Chinese New Year has come and the first 2 days of celebrations have past without your knowing it. In this New Year celebrations, it has been the same old routine, the obligatory CNY eve dinner, the visiting, the eating. Yes, the visiting too. It appears that for some relatives, it is a once a year affair meeting up, unlike friends whom we meet and talk with the whole year around.
But meeting them, the relatives, have been a good thing, I wonder, though, if our meeting will be the last. Why so morose in a time of celebration? The inevitable. Within the last year, I have lost a dear relative, who was the architect of my parents' meeting and eventual union. In a way, I am here today because of her. But she was over 90, and she died peacefully in her sleep, that was a relief. There are those who hang to to dear life, when letting go would be so much better. So I had one less person to visit this. I visited another nonagenarian yesterday, an in-law. She seemed less alert than when I last saw her, no prizes for guessing, one year ago. But she could still recognise me, if barely, and one had to go near her to make oneself heard. But otherwise, she is in relative good health, which is what I wished for everyone I visited this CNY. No, not the wealth and good fortune, not the wish for the presence of the God of Fortune in the New Year, it had all got to be about good health. Priorities and realities, they change as you grow older. Perhaps that is why we grow wiser too. Oh to reminisce the fun and folly of youth, days gone by, never to come again.
We wish the best to all the children and send them along their way with a little money during these times. We genuinely wish them the best of life, good fortune, a life in excess (not of excess), excelling in school and, yes, health in their young lives. Even the young die prematurely, in the prime of their lives. We must ever be mindful of that. The young, some of them act and behave like there is no tomorrow. They speed down the expressways after having imbibed a few glasses, devil may care to claim their souls that very day. Many youth puff their way into addiction, thinking that they can put the stick down some time down the road. It rarely works out that way. I know a friend, a good man, who told me that, try as he might, he could never stop smoking. His regret comes too late. He is addicted till the day he breaths his last.
Why such depressing thoughts, this CNY? Perhaps the old look back with a sense of "seen that, done that" 20/20 vision. For all the good wishes over the years, there have been hard times. And 2009 promises to be the hardest of them all, the mother of all depression, they say. Talk is about possible loss of jobs - not because the company will retrench, but that the company will simply disappear, post CNY. People are on edge. It is part of the conversation this CNY. Everyone, it seems knows someone who has such worries on their minds.
But we remind ourselves that we have to be resilient, as the expansionary Government Budget 2009 suggests. More than at any other time, these people already have a plan B, ironically just waiting for that opportune time to put action to words. As the New Year slips into history, we face the inevitable tomorrow.
Happy Lunar New Year!
Tuesday, January 27, 2009
Sunday, January 25, 2009
A coin has two sides
The blogging community started the buzz, the mainstream print media picked it up and it went all the way to Parliament. This is really a reversal of rolls. Usually, news starts with what is said in Parliament, gets reported in the print and/or broadcast media and then dissipates in the blogging community where everyone weighs in which his/her 2 cents worth. But the story really started innocuously enough in the print media when the subject of interest wrote an article for the Straits Times.
Of course, I am referring to Singapore Permanent Secretary Tay Yong Soon's ill-advised column on his family and his 5-month trip to Paris where they attended a cooking class $15,000 a pop, totaling S$45,000. For this amount of money, you could be enrolled in a full-fledge degree course, or even a master's degree course at SIM University. This is conspicuous consumption of the highest order, although one cannot deny that the PS is just following official policy to learn new skills to remain employable. Thus, before we jump to the conclusion that the PS has indulged himself and his family, we should let him explain.
And from all accounts thus far, the PS appears to be a decent chap. The only error he made was talk to the press about his trip and have it written up. Really, if he has the means to get a top-notch lesson in cooking that costs a bomb, that's his prerogative. There are many others who spent a fortune indulging in their hobbies, so why begrudge a man his pleasures? And he did it with his family, so that's really a good thing. Nothing like family bonding around the fireplace, albeit a costly one.
But chatter on the internet, in blog gossips and such, these are often merciless, subjective and shorn of any mitigating information. Merciless is the keyword here. It does not matter if you are a good man, a generous man, a charitable man. Once you are 'caught', you're toast. So what's the lesson here?
1. Be careful when you talk to the Press.
2. Apologise to show humility, not that you are in the wrong (Good for you, Mr Tay)
3. Don't defend yourself, let others do it for you (his colleagues' comments spoke volumes for him).
4. Be a good boss - the goodwill will be returned in spades later
5. Take internet chatter with a pinch of the salt. (Look, we are not trained journalists, just chatterboxes, sometimes equal to the best auntie gossipers you can find in a market any day)
6. Ignore internet savvy auntie gossipers at your own peril
7. Write for the Press at your own peril. Worst if you are a civil servant
Of course, I am referring to Singapore Permanent Secretary Tay Yong Soon's ill-advised column on his family and his 5-month trip to Paris where they attended a cooking class $15,000 a pop, totaling S$45,000. For this amount of money, you could be enrolled in a full-fledge degree course, or even a master's degree course at SIM University. This is conspicuous consumption of the highest order, although one cannot deny that the PS is just following official policy to learn new skills to remain employable. Thus, before we jump to the conclusion that the PS has indulged himself and his family, we should let him explain.
And from all accounts thus far, the PS appears to be a decent chap. The only error he made was talk to the press about his trip and have it written up. Really, if he has the means to get a top-notch lesson in cooking that costs a bomb, that's his prerogative. There are many others who spent a fortune indulging in their hobbies, so why begrudge a man his pleasures? And he did it with his family, so that's really a good thing. Nothing like family bonding around the fireplace, albeit a costly one.
