LETTER TO SINGAPORE

• zulkifli mahmood

  5 Jul 13, 13:14

  Why the Singapore Flyer hasn't taken off Posted on Jun 5, 2013 2:58 PM Updated: Jun 18, 2013 3:49 PM By Tessa Wong [email protected] Fireworks bloomed in the sky and lasers streaked across Marina Bay when the Singapore Flyer opened in April 2008. The spectacular grand opening was perhaps an apt metaphor of the country’s high hopes for the $240 million attraction. Prime Minister Lee Hsien Loong said as much during that opening: “I’m very happy with the project... We are optimistic it will do very well (with regard to) passengers and become one of the busiest flyers in the world.â€� Fast forward five years, and the wheels seems to have fallen off the initial grand ambitions. Last week, the Singapore Flyer went into receivership. Details on why it went bankrupt are scarce but the fact is that observation wheels can find it difficult to survive on revenue alone. Even the most famous and arguably most successful wheel in the world, the London Eye, has had to depend heavily on sponsorship. Most people outside of Britain probably don’t know that its full name is the EDF Energy London Eye, after having entered a three year sponsorship deal with the energy company in 2011. Before that it was sponsored by British Airways, and Merlin Entertainments. Perhaps one reason why depending mainly on revenue to survive is difficult, which is what appears to be the case for Singapore Flyer, is because the novelty factor of a giant observation wheel wears out real fast. Unless you’re a die-hard fan of slow, giant ferris wheels, few people actually go on one more than once. Of course, all tourist attractions experience that eventual loss of novelty. But it is harder to regenerate excitement and repeat visits for a wheel compared to other tourist attractions. A zoo or an amusement park can continually bring in new displays or new rides, construct new sections and expand, or even have an entire rehaul of the place. That can be tough to do for an attraction which consists of one main draw – a huge and heavy 42-storey-tall wheel. Efforts were made to revamp the tenant mix in Flyer’s building over the years to widen its offerings, including converting a driveway into a large food court. But these moves did not do much to increase the Flyer’s draw and evidently were too little, too late. Another possible reason is just bad timing. Construction began shortly after its owners secured financing in 2005 – the year the Government decided to build integrated resorts and opened a tender for them. Just two years after the Flyer’s opening, Marina Bay Sands was up and running, offering a higher and arguably better view of Singapore, immediately dwarfing the Singapore Flyer and nudging it towards irrelevancy. It also perhaps offers a better value-added tourism experience: visitors not only get a good view, but also a casino, more restaurants and shops, even nightclubs. That said, the Flyer has firmly entrenched itself as an iconic part of the Singapore skyline, and it has a part to play in providing a wide range of tourist attractions to visitors. One can only hope that Flyer’s new buyers, whoever they eventually may be, will be able to overcome these challenges and get it to soar high once again. http://www.singapolitics.sg/views/why-singapore-flyer-hasnt-taken
• zulkifli mahmood

  5 Jul 13, 13:42

  Saturday, 29 December 2012 Li Jiawei retires Hard for Li to say goodbye Former world table tennis champion retires after struggling with knee injury, may take on STTA role in future By May Chen, The Straits Times, 28 Dec 2012 SHE has displayed nerves of steel against some of the world's best players. But as Li Jiawei yesterday called time on her illustrious table tennis career that included two Olympic medals and a world title, she struggled to fight back the tears. "I've been in Singapore for 18 years," the 31-year-old said at the Singapore Table Tennis Association's (STTA) headquarters in Toa Payoh as she announced the decision to hang up her bat for good. "It's impossible to describe my feelings now in just one or two sentences." It is not hard to understand why, since her link to her adopted country goes beyond simply sharing the same birthday - Aug 9. Li has spent more time here in Singapore than in China, her country of birth. It was here where she matured from a doe-eyed 13-year-old to Olympic medallist and world champion. It was also in Singapore where she became the face of table tennis for close to a decade. Her near misses in the bronze medal play-off at both the 2004 and 2008 Olympics gripped a nation. Her very public relationship with former national badminton player Ronald Susilo had the country talking. But with the veteran paddler struggling to recover from a knee injury which has kept her out of action since the London Olympics, Li felt it was time to close this chapter of her life. Said the former world No.3: "The injury is partly why I'm retiring, but I also feel it's time for me to step down, give the younger players a chance and use the time to do something meaningful." Li will return to Beijing where her businessman husband and three-year-old Singapore-born son are. But both player and association took pains to give assurances that Li is by no means severing ties with Singapore or the STTA. "No matter what I choose to do from here, I hope to continue contributing to Singapore," said Li. "I will always be a Singapore player and I want to... repay the country for the support I've received all these years." Added STTA president Lee Bee Wah: "She will be based in China, but we will arrange for her to do something for Singapore. That's what she wants to do too." Critics, however, argue that, despite 18 years in Singapore, she has yet to fully endear herself to the public. At times uncomfortable with the attention on her, she is often reluctant to speak in English. Yet few would dispute her contribution to Singapore sport. She is just one of two Singapore athletes to have featured in four Olympics - alongside swimmer Joscelin Yeo. She is a five-time Sportswoman of the Year winner, joining swimmer Patricia Chan as the only other athlete with that accolade. She has also won more than 50 medals at major Games and regional and world championships. But it was the team bronze won at the 2012 London Games, where she helped notch two out of Singapore's three winning points against South Korea, that holds most significance in her heart. She said: "I went into that Olympics after becoming a mother and, although it was a bronze that we won, fighting to get back to the sport was something I experienced very personally. "This was a very difficult decision to come to and I was feeling very down for a period of time. Even now, I still don't want to leave." As if to offer herself some assurance too, Li turned around just before she stepped out of STTA yesterday, saying: "Don't worry, we'll meet again for sure." http://ifonlysingaporeans.blogspot.sg/2012/12/li-jiawei-retires.html
• zulkifli mahmood

