A better public transport system

Our public transport system has improved since it was privatised. If it still remained as a stats board, it will continue to crawl at snail pace. That is if one believes the mantra that privatisation will naturally lead to efficiency and profitability. I don't believe a little wee bit in this stupid assumption. Neither do I believe that a stats board will be inefficient simply because it is not privatised. How efficient is an organisation depends on the top management and the will to make it efficient. Even low pay can be efficient but not for long as the underpaid workers will leave for greener pasture. Political will or management will, is the key to efficiency. The other point is the unimaginative mindset that an efficiently run public transport system must be packed with commuters and Tokyo is the standard to live by. The train and buses should be made a preferred mode of transportation by being fast, efficient, clean and comfortable. Not being squeezed and forced to smell everyone's body odour. A little lesser profit or less profit minded may be the reason for an overhaul of the public transport system. And with the pandemic of H1N1, our trains and buses are death traps. One person can literally infected the whole train or bus. The more compact and crowded, the more will be infected. Hygiene and health consideration must take priorities under the current flu crisis. This could be the cause of why New York and Melbourne are now so deadly, the centres for the spread of H1N1 viruses.

Straits Times wins 2 Asian publishing awards

2 premier awards, one for Excellence in Reporting Breaking News and one for Excellence in Business Reporting. And the winners were Carolyn Hong, Reme Ahmad and Leslie Lopez! How come the names are so unfamiliar? Oh, they are our correspondents and bureau chief in KL. And the news they covered was the Malaysian General Election. I thought our local correspondents covering our General Election were equally deserving for the voluminous pages they put out during the election. And the news were fresh from the oven. In the citation for the KL correspondents, the judges praised them for 'smart, balanced election reporting'. Ok, we missed the chance this time. Maybe next year we will win some awards for the coverage on the Aware Saga. This was the hottest news of the year with great interests from the people and working up the senses and sensibilities. It was some news that was really newsworthy.

Foreigners are grabbing properties again!

I was wondering whether to put this in the thread, 'Signs of Progress' or 'Signs of Decline'? Property prices are sure to surge. Property developers will be laughing all the way to the banks. The govt will also be laughing as it will be able to launch more new sites for sales. Property owners, especially the private properties, will be in glee. This will trickle down to the HDB owners. Yes everyone will be happy if they are already property or HDB flat owners. Can charge higher rentals too. What about those young people who have yet to buy a HDB flat? No worry. If cannot afford 3rm, buy 2 rm flats. Buy according to how deep is your pocket. See, everyone will have a roof over their head. And it will be still Swiss standard, though smaller. And the advantage is that smaller area to clean. Progress!

The pros and cons of LKY in Malaysia

Despite the years of battling him and attacking him, there is a big change in the mood of the younger Malaysian leaders towards him. They have disagreed, opposed each other, and fought, but on the personal level they still respect this towering leader of 50 years in power. They could see his wealth of knowledge and want to know how he sees and reads the political trends, and how to bring a country forward in economic, social and political developments. From the reports coming out from Malaysia, the visit LKY is well appreciated and seen positively as a great statesman wanting to share and understand what is going on in Malaysia, and the importance of Malaysia Singapore relations. This love hate relations aside, the presence of LKY in Malaysia is probably a bigger event than if an American president were to be there. On the cons side, his immense presence still overshadows the rest of the younger Singapore leaders. As long as he is around, all the attention will go to him. Everyone will want to listen to him, talk to him, be seen with this mammoth leader of the 20th Century stretching into the 21st Century. In many ways this is bad for the younger leaders to grow and be their own men, carving out a presence for themselves. They will have a hard time breaking out of the canopy of this huge tree, to be seen. As long as the thick canopy is there, you can't really see what is beneath, or even notice anything there. The fortunate thing in Malaysia is the parting of ways with Mahathir to let the younger leaders more breathing space to choose their own destiny. The continued presence of LKY in the Singapore leadership is a blessing, as well as a curse in a way, to the younger leadership here.

