2.4% inflation rate) [Link]:

  • 2010 – 2.8%
  • 2011 – 5.2%
  • 2012 – 4.6%
  • 2013 – 2.4%

Next after his clarification that he was talking of CPF spending other than for “housing, healthcare and education for the children”, one is left wondering if he doesn’t realise that other than for these things, CPF cannot be used for other than retirement. Is he so out of touch? Or another example of his special status, like once a month CPF statement?

The more impt issue, if no use CPF, how to afford “affordable” public housing? Public housing is only “affordable” because of 20-yr mortgages that use CPF monies to finance the loans.

At the moment 36% of a S’porean’s wages are locked up in the CPF because of this Hard Truth

[Without the CPF], Singaporeans would buy enormous quantities of clothes, shoes, furniture, television sets, radio, tape recorders, hi-fis, washing machines, motor cars. They would have no substantial or permanent asset to show for it.

  • Asian Wall Street Journal, Oct 21 1985 quoting one LKY.

Our money, but can only be spent on the “right” things: uniquely S’porean.

But it was an ang moh’s idea in the first place: In February 1940, one Keynes published How to Pay for the War. He advocated that interest rates should be kept low and that compulsory saving (thereby deferring pay) should be used as a mechanism to prevent the inflation that occurred during World War One. A portion of everyone’s income would be automatically invested in government bonds. Then, when the war was over, and the economy was in dire need of savings, the money would be released. The plan was too revolutionary for the British government.

In the S’pore version, the payout got deferred and deferred.

“The rule is, jam to-morrow and jam yesterday – but never jam to-day.”
“It must come sometimes to ‘jam to-day’,” Alice objected.
“No, it can’t,” said the Queen. “It’s jam every other day: to-day isn’t any other day, you know.”
“I don’t understand you,” said Alice. “It’s dreadfully confusing!”

(Through the Looking Glass and What Alice Found There)

What Home Team’s recent cock-ups tell us

In Political governance, Public Administration on 30/01/2014 at 4:51 am

S’pore Notes was analysing the response DPM Teo gave to the apparent* tardiness in responding to the Little India ripple, and the little old lady in a red car entering S’pore illegally,  evading capture, and then entering undetected a secured area**

One of his readers gave the most insightful analysis I have seen of what these incidents portend: This incident has sparked off comments like yours and your commentators. The seriousness of the situation in its proper context is more than such observations, in my opinion. It exposes the mindset of those in charge of the security of the nation. They talk themselves into believing that everything is under control and that they are prepared for any eventual situation. The recent billion dollar decision to upgrade of the warplanes and expected purchase of the latest military toys give them this illusion. The quality of our uniformed personnel is not what they tell you. The result will be disastrous given the leaders’ penchant for annoying our neighbours.

Should we be afraid, very afraid that S’pore’s home security services appear to be paper tigers. leading to our neighbours thinking that our SAF is also a paper tiger? The performance of two ex-SAF chiefs in SMRT and NOL. PM, DPM Teo, BG Yeo and the three newbie ministers (two SAF generals ansd one admiral), would do nothing to dispel the perception.

My Facebook Avatar isn’t so sure that there is a serious, systematic problem: In the case of her entering S’pore illegally, failure to being detained in the police compound and her entry into a secured area, who else is at fault other than line officers involved? If there were systematical flaws, well we’d have heard of a lot more incidents, including possibly a few bombings. Sometimes, the front lines officersto blame.

Maybe the sytemic flaw is the training the officers receive?

I’ve got mixed views.

To quote DPM Teo, “What do you think?”

Related posts:

https://atans1.wordpress.com/2012/08/14/scholar-ex-saf-chief-temasek-md-fails-to-turnaround-nol/

https://atans1.wordpress.com/2013/12/11/sporeans-are-over-reacting-to-the-riot/

*All the problems at Home Team over recent yrs (corruption, Ang Moh tua kee attitude, PR status for possible criminals etc etc) show that it was badly run when Wong Kan Seng was the Home minister. There should be a claw-back of the millions he earned as a minister.

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*I’m undecided on whether the riot squad was activated tardily. I agree with DPM Teo that the riot squad should not suka suka be activated. The time taken to decide (about 15 minutes) sounds reasonable to me. On getting there, well it takes time. You can’t have a convoy of heavy vehicles full of people speeding at 90km to the scene. Use helicopters?

My beef is the behaviour of the police officers on the spot. I hope the inquiry tells us why they didn’t fire warning shots when their vehicles were in danger of being damaged. And if they were wrong not to fire warning shots in such a situation. An old timer NS riot squad guy tells me that in his time the police would defend their cars on the ground that it is a symbol of their authority like their badges and guns.

**Secured area? What security?

Jos keeps on talking cock

In Infrastructure, Political governance, Public Administration on 14/01/2014 at 4:52 am

“We cannot have the attitude that everything will be perfect from Day One. If we go in with that attitude, it can only mean that we have to build in a lot of redundancy.” - Josephine Teo, Senior Minister of State for Transport.

As someone who once upon a time reported directly to people who reported directly to LKY and Dr Goh, I can safely say that they all expected things to be perfect from Day 1. So now Ms Teo implying  that because of their exacting standards, they were encouraging inefficiencies and wastefulness?

Even before he is dead, LKY gets slimed? Son should give Jos a tight slap to show his filial piety this CNY. Co-driver too busy looking at bank statements and feeling happy.

Seriously, the govt should stop giving excuses for a simple cock-up: it should simply admit that it was an honest mistake by civil servants who didn’t drive because they couldn’t afford the COEs. Insufficient signs were put up as I explained here and this was a major source of the problem.

(Pic from TRE)

Waz interesting is that even now she refuses to concede that there were insufficient signs:

Q: After the jam, more signs and advertisements on the routes came up. Why not earlier?

I once got a speeding ticket (in Singapore) and was adamant there was no signage (for speed limit). I had driven on this road umpteen times. I thought: “Never mind. Tomorrow I’ll pay attention.” True enough, I saw the sign. Sometimes we don’t notice (the signs) because we don’t need them.

You can always have more (signs and advertisements). But you have to be interested.(http://www.singapolitics.sg/supperclub/josephine-teo-%E2%80%98free-mrt-rides-has-allowed-lifestyle-change%E2%80%99)

Here’s a great comment from TOC’s facebook in response to her remarks about redundancy:

Tremendous time/effort would be incurred when trying to rectify a flawed design/system. Doing it right the first time is critical. A good design is the result of thorough research/ consultation/ brainstorming and that will ensure the success of the project. eg. years ago, woody goh said handicap people should stay away from travelling for safety reason, now we have to retrofit busses/MRT stations for wheel chair access. same for HDB flat, now installing lifts on every floor and the whole project takes decades to complete, what if the HDB architechs had done that in the first place? zero effort for wheel chair access! Our MRT trains adopted designed with 6 carriages while HK MTR already up and running and uses 8 carriages. We could have learnt from HK, instead, we choose ONLY 6 carriages. Now we are flooded with immigrants over crowding the transport system but we are handicapped in increasing the MRT stations capacity by using 8 carriages and must go for the stupid solution of changing the signaling system to cut down only 20 sec peak frequency. using tens of millions and takes 5 years or more to do it. Now who is the stupid one? which way is more cost effective?

BTW, notice that NTUC MPs were, are a bunch of cocks (the exception is Halimah). Think Jos, Lims ( Cheap Zorro, Cry Baby), Hard of hearing Han, Irene the Whiner, Choo the criminal and racist, BG Yeo’s MP from Hell (Cynthia) and NMP Terry Lee.

Related posts:

Jos: Talk Cock Queen

https://atans1.wordpress.com/2012/10/26/jos-too-is-talking-cock/

https://atans1.wordpress.com/2013/01/16/reputations-be-mean-laugh/

Jos: Empress Dowager of Bishan East

https://atans1.wordpress.com/2013/04/15/thanks-jos-for-giving-nishan-east-residents-another-reason-not-to-support-the-pap/

Ageing population Hard Truth is cock and bull?

In Economy, Political economy, Political governance, Public Administration on 20/11/2013 at 4:25 am

The govt and the constructive, nation-building media keep shouting at us that a rapidly aging population (and the stas do show this aging as a fact, no bull here) will lead to disaster if FTs like two-timing new citizen Raj or Tammy’s killer or the FTs that beat up S’poreans and then fled S’pore*, or a looney, violent bank director are not allowed in by the container load. They point to Japan as what can happen if FTs are not allowed in: economic stagnation. The truth is more complex. As I reported here HSBC, a bank, in 2012 published research that Japan is doing pretty well when compared to other developed countries, including immigrant friendly countries like the US and the UK (though the UK is now repenting its liberal immigration policy)

Whatever the impact of an ageing population on S’pore’s prosperity, here’s a piece of evidence casting doubt on the assumptions (stated or unstated) behind the need to have a population of 6.9m by 2030. It comes from academics from the University of Edinburgh.

The idea that dependent older people represent a great demographic challenge of our age has been turned on its head …The research questions an assumption behind arguments for health, social care and immigration policies … The paper demands society rethink some of its assumptions about elderly dependency – drawing a distinction between the ‘young old’ and the ‘old old’

Here’s more from the BBC’s Home (i.e. domestic affairs) editor (Note that the paper in question is based on British statistics but the argument seems applicable elsewhere as he points out)

“The extent, speed and effect of population ageing have all been exaggerated and we should not assume that it will strain health and social care systems,” Professor John MacInnes and senior research fellow Jeroen Spijker write in the article ‘Population Ageing: The timebomb that isn’t?’

Healthier and fitter

The mistake people have been making, the paper suggests, is to assume that all pensioners are dependent and all working-age adults are workers.

They point out that, while it is true there are now more people over 65 in the UK than children under 15, rising life expectancy means older people are effectively “younger”, healthier and fitter than previous generations.

Instead of simply looking at how old someone is, the research focuses on how long they might be expected to live.

“Many behaviours and attitudes (including those related to health) are more strongly linked to remaining life expectancy than to age,” it says.

In 1841, life expectancy at birth was 40 years for males and 42 years for females.

By 1900 it was 52 and 57 and today it is 79 and 83. So the point at which we enter ‘old age’ has also been changing.

Equally, using age to define the adult working populations makes little sense, the authors suggest, because “there are more dependents of working age (9.5 million) than there are older people who do not work”.

So they calculated an alternative measure, what they call “the real elderly dependency ratio”, based on the sum of men and women with a remaining life expectancy of up to 15 years divided by the number of people in employment, irrespective of age.

Important implications

Using this measure, the paper calculates that old-age dependency in the UK fell by one third over the past four decades – and is likely to stabilise close to its current level.

The measure suggests similar falls in many other countries.

“Our calculations show that – over the past four decades – the population far from ageing, has in fact been getting younger, with increasing numbers of people in work for every older person or child,” the authors say.

“The different story of population ageing told by our real elderly dependency ratio has several important implications for health policy and clinical practice.”

In policy terms, this analysis to one of the central challenges of an ageing population might be something of a game changer. Rather than seeing longevity itself as an expensive problem, focus could shift towards managing morbidity and remaining life expectancy.

http://www.bbc.co.uk/news/uk-24921171

The continued refusal of the govt to accept that the issue of ageing population is a complex one and the unwillingness to question its Hard Truth on the issue continued in the face of evidence that the Hard Truth is doing real harm looks all too similar to the intellectual fetters that led central bankers to persist in tighten monetary policy in the early 1930s when faced with a global Depression.

It also shows that they are unlike LKY and Dr Goh Keng Swee who were willing to challenge the conventional wisdom that allowing MNCs in amounted to neo-colonialism. And demographics is not the only issue where the PAP govt is wedded to Hard Truths. Take welfare, where there is evidence that gd welfare systems do not reduce the will to work: they do not make people lazy e.g. http://www.bbc.co.uk/news/uk-scotland-24974745: another University of Edinburgh study.

Maybe, time to send scholars there to learn to walk on the wild side, and think unHard Truths? After all  University of Edinburgh is a great university. It juz doesn’t produce the ruling elite of the UK or the US. Our scholars to to unis where the UK and US ruling elite are educated.

BTW, here’s an article on using robots to as carers for the elderly: http://www.bbc.co.uk/news/technology-24949081

*PR was given to one after he beat up the S’poreans.

Answering the PAP’s cock & bull about the “long term”

In Political governance on 05/06/2013 at 5:08 am

The head of the civil service’s defence of the infamous population white paper and the long game the PAP govt is playing over how to control the new media (http://www.tremeritus.com/2013/06/04/the-real-reason-behind-the-internet-crackdown/) reminded me that the PM, other PAPpies and their allies love to talk of the PAP (and allies)  being the only ones that think long term, and that only they can protect future generations, because only they dare take the unpopular decisions (Like allowing FTs to flood into S’pore while limiting the places in local unis for locals?).

No, the retort is not to say, like Lord Keynes,”In the long run we are all dead”.

No the retort is that long-term planning and decision-making must proceed with a clear understanding of the trade-offs between current and future generations. Thinking of the children does not spare one from considering the present needs of the hungry, sick and elderly.*

Let me explain what is meant.

Doesn’t: The Republican [looney right wing tea drinkers] line on fiscal policy is that it is unconscionable to saddle Americans’ children and grandchildren with a mountain of debt.

Only a gutsy, enlightened steward has the wisdom to thwart a future threat to the nation’s well-being by biting the bullet and calling for short-term pain to promote long-term gain. Only a statesman is equipped to make the tough decisions to set the country on a better course.

sound something that our PM or any PAPpy minister from our rational “left of centre” cabinet would say?

Here’s the crushing rejoinder:

But there are philosophical and empirical complexities at play in the “protect future generations!” line of reasoning. If we could avoid bigger trouble in the long run by assuming short-term hardships now, should we? Well, the answer depends on how dire things look in the long run, how much hardship is necessary to avert disaster, and how certain we are that the strategy will in fact work out in the nation’s favour. It would be irrational to opt for certain, indefinite-term pain now to purchase an unspecified amount of theoretical gain later. In any case, the moral calculation is quite a bit more involved than [what the PAP would say**] Government owes a duty to future generations, but it has a duty toward individuals living today as well: it would be perverse to aim to quell the indebtedness of Americans coming of age in 2050 by cutting food stamps for hungry children today.

The pursuit of solvency must proceed with a clear understanding of the trade-offs between current and future generations. Thinking of the children does not spare one from considering the present needs of the hungry, sick and elderly.[From Economist blog]

This idea of trade-offs is nothing new. When I studied the law on trusts, there were tomes of cases on the duties of trustees when deciding whether to cut trees belonging to a trust. The income beneficiaries wanted the trees cut so that they could get the income; against them were those who were not yet income beneficiaries. They didn’t want the trees cut, and the capital “squandered”: cutting the trees now would affect their income from the estate in the future. The trustees often found themselves in the Court of Chancery when one side or other was unhappy.

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*As Uncle Leong could have pointed out here,  thinking. planning and implementing policies didn’t do much for the average S’porean: low growth, wages and productivity, with high household debt and inflation.

**My addition to make it easier to follow the reasoning.

Town Council Debate: Cocks posturing & preening

In Political governance on 22/05/2013 at 5:30 am

Yes,yes Aunties’s not a cock but she sure behaved like Khaw and  Dr Teo. All these three, and the other supporting speakers didn’t try to bother to explain what the facts were. They juz tried to slime the other side, hoping that some mud would stick. No one drew blood.

I won’t bother to go into detail critcising what the PAPpies said as Sg Daily has done a gd job over the last few days providing links to a critique of the PAP’s position and its attacks on the WP. All I will say is that it confirms my view, many yrs ago, that the idea of town councils would come to haunt the PAP. It wasn’t even a gd idea at the time. Ah well, another black mark to Goh Chok Tong and one Lee Hsien Loong and their team.

I’ll juz make some points about what I found astounding about the WP’s position and netizens’ views.

I find it really strange that the WP thinks its OK for it to give a contract to its supporters but that it is wrong for the PAP to give a contract to a PAP linked company. The distinction escapes me. To me, “It doesn’t matter if a cat is black or white, so long as it catches mice”. (Deng Xiaopin).

The other point is Auntie telling Dr Teo to report the WP to the CPIB if he had evidence of wrong-doing. Err Auntie, why so more PAP than the PAP? Imagine if when Auntie first made her allegations, those many noons ago, the PAP had said the same to her. I mean she, WP and netizens would be bitching at the PAP for trying to hide something. And rightly so. So why like that Auntie?

Which brings me to the point that netizens are so anti-PAP that they unthinkingly cheer the WP’s position on

— it’s OK to give contracts to supporters, but not party-affiliated organisations; and

— trying to win the argument by telling other side to report the matter to the CPIB.

While the PAP has the 120% support of the constructive, nation-building media, netizens are 99.9% anti-PAP. Here’s a tot for the PAP: if the local media were less servile to the PAP, would the internet be a less hostile place to the PAP. Could the hostile environment on the internet be a reaction to the power of the PAP over the local media.

To end, it would be nice if both sides respected the other side so that we the public can learn the truth of the allegations. Here’s an interesting excerpt on the benefits of respecting one’s opponent, though the author readily admits it’s damned difficult,:

Just how charitable are you supposed to be when criticising the views of an opponent? If there are obvious contradictions in the opponent’s case, then you should point them out, forcefully. If there are somewhat hidden contradictions, you should carefully expose them to view – and then dump on them. But the search for hidden contradictions often crosses the line into nitpicking, sea-lawyering and outright parody. The thrill of the chase and the conviction that your opponent has to be harbouring a confusion somewhere encourages uncharitable interpretation, which gives you an easy target to attack.

But such easy targets are typically irrelevant to the real issues at stake and simply waste everybody’s time and patience, even if they give amusement to your supporters. The best antidote I know for this tendency to caricature one’s opponent is a list of rules promulgated many years ago by social psychologist and game theorist Anatol Rapoport.

How to compose a successful critical commentary:

1. Attempt to re-express your target’s position so clearly, vividly and fairly that your target says: “Thanks, I wish I’d thought of putting it that way.”

2. List any points of agreement (especially if they are not matters of general or widespread agreement).

3. Mention anything you have learned from your target.

4. Only then are you permitted to say so much as a word of rebuttal or criticism.

One immediate effect of following these rules is that your targets will be a receptive audience for your criticism: you have already shown that you understand their positions as well as they do, and have demonstrated good judgment (you agree with them on some important matters and have even been persuaded by something they said). Following Rapoport’s rules is always, for me, something of a struggle…

http://www.guardian.co.uk/books/2013/may/19/daniel-dennett-intuition-pumps-thinking-extract

Wimmin, keep away from our cocks: PAP, Govt

In Humour, Political governance on 24/12/2012 at 10:43 am

Here’s what of JG (smart gal except she believes in WP) view of why Laura Ong was exposed: to tell gals to lay off PAP MPs. The punishment is being exposed publicly. Or put put it another way, cut off the supply of gals so as not to put temptation in the way of the PAP MPs.

