Should Sinkies pay for the impending bus fare hike?

The almost instantaneous reaction by most Sinkies is no, they should not be paying for the pay hikes of the bus drivers. The robotic type will auto reply, if got improve in service quality ok lor. With so many pay hikes in the past, if every pay hike led to a little improvement in service quality, the services would have been perfect by now. Though the pay hike will in a way challenge the principles of cheap, better and fast workers, it seems that right from the top, from the ministers to the masses, there is a consensus and good justification for this pay hike. At least the ministers are saying so or suggesting so.

And the money must come from somewhere, or from someone. Who dunno? From the directors and top management? How could anyone be so audacious to think of this? It would affect their lifestyle and they may be less motivated to work for the bus companies and the service quality will be badly affected. There is still the spectre of corruption lurking in the shadow when they are not paid well. Do you really want this? From the shareholders? How can? The shareholders’ interests must be taken care of as they are shareholders of the company. They took risk of losing their money even in a monopoly business, big big risky. Don’t always expect the Govt to pump in $1b to the rescue.

If not the shareholders or directors or top management, then who? Cheng hu? The Cheng hu already promised to give $1.1b so how to ask for more? Cheng hu where got so much money? Reserves cannot touch.

I think the best source of fund for the pay hike of drivers must still come from the commuters. Some will willingly accept the increase if the bus operators can promise to improve the service quality. As for those who are not willing to foot the bill, one suggestion is to give them a $50 top up to sweeten and soften their resistance. After using up the $50, they will not feel the difference in the new fares, or even forgotten about the higher fares. They would get use to the new fares.

And for the stubborn ones, just tell them that the hike will not cost more than a plate of char kway teow a month. It will only amount to a few cents. They will not feel anything at all. A plate of kway teow a month would not cause them to tighten the belt. The commuters must get use to paying for quality service, for quality management and directors, and the interests of the shareholders. Nothing comes free. There is no free lunch. If they don’t pay, then they must be prepared for lower standard of public transportation.

When Sinkies were illiterate and ignorant

Up till the early 80s, the literacy rate of Sinkies was still not that high. Sinkies were also not so well travelled and they could be easily conned by all kinds of silly logic. They were thus treated as such and told of what was good or bad for them. That was forgiveable then.

One great theory was that privatisation would make govt owned or public services more efficient. And the reverse was equally true. Any private company that is nationalized or turned into a public company will immediately become a flop, inefficient and badly run. Sorry civil servants, I didn’t propound this theory. I was also told that it is so.

There is no need to bother about the quality of the people running it. No matter who, no matter how clever, how dedicated, how motivated, once a person is tasked to run a public enterprise, it would not work. On the contrary, no matter how stupid and silly the person is, let him run a private company, a privatized company, lo, behold, the company will become efficient and profitable.

This management theory should be taught in Harvard or at least in the local universities as the greatest management theory from Sin City.

Some are calling for the nationalization of the SMRT. How dangerous this is. The SMRT will definitely be badly managed and run at a loss. In fact if the civil service and the govt are privatized, things will definitely improved by leaps and bounds. We will have the best civil service and govt as well. Now that they are not privatized, please bear with their level of services for the time being and wait for the day when they are privatized.

How many daft Sinkies will disagree with this management theory? How many Sinkies today think that this is simply bull shit? How many would think that the effectiveness of an organization, any organization, is all about leadership and the quality of leadership and their motivation? How many out there are still thinking that they can con the daft Sinkies today with such lies? What do you think?

They said a lie, when spoken often enough, would become truth. This privatization theory is now a golden rule in Sin City. Dull and stupid people will become efficient and effective when working in a privatized company and vice versa.

Mandarin names of MRT stations

SMRT has just ended its trial to announce Mandarin names of MRT stations. The reason for this trial is due to request by the senior citizens who don’t understand English station names. I think this is laudable on the part of SMRT to be responding to the needs of the commuters. I can understand how difficult it is for the oldies who were mostly illiterate to understand names like Somerset, City Hall, just as examples. Suo Mei Sai, Zheng Fu Da Sha must be more familiar to them, I think. I must confess I have never heard of Suo Mei Sai and find Zheng Fu Da Sha familiar. Bugis, what is its Mandarin name? Would it Peh Sua Por or Bai Sha Po? Should Little India be called Tekka or Zhu Jiao?

