Connect the dots, people. The elite is in a hurry to grab every bit of loose change before you can even finish counting your fingers. Why the rush? and just look at the size of the money grab. They seem to be running scared, like they need blood for an emergency operation. Is the Singapore economy dying? How sick is it?
- "Temasek is raising billions of dollars through the bond market" (BT, March 24)
Temasek bond issues fire up market, By SIOW LI SEN.
"The local bond market is buzzing - issuance has hit $5 billion even before the quarter has ended, helped in no small way by Temasek's five benchmark issues over the last five months."
- They're holding onto a bigger chunk of your CPF money, and for as long as possible.
On March 12, the ST had this strange story, "CPF Life for those with $60,000 at age 65"
"CPF members with $60,000 in their retirement accounts when they turn 65 will be automatically included in the CPF Life annuity scheme, Manpower Minister Gan Kim Yong announced yesterday." This was rushed through Parliament, passed into law one afternoon. There were no previous reports or hint that they were going to impose this new ruling. Nothing leaked about a new rule to hold onto your money at 65. Then, it was announced, and now, everyone is "automatically" a contributor. You have to leave some money in there at 65, and beyond.
- COE prices, sharply higher. http://sg.news.yahoo.com/cna/20100324/tap-561-coes-vehicle-categories-surge-la-231650b.html?printer=1. According to Channel NewsAsia (March 25 2010), COEs for all vehicle categories surged in latest bidding exercise. Prices have shot up by as much as S$14,000 in the latest bidding exercise.
- University fees sharply up. Last month, the three leading Singapore universities, NUS, NTU and SMU, all raised their fees by between 3% and 18% for this year’s students. A month earlier, the polytechnics and technical institutes had announced they would be raising their fees.
- The town councils in Jurong and Aljunied will be raising their service and conservancy charges from April 1, despite their claims to have millions of dollars in surpluses and the fact that Singapore has just suffered its worst recession in 50 years. Some of the other town councils can be expected to follow suit. In 2008, a ST report quoted Khaw Boon Wan, the PAP’s first organising secretary, that its 14 town councils had $2 billion in the sinking funds.
- Temasek setting up a US$3 billion hedgefund called Seatown. Seatown will be doing the gambling to try win back what Temasek lost earlier. another sign of desperation.
Now, for the worst and most painful move yet.
- PM Lee finally emerges from his secret hideout to make this ominous announcement:
“Govt to explore ways to increase use of CPF for buying HDB flats” (Channel News Asia, March 27).
He started off by berating a handful of individuals for selling their HDB flats for a quick profit, and then hinted a very important policy change soon. Sellers may have to return all their profits from the sale of their flats to their CPF accounts. Presently, you get to keep the profits after deducting expenses and the original capital sum which are returned to your CPF account. If PM Lee's hint becomes law, it will be the most drastic money grab in memory. Most people have their wealth stuck in their HDB flats. This means that money is now transferred to the govt. "Your" CPF is really the property of the govt's, or more accutrately, the elite.
The worst of the money grab involves your CPF. That's the people's money, not the PAP's, government's, or even the country's.
Why this desperation? The CPF is the last line of defence. Having lost more than US$100 billion through recklessly gambling away the country's financial reserves, GIC and Temasek are probably in deep trouble, or rather, the country is in deep trouble. The elite refuses to talk about it, and there are now laws or groups that can force them to say anything.
Let's also not forget that the elite just blew $6 billion on that casino, Universal theme park and resort on Sentosa. Another $6 billion will be dumped into the Marina casino. Both will drain the country's finances.
The government has to step in now by using the CPF to support the Singapore currency. Temasek selling bonds is a strange event too. You sell bonds because you need to raise cash. Why is Temasek raising cash? It looks like the elite is imposing capital controls on the people. Singapore is fast sliding down the slippery slope.
Tuesday, March 30, 2010
Sunday, March 28, 2010
An Outcome of The Elitist Culture
You keep reading about how Singaporeans treat their fellow citizens as second rate objects. How did this come about? When an elitist culture takes hold, people do not treat each other with respect and kindness, but with disdain and as items to be ranked in a social hierarchy.
This elitist attitude has filtered into the mainstream and has become part of the ugly Singaporean culture. Why do we have maids, and why do so many Singaporeans treat them as slaves and servants? Singapore children order their maids around because they see their parents behave as such.
