panter92 domestic blog on Singapore issues

Recent Mumbai attacks

2008-11-30T22:11:00.005+08:00

On 26 November, bombs rocked the city of Mumbai with armed gunmen seizing important landmarks in India's financial city. Up till the point of writing, it is still unclear if there was any involvement by the Pakistani government or ISI, the feared intelligence agency of Pakistan.

Well, so what brought about these attacks? The claimant of these attacks is Deccan Mujahideen. But how true is that? We never know. Even if this terror group was involved in the attacks, what was the purpose? Can it simply be an attack on foreigners in India? What about Israelis, Americans and Britons? After all, the gunmen did request people of these nationalities to stand up and identity themselves.

So what was the purpose of these attacks? Were they for idealistic pursuits such as the formation of Islamic Caliphates? Were they to "combat" Western Imperialism? The facts are vague and we may never know as of yet.

So, the reason for this post is because a Singaporean died in these attacks. Her name is Lo Hwei Yen. She was a hostage and most certainly killed during the counter-attacks by anti-terror forces who stormed the besieged landmarks in a bid to free the hostages and restore order in the financial city. Lo HY was shot in the head, implying a kill at point blank range.

The Indian government has been heavily criticised for it's handling of these attacks with the Indian Home Affairs Minister Shivraj Patil resigning his post. These attacks were carried out at ease by the gunmen and with little or no opposition. Important landmarks can be so easily overrun. Counter terrorist forces did not manage to prevent the death of more hostages but instead increased the death toll with little regards for the lives of innocent people inside.

Singapore has faced a number of terror attacks, with most being prevented before they could be carried out. We had the Confrantasi with Indonesia, which wanted to prevent the formation of the Malaysian Federation. There was a Laju incident where four terrorists attacked the Shell oil refinery complex on Pulau Bukom. We settled the Singapore Airlines Flight 117 incident where four gunmen hijacked an entire plane.

It is very difficult to keep a country safe. Human rights groups complain that police detain and search actions are an outrage of human rights. This hinders the efforts of law enforcement officers to keep a country safe by taking the necessary precautions. I suppose these people will say that terror attacks are a blessing to their cause? I suppose police search and detain actions are undemocratic while terrorists seizure of hostages are democratic? Haha~

Well, another reason for this post is to caution myself and anyone reading that no country is safe, including Singapore. There is no 100% foolproof plan. The only way it to minimise the threat.

Mas Selamat is still at large. He hasn't been caught at the point of writing. Is he planning new attacks? Is he still in Singapore? Are there sleeper cells in Singapore? Well, we never know. But it is a fact that the best time to carry out terror attacks would be during this desperate season where economic uncertainties are sapping the morale of people around the world. All the more to maintain and increase our vigilance. A small attack at an MRT station downtown will cripple the entire transport system in Singapore, increasing economic, social and political instability.

We cannot afford any attacks, especially at present when jobs are on the line. When social stability is shaking. We must maintain unity and trust among the people. Unfortunately... Singapore lacks it.

I will say more in the next post.

Tan Kin Lian eyes the presidency or parliament?

2008-11-25T19:49:00.005+08:00

Recently, I heard that Tan KL is aiming for the presidential position or MP-ship as an independent candidate. I had long suspected this agenda and discussed with people in YPAP, unfortunately Elfred being the main person. This fellow only knows how to shoot. haha~

Elfred claimed that Tan KL forming a political base in Singapore is still too early. I disagreed and I was right. He really intends to. And I don't consider a span of one month as "too early".

Here's the news report on his aspiration for presidency.

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HE HAS become a familiar face addressing the crowds of investors at Speakers' Corner.

Standing before Singaporeans and asking for their votes at an election could well be next on the agenda for Mr Tan Kin Lian.

The 60-year-old former chief executive officer of NTUC Income told The Sunday Times he is considering standing as Singapore's next elected president or contesting in the next general election as an independent candidate.

He made no bones about his political ambitions in an interview with the paper.

But first, this king of petitions wants to see at least 100,000 signatures and names of Singaporeans who are willing to give him their support.

'I will only do it if enough people want me to lead. If Singaporeans want change, they must have a stake in it and show their commitment by putting down their names. I cannot do this without strong support,' he said.

Such a petition should be put together by those who are keen to see him become a leader, and not by himself, he added.

Mr Tan was just 29 when he became the CEO of NTUC Income in 1977. It was a position he would hold for 30 years until he left in April 2007.

Since he retired 18 months ago, he has been making headlines for his consumer activism.

The latest role he has taken on is that of advocate for the rights of investors affected by the collapse of Lehman Brothers-linked financial products.

In the past two months, he has organised no fewer than five investor rallies at Speakers' Corner in Hong Lim Park and sent three petitions to the Monetary Authority of Singapore, calling for the Government to investigate the matter.

In May this year, just 14 months after his resignation from NTUC Income, he mounted an online protest over a move by his former employer to cut annual bonus payouts for life policies sold after 1993.

The move would affect two NTUC Income policies that he owns. Three weeks later, he called a truce with the insurer.

Sipping a frappucino at the Coffee Bean & Tea Leaf outlet at Raffles Hospital last Friday, Mr Tan said the idea of becoming the next elected president was first broached by someone, whom he refused to name.

Under the Constitution, a candidate for the presidency must have senior management and financial experience in a large organisation, plus be of good character and reputation. Mr Tan, having been CEO of NTUC Income, could fit the bill.

And he is no stranger to politics. He told The Sunday Times that he was a People's Action Party member for 30 years but quit about three months ago because he was no longer active and, over the years, increasingly did not agree with the PAP's value system.

But when he was with the PAP, Mr Tan could be described as a party stalwart.

In the 1970s, he served as the party's branch secretary at Marine Parade. In 1977, he was hand- picked by Senior Minister Goh Chok Tong - then a new MP - to test a pilot scheme for setting up block committees, now known as residents' committees.

He was also known to be a regular attendee at the annual PAP conference.

So why would a former PAP stalwart suddenly jump ship?

Mr Tan said he was active in Marine Parade GRC only in the first 10 years. He was largely inactive for the next 20 years, when he moved to Yio Chu Kang.

'When I joined the PAP, it was the party of the people. It carried out many remarkable projects, such as building HDB flats, and created a transparent economy,' he said.

'But as the years go by, I think the party has lost touch with the ground.'

He pointed to the widening income gap in the country and the high salaries of Government leaders. He also finds it unfair how a disproportionate number of the academically successful come from higher-income families.

It is the Government's job to correct these problems, said Mr Tan, who calls himself an egalitarian.

'How many of our leaders take the MRT and bus like me? If they do, they will know that the MRT is crowded even at 10pm.'

Since he began organising investor rallies six weeks ago, there have been many queries about the possible motives behind this role as investor advocate.

Some people have wondered if he was trying to pave a route towards a future political career.

Last Tuesday, a reader wrote to The Straits Times to question if Mr Tan's protest against local banks and MAS, instead of US investment bank Morgan Stanley, was an attempt at politicising the matter.

