Female enterprise is an uphill struggle to begin with and for them, it is really a case of unequal entrepreneurship. For billions of the world’s women, their lives are already intertwined with a web of constraints, limitations, obligations and sacrifices and for many they live in a certain pre-determined pattern of lives and are subject to a certain order of things.
There is a significant and systematic gap existing in the entrepreneurial involvement and business ownership of men compared to women – reasons are obvious as they clearly lack the opportunities in many societal contexts. These cases are more prominent in Asian than Western societies. Women generally lag behind men in terms of pay, promotion, benefits and access to opportunities. They are underrepresented in politics and management and are obviously less seen in most board rooms.
While the struggle of women's groups in every country is unique, increasingly, they are participating in market economy and even in politics where societies tend to be more matriarchal – like in Philippines and Indonesia. A Gloria or Megawati represents liberation of women’ power in those countries and within a strategic realm, it allows for empowerment of women and it elevates them to equal status as men. What are really needed for empowerment of women are role models to show the world those women folks are equal to the task and can rise to any occasion. What is needed is an enabling and encouraging environment that foster women folks to become entrepreneurs by showing them they can do it through role models like Ho Ching of Temasek, Olivia Lum of Hyflux or even Lim Hwee Hua who joins the ranks of Singapore's top political leadership as a full minister.
Women constitute an overwhelmingly untapped pool of entrepreneurial talents, and if we can encourage more women to start their own businesses or to head enterprises, we can add to our economic prosperity and vibrancy. It can add diversity from boardrooms to parliaments.
Monday, August 3, 2009
Indonesian's Prosperity with SBY
Incumbent Susilo Bambang Yudhoyono (known in Indonesia as ‘SBY’) headed for a landslide win in Indonesia's presidential election becoming the first leader since the fall of Suharto in 1998 to secure a second term in office and this is significant since the shifting power bases become more predictable. With the second term, SBY can up his ante and ratchet up the pace and scope of reform and development. There is great potential in Indonesia as it is one of the world’s largest middle income countries if they catch up in their transformational development.
Although Indonesia is weathering the global economic downturn with 35 million Indonesians still living below the poverty line and half the population still remaining vulnerable to poverty, SBY has to look ahead to push its largely uneducated Indonesians to fit them into the global economy but skilling them appropriately and exporting these human resources will be his challenge. The Middle East and Muslim countries globally will be huge export destinations of such brains and brawns. Apart from its natural resources from petroleum, tin, natural gas, nickel, timber, coal to gold and silver, its manpower is a huge resource by itself.
Singapore, by all accounts, lack what Indonesia has in abundance – land mass, natural resources and human capital. With a stable political framework, cooperation with Indonesia can be in township and manufacturing hubs developments. Singapore’s proximity with Indonesia and closeness of ports will make such triangulation of manufacturing and trade management explosive. Singapore can work with SBY’s government to form manufacturing hubs in certain regions. Such cross border manufacturing and trades will spur employments and lower the overall cost structures of managing manufacturing in Singapore alone. For the least Indonesia is closer to Singapore than China or India.
Indonesia is a land of many possibilities for so long as the political climate remains predictable. SBY is known to be a deliberate, measured perhaps overly cautious leader. With such strong mandate, this is his opportunity to make profound and meaningful impacts both politically and economically. Suharto brought prosperity to Indonesia under different terms. SBY now has his chance to bring prosperity under his term.
Although Indonesia is weathering the global economic downturn with 35 million Indonesians still living below the poverty line and half the population still remaining vulnerable to poverty, SBY has to look ahead to push its largely uneducated Indonesians to fit them into the global economy but skilling them appropriately and exporting these human resources will be his challenge. The Middle East and Muslim countries globally will be huge export destinations of such brains and brawns. Apart from its natural resources from petroleum, tin, natural gas, nickel, timber, coal to gold and silver, its manpower is a huge resource by itself.