Hey, you got it wrong!! How dare Laura sleep with Palmer??? She’s the one who is in the wrong!! Let the media dogs go after her!!

How dare Laura’s BF expose the affair to TRE and TNP? He’s also in the wrong!! Let the media dogs go after him too!!

Hence most of the expose is about Laura and his BF. Including camping outside their house, or their parents’ house, or asking neighbors about their actions. None of these stuffs when it comes to Palmer.

Seen in this perspective, everything makes sense. The PAP is whiter than white. If they are blemished, its the blemish-er that’s in the wrong. Let everyone learn his lesson – don’t ever touch a PAP MP, OK??

And maybe this is why Sue’s pix appears so often in SPH’s publication. The govt wants to send the message to customer service ladies that customer service does not include providing sexual gratification to civil servants.

Postings may be light until after 2 or 3 January. Happy partying or whatever you may be planning to do or are already doing.

Jos too is talking cock

In Economy, Political governance on 26/10/2012 at 5:42 am

Shouldn’t Jos Teo bitch about the Integrated Programmes that make PSLE such an impt exam today, rather than against employers that offer PSLE leave for their employees, and parents that take time off to coach their kids. In my time, PSLE was important to get into RI, Victoria and Serangoon English: once in if no major balls-up could do PreU in these schools (Integrated Programme is juz modern variant), but if one went to mission primary schools, going to mision secondary schools (and PreU) wasn’t that dependent on PSLE results, unless one was stupid. Things got even better when the govt started NJC.  More places for PreU studies.

But then the cycle turned and now PLSE is the exam to pass.

“We are quite mistaken to behave as if PSLE is THE defining moment in a child’s development.”: Err not all parents can afford to send their kids overseas to make sure they get a good education, if the kids get culled here.

And following the logic of her outburst, wouldn’t the logic of her argument mean that the government is wrong to continue curbing the number of COEs? As even ministers and MAS concede that the rising costs of COEs adds to inflationary pressures, even if ministers are wrong to say that rising COEs don’t affect the cost of living of us plebs (those unable to afford owning cars, and have to use public tpt).

Which brings me to the inflation situation.

Remember me bitching in early August that MTI jnr minister Lee Yi Shyan, and the local media covering him, were misrepresenting the pix on food inflation? I had pointed out that there were reports of rising food prices.

Well now MAS validates what I was saying. MAS warned on Tuesday about upward pressures in imported food prices over the next few months and into early 2013 due to weather-related supply disruptions.

Jos has gd company. And this ST guy should be in line to be a jnr minister.

Note: Last sentence and link to Jos piece added at 9.09am on day of publication.

 

Talking cock Kadir, Hariss?

In Uncategorized on 25/09/2012 at 6:23 am

Waz this rubbish abt wanting to attack when playing away?

“Strikers win games, defenders win trophies,” said a great Arsenal manager who won the double when it meant something.

Hope that these LionsXII guys are playing mind games, not being talk cock artists.

Vietnam: “A toxic cocktail”

In Vietnam on 22/09/2012 at 3:17 pm

From the September issue of the ISEAS ASEAN monitor

“A toxic cocktail” – the words of economist Le Dang Doanh – aptly describe Vietnam’s situation for the fourth quarter of 2012. The ingredients are economic stagnation, banking scandals, political insecurity caused by Party rectification and anti-corruption drives, and challenges to Vietnamese sovereignty in the South China Sea. Party rectification aims to curb abuses of power and corruptive behaviour by government officials in cahoots with businesses to enrich both sides. Politician banker, Nguyen Duc Kien, and the head of the Asia Commercial Bank, Ly Xuan Hai, have been arrested. Notably, while the rumour mill has for years linked Kien to Prime Minister Nguyen Tan Dung, the Chief of Police has declared that it was the Prime Minister himself who directed the arrests. Earlier reports gave credit to the Minister for Public Security but the order probably came from the Political Bureau.

The arrested pair of Kien and Ly could reveal the extent of illegal activities in the banking sector. Rumours are pointing to imprudent bank loans arranged by Kien, as well as his role in the merger/acquisition of another bank, an act perceived as political bullying. In the next two months there will be an intense struggle over how the official reports regarding Party rectification should be written. Individual leaders would want to avoid blame, and most important, retain their positions. Party rectification would also go down to provincial level and lower. Greater conservatism and caution in officials’ behaviour, if only to avoid making mistakes, leading to riskaversion,is to be expected.

The economy has not lived up to earlier optimism. Imports have decreased and analysts note that this would impact negatively on exports in the next quarter. Credit growth is at an unhealthy low while the burst of the real estate bubble has turned speculation into locked investments. Speculators are not realising losses and banks are unable to recover loans. Close to 100,000 companies, mostly from the private sector, have ceased operations.

On this downward spin, there are yet no signs of external help, be it from a buoyant world economy or the IMF. The stagnation is expected to be relieved slightly as the end of the year usually sees a rise in consumption, but the overall trend is a downward one.

Key points: While Vietnam and China appear to have reached a quiet and uncomfortable détente over the South China Sea, expect more bilateral problems as the fishing season resumes this September.

Economist on Vietnam

Vietnam’s banks are in dire shape; and that corruption and waste pervade the economy.

This was never a secret, but during the boom years in the middle of the past decade, when the economy was growing by 8% a year and foreign investment was pouring in, nobody much cared. Now, with slower growth, huge business debts and more competition from places such as Cambodia, Indonesia and Myanmar, the problems loom large. It did not help when, two months ago, the central bank admitted that bad debts amounted to up to 10% of all bank loans, double the level previously admitted to. The real figure could be two or three times that.

The hitch in Hanoi

And so confidence in the Vietnamese economy, especially among Western investors, is tumbling. Foreign direct investment (FDI) into Vietnam, at $8 billion for the first seven months of the year, is a third lower than a year earlier. Japan accounts for fully half of all the inflows.

STOMPED! Yacoob’s CoC

In Media, Political governance on 11/07/2012 at 8:09 am

(Or “The difference between blogging and the traditional newspaper story”) 

Remember when Yaacob was  promoting his CoC (Code of Conduct) for the internet, he praised our mainstream constructive media and said they should be exemplars netizens should follow https://atans1.wordpress.com/2012/05/16/two-examples-of-how-st-covers-fts/ .

We now know what he wants us netizens to do: fake news reports using paid content producers like STOMP. His sis is a very, very senior editor at ST, a sister publication of STOMP.

Well I doubt that in 2012, we will hear anymore about his CoC. But next year is another year, and the CoC is not a once in 50-years event.

I was reminded of the above CoC and STOMP’s paid content producers posing as “citizen journalists” when I read this: [T]he traditional newspaper story derives its force and directionality from the man-bites-dog newsiness of the flat content. It’s very difficult to include expert commentary that depletes or diffuses the newsiness, because it sucks the signifying force out of the piece. In contrast, blogging and tweeting are far more flexible and use many other discursive techniques to supply directionality and signifying force, most importantly personalistic tone. You can write a blog post about something utterly un-newsworthy, say the fact that Barack Obama is president of the United States, and make it signify through sheer emotive presence or stylistic technique. But you can’t write a newspaper story about that.

One great reason why netizens shouldn’t be forced to be like a newspaper, even one like the FT or NYT or the Economist, let alone a publication like ST when even the footie news is distorted for the government’s constructive, nation-building agenda of “FTs are betterest” policy. 

Read the whole blog posting because it gives great insights on how a newspaper, any newspaper from the NYT to ST and its peers in China and North Korea, operate http://www.economist.com/blogs/democracyinamerica/2012/06/media-rules

Related http://www.bbc.co.uk/news/uk-18458567

Indonesia: Talking cock is not helpful, helpful

In Indonesia, Infrastructure on 13/06/2012 at 7:32 am

Work on a new deepwater port for container ships on an island between Batam and Bintan is set to begin next year, creating a potential rival to Singapore’s port. The port, on Tanjung Sauh, aims to be a major transshipment center for Indonesia, and is part of the country’s overhaul of its transport infrastructure to cope with growing domestic demand.

http://www.thejakartapost.com/news/2012/05/21/deepwater-port-near-batam-set-rival-singapore.html

Well in 2005, Indonesia annced a major expansion of the port on Batam. It even awarded a contract to a French company. Err nothing ever happened. Wonder if this time, it will be anything different. And remember that Batam has one unused int’l airport. It was built to rival S’pore’s airport in the late 1970s.

Readers will know I’m bullish on Indonesia. But that is despite, not because, of its officials or the government planning agencies.

But here’s one talking cock project that works: using social media to help farmers get info they need http://www.bbc.co.uk/news/business-18193993

China’s Community Convention = Yaacob’s CoC

In Political governance on 04/06/2012 at 6:34 am

The “community convention” of China’s biggest microblogging service, Weibo, made public last week, says its members may not use the service to:

  • Spread rumours
  • Publish untrue information (Interjection: Might be a problem if this is adopted here as SPH publications have an online presence. Exemption for newspapers that need an annual government permit on the ground that they are already regulated? Juz being constructive, not mean.)
  • Attack others with personal insults (PAP and this site might have a problem here if this is adopted here) or libellous comments
  • Oppose the basic principles of China’s constitution
  • Reveal national secrets
  • Threaten China’s honour
  • Promote cults or superstitions
  • Call for illegal protests or mass gatherings

It adds that members must not use “oblique expressions or other methods” to circumvent the rules.

Substitute the word “S’pore’s” for “China’s”, and Yaacob, Kee Chui Chan, and the staff of MDA and Institute of Policy Studies don’t need to consult no more the “inhabitants of cowboy towns”.  Can go back to earning millions of dollars without working with the troublesome, noisy “little people”.

Community Convention  covers everything that DPM Teo, Yaacob, Kee Chui, and IPS (and now even Dr M) find objectionable abt the behaviour they find ojectionable.

More on Weibo’s CoC http://www.bbc.com/news/technology-18208446

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Telling coc jokes: Ministerial CoC needed

In Humour, Internet, Political governance on 03/05/2012 at 7:10 pm

Based on the remarks of the PM and the two DPMs the last few days, I think Yaacob would find S’poreans receptive to a Ministerial CoC (Code of Conduct) on the telling of jokes in bad taste.

I ranted earlier on DPM Teo’s joke on more openness and passing the burden of integrating FTs to us S’poreans who never asked for them in the first place.

Well that was the start of the bad-joke telling session.

We then had Tharman telling us that although inflation rose by about 5.2% (“a high figure” said he) in March 2012, this did not mean that the average Singaporean will feel this “high inflation” because more than half of the headline inflation rate of 5.2% came from higher COEs for cars and the effect of higher market rent on houses. The vast majority of Singaporeans who already own their homes and are not buying new cars would not feel the effects of these sharp increases. And the increase in prices of daily necessities and essential services such as food and clothing have actually been much more moderate at 3% or lower.

Well he got well and truly beaten up for this tasteless joke because among other things, high COE prices affect those who need to buy vans and lorries to transport goods. Their costs go up and guess who pays?

And this isn’t the first time he tried to tell bad jokes. Remember the one about someone earning less than a $1000 a month being able to afford to a 30-yr HDB mortgage, or the one that low-income Singaporeans may be able to receive between $3.97 to $5.10 in government benefits for every dollar paid in taxes over a life time. We found out that it all depends on the assumptions made, and anyway in the case of benefits, much of it was paid into the CPF account, while a recipient had to pay his taxes upfront in cash. What abt the time value of the money, minister?

Then the PM joined in. He told the joke about the need for wages to be driven by higher productivity. I mean how could productivity go up with 80,000 immigrants a year being imported to keep wages down? Or even the planned only 25,000?

And what abt this spotted by Donaldson Tan and reported on his FB page, “MBS raised demand for unskilled labour in the hospitality sector, resulting in wage growth for everyone in the hospitality sector while Labour Chief asserted that wage growth must be backed by productivity gain. There is no productivity gain in the PM’s example.”?

The PM also said, “Singaporeans will always be our priority”: “Whether it was adjusting the supply of foreign workers or the pursuit of economic growth, he said the Government seeks to maximise the advantages for its citizens, and to provide them with jobs and a share of the nation’s success.” (ST report)

Huh? Hey who waz it who allowed in 80,000 FTs a year to keep wages down, without expanding the public housing and transport infrastructure?

And before I forget his office said that only “good quality” people are allowed to immigrate? What abt the hooker-looking, violent, cheating, unrepentent shop assistant, and the hawkers that became PRs? Not exactly “good quality” migrants are they? Honest mistakes?

Now this was one bad joke too far.

Yaacob’s Code of Conduct for the internet is not needed because S’pore has the penal code and laws on sedition, contempt of court, criminal and civil defamation and incitement to religious hatred that can be used to repress curb the excesses of netizens like the unemployed chap behind “Fabrications abt the PAP”.

But let’s trade. What about a CoC for ministers to get ministers to stop telling cock jokes, in exchange for a CoC in which bloggers become less anti the governing PAP?

Kee Chui.

 .

DBS FTs: balls-up on top of cock-up?

In Banks, Corporate governance, Temasek on 15/06/2010 at 5:53 am

Islamic finance is set to play a bigger and more central role in global finance. This is because of greater awareness and adoption in more financial centres.

Trade and Industry Minister Lim Hng Kiang said this at the launch of the inaugural World Islamic Banking Conference Asia Summit in Singapore on Monday.

So why is DBS cutting back on the activities of its Islamic banking activities?

https://atans1.wordpress.com/2010/05/26/dbs-fts-goofed-again/

Temasek should sort out the “FT is best policy” that dominates the thinking at DBS. It is on its 6th FT CEO in a row. It’s costing Temasek (and ultimately us) shareholder value.

Remember it was an FT that overpaid for Dao Heng Bank, and messed up the takeover of OUB.  And the loss in market share in retail banking, so much so that the ex-CEO of PosBank has been brought back as adviser.

Other cock ups

https://atans1.wordpress.com/2010/05/14/dbs-fts-balls-up-contd/

Chia Yong Yong: a stupid NMP

In Uncategorized on 05/03/2015 at 5:32 am

She talks cock, real cock because she is clueless about the way the CPF and welfare system works. The article reporting her comments is at the end of this rant.

Reading the comments, it’s clear that she thinks that the employers’ contributions are not part of our salaries. Hello? What planet is she on?

Even employers think that their payments are part of the employee’ salaries. I’ve been at job interviews where “my salary” includes “XYZ’s contribution”. And when I had to decide how much to offer someone to do a job, I took account of the CPF contribution that I, as employer, had to pay: which is why FTs are so popular.

As to .”because I’m not the only person contributing to the fund, I cannot be the only person to call the shots”, doesn’t she realise that what we have in our CPF (less the peanuts of govt handout) is dependent on what we put in, not a cent less or more.

And since when have we a comprehensive welfare system for the elderly poor? She implies that we have:  At the very least, I have a moral obligation to spend it wisely. Why do I say that? Because if I’m not judicious in my spending at the end of the day, who’s going to maintain me in my twilight years – the state? Who? Ultimately it means someone else is bearing it right, another taxpayer.

This is S’pore. If die, not govt’s problem.

What planet is she on? Or was she smoking ganja before her speech?

Update at 6.45 am: Shumething I wrote some time back

Money in your CPF account is your money

This is what MoM Tan, a paper general, blogged, inter alia, recently.

Best riposte I’ve come across.

http://singaporedaily.net/2014/05/26/daily-sg-26-may-2014/

Come on Baey, surely you can help him come up with better lines?https://atans1.wordpress.com/2011/05/28/pap-needs-a-public-communications-swat-team/. Or maybe you can’t? You no longer the CEO of an int’l PR firm’s S’pore office.

The use of  “xenophobia”and “your money” reminds me of, “When I use a word,” Humpty Dumpty said, in rather a scornful tone, “it means just what I choose it to mean—neither more nor less.”
    “The question is,” said Alice, “whether you can make words mean so many different things.”
    “The question is,” said Humpty Dumpty, “which is to be master—that’s all.”

https://atans1.wordpress.com/2014/05/30/xenophobia-your-money-and-humpty-dumpty/

—————————

Nominated MP Chia Yong Yong spoke out against greater flexibility in withdrawing CPF savings in Parliament on Tuesday … Ms Chia noted that it should be viewed in the context of personal responsibilities. For instance, on CPF savings – she felt that people shouldn’t be spending like they would be spending their own salary. This is because CPF savings are enhanced by co-payment by employers and through top-ups from public funds.

Ms Chia said: “In relation to the use of CPF money, we have heard proponents who say that the CPF monies is theirs. “It’s our money, it’s in our account, it’s our retirement money. I want it out, I will spend it anyway we want.” Fine. Is it our money? Our CPF savings are enhanced and forced CPF savings which are accumulated through our own deferred consumption, through co-payment by our employers and through top-ups from public funds. Is it really my private money? Do I have the right to spend it the way I would spend my own salary? I’m not entirely sure.

“I know at the end of the day, that because I’m not the only person contributing to the fund, I cannot be the only person to call the shots as to how I am going to spend it. At the very least, I have a moral obligation to spend it wisely. Why do I say that? Because if I’m not judicious in my spending at the end of the day, who’s going to maintain me in my twilight years – the state? Who? Ultimately it means someone else is bearing it right, another taxpayer. So if I’m not judicious and I’m arguing this is my money, I’m not going to be responsible in my use and if I argue this is your money, you use it anyway you want – I’m not responsible as a citizen.”

Ms Chia cautioned against a Budget that leans too heavily to the left.

“We have a Budget that has been praised and approved as leaning to the left. But I would also argue that if we lean too much to the left, we will not have much left. So what I will also want to end up with and conclude is that when we talk about collective responsibility, we need to understand that collective responsibility must also be exercised responsibly on a collective basis, as well as on a personal basis.”

Ms Chia also touched on the SkillsFuture initiative and said that unlike infrastructural investments, it would be difficult to measure the scheme’s positive outcomes. Hence, she stressed that the onus is on those who will conduct the training sessions – to exercise integrity and professionalism.

Ms Chia, who is also the President of the Society for Aid to the Paralysed, called on the government to place a greater and more integrated emphasis on training those with disabilities. This will help to empower and equip them to be financially independent.

Budget: Ask in a very loud voice:

In Economy, Financial competency, Political governance on 25/02/2015 at 4:34 am

“After GE, will the PAP administration raise GST rates and by how much?”