Asked about this, Mr Tan strongly denied having an agenda beyond fighting for the rights of misled investors.

He said he had taken an instant dislike to the Lehman-linked structured products from the time they were launched because of the misleading advertisements and confusing prospectus.

When the products collapsed, he was 'horrified' that such unstable products had been approved in the first place.

'I felt it was very unfair that so many people have been misled. That is why I want to help them. Some people call me a troublemaker. But I know the majority appreciate my efforts.'

He said that it is 'quite discouraging' that a conclusion has yet to be reached after six weeks. He also hopes the Government will take up his petition.

And as for his political ambitions, they are not for himself, but for Singapore, he claimed.

'I don't need to be president. I have enough money and I lead a simple life. I travel by bus and MRT even though I can afford a car. So what's the point? I don't need this kind of trouble,' said the father of three.

He bought a Toyota Camry for his wife four years ago and now shares it with her.

His wife, a housewife, fearing a political backlash, is also against the idea of him running for elected president and has even called him 'mad' for harbouring such an interest.

While he has to respect his wife's wishes, it is his dream that Singapore has leaders who represent the people and their aspirations.

'They don't have to be very highly educated. They just need to be the voice of the people.'

Which ward does he plan to contest in at the next general elections as an independent candidate, I asked.

Get the 100,000 signatures first, he replied.

'I need to know that people want the change. If not, then there is no point.'

The signatures of support will also help him convince his wife that he has enough backing to embark on a political career.

Said Mr Tan: 'Actually I prefer to take it easy. I've been working for 40 years. But if enough people want me to lead, then I will.'

ndianah@sph.com.sg

Do you think Mr Tan Kin Lian has what it takes to be Singapore's next president or a Member of Parliament? Send your comments to suntimes@sph.com.sg and have your say at straitstimes.com

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Not for myself

'I don't need to be president. I have enough money and lead a simple life. I travel by bus and MRT even though I can afford a car. So what's the point? I don't need this kind of trouble.'
Mr Tan, on his political ambitions, which he says are for Singapore

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Hahahaha~

What opportunistic behaviour.

Continue reading and you'll see why that man shouldn't be trusted.

First, I posted a comment on TOC accusing Tan KL of false intentions and hypocrisy. He highlighted to him how he cut the 'SAVINGS' policy returns rate when he was CEO of NTUC Income.

His reply to me was :

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I refer to Panter92 postings (#20 and #23).

The bonus rates of Inome was reduced during the Asian financial crisis in 1998 and the dotcom crisis in 2003. They were nencessary due to reflect the drop in asset values. In subsequent years the bonus were partially restored in 2004 to 2006.

In fact the excellent investment yield in 2007 justify a further restoration of the bonuses, but this was not carried out by the new management. Instead, they restructured the bonus and reduced the guaranteed portion.

This was the source of my protest. I believe that it is the duty of any life insruance company, not just a cooperative like NTUC Income, to give a fair return to its policyholders for their many years of savings. They should treat their policyholders fairly.

I normally do not reply to statements that are intended to mislead. In this case, I wish to give a reply to put the record straight.
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TOTAL JOKE!!!

Those are nothing buy excuses! Those financial losses now are also due to the 2008 subprime crisis. If they survive, the returns will also be restored. Only thing is, Lehman Brothers collapse.

The savings policy promised this bonus rate and showed how much we'll get after a number of years. It's like current tier 3 products, when it is sold to you, you are also shown the epected returns. If we pay constantly a fixed premium, how can NTUC income cut rates as to reflect any crisis? We bought insurance savings plan like using fixed deposits and we were promised it was very safe. If they're cut here and there, it's akin to having fised deposits isn't it!

This(savings policy) is a long term investment of a fixed premium where only bonus returns can be cut while we have bought the insurance savings plan at a pre-agreed level of returns which justified the monthly premiums. So how?

But if there cuts here and there, unless what NTUC Income promised about the pre-agreed target is restored, this kind of investment is already considered risky in terms of fixed premium which is like a fixed deposit.

Which is the same as Tan KL's complaint on NTUC for their choice of restructured bonus and guaranteed potion. If Tan KL has approved the cut of bonus and restoration that would restored to every pre-agreed return at the time that people agreed to buy, then why the need to cut any bonus in the first place?

Is there anything misleading here?

If the return rate is cut, then so should the premiums, but they never were.

He is protesting in Hong Lim Park for exactly the same action he did years back! But did we protest against him? No one did.

Assuming he is correct to cut the policies' return because of the economic crisis... what about those who bought the Lehman products? They are also sold on promised returns years back. It's totally the same!!! Now Tan is protesting what he did years ago himself. Can he be trusted?

I'd say NO. He's nothing but a FAKE.

If we vote for him, we're doing our country a huge disservice. We will bring ruin to ourselves. Can we bear to let that happen? This is our country after all.

I have seen his posts at TOC and criticised him. But he refuses to reply by saying that I am assasinating his character, which is totally untrue. I am attacking his past actions. He denied everything when history shows it.

I once accused him a long time ago about having a secret agenda. He replied that he had no political ambitions. But now, he's accepted the crown. Where is his honour? He has none. He gives empty promises. For the people, for the people.. For himself more like. If it were to be for the people, he would have aimed for the political stage long ago.

What's becoming of Singapore? How can we let such people rise? Why?

His 100,000 signatures... It will allow him to overcome another obstacle in his quest for presidency.

I'd rather emmigrate then stay in a country in which Tan KL is leading. Regardless of whatever position he is taking, he isn't someone who handles power well. He was ousted once, can it be done again?

Perhaps I'll work harder and earn an overseas scholarship.

Two wars, a planet in peril, the worst financial crisis in a century

2008-11-18T15:05:00.003+08:00

The words above were quoted by Barack Obama in his victory speech on Nov 4th. He got the facts right. But in Singapore's context, I will focus on the last part of the phrase, "the worst financial crisis in a century".

The sub-prime crisis in the United States of America started long ago. Why then, did no one root out the problem? According to recent memory, it started showing signs of blowing up in 2007, while developing towards the end of the last century. But everyone, including many leaders of the international arena, assumed that the problem with be confined to American shores and will not affect the global stage. When Bear Stearns seeked emergency loans, alarm bells should have started ringing, but not many took notice. Then came Lehman Brothers, which the feds let fall due to domestic pressure.

How were they quickly proven wrong now. Nobody did expect the Great Depression to blow up so quickly as well. And the world back then wasn't as connected as now. Why then, did no one other then a few predict this meltdown. After all, before a volcano erupts, it usually shows signs of instability, allowing people to evacuate the danger points.

I myself, didn't expect the crisis to strike this quickly either. I knew we would be affected, it was obvious, even though my thinking contradicted with MM Lee's announcement that China and India will shield much of Asia from the impending meltdown. USA was our biggest export market. An economic failure there will certainly affect us, seeing as our major sectors are intimately intertwined with the success and failure of the West, with mainly US in the picture. USA was also the major export country of USA and India.

