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| 31-Aug-2010 13:49 |
User Research/Opinions
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^ Productivity ^ [Effecacy Efficiency Economy]
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Opposition reaction to Rally speech Alicia Wong alicia@mediacorp.com.sg SINGAPORE Mr Lee’s speech centred on the economy, education system, immigration policy and the Singapore spirit. Singapore Democratic Alliance secretary- general Desmond Lim, who spoke on behalf of the SDA Pasir Ris-Punggol GRC Election Office, said it “applaud(ed)” Mr Lee for understanding “many issues of concern to Singaporeans”. But Mr Lim felt a “social welfare tax” was needed for PRs who leave Singapore after accumulating a certain amount of wealth. National Solidarity Party secretary-general Goh Meng Seng called for a tightening of the labour law so that foreign workers are not “exploited” to work 14-hour days even if they may be willing to. Mr Goh said this would impact the wage levels of Singaporeans. Reform Party secretary-general Kenneth Jeyaretnam said in a statement that the “only concrete initiative” was the National Service Recognition Award of up to $9,000; however, he said the amount was insufficient. Instead, his party still believes that lower taxes for NSmen would be better. It also called for, among other suggestions, foreign students on scholarship here to do NS and for a shorter NS period. Singapore Democratic Party secretarygeneral Chee Soon Juan felt that an overly optimistic picture was painted on Sunday. Dr Chee cited Manpower Ministry data on the higher number of jobless in June compared to March. The number of long-term unemployed also increased between December and March. The Worker’s Party did not respond to email queries by press time. — Reduce National Service to one year, tax permanent residents who leave Singapore after gaining wealth and tighten labour laws. These were some suggestions made yesterday by Opposition parties in response to Prime Minister Lee Hsien Loong’s National Day Rally speech on Sunday. |
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| 31-Aug-2010 13:36 |
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‘It was a pleasure working with him’ Letter from Lee Hsien Loong Prime Minister Dear Mdm Chandramohan Nirmala, I am deeply saddened by the passing of your husband, Mr Chandramohan. Mr Chandramohan was a long-time veteran of the broadcasting industry. He was a professional with a fine political sense, a good understanding of the issues of the day as well as keen insight into the medium, of what would work on TV. He produced the TV press conference that Minister Mentor gave on Aug 9, 1965, when Singapore separated from Malaysia. He pioneered programmes like For many years he supervised the production of the annual National Day Rallies and coverage of our General Elections. I got to know Chandra in the 1980s, when he was in charge of current affairs in Singapore Broadcasting Corporation (SBC), which evolved into present-day MediaCorp. We needed to use TV more for explaining and discussing current affairs and political issues, in order to reach out to and engage a more educated public. SBC launched a SBC also did special programmes on the issues of the day, such as our economic competitiveness or the falling fertility rate. The programmes had to present issues objectively and credibly, deal forthrightly with tough questions, and very importantly hold the viewers’ attention. In short they had to inform, educate and entertain Singaporeans. Chandra always understood what we needed to get across, and could be relied upon to propose the best way to do so. Chandra produced a few shows that I participated in. I remember one studio discussion that had gone well, and overrun the targeted time. I remarked to Chandra that it would be hard to compress the material, since it all seemed relevant. But with his greater experience, he replied that by looking closely at the transcript, he would identify sections to edit out, which would tighten and improve the programme. Of course he was right. It was a pleasure working with him. Chandra continued to help us even after he retired from MediaCorp. His experience and professional judgment were too valuable to be left untapped. One of the last projects he did was a series of on-the-shelf programmes about prominent Singaporeans for use upon their passing away. His own passing will be felt by all his many colleagues and friends. Talking Point, Friday Background and Diary of a Nation.Today in Parliament programme. This was a most demanding exercise: To distil a long and complex debate lasting hours into 45 minutes of watchable television to be broadcast the same night. We had never televised Parliament debates before. Chandra personally oversaw the production of these programmes, and made sure that they were coherent and balanced. |
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| 31-Aug-2010 13:22 |
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H E A R D : WALL STREET ? GlObal Wealth RE-dIstrIbUtIOn TRAP ?