What the SMRT could do better is to understand what the oldies are familiar with, what kind of names they used, never mind if the English educated do not have a clue what Suo Mei Sai means. Perhaps it would be more comfortable if they use dialect instead. Chinatown could be Niu Cher Sway or Goo Chia Chwee, or should it be Zhong Guo Zheng?

It’s a pity that this trial has come to an end. I was kind of getting a Mandarin lesson in the train, learning new names that I have never heard of, some in my entire life. If successful, I am sure the possibility of using Pinoy and Hindi names could be considered, if they requested for them. That would make our foreign talents feel more welcome as well. This is like killing several birds with one stone. And many Sinkies could benefit from learning a few Pinoy and Hindi words for sure.

I can understand Hong San instead of Ang Swa or Si Kar Teng. What is Dover called? Or what was Commonwealth?

The flutter is turning into a storm

Some thought after the repatriation of 29 strikers, charging a few in courts and the jailing of the leader, the story will come to a natural end. Zero tolerance, nip the problem in the bud, take a tough stand, kill the chicken to frighten the monkeys, easier said than done. A couple of imitation or sympathy strikes had followed. More grievances are surfacing.

The political parties that were in a slumber have risen. Some found it no longer acceptable to remain reticent. Everyone wants to have a say, to be heard. Not doing anything or not saying anything is no longer an option. The biggest opposition party, the WP, has taken a tougher stand with more deliberate comments on the welfare of workers.

The ministers are also chipping in to the latest Natcon. This SMRT drivers strike is taking on a life of its own, overshadowing and silencing whatever was the agenda in the Natcon. Bus fares must go up. Expectations of drivers are higher. Need to attract more Sinkies to be drivers. But there must be a cap. Cheap, better and faster will no longer be cheap anymore.

Professor Lim Chong Yah is smiling. They need to find money to pay the bottom feeders. The ideal choice is to get other bottom feeders to foot the bill. But it seems that the other bottom feeders have gotten the message and already jumped the gun by saying no, they are not going to be the one to pay. They are asking the shareholders, the directors, the top management, to pay for any increases. Is this not what Lim Chong Yah has been suggesting?

Can a financial centre afford not to have a healthy stock market?

All big financial centres will have a full complement of financial institutions and a stock market. In fact a thriving stock market is the cornerstone of a vibrant financial centre. The absence of a stock market, or a fictitious stock market that is dysfunctional just would not do and will lead to the demise of the whole finance and banking industry.

Could there be govts that are growth biased but blindly allowing their stock markets to wind down into a farce, or crippled through neglect or unwise systems or structures? A stock market has to function like a stock market and anything that is only a make belief and unreal cannot do. The industries, the companies, need a vibrant and healthy stock market with all the fund managers, big and small investors, brokerages, banks etc etc participating actively so that fund raising can be conducted efficiently to lubricate the economy. There is no such thing as a fictitious stock market, a sick stock market, a make belief stock market that is dysfunctional and thinking that the whole financial system will not be affected. It just would not work.

Can anyone imagine a stock market where trading is done by a few computers or a handful of funds, or a handful of investors? I know that it is a foolish thought. You either have a stock market or you don’t. Doing away with the brokerages, doing away with investors, big or small, are simply nonsensical unless the intent is to close down the stock market and lead to a highly strung banking industry that is going no where.

The stock market is really the core of the finance and banking industry. Only small and undeveloped countries do not operate a stock market. And companies will have difficulties raising funds from the public for growth and expansion, and have to rely on individual investors in small circles of contacts. The room for economic growth is thus limited.

Can a financial centre like Singapore afford to have a fictitious stock market or a dysfunctional one? Hither is the stock market? Is the stock market thriving or is it dying?

There are many ways to kill a stock market.

1. When companies find it meaningless to list in the stock market.
2. When there is no critical mass of investors, retail or institutions, to provide the liquidity.
3. Believing that a small market, without contra trading, can thrive as a financial centre.
4. Believing in fictitious trades generated by computers with no real tradings done to replace real trades.
5. Believing that with low or minimal commissions, the brokerages can continue to exist.
6. Believing that a stock market can exist without brokerages and their clients.
7. Believing and allowing unfair trading practices by computers and big funds to take advantage of small traders/investors.
8. Believing that a few computers can generate enough trades to keep a stock market viable.
9. Believing in derivatives trades to replace real stocks.