Singapore, by all accounts, lack what Indonesia has in abundance – land mass, natural resources and human capital. With a stable political framework, cooperation with Indonesia can be in township and manufacturing hubs developments. Singapore’s proximity with Indonesia and closeness of ports will make such triangulation of manufacturing and trade management explosive. Singapore can work with SBY’s government to form manufacturing hubs in certain regions. Such cross border manufacturing and trades will spur employments and lower the overall cost structures of managing manufacturing in Singapore alone. For the least Indonesia is closer to Singapore than China or India.
Indonesia is a land of many possibilities for so long as the political climate remains predictable. SBY is known to be a deliberate, measured perhaps overly cautious leader. With such strong mandate, this is his opportunity to make profound and meaningful impacts both politically and economically. Suharto brought prosperity to Indonesia under different terms. SBY now has his chance to bring prosperity under his term.
World Problems
The early twenty-first century carries with it both the promise of the future and the complexities of living in a seemingly unsustainable world with H1N1, terrorism, financial credit crunch and global warming. The devastating terrorist attack in Jakarta last Friday on 17/7 and the bombing in Mumbai on 26/11 last year are sad episodes and they will not be the last. The complicity of terrorism is beyond Jemaah Islamiah, India and Pakistan or Israel and the Palestinians or North Korean leader Kim Jong-il holding sway of the world with its nuclear threat. Whichever way, global instability, death, starvation, reactionary extremism and fundamentalism are just signs to a larger problem.
Terrorism is not a real threat to the lives and livelihoods of billions. Global warming will someday, through mankind’s contrivance and genius, right itself through innovations, sheer grit and determination.
It is about oil money where politics are deeply implicated and religions are mixed into its potency driving people to self destruction. The challenge is how to untangle the unholy trinity of oil, politics and religions and whoever has the key to untangle this will solve a great part of the world’s problem.
This challenge is certainly and infinitely more difficult than a Da Vinci’s Code.
Terrorism is not a real threat to the lives and livelihoods of billions. Global warming will someday, through mankind’s contrivance and genius, right itself through innovations, sheer grit and determination.
It is about oil money where politics are deeply implicated and religions are mixed into its potency driving people to self destruction. The challenge is how to untangle the unholy trinity of oil, politics and religions and whoever has the key to untangle this will solve a great part of the world’s problem.
This challenge is certainly and infinitely more difficult than a Da Vinci’s Code.
My Own Adventure in Business - Beneficiary of a Meritocratic System
Personally, I benefited from Singapore’s entrepreneurial ecosystem. Against the wisdom of the crowd , I graduated in 1994 and went straight to start my own business. I founded more than 10 businesses since.
To me, superstars of businesses are propelled not by genius and talent alone but the beneficiaries of extraordinary opportunities and seasons that allow them to strive, to make sense of the world in ways other cannot comprehend. Most of the entrepreneurs I know of are outliers in their fields or the barbarians at the gates who redefine the norms and rules of the industries. I have witnessed how successful people rise on a tide of advantages like MMI, JIT, Venture or even Hyflux who immensely benefited from the period of manufacturing boom in the 90s. Even our water-resource strain has produced a Hyflux who benefited from this demand gap.
The Singapore business ecosystem evolves, particularly, public policies which play an important role in stimulating and accelerating the pace of developments in certain sectors. The government seems to have a hand in shaping the desired industries and in picking the sunrise and sunset businesses. For that, some alleged that Singapore’s entrepreneurial ecosystem has been uniformly weak for start-ups or even backward. The key is to pick the right type of business to start in Singapore where the business can leverage on the strength of Singapore’s infrastructural, financial, political strengths. Connecting the red dot to other hinterlands and making Singapore into hubs of sorts will be a good starting point.
The power of guts is not taught enough in schools and for now, many of the successful self-made businessmen in Singapore can attest to that. I have been the beneficiary of various windows of opportunities and I know that the impulse factor has been key- some of us play it safe while others risk it all. I chose to risk it all when I started and had never look back.
To me, superstars of businesses are propelled not by genius and talent alone but the beneficiaries of extraordinary opportunities and seasons that allow them to strive, to make sense of the world in ways other cannot comprehend. Most of the entrepreneurs I know of are outliers in their fields or the barbarians at the gates who redefine the norms and rules of the industries. I have witnessed how successful people rise on a tide of advantages like MMI, JIT, Venture or even Hyflux who immensely benefited from the period of manufacturing boom in the 90s. Even our water-resource strain has produced a Hyflux who benefited from this demand gap.