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| 31-Aug-2010 13:18 |
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In his take on the 5Cs, at least two bear resemblance to the original 5Cs. The trappings of life – cash, condominium, country club, credit card and car — are some manifestations of what Mr Goh calls Comfort. Short of receiving a windfall or inheritance, one needs a Career (one of Mr Goh’s other Cs) to achieve such level of comfort. Both sets of goals are pragmatic and, while some may disagree, have served us well in making Singaporeans more driven and achievement-oriented, values that are requisites for economic progress. Singaporeans’ dream of achieving the material 5Cs is also the dream that makes Singapore a more economically progressive society; the day we become too comfortable and under-motivated is the start of our downfall. Mr Goh brought up the Gen Y individuals with idiosyncratic interests, such as being a hot yoga instructor, and parents who indulge their pursuit of their passion. The liberty to follow one’s dreams, particularly unconventional ones, comes about when there are already creature comforts afforded by parents who have made a mark in their own careers. Is having an unconventional passion a recent phenomenon?
No, the older generation too had their share when they were young. But they never had the opportunity to realise them because basic sustenance was a more pressing need.
Even today, it is still a minority of youth who have the luxury to pursue their dream career — bread and butter issues prevail for the majority.
Mr Goh’s other two Cs, Consideration and Charity, address higher-order needs.
He asks Singaporeans to be cognizant of the feelings and needs of others. Indeed, consideration is needed to weave a smooth social fabric out of the increasingly cosmopolitan threads of our society.
Mr Goh also called on Singaporeans to be compassionate to the less fortunate by giving not just money but also of their time and effort. For it to be meaningful, the giving must be regular and steady.
But such commitment to helping others is a goal most people seek only when they have met with some measure of success in their career and comfort in life.
[#### WHY sUccessfUl peOple are callIng bUt nOt dOIng It themselves ? ? ? ? ####]
How many Singaporeans can afford the time to do regular community work when there are demands at home and in the office?
Those willing to forego career and comfort goals for charity are few and far between.
While charitable organisations count many students among their volunteers, students are a different breed because they are largely dependent on parents for their material comforts.
Only a minority, after they begin working, continue with their selfless acts. And this number dwindles when they start their own family.
Looking back on how he enjoyed watching his children grow up, Mr Goh proposed that Singaporeans strive to have children — the fifth C.
It takes patience and sacrifice to bring up children. A parent’s time is no more his or her own. A certain level of maturity is demanded for one to forego a familiar lifestyle to raise another human being.
Ironically, the more creature comforts one enjoys, the more challenging it may well be for Singaporeans to sacrifice that which they have worked so hard for and become parents. WHAT EMPLOYERS CAN DO These 5Cs, as you can see, may be conflicting for individuals. But they can be adapted to guide corporations in employee management.
In terms of Career, companies can invest in training their employees to enhance their professional development. Singaporeans are lapping up new knowledge and skills; more are getting MBAs and planning for further studies. At the workplace, training is becoming more a necessity than a luxury.
Companies should view career development as a means to corporate development.
UOB, for instance, sees training their relationship managers as a win-win not only for their employees, but also for their customers and the bank.
Comfort at the workplace means providing a conducive environment that makes work something to be looked forward to. Bloomberg offers a well-stocked pantry that makes working there seem like part of home. A comfortable workplace can also enhance work productivity.
Consideration means businesses should be empathetic to the needs and wants of their employees. For some, this may mean flexible working hours to accommodate personal interests.
Consideration also means adhering to labour laws so that employees are not exploited. Cases of expectant staff being terminated reflect the lack of corporate consideration.
Charity calls for companies to engage in corporate social responsibility. This goes beyond philanthropy to activities that protect the society and environment.
Businesses should think long term on sustainability and incorporate measures that improve societal welfare. In view of the ageing population, for instance, companies here can consider ways to make better use of mature employees.