LKY in Malaysian Tour. What a pity?

LKY is in Malaysia, touring the states and meeting the Malaysian leaders from the govt and the opposition. He is there to feel the ground, cultivate new relationships with the new leaders. Yes, it is a pity that he is doing it. It should be Hsien Loong doing it. Hsien Loong needs it more than him. He is history in the making. What will happen now is that he will tell the Malaysian leaders about Hsien Loong. And Hsien Loong will hear from him about the Malaysian leadership. All second hand news instead of Hsien Loong feeling the pulse himself and developing a new relationship with the people he has to deal with during his term in office. There is nothing better than being there himself, and assess the situation and mood himself. Who is in charge?

What charity or charity from who?

While some quarters of the population are heaving a sigh of relief with the handouts from the govt, one may want to ask what charity and where were the money coming from? From taxation, profits from ministries, stats boards, GLCs? From CPF? Imagine a pool of 2 million workers contributing an average of $500 pm to the CPF, from both employer and employee, this will come to $1b a month or $12b a year!(on a 12 mth basis). And this money is to be kept almost forever, or at least some, till the contributor is dead. Put it another way, it is the people lending money to CPF/govt. After knocking out the interests of 2.5/4%, if there is a profit of 2%, that is $240m annually. Ok, after the recent debacle, there could be negative profits or even losses. But if there is no unduly high risk investment, a 2 or 3% profit over the interest payable to the contributors should not be an issue. The point I am making is that the people is contributing to their own charity just by the CPF contribution alone, not even touching on the revenue of the state which is also the people's money.

An apathetic populace is good

50th Year: An apathetic people Affluent, educated, yes - but we've also become a dispassionate people with little interest in politics and the government; it augurs ill for nation-building. By Seah Chiang Nee. June 6, 2009 The above article is posted in www.littlespeck.com. I would like to modify that statement a little by looking at it positively. A dispassionate people with little interest in politics and the govt augurs well for a paternalistic govt that would want to dominate over the people, controlled them and make all the decisions for them. It also augurs well for the preservation of a single dominant party and hinders the political maturity of a people. It will always be the govt and the people on two sides, the governed and the being governed. Is this good? I never believe that nurtured or cultured greenhouse plants can withstand the elements when the roof collapses. They need a sheltered environment and artificial fertilisers to grow well.

Lower income groups are having it so good

It is reported that their income increased from $1,200 pm in 2006 to $1,310 pm in 2008, a whooping increase of $110 in 2 years. Wow, wow, their lives must have been made better by the $110 pm raise. And it is computed that 3 roomers enjoyed a real wage increase per annum of 3.5% after factoring in inflation. And with all the govt support, handouts, give aways, etc, etc, what more can one ask for. The only people probably will be complaining are those earning $100k pm or more. For the economic crisis cuts across all income groups and the higher income earners were not spared. I can hear them cursing that their income increased only by $100k instead of $200k. For the lower income group this is something to celebrate and pop the champagne comes National Day.

Live well and die well

Many of you must have heard of the story that life should begin at 90 and ended when we become a baby, the reverse order of things. Maybe I should modify this a little to 70-0, starting at 70 and finishing at 0. At 70, quite a few would still be able to live a good life with body parts still functioning, with a lot of cash to spend and by the time they have enjoyed their life, it is time to retire as a baby, to be cuddle and pampered. That would be a good ending instead of all the old hags living but not living, becoming a burden to themselves, their family and the state. Under the present system and condition, don't ever wish to live past 70 if you don't have money. For you will need an overhaul of your whole body system and get the major parts changed. And you bet, most of you cannot afford it. If you can't you will ended up like stray dogs and cats, abandoned or neglected, and left to watch the world passes by in the void decks. But not to worry, especially the younger people. The govt will help you to plan for a life when you can live till 90 or even 100, and with a lot of money left to spend. The catch is that you will not have much to spend when you are young and healthy. You need to spread your income to 100 years. Which is a better choice, enjoy when you are young and can, and die well, or abstain from enjoying or living well, to live longer and drag on to 100? I think we need a whole rethink on the meaning of life, the meaning of savings, and the meaning of extending life unnecessarily. The latter could be a long and miserable journey to many, with money but just cannot do anything, except lying in bed. Is that a good life, a good way to live the last part of one's life? Do we really need to save so much for a time when we only need a bed to lie down and nothing else?