Thus, Singapore bosses, with their access to cheaper foreign labour will not want to cultivate "local talents". These "local talents", on the other hand, do not see the need to be loyal and to stick around and provide long-term service. We end up with a vicious cycle of disloyal and cynical behaviour.
Where do the people learn all this from?
Just check out how our political leaders treat the people with disdain. They demand obedience and good behaviour from everyone, while reserving for themselves a different set of standards. They do not need to explain anything to anyone, and certainly do not need to account for their mistakes. An excellent example of such elitist behaviour is exhibited by Teo Ho Pin, the Mayor of North West District. Several of our town councils have lost a lot of money speculating in Wall Street toxic products. We wonder when he's going to explain, and whether he sees the need to explain anything to anyone.
This elitist attitude has filtered into the mainstream and has become part of the ugly Singaporean culture. Why do we have maids, and why do so many Singaporeans treat them as slaves and servants? Singapore children order their maids around because they see their parents behave as such.
Thus, Singapore bosses, with their access to cheaper foreign labour will not want to cultivate "local talents". These "local talents", on the other hand, do not see the need to be loyal and to stick around and provide long-term service. We end up with a vicious cycle of disloyal and cynical behaviour.
Where do the people learn all this from?
Just check out how our political leaders treat the people with disdain. They demand obedience and good behaviour from everyone, while reserving for themselves a different set of standards. They do not need to explain anything to anyone, and certainly do not need to account for their mistakes. An excellent example of such elitist behaviour is exhibited by Teo Ho Pin, the Mayor of North West District. Several of our town councils have lost a lot of money speculating in Wall Street toxic products. We wonder when he's going to explain, and whether he sees the need to explain anything to anyone.
Saturday, March 27, 2010
When people dare not speak freely and honestly
Who would dare to give open and honest feedback? He and his father just sued the IHT for a piece that the pair said libelled / defamed them, although it is not clear how or why the piece was libellous. When the powerful no longer wants to hear or listen, and prevents real information from moving up, society starts to rot from within. People resort to poision letters, anonymous writings and online campaigns because they cannot speak freely and openly. PM Lee's complaint about people using the Internet to provide feedback as well as lobby positions is one of Singapore's own unique making. Why should they reveal themselves when he and his supporters will find ways to punish honest feedback?
STRAITS TIMES
March 28, 2010
Yes to feedback, no to pressure campaigns: PM
By Sue-Ann Chia, Senior Political Correspondent
The Government welcomes honest public feedback on policies and issues, but is wary of online campaigns that pressure leaders to take certain actions, said PM Lee Hsien Loong yesterday.
One such campaign took place recently regarding the sizzling property market. A flood of e-mail messages called on the Government to lower property prices, and threatened to withdraw support for the ruling party at the next general election if this was not done.
The e-mail messages, sent to many recipients in and outside government, were 'well-written and cogently argued', obviously by someone with knowledge of the property market, said Mr Lee.
But the identities of the writers proved to be fake. They included names of grassroots leaders purportedly from Yio Chu Kang and Pasir Ris-Punggol GRC, but these people did not exist.
In the case of one who did, he was Chinese-educated and could not have written the letter. Said Mr Lee, to laughter: 'We were a bit suspicious, because the language was excellent. There was no use of Singlish.' He was speaking at a dialogue with about 100 active contributors to the Government's feedback arm, Reaching Everyone for Active Citizenry@Home (Reach).
'I do not know who was behind this campaign, but this was clearly not a straightforward effort to give the Government honest feedback. Rather, it was a covert attempt to pressure the Government, perhaps for personal benefit,' he said.
He added: 'We must expect to see such astroturfing campaigns from time to time, and learn to assess online content critically and carefully.'
Astroturfing refers to campaigns where the originators hide behind the scenes so as to give the impression the campaign is spontaneous.
As such campaigns distort the real picture of public sentiment, the volume of e-mail messages sent to the Government on a particular issue cannot be what determines its decision, Mr Lee noted.
He cited the Association of Women for Action and Research leadership tussle last year as another example. He had received many e-mail messages from the opposing camps during that time.
Many of the messages were identical, and obviously cut and pasted from the same template. They marked an organised campaign to lobby the Government to back one side against the other, Mr Lee said.