  5 Jul 13, 14:19

  Back in China, Bus Driver Doesn’t Regret Singapore Strike By DIDI KIRSTEN TATLOW 6:51 p.m. | Updated BEIJING — He Junling, the last of five Chinese bus drivers jailed and deported from Singapore for striking over pay and living conditions last year, arrived back in China on Sunday saying: “I have no regrets.� The brief walkout in late November by scores of Chinese bus drivers shocked the tightly run Asian city-state, where strikes are rare (the last significant industrial action was more than 25 years ago, Reuters reported), but where advocates for workers’ rights say that migrant workers, who number in the hundreds of thousands, are often poorly treated. “I don’t regret what happened. We heard that after we were arrested they improved conditions,� Mr. He, 32, said by telephone from his home in Qinyang city near Jiaozuo, in Henan Province, where he returned to his wife and 5-year-old daughter after receiving a seven week jail term in Singapore. (Four other drivers were sentenced to six weeks in jail; 29 were deported immediately after the strike; and about 150 others were given warnings, according to reports like this one in The Straits Times, a Singaporean newspaper.) http://rendezvous.blogs.nytimes.com/2013/04/01/back-in-china-bus-driver-doesnt-regret-singapore-strike/
• zulkifli mahmood

  5 Jul 13, 14:30

  China creates new visa category to attract overseas talents On June 30, the 11th Standing Committee of the National People's Congress, China's top legislature, passed a new Exit-Entry Administration Law at its 27th meeting. One of the highlights of the new law is a new visa category titled "talent introduction" which aims to attract talented individuals from overseas. The Chinese government has long attached great importance to attracting oversea talent to work in China. The "talent introduction" visa category will provide a convenient green channel for overseas talented people who are interested in working in China. http://english.peopledaily.com.cn/90782/7868635.html
• zulkifli mahmood

  5 Jul 13, 14:45

  A Singaporean Says Living In NZ Different Experience http://e2nz.org/migrant-stories/chapter-2/a-singaporean-says-living-in-nz-different-experience/
• zulkifli mahmood

  5 Jul 13, 22:19

  Seagate to lay off 2,000 in Singapore SINGAPORE, Aug 4 — Hard disk maker Seagate Technologies said it will lay off 2,000 workers in Singapore as it shifts its manufacturing facilities from the city-state. The move follows a slide in electronics exports from Singapore this year due to weaker consumer demand in the economic downturn. “We are moving our hard disk operation at Ang Mo Kio (in Singapore) to other Seagate sites in other countries,� company spokeswoman Lotus Tan told Reuters but did not provide further details. She said Seagate employed a total of 8,000 workers in Singapore and would keep Seagate’s Asia headquarters, media operation as well as a product development and design centre. Singapore’s overall unemployment rate stood at 3.3 per cent in the second quarter but the number of people employed in Singapore fell by 12,400 in April-June, twice as much as in the first quarter. Seagate said in a statement its affected employees will be offered severance packages. It said the majority of Seagate’s diskdrive manufacturing were spread across Thailand, China and Malaysia. Today’s announcement came after Seagate said in May it had initiated a restructuring plan that included a reduction of about 1,100 employees or 2.5 per cent of the company’s global workforce. The restructuring plan, which it said would be completed by July 2009, is expected to result in total pretax restructuring charges of around US$72 million (RM252 million). “This consolidation is necessary in order for Seagate to further increase efficiency and reduce costs by leveraging investments across fewer manufacturing sites,� Seagate said. In July, Seagate raised its forecast for margins and overall industry sales in the current quarter, citing a larger-than-expected increase in corporate demand for computers. – Reuters http://www.themalaysianinsider.com/business/article/Seagate-to-lay-off-2000-in-Singapore
• zulkifli mahmood

  5 Jul 13, 22:36

  Overseas Union Bank (OUB) Overseas Union Bank (OUB), now defunct, was founded in 1947 in Singapore by Lien Ying Chow. It began operations in February 1949 and by the 1980s had grown into one of Singapore’s “Big Four� local banks. In 2001, OUB was acquired by United Overseas Bank (UOB) in a S$10 billion takeover deal. http://infopedia.nl.sg/articles/SIP_1787_2011-02-24.html
• zulkifli mahmood