The signs that a stock market is rotting from within is for main board companies to be trading as penny stocks at 10c. Oops, some are trading at less than that, at 1c. When the true value of a company is more than the listed share value, the company will be scrambling to delist in fear of a hostile takeover in the cheap. When the true value of a main board company is really 1c or worthless, there is no fear of anything, no takeover, and continued listing could still allow the company to raise fund from the gullible public.

How healthy is the stock market? Is it in the pink of health, or just a mirage?

The police force is highly short handed

A student made a police report that a teacher used the word ‘fuck’ in their discussion and felt offended. Would he go further to make a magistrate complaint that he was being threatened by the teacher? Would the next person go to make a police report that his neighbour stared at him so he can also make a magistrate report?

My earlier article on the most serious crime in Sin City was sexual offences and that that was a good thing. Now it seems that the offences or crimes in the City is about four letter words and intimidation because someone said ‘Fuck you’ or stares at you. And the poor magistrate would have to call his court into action because the complainant would engage a willing lawyer to file charges against such ‘serious’ and spurious accusations. And mind you, with enough money, lawyers will be ingenious in framing all kinds of charges for the most incredible reasons even if the complainant is a nut case. They could pay to bring the justice system to bear on you.

I think both the police force and the courts would need to ramp up their manpower and resources to entertain these ‘serious’ complaints by the people, real or unreal, as long as they claimed to be threatened, to fear, and willing to pay the legal fees. The police may need a full contingent of officers to be deployed in all the Neighbourhood Police Posts to deal with this crisis. There may be a need to build a separate magistrate court to handle such cases.

The good thing is that all the serious crimes have somehow disappeared. Or maybe the police force is so bogged down by fuck complaints that they have no time to spare for anything else. This is as good as people happily calling for emergency ambulance services for toothache or morning sickness or when they lost their pet dog. Maybe the police force is now so people friendly that everyone is feeling so comfortable to drop by to have a chat and to make a complaint of whatever sick nature.

My RSAF story

Sometime in April 1969, I quit my first job of a few months, climbed up a 3 tonner and was on my way to Seletar Air Base. It was RAF Seletar, a British base in the Far East of the British Empire. There were two of us at the back of the 3 tonner. Singam was a former school mate and we were rather surprised to meet again in the oddest of all places. We did not realise that we were the last two recruits to fill up the remaining positions for the first batch of pilot trainees for our infant air force. It was too small to be anything and they called it the Singapore Air Defence Command.

Seletar had a little airfield with a little air traffic control tower that would be our training school for the training we were to receive in flying. It was a crash course really. We jumped down the 3 tonner to get a glimpse of the air force we came to join. And the whole air force was right in front of us, two Cessnas, a 170 and and 172 if I did not remember wrongly. For those who are not familiar with aircraft, these Cessnas were light aircraft, piston engine with a propeller in front, used for joy ride by hobbyists in the Flying Club. We were impressed. Never seen an aircraft at such closed range, and never knew what an air force was like.

The Chief Flying Instructor, a Major Foster and a Major Ogden greeted us on arrival. My gosh, two senior English gentlemen in flying suits warmly received these two young men still in civilian attire. In 1969, the locals were still quite unfamiliar with the faces of our ex colonial masters. But they were great guys, seasoned pilots from the RAF. After a few pleasantries we were introduced to another few senior trainee pilots, Andrew, Pat, Tony, Norman and a couple of others.

Andrew was tasked to show us around the aircraft to get us familiar with the machine that would take us up in the air. He walked us through and showed us what was a flap, an aileron, pitot tube, propeller and all the external parts of the Cessna. We did not know that that was Lesson Number One of ground school. Back in the class room at the tower we were given two books on the principles and theory of Flight. Read and ask if we did not understand what we were reading. The senior trainees would be there to help. The content was quite elementary, really. We were genius.

After lunch, Major Foster came to take me for a joy ride. Everything happened so fast, it was like a dream. Joined the SADC in the morning, went flying in the afternoon. And that was Flying Lesson Number One, to test how we reacted to air sickness.