So, the problem now lies with the world internationally and unconfined within the shores of individual countries or continents.

In Singapore we have heard recent news such as the mini-bonds, high notes, pinnacle notes, etc., all caused by the collapse of investment company, Lehman Brothers. The retrenchment of 900 staff by our local bank DBS and many other job related woes.

Retrenchment, while allowing short term solutions to cost trimming, is however, an option pursued with a lack of foresight. Let's use DBS as an example, as it is the first major company to start laying of staff since the start of the financial crisis.

DBS announced the layoffs at the start of this month and took many by surprise, including myself. The bank wasn't in the red. Neither was it losing money. Why then, did it retrench so many workers, with more than half from Singapore? The last time I checked, it was still making a profit. Are companies supposed to retrench staff to increase profits and not reduce deficit? And DBS is a public company as well. It does not belong solely to a private individual with revolving shareholders, but to the government through Temasek and it's subsidiaries holding major stakes in the bank's shares.

The government, through various mediums, persuaded companies NOT to retrench heir workers and do so only as a last resort. But a government company led the scene of retrenchments in Singapore. If not even a public company can follow the government's recommendation, can we expect much from the private sector which employs the most number of Singaporeans? Furthermore, DBS never consulted with the staff union on it's retrenchment decision. Like what NTUC secretary general Lim SS said, "Trust takes a long time to build, but a short time to destroy", DBS has just done that. Staff morale in DBS is bound to be rock bottom, each wondering when who will receive the next axe. I look on with sad emotions when I see DBS workers leaving the office carrying cartons with a "what can I do" expression.

Ok ok ok.. enough of my rantings on this topic. I've been criticising without providing solutions. So here goes.

In every crisis, ie. wars, violence, depression, fallouts, these are all precipitated by people. Since people created these problems, we are the ones to solve them. Just a the sun dissipates the clouds, the clouds can block the sun.

So, my suggestion is to put all trust in the people. Increase their purchasing power.

In Singapore, we have ASEAN. An organisation with a population of over 500 million. We have countries producing oil, grain, rubber, timber, everything. But yet, our member countries still suffer from lack of funds, poor infrastructure, etc.

If members of ASEAN can collate all their resources and allocate them to where they are required, the crisis will be solved in the blink of an eye. Unfortunately, obstacles are aplenty. We will need a very strong and reliable and charismatic foreign minister or diplomat as trust among member nations needs to be gained without losing the trust of another. This talent diplomat will then have to overcome other man-made obstacles such trade barriers and tariffs.

Unfortunately, in Singapore, we only have George Yeo and he isn't the type to make such a drastic and radical/revolutionary suggestion. We need someone who has more confidence in himself. I once communicated with him on a common identity for Singaporeans in facebook and his answer really tickled me. "The government can only do so much". I still remember what he said up till now. And I find it ridiculous. While the people are the ones who develop culture, the government is the body that has to encourage it.

Ever since our dear president Mr Ong Teng Cheong passed away, not a single event was organised by the government with the aim of created a cultural identity. All his pet projects like the Singapore flower and dress, all died down with him. It has to be revived. Money isn't everything.

Singapore needs unity. We need the resolution that our forefathers had when Singapore was falling into a deep pit. Our founders decided that they wouldn't go into the night so easily, but that they will fight, and fight till they succeed. Where is this feeling now? Singaporeans have lost their trademark determination that so marked this Island State in the past. We are now collapsing under the weight of our own success. And with so many of our compatriots leaving in a lapse of luxury, the future remains bleak.

Real talents are needed. Not pretenders like those in YPAP.

~sigh~

Why is one of the world's most competitive economies among the first to get hit by the economic crisis and face recession???

2008-11-11T18:28:00.004+08:00

SINGAPORE--(BUSINESS WIRE)
--Aug. 30, 1999--

Singapore has been named the world's most competitive economy for the fourth successive year by the Swiss-based World Economic Forum in their 1999 Global Competitiveness Report.

The annual report is a ranking of the world's largest economies based on their competitiveness with an analysis of their comparative strengths and weaknesses.

The index is built upon the average of eight factors: openness, government, finance, infrastructure, technology, management, labor and institutions. Countries are given scores in each of these eight sub-indices, and a weighted average of these factors is taken to produce the overall competitive index.

The Five Levels Of Leadership Singapore maintained its global leadership position largely because the economic conditions essential for long-term growth have remained constant in spite of the Asian economic crisis of the past year. In addition to the overall number one ranking, Singapore was ranked first in the government and labor categories.

Singapore was second in technology, openness and finance, and institutions. For the remaining categories, infrastructure and management, Singapore was ranked seventh and twelfth respectively.

The 1999 Report also analyzed countries on a number of key technology issues. Singapore was ranked second overall for location attractiveness, which is determined by averaging individual rankings for manufacturing, research & development and services & management.

Singapore also ranked second overall for Y2K preparedness and business implementation of new information technology, as well as third for electronic commerce development.

"To be recognized by the World Economic Forum for the fourth consecutive year is a tremendous honor. This is something we have worked very hard for," said Yeo Cheow Tong, Minister for Communications and Information Technology.

"Through continual innovation, our national adoption of IT and willingness to explore some creative solutions, we have been able to remain very strong in the wake of a very difficult Asian economic crisis."

The United States replaced Hong Kong SAR as the world's second most competitive economy, with Hong Kong dropping to third place. Taiwan and Canada ranked fourth and fifth respectively, and were followed in order by Switzerland, Luxembourg, the United Kingdom, Netherlands and Ireland.

Representatives of the World Economic Forum have stated that Singapore maintained its high ranking because the economic conditions most essential for long-term growth did not decline dramatically despite its slump in 1998.

Singapore still has high rates of saving and investment, an efficient government supported by low marginal tax rates, a high rate of government saving, openness to trade, high-quality education and flexible labor markets.

In addition to wide-sweeping financial reforms to enhance overall competitiveness, the Singapore government has continued to emphasize the importance of IT in realizing Singapore's goal of becoming the "Intelligent Island."

While international companies continue choosing Singapore as the base for their regional operations (over 5,100 to date), the Singapore government has launched a number of aggressive initiatives aimed at cultivating local technology entrepreneurs or "technopreneurs." Led by the National Science & Technology Board, a number of recent measures have been enacted to increase both local and foreign start-up ventures in Singapore.

Technopreneurs based in Singapore can now operate their businesses from home, with less strict bankruptcy laws. Additionally, foreigners looking to set up companies in Singapore are now eligible for long-term social visit passes.

Further highlighting Singapore's overall competitiveness, The Intelligent Island has recently been awarded an "all-green rating" from the Global 2000 Co-ordinating Group, one of the world's leading Y2K watchdog groups.

Singapore was one of only two countries to receive the organization's top rating across a series of six key components gauging a nation's Y2K readiness: financial services firms, clearing and settlement organizations, telecom providers, transport systems, basic utilities (energy & water) and government.

http://findarticles.com/p/articles/mi_m0EIN/is_1999_August_30/ai_55584929

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Singapore is the most competitive economy in Asia and fifth globally, the World Economic Forum (WEF) said in its 2006 ranking of competitive economies released Tuesday.