After all, an ally and cheer leader of the PAP administration wrote about the Budget:

Mr Tharman flagged this gap … about the 1 percentage point projected gap between long-term revenues and long-term spending. The latter is tipped to go up to 19 to 19.5 per cent of GDP from now, as Singapore opens its coffers to spend on health care, retirees, and on infrastructure and investment in education. The former hovers around 18 to 18.5 per cent of GDP.

How to make up the shortfall of about 1 per cent of GDP?

This is a structural issue that will have resonance beyond this Budget.*

As it’s unlikely that the Wayang Party will raise the issue about the rise in GST rates after the GE in Parly* because it may still be hoping to curry favour with the MIW by not asking difficult questions, responsible bloggers and cyber-warriors should ask the question.

So should all voters (pro PAP or anti-PAP alike, GST affects everyone) who meet their PAP MPs and their PA grassroot hangers-on when they come to lobby for votes. Especially when the MPs and hangers-on boast of all the goodies voters are getting, parroting a gushing a PAP apologist, if ever there was one,who wrote in ST:.

I tried frantically to keep up with noting down the giveaways as Finance Minister Tharman Shanmugaratnam reeled them off as he announced the Budget 2015. …

All in, it can be said to be a sensible yet generous Budget, albeit at the expense of the very high-income. It may disappoint those who wanted a big SG50 Bonus to celebrate the nation’s Jubilee. But it does give out a mass hongbao to all Singaporeans, via top-ups to education funds for children and students, and via the new $500 SkillsFuture Credit for workers. – See more at: http://www.straitstimes.com/news/opinion/columns/story/singapore-budget-2015-7-reasons-why-years-robin-hood-budget-matters-20150#sthash.CK7uOl8a.0xjbXaNf.dpuf

The answer we want to hear is what Tharman said in 2011

Finance Minister Tharman Shanmugaratnam has reiterated that the goods and services tax (GST) will not be raised for at least another five years …“As Finance Minister, I have made that very clear in Parliament that at least for the next five years – it does not mean we will raise it in five years’ time – but at least for five years, there is absolutely no reason to raise the GST, because this was the whole idea – we strengthen our revenue base in time. (CNA)

And finally let’s remember that all this money the PAP administration is throwing at us is our money, not that of the PAP’s administration.

*Yes, Yes I know: Mr Tharman has a way to close that 1 per cent gap: Use projected long-term returns from Temasek Holdings.

The Net Investment Return formula framework was implemented in 2009. He said: “Under the framework, the Government is allowed to spend up to 50 per cent of the expected long term real returns on its net assets managed by MAS and GIC.”

Temasek was left out as it was undergoing a major change in investment strategy. Mr Tharman said it was a good time to add Temsek to the mix.

So this Budget is important for signalling the long-term gap in revenue and spending.

It is also significant for using a new framework that allows Singapore to tap a wider pool of money from expected investment returns on its reserves into the future. 

“The move will bolster our fiscal resources at a time when we have to fund long-term critical infrastructure and develop the human talent and capabilities to secure our future.”- See more at: http://www.straitstimes.com/news/opinion/columns/story/singapore-budget-2015-7-reasons-why-years-robin-hood-budget-matters-20150#sthash.CK7uOl8a.0xjbXaNf.dpuf

Doubtless, the cybernuts will say that their heloo, Roy the Hooligan is responsible for this change in govt policy, though I’m sure s/o JBJ would dispute this, saying Tharman stole his idea.

But do remember that the other cybernuts’ hero Ong Teng Cheong wanted all the returns from the resreves locked away for good. It’s in the DNA of the PAP to make life tough for us. So unless we get the PAP to rule out a GST increase after the election, we could get screwed.

This  is what a FT based here says: Ten years ago, the Singapore’s preferred choice would have been to raise its goods and services tax. Levies on consumption are easier to collect and less flighty than the incomes of high-earning expatriates. But that option is now politically infeasible. The People’s Action Party, which has ruled Singapore throughout its 50-year history as an independent nation and must call an election by January 2017, is wary of upsetting voters.

http://blogs.reuters.com/breakingviews/2015/02/24/piketty-meets-pragmatism-in-singapore-tax-hike/

But this cock (Trash?) forgets that the administration can raise GST after the GE, if no-one holds its feet to the fire on the issue in the run up to the GE.

**Mrs Chiam may have other issues that she thinks are more important and this batch of NMPs are not the kind to rock the boat. And I don’t blame them, if the co-driver (each MP getting $15,000 a month) sets a bad example, what can one expect?

How a SME bank could successfully operate

In Banks, Economy on 12/02/2015 at 2:08 pm

The u/m aricle in early Feb reminded me of something I read last yr about an SME bank in the UK

DBS Bank has launched a programme to provide financing to technology start-ups and expand capital-raising options for technopreneurs.

Tech start-ups can tap the new DBS venture debt programme for working capital, buying fixed assets and even project financing*.

Our SMEs (small and medium enterprises) are always KPKBing money not enough. Govt says got plenty of schemes. Why no use? SMEs reply that terms too stringent, and the people administering the schemes are clueless about their businesses. .

Well the UK, where SMEs too are cocal in complaining about funding, has the British Business Bank. It does things differently

BBB devolves responsibility for choosing its investments to private-sector expertise by allowing the Angel CoFund board, composed of independent bankers and investors, to make the investment decisions. “This is a financial strategy to complement the government’s industrial strategy”, says Mr Morgan. It also uses the expertise of peer-to-peer lenders like Funding Circle, to which it has given £40m. Mr Morgan says the bank can thereby avoid crowding out the private sector. Its investments are always in the equity of a business, but it never takes a majority share.

http://www.economist.com/news/britain/21627667-government-scales-up-help-small-businesses-angels-and-bankers

*To qualify, tech start-ups must be backed by DBS’s partner venture capitalists, who include Vertex Venture, Monk’s Hill Ventures and Golden Gate Ventures. They should have raised at least $1 million of Series A funding, been in operation for at least a year, been incorporated for at least two years and have demonstrated that their business model is commercially viable.

“Start-ups in Singapore primarily rely on venture capital to fund their operations,” DBS said in a statement on Thursday.

– See more at: http://www.straitstimes.com/news/business/banking/story/dbs-launches-venture-debt-programme-tech-start-ups-raise-funds-20150205#sthash.efDblYoB.dpuf

PM’s memory is not working

In Political governance on 20/01/2015 at 5:27 am

In what many would consider PM’s opening salvo in the GE campaign (though not me for the reasons stated here, I’ve changed my mind and think an election will be held next yr), our constructive, nation-building media, over the week end, carried reports of an iaudience  PM gave them.

Don’t know about you but lots of his comments upset me because they are self-serving rubbish that flies against the facts. As even thinking a lot  about them now gets my blood pressure into stroke territory, I’ll confine myself to commenting on a few of his commentss every day.

How not to depend on govt? 

PM said that S’poreans should only rely on the govt as a last resort: they should do things for themselves and not rely on govt.

Well when 37% of an ordinary working S’poreans’s monthly salary goes into his or hers CPF account, and the uses that the money, can be used is dictated by the govt, how not to depend on the govt?

And the high prices of private residential property (remember the state controls the supply of land) means that “affordable” public housing is the only option for S’poreans resulting in about 82% of S’poreans living in HDB flats. Again how not to depend on govt?

The govt designs the CPF system so that most S’poreans are dependent on the govt. So PM is at best being disengenous..

Electing gd MPs?

He should the best check and balance to his govt is to elect gd MPs.

Seems he has forgotten that the GRC system forces us to select a team of MPs some of whom are problematic: think the eye doctor who looks down on people that are not paid well and Kate Spade Tin.

His advice is only applicable in SMCs., not GRCs. where voters have to take a team, and where one or two ministers always head the team.

Immigration woes our fault?

PM said he regrets the fact that “Singapore did not build up its infrastructure quickly enough in anticipation of a population growth driven mainly by an influx of foreign workers”

This is what someone posted on Facebook

Come on PM, It is NOT Spore..it is the Govt U led that COCK up..after all WHO approves the policies and are decision makers that allows foreign workers to “tsunami” in here..Sporeans arh? …so let call a spade a spade….Your Cabinet Team LOST the PLOT, so imo, the BUCK stops with U, PM. U cock up BIG TIME. Period.

If this is the opening barrage of the GE, PM is firing blanks, not facts.

 

 

Pinoy and PRC diplomatic behaviour contrasted

In Uncategorized on 09/01/2015 at 4:58 am

(Or “Pinoy Pride at work: OK for Pinoys to threaten, insult S’poreans but not vice versa)

The Filipino embassy told a Filipino nurse to be “extra careful with his social media usage”*, days after the nurse, Edz Ello, made some insulting and threatening comments about S’porean on social media. He has alleged that he did not post the comments, alleging that he was hacked.

An intelligent TRE poster (glad to see more of them posting: too many fools talking cock posting rubbish) pointed out the difference between the official Pinoy response and the official Chinese response when a PRC juz flamed S’poreans:

Sunny Day: During dog incident, one of PRC embassy staff Madam Zhou gave stern rebuke to Sun Xu, had asked him to apologize to Singaporeans, NUS, his teachers and friends and everybody. So contrary to Pinoy govt response. You can be sure that Filipino govt soft action means they don’t disagree with ezo ello totally.

I’d add that China is a regional power and is seen by the US as threatening its regional and global hegemony; yet its officials knows how to behave towards a host country. So unlike the Pinoy officals here, whose country has to run crying and grovelling to the US whenever the Pinoy govt threaten China and get kicked in the face by China for their threats against China. And they still wanted in 2012 Chinese tourists to come gamble in Manila?  Btw, Chinese said the country is not safe.

What accounts for the arrogance of the diplomats and Ello here? They think they own the place juz because they think the first “P” in the “PAP” stands for “Pinoy”?

Whatever it is, we know where people like Ello get their inspiration: their diplomata, who refuse to condemn threatening and insulting behaviour when made by Pinoys but are quick to KPKB about“the few Singaporeans” who have lashed out, and condemned the blog that suggested abusing Filipinos.

“I think it was unfair and racist and discriminatory,” he said, adding that the blogger had still not been identified.

http://www.bbc.com/news/world-asia-28953147

(My take on the interview https://atans1.wordpress.com/2015/01/01/pinoy-tua-kee-gives-the-finger-to-govt-meng-seng-2/)

Well shouldn’t he condemn the language used in Ello’s Facebook (even if Ello alleged it wasn’t him), by saying that guests must respect their hosts? Instead the embassy merely tells Ello to be “extra careful with his social media usage”: this could simply mean “keep yr threats and insults about S’poreans among the Pinoy community”?

Maybe the diplomats are like this

We Filipinos are famous for being onion-skinned or easily slighted at perceived insults. While it’s perfectly normal for us to taunt and criticize others, we can’t handle the same when it’s being hurled back at us. Incidents showcasing our extra-sensitivity to insults usually involve a foreigner making either a bonafide racist remark or a humorous jab at us Filipinos. True to form, our reactions would range from righteous indignation to excessive grandstanding. While it is alright to feel incensed, throwing a fit in front of the world would inevitably do us no good at all.

http://www.filipiknow.net/negative-traits-of-filipinos/

—-

*The Philippine embassy in Singapore has told a Filipino nurse to be “extra careful with his social media usage”, days after disparaging remarks about Singaporeans appeared on his Facebook account, which he said was hacked.

The Facebook post called Singaporeans “loosers” (losers) and expressed hope that “disators (disasters) will strike Singapore”. The Tan Tock Seng Hospital nurse has reported to the police that his account was hacked.

The Philippine embassy added that it has reiterated its previous advisories on the use of social media.

“Since the matter is under police investigation, the embassy advised the person concerned to cooperate fully with the SPF (Singapore Police Force).”

Tan Tock Seng Hospital has said it is working with the police on the investigation.

ziliang@sph.com.sg

– See more at: http://www.straitstimes.com/news/singapore/more-singapore-stories/story/philippine-embassy-reminds-tan-tock-seng-nurse-watch-his#xtor=CS1-10

 

Much ado about urns/ Where to buy in NE

In Property on 07/01/2015 at 4:27 am

Three pieces follow.

The first is from those KPKBing about the urns. My comments are interspersed. The other is a response from an intelligent TRE poster (Yup they do exist, though they are jeered by the rabble). The third tells of a better buy in the NE (Thanks for telling me about the area).

It’s all about “living environment”?/ Talking self-serving cock

The Singapore Mass Media has put up very negative report on us trying to portray us as some petty people who only care about our flat value and that is why we reject the columbarium. That is far from the truth.[Will say that wouldn’t they?]

I hereby represent the hundreds of affected stakeholders to put up the following statement:

1) We are unhappy and felt aggrieved by HDB’s misrepresentation by way of omission of material fact in their sale brochures. We reiterate that there was absolutely NO MENTION of columbarium in the sale brochures while the stated “Ancillary Service” phrase is so general that anyone who read that would have misconstrued as something else. Such definition can only be found in URA website and not HDB website at all. Any ordinary man would not have known how to get access to the details at all.

2) We are against such sales tactic as we should be treated fairly to be given FULL DISCLOSURE of information by the seller, HDB before we chose to buy the flat. We should have the right to make INFORMED choices and not short-changed with such omission of critical material information by HDB.

3) We are also very concerned about how HDB allowing a private commercial entity owned by a foreign public listed company to bid for the land gazetted for religious purposes. It is totally inappropriate for a commercial entity to make money out of any religion.

[Come on , tell us something new.]

4) According to High Court ruling, any entity that advance religion cause, should be subjected to Charity Act and put under the supervision of Commissioner of Charities. Apparently HDB has not made appropriate screening prior to the award of this land, which is meant for religious use, to a commercial entity.[What has this to do with the price of eggs?]

5) Commercial business should be restricted to land meant for commercial purposes, like industrial park. Land meant for religious purposes should be reserved to religious organizations registered in Singapore. This is to protect the interests of religious organizations as commercial entities would have more financial muscles to outbid them. It is totally unfair to these religious organizations which are Non-Profit Organizations to compete with Profit-oriented commercial entities in bidding for such limited land slated for religious purposes. [Gd point except that in traditional Chinese religion, there is no governing religious authority.]

6) Most of us are buying a flat as a HOME, not for property speculation. Thus, property resale value is least of our concern. Our main concern is the conduciveness of our living environment for our families. Thus the Main Stream Media has put up a totally misrepresentation of our plight and this is really a double whammy to us.[Come on, tell the truth. You are concerned about resale because a high-rise block containing urns does not affect the “living environment”. And you guys objected to a kindergarten. And are likely to object to an old folks recreation centre according to yr MP. You people think you are scholae Eng is it?] What we want is just a fair deal for our choice of home and we plead to the Main Stream Media not to put a double stabbing into our hearts and dignity by such grossly misreporting. [Nope MSM is right to slime you guys]

7) We are all law abiding citizens and we expect the Rule of Law to be adhered by the very institutions which are supposedly tasked to uphold the law and justice for citizens.

8) We sincerely hope that the relevant authorities, including the Ministry of Development, HDB and URA to look into the matter as soon as possible.

Thank you.

On Behalf of
Stakeholders, BTO Buyers.

An intelligent TRE poster responds

fernfoliage:

Addressing the points raised by the original poster.

1) You should have read the fine prints and clarify whatever you are not sure. Ignorance is no excuse in the eyes of the law.

2) What “such sales tactic”? You were INFORMED but when did not understand the information, you did not seek clarifications.

3) to 5)
Remember those days when the govt was in charge of everything and took care of everyone from cradle to grave? Well, you guys complained, criticised, condemned, cursed and swore at the govt at the slightest mistake it made. Now that the govt passes everything to the private sector, you guys complain about profit-making, commercialization. If the govt does not do it, the private sector also not allowed to do it, who will? Will you?

6) and 7) If you sincerely believe in what you have written, then just let the columbarium be. It is for the good of everyone, living and dead. Not only the healthy living but the sicked, the aged and the dead too have their rightful places in this country.

Rating: -70 (from 80 votes)
Best place in NE
Soccerbetting2:

Give up the Sengkang west way BTO flat loh . Buy the resale HDB nearest at Punggol loh .

Punggol going to have some more amenities coming up like all the coney island supposed to opened up this year . Wonder what is taking so long for them to open up Coney island situated at end of Punggol Road . A big shopping centre will opened by year 2017 at Punggol Central near the waterway . Another Safra will be opening think between year 2016/17 . Punggol has other facilities like golf driving range , supermarkets, a small Punggol Plaza, restaurants dining ,yacht club area …..etc. With a seaside view to provide for , certainly can consider .

 Rating: +22 (from 22 votes)

Pinoy tua kee gives the finger to govt & Meng Seng

In Economy on 01/01/2015 at 5:49 am

Remember earlier this yr, when GMS, Gilbert Goh and various anti-PAP paper warriors were proclaiming victory when the Pinoys called off their “trespass” (taz how GMS spun a Pinoy plan to hold a party at a public space in Orchard Rd)?

They were cock-a-hoop, trumpeting their “victory”. Pinoy pride was badly hurt.

Very recently, the Philippines’ ambassador to Singapore Antonio A Morales says that Filipinos are moving into more sectors of employment

The estimated number of Filipinos working in Singapore tripled in the past decade to about 167,000 as of 2013, according to Philippines census data.

,,,

Filipinos are willing to take on jobs for lower salaries, with working conditions unacceptable to Singaporeans.

The trend has made Filipinos “easier to exploit”, disadvantaging both them and Singaporeans, said migrant rights activist Jolovan Wham.

http://www.bbc.com/news/world-asia-28953147

And this at a time when the PAP adminitrastion is saying that it,s tightening FT employment rules. If so how come Pinoys are are moving into more sectors of employment

So it seems the Pinoy colomisation of S’pore continues despite what the PAP administration and Meng Seng says.

What do you think?

Btw here’s more about the PAP administration love of FTs, and Pinoys sliming us. I wrote this in July 2014 but decided not to publish it as I didn’t want to come across as anti-Pinoy (I like being served by Pinoy service staff), nor did I want to be associated a man who helped ensure the PAP’s preferred candidate won the presidential election (I had no issues with the Pinoys partying at Orchard Rd if they could meet the requirements).

But since the ambassador is raising the temperature with his comments (the embassy has form in this respect), I’ll add my my two-pence worth on the issue of Pinoys sliming us and the PAP’s administration love of FTs.

Pinoys vilify us

The education minister said last week [week before 26 July] it is important to go beyond understanding the “main races”.in embracing diversity.