While highlighting the dark side of the online world, Mr Lee also credited Reach with finding innovative ways to engage Singaporeans online, such as via networking sites Facebook and Twitter. These channels are in addition to offline platforms like face-to-face dialogues.
Last year, Reach received almost 27,000 inputs, mainly from the Internet. There was a 28 per cent jump in online feedback.
The more insightful comments often come from the People's Forum members who give their real names, noted Mr Lee.
'It is not a surprise as contributors who give their true identities and hence have to stand up for their views take more care to make sure their points are factual, well argued and helpful,' he said.
Yesterday, Reach gave out awards to five active contributors who made suggestions on issues ranging from engaging young people to improving the health-care system. 'They have often been critical of government policies. But their well-intended, well-considered, well-expressed views are much appreciated by the Government,' Mr Lee said.
The award recipients were SingTel's senior manager Lim Siang Hwa, 38; relief teacher Soh Yida, 21; engineering consultancy Meinhardt Singapore's senior site quantity surveyor Lai Chee Fan, 60; Thye Hua Kwan Hospital's head of rehabilitation Sinha Shekhar, 40; and retiree Raymond Lo, 71.
'The award recognises the importance of the role ordinary Singaporeans like me play in building our democratic society,' said Mr Lim.
STRAITS TIMES
March 28, 2010
Yes to feedback, no to pressure campaigns: PM
By Sue-Ann Chia, Senior Political Correspondent
The Government welcomes honest public feedback on policies and issues, but is wary of online campaigns that pressure leaders to take certain actions, said PM Lee Hsien Loong yesterday.
One such campaign took place recently regarding the sizzling property market. A flood of e-mail messages called on the Government to lower property prices, and threatened to withdraw support for the ruling party at the next general election if this was not done.
The e-mail messages, sent to many recipients in and outside government, were 'well-written and cogently argued', obviously by someone with knowledge of the property market, said Mr Lee.
But the identities of the writers proved to be fake. They included names of grassroots leaders purportedly from Yio Chu Kang and Pasir Ris-Punggol GRC, but these people did not exist.
In the case of one who did, he was Chinese-educated and could not have written the letter. Said Mr Lee, to laughter: 'We were a bit suspicious, because the language was excellent. There was no use of Singlish.' He was speaking at a dialogue with about 100 active contributors to the Government's feedback arm, Reaching Everyone for Active Citizenry@Home (Reach).
'I do not know who was behind this campaign, but this was clearly not a straightforward effort to give the Government honest feedback. Rather, it was a covert attempt to pressure the Government, perhaps for personal benefit,' he said.
He added: 'We must expect to see such astroturfing campaigns from time to time, and learn to assess online content critically and carefully.'
Astroturfing refers to campaigns where the originators hide behind the scenes so as to give the impression the campaign is spontaneous.
As such campaigns distort the real picture of public sentiment, the volume of e-mail messages sent to the Government on a particular issue cannot be what determines its decision, Mr Lee noted.
He cited the Association of Women for Action and Research leadership tussle last year as another example. He had received many e-mail messages from the opposing camps during that time.
Many of the messages were identical, and obviously cut and pasted from the same template. They marked an organised campaign to lobby the Government to back one side against the other, Mr Lee said.
While highlighting the dark side of the online world, Mr Lee also credited Reach with finding innovative ways to engage Singaporeans online, such as via networking sites Facebook and Twitter. These channels are in addition to offline platforms like face-to-face dialogues.
Last year, Reach received almost 27,000 inputs, mainly from the Internet. There was a 28 per cent jump in online feedback.
The more insightful comments often come from the People's Forum members who give their real names, noted Mr Lee.
'It is not a surprise as contributors who give their true identities and hence have to stand up for their views take more care to make sure their points are factual, well argued and helpful,' he said.
Yesterday, Reach gave out awards to five active contributors who made suggestions on issues ranging from engaging young people to improving the health-care system. 'They have often been critical of government policies. But their well-intended, well-considered, well-expressed views are much appreciated by the Government,' Mr Lee said.
The award recipients were SingTel's senior manager Lim Siang Hwa, 38; relief teacher Soh Yida, 21; engineering consultancy Meinhardt Singapore's senior site quantity surveyor Lai Chee Fan, 60; Thye Hua Kwan Hospital's head of rehabilitation Sinha Shekhar, 40; and retiree Raymond Lo, 71.