Notable quotes; Vladimir Putin on greed and hostage

'You have made thousands of people hostage to your ambitions, your lack of professionalism - or maybe simply your trivial greed.' Vladimir Putin Putin used these words to humiliate a top oligarch for causing a crisis in a town all because of greed. Take a moment to ponder over this statement and ask how relevant it is to our context. How many people have been made hostages by greed in paradise? How many policies could fall into the same category? I think we all know what they are. No point mentioning as people will not be happy to be told the truth. This year we will be celebrating 50 years of self rule, not independence. Is there a difference? Definitely, but I have dealt with this earlier. Let's look at the 50 years of success and 50 years to go full circle and probably going backwards. When PAP came to power in 1959, there were great promises of independence and a better life. And PAP delivered. And still delivering, except that some roads were leading to paradise and some to little chicken coops. Singaporeans have gone through living in little cubicles, attap and zinc roof wooden houses. We progressed to modern housing. There was a time when everyone was looking forward to better housing, 3 rm to 4 rm, to 5 rm, executive flats, condos and private housing. The govt even promised a future of a Swiss standard of living. There were high expectations and an air of confidence. The govt delivered. Many have attained Swiss standard of living and better. It is distressing to see that instead of continuing on that same path, the promises of tomorrow is no longer the Swiss standard of living but smaller housing, 2 rm and 3rm flats, at exorbitant prices. Are we promising a new standard, the Hongkong standard of living when a 50 sq m flat is considered a luxury apartment? The hard fact now is that people cannot afford the expensive public flats. So instead of bringing down the prices, they bring down the size of the flats, plus extended repayment terms. Why exorbitant prices? Why would people have to pay a life time, held at ransom for a life time, for a 2 rm or 3 rm flat, or any public flat, 4 rm or 5m? In today's paper, the Americans are buying landed properties costing only US$100k or less. Some in not so good condition could be had for US$10k and could be repaid in 2-3 years. Ok, different country, different conditions. They have big land, more choices and big problems. But these do not escape the fact that average Singaporeans still got to pay a life time for a small little space which they don't even own. I am not referring to the 20% who are living in paradise like lifestyle. We are a country, a nation. The people were with the govt for the last 50 years and prospered. What would be the future when the people, I mean the hardlanders, the majority of the people, feel that they have been left out of the prosperity boom? The basics, like decent housing, which I believe is a 4rm flat, not getting smaller, should be the standard for the average Singaporeans, to be affordable and not having to pay a life time for it. Now we are regressing, going down and smaller, while the other end is going up and bigger. If the govt is all calculative in the dollar sense, in housing policies, why shouldn't the people be calculative in sacrificing for the country, eg National Service. Can the value of NS be quantified in monetary terms, or should it be quantified in monetary terms? The people must see that their sacrifice is worth it, that there is a better tomorrow to look forward to. Are we heading that way? Would the next slogan of the govt be like, we will build more affordable 2 rm and 3 rm flats for the people? Or will it still be the dream of a Swiss standard of living?