In the Asia Pacific region, Australia was at number 19 and New Zealand at number 23. South Korea was in 24th place, Malaysia was in 26th place, Thailand placed number 35 and Indonesia was in 50th place.

The rankings were based on a survey of more than 11,000 business leaders in 125 economies worldwide and also included macroeconomic factors, innovation and use of technology, plus the quality of public institutions.

The tiny city-state was the only Asian economy along with Japan within the top 10 of the 125 economies surveyed worldwide by the Geneva-based think tank.

Japan was ranked seventh behind the United States, which fell to sixth place from its number one ranking last year, the WEF said.

Hong Kong was in 11th place and Taiwan was number 13, as Asia’s so-called tiger economies kept their high rankings. Hong Kong improved from 14th place in 2005, while Taiwan fell from eighth place.

“Asia is home to some of the most as well as some of the least competitive economies in our rankings,” said WEF chief economist Augusto Lopez-Claros.

http://www.theasiatech.com/2006/09/27/singapore-most-competitive-economy-in-asia/

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Singapore is fifth most competitive economy
Written by Webmaster Thursday, 09 October 2008

Singapore moved up two spots to fifth place in the World Economic Forum's 2008 Global Competitiveness Index on Wednesday, as it pulled away from other Asian economies.

It was a different fortune for the next most competitive Asian economy, Japan, which dropped to ninth from its eighth spot last year when Singapore overtook Japan in the annual ranking.
Regulated European and Asian countries topped the survey, as the financial crisis started to take its toll on economies.

Singapore's improvement came on the strength of its institutional environment. It is among the top two countries for the efficiency of all its markets - goods, labour and financial. The republic's world-class infrastructure also played its part, as it leads the world in the quality of its port and air transport facilities.

In the survey, respondents ranked inflation as the most problematic factor of doing business in Singapore. Workforce and tax issues also played a part, with an inadequately educated workforce, restrictive labor regulations, tax rates and tax regulations also cited as being problematic factors.

The city state's ranking was also constrained by its domestic size and mixed performance in the macroeconomic stability pillar. Its interest rate spread was ranked 59th, while government debt was ranked 121st.

The survey was conducted between January and May this year, so the index does not reflect the latest developments in the financial crisis. But Jennifer Blanke, senior economist of the forum, said the index aimed to take a longer-term view, and on that basis the United States' ranking was fully justified.

The United States remained in first place in the index, its flexible labour markets and innovative businesses well positioned to help it out of the global financial crisis.

But Britain, where the financial sector plays a bigger role, dropped out of the top 10 to rank 12th, while relatively regulated economies like Switzerland, Denmark, Sweden, Finland, Germany and Japan all featured in the top 10.

The index is produced each year by the World Economic Forum, which organises the annual Davos meeting of business and political leaders.

This year the index, combining economic data with a survey of business executives, covers 134 economies.

Economies are assessed according to 12 "pillars" of competitiveness, ranging from infrastructure and macroeconomic stability to business sophistication and innovation. These are weighted for each economy to reflect their stage of development.

The aim is to assess the factors that determine productivity rather than simply measure market share, the forum says.

Forum researchers acknowledge that as in any such exercise, the data are not always up to date, and the survey can be subjective. But the index is closely followed by governments and by companies planning foreign investments.

Blanke, justifying issuing the index at a time of financial market turmoil, told a briefing "We are looking at structural factors. We are not looking at the business cycle and we're also not necessarily looking at shocks, as big as they are."

"Just because there's a huge financial crisis doesn't mean that we can forget about how good an educational system is or Silicon Valley or whatever it is that is driving productivity in an economy," she said.

China continued to climb this year, up four places to 30, helped by its large market and strong economic performance, but held back by underdeveloped financial markets, the forum said.
Russia also rose sharply, climbing seven places to 51, its big market and oil-fuelled economic performance outweighing institutional weaknesses.

Brazil also rose sharply. But among other big emerging economies, India slipped two places to rank 50 with economic problems and unequal access to health and education outweighing the size of its markets and its business sophistication.

http://www.worldfutures.info/News/Latest/Singapore-is-fifth-most-competitive-economy.html

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International Financial Centre, World of OpportunitiesSingapore has established a strong reputation as a thriving financial centre of international repute, serving not only her domestic economy, but also the wider Asia Pacific region and the world. More than 600 financial institutions have chosen to base their operations in Singapore. In a recent report published by the City of London, Singapore was ranked third in The Global Financial Centres Index (GFCI), behind London and New York.

Its strategic location, time-zone advantage and sound regulatory and supervisory framework make it an ideal gateway to the region while its pro-business environment, excellent infrastructure, cost-competitiveness and highly skilled and cosmopolitan workforce make it a natural choice for financial institutions to base their operations in Singapore.

Singapore was ranked 5th in the Global Competitiveness Report 2008/2009 by the World Economic Forum (WEF), the most competitive in Asia. The World Bank's "Doing Business 2009" report also ranked Singapore top for the third year in a row as the easiest place in the world to do business.

Singapore is Asia's Most Competitive EconomyRanking Country/Economy Score 1 United States 5.74 2 Switzerland 5.61 3 Denmark 5.58 4 Sweden 5.53 5 Singapore 5.53 6 Finland 5.5 7 Germany 5.46 8 Netherland 5.41 9 Japan 5.38 10 Canada 5.37 Source: WEF Global Competitiveness Report 2008/2009 The GFCI Financial Centre RatingsRanking Financial Centre 1 London 2 New York 3 Hong Kong 4 Singapore 5 Zurich 6 Frankfurt 7 Sydney 8 Chicago 9 Tokyo 10 Geneva
Easiest Place to Do Business Ranking Country 1 Singapore 2 New Zealand 3 United States 4 Hong Kong 5 Denmark 6 United Kingdom 7 Canada 8 Ireland 9 Australia 10 Iceland 11 Norway 12 Japan 13 Finland 14 Sweden 15 Thailand 16 Switzerland 17 Estonia 18 Georgia 19 Belgium 20 German Source: World Bank- IFC Doing Business Report 2009, examines regulations and how they affect business. The report ranks 181 economies on the overall ease of doing business.
It's no surprise then that Singapore hosts many of the world's large and reputable financial institutions. Indeed, our vibrant financial centre offers exciting job opportunities in a wide range of financial services. Find out more about the Singapore Financial Sector and the exciting opportunities available at our Singapore Financial Sector page and Gateway to opportunities page.

Global City for Global Talent Singapore is a cosmopolitan city - a melting pot of cultures where people of different races live, work and play harmoniously. Here, you can enjoy one of the highest standards of living in the world at relatively low cost. For families with children, you have access to a world-class education system including numerous international schools. Our healthcare services are also renowned. We have successfully integrated lush greenery into our urban developments, truly creating a city within a garden. Our vibrant arts and cultural scene and wide range of entertainment, dining and leisure options make it easy for working professionals to strike a good work-life balance. It is thus no wonder that Singapore has been ranked the best place to live if you're an expatriate, according to a study conducted by HSBC Bank International, a Jersey-based subsidiary of the world's biggest company. For more information about our exciting and unique lifestyle offerings, please visit http://www.visitsingapore.com/.