But chatter on the internet, in blog gossips and such, these are often merciless, subjective and shorn of any mitigating information. Merciless is the keyword here. It does not matter if you are a good man, a generous man, a charitable man. Once you are 'caught', you're toast. So what's the lesson here?
1. Be careful when you talk to the Press.
2. Apologise to show humility, not that you are in the wrong (Good for you, Mr Tay)
3. Don't defend yourself, let others do it for you (his colleagues' comments spoke volumes for him).
4. Be a good boss - the goodwill will be returned in spades later
5. Take internet chatter with a pinch of the salt. (Look, we are not trained journalists, just chatterboxes, sometimes equal to the best auntie gossipers you can find in a market any day)
6. Ignore internet savvy auntie gossipers at your own peril
7. Write for the Press at your own peril. Worst if you are a civil servant
Saturday, January 17, 2009
Worth of Words
I am disturbed. I really am. What is the source of my discomfort, you ask? Well, a Director of our Monetary Authority of Singapore (MAS) has written to the press, in reply to a reader's question, that "Insurance companies are expected to have clear policies...", that "MAS expects the board and senior management to ensure that these policies and procedures are implemented consistently". She was writing in response to a reader's letter questioning the security of having one's personal data stored on insurance agents’ laptops. Some other readers have gone on to question the wider practice of providing photocopied ICs for all kinds of applications, depositing ICs with the security guard, etc.
While MAS may not have oversight over the latter, its reply concerning the former certainly gives no comfort to the person considering an insurance policy. If governance can be executed through expecting that people and organisations will do the right thing, then the frauds that have been surfacing over the last few years, from Enron to Satyam, would not have occurred. But it is precisely because these things do happen, and that even after auditing firms have done their jobs (or not) in conducting periodic statutory reviews. What is alarming in many cases is that fraud can take place with the most respectable people (e.g. Bernard Madoff - described as a long-standing leader in the financial services industry), that something more cries out to be done. I am not suggesting that we stifle the industry with more government rules thereby imposing onerous bureaucratic procedures on businesses that are struggling in these times. But its current 'hands-off' approach is surely too optimistic of human nature.
Might Singapore be waiting for its next Enron, or Satyam or, worse, its Bernard Madoff to make MAS' Communications Director's words come back to haunt her? We have had Leeson-Barings under our belt, but we certainly don't need another.
While MAS may not have oversight over the latter, its reply concerning the former certainly gives no comfort to the person considering an insurance policy. If governance can be executed through expecting that people and organisations will do the right thing, then the frauds that have been surfacing over the last few years, from Enron to Satyam, would not have occurred. But it is precisely because these things do happen, and that even after auditing firms have done their jobs (or not) in conducting periodic statutory reviews. What is alarming in many cases is that fraud can take place with the most respectable people (e.g. Bernard Madoff - described as a long-standing leader in the financial services industry), that something more cries out to be done. I am not suggesting that we stifle the industry with more government rules thereby imposing onerous bureaucratic procedures on businesses that are struggling in these times. But its current 'hands-off' approach is surely too optimistic of human nature.
Might Singapore be waiting for its next Enron, or Satyam or, worse, its Bernard Madoff to make MAS' Communications Director's words come back to haunt her? We have had Leeson-Barings under our belt, but we certainly don't need another.
Thursday, January 15, 2009
Health of my Pocket
Great news! 4,500 jobs to be created in the Healthcare sector within the next 2 years. This will surely come as good news to people who are facing retrenchments, or already have been retrenched. I think many Singaporeans have come around to the inevitable - the inevitability that jobs will be lost, but jobs elsewhere will be created, that to remain employed and employable, we just have to change by acquiring new skills.
Except, you wonder what vacancies these 4,500 are supposed to fill in the Healthcare sector? And if the Healthcare sector was missing 4,500 admin and ancillary staff up till now, you wonder how Singapore has gained a good reputation for the efficiency of its healthcare services so far? Or are we padding our hospitals and other healthcare establishments such as Polyclinics? Well, yes, there will be a new Hospital, the Khoo Teck Phuat Hospital come 2010, so recruiting and training people in the next two years makes sense. But does it require 4,500 administrative and ancillary staff to run the hospital? And the long waits at government Polyclinics, a bug-bear for many years, are hardly caused by a lack of administrative staff, it more like not enough doctors.
If these staff are not absolutely necessary, I hope they do not add to the already high cost of medicine in Singapore. Already, means testing has started, and I fear for people in the middle-income bracket ending up paying for these government pump-priming activities. Almost every commercial firms are looking at cutting cost nowadays with not a few deciding that they could do with less staff. While government activity will help to fill these gaps in the employment market, I hope that when better times come around, healthcare cost will not go up because "operational costs have gone up..."
Image: morgueFile.com. Author: Clara Natoli
Except, you wonder what vacancies these 4,500 are supposed to fill in the Healthcare sector? And if the Healthcare sector was missing 4,500 admin and ancillary staff up till now, you wonder how Singapore has gained a good reputation for the efficiency of its healthcare services so far? Or are we padding our hospitals and other healthcare establishments such as Polyclinics? Well, yes, there will be a new Hospital, the Khoo Teck Phuat Hospital come 2010, so recruiting and training people in the next two years makes sense. But does it require 4,500 administrative and ancillary staff to run the hospital? And the long waits at government Polyclinics, a bug-bear for many years, are hardly caused by a lack of administrative staff, it more like not enough doctors.
If these staff are not absolutely necessary, I hope they do not add to the already high cost of medicine in Singapore. Already, means testing has started, and I fear for people in the middle-income bracket ending up paying for these government pump-priming activities. Almost every commercial firms are looking at cutting cost nowadays with not a few deciding that they could do with less staff. While government activity will help to fill these gaps in the employment market, I hope that when better times come around, healthcare cost will not go up because "operational costs have gone up..."