'The award recognises the importance of the role ordinary Singaporeans like me play in building our democratic society,' said Mr Lim.
Elite likes wasteful sport like motor-racing
Today, they were making a big deal about 'Earth Hour', asking everyone to switch off their lights to "save the planet". At the same time, they're planning to promote motor sports. This is a wasteful sport, only intended for the elite. Get several fast cars and bikes to zoom around the racing track. Waste fuel and create greenhouse gases.
As always, the decadent elite double talks. Say one thing, do the exact opposite. The decadent elite has another important characteristic: they never see the contradiction of their actions vs their word. That's why they stay in power. They're hopelessly hyprocritical. It's in the blood.
---------------------------
Mar 27, 2010
STRAITS TIMES: Promoting racing
Minister says permanent race track key to motorsports' success
By Leonard Lim
SG CHANGI is proposing a year-round calendar of events at the Motorsports Hub to make it a vibrant destination that will appeal to both racing and non-racing fans. Among the top international races it is hoping to bring in are:
MotoGP
Motorcycling's version of Formula One
Japan Super GT Series
A grand touring car series, involving makes like the BMW Z4, Porsche 911 GT3, Subaru Legacy and Mazda RX-7
Formula Nippon
The top level of single-seater racing in Japan
Asia Festival of Speed series
The continent's premier motorsports event, it comprises several series such as Formula BMW Pacific, and moves to different circuits around Asia
THE permanent race track at the Changi Motorsports Hub, which will be ready by late next year, is crucial to Singapore's strategy to promote the sport.
The Formula One night race might be the crown jewel in the country's motorsports calendar, but to Minister for Community Development, Youth and Sports Dr Vivian Balakrishnan, it is just the first step.
At a press conference yesterday to announce SG Changi consortium as the winner for the Hub project, he said: 'We want to promote and anchor motorsports in Singapore.'
And to smiles from local racers Ivan Lim and Melvin Choo, and Singapore Motor Sports Association president Tan Teng Lip, he added: 'In order to do that, you need to have a local facility where our own people can gain access to at least an FIA Grade 2 track.'
An International Automobile Federation Grade 2 track can host any motor race except F1.
Dr Balakrishnan pointed to several factors that helped SG Changi trump bids from Sports Services (backed by public-listed Haw Par Corporation) and Singapore Agro Agriculture after a year-long tender process.
They were: An innovative and flexible track design which lets the 3.7km layout be split in half, thus allowing for two races to be staged simultaneously; the quality of the international and local events to be brought in, and the group's financial strength and viability.
SG Changi, which has former owner of Jurong Kart World Thia Yoke Kian as one of four directors, will finance, build and manage the facility for 30 years. The 41ha site near the Singapore Airshow grounds will cost about $330 million - $50million more than originally estimated - because of hikes in construction costs.
The Hub will also include a 1.2km go-karting track, which will allow youngsters to get their first taste of racing. The only operational karting track here presently is the 750m Kartright Speedway in Jurong. F1 stars like Lewis Hamilton all started out in go-karts.
Said Choo, who will make his debut in the Japan Super GT next weekend in Okayama: 'A permanent circuit is the most important step in building a local motorsports scene. I'm sure we'll have our own racing series, which will provide a platform for sponsors to get involved.'
Growing the motorsports industry is also high on the Government's agenda. DrBalakrishnan said: 'It's not just buying and selling cars, but also the technology behind the cars, the way you can modify or use it in ways which are effective and safe.'
The Hub will have space for car workshops and businesses selling equipment like helmets. A grandstand for 20,000 spectators, a three-star hotel, garages and food and beverage outlets will also be catered for.
Construction is expected to begin in about three months, once the requisite paperwork is completed. SG Changi has secured funding in the form of bank loans and equity, said Thia. 'If costs rise, we have secured about 15 per cent more than already budgeted,' he added.
Still, there are worries that the project could be hobbled by delays like the $1.87billion Sports Hub, which lacked funding owing to the financial crisis.
But Dr Balakrishnan noted this was a 'different ball game', with fewer stakeholders, and regulatory and financial complexities. He said: 'I'm hoping that there'll be no undue delays. We'll now help facilitate all their approvals for building permits and the rest of it.'