In about a week I went solo. Unbelieveable. I did not even have a driving licence nor  have I driven a car. Then I flew cross country into Johore, over Yong Peng, Layang Layang, Gunong Pulai and a few other small towns, alone. The only thing that I could still remember was the last minute safety advice, to ditch into any open area if the aircraft developed any trouble or engine failure. I was on my own, with only a few hours of flying and barely any knowledge of emergency drill. Partly ignorant, partly foolish, partly young and innocent, everyone one of us went through the routine to prepare us for a Private Pilot Licence. That was the basic requirement for further training in the UK. We did not know what was fear, what was dangerous then. If we ditched, we would be in the news, history. Quite a number of pilot trainees did become history while learning how to fly along the way, the heavy price the young men paid and were mostly forgotten.

All in all it took me one and a half months to get my PPL. I did not know it was that easy. I remembered taking more than a year to get my driving licence a few years later and had to struggle to pass the highway code. During this short phase of our training the 3 tonner driver, NSman, faithfully fetched the handful of us every morning from RAF Tengah to Seletar and back. There was no time for drills or learning how to march. One moment I was an Officer Cadet. The next moment I was a second lieutenant without any basic military training or knowledge of the army rituals. I actually did my basic military training in an Officer Cadet Training School, in RAF Henlow, UK.

Then on that fateful day of May 13, 1969, 5 young men, including myself, left Paya Lebar International Airport to join the first batch of pilot trainees already in the UK to be trained by the RAF as the pioneers of the infant air force. This was part of the deal offered by the British prior to handling over the military facilities to our Govt.

Imagine how time flies and how things were in those days. No ground school, no flying school of any kind. And if I am not mistaken, of the two Cessnas, one was on loan from the Flying Club. The sole possession of the SADC was a solitary Cessna 172 when the Air Force first started. Maybe this was also on loan from the Singapore Flying Club.

A little unusual thing happened while I was going through the crash course. I was officially AWOL from the Police Reserve Unit I was attached to for my part time NS. Everything happened so fast that no one informed the PRU of my enlistment into the SADC. The police went looking for me, probably with a warrant of arrest. I was in camp and did not know what actually transpired. They must have sorted things out after that and I did not hear from them anymore. Those were the days that anything goes and all rules were meant to be broken. There were organisations and rules that were often overtaken by events.

Large quantities of original paintings available

Woman Dressing

A piece of abstract rar art of a woman putting on her dress. With the Art of RAR technique I could create large numbers of original pieces, each piece different, to fill up the rooms of a big hotel or a large installation like Marina Bay Sands, MBS or Resorts World Sentosa, RWS, at a very reasonable budget. The hotels can claim that every painting in each and every room is different.

Turn SMRT into a National Service

The General has been appointed as the CEO. He is bringing in more soldiers to help him run the business. Drivers, logistics, transportations are all key elements in a big armed force like the SAF. The trained manpower and their expertise are relevant and very important both in war and in peace. It is time to nationalise bus companies as part of the SAF logistic arm. One good thing for sure will not happen. No strikes. The next big thing is that the running cost will be down, with NSmen as drivers and guards, yes the installation will be well guarded, no more vandalism. 

The introduction of army discipline will do well for the transport services, with healthy and fit NSmen, young and vibrant and following orders, the buses will be running like clockwork. No need to recruit foreigners. No need to have union and unionist problems. All disciplinary problems just leave it to the RSM.

Routine orders, stand by bed, daily inspection, fitness exercises, cleanly pressed uniforms, a perfectly discipline workforce. What can be better? No need to please shareholders, no need to pay exorbitant management pay and director fees, which means, yes, lower fare. This is like a wet dream. 

Commuters can look forward to lower fare and stable fair, no regular fare hikes. And the management do not have to worry about the profits to pay the shareholders.

Another big plus, with the experience in driving through the city, they will be an asset in FIBUA, knowing every nooks and corners and negotiating all the difficult turns through ground knowledge.

What do you think?

Good reasons for Olam to call off bond/warrant issues

If I did not hear it wrongly, one of the main reasons quoted for this cash call by Olam was to test its ability to raise fund from the market. This has been proven to be true with the $1.25b issue with Temasek’s undertaking to pick up all leftovers. And since Olam’s CEO has claimed that Olam did not have equity problems for the next 12 to 18 months, announcing the cancelling of this bond/warrant issue will pull the carpet under the feet of its critics.

It would also make Temasek look good to the citizens of Singapore. The perception now is that Temasek is rushing into such a deal like they did when the western banks came knocking on the doors and not enough time for due diligence. And if extending this helping hand ends up in the same way as in the last financial crisis, burning a big hole, it is not only a matter of red faces but the whole credibility of Temasek would be in question. Not forgetting more public money down the longkangs.