Finally, Children. With the Government’s push for population growth, companies can do their part by making it possible for family and career to go hand in hand.
Besides the usual child benefits, offering home-based work arrangements and child care facilities encourage employees to consider having children and give working mothers peace of mind. |
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| 31-Aug-2010 12:39 |
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A challenge, whichever 5Cs you choose But bosses can help S’poreans enjoy comfort, career and children, with consideration and charity ang swee hoon Singaporeans’ dream of achieving the material 5Cs is also the dream that makes Singapore a more economically progressive society; the day we become too comfortable and under-motivated is the start of our downfall. |
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| 31-Aug-2010 12:31 |
Genting Sing
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GenSp starts to move up again
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BENJAMIN GRAHAM VALUE INVESTING WISDOM ******** B J is Warren Buffett's MentOr
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| 31-Aug-2010 12:24 |
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Nobody doubts the United States President’s team is supremely busy juggling oil spills, Muslim cultural centres, convincing ignoramuses he has a birth certificate and averting recession. Yet there’s no excuse for blowing off last week’s Association of South-east Asian Nations (Asean) trade meeting in Vietnam. It was a dreadful decision and its significance didn’t escape members of the fourth-biggest market for US goods. This is no time for the US to be taking the most dynamic economies for granted. Not with China becoming an ever-bigger player both in Asia and globally. On any list of Mr George W Bush’s failings, ignoring Asia deserves a prominent mention. When his administration bothered with Asia, it was all terrorism all the time. There was little talk about potential, cooperation or partnership. Mr Bush just wanted to know how many bad guys governments were rounding up. He tried to make amends in the twilight of his presidency, naming a US ambassador to Asean in 2008. Recently, Mr Obama tapped that official, Mr Scot Marciel, to be US Ambassador to Indonesia. Mr Obama hasn’t bothered to name a new Asean envoy. The US missed a timely opportunity last week to confer with the economic ministers of Asean’s 10 members — along with counterparts from Australia, China, India, Japan, South Korea, New Zealand and Russia. At a time of global crisis, one the US caused, does Mr Obama really want to be sending a message of indifference to Asia? Coming a week after the announcement that China’s economy has surpassed Japan’s, the US’ closest Asian ally, you would think the White House would be stepping up a charm offensive. Instead, it risks turning off the region. “Confidence in the US and its ability to lead and follow through on commitments is based on its economic well-being, and that status is being questioned by friends and competitors alike in Asia,” Mr Ernest Bower, an analyst at the Centre for Strategic and International Studies in Washington, wrote in a recent report. China’s rapid growth is slowly, but surely, chipping away at the US’ importance. Granted, at almost three times China’s economy, the US will long be a vital customer for Asia’s goods. Officials here also know that depending on growth in a developing economy is risky. Yet neglecting future trade ties with the liveliest economies is just plain dumb. Asia is churning out a fast-growing number of billionaires and is home to 3 billion consumers who aspire to join them. The US wants to be in on that process. For a guy who talked big about reengaging Asiafunny way of showing it., Mr Barack Obama has aA DAMAGED BRAND Mr Obama must not forget just how much the 2008 meltdown damaged the US brand. During Asia’s 1990s crisis, US officials preached the free-market gospel. They told leaders to raise interest rates to support currencies, slash spending and debt, scrap subsidies and avoid bailing out industries. When the US faced a crisis, it did exactly the opposite. There’s also considerable grumbling over the US dollar. True or not, the theory that the US is devaluing to help exporters is making the rounds. That perception is a problem if you want China to let its currency strengthen. It doesn’t play well in Japan, where panic is rising over the strong yen. Nor can the US complain about corruption in Asia. Incestuous ties between Washington and Wall Street helped cause the US crisis. Conflicts of interest between regulators and oil companies led to BP Plc’s devastating Gulf of Mexico leak. The US has little moral high ground on dodgy dealings. That’s a shame, considering the magnitude of Asia’s corruption fight. In