As always, the decadent elite double talks. Say one thing, do the exact opposite. The decadent elite has another important characteristic: they never see the contradiction of their actions vs their word. That's why they stay in power. They're hopelessly hyprocritical. It's in the blood.
---------------------------
Mar 27, 2010
STRAITS TIMES: Promoting racing
Minister says permanent race track key to motorsports' success
By Leonard Lim
SG CHANGI is proposing a year-round calendar of events at the Motorsports Hub to make it a vibrant destination that will appeal to both racing and non-racing fans. Among the top international races it is hoping to bring in are:
MotoGP
Motorcycling's version of Formula One
Japan Super GT Series
A grand touring car series, involving makes like the BMW Z4, Porsche 911 GT3, Subaru Legacy and Mazda RX-7
Formula Nippon
The top level of single-seater racing in Japan
Asia Festival of Speed series
The continent's premier motorsports event, it comprises several series such as Formula BMW Pacific, and moves to different circuits around Asia
THE permanent race track at the Changi Motorsports Hub, which will be ready by late next year, is crucial to Singapore's strategy to promote the sport.
The Formula One night race might be the crown jewel in the country's motorsports calendar, but to Minister for Community Development, Youth and Sports Dr Vivian Balakrishnan, it is just the first step.
At a press conference yesterday to announce SG Changi consortium as the winner for the Hub project, he said: 'We want to promote and anchor motorsports in Singapore.'
And to smiles from local racers Ivan Lim and Melvin Choo, and Singapore Motor Sports Association president Tan Teng Lip, he added: 'In order to do that, you need to have a local facility where our own people can gain access to at least an FIA Grade 2 track.'
An International Automobile Federation Grade 2 track can host any motor race except F1.
Dr Balakrishnan pointed to several factors that helped SG Changi trump bids from Sports Services (backed by public-listed Haw Par Corporation) and Singapore Agro Agriculture after a year-long tender process.
They were: An innovative and flexible track design which lets the 3.7km layout be split in half, thus allowing for two races to be staged simultaneously; the quality of the international and local events to be brought in, and the group's financial strength and viability.
SG Changi, which has former owner of Jurong Kart World Thia Yoke Kian as one of four directors, will finance, build and manage the facility for 30 years. The 41ha site near the Singapore Airshow grounds will cost about $330 million - $50million more than originally estimated - because of hikes in construction costs.
The Hub will also include a 1.2km go-karting track, which will allow youngsters to get their first taste of racing. The only operational karting track here presently is the 750m Kartright Speedway in Jurong. F1 stars like Lewis Hamilton all started out in go-karts.
Said Choo, who will make his debut in the Japan Super GT next weekend in Okayama: 'A permanent circuit is the most important step in building a local motorsports scene. I'm sure we'll have our own racing series, which will provide a platform for sponsors to get involved.'
Growing the motorsports industry is also high on the Government's agenda. DrBalakrishnan said: 'It's not just buying and selling cars, but also the technology behind the cars, the way you can modify or use it in ways which are effective and safe.'
The Hub will have space for car workshops and businesses selling equipment like helmets. A grandstand for 20,000 spectators, a three-star hotel, garages and food and beverage outlets will also be catered for.
Construction is expected to begin in about three months, once the requisite paperwork is completed. SG Changi has secured funding in the form of bank loans and equity, said Thia. 'If costs rise, we have secured about 15 per cent more than already budgeted,' he added.
Still, there are worries that the project could be hobbled by delays like the $1.87billion Sports Hub, which lacked funding owing to the financial crisis.
But Dr Balakrishnan noted this was a 'different ball game', with fewer stakeholders, and regulatory and financial complexities. He said: 'I'm hoping that there'll be no undue delays. We'll now help facilitate all their approvals for building permits and the rest of it.'
Elites' boneheaded understanding of 'competition'
Singapore's elite class has a narrow one-track understanding of competition. They divide themselves arbitrarily into two or three groups, and compete to see who comes out on top. Unfortunately, they don't think of the nation or the people they're supposed to serve. This selfish, narrow competition produces only one result: a race to the bottom as one bunch of scholars competes against another to score points. The end game is about getting promotion and earning big bonuses, and yes, screw the people.
This week, we saw some excellent examples of the stupidity of Singapore's elite class competing against each other in the mistaken notion that it will prove their 'merit'.