Some were critical of this intervention by Temasek using Sinkie money to save a non GLC companies. The white knight should be the parent company Kewalram Chanrai Group. Why should Temasek put its neck out when the parent company of Olam is not a party to it or prepare to lose its own money? Is the management of Temasek taking this too far, to bail out a non govt related entity using public funds just because it is a major shareholder and risking to foot the full bill for Olam? The non involvement of Kewalram Group in this bond/warrant issue is making people nervous and unhappy. Temasek should insist on a bigger participation by Kewalram to share the burden and the potential loss. Perhaps this is already done. Perhaps Temasek knows better and this is another good deal, another fire sale, to reap big profits. Whatever, Sinkie money must not be put to unnecessary risk too hastily. The only consolation is that Sinkies need not be unduly worried as Temasek is in good hands and getting the best advice money can buy.

SMRT - A little revolution and 6 martyrs

The SMRT strike was like a little revolution in Sin City that unraveled a lot of nerves and the false sense of security. How could it happened? It should not have happened at all, if only the management was not complacent, more sensitive and not to treat the grievances of foreign workers as something that can be kicked further and further down the road. The workers were on 2 year contract and in no time they would be due for repatriation. Maybe this is the mindset, and there was no urgency to settle anything.

The aftermath of the strike after the govt moved in with a heavy hand, a no nonsense and zero tolerance for strike, elevated 6 strikers to martyr status while 29 comrades were sent home. This is not all. The sacrifice of these comrades did not go in vain. Their grievances are being attended to immediately with the CEO sitting with them in their bed bugs infested bunks. There were promises of improved living conditions and token pay rises.

But things are escalating and more good news is in the air. The Minister of Transport, Lui Tuck Yew, said the Govt recognizes the need to increase the salaries of bus drivers. Now all the drivers, local and foreign are in glee and only the strikers to thank for. And the Union Chief, Lim Swee Say said that the Union is looking forward to serve the foreign drivers, probably laying down the red carpet for them to join them. They would not be any need for little discussions that led to no where. The Union will be representing them to get fair wages and good living and working conditions.

Now for the bad news. Lui Tuck Yew wants to increase their pay but is asking where the money should come from. I am very happy that I do not take buses for my transportation. Don’t look at me. The bus commuters are likely to have to share the woes of the bus drivers, foreign and local drivers, to give them a big angbao for the Chinese New Year.

I would like to suggest, of course it would be of no use, that the fat pay and bonuses of the top management, the directors, and the big profits of the transport company be slashed for this increase instead of the poor commuters. They are too fat for their own good. Okay, fat hope, I know. We don’t even believe in progressive taxation and how could the rich and fat be made to pay for the increases of the drivers? It must come from the poor commuters.

Did I forget that $1b has already been set aside for something like this?

Peace in East and South East Asia, the American Myth

For nearly 40 years after the Americans fought its last war in Vietnam and scooted out of the region, East and South East Asia enjoyed unprecedented peace. The primary concern of the countries in the region after Vietnam, 1975, was economic development and trade.

All this is changing when the Americans decided to return to the region in its so called pivot to Asia. The Americans are telling the countries that they need America to keep peace and stability. The truth is just the opposite. In trying to justify its presence and return to Asia, the Americans have been behind all the tensions in the region, encouraging little countries to challenge China with tacit support of the American war machine.

The Americans are also signing more military pacts with countries in the region in the name of peace and stability, starting with Australia and New Zealand. It is reviving its treaties with Japan, the Philippines and even Thailand. It is encouraging the remilitarization of Japan and egging India to play a bigger military role in its containment of China. These are the American’s way of a peaceful return to Asia. In the wake of its return, a trail of tension has been building up. And it is exactly this, created by the Americans, to tell the countries in the region that they need the Americans in order to have peace.

The truth is that there were peace and stability till the Americans made its presence again and war could break up anytime now. And the Americans are telling the countries in Asia that without the Americans, there will be no peace and stability, that Asian countries cannot keep peace and must be led by the Americans. And the willing spoilers in Japan, the Philippines, Vietnam and India are actively provoking China to respond aggressively to vindicate the American position that America is the answer to peace and stability in the region. And of course, China is the aggressive and expansionist power, asserting itself and bullying the smaller countries.