How to recover Temasek's billion dollar losses

Bad timing is the main cauee for the big losses that Temasek sufferred. Too eager to buy and too eager to cut losses summed up the events that are now the talk of the town. Buy high and sell low! These are decisions made by the best financial managers that money can buy. On hindsight, many will be asking, 'Is that the best that Temasek could do?' Anyway, it is money under the bridge. Gone. But not to worry. Another big cause to the big losses was the hollowing of our own stock market when huge money were park in the US and Europe instead. This lack of interests in our own blue chips, which Temasek has quite a huge portfolio, allowed these stocks to be dumped to less than half their values at the worst time. Now with the realisation that we should cover our backside while venturing into unknown territories, money is now being ploughed back into our stock market. And we are seeing some rapid surges in the value of our battered blue chips. Another way to raise more money and improve the bottom line is to offer more rights issues. Soon all the money lost will be made back from our own market and from our own investors. Our investors will help to boost up the bottom line and make up for the losses. This is the comparative advantage of being the big boy in the local market, the knowledge and control over how things are and will be. Wall Street is like a jungle infested with thugs and robbers. There is safety on home ground. How come we didn't think of that in the first place? Will the flirtation with the American dream end? Will we still throw money after all the great American financial gurus to bring home the bacon?

Recruit more Arab talents

The best foreign talents in finance are not found in Wall Streets or any European cities. These people make money by cooking the books. The real talents are in the Middle East. The Arab sovereign funds are making billions while we are losing billions. What more to say. Quick quick, send our recruitment team there and stop wasting money recruiting from the US or UK.

Long term investment turning short term

In the stockbroking industry, many short term traders who punted in the market often ended with their short term positions becoming long term. This happens when their positions turn bad and they have to pick up the shares or face immediate losses. Temasek is adopting a different strategy. From long term to short term in their investments. Bad long term investments will be cut. Yesterday it announced another cut, selling its long term stake in Barclay Bank barely a year or two after putting a few billions into it. Here the loss is between 500-600 million pounds or more than a billion $S. This is the second cut loss by Temasek after pulling selling out its Merrill Lynch stake in Bank of America. Wonder how much was the total loss in Merrill Lynch? Now which one will be next to be cut? At the rate it is going, all its long term investments will become short term. What is left? UBS, Citigroup, Morgan Stanley? Will they be cut as well? I don't think any MP will be raising questions on these investments. Probably they will be busy lecturing Low Thia Khiang how to rebuild his Workers Party to fight the next GE.

Parliament is having a break

Geese, without the entertainment from Parliament, news is getting a bit dull. I hope Low Thia Khiang would review carefully the lessons and lectures he received in Parliament and come back prepared to take on the matrons. One thing I hope he will do is to issue a challenge to the good hearted MPs who have been teaching him how to be a politician and invite them to contest in Hougang, one to one, to prove who is being simplistic. The result will be a great testimony on what is real.

Motor insurance premium increased by 400%!

Just read a reply from Pui Phusangmook, SVP & GM NTUC Income, to the claim by Tan Boon Tong that his repair bill was high, $19,800. The photos shown in the ST today, of the damage car in the workshop and those shown yesterday were grossly different. But that was not my concern. I am startled by the comment that Tan Boon Tong's insurance premium had gone up by 400% because of the insurance claim. Actually no, I was not startled by this. I was shocked that his insurance premium would have gone up by 30% on renewal even if he has not make any claims. Wow! 30% increases in premium for nothing! Is this robbery or what? Motorists just have to pay. What choice have they got? Go shopping and compare prices from one insurer to the next? Can they get their insurance from Malaysia?

Great Singapore Sales going to HDB flats

Fernvale Crest, sounded like some place in Bukit Timah, very high end. No it is at the junction of Jalan Kayu and Sengkang West Way. Oops, Jalan Kayu, Sengkang! Anyway, it is BTO, so the design and quality must be good and the price, oh at a great discount, very affordable. They are cheaper by 35-45% from others in the vicinity. Now, isn't it a steal? 2 rm from $74k-$98k, 3 rm from $116k-$157k and 4 rm from $203k-$250k. Cheap, cheap and cheap. Less than 10 years ago, 4 rm flats probably cost about $120k. It depends on what you are comparing. Go to the big shopping centres offering the Great Singapore Sales. Many have jacked up their prices only to bring it down as a great discount. That is ingenuity in pricing. Don't worry about the pricing. Fernvale Crest is going to be our new standard for a Swiss Standard of living.