Indonesia, for example, officials face an uphill battle to weed out graft and allow more of the nation’s people to benefit from 6 per cent growth. In the Philippines, the honeymoon enjoyed by Mr Benigno Aquino, since becoming President in June, ended last week in gunfire. Eight Hong Kong tourists being held hostage in Manila died in a botched rescue attempt. The tragedy was emblematic of what plagues the nation’s economy. The gunman was a former police inspector who was dismissed on allegations of extortion. The standoff’s surreal finale suggested a breakdown in the nation’s security apparatus, ineptness at many levels and weak diplomacy. Corruption is the common link in all these shortcomings. Mr Obama got off to a good start, becoming the first US leader to meet with Asean in November. Vietnam was the perfect opportunity to go further — to discuss views on credit markets, North Korea’s provocations, China’s currency, Australia’s election, Russia’s growth prospects and Japanese deflation. This last topic is a growing concern. Not only have consumer prices fallen for 17 consecutive months, but Japan now has a leadership battle on its hands. Prime Minister Naoto Kan faces a challenge to remain head of the ruling party by veteran kingmaker Ichiro Ozawa. It’s the last thing Japan needs: Its sixth Prime Minister in three years. Mr Obama’s team could have learned about all of this, and much more, if it had only shown up in Asia. It should do so as soon as possible. The writer is a Bloomberg News columnist. The opinions expressed are his own. |
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| 31-Aug-2010 12:15 |
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Obama blows off Asia’s 3 billion wannabe billionaires US misses key opportunity to confer with Asean’s economic ministers william pesek At a time of global crisis, one the US caused, does Mr Obama really want to be sending a message of indifference to Asia? Coming a week after the announcement that China’s economy has surpassed Japan’s, you would think the White House would be stepping up a charm offensive. Instead, it risks turning off the region. |
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| 31-Aug-2010 11:59 |
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stI 10,800 [STi 3,000 x 3.6 = 10,800 stI] [dOw 10,000 x 3.6 = 36,000 DOW]
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| 31-Aug-2010 11:54 |
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US consumer spending up 0.4 per cent WASHINGTON Consumer spending rose 0.4 per cent last month after three lacklustre months, the Commerce Department said yesterday. Personal incomes were up 0.2 per cent last month, an improvement over June, when incomes had not risen at all. The July spending gain was the highest since a 0.5 per cent rise in March. But the concern is that demand could taper off if unemployment remains near double digits. — Americans spent last month at the fastest pace in four months, helped by a jump in demand for automobiles.AP |
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| 31-Aug-2010 11:49 |
Neptune Orient L Rg
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NOL
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| 31-Aug-2010 11:47 |
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CAPRICORN JANUARY EFFECT Some from local ones: http://blogs.straitstimes.com/2010/1/4/the-capricorn-effect from asiaone: What does it mean? The Capricorn or January effect refers to the tendency for stock prices to rise in the month of January. This rally has been observed over many years. It is the result of investors opting to sell their stocks before the year-end in order to claim capital loss for tax purposes. This happens in countries such as the United States where individuals are taxed for capital gains. Once the tax year passes, they will reinvest their money in the stock market again. The Capricorn effect is also attributed to individuals investing their year-end bonuses in stocks in January. |
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| 31-Aug-2010 11:42 |
Neptune Orient L Rg
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NOL
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NOL Sell | $1.95 Citi keeps rating and cuts the price target to $1.60 from $1.80, based on 1.0X FY11 P/B vs 1.1X previously, to reflect rising headwinds. The house says that while NOL’s3Q10 earnings may show strong improvement, concerns over US consumer spending trends and increased deliveries of new vessels suggest freight rates and profits in 2011 may disappoint. |
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| 31-Aug-2010 11:36 |
Goodpack
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Earnings prospects