  5 Jul 13, 22:55

  About MPH Bookstores (Singapore) Pte Ltd MPH Bookstores has its roots in 1815 when William Milne, a young missionary, established a permanent mission press in Malacca. This establishment moved to Singapore in 1890 with the primary objective of printing literature. In 1906, the organization underwent another name change to the Methodist Publishing House. In 1927, it was incorporated as Malaya Publishing House when it became a public listed company. Following the announcement of the Malaysian nation in 1963, the company changed its name to Malaysia Publishing House and new bookstores were opened in Kuala Lumpur, Penang and Malacca. To the public, Malaysia Publishing House has always been known as MPH. The late Jack Chia, acquired MPH in 1972. MPH then became known as Jack Chia-MPH Ltd. The company changed its name to MPH Ltd in March 2000 to reflect the change in its majority ownership since 1998. MPH Bookstores Sdn Bhd was 100% owned by MPH Group (S) Pte Ltd which in turn was a subsidiary of MPH Ltd, a public company listed on the stock exchange of Singapore. On 20 December 2002, MPH Bookstores (Singapore) Pte Ltd was bought over by a Malaysian company, Jalinan Inspirasi Sdn Bhd, which is part of a large Malaysian conglomerate controlled by Malaysian businessman Tan Sri Syed Mokhtar Al-Bukhary. Jalinan Inspirasi changed its name to MPH Group (M) Sdn Bhd to reflect its core businesses and it now owns MPH Bookstores (Malaysia and Singapore), MPH Distributors (Malaysia and Singapore), MPH Library Services (Singapore), MPH Publishing (M), MPH Printing (M) and MPH Magazine (M). MPH Bookstores is a well-established chain of bookstores. It retails books, magazines, stationery, gifts and greeting cards. The chain has three outlets located in the city areas -Raffles City Shopping Centre, Parco Millenia and Robinson Road, all of which cater to the office crowd and the surrounding vicinity. http://www.mph.com.sg/aboutus.html ******************************* MPH MPH has been a household name in Singapore for so long that many people have forgotten what the initials stand for, and the history behind its name. Before MPH, it had been known as the Malaysia Publishing House, the Malaya Publishing House and prior to that, the Methodist Publishing House. Earlier still, it began as the Amelia Bishop Press in 1890, and three years later, became the American Mission Press. The MPH story covers more than 150 years of printing and publishing history, and retail bookselling. Rev. Dr. W. G. Shellabear, a former army officer and later missionary, began the Methodist Mission Press in December 1890, to publish materials for the Methodist mission. The Press published tracts, dictionaries and translations. Located in a shophouse at the junction of Selegie Road and Sophia Road, the Press expanded rapidly, with staff increase, and publishing in 12 languages. The lack of space in the shophouse, and its distance from the business city centre, resulted in the move to a rented, large upper room in the back alley of 28 Raffles Place in 1893. Until this time, the business had been known as the Amelia Bishop Press (named after a Boston financial donor), and it was felt that the name did not link clearly enough with the mission., and a name change made it the American Mission Press. The next name change in 1906 made it the Methodist Publishing House. Then, in April 1908, the organisation moved to a new 3-storey building, in red brick and plaster, situated at the junction of Armenian Street and Stamford Road. The new premises included a retail book-store with their printing department. Its close proximity to so many schools, led to an increase in book sales. The press was so commercially successful that its original role solely for the missions was overshadowed, and the Publishing House became public stock company. It was thus sold off and incorporated on 31 December 1927, as Malaya Publishing House Limited. The new MPH bought the old one. There was great activity in wholesale and retail bookselling, and of course plenty of work for the printing department, which was now printing books of education and other general knowledge. Between 1828 - 1947, with Managing Director Frank Cooper Sands, at the helm, MPH continued as prosperous and profitable concern. The formation of Malaysia on 17 September 1963, made Malaya Publishing House change its name to Malaysia Publishing House. The organisation went through various name changes, but to the staff and the general public it had long been better known simply as "MPH". In 1968, it became official, the registered name of the company changed to MPH Limited. The organisation went through financial difficulties in the early 1970s, but was rescued by Jack Chia Holdings, and in 1972, the name of the parent company was changed to Jack Chia-MPH, which also made Jack Chia Chairman and Managing Director of MPH. The MPH with its unique architectural exterior, remains a prominent landmark in Singapore, to this day. http://infopedia.nl.sg/articles/SIP_61_2004-12-27.html
• zulkifli mahmood

  5 Jul 13, 23:12

  Impact Of The Collapse Of Pan Electric Industries Finance Essay Pan-Electric Industries was a Singapore-based company that specialized in marine salvage work and had 71 subsidiary companies, it including hotel and property interests with a market capitalization of S$230 million (Wikipedia). The main business of Pan-Electric Industries was the manufacture of refrigerators. In March 1985, Pan-Electric Industries Ltd had joined Tan Koon Swan’s business kingdom. Pan-Electric defaulted on S$7.5 million installment for S$75 million syndicated loan by Standard Chartered Bank. It also voluntarily requested Stock Exchange Singapore and Kuala Lumpur Stock Exchange to suspend its shares on 18 November 1985. The reason given is need to revise right issue and restructure financing. Besides, two other Tan Koon Swan related companies, Sigma and Growth Industries Holdings also request and are granted suspension. Consequently, when it announced a rights issue for S$80 million meant to generate more liquidity, it causes the underwriters to look more closely at Pan-Electric Industries’ financials and fiscal fundamentals. It also discovered that the company was S$453 million in debt from 35 banks, which there is S$283 million is unsecured. The rights issue was then cancelled and a rescue plan to improve Pan-Electric’s position proposed. On the other hand, the loan package for Pan-Electric Industries is unveiled; gain the financial assistance from the banks. There are two ways that the company get loan: (1) to be raised S$200 million through the equity and right issues from other investors of the company. (2) Get the interest-free loan of S$40 million from Tan Koon Swan. When the rescue plan falls through, Tan Koon Swan refuses to pump in the S$40 million unless the repayment priority is raised. However, the creditors are refused to do that. Besides, the “legal impediment� arises. That money from Tan Koon Swan comes from Sigma, which owns more than 20 percent of Pan-Electric and is therefore not allowed to lend it money under the Companies Act. Due to these reasons, Pan-Electric Industries was officially insolvent and was consequently placed in receivership. This was the trigger that started the domino effect of defaults on forward contracts. In the end, the company collapsed due to unsettled forward contracts, and forcing the stock exchanges of both Singapore and Malaysia to shut down for three days during the year of 1985. The collapse of Pan-Electric following its huge debts and incapability to make good on forward contracts precipitated a systemic crisis that threatened the entire then-nascent stock broking industry. At its demise, the company had a total debt of S$480 million, and all its shares held by 5,500 shareholders were found to be worthless overnight. After that, all the receivers were appointed, and the significant decision was to suspend all trading on Stock Exchange Singapore to forestall panic dumping which threatened to wipe hundreds of millions off the exchange. Tan Koon Swan’s case was the first ever case of stock manipulation in Singapore which went to the extent of shutting down the Stock Exchange Singapore for three days. Because of that, it is representative of the trend of the white-collar crimes becoming gradually more sophisticated and impressive. In the end only one count was proceeded upon against Tan Koon Swan is that abetting Pan-Electric’s finance director, Tan Kok Liang, to commit that the criminal breach of trust of about S$145,000 (which belonged to Pan-El) for which Tan Koon Swan was jailed two years and fined S$500,000. The amount embezzled was applied to pay the interest on three million of Grand United Holding (GUH) shares bought by a Pan-Electric subsidiary, Orchard Hotel. The Orchard Hotel purchase the shares were in turn a part of the scheme by Tan Koon Swan to artificially boost the GUH share price. However, Tan Koon Swan was spared any market manipulation charges. As a result of the collapse for Pan-Electric Industries Ltd in December 1985, the key people in the company such as Peter Tham, Tan Kok Liang, and Tan Koon Swan were prosecuted and given varying jail sentences. The collapse of the company shook public confidence in the Stock Exchange Singapore, causing prices of stocks to plunge. -Stock Exchange Singapore had closed trading for three days. The collapse of Pan-Electric Industries Ltd, though incorporated in Singapore, led to the unprecedented closure of both the Singapore Stock Exchanges in December 1985 for three days from 2 December until 4 December. This is due to the failure of a large public company, Pan-Electric Industries Ltd. Since that, the prices of property fell by over 30 percent. The combination of tight liquidity, low inflation and a sharp decline in share and property prices exposed to the financial over-commitments of many entrepreneurs. http://www.ukessays.com/essays/finance/impact-of-the-collapse-of-pan-electric-industries-finance-essay.php ********************************************* Case Study On Pan-Electric Crisis (In Singapore) http://www.mas.gov.sg/about-mas/monographs-and-information-papers/staff-papers/2004/~/media/resource/publications/staff_papers/MAS_Staff_Paper_No32_Jul_2004.ashx
• zulkifli mahmood