Image: morgueFile.com. Author: Clara Natoli
Tuesday, January 13, 2009
Balanced Sight
I must congratulate the Singapore Government, and especially the Singapore Malay leaders, in the courageous and sensible stance they are taking over the Israel-Gaza conflict. People the world over, it appears, are up in arms over Israel's disproportionate response to the rockets that have been lobbed into its soil, and continues to do so.
Well, in the first place, there is no such thing as disproportionate response in war. You mean a person fires two rockets at you and you are only entitled to respond with 2 rockets? Well of course not, you say. But then, where do you draw the line? 4 rockets for 2? or 6 rockets? The argument of proportionality simply breaks down in war, where the ultimate objective is the achievement of specific targets - in this case, Israel wants these rockets fired by the Hamas to stop. But the rockets have not stopped, so Israel continues to wage war on the Hamas in Gaza.
But back to our Singapore government. Its stand is the most practical, from an outsider's point of view. We do not get the bombs and rockets on our soil. Those in Southern Israel and Gaza do. So if we sided one over the other, we are expressing a preference that proportionately more rockets land on one side over another. That is what protesters the world over are suggesting whether they are pro-Israel or pro-Hamas. Rather, Singapore is urging for a ceasefire and for both sides and for both to go to the negotiating table as soon as possible. This is probably the most acceptable way, now that the world wants to care about it, to solve the problem now, if not long-term.
Going out on the streets to stage protests and demos may look good, but it does no good for anyone. Boycotting other's products, like what one former leader north of Singapore is mindlessly suggesting, deprives the Jews, Christians, Muslims, and everyone else affected, their honest and decent livelihood, especially in these depressed times.
The best thing to do is to pray for the conflict to end.
Image: morgueFile.com. Author: Michael Connors
Well, in the first place, there is no such thing as disproportionate response in war. You mean a person fires two rockets at you and you are only entitled to respond with 2 rockets? Well of course not, you say. But then, where do you draw the line? 4 rockets for 2? or 6 rockets? The argument of proportionality simply breaks down in war, where the ultimate objective is the achievement of specific targets - in this case, Israel wants these rockets fired by the Hamas to stop. But the rockets have not stopped, so Israel continues to wage war on the Hamas in Gaza.
But back to our Singapore government. Its stand is the most practical, from an outsider's point of view. We do not get the bombs and rockets on our soil. Those in Southern Israel and Gaza do. So if we sided one over the other, we are expressing a preference that proportionately more rockets land on one side over another. That is what protesters the world over are suggesting whether they are pro-Israel or pro-Hamas. Rather, Singapore is urging for a ceasefire and for both sides and for both to go to the negotiating table as soon as possible. This is probably the most acceptable way, now that the world wants to care about it, to solve the problem now, if not long-term.
Going out on the streets to stage protests and demos may look good, but it does no good for anyone. Boycotting other's products, like what one former leader north of Singapore is mindlessly suggesting, deprives the Jews, Christians, Muslims, and everyone else affected, their honest and decent livelihood, especially in these depressed times.
The best thing to do is to pray for the conflict to end.
Image: morgueFile.com. Author: Michael Connors
Friday, January 09, 2009
Genocide in our midst
Some Singapore businessmen, they are a bunch of crooks. You don't really have to look for them in Copenhagen, where an erstwhile gangster lives in comfort and respectability, among crooks, i.e., until he was brought down by one of his collaborators recently. Heaven does not have eyes, they say, for this man is still alive and will probably recover.
In Singapore, crooked businessmen are depriving the foreign workers they bring in to work on their projects their just dues - their salary - and worst, in crunch times, as at present, they abandon them to their own devices. These poor souls cannot find alternative employment, and thus cannot feed themselves. They can't go home either because they don't have the money, and worst, their passports are with the crooked employers. The law should come down hard on these employers, whose only interest is in themselves. It is ok if you bring in trucks and machineries, and once un-needed, you dump them in a yard and let them rust and rot. You cannot treat human beings like that, however. But obviously, many foreign workers among us are being treated exactly like that.
Unless our Manpower Ministry takes a proactive approach, this sorry state of affairs will continue to happen. Bodies representing employers wrote to the press after the press brought the plight of these workers to the public's attention. Otherwise, who knows what the end of these people will be. And when the public does come to know about it, the disgust will be so severe that we cannot but hide in a hole, any hole, and be ashamed to call ourselves Singaporeans because educated, civilised and entrepreneurial Singaporeans that we supposedly are, are practicing human genocide, right in our very own backyard. Is the genocide word too strong? Looking at the situation right now, it just about describes the heinous way in which we treat people who build our houses and our roads.
We should hang our heads in shame.
In Singapore, crooked businessmen are depriving the foreign workers they bring in to work on their projects their just dues - their salary - and worst, in crunch times, as at present, they abandon them to their own devices. These poor souls cannot find alternative employment, and thus cannot feed themselves. They can't go home either because they don't have the money, and worst, their passports are with the crooked employers. The law should come down hard on these employers, whose only interest is in themselves. It is ok if you bring in trucks and machineries, and once un-needed, you dump them in a yard and let them rust and rot. You cannot treat human beings like that, however. But obviously, many foreign workers among us are being treated exactly like that.
Unless our Manpower Ministry takes a proactive approach, this sorry state of affairs will continue to happen. Bodies representing employers wrote to the press after the press brought the plight of these workers to the public's attention. Otherwise, who knows what the end of these people will be. And when the public does come to know about it, the disgust will be so severe that we cannot but hide in a hole, any hole, and be ashamed to call ourselves Singaporeans because educated, civilised and entrepreneurial Singaporeans that we supposedly are, are practicing human genocide, right in our very own backyard. Is the genocide word too strong? Looking at the situation right now, it just about describes the heinous way in which we treat people who build our houses and our roads.