The Singapore business ecosystem evolves, particularly, public policies which play an important role in stimulating and accelerating the pace of developments in certain sectors. The government seems to have a hand in shaping the desired industries and in picking the sunrise and sunset businesses. For that, some alleged that Singapore’s entrepreneurial ecosystem has been uniformly weak for start-ups or even backward. The key is to pick the right type of business to start in Singapore where the business can leverage on the strength of Singapore’s infrastructural, financial, political strengths. Connecting the red dot to other hinterlands and making Singapore into hubs of sorts will be a good starting point.
The power of guts is not taught enough in schools and for now, many of the successful self-made businessmen in Singapore can attest to that. I have been the beneficiary of various windows of opportunities and I know that the impulse factor has been key- some of us play it safe while others risk it all. I chose to risk it all when I started and had never look back.
Financial Prudence - Intervention of the Invisible Hand
President Obama’s overarching hand, no longer the invisible hand of free market, on the entire financial system will be closely watched as it was deemed that a culture of irresponsibility took root from Wall Street to the Main Street.
One of the most striking aspects of his intervention was his increase in the volume and velocity of money supply in the economy. His government’s policy response to the crisis is to stabilize the confidence and to thaw the credit stalemate that crippled the entire US economy and affected world’s confidence. The domino effect brought devastating consequences to many economies. With the overhaul, they are looking to speed up structural adjustments.
The crisis which was magnified by the shakeout in the subprime mortgage market alongside the toxic CDOs and other derivatives were not properly understood. These weaknesses were due to a lack of transparency in management, inadequate supervision of banks and financial institutions.
In Singapore, whilst the subprime mortgages cause a precipitous drop in asset prices in the US, the effect is not as acute in Singapore. In fact, there was a stabilization of HDB prices which held up well in the heat of turmoil. Singapore’s banks are regulated in a conservative framework and the issues of indiscriminate credits extension are limited.
Whether it is DBS High Notes 5 and Merrill Lynch Jubilee Series 3 products, they have limited impact on most investors in Singapore and even for those who were affected; MAS stepped in and provided stern warning to banks to resolve any misrepresentations with certain groups of less sophisticated investors. There is also a Financial Industry Disputes Resolution Centre (FIDReC) for further mediation. Such acts are enough said of a responsible MAS.
Any ambitious reforms to the Singapore’s financial system may end up prompting more, not less, interventions by MAS. For so long as MAS set up a framework with sufficient monitors and safeguards with constant scanning of macro risks in the ecosystem, Singapore may be better off this way with a steady hand prompting and cueing markets than one that directly intervene in the market mechanism.
Point is -the hand should not be invisible when a crisis is imminent.
One of the most striking aspects of his intervention was his increase in the volume and velocity of money supply in the economy. His government’s policy response to the crisis is to stabilize the confidence and to thaw the credit stalemate that crippled the entire US economy and affected world’s confidence. The domino effect brought devastating consequences to many economies. With the overhaul, they are looking to speed up structural adjustments.
The crisis which was magnified by the shakeout in the subprime mortgage market alongside the toxic CDOs and other derivatives were not properly understood. These weaknesses were due to a lack of transparency in management, inadequate supervision of banks and financial institutions.
In Singapore, whilst the subprime mortgages cause a precipitous drop in asset prices in the US, the effect is not as acute in Singapore. In fact, there was a stabilization of HDB prices which held up well in the heat of turmoil. Singapore’s banks are regulated in a conservative framework and the issues of indiscriminate credits extension are limited.
Whether it is DBS High Notes 5 and Merrill Lynch Jubilee Series 3 products, they have limited impact on most investors in Singapore and even for those who were affected; MAS stepped in and provided stern warning to banks to resolve any misrepresentations with certain groups of less sophisticated investors. There is also a Financial Industry Disputes Resolution Centre (FIDReC) for further mediation. Such acts are enough said of a responsible MAS.