  5 Jul 13, 23:27

  What does it mean for Singapore that jobs are being moved back to the EU as it is cheaper? Banks are switching back office roles to European countries as salaries in Singapore are two to four times more expensive. The recent move by some banks to switch back office roles such as IT and credit risk to cheaper locations like India and Europe came as a surprise. Credit Suisse for instance just recently shift dozens of back office jobs from Singapore to India and Poland. Last month Morgan Stanley moved 80 back office positions from the country to India and Hungary. RBS-owned insurance provider Direct Line, is also set to cut jobs as part of a plan to make £100 million in cost savings by 2014. Market speculates that RBS will follow suit in relocating back office jobs. Singapore Business Review interviewed some experts to get their thoughts on what does this switching move mean for Singapore. Here are the views: http://sbr.com.sg/financial-services/exclusive/what-does-it-mean-singapore-jobs-are-being-moved-back-eu-it-cheaper
• zulkifli mahmood

  5 Jul 13, 23:52

  HSBC's 14,000 new layoffs: When will Gulliver stop cutting jobs? By Ramy Inocencio, for CNN May 16, 2013 -- Updated 0756 GMT (1556 HKT) Hong Kong (CNN) -- HSBC, Europe's largest bank by market capitalization, will lay off 14,000 employees around the world to save $2 billion to $3 billion by 2016, the company announced Wednesday. The layoffs (representing more than 5% of its 254,000 workers worldwide) will come on top of some 42,000 job cuts in the past two years as the bank has sought to reorganize its operations to increase profits and efficiency in the wake of the 2008 global financial crisis. "HSBC in my view is terribly bloated," says Christine Houston, Managing Director of Executive Search Group International in Hong Kong. "If you compare them to Citi, UBS, a lot of the American banks who did their layoffs closer to 2008, HSBC is just an anomaly. The number of staff is just incredible." That realignment could see redundancies in HSBC's non-core markets "probably Europe and South America" while Asia will continue to be "a growth market," predicts Jonathan Hollands, managing director of executive search firm Carraway Group. This week's layoff announcement had been widely expected. In March, HSBC's CEO Stuart Gulliver had said he would "fixate on costs" in 2013. "They're still not finished with redundancies," cautioned Hollands of Carraway Group. "They are still restructuring," But HSBC's need to still lay off workers "is probably the exception" than the rule when comparing it to other global banks, says Houston of Executive Search Group International. "It very much depends on the institution and what lines of business they are in. U.S firms have really tried to cut to the bone. They might exit some businesses and then you would see redundancies...(like in) mergers and acquisitions and investment banking." Hollands believes other major banking corporations need to follow HSBC's streamlining. "(Singapore-based) DBS and OCBC could do with that sort of realignment," says Hollands. "Business banking -- they're very good at that. They should be focused on that. The same for (Hong Kong-headquartered) Standard Chartered. UBS has got to ask itself 'what is our core business' and 'do we give up on wealth management'." Similar questions exist for larger global banks including Deutche Bank, Merrill Lynch and Credit Suisse, adds Hollands. Looking ahead, analysts agree that job loss will occur at differing speeds depending on the sector. "We are seeing an increase in wealth management (jobs), an increase in risk management compliance that deals with regulatory aspects," says Hollands. "We're seeing a dropoff (in jobs) of cash equity sales and structured product demand and a big drop in investment banking in Asia. http://edition.cnn.com/2013/05/16/business/hsbc-14000-new-layoffs
• zulkifli mahmood