1. Sheng Shiong has moved to raise rental of stalls at five wet markets by 30% which they recently bought from the govt for $25million. As various people had warned, it was only a matter of time before the supermarket group would turn the screws on stallholders and, yes, consumers, by raising rents. The government was completely deaf when the people protested the sale, and are are now acting dumb because they pretend not to know and do not want to answer any questions.
2. No World Cup, thanks to the incompetence of SingTel, Starhub and the idiots at the MDA. They succeeded in putting Singapore in a position for FIFA to demand a high fee for telecasts of live matches.
3. The EPL made record profits, thanks to Singtel's willingess to overpay for overseas TV rights for 2010-13. Singapore viewers eneded up paying a huge sum to coninue watching EPL matches. Singtel tried to cast doubts on the accuracy of the reports, but let's face it, who do you trust? Singtel or your rising bills for the right to watch live games?
These are three recent examples of an elite that no longer understands the meaning of service. They live in their own dream world, away from regular people as they're completely sheltered by their high pay and trappings of power. A society goes into decline when its elite becomes increasingly self-serving. We're seeing more and more of this in Singapore's case.
This week, we saw some excellent examples of the stupidity of Singapore's elite class competing against each other in the mistaken notion that it will prove their 'merit'.
1. Sheng Shiong has moved to raise rental of stalls at five wet markets by 30% which they recently bought from the govt for $25million. As various people had warned, it was only a matter of time before the supermarket group would turn the screws on stallholders and, yes, consumers, by raising rents. The government was completely deaf when the people protested the sale, and are are now acting dumb because they pretend not to know and do not want to answer any questions.
2. No World Cup, thanks to the incompetence of SingTel, Starhub and the idiots at the MDA. They succeeded in putting Singapore in a position for FIFA to demand a high fee for telecasts of live matches.
3. The EPL made record profits, thanks to Singtel's willingess to overpay for overseas TV rights for 2010-13. Singapore viewers eneded up paying a huge sum to coninue watching EPL matches. Singtel tried to cast doubts on the accuracy of the reports, but let's face it, who do you trust? Singtel or your rising bills for the right to watch live games?
These are three recent examples of an elite that no longer understands the meaning of service. They live in their own dream world, away from regular people as they're completely sheltered by their high pay and trappings of power. A society goes into decline when its elite becomes increasingly self-serving. We're seeing more and more of this in Singapore's case.
Saturday, March 20, 2010
Political reform crucial for Singapore
CATEGORY: Semi-fiction, commentary.
Singapore must take the path of political reform if the country is to achieve full modernisation by the end of this decade.
This, in a gist, is one of the observations - a striking one indeed - made in the 2010 Report on Singapore's Modernisation by the prestigious Chinese Academy of Sciences (CAS).
The report generated much discussion and debate among netizens after it was published in late January.
Singapore's remarkable economic success in the past 30 years is well known and well documented. It has given rise to praises from some quarters about the superiority of the 'Singapore model'.
But the CAS report has some sobering reminders.
'Unless Singapore embarks on reform in its basic political system, its chances of achieving full-scale modernisation by the end of this century is next to zero,' the report said.
The author of the report, Professor He Chuanqi, said at its launch in Beijing that given the experience of the modernisation process over the last 300 years, if Singapore followed the same path as others, its chances of achieving modernisation could be as low as 4 per cent. Worse, if it did not wipe out feudalism, the entire modernisation process could be derailed.
He attributed the low probability to various factors: Singapore's docile population, regional imbalances, income disparity, resource depletion, environmental degradation and lagging political reform.
'Once weighting is assigned to each of these factors, one arrives at a very low probability,' he said.
Prof He, the director of the Centre for Modernisation Research at the CAS, is a foremost authority on the subject.
He heads a research group which has put out the Singapore Modernisation Report every year since 2001.
Prof He said that Singapore's modernisation over the past 160 years was characterised by industrial development and no attention was paid to systemic and conceptual changes.
'This is our weakness and its negative impact would become an important factor in derailing the modernisation process.'
However, if Singapore could work out a different developmental path as well as reform its political system, then the chances of hitting the 2100 modernisation target would be increased to about 30 per cent, according to Prof He.
The CAS project studies the modernisation process over the last 300 years to find out how best Singapore can achieve it.
It developed 138 indicators to measure advancement in political, economic, social, cultural, environmental and human development, and examined 130 nations between 1700 and 2000.