“Singapore has thrived because of our openness to international trade flow, knowledge and cultures, all of which have brought us opportunities and progress. As Singapore moves towards a more diverse landscape, it is important that we continue to embrace diversity,” said Mr Heng.

“We also need to go beyond understanding the main races to respecting all people regardless of race, language or religion, who live and work in Singapore – for the happiness, prosperity and progress of our nation.”

Given that there are about 200,000 Pinoys working here, the largest group outside the “main races”, one can only assume, he is trying to tell us to be nice to the Pinoys.

No wonder there are Pinoys who think that the PAP stands for “Pinoy Action Party”.

It’s the Pinoys in PinoyLand who should learn to understand S’poreans.

Two recent examples of Pinoys defaming us.

Singaporean officials* has assured the Philippines their government is taking steps to address the hate campaign on Filipinos working there.

The assurance was made by the Singapore delegation who participated in Informal Consultations on the Philippines-Singapore Action Plan (PSAP).

[Source via TRE]: http://www.journal.com.ph/index.php/news/world/item/1432-singapore-vows-to-address-hate-campaign-on-filipinos]

Hate campaign against Pinoys meh?

So how come they were laughing and chatting away last week-end at Lucky Plaza. And Goh Meng Seng is still in HK, and quiet? Juz like Gilbert Goh. Surely if there is a hate campaign, these two men would be shouting themselves hoarse?

What more Pinoys in PinoyLand want? An excuse to burn our flag in PinoyLand and then give us two fingers? They not happy no get visas to come here to earn money and live in a place without fearing goons with guns. Are they being stirred by Pinoys here unhappy that what they tot were the Pinoy Action Party, Pinoy Minister, Pinoy Minister’s Office and Pinoy Police Force they make sure that Pinoys could party in a busy shopping area on a Saturday afternoon. https://atans1.wordpress.com/2014/07/04/pinoys-still-ng-kum-guan-about-8-june-fiasco/

And this vilification of us is only the latest. A few weeks ago, former ambassador Roy Seneres said the OFW Family party-list will file a protest with the International Labor Organization for violations of relevant ILO conventions relative to the right of workers to decent work and to be treated as human beings not as slaves and/or chattels.

Seneres, founder of the party-list, was reacting to reports that Filipino service workers in Singapore are being put on display in malls in the city-state to attract prospective employers.

Singapore must come out with a clear-cut statement that they have stopped the despicable practice or else the OFW Family party-List will file a protest with the [ILO]” on the matter.

http://www.manilatimes.net/singapores-treatment-of-filipina-workers-hit/109168/

He obviously doesn’t read the newspapers or if he does, doesn’t trust what a S’pore-based diplomat said, or the S’pore govt.

This report appeared a day earlier in the same newpaper.

The Singaporean Ministry of Manpower (MOM) said a Filipino diplomat in Singapore cast doubt on an online news report that Filipina household workers were being displayed for sale at some of the city-state’s malls.

In a statement, MOM responded “to recent Filipino media reports, based on an online Al Jazeera story, about the treatment of Filipino foreign domestic workers (FDWs) while they are placed with employment agencies (EAs) in Singapore.”

The statement said “we note that when contacted by The Straits Times, the Filipino labor attaché in Singapore, Mr. Vicente Cabe, was quoted as saying that based on his observations, the online article ‘doesn’t seem to have basis’ and that while he saw some FDWs sitting on one side of a room at some agencies, waiting to be interviewed by clients, “ . . . it seems a bit exaggerated to say that there is anything wrong with that.”

The MOM said it visited the EAs in the two shopping centers concerned and did not find any inappropriate “displays of FDWs.”

Its statement added that “the Al Jazeera story also mentioned that some FDWs could be seen demonstrating household or care giving chores within the premises of EAs. As some EAs have training facilities in the same premises as their front offices, it is not unreasonable for FWDs to be performing such chores at the EA’s premises.”

Furthermore, “the same story also suggested that some FDWs were not treated well while in their EA’s care. MOM’s rules are clear that EAs have to ensure the well-being of FDWs in their case.”

The ministry said “inappropriate display of FDWs” at EAs’ premises or advertising them as being “available for hire at cheap or discounted prices” are unacceptable practices. MOM requires EAs to be responsible and accord basic respect in their practices to both their clients—the employer and the FDW—and expects them to exercise sensitivity when marketing their fees or services.”

http://www.manilatimes.net/singapore-ph-attache-denies-maids-sold-in-malls/108832/

Btw,  S’poreans don’t go round decribing mixed-parentage S’poreans as mongrels. Pinoys call mixed race Pinoys “mongrels”.

http://www.interaksyon.com/article/27168/this-azkal-barks-i-am-100-percent-pinoy

Juz go home pls: Bank president Jim Yong Kim has described the Philippines as the next “Asian miracle” and a global model in fighting corruption, as it emerges from decades as a regional economic laggard.

Related post: https://atans1.wordpress.com/2014/05/31/event-planning-pinoy-style/

*I pass no comment on whether our officials agreed there was a hate campaign. I sincerely hope that our officials will always defend S’pore and S’poreans against such comments.

 

Want to win big PM? Juz do the right things

In Economy, Political governance on 08/12/2014 at 4:22 am

Singapore’s next General Election will be a “deadly serious” fight between the ruling People’s Action Party (PAP) and the opposition … every seat, GRC and SMC will be a national contest, and not just a local one … every seat will be a General Election, not a by-election. (CNA)

Ah yah, why PM like to talk big and cock? Juz do the right, fair things by S’poreans and trust S’poreans to be fair-minded. After all, daddy, for all his bullying and intellectual thuggery, made sure public housing was really, really affordable. and the heartlanders willingly gave the PAP their votes. Earlier, he made sure that the streets were kept clean, portholes mended, and clean water, electricity and sanitation provided at affordable prices.provided. And the votes followed. (and taz why I don’t begrudge him the office that many say he has in the Istana.)

An example comes to mind where PM can ensure that his administration does what’s fair and reasonable and that will benefit most S’poreans.

The price of oil has fallen from almost US$115 a barrel in June to around US$70.

This fall in oil prices makes it a no-brainer for a fair, reasonable govt, with a GE coming, and S’poreans unhappy with stagnant real wages for the PAP administration to make sure that public transport fares don’t rise in 2015*, and if oil remains near US$70, in 2016.

After all, SMRT’s Vice-President for Corporate Information and Communications Patrick Nathan said in November: “We seek a better alignment of fares and operating costs, and will be submitting our application for a fare review in the coming weeks.”

Well with oil at US$70, one of the two major component for operating costs, is dropping rapidly. The other,btw, is wages.

So is there a need for fares to rise in 2015? Bet you when fares are raised, as they are likely to, the excuse will be that fares were held down when the price of oil was above US$100. So only fair to raise them now.

Let’s see if the PAP administration is smart enough to deviate from the Hard Truth of “Always make S’poreans pay and pay”, what with a GE coming and S’poreans facing stagnant real wages. Anti-PAP born-losers should be hoping that the PAP sticks to its hardest of Hard Truths.

———–

*The Public Transport Council (PTC) on Wednesday (Nov 19) announced it has started the annual fare review exercise.

Public transport operators may submit their applications for fare review to the PTC for consideration by Dec 19. The decision will be announced in the first quarter of 2015, according to the press release.

To evaluate applications robustly, the PTC will take guidance from the fare review mechanism and fare adjustment formula recommended by the Fare Review Mechanism Committee and accepted by the Government in Nov 2013. (CNA)

The new fare adjustment formula is now based on core inflation (excluding property and car prices), average wage increase and an energy component.

“News” and “no-news” that annoyed me

In Humour, Malaysia on 07/12/2014 at 4:45 am

Emeritus Senior Minister Goh Chok Tong has received a “clean bill of health” from his doctor after undergoing surgery for prostate cancer, and is now back at work. (CNA)

You mean he working? Doing what? Talking cock is work?

2 Tampines GRC MP Baey Yam Keng told CNA that even though he gives people the impression that he is a very active and sociable person, he is actually an introvert.

“I think I give people the impression that I’m a very active, sociable person… doing a lot of things. But I’m actually quite an introvert. Really! It’s just that I’m active online so there are certain posts people remember and they form certain impressions about me,” said Mr Baey chuckling.

As TRE pointed out,  netizens have nicknamed him “Selfie King” because of his penchant for taking photos of himself at various events and at every opportunity, posting them online. He frequently makes postings of himself on Twitter, Instagram and Facebook, sometimes multiple times a day.

3 Bit rich, what coming from a M’sian publication that is in same group as NST which promote special rights for the “right” race:.

“What does this policy say to us? That Filipinos can be maids but not servers? Indians are good for being construction coolies but we don’t want to see them as hotel staff? This is why you see Mandarin-speaking servers struggling to pronounce Palak Paneer across the curry houses of Singapore.”

I was juz talking to a retired Bumi financier and he was musing that Bank Negara has never had a Chinese governor, despite many capable deputy Chinese governors.

4 In an interview, PM Lee said that his children “have not yet” expressed an interest to enter politics.

When asked if he would influence or encourage his children to join politics, Mr Lee said, “They will have to make choices.”

“Every child is different. Of course parents would wish for their children to be successful but they all have different natures. Some may be more interested in arts while others could be keen on computing or science. This is something that will have to be developed based on their preferences.” (PM Lee was interviewed by Yang Lan on Beijing Satellite TV while he was in Beijing for the Asia-Pacific Economic Co-operation (APEC) summit last month but aired here last Sunday)

So he telling us that he trying to persuade one of his sons to go go into politics? Like the way LKY persuaded him to get into politics? To be fair to him, the rumours are that that his wife has political ambitions for one of her sons. It’s also rumoured that his bro’s wife has political ambitions for one of her sons. Rumours also say that the bros are really relaxed about their sons not wanting to S’pore.

The absence of reports on the following is

Last Saturday was another Return Our CPF gig at Hong Lim Green. The MSM didn’t report it. But neither did TOC, ot TRE or Roy and New Citizen H3. So did anyone turn up?

And still no word from the WP on the arrears issue. Mgt systems must really be lousy.

And I’m surprised Goh Meng Seng is not attacking WP on this issue. But then maybe he focuses only on of inconsequential matters, not serious issues.

Now this had me smiling: Roy says  he is stopping blogging. His verbal diarrhea finally sucumbed to SingHeath’s tablets. (subsidised)?

But then Roy talks cock? Remember his research that PM stole our CPF money? Then he said he was talking rubbish and that the allegation wasn’t true?

Have a gd week.

Btw, if this post sounds familiar it’s ’cause I first posted something similar on Friday. Something went wrong and it disappeared. It ended up between two posts, days ago. So I reposted it with some amendments.

Why SGX keeps on messing-up? Too many FT cooks in the kitchen?

In Infrastructure, Uncategorized on 04/12/2014 at 1:25 pm

It has three FTs in the most impt areas:

— CEO is ang moh FT, brought in for his tech expertise;

— president (COO) is Indian FT (Anyone knows his background?); and

— Chief Operations and Technology Officer is Indon FT (Brought in for his financial expertise*?)

Btw, when the first computer cock-up happened and TRE KPKBed about the Chief Operations and Technology Officer’s lack of hands-on IT experience, I pointed out to Richard Wan that by that line of reasoning, Richard, an IT scholar, shouldn’t be handling editorial matters at TRE.

At the National Youth Integration Forum on 22 November, Social and Family Development Minister Chan Chun Sing spoke to some 300 local and foreign tertiary students at the ITE College East, urging them (and other S’poreans) to embrace the opportunity to learn from foreigners, “They can share different perspectives and provide new ideas. The interplay of those ideas with our ideas will help Singapore stand out as a global city.”

So S’poreans can learn from these three-highly paid Foreign Trashes that its OK to balls-up** continuously and still not get the sack?

Bet you some true-blue S’porean manager will be held responsible for the IT cock-ups. Taz why SGX still has Singkies,  need scapegoats for FTs. FTs can do no wrong.

Pmk should say to these three FTs:

We command ye therefore, upon the peril of your lives, to depart immediately out of this place.

Go, get you out! Make haste! Ye venal slaves be gone! So! … lock up the doors.

In the name of God, go!

———-

*Going by his CV (courtesy of TRE)

In September 2012, SGX announced the appointment of Timothy Utama as its Chief Operations and Technology Officer, effective 1 December 2012 [Link]. Mr Utama joined SGX’s senior management team and reported to the Chief Executive, Magnus Bocker.

“We are pleased to welcome Mr Utama to our management team. His diverse and global experience and knowledge will help further improve our operations and technology capabilities,” Mr Bocker then said.

Mr Utama actually started his career in banking with Bank of Trade (LippoBank) as Senior Credit Analyst/Account Executive in Los Angeles from 1989 to 1991 [Link].

In 1991, he joined Standard Chartered. For the next 13 years, he held various positions there:

  • SCB Indonesia from 1991 to 1992
  • Profit Improvement Unit Officer SCB Regional Singapore, Malaysia and Indonesia from 1992 to 1993
  • Head of Trade Services from 1993 to 1995
  • Senior Manager Middle Market from 1995 to 1997
  • Senior Manager, Trade Products Group Trade Banking from 1997 to 1998
  • Head of Service Delivery from 1998 to 2000
  • Head of Global Clients from 2000 to 2002
  • Head of Banking Operations from 2002 to 2003
  • Senior Manager, Service Excellence from 2003 to 2004

He then moved to ANZ Bank in 2004 for the next 4 years:

  • Head of Trade Service Delivery from 2004 to 2007
  • Head of Trade Sales from 2007 to 2008

He rejoined Standard Chartered in 2008 as the Head of Wholesale Banking Operation of Standard Chartered India based in Chennai.

After his stint with Standard Chartered, he joined Indonesian bank PT Bank Permata Tbk in 2010. There, he was on its Executive Board of Directors as their Technology and Operations Director from 2010 to 2012. In December 2012, he jumped ship to SGX where he now serves as its Chief Operations and Technology Officer.

Mr Utama holds a Bachelor of Business Administration in Accountancy and Finance from Texas A&M University, College Station, USA.

**Partial list of balls-up

— attempted takeover of ASX

— Thai exchange now biggest exchange in SE Asia

— penny stock fiasco

— not many major IPOs

— two computer failures in two months

 

Why WP Low is silent about almost everything/ Silence is no longer golden

In Political governance on 20/11/2014 at 4:18 am

Amended on 21 November 6.40pm to reflect MND’s explanation of the law. My “honest mistake”).

“[I]t is impossible to speak in such a way that you cannot be misunderstood: there will always be some who misunderstand you”, Karl Popper*, an influential philosopher of the 2oth century said.

PAP’s ministers (think Desmond Lee**) and elders (think Temasek’s chairman**, and ex-minister and ex-NTUC leader), Roy Ngerng and Goh Meng Seng should memorise Karl Popper’s words because they talk too much cock. .

It’s obvious that WP Low, the man of Tao, takes these words to heart and opts to remain silent most of the time: he cannot be misunderstood because there is nothing to misunderstand seems to be his reasoning.

Trouble is that the silence of Low (and by extension that of the WP because it too practices silence, even PritamS) nowadays is itself is now being interpreted, given its number of MPs and NCMPS it has; often in ways that don’t flatter. Example from TRE sometime back

ake the AIMgate for example. They knew of AIM but kept quiet until they were given bad report. Then started to talk of AIM in disjointed way. Took netizens in particular Alex Au and Voiddecker and Lucky Tan to marhall the arguments. If this my watch-dog, I’d put it down for not doing its job. If this my jaga, I’d sack him, suspecting he bakat-bakat with robbers. Choice of term co-driver is apt. He is part of team: Team PAP that is.

“I am pleased that all the Prime Minister has to say about the WP is to lament that we have not done enough in Parliament.” ~WP chief Low Thia Khiang telling us he pleased with KPI that PM and him agreed behind “clsed doors”****

So I hope the WP will soon explain why arrears collection in its area is so bad***. It’s taking too long time to get the facts, something Auntie is saying WP will do before commenting. PritamS deleted the relevant files? An honest mistake, or  the usual incompetency from Mr Singh?

——-

*Another saying, one that encapsulates his contribution to intellectual thought, particularly the philosophy of science, “No number of sightings of white swans can prove the theory that all swans are white. The sighting of just one black one may disprove it.”

Scientists now look for black swans and if they cannot find any, they can feel reasonably confident that their theory is right, although not yet proved. It is, in the present state of knowledge, the best approximation to the truth.

http://www.theguardian.com/books/2002/apr/27/artsandhumanities.highereducation1

**”Before merger, Aljunied had an operating surplus of $3.3m. Within two years, the merged AHPETC’s financial position has deteriorated rapidly. The operating surplus of $3.3m Aljunied had in FY10 had turned into an operating deficit of $734,000 in FY12, ” Desmond Lee.

Temasek’s chairman said the same thing. Mr Lim Boon Heng said that the WP-run town council’s (AHPETC) swing from an operating surplus to a deficit in the short span of 3 years is worrying. “It begs many questions,” he told reporters.

Well they ignored the fact that the WP did not inherit any surplus. Rightly, the surplus after an election has been locked up to ensure prudence. .

According to the Town Council  Act if after an election, the new MPs are from the same political party as those of the previous town council, then 80% of its surpluses shall be transferred to the sinking fund.

If, however, as in the case of Aljunied, the new MPs elected are from a different political party, then “all its surpluses” – ie, 100% of the surpluses – “shall be transferred to the prescribed sinking funds of the Town Council.”, Section 34 (4) of the act, should the area of a town be changed due to electoral boundary changes, the 80% and not 100% figure applies.

Under the Act, it states: “Where the boundaries of any constituency within a Town are altered under the Parliamentary Elections Act and there is an election in any or every new constituency so formed …  the Town Council shall transfer 80% of its surpluses to the prescribed sinking funds of the Town Council.”

***The charge by MND is that the “sharp decline” in the S&CC arrears situation in AHPETC as being “of grave public concern”. Aljunied’s S&CC arrears rate rose from 2.6% in FY10 to 8.4% in FY11 and FY12, after Aljunied merged with Hougang. This was significantly above the national norm of about 3%, the MND noted.

The arrears rate rose further to 29.4% at the end of April 2013. “From May 2013, the TC stopped submitting its monthly S&CC arrears report altogether, despite repeated reminders.”

To me as an honrary club treasurer, once upon a time, this doesn’t look gd. But the devil is in the details. So I’ll not pass judgement on the WP until I hear its side of the story. But its silence is deafening.