  6 Jul 13, 00:03

  28-year-old married PMET sharing his frustration with life Hi Gilbert, Before I tell my story let me share a little bit on my background. I am 28 this year and married with a cute little boy who is 21 months old. I am currently working as a senior sales executive. Like all Singaporean born in the 1980s, I grew up in the ‘prime’ age of Singapore whereby our wages outpace inflation and thus life was cushy and nice. Since young, schools have thought us that PAP is the best for us. To tell you the truth, when I was young I think that they are the best too. Every uncle I knew drives and almost all the adults I knew can afford a flat. Time flies and I reached my mid-teens life still feeling pretty much upbeat but slowly I could feel that things are starting to change. During the festive period, I could see lots of Bangladeshi workers hanging around. I remember my teacher telling me we need them as PAP takes care of Singaporeans well and thus even the worst of us do not need to do such a lowly job like construction – the foreign workers can build houses for us. After giving it some thought I realized he is right. A few years passed and I reached my late teens. I was in Singapore polytechnic studying biotechnology – a much sought after course then. I did extremely well for my O levels scoring 5 A’s and 1 B. But sadly my dad got retrenched (I come from a single patent family). Going to school became harder and harder as sometimes I don’t even have money to eat. I decided to put my education on hold and went to work to help my dad. I clearly remember my dad got retrenched because he was holding a mid level management position and his company wanted to get rid of him to bring in a Caucasian.(I don’t know how far this is true but that’s what my dad told me). Since I was not studying anymore – national service called for me and like all brave young Singaporean men I went to serve my country. My dad got a job by then but he suffered a pay cut of 50 percent. Most jobs citing his age as a main reason for him holding a lower position. Meanwhile in army I gave my all – I got gold for PPT, marksman for shooting and I cleared my SOC. But I realized that army actually serves no significant purpose as most of the times the things we do are what cleaners do e.g. scrubbing the parade square and cleaning rovers just to cite a few. By now, Singapore is starting to be flooded with foreign talents. I soon start to realize that everywhere I go I hear foreign languages being spoken. One fine day, I met up my ex team mates for a basketball session. We reached the court to find 20 plus pinoys playing there. We gently asked if we could share the court and play together. Guess what? The pinoys said no! To think that a part of my dad money is used to build the court. Time flies and lets just fast forward to where I am now. My company is one that favors foreigners – 3/4 of management positions are held by foreigners. Most of the time I don’t even know how they get there. They got no product knowledge no initiative not pro active. Worse of all is they actually draw a higher basic salary than us locals doing the same kind of work! The reason my company gives is because they need to contribute CPF for locals – so they need to give foreign talents higher salaries! I have been working for 2 years here. No increment at all… It’s all very frustrating as I recently just bought a BTO flat. Guess how much it cost? $431000 - after grants and I need to service $1400 from my CPF OA account every month after I get my keys. How many people have that kind of monthly CPF contribution? After all these and our government still tells us that we need them? The thing is we SINGAPOREANS don’t need them it’s the PAP that needs us! I believe there are many lower middle income SINGAPOREANS like me. Those that earn too much for welfare but too little for a comfortable life.($2000 to $3000). Life is very tough for this lower middle income group… So see you at Hong Lim Park on May first! James http://www.transitioning.org/2013/04/17/28-year-old-married-pmet-sharing-his-frustration-with-life/
• zulkifli mahmood

  6 Jul 13, 00:07

  Suspected discriminatory retrenchment targeting S’poreans in MNC 17 jobs in a 1200+ MNC company were made redundant on 26 Jul 2012, shortly after my son celebrated racial harmony day. Staff retrenched belong to only 1 division of the 5 division. This division has some ~150 staff. Interestingly majority of the staff consist foreigners from India, Philippine, China and others. Singaporean is in fact minority in that division. The top management in that division is from India. Reasons for retrenchment cited is poor economic condition but in actual fact it’s because of massive loss due to gross mismanagement of a handful of projects. The division still has sufficient projects on hand, most if not all are tendered under cost. Of the 17 jobs loss, all except 1 was handed out to Singaporean. 98% retrenched are Singaporean. Since Singaporean is the minority in that division, how did the percentage of Singaporean retrenched constitute to 98% PMET? Does that mean the majority of Singaporean PMETs are underperformers? Or is this a case of employment holocaust blatantly executed in Singapore on our citizen? We need questions to be answered, not by the MNC, but by ourselves or GOV if they are reading? 1. PMET in Singapore are not protected by MOM or UNION, they are to seek recourse through civil or class action by themselves, this MOM bill needs address as it is outdated as PMET is not as affluent compared to 1960s. They are more helpless compare to back then. 2. Abolish UNION laws that make them powerless. UNIONs today behave like a clubhouse or association that only collects membership fees. 3. TAFEP states that Singaporeans MUST remain the core of our workforce. At the same time foreigners play a valuable role in complementing our workforce. How is this enforced or it this just a recommendation? In this case, Singaporeans MUST remain the core of retrenchment? 4. Does MOM require justification on how retrenchment is conducted? If no, how does it safeguard fair retrenchment and that includes foreigners’ employee. Singapore has jobs advertisement targeting foreigner, but we only have retrenchment targeting Singaporeans. I strongly believe that the MNC involved is centered on fair employment; however it is their misguided foreign legion that causes this misfortune in Singapore. Can they correct it? . Anonymous http://www.tremeritus.com/2012/07/31/suspected-discriminatory-retrenchment-targeting-sporeans-in-mnc/
• zulkifli mahmood

  6 Jul 13, 00:16

  4/26/2013 More PMETs retrenched The majority of people losing jobs last year were PMETs, forming 54% of the 11,000 made redundant. The percentages for 2010 and 2011 were 35% and 42% respectively. The other interesting point is that the PMETs that were retrenched were getting younger, in the 20s, 30s and 40s, not necessarily the 50s or older. The dicey part of this information is that without job security in Sin City, these PMETs that were retrenched are going to have a hard time, really bad time. Not only they have a family to look after, school going children, there is also the 30 year mortgage to pay for. Job security in Sin City is a top most concern to all Singaporeans. They cannot afford to go without work for at least 30 years. And for these PMETs to lose their jobs at such early ages this is troubling even if they could find a replacement job fast. Any long break without an income is dire. Isn’t this frightening? And we have several hundred thousand foreign professionals being employed here while our locals are getting the butts every now and then. This is no joking matter. As a country we cannot afford this kind of situation to get worst. It will only aggravate the already big pool of unemployed PMETs and will cost a heavy strain on the social fabric of our society. The Govt and MOM cannot be cavalier with this problem as it will hit more and more citizens across all industries. The govt service may be affected too, including those in uniform or in civilian if the direction is not reversed. http://mysingaporenews.blogspot.sg/2013/04/more-pmets-retrenched.html
• zulkifli mahmood