Singapore's open door policy on foreign talent and conducive living environment also allow global talent to settle in comfortably and quickly. No wonder international surveys revealed Singapore as the top choice in Asia for global talent.

Most Skilful and Motivated Labour Force in Asia Pacific World Competitiveness Yearbook 2008 Ranking-IMD: (Asia Pacific only) Singapore Hong Kong Taiwan Philippines Japan Malaysia Attractiveness of country's business to highly-skilled foreigners 1 3 9 12 11 4 Attracting and retaining talent 1 4 9 10 8 5 International Experience of Senior Managers 1 2 7 9 12 3 Competent Senior Managers Readily Available 1 2 5 3 11 4 Worker Motivation 1 3 2 9 5 4 Source : IMD World Competitiveness Yearbook 2008
World's Friendliest Immigration and Talent ManagementImmigration laws regarding employment of foreign labour 1 Singapore 2 Hungary 3 Chile 4 Ireland 5 United Kingdom 6 Canada Source: IMD World Competitiveness Yearbook 2008

Knowledge and Innovation It is also easy for you to pursue self-development in Singapore by taking advantage of the excellent academic programmes and executive education offered by internationally reputable universities such as the National University of Singapore, Nanyang Technological University, Singapore Management University, INSEAD and the University of Chicago Graduate School of Business. Top commercial training providers are also located here and provide industry-specific training and preparatory training for international professional qualifications programmes.

Leading industry players have also set up centres of excellence in financial education and research here in Singapore, adding to the breadth and depth of our intellectual capital. Such investment in education, continuous training and development, and research can only strengthen the capabilities of financial sector professionals, providing them with an enriching and fulfilling learning journey in Singapore.

To explore relocation to Singapore, start by checking out the Contact Singapore website for general relocation information.

http://financeconnectsingapore.com/whysingapore.php

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Singapore consistently scores high marks in global and regional rankings of the factors that matter to businesses. These range from political risk to workforce productivity, from the quality of life to the prospects for making profits.

Singapore is ranked the second most competitive economy by the World Competitiveness Yearbook 2007 and the seventh most competitive economy by the Global Competitiveness Report 2007-2008. The World Competitiveness Yearbook 2007, published by the International Institute for Management Development (IMD), ranks Singapore as the second most competitive economy in the world. The competitiveness ranking is based on four categories measuring economic performance, government efficiency, business efficiency and infrastructure. In terms of small economies (population under 20 million), Singapore is the world's most competitive small economy. The Global Competitiveness Report 2007-2008 by the World Economic Forum (WEF) ranks Singapore seventh in its Global Competitiveness Index (GCI), and ninth in the Business Competitiveness Index (BCI). Singapore’s economy is 87.4 percent free, according to Heritage 2008 assessment, which makes it the world’s 2nd freest economy. Its overall score is slightly higher than last year, reflecting improved scores in five of the 10 economic freedoms. Singapore is ranked 2nd out of 30 countries in the Asia–Pacific region, and its overall score is much higher than the regional average. Singapore is a world leader in all 10 areas of economic freedom. 26,000 international companies call Singapore home. Of these, 60% of 7,000 foreign MNCs have regional activities in Singapore. One-third of the FT500 companies with Asian HQs have chosen Singapore. Singapore has signed numerous free trade agreements (FTAs) in the past years and currently has the most extensive FTA network in Asia. Agreements have been signed with key economies such as US, Japan, Australia, New Zealand, members of the European Free Trade Association (Switzerland, Iceland, Liechtenstein and Norway), Jordan, China (under the ASEAN-China framework), Chile (under the Trans-Pacific Strategic Economic Partnership Agreement), South Korea, India and Panama.

With a focus on innovation and R&D, Singapore's manufacturing sector has steadily increased its GDP contribution over the past decade, surpassing 27% in 2005. By 2018, the industry aims to double manufacturing output and value-add while maintaining its one-quarter share of GDP.
MTI forecasts the Singapore economy to grow by 4.5-6.5 per cent in 2008. This represents a moderation in growth towards the economy’s underlying potential rate, following four years of above-trend growth.

Hyflux Ltd began in 1989 as Hydrochem (S) Pte Ltd, a trading company selling water treatment systems in Singapore, Malaysia and Indonesia and later, China. Today, Hyflux has a market capitalization exceeding S$1 billion and has grown beyond just a water treatment company. It is recognized as Asia’s leading environmental company with operations and projects namely in Singapore, China, the Middle East & North Africa and India.

http://en.reingex.com/en165.asp

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Singapore hailed as "most competitive Asian economy"

A new WEF report places Singapore at the top of the competitive game.

Singapore has been ranked once again as the most competitive Asian economy by the World Economic Forum.

The ranking, based on the Global Competitiveness Index (GCI), puts Taiwan in 7th place, ahead of Japan (10th) and Hong Kong (14th).

The GCI is built around nine pillars – institutions, infrastructure, macro economy, health and primary education, higher education and training, training efficiency and technological readiness.
Singapore held first place on the institutions and technological readiness pillars. It also performed well on both subindexes of the institution pillar but particularly so on the public institution subindex where it held first place out of the 117 countries measured.

The WEF report said, “It is clear that the public has a high level of trust in the financial honesty of politicians, compliance with administrative regulations does not put an unnecessary burden on business, government spending provides the necessary goods and services that are not provided by the market, government decisions are neutral and police services are reliable; all these characteristics serve to make Singapore the country with the best institutions at a global level.”

Singapore’s top ranking on technological readiness was attributed to the existing technological infrastructure – large penetration rates for both Internet and personal computers – to the high level of technological absorption by firms, to proficiency at adopting new technologies and to a highly developed regulatory environment.

https://www.stbpassport.com/archives/175.htm

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AND THEN???

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SINGAPORE IS THE FIRST ASIAN COUNTRY TO FALL INTO RECESSION!!!
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Singapore, in Recession, Ends Currency Gain Policy (Update2)
By Shamim Adam

Oct. 10 (Bloomberg) -- Singapore fell into the first recession since 2002 as manufacturing slumped, prompting the central bank to end a policy favoring gains in its currency in an effort to support the economy.

The Monetary Authority of Singapore, which relies on the currency rather than interest rates as its policy tool, said today it's shifting to a ``zero-percent appreciation'' stance. Gross domestic product contracted an annualized 6.3 percent in the third quarter from the previous three months, after shrinking a revised 5.7 percent between April and June.

A weaker Singapore dollar, which fell today, would help electronics exporters such as Venture Corp. and Chartered Semiconductor Manufacturing Ltd. by making their products cheaper overseas. Central banks around the world are loosening monetary policy and cutting interest rates as a worsening global credit crisis saps growth.