We should hang our heads in shame.
Friday, January 02, 2009
The Old and the New
The New Year in Singapore brings something good and something not so good, depending on who you are. First the good news (why must the bad always come first?).
The ban on smoking has now been extended to cover all multi-storey and basement car parks. Why couldn't they include open air car parks too? After all, trees in open air car parks need carbon dioxide, not carbon monoxide. Help save the tree, dammit! But then again, we don't want smokers to have to rent a boat out to sea to smoke, right? Let's remain compassionate. Anyway, they can't smoke in non-aircon public buildings either (that's what the authorities mean when they state Shopping Centres, right?). Lift lobbies, markets, playgrounds and exercise areas (which I take to include all path for walking and running (hey, walking is a form of exercise too) are included too. And oh, anywhere within 5 metres of the entrances and exits of buildings are no-no-land. I suppose that means that you can lean on or hug the walls of these buildings and smoke away happily. This extension of the banned areas is good news for non-smokers, bad for smokers. Now will they stop smoking? No, they'd rather go onto the roads 5 metres away from the buildings and add vehicle exhaust fumes to their cigs smoke. That will mean more will contract lung cancer and whatever other ailments related to pumping smoke into your lungs on a regular basis. Certainly bad news for smokers, which leads to the bad bad news below.
The bad news? The government is going to charge more for B and C class wards in its Hospitals. That's what means testing leads to, generally - unless you are dead broke. Between the two - being dead broke and having the means, the choice is clear - be broke, but don't let anyone find out that you are broke in name only. Like someone who moved millions to dollars to HK SAR and went to jail for it. Singapore's laws are just as tough, if not more so.
So the upshot is, if you smoke, don't be rich. Otherwise, you'll have to pay through your nose, pun not intended.
Otherwise, have a Happy New Year.
Image: morgueFile.com. Author: Pedro Jose Perez
The ban on smoking has now been extended to cover all multi-storey and basement car parks. Why couldn't they include open air car parks too? After all, trees in open air car parks need carbon dioxide, not carbon monoxide. Help save the tree, dammit! But then again, we don't want smokers to have to rent a boat out to sea to smoke, right? Let's remain compassionate. Anyway, they can't smoke in non-aircon public buildings either (that's what the authorities mean when they state Shopping Centres, right?). Lift lobbies, markets, playgrounds and exercise areas (which I take to include all path for walking and running (hey, walking is a form of exercise too) are included too. And oh, anywhere within 5 metres of the entrances and exits of buildings are no-no-land. I suppose that means that you can lean on or hug the walls of these buildings and smoke away happily. This extension of the banned areas is good news for non-smokers, bad for smokers. Now will they stop smoking? No, they'd rather go onto the roads 5 metres away from the buildings and add vehicle exhaust fumes to their cigs smoke. That will mean more will contract lung cancer and whatever other ailments related to pumping smoke into your lungs on a regular basis. Certainly bad news for smokers, which leads to the bad bad news below.
The bad news? The government is going to charge more for B and C class wards in its Hospitals. That's what means testing leads to, generally - unless you are dead broke. Between the two - being dead broke and having the means, the choice is clear - be broke, but don't let anyone find out that you are broke in name only. Like someone who moved millions to dollars to HK SAR and went to jail for it. Singapore's laws are just as tough, if not more so.
So the upshot is, if you smoke, don't be rich. Otherwise, you'll have to pay through your nose, pun not intended.
Otherwise, have a Happy New Year.
Image: morgueFile.com. Author: Pedro Jose Perez
Wednesday, December 31, 2008
Never brought to mind
The year is coming to a close. In the immortal words of Queen Elizabeth II, this has been an Annus Horibilis. No, this is not a dirty word, at least not in the "common" way it is understood (tsk tsk, what are all of us thinking of on the last day of 2008?)
It started out promisingly enough, coming off a year (2007) that saw record profits for businesses and stratospheric growth of wealth by individuals in en-bloc'ing their private properties - typically their houses. For those who don't know what that means, it is a collective sale of an entire block property such as a condominium, for hundreds of millions of dollars, the proceeds of which is then allocated to the owners according to their share values in the property. A friend of mine received over a million dollars for his townhouse, which was part of a bigger cluster development. No wonder that erstwhile neighbours became mortal enemies when such en-bloc sales were blocked because they couldn't garner the 80% minimum 'ok's' to proceed with the sales. A few lawsuits are still pending in the courts over these disagreements, and people have even complained through the press above the oppressiveness of Sales Committees who just cannot stop thinking about selling their houses.
The year is ending with much less optimism though, amazingly, there are people who still want to go ahead with their en-bloc projects. One wonders if these people have lost so heavily in the stock market, or business, or whatever bombs they had bought into that cash has suddenly taken a critical dimension in the grand scheme of things.
The year is ending with bitter memories for many over the Lehman Brothers debacle, where older people would have lost their entire retirement savings had not DBS done some refunding on compassionate grounds. Of course goodwill and reputation also meant a lot to the bank. Well, never mind, if you are short of cash, there are ways to raise money, such as the rights offering on 22nd December 2008, a third of which was taken up by Temasek Holdings. In these times, you really need Temasek to come in because there aren't much free money sitting around as it used to. And whatever money that many imagined they had have just gone up in smoke, either in the stock market, or in Bernard Madoff, whose estimated US$50 billion loss was the largest any individual had managed to lose - on behalf of his clients, i.e. That's why I have never believed in pyramids where money is concerned, however respectable they are always dressed up to look.