CASE is working on the abuses in motoring insurance

Motorists should be heartened by CASE's involvement in the motoring insurance scam. It is reported that CASE will be setting up a review committee this month to look into the problem. High time. One suggestion is for motorists to make statutory declarations of an accident. This of course will bring about more costs and time involvement. The question is, why is a police report not enough and a statutory declaration is deemed necessary? Can anyone make a false police report? I believe it is criminal and the person can be charged in court for doing so. What I think is necessary is not to add more layers of administrative work and protective measures. The current procedure may be adequate. What it needs is enforcement and a team of people assigned to deal with it and make an example of a few cases of frauds, charged the culprits and send them to jail. That will send a strong signal to the crooks in the scam. How ridiculous it is to pay $5000 pa or $400 a month just on insurance to have the right to drive a car? Many people may not even drive 10 days a month and it means they will have to pay $40 daily for it. ERP is expensive, what about insurance cost? This is a big rip off! We are going into the realm of madness.

My words are getting prophetic

In no time I will be calling myself a prophet. Yesterday I was mumbling about the great news that patients would be paying less for hospital bills from their pocket but expect higher contributions to their Medisave. Even before the ink was dry, or before the sound of the keyboard faded away, news was out. CPF Minimum sum raised to $117,000 and Medisave Account raised to $32,000. And ceiling for Medisave is also raised to $37,000. If medical cost is not hauled back, looks like no immortals or demigods can do it, the people must be prepared to keep pumping more money into their Medisave. Now the rich citizens of Singapore have $149,000 in the lockup. The other prophetic statement I made earlier was my guess that the Malaysian Special Branch could actually be awared of Mas Selamat's whereabout in Malaysia long ago. Now it is in the paper, that they knew from the day he arrived in Malaysian soil. I am a prophet!

Sin Boon Ann apologised

Actually I was very disappointed. I am sure Sin Boon Ann did not make his comments out of nothing. Ok, quoting an unnamed source from the internet was a mistake. But was there biased reporting? Ok, don't use the word biased, but was the coverage fair? With Han Fook Kwang's admission that they could have done better, would Sin Boon Ann won his case should it be taken to court? In this case, with the privilege of speaking in Parliament, he would not have to go that path. What would happen if Sin Boon Ann insists that what he said was a fair comment? Was his apology just for quoting an unnamed source or was it an apology for saying that ST was biased in reporting which he then believed it was wrong and could not be substantiated?

Great savings on surgery bills!!!

'From today, you could pay $1,950 less for a knee replacement surgery and a six day hospital stay in a Class A ward - thanks to the increase in Medisave withdrawal limits for surgeries, which will reduce out of pocket expenses for patients.' This is the first paragraph of Neo Chai Chin's article on surgery bills in the Today paper. My 92 year old mother will jump with jubilation. She will even exclaimed, 'wow, free, so cheap!' To her, CPF money, Medisave money is not her money. It is money from somewhere that she did not know. So spending all the CPF money, all the Medisave money is alright. In a way it is true, afterall, one cannot touch the money unless one is so 'sway' to be struck by a serious illness. Then only one has the privilege to empty it from the Medisave Account. Otherwise, it is not your money to use. So, is this what reducing medical cost is all about? Or is it now cast in stone that medical cost cannot come down, will not come down, and the only way is to find other ways for the patients to pay, and the best way is to pay through the Medisave account. Don't take from the right pocket, take from the back pocket. So what's next, CPF not enough, Medisave not enough. We need to raise the contribution in the Medisave Account. The Medisave Account of the people are being depleted so fast, like the CPF, that they have not enough money for retirement and to pay medical bills. Raise the Medisave Account to $200K! That should do for a while.