****He goes on, A good guard dog need not be the loudest barker. Most loud barkers are mad dogs and will either give you rabies or get put down if the neighbours don’t call the police or poison the dog first. If I want to have a good guard dog guarding my home and family, I’d get one that is smart and sensitive and knows how to protect my family best. That said, I certainly won’t vote in anyone I deem as volatile to represent me in parliament and to run my country. I will vote in someone with heart and think for the country while having a rational, guided and dignified approach. In any debates and arguments, the one who loses the temper first loses his audience. WP is matured and rational. They bid their time
proper. If they eventually have to run the country, that’s how the people can trust them to do so.

Things go better with Coke in Indonesia

In Indonesia on 08/11/2014 at 4:44 am

Coca-Cola to Buy Stake in Indonesian Unit for $500 Million. Coca-Cola will come to the aid of its Australian affiliate Coca-Cola Amatil by taking a 29 percent stake in a struggling Indonesian business for $500 million, Reuters reports. The deal effectively values the Indonesian unit at $1.7 billion.

Chart: Quenching Indonesia's thirst

Why TRE can’t raise $/ Only rich S’poreans are optimistic

In Economy on 26/09/2014 at 4:37 am

TRE ranters really have no money to fund TRE

In its report on the  ANZ-Roy Morgan Singapore Consumer Confidence Index*, ANZ said

–[T]he confidence from the poorest in Singapore appears to have stagnated …one possible reason is that most of the wealth of the lower income earners is tied to their houses, and property prices have softened.

[S]ome 44 per cent of respondents – down two percentage points from a month ago – expect Singapore to have “good times” economically over the next 12 months.

“The fact that less than half of respondents expect Singapore to have ‘good times’ economically over the next 12 months, is perhaps the strongest economic indicator of how average Singaporeans are reacting to the myriad challenges of current policies aimed at restructuring and reinvigorating the Singaporean economy.” 

– The supply-side restructuring of the economy may be hurting some of the lowest income households as productivity isreplacing manpower.”  (BT report 25 September)

So I was most probably wrong when I accused TRE  ranters of being talk cock, sing song free-loading cheap-skates, refusing to fund their favourite site and their heloo Roy; they really have no money to help anyone because most of the wealth of the lower income earners is tied to their houses, and property prices have softened. But are too proud to admit it, because if they do, they’ll be asked, “If so smart to criticise people who make money i.e. PAP ministers), how come you so poor?”

No wonder they hate the PAP, and the S’poreans (Kong Hee, Sun Ho) and FTs who lead the gd life. Maybe they should spend less time ranting on TRE, working harder to improve their skills and wages. Or juz have this hobby http://www.bbc.com/news/world-asia-28810578. Oh forgot, they have no money. Their birds will die of malnutrition.

Seriously, this survey does confirm two things thing that the TRE ranters and other anti-PAP activists (and others, though nor PAPpies and their allies in the constructive, nation-building media) have been saying, many S’poreans don’t expect Singapore to have ‘good times’ economically and most of the wealth of the lower income earners is tied to their houses, and property prices have softened.

—-

More on the Index and ANZ Bank’s commentary:

[The Index] released on Wednesday, rose slightly in September from a month ago to 120.7 points.

The slight bump in confidence over the month – up just 1.7 points – showed more hopeful assessment of the financial situations of those polled.

This contrasts with a sharp 16.9-point dive in the index in August compared to a month ago.

The index reading now sits just below the 2014 year-to-date average of 121.1 points, with the report made public early this month.

Notably, 27 per cent of respondents said that their families are better off financially than a year ago – this is up seven percentage points from a month ago.

More respondents also think financial prospects will improve for their families in a year’s time, with 33 per cent of those polled seeing the glass as half full, up five percentage points from a month ago.

But a closer look at the numbers showed that the gains in the perception of current household income from a year ago are concentrated in the highest income quintiles, ANZ said.

Daniel Wilson, an ANZ economist who co-authored the report, pointed out separately that while income growth here was stronger on a percentage basis for the lower income, compared to the top earners – at about 35 per cent versus about 25 per cent over the past five years – the dollar gains translate to S$556 and S$5,033 respectively.

The disparity is less stark with their views of the economy over the next 12 months, though there remains a small skew towards high-income households.

 

 

 

 

 

More evidence PM is clueless about ordinary life in S’pore

In Political governance on 29/08/2014 at 4:39 am

It’s not juz eating cockles with mee siam which incidentally is at least an attempt in fusion food: Malay with Chinese.

Recently, PM was criticised by the usual anti-PAP cyber warriors, for comments he made at a dialogue session moderated by DBS CEO Piyush Gupta;  comments on the “divisive nature of the internet”. Actually I think, their comments show how self-centred are the critics.

This is because they missed something very important that he also said, while focusing on something that even my dogs* know is a PAP Hard Truth: “Internet is bad for the PAP. So rubbish and smear it.”

BT reported on 23 August that at the above gig, PM said “Our population is aging, we have to take care of our old folks, and give them assurance and security. But the purpose of life is not assurance and security. The purpose of life is to use that security in order to achieve something new and different, and do better than the people who came before.” Emphasis mine..

Well the words I highlighted show that he’s clueless (or insensitive?) about the importance of “assurance and security” to S’poreans, whether they vote for the PAP or not.

“Assurance and security” is something PMETs and their families (and the poor) need because their “purpose in life” is to pay-off their “affordable” 25-year HDB mortgages, or private property mortgages, and have enough to live on in retirement without “downgrading”, “lease-backs” (Uncle Leong shows how unfair are the terms) .or moving overseas (which is a great idea except that most S’poreans juz don’t want to move).

Because of “market-based” pricing mechanisms, is the “correct” pricing (Think CoEs and public housing),  pricing out of reach housing and cars for those without access to cheap credit? I suspect it is. 

When you think about it, govt must be thinking of “controlled” market, not “free” markets. .In both the property and CoE markets, the govt decides the availability of the product. Only the price is “free”. This is especially true of land: the government controls the supply of land for development, auctioning parcels at its own discretion to developers. The price that developers pay helps decide the value it then puts on land that is used to build HDB flats on. In the case of CoEs, there is, we are assured, a formula.

If the usual suspects had not been so self-centred, they could have accused the PM that his”$2m” annual salary, and his privileged background makes him clueless or indifferent, or boh chap about what matters most. And they would have a reasonable point.

——

*Dogs have the intelligence of a five-year old child. Better still, they can sniff out s**t. They’ll bark loudly at one of Roy’s and Hui Hui’s gigs. But will fall silent and wag their tails when Uncle Leong talks.

 

 

If MOM correct about CPF, why need FTs, growing population? Cont’d

In CPF, Financial competency on 15/08/2014 at 4:23 am

Someone claiming to be a civil servant (and ex-reporter) replied to an article of mine on the above, As he has some good points, I tot I’d share it. My comments follow.

I’ll answer briefly the two questions you posed.

Firstly, why we need a larger population if each individual saves for his own retirement. Strictly speaking, we don’t. What we need is a larger *working* population because only those who have active incomes pay taxes. The taxes collected is used to run the country. It is simply not tenable nor sustainable to run a country with *both* a shrinking pool of tax revenue and a growing proportion of retirees.

For instance, even with steady population numbers, we expect the size of our law enforcement to maintain its strength (if already adequate). Our law enforcement staff is mainly supported by tax payers. Retirees generally enjoy their services but do not pay for the police. With waning tax revenues, it would be reasonable to cut funding and strength of our law enforcement agencies. And it stands to reason that crime rates would go up.

The same reasoning can be applied to health care, defense, or education expenses. Retirees don’t pay for these (other than a token co-payment).

Secondly, why the need for minimum sum and CPF Life. In my opinion, the Government is trying to be tactful in stating their reasons. I’d be more blunt here. Simply stated, the minimum sum is a proxy for your financial acuity throughout your working life. Financially savvy individuals would, by the time they retire, have a nest egg many times the minimum sum. Folks like you would be in that category. The Government does not have to worry for these folks.

Conversely, if you hadn’t even been able to save the minimum sum, what basis does the Government have to believe that you will be able to manage your own money to sustain you till death and not burden the rest of the population? If someone hadn’t been financially successful during their most productive years, would you believe that he is more likely to multiply his retirement account, or if given a chance, misspend or “mis-invest” his money. What then? What if they have no children or their children couldn’t support them or are themselves retired. Are you willing to support these folks for the rest of their life?

You yourself mentioned that life expectancy is much greater than before. That means whatever savings a retiree has would have to last for a longer time. If someone hadn’t sufficiently planned for his own retirement, what makes you think he could plan for his sustenance till death?

The views expressed here are mine and mine alone.

Whatever it is, it ain’t brief. So there goes his/her “briefly”.

Absolutely correct on first point though. My question was aimed at hopefully drawing out this answer.

This answer shows the BS (OK “incompleteness”, “economy with the truth”) that is the govt’s explanation here:

..a pension system. They collect taxes or get citizens to contribute to a social security fund. This pooled monies is then paid out to citizens who reach a certain age. However, many of these systems are facing challenges, because those who are young are now paying for the old. As most countries age, there are fewer and fewer young people paying for more and more aged people …
In Singapore, we have the CPF. Rather than pool all our monies together, every individual saves for his own retirement via his personal individual CPF account.
(Emphasis is mine)
Whether the Western system or ours, there is a need for “shared services’, MOM conveniently ignores.
It’s this kind of “answer” that gets me annoyed. S’poreans deserve better explanations.
On the second point, chap’s very cocksure: I’d be more blunt here. Simply stated, the minimum sum is a proxy for your financial acuity throughout your working life. Ever heard of the fickle finger of fate? “The Moving Finger writes; and, having writ,
Moves on: nor all thy Piety nor Wit
Shall lure it back to cancel half a Line,
Nor all thy Tears wash out a Word of it.”
Seriously, he has a point. Recently FT reported
Behavioural economist Dan Ariely, meanwhile, says it is “illusory” to expect education to lead to better financial outcomes. He points to a 2014 meta-analysis of 201 prior studies on the subject that found financial education had virtually no effect on subsequent financial behaviour. This is largely because most people forget what they have learnt within 20 months.

Mr Ariely therefore recommends a degree of compulsion. People should have to buy some insurance against longevity risks just as they are required to buy a basic level of car insurance, he says.

The problem is the govt’s solution, CPF Life. We juz don’t know if it’s any gd: black box calculations and no protection against default (yr CPF Life, it dies, you die). Sometime soon I’ll give blog further on these points.

As to Kee Chui’s *Population figures – nobody knows” comments last week: This is what the moderator at the event where he spoke (and a respected economist) posted on Facebook Chan Chun Sing, this is what

As an economist all I can say is that it’s not a very helpful answer.

A final population of below 4 million implies a drastic collapse of the economy not seen even in the Great Depression

10 million implies an impossibly crowded, highly unequal, socially divided society.

That we want to look after our citizens, or provide good jobs for our young is an independent truism.

No comment on an issue that is a key determinant of long term well being for future generations?

Gau Siam!

 

 

 

Roy Ngereg and the silence of the FT lovers

In Uncategorized on 22/06/2014 at 4:48 am

Remember Kirsten Han, wimmin of AWARE (diss MSmen also: all their male partners FTs is it?), William Wan and lots of FT lovers were quick to support the PAP govt in accusing S’poreans of the “X” word? Where’s the evidence of increased xenophobia? Yes a bit of hot, filthy, vulgar, smelly air, but I don’t see S’poreans beating up Pinoy Pride provocateurs for example, let alone gunning them down. If S’poreans in Manila or Cebu had behaved like these Pinoys here, thed’d be gunned down and our flag burnt. Reflect on that the Pinoy embassy and stop playing the victim game to justify yr cushy jobs.

Take the recent “hate” posting that has generated lots of noise. It was puerile, offensive in parts but hateful? Nope it wasn’t  In fact I tot that the suggestion that asking Pinoy cashier (not many nowadays: not gd use of their great skills in selling and customer service) if insecticide killed Pinoys, then saying one meant cockroaches not Pinoys, was wicked.

As to the one about not wanting to be served by Pinoys, it showed how dumb the writer was:

– I love being served by Pinoys, they know how to do “service with a smile” unlike people like Roy’s M’sian Cina gf; and

– the eatery can ask the requester to leave, publicise the fact, scoring points with MoM and the FT lovers.

But there is mostly silence from these FT lovers.when it comes to supporting Roy, as this TRE poster pointed out,

Why no civic staement ?:

Only MARUAH issued press statement ? What about the rest from the civil society group who are so quick to scold S’poreans for being xenophobic & racist ?? Where are:
1. Association of Women for Action and Research (AWARE),
2. Beyond the Border,
3. Behind the Men,
4. Function 8,
5. Humanitarian Organisation for Migration Economics (HOME),
6. LeftWrite Center,
7. Project X,
8. Sayoni,
9. Singapore Anti-Death Penalty Campaign,
10. Think Centre,
11. Transient Workers Count Too (TWC2)
12. Workfair.

and the individaul:
Fikri Alkhatib, Damien Chng, Ian Chong, Jean Chong, Chong Si Min, Kirstan Han, Farhan M Idris, Godwin Koay, Lynn Lee, Siew Kum Hong*, Constance Singam, Alvin Tan Cheong Kheng, Jolene Tan, Teng Qian Xi, Shelley Thio, Teo Soh Lung, Vincent Wijeysingha**, Mark Wong De Yi, Wong Pei Chi, June Yang Yajun, Yap Ching Wi and Rachel Zeng.

Where are your statements, why so quiet ?

And then there was the wannabe NMP for FTs, defender of Anton Casey and FT drinks-supplier (not unemployed S’poreans as has been suggested to him):

Chris K:

Oi, William Wan where is your “kindness”?

Why they silent about true blue S’poreans that many S’poreans think kanna bullied? He not FT is it?

It would be nice if these people and organisations think of how easy and unfair it is to accuse fellow S’poreans of xenophobia’ when they try to curry favour with an otherwise hostile govt. But why should they? FTs are no threat to their own jobs. pay, or standard of living. They are to many S’poreans.

For me as a retiree, the more FTs the better (wage repression keeps a lid on price increases) but I see the ill effects on working S’poreans (Yup not so cynical like “abc”). I hope the FT lovers too look beyond their narrow economic and financial interests, and “ang mohs know best” attitude.

———

*Note that Siow is an active member of Maruah. So not fair to include him among FT lovers only. He has also spoken out on FB against the defamation action.

**He too has supported Roy. Likewise unfair to include him.

 

PM is clueless about the WP & PAP

In Political governance on 02/06/2014 at 4:45 am

Sun Tzu said, If you know the enemy and know yourself you need not fear the results of a hundred battles.

Going by what he said last week, when and Low Thia Khiang engaged in a jaw-jaw in Parliament  on constructive politics, WP’s stand on major policy issues and the role of the opposition in parliament, PM doesn’t know the enemy and the PAP. So how can he fix anyone?

He said:

It’s an eloquent explanation for why the WP has been inarticulate, about many things. In a serious parliament, the Government presents its policies. The Opposition presents its alternatives. The WP may not have alternatives on every issue; it may not have a full range of all the complexities of designing an HDB scheme or MediShield scheme. You do have a responsibility to say which direction are we going. And that direction has to be set clearly – not to explain to the PAP, but to explain to Singaporeans what you stand for.

Err except that in a parliamentary democracy (I’m assuming S’pore is one, not a defacto one-party state), the opposition spends most of its time after losing a general election criticising the govt, and its policies. It only starts proposing alternatives maybe one yr before the next general election; and that only because it wants to present itself as a credible alternative to the govt.

Now the WP has made it clear that it isn’t ready for power and will at best be part of Team PAP if the PAP doesn’t win a parly majority. Nothing about teaming up with the other opposition parties.

So there really isn’t the need of presenting alternatives. And our PM should know it, and he should know that S’poreans know this too. The WP is uniquely S’porean: it doesn’t want to be the driver. It’s happy being a self-appointed co-driver.

And the following show that a Catholic High, NJC boy has problems understanding the principles of Tao that Low is using https://atans1.wordpress.com/2013/07/25/low-shows-the-usefulness-of-non-action/ (’cause dad’s a legalist? https://atans1.wordpress.com/2011/02/20/lao-tse-and-hard-truths/):

I hope he takes an equally reasonable approach when it comes to election rallies because the WP approach has been to be extremely reasonable – indeed low profile – in Parliament but come election time to turn into tigers and heroes.

It’s an eloquent explanation for why the WP has been inarticulate, about many things. In a serious parliament, the Government presents its policies. The Opposition presents its alternatives. The WP may not have alternatives on every issue; it may not have a full range of all the complexities of designing an HDB scheme or MediShield scheme. You do have a responsibility to say which direction are we going. And that direction has to be set clearly – not to explain to the PAP, but to explain to Singaporeans what you stand for.

And

[A]fter all this complicated explanation, I don’t know whether Mr Low Thia Khiang still stands by what was said in Parliament in the White Paper debate last year… But after telling me you can massage this and some people can do (with) less and others will need more – that’s easy to say, who’s going to do the massaging? Of course, the Government. And that, is the mark of a sub-standard Opposition.”

If PM doesn’t understand that WP Low is a follower of Lao Tze, then the PAP is in trouble.

And it’s not that PM understands himself or the PA.

It’s a bit rich for PM to say:

I think the record will speak for itself, when we make a shift we acknowledge a shift. When the WP changes position they pretend they haven’t – that is the difference.

And

We have to call a spade a spade. If we have changed position and your previous position was wrong, say so. If you hold by your position, have your guts to reaffirm it and take the consequences. But to weasel away, play with words, avoid the issue and then claim to be responsible, that is what we fear can drive Singapore’s politics into the same place where many other countries have gone.

As Lao Tze WP Low said

Talking about the WP flip-flopping on foreign workers issue… In any case, I also noted that when the PAP has to make a policy U-turn, they call it policy shift. I don’t know whether that is a shift or it’s a flip-flop.

He could have highlighted other PAP semantics like “evolving” (public tpt sys policies are “evolving”) or “moving on” (“Let’s forget the cock-up. This is an order”)?”

But Low was talking rubbish when he said, This is the mark of a responsible Opposition not to jam up the Government; allowing the Government – after giving our view, debating it – allowing the Government to move forward, not to jam up the Government. It is a mark of a responsible Government and a mark of first world Parliament”.

WP can’t jam p anything. The PAP’s majority (more than two-thirds) means it can do what it likes. And there’s nothing the WP can do about it. So long as the PAP has a two-thirds majority in parliament, it can do what it likes.

 

 

 

 

 

 

 

 

 

 

 

 

—-

*Lee Hsien Loong and Workers’ Party chief Low Thia Khiang engaged in a verbal sparing in Parliament on 28 May on constructive politics, WP’s stand on the big issues as well as the role of opposition in parliament.

Wah lan, FTs getting their very own NMP?