And people are beginning to be out-of-pocket where jobs are concerned. Again, DBS started the ball rolling by putting 900 people out of work. It got an obligatory tongue-lashing from Mr Lim Swee Say, the Trade Union chief, over this action, but it is not likely that retrenchments will stop at DBS Bank, in spite of what the Union leaders say. When the business dries up, when the money stops flowing anymore, you've got to close shop - its a fact of life. What the government can do is pump money into the economy to sustain it, but this can only be a short term measure. Hopefully, the economy will recover at the end of 2009, as some high government officials have dared to predict, but the majority opinion seem to be that this depressing state of affairs is going to last much longer.
And it is sad that the year is ending with news of abandonment of foreign workers by Singapore contractors, who suddenly find that they have no more jobs for people whom they have brought into the country. What's worse, these workers have reportedly not been paid for some time now and some are starving and are no worse off than beggars.
And to end it all, the symbolic Wheel of Fortune, the Singapore Flyer broke down on the 23rd December 2008, trapping 175 people on board at the time. Truly tonight, the last day of 2008, when thousands of people throng the various new year's eve parties on the island, they'd be singing Auld Lang Syne with a new gusto, and especially agree on the question:
Should all acquaintance be forgot and never brought to mind...
Goodnight and goodbye, 2008.
Image: morgueFile.com. Author: elemenoperica
It started out promisingly enough, coming off a year (2007) that saw record profits for businesses and stratospheric growth of wealth by individuals in en-bloc'ing their private properties - typically their houses. For those who don't know what that means, it is a collective sale of an entire block property such as a condominium, for hundreds of millions of dollars, the proceeds of which is then allocated to the owners according to their share values in the property. A friend of mine received over a million dollars for his townhouse, which was part of a bigger cluster development. No wonder that erstwhile neighbours became mortal enemies when such en-bloc sales were blocked because they couldn't garner the 80% minimum 'ok's' to proceed with the sales. A few lawsuits are still pending in the courts over these disagreements, and people have even complained through the press above the oppressiveness of Sales Committees who just cannot stop thinking about selling their houses.
The year is ending with much less optimism though, amazingly, there are people who still want to go ahead with their en-bloc projects. One wonders if these people have lost so heavily in the stock market, or business, or whatever bombs they had bought into that cash has suddenly taken a critical dimension in the grand scheme of things.
The year is ending with bitter memories for many over the Lehman Brothers debacle, where older people would have lost their entire retirement savings had not DBS done some refunding on compassionate grounds. Of course goodwill and reputation also meant a lot to the bank. Well, never mind, if you are short of cash, there are ways to raise money, such as the rights offering on 22nd December 2008, a third of which was taken up by Temasek Holdings. In these times, you really need Temasek to come in because there aren't much free money sitting around as it used to. And whatever money that many imagined they had have just gone up in smoke, either in the stock market, or in Bernard Madoff, whose estimated US$50 billion loss was the largest any individual had managed to lose - on behalf of his clients, i.e. That's why I have never believed in pyramids where money is concerned, however respectable they are always dressed up to look.
And people are beginning to be out-of-pocket where jobs are concerned. Again, DBS started the ball rolling by putting 900 people out of work. It got an obligatory tongue-lashing from Mr Lim Swee Say, the Trade Union chief, over this action, but it is not likely that retrenchments will stop at DBS Bank, in spite of what the Union leaders say. When the business dries up, when the money stops flowing anymore, you've got to close shop - its a fact of life. What the government can do is pump money into the economy to sustain it, but this can only be a short term measure. Hopefully, the economy will recover at the end of 2009, as some high government officials have dared to predict, but the majority opinion seem to be that this depressing state of affairs is going to last much longer.
And it is sad that the year is ending with news of abandonment of foreign workers by Singapore contractors, who suddenly find that they have no more jobs for people whom they have brought into the country. What's worse, these workers have reportedly not been paid for some time now and some are starving and are no worse off than beggars.
And to end it all, the symbolic Wheel of Fortune, the Singapore Flyer broke down on the 23rd December 2008, trapping 175 people on board at the time. Truly tonight, the last day of 2008, when thousands of people throng the various new year's eve parties on the island, they'd be singing Auld Lang Syne with a new gusto, and especially agree on the question:
Should all acquaintance be forgot and never brought to mind...
Goodnight and goodbye, 2008.
Image: morgueFile.com. Author: elemenoperica
Tuesday, December 23, 2008
Don't be blunt
I agree with Minister Lim Boon Heng (Today, 23rd Dec 2008 - page 1). Not that I am a staunch PAP supporter or that I am anti-opposition or that I am a union member. If anything, I am more apathetic politically, so my view this time around, as in many of the past cases I have commented on, is purely based on reason, and perhaps a bit of self-interest. Well, ok, that's a lot of self-interest.
I agree that the Central Provident Fund (CPF) should not be cut in these recessionary times because, as Mr Lim has rightly pointed out, it is a blunt instrument. It will cut the real wages of workers whose organisations are making money in these depressed times just as much as for those organisations which are bleeding red, or at best are just floating above water right now. Now why should workers, salarymen, in profitable companies, be asked to give more of the profit generated through their effort to their employers? So that these employers can buy another couple of houses at depressed prices, and/or mop up shares of blue-chip companies at a bargain, all to their own benefit? If the workers' Unions even contemplate this, they should be run out of the Union house. And since the CPF contribution rates are uniform across the board, then workers in those companies doing badly should also not be touched.