Any ambitious reforms to the Singapore’s financial system may end up prompting more, not less, interventions by MAS. For so long as MAS set up a framework with sufficient monitors and safeguards with constant scanning of macro risks in the ecosystem, Singapore may be better off this way with a steady hand prompting and cueing markets than one that directly intervene in the market mechanism.
Point is -the hand should not be invisible when a crisis is imminent.
Strategies for Singapore
The strategists shaping Singapore of the future have to focus on one central question. How do we play up our geopolitical convenience and centrality within Asia and to capitalize on our stable infrastructure to become hubs for education, healthcare, pharmaceutical, clean-energy and technology innovation or any innovations that can become our core economic pillars?
Our small physical size belies our great economic strength and resilience. We can be that small heart connected to all parts of Asia through different veins and arteries forming different supplies chains for critical industries.
I think our approaches to go China whether is it the Suzhou Industrial Park, Tianjin Eco-city or Nanjing Eco-Island or the Indonesia-Malaysia-Singapore growth triangle or the Singapore-Johor Iskandar Development Region, they are all part of our hub-hinterland growth strategy. We go the hinterlands to enhance economic competitiveness with exploitation of comparative advantage, economics of scale and clustering. We exploit synergies with the different countries from geographical proximity and economic complementarities.
Forming transnational economic zones and regions will extend Singapore’s physical space and resources so that we can grow beyond Singapore. Collectively the whole of Asia will give us a larger market and consumer access.
The push for a larger hub-hinterland framework must be hinged on Singapore playing a lead in the supply chains- be they in pharmaceutical research and development or in cleantech innovations.
To be credible, Singapore should be a living demonstration and test-beds and be the vanguard of knowledge creation for example in cleantech solutions. The world is moving into the cleantech space, including cleantech clusters and industries. Singapore should quickly leverage our strengths in systems integration and implementation. With governmental leadership we can differentiate ourselves, including developing globally distinctive cleantech parks.
China and India are giants and they are already among the world’s top carbon emitters. They need clean technologies – energy-efficient buildings, renewable energy sources, alternative energy, clean water and waste management and recycling. They are our hinterlands of opportunities.
Combining capital, people, technology with a supportive government, I am sure we can work towards a successful hub-hinterland framework. With China and Indonesia or even Malaysia, we are standing on the shoulders of giants to win in this world.
Our small physical size belies our great economic strength and resilience. We can be that small heart connected to all parts of Asia through different veins and arteries forming different supplies chains for critical industries.
I think our approaches to go China whether is it the Suzhou Industrial Park, Tianjin Eco-city or Nanjing Eco-Island or the Indonesia-Malaysia-Singapore growth triangle or the Singapore-Johor Iskandar Development Region, they are all part of our hub-hinterland growth strategy. We go the hinterlands to enhance economic competitiveness with exploitation of comparative advantage, economics of scale and clustering. We exploit synergies with the different countries from geographical proximity and economic complementarities.
Forming transnational economic zones and regions will extend Singapore’s physical space and resources so that we can grow beyond Singapore. Collectively the whole of Asia will give us a larger market and consumer access.
The push for a larger hub-hinterland framework must be hinged on Singapore playing a lead in the supply chains- be they in pharmaceutical research and development or in cleantech innovations.
To be credible, Singapore should be a living demonstration and test-beds and be the vanguard of knowledge creation for example in cleantech solutions. The world is moving into the cleantech space, including cleantech clusters and industries. Singapore should quickly leverage our strengths in systems integration and implementation. With governmental leadership we can differentiate ourselves, including developing globally distinctive cleantech parks.
China and India are giants and they are already among the world’s top carbon emitters. They need clean technologies – energy-efficient buildings, renewable energy sources, alternative energy, clean water and waste management and recycling. They are our hinterlands of opportunities.
Combining capital, people, technology with a supportive government, I am sure we can work towards a successful hub-hinterland framework. With China and Indonesia or even Malaysia, we are standing on the shoulders of giants to win in this world.
Human Capitals
Any sensible companies will tighten up and re-look at any frivolous expense lines and most importantly to strengthen their governance practices and delivery of top and bottom lines in the wake of any crisis. While company performance and in particular staff performances in the years or even months leading up to the turmoil is the subject of debates, company performance is critical now as it needs to respond to the financial market turmoil and the global recession so as to stay afloat with its nose above water. Almost everyone’s nose will be wet and the financial crunch must mean that most pockets will be affected.