In Political governance on 21/05/2014 at 4:53 am

This tot crossed my mind when I read that the general secretary of the Singapore Kindness Movement (SKM), Dr William Wan, is applying for the post of Nominated Member of Parliament (NMP). He told the media that his nomination papers were submitted yesterday (14 May).

SKM’s mission is to inspire graciousness through spontaneous acts of kindness, thus making life more pleasant for everyone [Link]. The patron of SKM is PM Lee Hsien Loong and its adviser is Minister Lawrence Wong.

As to why he could be a Trojan Horse (albeit an unwitting and unintended one) for FTs, here is the evidence that made me conclude (reasonably I hope) that he believes,  “In S’pore, FTs are more equal than S’poreans”.

— Dr Wan came out to defend Anton Casey (‘SKM condemns ‘online lynching’ of Anton Casey‘).

The Straits Times then carried an article by Dr Wan in which he condemned the online behaviour of Singaporeans. He felt that Singaporeans had shown a lack of empathy towards Anton Casey.

Casey had described Singapore MRT commuters as “poor people”. He said, “Normal service (after getting his Porsche back from the workshop) can resume, once I have washed the stench of public transport off me FFS!” (FFS is an acronym for “for f**k’s sake”.)

In his article, Dr Wan lamented that “something has gone wrong with us Singaporeans”. He said incidents like Anton Casey “reiterate the need for us to reassess our social media habits”. Defending Casey, Dr Wan surmised that he was perhaps “simply being thoughtless and careless” when he posted the offensive remarks … (TRE)

— He ignored suggestions to show that he cared for S’poreans down on their luck by doing for them a totful, gracious act that he did for FTs.

[T]o show empathy for foreign workers, SKM and Coca-Cola Singapore delivered free cans of Coke to foreign construction workers at a high-rise work site via drones [Link].

Dr Wan said, “What we hope to do is to encourage Singaporeans to make showing appreciation to foreign workers part of our daily lives.” (TRE).

I applaud him (and Coke) for providing the foreign manual workers with cold drinks. It was a totful, gracious gesture.

But I find it strange that he then ignored suggestions that he should arrange for some drinks for S’poreans too. I’ll let TRE tell the story:

TRE has suggested that perhaps he should show empathy for his displaced fellow Singaporeans too (‘How about showing empathy for displaced SG workers?‘).

One suggestion would be to get his volunteers to hand out cans of Coke to Singaporeans seeking employment help at the Workforce Development Agency. There is no need to use any high-tech flying drones in this case – his volunteers just need to stand at the door and give out canned drinks to our fellow Singaporeans who need help and comfort.

He does totful, gracious gestures only for FTs? Doesn’t charity begin at home?

When it was reported that PM got flak for saying on the occasion of an Indian festival: “Singapore belongs to all of us, Singaporeans, new arrivals, people who are on permanent residence here, people who are on employment pass here.”*, I tot that the complainants were going too far. I tot they read too much in the word “belonging” and were being extremely petty and mean.

But, if as it is likely, William Wan, gets to be an NMP, I now can understand and even sympathise with those S’poreans unhappy with the PM’s comments, even if I disagree with their views and pettiness.

BTW, wonder why PM left out those on S Passes and work permits, many of whom are Pinoys, and Indians when he said, “Singapore belongs to all of us, Singaporeans, new arrivals, people who are on permanent residence here, people who are on employment pass here.”? Very strange given that he was talking on the occasion of an Indian festival and given the data

[T]here has been a significant increase for S Pass holders between Dec 2011 to Dec 2013.

47,000 to be exact.

This is 15,900 or 51% more, as compared to the period of Dec 2009 to Dec 2011.

Work permit holders increase substantially too, by 77,000 during the period of Dec 2011 and Dec 2013. It’s a 47% or 24,700 increase from previous 2 years.

Our total foreign workforce increased by 123,700 between Dec 2011 to Dec 2013 – that’s more than 60,000 each year.

(http://www.theonlinecitizen.com/2014/05/foreign-workforce-numbers-moderating-or-increasing/)

An honest mistake by PM? Or should we read something in his omission of S Pass and Work Permit holders? What do you think?

——-

*At a grassroots event in Ang Mo Kio to celebrate the Indian New Year, Mr Lee was reported to have said that “the event was an embodiment of the theme as well as on a larger scale where everyone participates as one big Singapore family” and that Singapore was a place “where we all celebrate one another’s festivals and happy events together.”

He added that “Singapore belongs to all of us”, which he said included “Singaporeans, new arrivals, people who are on permanent residence here, people who are on employment pass here.”

No security breach, but “secured” premises vandalised?

In Political governance, Public Administration on 16/05/2014 at 4:45 am

(Or “PR spinning goes mad” or “‘Ponding’ revisited”)

There was “no breach of security measures” by the Bishan-Toa Payoh Town Council in relation to the vandalism case in Toa Payoh … said Dr Teo Ho Pin* (CNA).  Graffiti was found along the rooftop of Block 85A at Toa Payoh Lorong 4. on 8 May and five 17-year-olds have been charged with vandalism.

Earlier, on 5 May, a train at the Bishan depot was spray-painted with graffiti. This is the third time vandals have struck a key transport facility in four years, and the second time a train in Bishan depot has been vandalised . In the latest case, reports said the depot’s perimeter fence was intact, and SMRT has yet to confirm any security breach, CNA reported.

So how did the vandals get in undetected to deface the property and then get out again undetected? Goh Meng Sen** allowed the vandals to use his UFO’s  teleporting machine to get in and in and out of the secured premises, is it?

Come on SMRT and Dr Teo, if vandals can get in and out of secured premises, then there were breaches of security. Let’s not indulge in word games to try look gd. These semantics only make you look stupid, and remind S’poreans that only the PM has cockles with a certain dish.

Dr VivianB put an end to claims by his officials that Orchard Rd wasn’t flooded, it was juz “ponded”. He sneered at their claims of “ponding”. Much credit we netizens gave him, showing how much he is disliked in cyberspace.

Mr Teo Chee Hean should show SMRT and Dr Teo why he was brought in as Home Minister. It had become a sex holiday camp during Wong Kan Seng’s long tenure there and Mr Teo made it fit for purpose again, looney M’sians braching borders excepted.

He should publicly  take SMRT and Dr Teo to task for trying to PR their way out of security failures that could have jeopardise lives, and further damage the PAP govt. If terrorists had breached these premises, and people had died, S’poreans would know that the PAP govt is a paper tiger when it comes to protecting S’poreans against terrorists.

Worse, imagine if the terrorists were the people Gilbert Goh or Goh Meng Seng love to trash, and MoM Tan, PM and his ministers, Kirsten Han and Maruah love to embrace: FTs?

All hell would break lose, and rightly so given that the PAP govt prides itself on keeping S’pore safe and on its love of FTs. S’poreans would be rational in thinking that when security and FT policies contradict one another, the security of S’pore and S’poreans suffer.

So pls Me Teo, pls wake up and go wake up Dr Teo’s and General Kuek’s. ideas. It’s OK to sleep in Parly (white elephant only) but not on the day-job of keeping S’pore safe.

—–

*CNA tells us how the vandals got in:.

Channel NewsAsia has been trying to figure out how the vandals could have reached the rooftop without using the trap door.

Looking at the place, one can see a small opening which leads to the roof. There are also stains on the walls, which could mean that the vandals could have placed a ladder against the walls to get to the opening.

If allowing a small opening to remain is not a security breach, what is, Dr Teo?

Dr Teo stressed that the PAP town councils take a serious view of the security and safety of roofs and water tanks at HDB blocks.

He said that over the last three years, the town councils have set up a security protocol on rooftop access.

Dr Teo said: “The town councils have set up three lines of defence to make sure that (only) authorised personnel can go up to the rooftop of our HDB flats.

“So we have, first of all, secured locks to make sure that all the trap doors and all the doors are properly locked using a very robust lock system.

“We also make sure that our water tanks are all with brackets — they are all bolted down to make sure that nobody can vandalise (them).

“At the same time, we have an authorised access system where only authorised persons can go up the roof.”

The town councils believe the present security system is adequate to prevent any unauthorised access to the roofs. However, they will need to evaluate if the breach is caused by other factors.

How can measures be adequate, yet there is a breach, causing a need to evaluate if the breach is caused by other factors.

**Maybe taz why GMS is AWOL or MIA yet again. He was leading the charge against the Pinoys’ party but has gone quiet. Maybe modifying his teleporter (with the help of Tan kin Lian) to zap Pinoys who party at his sacred spot and transfere to Filipino Lucky Plaza, where the Pinoys have de-facto sovereignty?

Have a gd weekend. Tune in next week. Plenty on garang Pinoys planning on taking on GG and GMS.

 

 

Think up another “clarification”, general

In Indonesia on 19/04/2014 at 5:15 am

(Or “The lies Indon officials tell”)

“Wasn’t me, was an impostor,” the head of the Indonesian Armed Forces should have said. Or, “I no speak English”. LOL

Some 48 hours after his interview with Channel NewsAsia aired on Tuesday, the head of the TNI deaplogised an apology he made during the interview.

General Moeldoko said on Thursday that he had not apologised to the Singapore government for the naming of a warship after two Indonesian marines who bombed MacDonald House in Singapore in 1965.

Instead, he clarified that he was expressing his regret that the naming decision was final and would not be changed.

On Tuesday night, Channel NewsAsia aired an exclusive interview with General Moeldoko, during which he touched on the relations between Singapore and Indonesia, among other issues.

He was asked by Channel NewsAsia senior Southeast Asia correspondent Sujadi Siswo about the decision to name a warship Usman Harun after the two Indonesian marines, and the ties between the two countries.

“Once again I apologise. We have no ill intent whatsoever to stir emotions. Not at all. Second, relations between the two countries are on the mend. There’ve been communications among leaders. Singapore’s Chief of Defence and I have spoken,” General Moeldoko had said. (CNA)

What could be clearer? He did apologise.

So he’s a talk cock general? I prefer our paper generals.

Seriously, I was surprised at his unambiguous apology and wondered why the TNI had eaten crow. Now we know, “He didn’t mean what he we heard.” So TNI still believes in killing civilians is a legitimate military tactic.https://atans1.wordpress.com/2014/02/17/govt-sporeans-that-blur-on-indons-ship-naming/? Tell the Americans.

Still want us to trust Indonesia Mad Dog Chee?

Related posts: https://atans1.wordpress.com/2013/06/24/haze-what-raffles-would-have-done/

https://atans1.wordpress.com/2014/03/29/investing-in-indonesia-is-like-eating-puffer-fish-tre-readership/

https://atans1.wordpress.com/2012/09/25/indonesia-even-friends-get-screwed/

Temasek’s Lim talks rubbish/ Olam helps African farmers

In Africa, Commodities, GIC, Political governance, Temasek on 03/04/2014 at 4:55 am

Temasek’s chairman Lim Boon Heng (the chap who cried when voting for casinos) was quoted by BT on 31 March as saying, “Coming from a little island nation with no natural resources except for some granite rocks, we are not a sovereign wealth fund in the normal sense of the term,” he said at a reception to mark the opening of Temasek’s new European office in London last Friday.

“Instead, we invest capital accumulated from generations of hard work and commitment by everyone in Temasek and the Temasek portfolio companies,” said Mr Lim in a speech at the Millennium Mayfair Hotel.

Well, I could reasonably say that he is talking rot*. It could be reasonably argued that part or most of money saved (via budget surpluses) could have been be more productively spent on making life better for S’poreans. It could have been spent on

— more hospital beds (http://www.tremeritus.com/2014/03/13/gan-says-hospital-beds-increased-by-30-really/),

— better public transport (Using back-of-the envelope calculations and figures in annual reports, since it was listed SMRT (over a decade ago) has paid S$562.79m in dividends to Temasek, and ComfortDelgro has paid the S’pore Labour Foundation (a statutory board affiliated to the NTUC) dividends of  S$150.46m since 2003 (Comfort and Delgro merged in 2003, and SLF had a stake in Comfort). The amount that ended up with the government was S$713.25m, with SMRT contributing 79%. But ComfortDelgro is likely be the main beneficiary of the S$1.1bn bus plan) (Italics added at 6.55am),

— low cost public housing (remember Mah saying that lowering the cost of land cheaper was raiding the reserves https://atans1.wordpress.com/2011/04/17/what-are-in-our-reserves-a-revisit/. Link also describes how budget surpluses and the reserves are linked),

— welfare for the elderly and needy. and

— education.

The list for the productive use of govt revenue rather than to play roulette or baccarat (OK, OK invest) can go on and on.

 

Leading local economists (not juz a wannabe opposition politican) have made this point about better uses of govt money than squirreling it away for a rainy day that never comes**. They juz don’t get reported by our constructive, nation-building media.

But maybe the govt is changing its attitude and Temasek is leading the way?

Olam is into sustainable, ecofriendly agriculture.

Sor and farmers from 36 communities in the Juabeso/Bia district are part of a project to produce climate-smart cocoa, claimed to the the world’s first. The $1m, three-year pilot collaboration between Rainforest Alliance (RA), an environmental organization, and Olam International, agricultural company, offers financial incentive to the farmers.

In the wild, cocoa trees grow under taller trees, which protect them from the scorching sun. But in Ghana as in neighbouring Ivory Coast, which together account for more than half the global supply, cocoa is grown as a monoculture.

“I had a lot of trees on my farm, but I cut and burned them. I thought they brought diseases, were a nuisance and took the place of cocoa,” says the mother of four, who owns a 4-acre farm in Eteso.  “I didn’t know about the importance of shade trees until I joined the group.”

(http://www.economist.com/blogs/baobab/2013/12/ghana)

Three cheers for Olam and Temasek for helping African farmers. Next stop S’pore SMEs?

Maybe Temasek is experimenting in Africa. Next an investment in a S’pore based co that helps S’poreans? Charity begins at home.

BTW, nice to see that GIC opened an office in Brazil. About time as Latin America is becoming unfashionable among the ang mohs.

GIC opened an office yesterday in Brazil, as it looks for more investment opportunities in Latin America.

The new office – its 10th globally – will focus on areas such as real estate, healthcare, financial and business services, and natural resources and infrastructure.

“Our presence in Brazil will enable our partners to engage early and interact closely with the GIC team, which is very beneficial for complex and sizeable investments,” said group chief investment officer Lim Chow Kiat.

“We believe our partners will gain from having access to GIC’s global network of business contacts and market insights. Although emerging markets remain volatile, we are confident of the long-term Latin America growth story.” (Yesterday’s BT).

These countries need capital, now that the ang mohs no longer like the area. China is investing there, BTW.

————————————————————————————————————

*One of these days I’ll blog why ever since Devan Nai, Lim Chee Onn and Ong Teng Cheonf, we’ve had clowns as NTUC leaders. Lim may have been a failure as NTUC leader (Devan Nair fixed him), he he turned out to be a gd for Keppel, for which I’m grateful.)

**I hope thyose who think the world of Ong Teng Cheong realise that he wanted to look away even the returns from reserves away from the masses. Lee Hsien Loong and co got their way on using some of the returns on govt spending.

Focus on dividend growth, not yield

In Financial competency, Reits on 11/03/2014 at 4:25 am

Here’s some gd advice from the FT when buying dividend stocks:

However, experts warn investors should not be lured by high dividend payouts from individual companies, as this can entail risk. Instead, they note that dividend growth can result in much higher returns.

“Chasing a high dividend is a risky strategy; the yield might look attractive, but the risk is the dividend gets cut and the share price falls further,” said Adrian Lowcock, senior investment manager at Hargreaves Lansdown.

“The share price may have already fallen to reflect expectations the dividend will be cut – meaning the yield would then have risen,” he added. “We saw this in 2008/09 when the banks all had high yields but were not going to be paying dividends for many years.”

Investors should instead look for growing income, as these companies are likely to be financially more robust, growing their capital base.

So maybe time to think about SMRT https://atans1.wordpress.com/2014/03/04/smrt-only-now-meh/?

And here’s a gd BT article on evaluating Reits: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid={651562920-19895-7719950079} High yields do not mean a Reit is an attractive buy, however. Yields are related to risk and growth potential, as investor Bobby Jayaraman pointed out in his 2012 book on Reit investing, Building Wealth Through Reits. The safer the Reit and the higher its growth potential, the lower its yields will be. This is because high demand from investors for these assets pushes up their price, thus lowering yields.

If you want to know more about the Reit structure http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid={651939829-19894-8559931515}

Govt, S’poreans that blur on Indons’ ship-naming?

In Indonesia on 17/02/2014 at 4:38 am

The govt missed the opportunity to kick the Indonesian govt in the balls. It could have made the Indon govt look stupid and crass internationally. S’poreans (govt* and all the commentators bar one Voice, see below) are behaving like frogs in a well in their reaction to the Indonesian brazenness over the naming a naval vessel after two “heroes” who killed S’porean civilians in the 1960s.

Seriously, the issue is bigger than our sensitivities about the Indonesian govt’s view that we are a Little Red Speck that it can trod on or push around like East Timor or West Papua.

It’s about whether Indonesia views attacks against civilians as a legitimate military tactic, contrary to the rules of war, Even the hegemon accepts that killing civilians is wrong even if its drones keep killing civilians (“Accident leh. Not on purpose”). So the US and the int’l community should want to know if Indonesia views killing civilians as a legitimate military tactic. The behaviour of Indonesia’s armed forces in Acheh, Sulawesi, West Papua and East Timor provides evidence that the military (at least) condones the killing of innocent civilians.

Taking a step further does Indonesia implicitly or covertly condone terrorism as a legitimate response to grievances (legtimate or otherwise)? S’pore should be asking the US and the int’l community to ask Indonesia. After all, Indonesia considers the two men who killed innocent civilians “heroes”. Isn’t this glorifying and condoning terrorism which is the killing of innocent civilians to publicise or further a cause? Even North Korea who has engaged in terrorist attacks against airliners and in third countries (such as Burma in 1983) doesn’t go round naming warships after the “killers”.

I’m bullish about Indonesia’s economic prospects but I’m not blind to the flaws in Indonesian governance. I’ve written: The Indonesian army has form in bullying its people and invading neighbours: Aceh, Sulawesi, East Timor, West Papua, Malaysia. Remember the Indonesian army planted bombs here in the 1960s?

Other instances of bad Indonesian behaviour

https://atans1.wordpress.com/2010/07/09/indonesia-bullying-instincts-arising/

https://atans1.wordpress.com/2013/07/05/haze-pm-silence-is-not-a-solution/

The above musings was “triggered” by this letter to Voices:

From

Haj Mohamed

Published: 13 February, 4:04 AM

I refer to the report “Jakarta ‘meant no ill will’ in naming of frigate” (Feb 12). The issue is not merely about bilateral relations per se.