Let's not have a situation where the employers, the bosses, have their cake and eat it too. They can cut the bonuses, other variable wage components and even reduce wages, as suggested by the Union leaders, but not the CPF. We salarymen depend on the money in the CPF account to pay for the roof over our heads We have no choice. Imagine every HDB dweller dumping their houses because they cannot make the mortgage payments. We'll have a crisis worst than the recession on our hands, a situation perhaps akin to the sub-prime mortgage problem in the US. We also need the CPF savings for our retirement years. The government has been harping on the possibility that Singaporeans, in spite of their CPF, may not have enough to retire with. So don't pare it down, don't reduce the quantum of contributions from the employers. Otherwise, reasons for the Retirement Accounts and whatnots that are cooked up from time to time by the government (in good times) will look so hollow.
Singaporeans may be an obedient and disciplined workforce, but we are not stupid. While we do not want to go to the extremes that some American Unions have gone, we need to look out for ourselves too.
Image: morgueFile.com. Author: Dani Simmonds
I agree that the Central Provident Fund (CPF) should not be cut in these recessionary times because, as Mr Lim has rightly pointed out, it is a blunt instrument. It will cut the real wages of workers whose organisations are making money in these depressed times just as much as for those organisations which are bleeding red, or at best are just floating above water right now. Now why should workers, salarymen, in profitable companies, be asked to give more of the profit generated through their effort to their employers? So that these employers can buy another couple of houses at depressed prices, and/or mop up shares of blue-chip companies at a bargain, all to their own benefit? If the workers' Unions even contemplate this, they should be run out of the Union house. And since the CPF contribution rates are uniform across the board, then workers in those companies doing badly should also not be touched.
Let's not have a situation where the employers, the bosses, have their cake and eat it too. They can cut the bonuses, other variable wage components and even reduce wages, as suggested by the Union leaders, but not the CPF. We salarymen depend on the money in the CPF account to pay for the roof over our heads We have no choice. Imagine every HDB dweller dumping their houses because they cannot make the mortgage payments. We'll have a crisis worst than the recession on our hands, a situation perhaps akin to the sub-prime mortgage problem in the US. We also need the CPF savings for our retirement years. The government has been harping on the possibility that Singaporeans, in spite of their CPF, may not have enough to retire with. So don't pare it down, don't reduce the quantum of contributions from the employers. Otherwise, reasons for the Retirement Accounts and whatnots that are cooked up from time to time by the government (in good times) will look so hollow.
Singaporeans may be an obedient and disciplined workforce, but we are not stupid. While we do not want to go to the extremes that some American Unions have gone, we need to look out for ourselves too.
Image: morgueFile.com. Author: Dani Simmonds
Saturday, December 20, 2008
Public Gambling
Mr Khaw Boon Wan comes across as an honest man. Really. Read what he says in interviews and listen to him in Parliament. You cannot fault the man for being drop-death honest with you. He doesn't fudge the issues. Instead, he tells it like it is. He speaks to the common folks, not at them, not over them, not from above. So you cannot but like the man for his forthrightness and ability to empathise with you.He has come out to admit that the mis-investment of sinking funds should rightly be a concern to the man in the street, for after all, these mis-invested money are the people's money, they belong to the townsfolk. (See Straits Times, 19 Dec 2008). But he reasons that since these same investments made money in the past, and the current losses represents a small portion of these gains, it shows that these funds are, on balance, in good hands. He further makes the point that the statement of accounts of these town councils can be inspected any time, no questions asked. I think he is being level-headed and reasonable again. But the problem with this is that it isn't very useful examining the books 'after the fact', is it?
But surely the thing that saved the TC's bacon this time was past investment gains. Let us do a thought experiment, for the heck of it. If a TC had $10million in sinking funds, and invests 10% of it in risky structured deposits (i.e. $100,000) - the law says they can't go beyond 30%. Again, assuming that the annual yield of that investment is 10%. The investment will have yielded $100,000 x 10% = $10,000 in a year. Let's assume the good times lasted 3 years and assuming the same rate of return, the TC ends up with $30,000 profit (let's not do the compounding thing and we shall ignore inflation). Suppose in the 4th year, a financial tsunami hits, and the fund loses $29,000 in absolute terms. That still gives the fund a positive $1,000 over 4 years. Is that good management of funds or not? Of course, you'd have to consider the opportunity cost of the next best option, which is a Fixed Deposit. Over 4 years, the yield, at 2% per annum, will be $2,000 x 4 years, or $8,000. Clearly, in this scenario, it would have been better if the money had been invested in FDs. Of course, you will argue that this scenario is contrived to 'win' the argument, but so is the 'luck' that the TCs counted on over the past to accumulate enough surplus to still come out quite decent in its overall investment returns in spite of the $16million loss. Nevertheless, could my contrived scenario be possible?
If so, in both cases, the balance sheets still yield a positive bottom line, but you and I know that they have lost big time with the structured investment. Mr Khaw's argument begins to get into trouble with a scenario somewere in-between. Is he not then gambling with numbers, like all those queues we witness in front of 4-D booths almost everyday?
It is ok if the money belongs to you, or a private business, but if it is the people's money, which Mr Khaw very rightly admits to be the case, then this risk is not obviously acceptable.
The TCs were just lucky this time around. I know of people, and you will too, whose investments have almost been wiped out, or at least reduced so drastically that it would be a pain greater than going to hell, to liquidate now. And I am not referring only to the mini-bombs...er...bonds, I mean.