Attrition by selection due to poor performance or due to higher expectation is normal for times like this. Either staff is not doing what is expected of them, or the expectations of staff is far too high as they may have to take on multiple job roles and function possibly with lesser support. I think that both scenarios are possible and the mental and physical well-being of these staffs must be strained to a greater or lesser extent and there will be no way out of water without getting your nose wet. Personally, I think we need to create company-level governance and compensation structure that allow for flexibility and at the same time without creating conflicts in the performance and pay equation.
The structure of running a sustainable business will mean that companies need a radical overhaul and also to manage the attitudes and competence of the individual staff. In particular we need to create a structure that fosters challenge in crisis without creating conflict and fear. To keep the company afloat and inevitably to ensure that the pockets are not hit badly is the responsibility of all of us, not just the management or the board. The natural herd instinct in crisis is to run away from source of problem which is flight or to stand guard to fight.
The real challenge is to get the herd together to run in the same direction with sufficient motivations, monetary or otherwise.
Attrition by selection due to poor performance or due to higher expectation is normal for times like this. Either staff is not doing what is expected of them, or the expectations of staff is far too high as they may have to take on multiple job roles and function possibly with lesser support. I think that both scenarios are possible and the mental and physical well-being of these staffs must be strained to a greater or lesser extent and there will be no way out of water without getting your nose wet. Personally, I think we need to create company-level governance and compensation structure that allow for flexibility and at the same time without creating conflicts in the performance and pay equation.
The structure of running a sustainable business will mean that companies need a radical overhaul and also to manage the attitudes and competence of the individual staff. In particular we need to create a structure that fosters challenge in crisis without creating conflict and fear. To keep the company afloat and inevitably to ensure that the pockets are not hit badly is the responsibility of all of us, not just the management or the board. The natural herd instinct in crisis is to run away from source of problem which is flight or to stand guard to fight.
The real challenge is to get the herd together to run in the same direction with sufficient motivations, monetary or otherwise.
Sunday, July 5, 2009
Any More Interventions by MAS Needed?
President Obama’s overarching hand, no longer the invisible hand of free market, on the entire financial system will be closely watched as it was deemed that a culture of irresponsibility took root from Wall Street to the Main Street.
One of the most striking aspects of his intervention was his increase in the volume and velocity of money supply in the economy. His government’s policy response to the crisis is to stabilize the confidence and to thaw the credit stalemate that crippled the entire US economy and affected world’s confidence. The domino effect brought devastating consequences to many economies. With the overhaul, they are looking to speed up structural adjustments.
The crisis which was magnified by the shakeout in the subprime mortgage market alongside the toxic CDOs and other derivatives were not properly understood. These weaknesses were due to a lack of transparency in management, inadequate supervision of banks and financial institutions.
In Singapore, whilst the subprime mortgages cause a precipitous drop in asset prices in the US, the effect is not as acute in Singapore. In fact, there was a stabilization of HDB prices which held up well in the heat of turmoil. Singapore’s banks are regulated in a conservative framework and the issues of indiscriminate credits extension are limited.
Whether it is DBS High Notes 5 and Merrill Lynch Jubilee Series 3 products, they have limited impact on most investors in Singapore and even for those who were affected; MAS stepped in and provided stern warning to banks to resolve any misrepresentations with certain groups of less sophisticated investors. There is also a Financial Industry Disputes Resolution Centre (FIDReC) for further mediation. Such acts are enough said of a responsible MAS.
Any ambitious reforms to the Singapore’s financial system may end up prompting more, not less, interventions by MAS. For so long as MAS set up a framework with sufficient monitors and safeguards with constant scanning of macro risks in the ecosystem, Singapore may be better off this way with a steady hand prompting and cueing markets than one that directly intervene in the market mechanism.
Point is -the hand should not be invisible when a crisis is imminent.