  6 Jul 13, 00:25

  More than 40% employees in Citibank SG are foreigners According to a mainstream media report today (4 Jun), of Citi Singapore’s 10,000 or so employees, nearly 60% are Singaporeans, 25% are permanent residents, and 15% are foreigners. Permanent residents are, of course, nothing more than foreigners holding residency permits, allowing them to stay in Singapore even if they do not have a job. The advantage for a foreigner with PR status is he doesn’t have to worry about quitting a job, which gives him the flexibility to change jobs. A foreigner on, say, an Employment Pass, has to leave Singapore if he no longer holds a job. However, Citi Singapore’s new head of human resources Evangeline Chua, 45, said that these days, the bank is conscious of furthering the national agenda to build a Singapore core. “On the one hand, we will never discriminate against one nationality, and we will pick the best person for the job. But we will ask ourselves the fundamental question, about whether there is a local talent we can place in the position,� she said. Ms Chua, a Singaporean, was appointed as head of human resources in April this year. She said that the bank draws on the talent pool from its affiliates around the world if talent is scarce. Even so, Singapore still stands to benefit. She said, “This person that we bring in from overseas can develop local talent, and eventually the local talent can take on those functions.� She added that progressive steps are taken to develop home-grown talent so that Singaporeans have the right skill sets to excel in those positions and are truly the ‘best person for the job’. The appointment of the new head of human resources, Ms Chua, in Citi Singapore came after Acting Manpower Minister Tan Chuan-Jin spoke in Parliament in March 2013. Mr Tan told Parliament that he and DPM Tharman, who is also the Finance Minister, met senior members of the financial industry to urge them to develop a local talent pipeline. Mr Tan said that there had been complaints of foreign managers preferring to hire their countrymen and his ministry was investigating the matter. It remains to be seen if Citi Singapore will eventually increase the proportion of Singaporeans working there. http://www.tremeritus.com/2013/06/04/more-than-40-of-foreigners-work-in-citibank-sg/
• zulkifli mahmood

  6 Jul 13, 00:27

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• zulkifli mahmood

  6 Jul 13, 00:31

  Singapore's home loan interest rates seen to creep up English.news.cn 2013-06-06 10:58:17 SINGAPORE, June 6 (Xinhua) -- Singapore's home loan interest rates have risen marginally over the past half year as banks seek to shore up profit margins amid low market rates, the Straits Times reported on Thursday, citing industry observers. The increase so far has been small, but there is worry that market interest rates could shoot up over the coming months in tandem with improving global economic conditions. After factoring in changes to both the market rates and premium rates, overall interest rates have risen by 0.17 to 0.27 percentage point across all banks in Singapore since January, said Mr Desmond Chua, head of online home financing service LoanGuru. com.sg. Alfred Chia, chief executive of financial advisory firm SingCapital, which specializes in mortgage refinancing, said average premiums went up from 0.7 percent in January to around 0. 85 percent last month. The biggest jump he saw was by more than 0. 4 percentage point. A 0.4 percentage point jump means that monthly instalments for a 1 million Singapore dollars loan (800,000 U.S. dollars) on a 20- year tenure could rise by 185 Singapore dollars, from about 4,635 Singapore dollars to nearly 4,820 Singapore dollars, assuming a constant three-month SIBOR (Singapore interbank offered rate) of 0. 38 percent, and a premium initially set at 0.7 percent. Banks usually peg their mortgage rates to a market rate, which is usually the Singapore interbank offered rate (SIBOR), and sometimes the swap offer rate (SOR). They then tack on a premium. Borrowers are typically locked in to these rates for at least three years. The three-month SIBOR began the year at nearly 0.38 percent, and is now around 0.373 percent. OCBC economist Selena Ling expects it to rise to 0.39 percent by the year end. Banks are facing lower interest earnings after a raft of government curbs on the property and car markets, in January and February respectively. Industry observers said banks may try to make up for this by raising interest rates. Car loan interest rates leapt last month, after curbs in February on car loan amounts, from 1.88 percent a year to 2.68 percent across almost all banks here. http://news.xinhuanet.com/english/business/2013-06/06/c_132435042.htm
• zulkifli mahmood

  6 Jul 13, 00:36

  SINGAPORE PROPERTY NEWS Home loan interest rates creeping up Increase is small so far, but spike feared as global economy improves http://www.stproperty.sg/articles-property/singapore-property-news/home-loan-interest-rates-creeping-up/a/121912
• zulkifli mahmood

  6 Jul 13, 00:58

  Criticism: Singaporeans’ Biggest Fear Dear all, Don’t you think Singaporeans are weird? Singaporeans seem to have the deluded sense of mind that the country they are living in is a first world country. As we all know, first world countries are democratic countries. Democracy is one of the prevalent traits of a first world country. In a democracy, everybody’s input is important. Democracies are not dictatorships where people generally just go with the flow of one authoritative figure. In a democracy, everyone has different ideas, and all ideas are important, but which idea to follow will depend on the general consensus, where the idea will be announced, a vote is carried out and the idea which has the majority of votes will win. That is how democracy works. Democracy also allows room for criticism. Criticism is necessary in a true first world country. Without criticism, there would be no avenue for feedback, allowing the figures of authority to do as they like. This will eventually end up in tears as figures of authority generally won’t last long if they shut out all criticism and even retaliate when faced with criticism they couldn’t take. Criticism is a huge taboo in Singaporean society. http://logicramblings.wordpress.com/2013/04/30/criticism-singaporeans-biggest-fear/
• zulkifli mahmood