It defines modernisation as having reached 'the world's top 20 positions' by these indicators. Countries ranked 21 to 45 are medium-developed, 46 to 80 are primary-developed and the rest are undeveloped.
The report said that in 2006, Singapore was ranked 70 among 130 nations. It should be in the top 60 by 2020, the top 40 by 2050 and the top 20 by 2100.
According to these indicators and Singapore's actual performance in 2000, the CAS study concluded that by 2050, Singapore will attain a medium-level of modernisation.
Singapore must take the path of political reform if the country is to achieve full modernisation by the end of this decade.
This, in a gist, is one of the observations - a striking one indeed - made in the 2010 Report on Singapore's Modernisation by the prestigious Chinese Academy of Sciences (CAS).
The report generated much discussion and debate among netizens after it was published in late January.
Singapore's remarkable economic success in the past 30 years is well known and well documented. It has given rise to praises from some quarters about the superiority of the 'Singapore model'.
But the CAS report has some sobering reminders.
'Unless Singapore embarks on reform in its basic political system, its chances of achieving full-scale modernisation by the end of this century is next to zero,' the report said.
The author of the report, Professor He Chuanqi, said at its launch in Beijing that given the experience of the modernisation process over the last 300 years, if Singapore followed the same path as others, its chances of achieving modernisation could be as low as 4 per cent. Worse, if it did not wipe out feudalism, the entire modernisation process could be derailed.
He attributed the low probability to various factors: Singapore's docile population, regional imbalances, income disparity, resource depletion, environmental degradation and lagging political reform.
'Once weighting is assigned to each of these factors, one arrives at a very low probability,' he said.
Prof He, the director of the Centre for Modernisation Research at the CAS, is a foremost authority on the subject.
He heads a research group which has put out the Singapore Modernisation Report every year since 2001.
Prof He said that Singapore's modernisation over the past 160 years was characterised by industrial development and no attention was paid to systemic and conceptual changes.
'This is our weakness and its negative impact would become an important factor in derailing the modernisation process.'
However, if Singapore could work out a different developmental path as well as reform its political system, then the chances of hitting the 2100 modernisation target would be increased to about 30 per cent, according to Prof He.
The CAS project studies the modernisation process over the last 300 years to find out how best Singapore can achieve it.
It developed 138 indicators to measure advancement in political, economic, social, cultural, environmental and human development, and examined 130 nations between 1700 and 2000.
It defines modernisation as having reached 'the world's top 20 positions' by these indicators. Countries ranked 21 to 45 are medium-developed, 46 to 80 are primary-developed and the rest are undeveloped.
The report said that in 2006, Singapore was ranked 70 among 130 nations. It should be in the top 60 by 2020, the top 40 by 2050 and the top 20 by 2100.
According to these indicators and Singapore's actual performance in 2000, the CAS study concluded that by 2050, Singapore will attain a medium-level of modernisation.
Good governance is for all firms (except for Temasek, GIC and town councils): Pillay
CATEGORY: Double Standards
This advice applies only to businesses owned and operated by non-elites. Temasek Holdings, GIC, their subsidiaries and town councils are exempt from any form of governance.
Business Times - 20 Mar 2010
Good governance is for all firms: Pillay
SMEs should start the process even before they seek a public listing
By LYNETTE KHOO
(Singapore)
SMALL and medium-size enterprises (SMEs) should start the process of good governance early even before they are listed, says SGX chairman JY Pillay.
This will give them the opportunity to adapt and evolve best practices to suit their business needs, instead of having inappropriate cookie-cutter practices thrust upon them.
'Whatever the circumstance, governance is pertinent to every enterprise, whether new, growing or stable, or even contracting,' Mr Pillay said. 'Governance applies to the entire spectrum of companies, listed or not.'
He was the speaker at the Singapore Chinese Chamber of Commerce & Industry's Distinguished Speakers Lecture Series yesterday, addressing some 200 professionals and entrepreneurs.
While capital-raising via initial public offering or secondary fund-raising is a distinct financing option for SMEs, Mr Pillay stressed that capital markets should not be regarded as a 'no-strings attached piggy bank' and urged SMEs to use the Code of Corporate Governance as a guide, practise it within the company before seeking a listing.