Ethics and fair practices in the banking industry

A friend of mine, a senior banker, attended a bankers’ dinner several years back. The Guest of Honour was none other than Jackson Tai. In his speech he stressed on the need for ethical and fair practices in the banking industry and he lamented at the lack of it. Some banks were big culprits in violating all the rules of decency to take advantage of a situation, of clients and customers, just to shore up their bottom lines. I was kind of huh, how could respectable bankers be so unscrupulous? I choose to take a neutral line, half believing until proven otherwise.

One of the ugly practices of the banks was to steal clients from competitors by undercutting on the commission. Some bankers even stooped to such practices within the same bank, stealing clients from their peers and associates. It was nauseating that bankers could behave in such despicable and unethical manner in an industry that places great importance to honesty, sincerity, trust, ethics and fair play. This cannot be true either.

What was silly was that the undercuttings ended with the banks getting lesser returns than before from existing clients that were already customers of the banks. And according to this banker, the top management of banks did not even know that they have short changed themselves while throwing away all the good practices and human decency, to look good for some individuals or departments or the bank. Further, for doing so, they exposed themselves to anti competition practices that could bring forth a lot of embarrassment if reported in the media. But these were in the past. Thank God.

Would history repeat itself, that banks would compromise their integrity and reputation to steal clients in unfair and unethical ways? Hopefully this will not happen again as the bankers were supposedly dignified professionals and men and women of great honour, trustworthy and respectability. Indiscretion of such nature is taboo in the industry and beyond them.

I rather be naive and innocent to believe that bankers will be above unethical practices and will live to their reputation as honourable and reliable professionals of the most important industry that touches all industries. I still believe in the perfect picture, of wholesome goodness, that all things are well beneath the superficiality.

I believe that no bankers would compromise ethics and morality to indulge in silly practices that are short sighted and could bring them down with dishonour just to shore up the bottom line.

I believe that the Competition Commission of Singapore would be watching such violations closely and that they know that everything is fine.

I believe that what is happening in the US where banks would cheat their clients by recommending them rubbish products that banks wanted to get rid off, or churning the accounts of their clients for profits would not happen here.

I also believe that before the Dodd Frank Law comes into effect, our banking system will do the necessary to observe the decency and propriety that this law is supposed to do and avoid a conflict of interest the law intends to stop.

I also believe that the banking industry is in good hands, run by honourable men and women.

The SMRT Bus Drivers Affair

One has to sit out in prison, 4 or 5 were charged in court and 29 were deported. And there was a public outcry against the presence of these drivers and their unruly behavior, breaking our laws to go on strikes, and breaking our 26 years of industrial peace, without a strike.

Many of you may know the whole story, some know only parts of the story, some know nothing at all. For those who know the full story, know what was going, touch your heart and say, yes we have been fair, or unfair, to these workers.

For those who do not know, please go and read the whole affair, get the facts and then retake your position on this issue. You have the right to form any conclusion, as long as your heart is there, as long as you can touch your heart and say honestly to yourself, that you can sleep well.

In search of Excellence in mediocrity

There was a hush hush party in one of the top primary school. The students and parents were invited to a midnite celebration in the school compound. It had to be midnite to keep out of sight from the glare of the public. No one should know except for those connected. The principal and staff were quite apologetic for the stealth arrangement instead of grand party.

The school and the parents were celebrating the top student in the PSLE, out of sight so that no one would feel pressurized by the presence of the student. Attendance was by invitation only.

This is the new ethos of Sin City. Top achievers cannot be named. From now onwards, no one will know who is the top income earner in the City. No one will know who is the richest man. No one will know who owns the most properties. No one will know who wears the most hats. No one will know who is the biggest gambler.

The top student of the year will go around like he/she has committed something offensive or obscene, like a leper, to be hidden from the public eyes. What a shameful thing to do to a child who has done something so glorious and meritorious. Oops, shouldn’t have mentioned the word as it is linked to meritocracy, or is it meritocrazy?

There are several parents still bitching about this change in the media forum. Why don’t they let the sleeping dog alone. It’s water under the bridge. Now who is that poor girl or boy who scored so obscenely in the PSLE?

Olam too big to fail?

Olam is raising $1.25b in a bonds and warrants issue exercise to strengthen its liquidity position. Temasek Holdings, its major shareholder, has pledged to pick up all remaining bonds and warrants that are not taken up in a show of confidence or a show of faith. Muddy Waters is still holding on to its position that Olam is over stretched and is a risky bet. Several analysts and brokerage have also issued sell recommendations and MayBank has revised Olam’s value downwards to $1.42 from $1.75.