``The whole world has gone on an easing policy and Singapore is no different,'' said Song Seng Wun, an economist at CIMB-GK Securities Pte in Singapore. ``We are likely to face a prolonged period of slow growth or recession, maybe for the next two years. This downturn is unlike previous downturns.''

The Singapore currency slid 0.6 percent to 1.4769 against the U.S. dollar as at 11:01 a.m. local time.

The trade ministry said today the city's economy will grow about 3 percent in 2008 from a year earlier, slower than a previous estimate of as much as 5 percent. That would be the weakest pace in seven years.

Inflation Peaks

``Asian countries cannot avoid the impact of weakening U.S., European and Japanese economies,'' Singapore Prime Minister Lee Hsien Loong said today. ``We must prepare for a rough ride at least over the next year, and quite possibly longer.''

The Monetary Authority of Singapore's new policy is a reversal of its stance six months ago when it called for faster exchange-rate appreciation to damp inflation. The Singapore currency has dropped 8.1 percent against the U.S. dollar in that period. Singapore manages its dollar against an undisclosed basket of currencies.

Inflation, which reached a 26-year high earlier this year, has peaked, the central bank said. Consumer prices will increase between 6 percent and 7 percent this year, and gains will ease to between 2.5 percent and 3.5 percent in 2009, it predicted.

``Against the backdrop of a weakening external economic environment and continuing stresses in global financial markets, the growth of the Singapore economy is expected to remain below potential in the period ahead,'' the monetary authority said. ``Inflation is expected to trend down in 2009 as the global and domestic economies slow.''

Rate Cuts

The Federal Reserve, European Central Bank and four other central banks lowered interest rates on Oct. 8 in an emergency coordination that was followed in Asia by China, Taiwan and South Korea. Australia cut its key rate by one percentage point on Oct. 7, the most since a recession in 1992.

Singapore's $161 billion economy declined 0.5 percent last quarter from a year earlier, compared with a revised 2.3 percent gain between April and June.

Growth has deteriorated as a slump in export demand forced factories to cut production, tourist arrivals faltered and a real-estate boom ended.

The island's manufacturing industry, which accounts for a quarter of the economy, contracted 11.5 percent last quarter from a year earlier, compared with a revised 4.9 percent drop in the previous three months, according to today's report.

Exports Slump

Singapore's government expects exports to decline as much as 4 percent this year, and the island's shipments of electronics goods have fallen for 19 consecutive months. That's hurting profits at companies including Venture Corp., the city's biggest publicly traded electronics maker.

Services climbed 6.1 percent in the third quarter from a year earlier, slowing from a 7 percent pace in the previous three months. Singapore will probably miss a government target of 10.8 million visitors in 2008, the tourism board said on Sept. 23, after visitor arrivals dropped 7.7 percent in August.

``The financial services sector is likely to see slower growth in the coming months as the ongoing global financial crisis has heightened uncertainties for sentiment-sensitive segments such as stocks-trading and fund-management activities,'' the government said in today's report.
The construction industry grew 7.8 percent, easing from a revised rate of 19.8 percent in the previous quarter.

The annualized 6.3 percent economic contraction in the third quarter compares with the median forecast of 0.3 percent growth in a Bloomberg News survey. The figures today are computed from data for July and August. Revised numbers will be released next month.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aCfJDzdRR1ls&refer=home

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Singapore slides into recession

Singapore has become the first Asian country to fall into recession, after growth fell for the second successive quarter.
By Jamie Dunkley Last Updated: 11:13AM BST 10 Oct 2008

The Ministry of Trade and Industry also revised downwards full-year growth forecast to around 3pc, citing a slowdown in the global economy and key domestic sectors.

Southeast Asia's wealthiest economy saw gross domestic product fall by 6.3pc during the third quarter having previously contracted by 5.7pc.

While the ministry did not describe the economy as being in recession, a technical recession is generally defined as two consecutive quarters of contraction in economic output.

In a move to confront the downturn, the Monetary Authority of Singapore - its de facto central bank - said it was also easing monetary policy for the first time in more than four years.

Singapore's economy expanded by 7.7pc last year but have been signs of a slowdown following contractions in Singapore's key manufacturing sector, which includes the country's electronic and pharmaceutical industries.

Construction growth slowed to 7.8pc from 19.8pc, during the quarter, although service industries grew by 6.1pc, marginally down from 7pc in the second quarter.

Singapore's last technical recession was recorded in 2002, when the economy contracted by 2.4pc during the year. The country is seen as an important indicator of economic trends in the rest of Asia due to its export-dependent economy.

Singapore Prime Minister Lee Hsien Loong said Asian economies face a "rough ride" for at least the next year as weakening consumer demand from developed countries hurt the region's exports.

http://www.telegraph.co.uk/finance/economics/3171412/Singapore-slides-into-recession.html

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Singapore slides into recession.

Economy heavily dependent on exports to developed world is one of the first in Asia to be hit by global slowdownAngela Balakrishnan guardian.co.uk, Friday October 10 2008 11.35 BST

Article historySingapore officially slid into recession today after falling consumer demand from the US and Europe hammered its manufacturing exports.

The south-east Asian country's economy contracted by 6.3% in the third quarter, on an annualised seasonally adjusted basis, having shrunk by 5.7% in the second quarter of 2008. This forced the government to cut its growth forecast for this year from 4%-5% to 3%. Analysts had expected a small rise in GDP.

"There's no question that growth will continue to slow down," said Yuwa Hedrick-Wong, economic adviser in Asia for MasterCard Worldwide. "2009 will likely be a very difficult year."
Singapore's economy, which is heavily dependent on exports to the developed world, is one of the first in Asia to be hit by a global economic slowdown. Following the rampant growth of China and India, many analysts believed Asia was well positioned to weather the storm.

But Asia relies on the west for trade, so slowing US and UK economies hit growth.

Along with markets worldwide, Singapore also experienced the gloom of Black Friday with stocks closing 8% lower earlier today

Singaporean manufacturing sector shrank by a hefty 11.5% in the third quarter, driven by a slump in pharmaceuticals. Construction and services activity maintained steady growth.
Prime minister Lee Hsien Loong said Asian economies faced slowing growth for at least the next year and will not be spared in this global crisis.

"The problems facing financial institutions in the US and Europe are complex and grave," he said in a speech. "Asian countries cannot avoid the impact of weakening US, European and Japanese economies."

"The world is caught up in a financial storm, and dark clouds fill our immediate horizon. The fear and panic gripping financial markets everywhere will take time to subside."

Singapore's central bank, known as the Monetary Authority, today shifted its foreign exchange rate policy to a "zero per cent appreciation" of the Singapore dollar from a "modest and gradual appreciation" in a bid to boost the competitiveness of the country's exports.

The government said last month that non-oil exports plummeted 14% in August after a 5.8% fall in July.

"A strong Singapore dollar has been quite detrimental to growth, especially manufacturing," Hedrick-Wong said. "It's much better to take a risk with inflation and deal with growth by making the Singapore dollar weaker and support exports."