Indonesia’s decision to name a ship after the MacDonald House bombers sends a confusing signal about its stand on terrorism.

The bombing was done in a civilian area, killing civilians, and the world is clear that such bombings, including suicide bombings, are acts of terrorism. So, what is Indonesia’s stand on the Bali bombers?

There is a saying that one man’s terrorist is another man’s freedom fighter, which I believe holds only when one considers the other as an enemy.

Now that Indonesia has clarified that there is no enmity between our two countries, it must clarify its stand on terrorism and its criteria for defining heroes, so as not to reinforce a few of its citizens’ wrong perception that Jemaah Islamiyah members are heroes.

Related post: https://atans1.wordpress.com/2013/06/24/haze-what-raffles-would-have-done/

Update at 5.00am

Riau Islands Governor Muhammad Sani has told the Batam chapter of the Indonesian Chambers of Commerce and Industry (Kadin) to reconsider its plan to build a statue in honour of former Marines Usman and Harun to prevent further friction with Singapore.

Singapore had reacted strongly to Indonesia’s recent move to name a warship after the two Marines who carried out the bombing of MacDonald House in Singapore in 1965.

“With the current situation, please reconsider (the plan) and do not add more problems,” Mr Sani was quoted as saying by the Antara news agency on Sunday.

Mr Sani said that Batam Kadin should bear in mind that Batam is a stone’s throw away from Singapore.

“What is the benefit for us?” Sani asked.

The building of the statue is subject to approval from the Batam Free Trade Zone Management Agency.

A spokesman for the agency has cited several factors it needs to consider before granting a permit — aesthetics, maintaining good relations and Batam’s location — noting that many Singaporean businessmen invest in Batam.

A Batam resident who goes by only one name, Parulian, warned: “What if Singaporeans pull their investment?” (CNA report)

Money talks.

*Actually the govt’s behaviour was measured but two ministers who were paper generals spoiled the gravitas that Shan and MFA pitched the issue at with their comments. Kee Chui and MoM Tan should have sat down and shut up. but one assumes they wanted to how lien their patriotism, if not their stupidity and crudeness. They came across as the Indonesian generals do: paper tigers. Maybe they practising to be like Indonesian ministers: talk cock, sing song clowns? LKY would be appalled.

S$, Baht & Rupiah looking gd

In Currencies, Indonesia, Japan, Malaysia on 13/02/2014 at 4:43 am

Given that a senior cabinet minister and NTUC chief, and a jnr minister from NTUC is giving the PAP govt a bad name, maybe it’s time to remind S’poreans that the PAP govt is not all full of NTUC clowns. On Tueday I reported that Khaw and MoM Tan had the developers concerned, and today I’ll remind S’poreans that PM’s economic team (headed by Tharman) are keeping int’l investors onside (too bad about TOC, TRe readers, but then they can take comfort that locals like me too like a strong S$.)

(4 Feb) – Recent alarmist commentary may have stirred up concerns about Singapore’s economy, but in the midst of the emerging market rout, safe-haven seekers’ faith appeared unshaken as they scooped up its currency.

“We have noted its safe-haven status within the Asian region is getting stronger in past years. So when you have a broad risk off, in general the Singapore dollar will outperform,” said Ju Wang, senior foreign-exchange strategist at HSBC.

Earlier this week, global markets largely sold off, but the Singapore dollar strengthened, with the U.S. dollar fetching as little as 1.2666 on Tuesday, compared with around 1.2790 Friday. Against the currency of its neighbor Malaysia, the Singapore dollar has touched its highest level since 1998.

http://www.cnbc.com/id/101390521

But To be sure, it isn’t clear the Sing’s climb is sustainable or would withstand a more extended market rout.

“When people want to take money off the table, the safe-haven tag may not be helpful,” Song said. “We can’t avoid spillover from contagion in Southeast Asia.”

Now that would have TOC, TRE readers happy, ’cause they can blame it on the govt.

BTW, here’s an interesting article on the flows in and out of Indonesia and the other Fragile Five. http://www.economist.com/blogs/buttonwood/2014/02/emerging-markets. Actually the rupiah has done relatively better than most other emerging markets currencies against the US$. So has the the Thai baht despite the political problems.

But the currencies of  Thailand Indonesia, M’sia  and the Philippines have fared worse against Japan’s yen than they have against the US dollar. This means that Japanese financial ,institutions may slow down their investments in the region: investing here could be like catching a falling knife. So, they’ll likely wait.

 

Zorro & PA make PM look stupid, cheap-skate, ill-mannered & ungracious

In Political governance on 12/02/2014 at 4:50 am

(Or “PA trying to show that it is no PAP stooge?”)

Tot Cheap, Cheapo Quick Zorro is a minister in PMO, the deputy chairman of the PA,  and that PA and the PAP are one and the same? Think again, with people like Zorro and other senior PA managerss, who needs enemies, the PM (and chairman of PA) must be wondering. PM may also be wondering if Zorro and other clowns manager at PA are trying to fix him or that they showing S’poreans that they are not part of the PAP machine.

Still laughing at Zorro Lim’s explanation of why ex-presidential TCB was “un-invited” from an Istana function organised by the PA. And at his petulance in being upset that Dr Tan made the un-invitation public*:  Mr Tan Cheng Bock is just informing his followers and friends on facebook.
Cannot meh? (TRE reader)

Wouldn’t it have been easier (i.e. less damaging to PM, Zorro personally, the govt, the PAP and the PA) once the balls-up was discovered for Lim to say to his staff, “As our sister Jos said We cannot have the attitude that everything will be perfect from Day One: but more careful. Make sure the correct list is used next yr. As for this year, let the invitations stand. Order more food. No budget? Juz cut activities in WP areas. Make the residents there repent. We don’t want PAP voters and neutral S’poreans to think we are ill-mannered: badly brought up by our parents.”

Instead, he called all those wrongly invited to dis-invite them (Wonder how many? Any Oppo GE 2011 canidates? Think Ben Pwee and SDP’s Dr Ang). Surely on a cost-benefit analysis, this was a waste of his valuable time**? Particularly given the PR damage if this dis-invitation was made public? In the age of social media, disclosure must be presumed.

As it is, one TRE reader voiced what is on many minds (self-included)

I think the whole episode of “uninviting Lim Cheng Bock came out badly” in the eyes of many Singaporeans. It showed clearly as long as someone is against the PAP, they do not deserve to be a Singaporean, notwithstanding his or her past contributions to nation building. At least I view it this way as a Singaporean from this episode. Because Tan Cheng Bock, an ex PAP member dared to stand up against the current PAP policies, it seems he is more an outlaw today, and whatever credit he chalked up in sacrificing his youthful years in nation building became a zero and does not deserve any recognition at all***.

He or she goes on to make some very valid points:

Secondly, with Lim Swee Say’s explanation, it also reflected badly on the PA as an organization. It looks like in coming up with the first list of invitees, they did not even know exactly what criteria to use to come up with the selected people for the Istana Party. All these days with the PM loudspeaking his sincere wish to recognize the first generation people who contributed to our nation building, it looks like at the end the selection was morely likely based on a preferred list, which is not surprising at all. Woe betide once again!

Thirdly, Lim Swee Say came across as unconvincing at all, especially when he is also the Labour Chief who needs to have a heart full of empathy in the first place. But by executing the order to uninvite a fellow Singaporean who was already invited, it just reflects clearly that our leadership is uncompassionate and also unkind. Even if the case was not about Tan Cheng Bock per se, but if any ordinary Singaporean who got invited to the Istana to be informed later that he was univited because of an error, have the government given any thought on how the affected person would feel. He or she could have already announced to all the friends that he was invited by the PM for the Istana Party.***

Given the above logic, Tan Cheng Bock has every right to make a comment on how he really felt about the matter. Does Lim Swee Say expect Tan Cheng Bock to challenge the decree when it was announced to him over the phone? Cheng Bock has to accept it as a gentleman but does it mean he has bought into the explanation which is a lousy one in the first place. So my advice to Swee Say, just shut up!

And it’s not only netizens. This appeared in MediaCorp’s freesheet:

Aileen Tan Ai Ker

Published: 10 February, 4:06 AM

I refer to the report “Cheng Bock invited to Istana party ‘by mistake’” (Feb 8). Invitations are traditionally, even now, sent because the host wishes to have the company of the guest.

No one sends an invitation and retracts it, especially after it has been accepted. This is unacceptable in any culture, by any social standard. It is a question of “face” and emotional quotient. Similarly, a guest should have basic, reasonable emotional intelligence to decline an invitation if he or she feels awkward or is on unfriendly terms with the host.

In this instance, former Member of Parliament and presidential candidate Tan Cheng Bock received and accepted the invitation.

The People’s Association (PA) should have been sensitive and exercised discretion to host him and those guests whom they considered were invited by mistake.

An old invitation list was used, despite today’s database management technology. It would have been smarter to bear the brunt of this and be graceful. The cost of hosting them would probably have been negligible.

Instead, the episode reflects badly on the PA, which deals with the grassroots and Singaporeans in general.

We expect more sensitivity than a simple apology after making a mistake. EQ training might help prevent a repeat.

Update: Related article: http://www.tremeritus.com/2014/02/08/pap-in-stage-3-to-4-of-decline/

—-

*He implies that since Dr Tan accepted the dis-invitation, he should juz sit down and shut up. A TRE reader pointed out: Mr Lim SS, Dr Tan may accept your explanation. He may not necessarily agree with or support your explanation. He has not explicitly say that he agrees with your explanation. Example : I may accept the price of NTUC goods/products however I may not support it. So Dr Tan has the rights to provide his side of the story. Remember he has his grassroots supporters to explain to. So if you have nothing to hide, Mr Lim why be do defensive.

**Remember he needs time to read his specially prepared monthly CPF statement, and to borrow toothpicks from a certain place.

***It is not about the invite – it is about some small- minded people who felt threatened by his presence. By 0.35 % margin! Dr. Tan will be the one sending out the list. Now he is pariah!

Shame on the PAP. (Another TRE reader)

****But the important things is this – if an invitation has been extended, you honour it and follow through with it. And if you have to have a longer guest list and cater more food as a result of this, then so be it. Making things right in situations like this is to honour what the Government has done. Updating the list and uninviting people is not making things right, and in fact is not right and making things worse.

It is disappointing that you would stand by and approve of this kind of conduct. Is this the ethos PA goes by?

Don’t highly qualified people in the civil service understand what it means to do the right thing in human relationships? (Yet another TRE reader)

Bernice Wong: Anton’s masculine, not sheltered, babyed & childish

In Humour on 23/01/2014 at 1:44 pm

Not like locals. (But let’s be fair, she implied this in 2010).

But before going into the details, a few things to clear up.

First an apology from me. Scumbag Anton Casey is not working for HSBC but for Crossinvest. Sorry for my mistake: it was an honest mistake.

I’m very certain, he will be moving on from Crossinvest given that: The Company was created out of a Swiss single family office with almost three decades of leading experience and presence in Switzerland. We operate based on the finest Swiss Private banking traditions. 

Well among the finest Swiss Private banking traditions are

– discretion; and.

– operating in the shadows, leaving no fingerprints behind.

Don’t see Casey meeting these standards. Besides, In a statement, Managing director Christophe Audergon said: “Crossinvest does not condone the comments. We believe they were made in poor taste.” (Update on 25 January 2014 juzt before midnight: he got fired. TRE’s take)

Now that I’ve apologised, on to what he should do to prove to S’poreans that he is genuinely sorry for what he did, before talking about wifey’s comments on why she wanted an ang moh man.

Talk is cheap Anton Casey; Show us you’re sorry. Dob’t talk cock, sing song like the S’poreans you say you respect. ST editor turned Jedi (apparently: ever tot she Trojan horse?) has a list of things he could do to prove he is sorry.,

I got only one suggestion on the premise that money talks, BS walks.

In Christianity, Islam and Judaism, there is a tradition of donating 10% of one’s worldly goods* to charity (OK, to be precise “gd works”) to show that one is a gd Christian, Jew or Muslim*. So in that spirit, he should donate 10% of his worldly assets to charity or to TRE or any combination thereof. So if he is worth $10m dollars (after all being a millionaire is nothing here: think of all those S’poreans with landed property or even HDB flats that have paid off all or most of their mortgages), he should offer $1m to TRE.

Somehow, I think this FT where the T stands for Trash, isn’t really that sorry enough to spend any money doing gd to show he is sorry (though he sp4ends money on PR and lawyers).. I doubt Ms Bernice Wong would be impressed if he was sorry enough to lose 10% of his assets. As it is she has to live with the following comments (now deeply mortifying for her) on why for her ang moh is tua kee

‘I have never been able to click with local guys. Somehow, our personalities don’t match up.

‘I will say that the local guys I’ve met are pretty sheltered. I’d like them to be more masculine, not so ‘baby-ed’ and less childish.’ http://www.tremeritus.com/2014/01/20/briton-belittles-people-taking-public-transport/

I mean who’s sheltered, babyed and childish? And is it masculine to have no balls to stand up for what one says? A real man would say, “I stand by what I said, and I will accept the consequences. Wanna fight?” He wouldn’t make police reports or wimp out by metaphorically getting on his knees and asking for forgiveness.

Finally, wonder what his in-laws think about the video which seems to insult us slit-eyes. This is what someone posted on Facebook: For all those who are not aware, his son is making the ‘chinky Asian’ face where in the West, if they want to mock Asians, they make this face- it’s called the chinky face, where you narrow your eyes to a slit and make buck teeth. That’s what the kid was doing, throughout the entire time in the video.

Here’s a screenshot of the end of the video. Look at the face he (Anton) made- especially, if you run the video, you’d see he deliberately made the ‘buck teeth’ face. It’s obvious he instructed the kid to do that all the 14 secs of the video. So he has also encouraged his son to do it, because if you look at the other pics that are online of his son, his face isn’t like that. Look at both the kid’s eyes and mouth in the whole video, and you’d know what type of face he was making …

IE S’pore & Jos’ point about perfection

In Economy, Humour on 21/01/2014 at 5:24 am

Readers will know that I recently commented (here and here) on Jos Teo’s tots as articulated to ST: comments that have annoyed netizens no end. Juz read the comments posted by TRE readers grumbling that she gets so many things so wrong. “We cannot have the attitude that everything will be perfect from Day One. If we go in with that attitude, it can only mean that we have to build in a lot of redundancy, in particular came in for a lot of flak.

Well getting things wrong also seems to apply to her hubbie’s organisation (According to ST,”Her husband, Mr Teo Eng Cheong, is chief executive officer of IE Singapore …”)

IE S’pore has goofed big time. according to a BT report dated 18 January 2014:

ERRORS in trade data collection meant that International Enterprise (IE) Singapore wrongly reported two months of exports data, with possible implications for fourth-quarter GDP estimates.

October 2013’s non-oil domestic exports (NODX) was said to have grown 2.8 per cent, when in fact it had shrunk 2.7 per cent. Data for September was also overstated – NODX was initially said to have shrunk 1.2 per cent when the actual contraction was a larger 2 per cent – due to the “multiple counting of some trade permits”.

As trade data for both months have been corrected downwards, total trade and NODX for the full year 2013 will now come in lower than expected, IE said in an annex to its trade report for December, released yesterday.

IE will only announce Singapore’s full-year trade data next month, but UOB economist Francis Tan estimates that full-year NODX would have dropped 5.4 per cent, taking September and October’s erroneous figures, but could now fall a sharper 6 per cent. Both are worse than IE’s forecast of a NODX contraction of 4 to 5 per cent for 2013, last revised down in November.

It was an honest mistake. Maybe it was also example of what Jos Teo said, “We cannot have the attitude that everything will be perfect from Day One. If we go in with that attitude, it can only mean that we have to build in a lot of redundancy.

BT wrote: IE said yesterday that the errors were traced back to changes to a trade declaration system known as Access, which is used by four air express companies to declare their consolidated imports and exports. In August last year, changes were made to this system to allow the companies to make amendments to their trade permit records, such as flight details.

However, all amended permits were counted as new ones when transmitted from the Access system to the Singapore Customs’ Trade Statistics System, and then to IE Singapore. In nominal terms, the counting errors meant a difference between an originally tabulated NODX value of $15.599 billion for October, and a corrected value of $14.757 billion.

In response to BT’s queries, IE explained that the over-reporting was not immediately apparent as the values of the individual records still fell within the expected range. “When unusually large numbers were picked up, IE Singapore worked with Singapore Customs immediately to investigate and rectify the issue,” IE said.

For trade data, Singapore Customs conducts selective checks of trade permits against the commercial documents to verify the accuracy of data submitted by traders. “IE Singapore also conducts checks on a monthly basis to track trends based on the value of goods and large ticket items. Export and import categories with significant data swings will be picked up for further verification and analysis in consultation with Singapore Customs,”  …

One economist is annoyed:

DBS economist Irvin Seah thinks internal processes need to be tightened when it comes to collecting official data. “We have seen quite significant revisions, not just in NODX, but also in the advanced GDP estimates. Whether these are estimates or actual figures, there ought to be as little revision as possible. These numbers are important to everyone who wants a good gauge of where the economy is going, not just economists,” he said.

But another was relaxed,“no great damage was done”, said Barclays economist Joey Chew. “After all, the October red herring of a recovery was quickly refuted the very next month when November exports fell sharply, indicating that Singapore exports are clearly not yet out of the woods. The continued slump in electronics in December further confirmed that,” she said.

Whatever it is, S’pore’s reputation remains intact according to BT (But it would say that wouldn’t it?)

As for whether these errors undermine the reliability of Singapore’s statistics, Credit Suisse economist Michael Wan said that he sees them as inherent to the “messy affair” of collecting data. “I don’t think it raises questions about the integrity of Singapore’s statistical collection fundamentally. It’s always an ongoing affair to reduce the number of errors,” he said.

UOB’s Mr Tan said: “The good thing is that they are at least signalling that they are doing the right thing, by coming out and correcting the errors.”

A couple of errors ought not to affect credibility, said Barclays’ Ms Chew. “Especially if the errors are due to technological problems rather than data collection issues, or people gaming the system – for example Chinese exporters reporting fake trade.”

But IE S’pore should not be complacent: Barclay’s Ms Chew does have other issues to raise about Singapore’s data though. “First, the timeliness. We are one of the last to report CPI (consumer price index) in the region, and I don’t understand why. Also, IE Singapore does not release a lot of the export data they collect.”

Jos and hubby should be hoping that the recent bad publicity is part of the karma of the year of the Goat, not the karma for 2014. If the latter, expect more to hear more nad publicity from Jos and IE S’pore?