This Olam saga is becoming the biggest betting game for the moment with investors and analysts making guesses both ways. What is the real picture of Olam’s financial health is going to be of great interest as a bad call or a bad turn could make many investors win or lose big time.

Temasek is betting big this time round and it could mean many things. Is it a case of Olam being too big to fail and Temasek has no choice, being too deeply into Olam it has to boost up some support to protect its position? Or has Temasek done its homework thoroughly and betting a winning horse? Only time will tell as the parties on both sides of the bet are equally convinced of their positions.

Even with the financial data on the table, it is not easy to know the true picture of Olam’s financial standing or its viability as a business concern. It could end up a big win for Temasek or holding on to a big lemon. Is anyone wiser? This is supposed to be business analysis and not buying a gambling chip in the casino, but it seems that it is the case at the moment.

China must behave like a super power

China’s self restraint is becoming a joke to the little countries in Asean and they think they can make groundless claims against its territories, arrest Chinese fishing boats and fishermen and China cannot do anything about it. In the view of Asean countries, China is just a paper tiger. Just shout at China, call it a bully and China will quietly back off.

China needs to act like a big power like the Americans, the Israelis or the Japanese. It must be more willing to flex its muscles to hammer the little trouble makers coveting its territories. At the worst, it must act like the Indians as a regional power. In the Indian Ocean, no countries would dare to trifle with the Indians. It will lash out with whatever it got to any adventurers.

The Indians are moving into the South China Sea. It has declared that it is ready to protect its oil interests in South China, an open affront to China’s dispute with Vietnam. The Indian Navy Chief Admiral D K Joshi said that India is prepared to act, if necessary, to protect its maritime and economic interests in the region. This is as good as telling China that it will go to war with China. And no one is saying India is escalating tension in the South China Sea. That is how a big power should act and behave to keep the little countries out of its way.

At the moment, if China would to say such a thing, the little countries will scream that China is acting aggressively and the US will join in. China must get use to act like the Indians and soon the little countries will learn to accept it. And China must be prepared to slam them if they misbehave in order for them to behave well.

When asked if India is prepared for it (war with China), the Admiral said, ‘The short answer is yes.’ So what is China going to do about it now that India is stating its claim in the South China Sea?

China can respond by being meek and diplomatic and pretend it did not hear anything. China can react by sailing into the Indian Ocean and declare the same that it is there to protect its interests and is prepared for it.

Would China chicken out and be called an aggressor still, an aggressive power at the same time? Or would China just do it, behave like a super power and wield the stick to keep the hyenas away? Like it or not, it will always be called an aggressive power no matter how submissive it tries to be. It is time to kick asses. If China refuses to do so, it will invite more aggressive manoeuvres from the little countries with the Americans behind them. And India is joining the fray as the point man. More trouble and provocations will come China’s way.

Singapore can become that Greater Society

This is the title of an article in Today written by a young doctor. His message is clear. Taxation must be progressive and not regressive. He did not say it, but GST is a regressive taxation where the tax burden falls heavily on the lowest rung of the economic ladder. Do not be deceived by whatever clever talks that GST is good for the poor. It is not. And abolishing of estate duties to allow the super rich to keep their wealth intact is anything but progressive.

Though the young doctor, Tan Wu Meng, commented about many issues, the main crux of his article can be summarized in the following quotes, ‘When all is reduced to price(money), we lose track of the priceless. When a mentality of winner takes all takes root, it takes away something from our society.’ The brackets are mine.

Some may comment that the young doctor’s view is full of youthful idealism. Some may call him stupid as the real world is all about how much to grab, and corruption can be eradicated by paying upfront, legally. These are the hard truths that young people cannot understand. They are not greedy yet.

I would like to disagree, and I believe that life must be filled with youthful idealism to achieve that greater goal of a better people and a Greater Society. The fact that Tan Wu Meng said that Singapore can become that Greater Society is as good as saying we are not there. He also made several pertinent points that I would like to reproduce here to give credit to him.

‘Inequality becomes particularly corrosive to society when people no longer see a path upwards; when those on top do not give a helping hand – or worst, having climbed to the next level, pull the ladder up after themselves and pretend the ladder was never needed in the first place. The meritocratic system begins to fray when great success breeds a sense of great entitlement, rather than the calling of great responsibility to others….A nation’s defence is incomplete unless each citizen feels he has a stake in the future, that he is part of something greater, that he is fighting for more than just another person’s possessions.’