Last month Ireland became the first member of the eurozone to fall into recession.

http://www.guardian.co.uk/business/2008/oct/10/creditcrunch-marketturmoil1

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UPDATE 1-Singapore in recession, first policy easing in 5 yrs

SINGAPORE, Oct 10 (Reuters) - Singapore eased monetary policy on Friday for the first time since 2003 after the Southeast Asian economy sunk into its first recession in six years and as the meltdown in financial markets threatened to further hit growth.

Singapore's export-dependent economy shrank an annualised and seasonally adjusted 6.3 percent in the July-September quarter, advance government estimates showed, compared to the 1.1 percent growth forecast by economists in a Reuters poll.

Singapore last slid into a recession -- usually defined as two consecutive quarters of economic contractions -- in 2002.

The government also revised down its 2008 growth forecast to around 3 percent on Friday from an earlier estimate of 4 to 5 percent.

Economists said the looser monetary policy will cushion the headwinds Singapore's economy faces from the worsening crisis, but the economy could be stuck in recession in the fourth quarter, and in the first half of next year. 'Looking at how fast construction is slowing, given services is slowing, and the fact that the global economy is going in a downwards spiral, it is quite likely Q4 will remain in negative territory,' said Selena Ling, head of treasury research at OCBC.
'Quite possibly, first half of next year will remain in recession,' she said.

Singapore's central bank sets policy by managing the Singapore dollar in a secret trade-weighted band against a basket of currencies, instead of setting interest rates.

A looser policy will allow the currency to rise at a slower pace, and the currency should trade at the lower-end of the band as growth slackens, analysts said.

'Against the backdrop of a weakening external economic environment and continuing stresses in global financial markets, the growth of the Singapore economy is expected to remain below potential in the period ahead,' the central bank said on Friday.

'MAS is therefore shifting its policy stance to a zero percent appreciation of the S$NEER policy band,' it said in its twice-yearly policy review statement.

The Singapore dollar rose to 1.4724 per U.S. dollar after the central bank's announcement compared to 1.4780 before as traders adjusted positions after the widely anticipated policy easing. It soon pared gains.

Singapore is the first Asian country to fall into a recession since the crisis started. Japan is teetering on one, and New Zealand slid into a recession in the second quarter for the first time in more than a decade.

The unfolding global financial crisis, the worst since the 1930s, has prompted central banks across the world from the United States to China to loosen policy to avoid a global recession.
Singapore is the first country in Asia to report quarterly gross domestic output data for the third quarter, and its heavy dependence on trade makes the $165-billion economy a good gauge of the impact of the crisis on the rest of Asia. Singapore, like most other Asian countries, depends on the world -- especially the United States and Europe -- to buy its exports and keep its economy growing.

But the worsening crisis has dented global demand for Asian exports. Singapore's non-oil domestic exports, worth about 70 percent of the economy last year, fell on an annual basis in June, July and August.

http://www.forbes.com/afxnewslimited/feeds/afx/2008/10/09/afx5533733.html

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Singapore's economy in recession
AdvertisementEmail Print Normal font Large font October 10, 2008 - 11:38AM

Singapore's trade-sensitive economy has declined for a second straight quarter, the government said Thursday, meaning the city-state has entered a recession for the first time in six years.

On a seasonally adjusted quarter-on-quarter annualised basis, real GDP declined by 6.3 per cent in the third quarter after contracting 5.7 per cent in the previous quarter, estimates from the Ministry of Trade and Industry said.

It did not describe the economy as being in recession, but a technical recession is generally defined as two consecutive quarters of quarter-on-quarter contractions in economic output.

Economists polled by Dow Jones Newswires had forecast a 0.3 per cent quarter-on-quarter rise in gross domestic product (GDP), the value of goods and services produced in the economy.

Singapore's last technical recession occurred in 2002, and the most recent full-scale recession was in 2001 when the economy contracted 2.4 per cent during the year.

http://news.smh.com.au/business/singapores-economy-in-recession-20081010-4xz1.html
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Is this what being competitive means? Iceland had one of the most competitve economies in Europe, and now, it's facing national bankruptcy. What will happen to Singapore?

Fortunately, unlike Iceland, Singapore has huge foreign reserves, monetary reserves. If the government is able to utilise them well, and for the benefit of the people, all will be well. That is one of our light and hopes. There is another solution, but it's a secondary option and will take a longer time to adhere to as it involves ASEAN.

But if only businesses benefit, then I can only come to the sad conclusion that fate has been sealed.

I sincerely hope the international outlook brightens,
panter92

Pedra Branca ICJ verdict 2

2008-05-25T19:00:00.002+08:00

SINGAPORE: Senior Minister Goh Chok Tong has commended the calm reaction that has prevailed in both Malaysia and Singapore over last Friday's judgement on Pedra Branca by the International Court of Justice (ICJ).

Speaking to the media on the sidelines of a fundraising golf tournament on Sunday, he said it shows a level of maturity in relations between Malaysia and Singapore and that augurs well for the future.

The ICJ in The Hague had ruled Pedra Branca in Singapore's favour, while Middle Rocks went to Malaysia.

Describing it as a tricky knot that has been untied, Mr Goh said after almost 30 years, both sides can look forward, instead of being bogged down by the issue.

It was Mr Goh – then prime minister of Singapore – and former Malaysian prime minister, Dr Mahathir Mohamed, who had decided to bring the Pedra Branca dispute to third party arbitration back in 1994.

However, Mr Goh expressed disappointment that Singapore was not awarded the Middle Rocks as he had thought the judgement would be all or nothing since the rocky outcrops are so close to one another.

Describing the ICJ decision as having a 'hint of Solomon', he said it is perhaps the best outcome for both sides.

On the issue of South Ledge, the senior minister said the boundaries would have to be drawn according to international law. Given the goodwill shown by both sides, he is confident this would be settled amicably.

Asked if Malaysian fishermen would be allowed to pass through the waters of Pedra Branca, Mr Goh said this would be left to the technical committees of both countries to work out the details.

He also did not want to speculate if the same third party process could be used to settle other outstanding bilateral issues between Singapore and Malaysia.

taken from channelnewsasia

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The SM himself agrees to the fact that ICJ wanted to 'give face' to Malaysia at Singapore's expense.

His comment is a far cry from what DPM Wong KS said. WKS said that he was happy with the decision. Full Stop.

Pedra Branca ICJ verdict

2008-05-24T15:53:00.003+08:00

CJ awards Pedra Branca's sovereignty to Singapore
Posted: 23 May 2008 1755 hrs

THE HAGUE: The International Court of Justice (ICJ) at The Hague in the Netherlands has awarded sovereignty over Pedra Branca island to Singapore, while the sovereignty of Middle Rocks has been awarded to Malaysia.

The world court delivered the judgement on Friday, after several rounds of written and oral pleadings by the two disputing countries. The ICJ last heard arguments from both sides in November 2007.

