Downgrading the quality of living

Without any hassle or hullabaloo, Singaporeans are downgrading their quality of living and paying more for it. In my personal view, a family of 4 hardlanders, their lives are not much to talk about anyway, but they should deserve a living space of at least 1000 sq ft or 90 sq m. They are human beans too. But this is subjective. Some may think that 600 sq ft should do the trick and some may be more generous and think 1500 sq ft should be more decent. It all depends on what one would consider decent and comfortable. I think going anywhere lesser than $1000 sq ft is going down to living like dogs in a kennel. We are human beans and we need some decent space to live reasonably comfortably. I would suggest that the govt should use this as a guideline in their estate planning and as a yardstick for decent living. And not to forget, the people should not have to strife a life time to pay for such a small space. Yes we have limited space. So don't crowd it by bringing in more foreigners, aspiring a 6m or 8m population. A family of 4 in less than 1000 sq ft is bad. Anyone who thinks that it is good should be prepared to live in one. Please don't use Tokyo or Hongkong as a reference point. They are bad examples. And please don't use Africa to say how lucky we are. We need to live better and in bigger and better space, not in smaller and more expensive space. Call it the people's dream, or aspiration. Does the govt share the people's dream?

GIC profit - another version, another truth

Thursday, September 24, 2009 Who is responsible for GIC's profit? (A tale of 2 news paper report.) Who is responsible for saving GIC's hide? Lee Kuan Yew and his team of fund managers or Barrack Obama and his team of advisers? If the US govt decided not to approach GIC to convert to common stock in Feb, do you think they would have recouped their losses and managed a profit? Their original conversion price was $26.35 not the $3.25 they received in Feb. The Straits Times is bragging that GIC had the foresight to invest in banks that were too big to fail. That is very dangerous- betting on what the Federal government decided to do instead of market and company fundamentals. GIC was lucky this time. But what about UBS? Is it making a profit? GIC should thank their lucky stars that Lehman collapsed before Citi. The sudden collapse of Lehman made the Federal govt realise that they had to intervene and bailout the banks.... The above was copied from an article posted in http://singaporeanskeptic.blogspot.com/. It presented another version of the truth.

China's spokesman said...

China will never let Singapore draw away Chinese gamblers to the island. China's spokesman Steve Wynn said this when addressing the press on his IPO listing in Hongkong. Below is the detail of the AFP report. Wednesday, September 23, 2009 Wynn: China & Macau Govt Will Never Let Spore Draw Away Chinese Gamblers AFP HONG KONG — Las Vegas mogul Steve Wynn said Wednesday that China has relaxed travel curbs for Guangdong residents visiting Macau, giving a boost to the Hong Kong listing of his casino group next month. "It is a macro-economic consideration by the central government," he told a press conference. Asked if he was concerned that Singapore, which will see its first casino project open by end of this year, will draw Chinese gamblers away from Macau, Wynn said it was unlikely. "Will the government of Macau and the government of China let it happen? I don't think so."

Obama's speech in UN on corporate excesses

This is the gist of what Obama said at the UN on corporate excesses, cheats and corruptions in high places. 'And that means setting new rules of the road and strengthening regulation for all financial centres, so that we put an end to the greed, excess and abuse that led us into disaster, and prevent a crisis like this from ever happening again.' We have been copying corporate America like a little twin. Would we continue to copy America and start to tighten our regulations, or we are in such a comfortable position that we can sail along as it is? Maybe we can. We don't have that kind of excesses and corruption in the scale of corporate America. We don't have bankers paying themselves hundreds of millions. We don't have banks and insurance companies going down. We don't have a housing crisis. I think we are doing very well. Carry on.

GIC proven critics wrong

Splashing across the front pages of our major newspapers is the news that GIC has made $2.3b profit after selling half of its stakes in Citigroup. And it is sitting on a similar profit on paper, maintaining its 5% share in the bank. 'GIC chief investment officer Ng Kok Song said the "good outcome" was down to judgement calls which "turned out to be right".' Other anaylsts are also showering praises on how GIC managed to turned around and '...getting out of jail free.' All the critics who disparaged GIC and Temasek for buying high and selling low will now have to eat their own words. They have been proven wrong. The strategy and investment decisions of GIC and Temasek were well conceived and right from the beginning. And with more profits coming in, it is time to make more investment decisions.