I could not have said it better. This is part of the bigger stirring that is going on. Those who can think are not happy with a situation that looks perfect on the surface, but the truth is further than you think. This young doctor is saying it in a less than subtle way and representative of the polite elite who wanted change but not pushing their points too hard, not wanting to ruffle feathers.

Would his message get through? Would this be picked up in the Natcon as a vital issue to be addressed?

PAP and all the good policies

Why was PAP the party and still in power after 46 years? Obviously it has done many things right, not all. The Sinkies are not dead fish that cannot tell the difference between good and bad policies. Let me just name a few without being exhaustive. Among the best known PAP policies must be asset enhancement, high pay for ministers to fight corruption, high public housing prices(oops, affordable), high fees for good value of services, high influx of foreigners for high growth, high population density, high COEs/car prices, high medical fees(this is related to value for money), high CPF savings, high minimum sums, just to name a few.

And the magical thing about all these policies is that they all work excellently. The country has prospered and the happy are rich beyond anyone’s imagination for a piece of rock without natural resources except people talent, local and foreigners.

But why are there so many grievances and growing? I think it is all a matter of perception. The people did not understand how good these policies are to them and how they have benefitted from them. In a way the people are really daft for not knowing what a good life is, 人在福中不知福。

Maybe there is a real reason for the unhappiness, perceived or otherwise. The policies are damn great and damn effective at one time. I think, this is my personal opinion, the reason for things looking bad, is that they forgot to put on the cap. Having fun is ok, but never forget to put the cap on.

Imagine when there is no cap for minister’s salary, by 2030 it could be $30m each. HDB 3rm flat could be $2m each, COEs could be $1m each, population could be 20m and growing, because got no cap, CPF minimum sums could be $2m each, CPF withdrawal date can be eternity(of course I am just exaggerating) and everything will be similarly risen in cost or price. That I think is the problem why the people are starting to fear for the future. But the people definitely cannot see the salary of a cleaner be $10k per month or a fresh graduate getting a starting pay of $30k, an average worker will be paid $50k a month. And of course by then everyone will be dreaming of becoming billionaires. Becoming millionaires is passé, irrelevant. It is all possible when there is no cap. In short, it is all a problem of going ahead to enjoy the good life without a cap.

Don’t you think so? The policies are all working extremely well.

Bedok/Punggol Branch Chairman – Do not harden hearts

The speech by Bedok Reservoir-Punggol Branch Chairman Victor Lye as reported in the media is most interesting. What he said were important. What he did not say were even more enlightening. I will adopt a ‘read between the lines’ approach to understand the gist of his speech.

The title as reported, A need to ensure PAP does not ‘harden hearts’ is as good as confirming that hearts have been hardened. He referred to the Hougang voters as a case in point. How and what did the PAP do to harden the hearts of the Hougang kias is interesting though no one is talking about it. This is the first admission of this fact.

His recommendation to win back Aljunied is to go with the flow, knowing that it is the national desire for alternative voices in Parliament. How is he going to do it? ‘In Aljunied, we must be prepared to argue for policies that are different from the Govt, even if they are somewhat similar to the Oppositions’. This is simply genius. The Aljunied voters will get an opposition in Parliament no matter who they voted. And this opposition will speak against the PAP policies, right or wrong, because the people want an opposition to do just that.

He also addressed the issue of transport and housing which he said was a perception that these policies were aimed at maximising profits. Really, if it is just a perception then it should not be a problem. Just communicate and explain and the perception will change and the problems will go away.

His other recommendation on transport is that Singaporeans should be put ‘at the heart of the policy while achieving operating efficiency’. Read between the lines, Singaporeans were not put at the heart of the policy while achieving operating efficiency. Is that the case?

His concluding statement for winning back Aljunied, ‘we need to make clear that we have candidates with the right party values’. What are these values? I am sure, very sure, that George Yeo had all these values. But he still lost. Now I am not sure who the PAP is going to put up that is better than George Yeo, that have understood PAP values better, to win back Aljunied.

Anyway, it was an amazing speech with a lot of revelations. It is good that the media reported the speech almost in full. Good speech, and good understanding of the problems or perceptions of the problems PAP is facing.