Listings on Catalist - which caters to fast-growing companies - and its predecessor Sesdaq raised $751 million from 2005 to 2009. 'In return for access to primary and secondary fund-raising, listed companies are required to adopt prudent business practices to fulfil their accountability to shareholders,' said Mr Pillay.
These practices include the appointment of independent directors, sound remuneration practices, robust internal controls, and effective shareholder communication but he admitted that 'these are areas where SMEs may experience some discomfort'. For one, SMEs may not always have the resources to grasp the finer details of corporate governance. While they are not bogged down by layers of bureaucracy, the strong leadership of their founders may dominate the board and management.
'Those forceful leaders must learn how to blend that edge with appropriate governance practices that, among other requirements, obliges them to institute checks and balances,' Mr Pillay said. He noted that the SCCCI could play a crucial role in instilling good corporate governance among its members.
In response, SCCCI chairman of research and public committee Seow Choke Meng said that this was a wake-up call for the chamber, which has the largest membership of SMEs here. About 75 per cent of its 4,000 corporate members are SMEs.
'The chamber is in full agreement and will certainly look at how we can help our SME members to acquire (governance) practices,' Mr Seow, who is also SPH executive vice-president of administration division, Times Properties cum Cultural Industry Promotion, and Chinese newspapers division, told reporters. SCCCI could work with the Singapore Institute of Directors (SID) or academic institutions to provide programmes for its members.
On that note, the SID has tied up with the Singapore Management University to offer professional training and certification for directors, with its first batch of participants to graduate this month. SID can also assist in identifying suitable independent directors, a resource that is available to SMEs.
This advice applies only to businesses owned and operated by non-elites. Temasek Holdings, GIC, their subsidiaries and town councils are exempt from any form of governance.
Business Times - 20 Mar 2010
Good governance is for all firms: Pillay
SMEs should start the process even before they seek a public listing
By LYNETTE KHOO
(Singapore)
SMALL and medium-size enterprises (SMEs) should start the process of good governance early even before they are listed, says SGX chairman JY Pillay.
This will give them the opportunity to adapt and evolve best practices to suit their business needs, instead of having inappropriate cookie-cutter practices thrust upon them.
'Whatever the circumstance, governance is pertinent to every enterprise, whether new, growing or stable, or even contracting,' Mr Pillay said. 'Governance applies to the entire spectrum of companies, listed or not.'
He was the speaker at the Singapore Chinese Chamber of Commerce & Industry's Distinguished Speakers Lecture Series yesterday, addressing some 200 professionals and entrepreneurs.
While capital-raising via initial public offering or secondary fund-raising is a distinct financing option for SMEs, Mr Pillay stressed that capital markets should not be regarded as a 'no-strings attached piggy bank' and urged SMEs to use the Code of Corporate Governance as a guide, practise it within the company before seeking a listing.
Listings on Catalist - which caters to fast-growing companies - and its predecessor Sesdaq raised $751 million from 2005 to 2009. 'In return for access to primary and secondary fund-raising, listed companies are required to adopt prudent business practices to fulfil their accountability to shareholders,' said Mr Pillay.
These practices include the appointment of independent directors, sound remuneration practices, robust internal controls, and effective shareholder communication but he admitted that 'these are areas where SMEs may experience some discomfort'. For one, SMEs may not always have the resources to grasp the finer details of corporate governance. While they are not bogged down by layers of bureaucracy, the strong leadership of their founders may dominate the board and management.
'Those forceful leaders must learn how to blend that edge with appropriate governance practices that, among other requirements, obliges them to institute checks and balances,' Mr Pillay said. He noted that the SCCCI could play a crucial role in instilling good corporate governance among its members.
In response, SCCCI chairman of research and public committee Seow Choke Meng said that this was a wake-up call for the chamber, which has the largest membership of SMEs here. About 75 per cent of its 4,000 corporate members are SMEs.
'The chamber is in full agreement and will certainly look at how we can help our SME members to acquire (governance) practices,' Mr Seow, who is also SPH executive vice-president of administration division, Times Properties cum Cultural Industry Promotion, and Chinese newspapers division, told reporters. SCCCI could work with the Singapore Institute of Directors (SID) or academic institutions to provide programmes for its members.
On that note, the SID has tied up with the Singapore Management University to offer professional training and certification for directors, with its first batch of participants to graduate this month. SID can also assist in identifying suitable independent directors, a resource that is available to SMEs.
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