For Pedra Branca, ICJ's 16-member bench voted 12-4 in favour of Singapore. Ownership of Middle Rocks, a maritime feature 0.6 nautical miles from Pedra Branca, was voted 15-1 in favour of Malaysia.

As for the island's other maritime feature, South Ledge, Awn Shawkat Al-Khasawneh, the Acting President of ICJ, said: "The Court has not been mandated by the parties to draw the line of delimitation with respect to the territorial waters of Malaysia and Singapore in the area in question.

"In these circumstances, the Court concludes that for the reasons explained above, sovereignty over South Ledge, as a low tide elevation, belongs to the State in the territorial waters of which it is located."

The verdict brings to a close a 28-year row between the two neighbours. The dispute arose in 1980 when Singapore protested against a new Malaysian map of its maritime boundaries, which claimed the islet for itself.

Years of bilateral talks failed to resolve the matter and the parties agreed to seek the intervention of the UN court.

Pedra Branca, which Malaysia calls Pulau Batu Puteh, is located some 24 nautical miles to the east of Singapore and it commands the entire eastern approach to the Singapore Strait, through which almost 900 ships pass daily.

Pedra Branca also houses the Horsburgh Lighthouse, the oldest feature on the island which was built by the British between 1847 and 1851.

Leaders from both Singapore and Malaysia had said they would accept the ICJ's decision and stressed that whichever way it went, it would not affect bilateral ties.

A joint technical committee has been set up to implement the terms of the judgement.

Dean of the S Rajaratnam School of International Studies, Barry Desker, said the judgement indicates that Southeast Asia is moving to accept the broader norms of international law.

He added that it augurs well for the dispute settlement mechanism of the ASEAN Charter and will set precedence for the way Singapore and Malaysia deal with their other outstanding bilateral issues.

Mr Desker said: "In the past, the tendency in ASEAN was to try and resolve issues purely by mediation or negotiations between two parties. The result was that issues or disputes between parties in the region tended to go on and on without completion, without successful negotiation.

"I think we are now moving in the direction of accepting a turn to international law – a willingness to accept international arbitration and this bodes well for issues in which there are bilateral differences."

Mr Desker also described the verdict as a "win-win" outcome for both sides because no party can claim it has won everything.

Moving forward, he said the technical committees of both countries will need to put into action the decision of the International Court of Justice. These include working out the necessary protocols to ensure the navigation safety of fishing vessels and pleasure crafts around Pedra Branca.

taken from http://www.channelnewsasia.com/stories/singaporelocalnews/view/349592/1/.html

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The court case by the ICJ seemed to have created more problems than solutions. While our government have said that Singapore won the case, the verdict didn't seem like that as Singapore lost middle rocks, two outcrops which belonged to Singapore. Middle rocks never belonged to Malaysia, neither did it not belong to anyone until claims were made.

Basically, while Singapore got the main island, it's still a fact that we lost something. I wonder how this can be in our favour. Earlier, I said about subsequent problems created as a result of the verdict. This would be the upcoming or ongoing talks between the Singapore and Malaysia authorities over who controls the waters surrounding the outcrops, now that Malaysia has a stake in that area.
Furthermore, southern ledge wasn't given to anyone due to it's nature as being visible only at low tide. So we can expect certain wrestling over that issue.

In this case, many people would laugh at this matter. Malaysia got nothing but rocks after 28 years of dispute. However, in thinking deeper into the matter, it is also a fact that Malaysia had nothing at first. Now, while all it got was rocks, she got it out of nothing while we lost something, regardless of how small/little it is.

Right now, I am exaggerating things a little, but imagine if Indonesia suddenly makes a claim that one of the islands that now make up the reclaimed Jurong island is theirs and the dispute is taken to the ICJ. The ICJ then decides to split the island into two with Singapore getting two thirds of it, will that be a victory then? Seeing that Jurong Island holds most, if not all the heavy industry in the country.

Then on economical matters, with inflation so rife now, last count it was 7 or 8 %. If only the government knows what it's like.

Thanks for reading

GRCs in Singapore. Should it be abolished? Or should it be kept?

2008-04-07T18:41:00.006+08:00

Singapore is the only country that practices Group Representative Constituency in the world. The Westminster form of governance does not have these practices in the depths of it's system. It was introduced in Singapore in 1988. It was introduced by ruling PAP. Many opposition members oppose this system due to more expensive nature in putting up candidates to compete for the GRCs.

However, in my opinion, GRCs should NOT and NEVER be abolished.

Besides the official reason the PAP gave us about letting people of minority races enter parliament of their own accord/achievement, it also allows the PAP more chances to renew it's party leadership as the number of MPs in parliament are increased and they can show their talents. This will allow for ministerial succession to be easier and without the usual scuffle in searching for political and leadership talents.

The only or one of the only disadvantages is that the opposition will need more funds to contest the GRCs.

But besides simply looking at this point, we also have to look the other way round.

What IF the opposition wins a GRC? They'll put in 4-5 of their members in parliament in with just a single win. So?

In the past, Cheng San GRC and Eunos GRC were nearly won by opposition teams led by JB Jeyaretnam and Lee Siew Choh. These happened in the late 1990s. These two GRCs are now defunct and have been absorbed by other constituencies.

In implementing the GRC system, the PAP is also taking a very risky, if not calculated gamble.

That's why I always have to say, people or rather, Singaporeans especially needs to look at the various factors whenever they make a conclusion or inference. There are always/usually two sides in/on everything.

Singapore Cabinet Ministers

2008-03-30T17:36:00.000+08:00

Singapore underwent a cabinet reshuffling and the results are as below.

Lee Hsein Loong

Prime Minister Of Singapore

Goh Chok Tong

Senior Minister of Singapore

Lee Kuan Yew

Minister Mentor of Singapore

S. Jayakumar

Deputy Prime Minister and Coordinating Minister for National Security of Singapore

Wong Kan Seng

Deputy Prime Minister and Minister for Home Affairs for Singapore

Lim Boon Heng

Minister, Prime Minister's Office for Singapore

Lim Swee Say

Minister, Prime Minister's Office for Singapore

Mah Bow Tan

Minister for National Development for Singapore

Lim Hng Khiang

Minister for Trade and Industry for Singapore

George Yeo

Minister for Foreign Affairs

Lee Boon Yang

Minister for Information, Communication and the Arts for Singapore

Khaw Boon Wan

Minister for Health for Singapore

K. Shanmugam

Minister for Law and second Minister for Home Affairs for Singapore

Vivian Balakrishnan

Minister for community Development, Youth and Sports

Ng Eng Hen

Minister for Education and Second Minister for defense for Singapore

Yaacob Ibrahim

Minister for Environment and Water Resources

Tharman Shanmugaratnam

Minister for Finance for Singapore

Gan Kim Yong

Acting Minister for Manpower for Singapore

Teo Chee Hean

Minister for Defense for Singapore

Raymond Lim

Minister for Transport for Singapore

I finally managed to upload the remaining pictures.

2008-03-21T15:08:00.000+08:00