Image: morgueFile.com. Author: Lisa Solonynko
Monday, December 15, 2008
Superkids
Last Friday night, I met up with some ex-colleagues whom I have not seen in a while. We were part of a small outfit then, all of us young and unmarried. So I suppose, without the husbands and wives and children, we got to strike up close bonds as only young people do. Now we are much older. The oldest child we have among us is already in Junior College - all of 17 years old. So it was natural that part of the conversation over dinner turned to children and their education. Pre-school education was raised - words like Kumon and what-nots came up in the free-flowing conversation. Apparently, many of my ex-colleagues have sent their toddlers to these specialist schools to, I suppose, gain a leg-up in life. All this while I kept silent, because I never ever believed in these schools. I sent my son to a PAP kindergarten for two years, and that was it. Tried to get him interested in Piano, but he wanted out after a few lessons. So that was it too, until he was enrolled into a neighbourhood school just 7-10 minutes walk away from where I lived. He passed his PSLE with straight As (although A+ would have been more impressive), got into another neighbourhood Secondary School, now biding time till his 'O' levels.
Such is the life of every Singapore boy and girl. We have to pass through 2 major exams in our young lives, exams which many parents treat as a matter of life and death. So I could empathise with a parent who wrote in to Today's (15 December 2008) forum page lamenting the lengths to which Singapore parents would subject their children to regimentation memorisation, regurgitation, creativitisation, etc. from as early as 2 years old. I often wonder if there is anything wrong with us parents. We bring a child into the world, and just as soon as they are ready to walk, we rob them of their childhood by subjecting them to an endless regimen of training in the hope that they will turn into an Einstein or, at least, some'thing' they could brag in parties and gatherings.
I often also wonder whether, somewhere along the line, education in Singapore has taken a wrong turning, for the worse. I do not know, but 20-30 years hence, when our children themselves becomes parents, they would reverse these practices because they know it didn't so much benefit them as it did their parents. I would be disappointed if this state of affair is perpetuated by them and those that come after them. Then we would know that the turning has been too sharp.
Monday, December 01, 2008
Arowana Health
Singapore has one of the best Hospitals in this region. It is one of the favourits of medical tourists, who are willing to pay the high price of good treatment that our hospitals are known for. On the other hand, locals feels that hospital charges are too high, but the government stance is that the true cost of medical treatment should be reflected so that our scarce resources are economically, i.e. rationally, allocated. The government does offer subsidies to different classes of wards in its 'restructured' government hospitals such as Singapore General Hospital and Changi General Hospital.
I was in Changi General yesterday evening to visit a friend who, unfortunately, had suffered from a massive stroke and was, to all intents and purposes, being kept alive with a few tubes through his nostril and mouth. It is sad when this happens to an 80+ year old man. You just feel helpless over the whole thing and the issue of AMD (Advanced Medical Directive) flashed through my mind. As I left the 'C' class ward, I couldn't help noticing a fish tank beside the receptionist/nurse station. Colourful fish always add to the 'live' amidst the suffering and dying, balancing somewhat the specter of doom. But in this particular tank, there was only one fish - a fish that was about 2/3 the length of the tank. I don't know much about fish, but I have seen some expensive fish before, and that fish looked like an Arowana. I remarked half-jokingly to my companion that I now understand why hospital treatments in Singapore are so expensive. It wasn't only the high-tech facilities, it wasn't just the doctors (although I understand the ward doctors get paid a pittance), and it wasn't the medicine only. Its the fish too, stupid.
Now why does a 'C' class ward in a government restructured hospital see fit to keep an Arowana in its ward's fish tank? Surely not for the kitchen, nor the patients, and certainly not for the nurses and the doctors. Arowanas stay quite still in water near the surface, almost like it is dead. In a hospital, such a lifeless-looking fish added to the gloom. But it did look expensive to me, but my companion, who knew a thing or two about fish, told me that this species of Arowana is not the expensive type.
Nevertheless, the thought still lingered in my mind: why is a 'C' class ward in a government restructured hospital keeping an Arowana in its ward's fish tank? Does it believe, as the Chinese do, that the fish will bring wealth , fortune and prosperity to the ward and the hospital? This will be a first in Singapore. Or is there something new for me to learn here?
See also: Arowana Club
Image:
I was in Changi General yesterday evening to visit a friend who, unfortunately, had suffered from a massive stroke and was, to all intents and purposes, being kept alive with a few tubes through his nostril and mouth. It is sad when this happens to an 80+ year old man. You just feel helpless over the whole thing and the issue of AMD (Advanced Medical Directive) flashed through my mind. As I left the 'C' class ward, I couldn't help noticing a fish tank beside the receptionist/nurse station. Colourful fish always add to the 'live' amidst the suffering and dying, balancing somewhat the specter of doom. But in this particular tank, there was only one fish - a fish that was about 2/3 the length of the tank. I don't know much about fish, but I have seen some expensive fish before, and that fish looked like an Arowana. I remarked half-jokingly to my companion that I now understand why hospital treatments in Singapore are so expensive. It wasn't only the high-tech facilities, it wasn't just the doctors (although I understand the ward doctors get paid a pittance), and it wasn't the medicine only. Its the fish too, stupid.
Now why does a 'C' class ward in a government restructured hospital see fit to keep an Arowana in its ward's fish tank? Surely not for the kitchen, nor the patients, and certainly not for the nurses and the doctors. Arowanas stay quite still in water near the surface, almost like it is dead. In a hospital, such a lifeless-looking fish added to the gloom. But it did look expensive to me, but my companion, who knew a thing or two about fish, told me that this species of Arowana is not the expensive type.
Nevertheless, the thought still lingered in my mind: why is a 'C' class ward in a government restructured hospital keeping an Arowana in its ward's fish tank? Does it believe, as the Chinese do, that the fish will bring wealth , fortune and prosperity to the ward and the hospital? This will be a first in Singapore. Or is there something new for me to learn here?