  6 Jul 13, 01:00

  Singapore students share their greatest fears Be it failing, bullying or not meeting up to expectations, every student has something they are afraid of. Student reporters from Republic Polytechnic – Mellissa, Nicki, Sarah, Harendhren and Jacob went around different tertiary campuses to find out what students' greatest fears are. http://www.edvantage.com.sg/edvantage/photos/819570/Singapore_students_share_their_greatest_fears.html
• zulkifli mahmood

  6 Jul 13, 01:05

  There is madness in Singapore's method Singapore, the uber-ambitious city state on the bottom of the Malaysian peninsula, has found itself the focus of Michael Gove's attention this summer as he sings the praises of its education system. But having taught there for several years in a state college, I can't say that I share his admiration in the slightest - there is much to its education culture that Britain should certainly avoid replicating. To my mind, any education system where it is necessary to put your teachers on suicide watch, as I was, in the run-up to A-level results day, is a system sick to its very core. Indeed, the problem is endemic among the pupils, too. Such is the pressure on the country's youth to succeed academically, suicide is one of the top causes of death among young Singaporeans. In a survey conducted by the country's English-medium national newspaper The Straits Times, 36 per cent of children rated failing examinations and tests as their "greatest fear", compared with 17 per cent who cited the death of their parents or guardians. So it was no exaggeration when my Chinese Singaporean boss stated on my first day at work: "Education is everything in Singapore." So high are the education stakes that it is not unusual for Singaporean parents to physically punish their children for under-achieving academically. Visit any convenience store in Singapore and you will find canes for sale. Although they are used to address a range of discipline issues, sales peak in the build-up to important exam periods, which in Singapore is quite a lot of the time. In schools, caning is legal and widely accepted - it is delivered "traditional British style" to boys only. For those who support early streaming, the Singapore system is a dream come true, with its exam and test-led culture. Technical qualifications can be attained by the less academically able, Normal levels by the averagely academic and O levels by the most academic. This system seems to be the model for Gove's plans for a new English O level. In Singapore, 60 per cent of children are in the "express" academic classes, a quarter are in the "normal academic" classes and 15 per cent are "technical". Stigmatisation is an understatement of this divisive model. You would think that in this culture, where academic success is so desperately sought, having gained entry to one of the country's 20-odd selective junior colleges (read sixth form) would be something to celebrate. But, at the college where I taught, this wasn't the case. Why? Because it wasn't one of the well-known top five and the students saw themselves as having failed. The route to riches In Singapore, as in a number of Asian countries, education is seen by parents and educators as the route to success and riches. In this rapidly developing society, the population is driven by economic gain and success. For the majority, this is judged mostly in monetary terms. It is summed up in the popular acronym the 5 Cs - cash, credit card, condo, car and country club membership. Attain these five and you've cracked it. The intense desire to win is summed up by a Singapore word "kiasu". Translated from Chinese Hokkien dialect, it means "fear of losing". In this race for riches, Singaporean parents invest huge sums in private tuition to give their children a head start. This, not the state-funded system, is one of the main reasons for the country's high performances in international league tables. The official school starting age is 6, but for many children, tuition kicks in well before then. Tuition after school hours is the norm and takes precedence over play. Tony Blair may have said "education, education, education", but in Singapore you should add "tuition, tuition, tuition". Intensive tuition prepares Singaporean children well for future years of gruelling study. It is not unusual to see pupils clogging up the tables of cafes with their laptops and textbooks out of official school hours and at the weekends. When I walked into work at 7am each morning, the pupils were already studying before the assembly bell went off. Many didn't leave school until 9pm after attending extra-curricular lessons. While I can see the appeal this might have to Western parents struggling to get their children to do their homework, it takes its toll during the day on sleepy teenagers struggling to concentrate in class. Although I hate to bow to stereotypes, there is no doubt that Singaporean students are better than their Western counterparts at learning facts and regurgitating them. This may explain Singapore's excellent reputation for teaching maths and science but it's a bit of a bummer when you're trying to teach anything that requires critical and creative thinking. This, no doubt, is the product of long-term exposure to rote learning in Singapore schools and colleges. The more enlightened, and there are many at the Ministry of Education, have been battling for years to encourage teachers to diversify. That's why the ministry has sunk millions of Sing dollars into training its teachers to use more creative and student-centred techniques - basically more Western-style teaching techniques. Singapore is a young country, a progressive country, always with its eye on the future. But if the education secretary in the UK attempts to replicate its schools system it would be a monumental backwards step for Britain. http://www.tes.co.uk/article.aspx?storycode=6287791
• zulkifli mahmood

  6 Jul 13, 01:09

  Singapore seethes over population plan Proposal to boost city state's population prompts rare protest, signalling growing dissent over influx of foreigners. Singapore - Thirty-year-old Hayatt Shah made the most difficult decision of his life last month. The Singapore native gathered his belongings and left behind his family and friends to begin a new life in Japan with his wife and six-month-old daughter. High housing prices drove him to move from Singapore, explained Shah, who added he has no regrets leaving a country he no longer recognises. "I refuse to pay such a high price to live in a box that I have a lease on for 99 years. It's crazy that property prices here in Saitama [in Japan] are more affordable than properties in Singapore." Like many of his fellow citizens, the musician and English instructor found it increasingly difficult to sustain a comfortable lifestyle in Singapore, where he was born and bred. "It is the simple fact that I don't feel like I am home anymore in Singapore," he said, which spurred him to move. Singapore's success story is relatively well-known. Having transformed itself from a tiny island nation with no natural resources to one of the richest countries in the world, Singapore prides itself on its booming economy, sustained by encouraging foreign investment and migrant labourers. But despite being the third-most densely populated country in the world, Singapore's government recently announced plans to increase its total population from 5.3 million to 6.9 million by 2030. The move caused a public outcry, with thousands taking to the streets on Saturday in protest. An aging population coupled with dwindling birth rates, escalating housing prices, overcrowding, and caving infrastructure are just some of the factors responsible for the rising dissent among Singaporeans. http://www.aljazeera.com/indepth/features/2013/02/20132169114441474.html
• zulkifli mahmood