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Goodpack Neutral | $1.94 CIMB downgrades from Outperform on the view that the near-term growth prospects for the supplier of intermediate bulk containers have been priced in. Still, it lifts the target price to $1.94 from $1.89, based on 19X FY11 P/E, after increasing the FY11-12 earnings estimates by 0.1 to 2.4 per cent to factor in higher utilisation assumptions. |
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| 31-Aug-2010 11:31 |
DBS
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DBS
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BANKS INSURANCES PROPERTIES CONSTRUCTIONS COMMODITIES PLANTATIONS FOODS LOGISTICS . . . . |
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| 31-Aug-2010 11:27 |
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False comfort in herd warmth: Deutsche HONG KONG — Sell Asian shares before slowing earnings growth and a weakening global economy lead to further stock losses. That’s the recommendation of Deutsche Bank’s head of Asian equities Ajay Kapur, who said declines in measures of future American imports and economic activity had historically foreshadowed lower prices in the region. “Growth projections are weakening sharply and equities seem oblivious. We believe investors should separate from the warmth of the herd and take action to protect capital and clients,” he said. “It would seem that asset prices are not worried about any serious slowdown in global growth. This divergence normally gets resolved by lower prices,” said the Hong Kong-based Mr Kapur. The MSCI Asia Pacific Index gained 1.2 per cent late yesterday in Tokyo, the biggest intra-day advance since Aug 2, to 118.24, after the Bank of Japan expanded credit support for lenders and US Federal Reserve chairman Ben Bernanke pledged on Friday to safeguard the American economic recovery. Asian stocks are among the priciest in the world, based on Mr Kapur’s study of global industry valuations that measure prices relative to earnings, assets, sales and cash flow. The MSCI Asia Pacific Index trades at an average 16.2 times reported profit from the past year, compared with 14.1 for the Standard & Poor’s 500 Index and 14.8 for the Stoxx Europe 600 Index. Mr Kapur advised betting on losses in a basket of 15 stocks, including Beijing based Aluminum Corp of China, China’s biggest producer of the metal, and Hong Kong Exchanges & Clearing, the operator of Asia’s third-largest stock market. BLOOMBERG |
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| 31-Aug-2010 11:22 |
DBS
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DBS
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H E A R D : when sAles stAff leAves cUstOmers leAve tOO ? revenUes leAve tOO ? prOfIts leAve tOO ? sUppOrt stAff leAve tOO ? system leAve tOO ? . . . . leAve tOO ?
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| 31-Aug-2010 11:17 |
DBS
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DBS
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DBS head of consumer banking quits SINGAPORE MediaCorp understands that Mr Raju will be taking on a senior position in Deutsche Asset Management. Deutsche declined comment. Mr Raju’s departure was announced by DBS chief executive Piyush Gupta through an email staff memo seen by MediaCorp yesterday. Mr Raju’s last day in the office is today, while his official last day is Sept 30, the memo said. Mr Gupta said that consumer banking veterans Linda Wong, Jeremy Soo and Domenic Fuda would assist with running the consumer banking business for the time being. A DBS spokesperson confirmed Mr Raju’s departure and said his successor would be announced shortly. “Linda will assist me with Taiwan, Hong Kong and China, Jeremy with Singapore, and Domenic with the consumer banking group’s regional functions and other countries,” said Mr Gupta in the memo. Mr Raju joined DBS’ treasury and markets division in 1999 from Citibank. Later, he also spearheaded the bank’s technology and transactions units. Mr Raju’s resignation is the latest in a series of high-profile management changes at DBS. The bank recently hired Ms Tan Su Shan as its head of private banking, ending her stint at Morgan Stanley. Mr Sim S Lim, formerly of Citibank, was also hired as DBS Singapore’s Country Manager. — The head of consumer banking of South-east Asia’s largest bank DBS Group Holdings, Mr Rajan Raju, has resigned after almost 11 years with the bank. |
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| 31-Aug-2010 11:13 |
DBS
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DBS
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bUt thIs causes InvestOrs tO vIew DBS as a BLACK HOLE are sIngapOre banks at wIts END ?
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| 31-Aug-2010 11:09 |
DBS
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DBS
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sO ? that was ? an INTEGRITY HEAD ? bUt was PREVOUS already ?
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