See also: Arowana Club
Image:
Saturday, November 29, 2008
Real pain
Terrorism is truly the scourge of this decade. It isn't that terrorism started in the new millenium. Back in the 1950s, 60s and 70s, terrorism reigned for various, but largely, non-religious reasons. At least there wasn't a feeling that any major religion was using terror for its ends. Then, reasons for terrorism were politics, nationalism, mafia and money, not in any order of prevalence.Ever since 911, Islamist terrorism appears to have defined this decade. Even today, towards the end of 2008, and soon, the first decade of the new millenium, Islamist terrorism still wreaks havoc. This last week, India's Mumbai (formerly known as Bombay) suffered its own 911. Having lived through the decade, one is almost numb to these terrrorist acts. First, they killed because US and the UK supported Israel. Today they still do so for the same reason, but in the process, more innocent people of other nationalities have been killed. This week, Singapore suffered its first casualty of this madness. A young lawyer, only 28, was reportedly killed by Islamist terrorists in the Oberoi Hotel, Mumbai. Her body was found on the 19th floor of that building. Ms Lo Hwei Yen, the lawyer, was in Mumbai on assignment.
What more can we say that has not already been said about the cruelty, the indiscriminate, no, the madness of these killers? That's what they really are. Not martyrs, not by any means religious, not god-loving, not compassionate, not human and most of all, not Islamic. They say that their martyrdom will usher them into heaven. Why then are their leaders still living? To send even more naive Muslims on their way to heaven? Utterly ridiculous but painfully real. Sadly, there are probably many closet terrrorists, Muslims who quietly applaud such acts, but who appear to be god-fearing and law-abiding. Is this why Islamist terrorism cannot seem to be defeated?
This blog writer would like to express his condolences to the family of Ms Lo, a fellow Singaporean.
As for the these terrorists and those in the closet, may they never rest in peace. May they rot in hell, forever.
Half a century of terrorism, and counting ... Terrorism 1951-1960 ... Terrorism 1961-1970 ... Terrorism 1971-1980 ... Terrorism 1981-1990 ... Terrorism 1991-2000 ... Terrorism 2000-2010
Image: morgueFile.com. Author: Eleanor & Will
Friday, November 28, 2008
Best is less
The Singapore National Library (NLB) is a great institution. Over the years, it has grown from strength to strength. Its decision to site its branches in busy shopping malls was an inspired move that has brought its books literally closer to a wider reading public. There is much to say for this institution, which services remain free of charge.But I was choked when I read its READ! Singapore 2009 campaign. It isn't a new idea, but its still a great campaign, except when it asks the public to "recommend their favourite inspirational books to be promoted for nation-wide reading during READ! Singapore 2009" (http://tinyurl.com/6lq97m). It then goes on to stipulate that the recommendation must be an international bestseller or an award-winning title which length is "between 50,000 to 75,000 words (less than 380 pages), and should reflect the theme of READ! Singapore 2009".
To start off with, these conditions do not exactly inspire. If the NLB wants international bestsellers, it can just go up the already published popularity/recommenation list from publishers, book reviews, etc, which are readily available. Why get recommendations from readers? These bestseller lists are a result of public 'voting' through their purchases. If it is an award-winning book, well, there aren't that many awards anyway (if there were, the awards become dubious). With only a handful, what's there to exclude? My point is, what is the point of recommending what has essentially been recommended? Isn't it a waste of time? Further, the restrictive conditions prevent people from recommending a book they have read and were genuinely inspired by notwithstanding that it is not an international bestseller or award-winning book. These are called gems which are not easily found and may have missed the popularity stakes. Not all bestsellers are, after all, inspiring. Some of them are 'engineered' to be bestsellers for wholly commercial reasons.
I think, in this instance, the NLB has mis-directed the public, which is a shame.
Image: morgueFile.com. Author: Clara Natoli
Wednesday, November 26, 2008
Follow the porridge
Why am I underwhelmed to hear of the government ministers and top civil servants taking huge pay cuts next year? That is because the rich, people earning a million dollars and upwards a year, can afford to lose a couple of hundred thousands of dollars any time. It will not affect their day-to-day expenses - nobody needs to start eating beans and porridge instead of the power breakfasts, power lunches and power dinners. I would also surmise that it wouldn't affect whatever downpayments they may have on the house they live in, nor would it upset the family budget in any significant way.While I acknowledge PM Lee Hsien Loong's gesture that he will donate his increments to charity for the next 5 years (demonstrating that he doesn't need the money, anyway), his Ministers are not in any practical way less well-off after the 19% cut.
On the other hand, why am I worried? If this signals to employers to cut people's pay, then hardships may be the order of the day. If I earned $3,000 and I get even a 10% pay cut, and I have 2 kids and my wife just lost her job, that may drive me to eating beans and porridge for breakfast, lunch and dinner, or maybe even skip a meal, which will be detrimental to my health. We all know that we can bear with the beans and porridge, but we just cannot afford to be hospitalised. Not in Singapore, not ever. That'll kill whatever savings we may have, savings that are suppose to tide us over the next few years of 'famine'. Yes, the Health Minister has promised that he will be compassionate as far as the bills are concerned, but that'll turn us all into beggars of sorts (begging the hospital to waive the high charges, i.e.) wouldn't it? You wonder if we have made any progress in the last 40 years or so where healthcare costs are concerned.
And what about all those monthly payments for the housing loan, which is likely taken from my CPF account. My monthly contributions to that CPF account will be reduced together with the pay cut. Do I have to fork out extra cash every month? The alternative, of course, is to sell the house and downgrade. But in these depressing times, selling the house will be the last resort. You don't want your house to be someone else's discount opportunity of a lifetime.
Already, DBS is playing follow the leader. I am not sure that this leadership by example is an example which all of us salaryman and woman want our bosses to follow, nor can afford for them to follow.
Image: morgueFile.com. Author: Orchid
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