  6 Jul 13, 01:19

  More people declared bankrupt After downward trend for 7 years, figure rose by 14.5% last year; experts blame inflation for the rise. -ST Theresa Tan Tue, Feb 19, 2013 The Straits Times SINGAPORE - After seven years during which it fell steadily, the number of people made bankrupt swung upwards again last year. While the strong economy and a debt repayment scheme helped push individual bankruptcy orders down from a peak of 4,553 in 2004 to a low of 1,527 in 2011, the orders rose by 14.5 per cent to 1,748 last year. No reasons were given by the Insolvency and Public Trustee's Office (IPTO) for the increase, but financial advisers, lawyers and counsellors who deal with bankrupts had some ideas about it. More people might be finding it hard to keep up with their expenses even though they have jobs, as inflation has soared in recent years. Working-class families might turn to credit cards to get by and find themselves in trouble when they cannot pay what they owe. A typical example is a renovation contractor counselled by Mr Leong Sze Hian, past president of the Society of Financial Service Professionals. The man in his 30s was made bankrupt for charging $6,000 to credit cards "to make ends meet" as he had an irregular income. He went under when his debt snowballed to more than $10,000. Also, given the solid economy and sizzling property market of late, more Singaporeans may be feeling flush and spending beyond their means, said Credit Counselling Singapore's president Kuo How Nam. More people may also be getting into gambling debt, especially with the opening of the two casinos in 2010, counsellors noted. There are signs that increasing numbers may be in financial distress. One is the burgeoning amount on rollover credit card balances - the amount unpaid which usually incurs interest of 24 per cent per annum - which shot up by almost 50 per cent from $3.4 billion in 2008 to $5 billion last year. Another is the growing credit card bad debt being written off. This nearly doubled from $115 million in 2008 to $227 million last year, data from the Monetary Authority of Singapore (MAS) shows. To prevent people from spending beyond their means, MAS proposed changes to rules on credit cards and unsecured credit last December. According to IPTO, the top three reasons for bankruptcy are over-spending, business failure and unemployment. About seven in 10 bankrupts have claims of less than $200,000 against them. Most are in the 31 to 50 age range and the good news is that the proportion of bankrupts just starting out in life has shrunk. The share of bankrupts between 21 and 30 years old has fallen steadily in the last four years, from 14 per cent of all bankrupts in 2009 to 9 per cent last year. Lawyer Adrian Peh, who handles insolvency cases, said one reason could be that younger people tend to have smaller debts, which qualifies them for the Debt Repayment Scheme. In 2009, the Government started the scheme, for employed people with regular incomes and debts of less than $100,000. A plan is made to help them to repay their debts within five years. An IPTO spokesman told The Sunday Times about 700 people have been put on the scheme since 2009. Without it, they would have been declared bankrupt. There were 24,895 undischarged bankrupts at the end of last year. Johnny (not his real name), a 43-year-old technician, was declared bankrupt last year after he lost about $300,000 by speculating in stocks and chalked up about $260,000 in debt. He eventually borrowed from licensed moneylenders, at interest rates of up to 30 per cent per month. Married to a factory worker with no children, Johnny said the moneylenders hounded him every day at his workplace. And he was forced to quit his previous $3,500-a-month job as his boss told him to either resign or get the sack. He said: "The high interest rates really killed me." http://www.asiaone.com/print/News/AsiaOne%2BNews/Business/Story/A1Story20130219-403194.html
• zulkifli mahmood

  6 Jul 13, 01:24

  World Stress Beginning to Show on Singapore's Gamblers Singapore has been successful in bolstering its economy through casinos, but Chun Han Wong explains why it may be a gamble. http://live.wsj.com/video/stress-beginning-to-show-on-singapore-gamblers/6E636F8E-9641-4466-A7E0-2CCAB82EA40E.html#!6E636F8E-9641-4466-A7E0-2CCAB82EA40E
• zulkifli mahmood

  6 Jul 13, 01:31

  Speech by Minister for Law, K Shanmugam, during the Committee of Supply Debates 2013 Bankruptcy and insolvency 15. One of the major areas that will be covered this year is our bankruptcy and insolvency regime. Mr Vikram Nair asked if we can consider an easier regime to discharge certain types of bankrupts; bankruptcies due to business failure and bankruptcies due to unsecured consumer credit. I think there is merit in differentiating between the different types of bankrupts. 16. We have started a review of the discharge policies, but I ask that Members bear in mind that we have to balance between the creditors’ interests and discharging bankrupts where it is just to do so, without creating a moral hazard. 17. We will also consider MP’s views in the context of the Insolvency Law Reform Committee. That Committee will be finalising its report on the Omnibus Insolvency Bill which will improve and streamline personal bankruptcy and corporate insolvency regimes. We will also consult the public after reviewing the Committee’s report and our discharge policies. 18. In this context, Mr Desmond Lee asked whether our laws would allow a HDB flat owner who is in financial distress but not yet a bankrupt to downgrade to a small flat without having the proceeds of the sale taken by creditors. Under the Housing and Development Act, HDB flats in general, cannot be used as security. In bankruptcy, the HDB flat owned by at least one citizen will not vest in the Official Assignee i.e. not available to the creditors. 19. High Court has ruled that protection also applies to proceeds of sale. Those in financial distress should be aware of these bankruptcy protections. We will also ask MND and HDB to see if there is a gap in this area Watch the video below.. http://www.mlaw.gov.sg/news/parliamentary-speeches-and-responses/speech-by-minister-during-cos-2013.html