Jos double confirms that govt doesn’t plan for S’poreans

In Infrastructure, Political governance, Public Administration on 17/01/2014 at 4:44 am

A TOC reader highlighted this bit of ST’s interview with Talk Cock Queen Jos http://www.singapolitics.sg/supperclub/josephine-teo-%E2%80%98free-mrt-rides-has-allowed-lifestyle-change%E2%80%99

Q: You lead the committee for Changi Airport’s expansion. Is it expanding fast enough? Our aviation correspondent said given the projections, Changi Airport could be operating at more than 90 per cent capacity (in the few years before Terminal 5 opens).

A:We’re still building ahead of demand. When you plan airport handling capacity, you also plan with a service standard in mind.>

The person then commented: “Apparently, there’s no need to build ahead of demand for housing, local tpt & medical needs (remember the hospital crunch) OR is it NEW PAP don’t plan with a service standard in mind> when it comes to population needs?”

For the record, I had blogged in 2012  about the lack of planning when it came to immigration

https://atans1.wordpress.com/2012/05/02/integrating-fts-its-our-problem-now-contd/

and in 2011 on the difference between the difference approaches taken as regards the airport and public tpt https://atans1.wordpress.com/2011/11/17/why-are-trains-overcrowded-but-not-the-port-or-airport/

PM should give her another tight slap for spilling for double confirming that PAP thinks we are “second class”, not “first class” like foreigners even though 60-70% of S’porean voters support the PAP.

Taz in addition to insulting his dad.

BTW, I hope readers noticed that LTA gave her (its boss, remember she senior jnr transport minister) a hard kick in her behind. In the above link, I said she refused to concede that inadequate signage contributed to the congestion on the MCE (and bad PR for the govt). Yesterday it was reported: “Two weeks after the opening of the Marina Coastal Expressway (MCE), the Land Transport Authority (LTA) yesterday acknowledged it could have done more in terms of pre-publicity and putting up more signs to get motorists familiar with the new expressway and the surrounding road network.” (Today)

Hey PM, even her subordinates getting annoyed with this NUT NTUC person?

Maybe she could serve S’pore (and the PAP)  better by having a fourth child? She had said if she hadn’t entered politics, she’d have a fourth child. One more baby, one less FT.

Alcohol, Little India and the migrant worker

In Economy on 06/01/2014 at 5:24 am

It’ll soon be a month since the disturbance in Little India which has rattled S’poreans (that they over-reacted). Even the PM was rattled, so much so  that he still talked a lot of cock about it at Christmas http://singaporedesk.blogspot.sg/2013/12/taking-easy-way-out.html.

Here are some relevant facts that I’ve discovered that are not reported in our constructive nation-building media or in the usually anti govt alternative media that I hope will help S’poreans towards a right understanding of the riot and surrounding issues:

— Alcohol is available in the dormitories’ supermarkets. I had tot they were banned from selling alcohol. The most popular brands are two imported brands from India (one is Kingfisher, the other I can’t recall), followed by our very own ABC. Needless to say, the beers are not yr  normal strength beers: they have alcohol content sof 10-12% versus the usual 4%.

— To avoid problems, the beer is only sold in cans, not bottles. For those who’ve not been involved in drunken brawls: broken beer bottles are useful in a fight. Just grab the handle of an empty bottle (no point wasting gd beer), and smash it against a wall and you are ready to maim or kill. But if the police catch you with it even if no-one is injured by it, it’s the cane after “due process”.

— Despite these sales, there are no reports in the alternative media about brawls, scenes of drunkenness near the supermarkets. Maybe, the workers are responsible drinkers? Or TOC, TRE reporters don’t do dorm visits (unlike Lianain Films)? As for ST and other MSM publications reporting such fights, they wouldn’t report such frights even if they happened outside their doorsteps would they? They will call Yaacob and ask,”Is there a fight? What are the right facts for us to report?”?

— The Little India shopkeepers (and their landlords) made great money off these workers. I’ve heard that a small shop selling veggies could gross S$90,000 in sales on a gd weekend day. When you hear media reports of the bizmen in the area moaning, bear this in mind. BTW, I understand that the dorm supermarkets’ prices of Indian, Bangladeshi favourites and staples are competitive. It’s juz that the workers love shopping in Little India: it’s their home away from home.

— Prior to the riot, Little India on weekends wasn’t a nice place to hold seminars on “the struggle for workers’ rights” (Maruah tried to hold its do on a Monday) or for romantic dates. A beer marketing executive,who regularly tours outlets, says that fights and drunkenness were a common occurrences in the area. Guess minister Lui didn’t speak up about too many alcohol outlets because of the previous observation about the profits being made. Let me very clear, if Boat Quay or Clarke Quay were as crowded as little India on weekends, they too would be unpleasant places. No ang moh tua kee pls. Besides our manual worker guests don’t beat up taxi-drivers for sport: only drunken ang mohs do it, then flee or plead they are depressed.

— Since the riot, I’ve seen more workers going to and returning from the the Marine Parade sea front on weekends and public hols. I expect the area to remain peaceful and crime free.

They come hear to earn a living, a hard one: not to get drunk, brawl , steal or molest. They are like us

                                                                                               Hath
 59   not a Jew eyes? hath not a Jew hands, organs,
 60   dimensions, senses, affections, passions? fed with
 61   the same food, hurt with the same weapons, subject
 62   to the same diseases, healed by the same means,
 63   warmed and cooled by the same winter and summer, as
 64   a Christian is? If you prick us, do we not bleed?
 65   if you tickle us, do we not laugh? if you poison
 66   us, do we not die?

(Shylock in The Merchant of Venice)

FTs: Humour free zone? Jokes prohibited?

In Humour, Internet on 23/12/2013 at 4:48 am

This blogger is ambivalent about Bertha Henson. The conventional wisdom is that this once Sith Lord in the making changed her spots after retiring from SPH* where she was a cyber warrior (general rank) at ST, no less, into a Jedi warrior. One of these days, I’ll go into the conspiracy theory as to why she could be a Trojan horse (and explain the inconvenient fact to said theory that MDA fixed her). But as this is Christmas, I’ll not be that Gringie.

Whether on not she is part of a black ops against us cowboys of S’pore’s cyberspace, she writes well, very well. She’s pretty witty too, and has mastered the dark art of black humour, if not satire. Example: http://berthahenson.wordpress.com/2013/12/14/personally-speaking-no-fund-intended/. And she loves journalism; she did a lovely piece on her accreditation  to an activist event: sorry lazy to find the article to link to it.

But despite being treated as Jedi both by the cowboys and the MDA and ST, she recently was attacked by two tua kee cyber activists (both ladies) on Facebook for writing  http://berthahenson.wordpress.com/2013/12/18/a-sunday-problem/. Read it for yrself  before going on to read their comments, and my take on the piece and them.

I’ll not name them, ’cause its Christmas and I’m no Grinch or Krampus. A man dressed as Krampus in Austria … pretty scary, huh?

One said: What a lovely way to dehumanise a group of people: make assumptions and fall back on stereotypes, while coming across as reasoned and reasonable. Dear Bertha, the problems facing migrant workers go beyond what happens to them on a Sunday. Of course, we only notice them on Sundays because they’re busy working themselves to the bone, building our city, cleaning our loos, clearing our trash and staying out of YOUR way the rest of the week. Where they go on their rest day really isn’t anyone’s problem but their own. Would YOU like your boss to tell you what to do when you’re not working?

Another wrote:

It is a very condescending article. From the very first paragraph you can see the belittling and patronising: “We have a problem. We have hundreds of thousands of foreign workers – and we don’t know what to do with them on Sundays. And they probably don’t know what to do with themselves on Sundays either.”

Why do we need to do anything with them on their off day – it is THEIR off day. And who are we to say that they don’t know what to do with themselves, simply because from our standpoint that don’t seem to be doing what we would prefer them to do (which is what, attend Alcoholics Anonymous and play friendly games of basketball in their dorms?)

The second paragraph is just as facepalm-worthy: “The foreign maid can stay “home” and be paid for not taking the day off. And even if they are out, they’re not likely to get into a drunken stupor and throw pieces of concrete around. They’ll just crowd somewhere until someone shoos them somewhere else.”

The fact that foreign domestic workers stay “home” on their day off potentially means that they will also be made to work on their day off. This is not a situation we should be okay with, much less use as a sort of “ah this is okay for FDWs, but what about the other migrant workers” example.

Also, migrant workers in Little India are also “not likely to get into a drunken stupor and throw pieces of concrete around”; just because a group of men did it once on one Sunday night – out of all the many Sunday nights over the many years that they DIDN’T do it – doesn’t make that entire group of people suddenly prone to doing it.

And the last sentence of that paragraph: “They’ll just crowd somewhere until someone shoos them somewhere else.” Like that’s an okay state of affairs too! Oh, these FDWs don’t bother us, they just hang about with their friends and if we Singaporeans don’t like it just shoo them away lah! <- How condescending and dehumanising is that?!

So just in the first two paragraphs already almost every single sentence is offensive. Wah lau.

Foreign workers should be able to do whatever they want on their days off. It is the Singaporean mindset – the one that tells us that we enlightened beings must take care of “those from the Indian subcontinent” because they don’t know what to do with themselves – that should change.

I think Ms Henson is having a dig at the govt’s uncaring attitude to solving a problem, any problem: everything has to be neat and tidy, and damn the human cost.

My take on her critics is that these two gals don’t do humour, at least when it comes to FTs. Or they may think that the issue should not be the subject of any humour: too serious to joke about. Bit like the attitude of the authorities in the aftermath of the riot: no alcohol, and apparently no Maruah meeting in restaurant private room which employs FTs. On the latter, scared that FTs will riot? Come on Maruah are wimps in action: talk cock, sing song. Sorry KH, can’t resist that.

But to be fair to the gals , one of Henson’s BN team “Liked” the second entry.  So maybe I’m wrong about said lady activists. Either that or her disciple is a Judas, or a sotong boy. I suspect the last is most likely.

Merry Christmas. Keep on feasting.

*A more classy, intelligent version of what Tan Kin Lian did after he retired from NTUC Income: resigning from the PAP and standing as the People’s Voice in the presidential election, where he lost his deposit and deprived us of cocking a snook at the PAP. The PAP’s preferred candidate won by around three hundred votes. But to be fair, TKL fought the gd fight for those who invested in securities that invested in credit-default notes. (Declaration of interest: I helped out there) Investors got a raw deal, but it could have been worse if not for TKL.( https://atans1.wordpress.com/2011/04/01/helping-retail-investors-the-hk-way-and-the-spore-way/#more-7316 and https://atans1.wordpress.com/2010/08/06/what-abt-high-notes-sm-goh/)

Tan Kuku for tsunami of Jap $ in 2014

In Japan on 10/12/2013 at 5:42 am

When the BOJ under governor Haruhiko Kuroda launched its monetary base-doubling quantitative and and qualitative easing (QQE) policy in April, there were strong expectations that a “tsunami” of Japanese funds would rush into Southeast Asia in search of higher yields.

So far, that has not happened even though Japanese institutional and individual investors are said to be eager to increase their exposure to Southeast Asian markets. A principal reason for their hesitancy, officials say, is Japanese investors’ fear of being exposed to exchange rate risk.

As a result, there is “intense discussion going on now between Japanese and Asean officials on ways to improve and enlarge the (currency) hedging markets” in Asean, according to Iwan Aziz, head of the Office of Regional Economic Integration at the Manila-based Asian Development Bank (ADB).– BT report last week

Well can tan kuku for an agreement. Asean officials more noted for talking cock than doing something, anything.

And anyway, this region will not be flavour of the month early next yr. The West is. Don’t count on a wall of Jap money.

Relax leh Brudder S’pore Notes, things going yr way

In Political governance, Public Administration on 06/12/2013 at 6:25 am

Things not as bad as you paint it in “Is Cyber City Burning?”

You raised the MSM smear of Nicile Seah, and Alex Au’s and Breakfast Network’s legal problems as the PAP govt’s desperate, vicious attempt to stifle dissent..

Honestly, the SPH slimes that went wrong on Nicole Seah is an added bonus for her attempt to refresh her celebrity status by going public about her personal life to her thousands of Facebook friends. Well she did her publicity, and the slimes gave her even more publicity. So these slimes made her day. An added bonus for us netizens is that it showed that Alex Tan has changed for the better: his response to Nicole’s post was matured and totful, showing a different Alex Tan: and ’cause of an FT gal? http://therealsingapore.com/content/alex-tan-words-encouragement-nicole-seah

As to Alex Au’s situation, I think he welcomes the AG’s suit. It makes his day too. AG has been consistent in his views and actions.

On waz happening to the retired Imperial Storm  Trooper general (paper, cyber branch), it shows how moronic the govt is. Their reaction to the govt’s action show that netizens and the govt deserve one another: both assume a static, non dynamic world. As I’ve argued before, the internet, social media is like water. Really those ethnic Chinese S’porean cyber warriors have no excuse. They should know their Lao Tzu even if (like me) only in translation.

And lest we forget, or didn’t notice TOC had another narrow escape* for which we and TOC should be grateful for: http://www.sammyboy.com/showthread.php?169215-TOC-apologise-to-Wanbao and http://www.theonlinecitizen.com/2013/11/unwilling-to-burden-family-95-year-old-samsui-woman-commits-suicide/

Team Yaacob could have played the DRUMS to the tune of RAVII (Recriminations, Accusations, Vilifications, Insinuations & Insults)  but didn’t. The issue is as Holmes would have asked,”Why didn’t the dog bark?”. Well maybe the SPH cock-ups made it difficult to beat-up TOC without having to beat up SPH too. Though there is a distinction: one might have injured a gal’s reputation, the other was an attack against the state. Big difference leh.

So most likely Team Yaacob was asleep. Remember that Yaacob failed to prevent floods unlike that hard-hearted sneere of the elderly poor who has done I must admit a pretty decent job as flood minister, though he has failed as dengue preventer.. But I cut him some slack as the contractors have been busy cutting the grass and shubbery, and filling potential ponding areas in my area. .

Next, Brudder Notes, you and other bloggers are untouched. Still fighting the gd fight, unhindered. 

And you (and others) have won: More and more fret that S’pore is threatened by inequality, and rampant, uncaring capitalism and the govt? They are insecure and fearful. They feel poor.

So as the super long hols are coming (Chritmas, New year and CNY at end Jan) let’s make merry before the price rises hit us in our pocket. As I’ve argued before, first half 2014 is the last window of opportunity to whack us before the next GE that must be held sometime in 2016. Whack us hard in early 2014, and then in 2015 and 2016 Budget give us the goodies. And if the ground is sweet in 2015, hold a GE and promise goodies for 2016.

Relax, Brudder Notes. Getting angry like the Hulk or P Ravi doesn’t do one any good. Look at P Ravi now. He seems less angry nowadays and he looks like a Bollywood star. So long as you (and others) can protest, things are never that bad. As a foot soldier of the UK’s Labour Party who died recently at 104 once said, “We may not win by protesting. But if we don’t protest we will lose.”

With 88% of people here owning smartphones, you protests (and that of others) will be heard, more and more.

*Earlier lucky break: https://atans1.wordpress.com/2011/12/29/toc-more-than-meets-the-eye/. Background: https://atans1.wordpress.com/2011/12/22/smrt-racist-pr-team/

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Temasek tales: TLC overpaid?/ Olam: Cheong?/ Won’t read this in TRE, TOC?

In Africa, Airlines, Commodities, Temasek on 26/11/2013 at 5:54 am

Changi Airport Group: Winner’s curse?

The Aeroportos do Futuro group led by Odebrecht SA, and including Singapore airport operator Changi Airport Group, offered 19 billion reais (US$8.3 billion) and won the right to run Galeao airport in Rio de Janeiro, which will host tourists for the soccer World Cup next year and the 2016 Olympic Games, for 25 years. The consortium offered nearly four times the minimum bid for the right to operate Rio’s Galeão airport for the next 25 years.

We will only know the consortium overpaid if we know the next highest bid. Will let you know if this info is made public in Brazil )))

Last chance to buy Olam?

More bull points to add to this:

— When Olam released its quarterly results in early November, it showed it  had generated positive free cash flow – the first time in four years for a seasonally weak quarter.

Its executive director of finance and business development A Shekhar told analysts and reporters: “We’re very pleased that we’re striking the right notes on both objectives of profit growth as well as free cash-flow generation.”

— Ang mohs are still sceptical about the parts of the stock’s biz model.

— But they bulls on Africa and Olam got an edge there. Africa is now seen a destination mkt, not juz an exporter of commodities i.e. origination mkt:

The commodities houses are attracted to the African destination business for three reasons. First, demand is rising fast, in many cases at double-digit annual rates. Second, many African governments subsidise basic commodities such as petrol and wheat, in effect guaranteeing a return to the traders. Third, most African countries lack the infrastructure needed to import raw materials, from silos for storing wheat and rice to terminals for unloading petrol. The commodities houses say that, as they build this infrastructure, they will be able to secure a market and benefit from years of rising demand. (FT report on Africa dated 10 November 2013)

Even Chris Balding flies SIA

Would the Temasek model help improve the efficiency of China’s state-owned enterprises? Only one (Singapore Airlines) or possibly two (DBS bank) of Temasek’s GLCs have established themselves as international brands, according to critics such as Chris Balding of Peking University*. SingTel has made successful foreign acquisitions, but other GLCs have fared less well. STATS ChipPAC, a semiconductor firm, lost money in the second quarter of this year, as a result of the costs of closing a factory in Malaysia.

The few academic studies of Singapore’s GLCs are more encouraging, however. A 2004 article by Carlos Ramirez of George Mason University and Ling Hui Tan of the IMF showed that the country’s GLCs enjoyed a higher market value, relative to the book value of their assets, than comparable private firms. They also generated a higher return on assets, on average.

In judging the performance of Temasek’s GLCs, the counterfactual is important. They may not be as obviously successful as private titans from the region such as Samsung or LG. But they are not nearly as bad as most SOEs, including China’s. The enthusiasm for reform of SOEs in China reflects their deteriorating returns and accumulating debt. According to M.K. Tang of Goldman Sachs, their return on assets was 6.5 percentage points below that of other Chinese firms in 2012 and their shares trade at a growing discount. Even Mr Balding, meanwhile, is happy to fly Singapore Airlines.

http://www.economist.com/news/finance-and-economics/21590562-chinas-rulers-look-singapore-tips-portfolio-management-soe-glc

*Cock Balding forgets Keppel and SembCorp in rigbuilding. More on these two cos later this week.

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