One of the most striking aspects of his intervention was his increase in the volume and velocity of money supply in the economy. His government’s policy response to the crisis is to stabilize the confidence and to thaw the credit stalemate that crippled the entire US economy and affected world’s confidence. The domino effect brought devastating consequences to many economies. With the overhaul, they are looking to speed up structural adjustments.
The crisis which was magnified by the shakeout in the subprime mortgage market alongside the toxic CDOs and other derivatives were not properly understood. These weaknesses were due to a lack of transparency in management, inadequate supervision of banks and financial institutions.
In Singapore, whilst the subprime mortgages cause a precipitous drop in asset prices in the US, the effect is not as acute in Singapore. In fact, there was a stabilization of HDB prices which held up well in the heat of turmoil. Singapore’s banks are regulated in a conservative framework and the issues of indiscriminate credits extension are limited.
Whether it is DBS High Notes 5 and Merrill Lynch Jubilee Series 3 products, they have limited impact on most investors in Singapore and even for those who were affected; MAS stepped in and provided stern warning to banks to resolve any misrepresentations with certain groups of less sophisticated investors. There is also a Financial Industry Disputes Resolution Centre (FIDReC) for further mediation. Such acts are enough said of a responsible MAS.
Any ambitious reforms to the Singapore’s financial system may end up prompting more, not less, interventions by MAS. For so long as MAS set up a framework with sufficient monitors and safeguards with constant scanning of macro risks in the ecosystem, Singapore may be better off this way with a steady hand prompting and cueing markets than one that directly intervene in the market mechanism.
Point is -the hand should not be invisible when a crisis is imminent.
Going Green Cost
Going green has a price tag. Question is “Who is paying?” Whether the mantra calls out for the protection of earth or it is about a “Green Recovery” or “Green Revolution”, it must begin with a mindset shift. No matter how much technology, policies or a Kyoto Protocol defining a framework for environmental treaty, if the Green Economics does not make sense, it will be a hard struggle for businesses.
Our environmental problems originate in the hubris of imagining ourselves as conqueror of earth but as it seems we have become a cancer on nature with global warming and pollution getting awry and out of control. Somehow, with the advent of technology and ever increasing demands for oil, we are seeing some ruination of our eco-system and depletion of our own resources. It does not matter if the oil price spiked at over $140 a barrel or at today $70 a barrel, it does not dent the need for consumption. Consumption, nonetheless, but just hard to swallow.
Will the go-green efforts go the extent to disregard business economics and be operable even at higher costs? For so long as it make long term economic sense, to the top and bottom lines of companies, whether is it consumer demanding the green effort or is it the awaking of the corporate consciousness, the effort will be pursued.
On the brighter side, the Green Economics seems to have developed a certain momentum with the stimulus, subsidies and protectionism for green energy in US. Even China is taking a different tact with the building of more eco-cities to lead the Green Revolution. President Obama’s push for American’s industries to develop new kinds of energy and technologies will eventually pay off – both monetary and environmentally. It is now left to be seen how the momentum will gather pace to ensure that everyone, from governments to consumers, will have that green mindset. Green initiative can be implemented anywhere and by anybody.
Humanity is definitely on the march and I hope that our earth itself is not left behind.
___
Our environmental problems originate in the hubris of imagining ourselves as conqueror of earth but as it seems we have become a cancer on nature with global warming and pollution getting awry and out of control. Somehow, with the advent of technology and ever increasing demands for oil, we are seeing some ruination of our eco-system and depletion of our own resources. It does not matter if the oil price spiked at over $140 a barrel or at today $70 a barrel, it does not dent the need for consumption. Consumption, nonetheless, but just hard to swallow.
Will the go-green efforts go the extent to disregard business economics and be operable even at higher costs? For so long as it make long term economic sense, to the top and bottom lines of companies, whether is it consumer demanding the green effort or is it the awaking of the corporate consciousness, the effort will be pursued.
On the brighter side, the Green Economics seems to have developed a certain momentum with the stimulus, subsidies and protectionism for green energy in US. Even China is taking a different tact with the building of more eco-cities to lead the Green Revolution. President Obama’s push for American’s industries to develop new kinds of energy and technologies will eventually pay off – both monetary and environmentally. It is now left to be seen how the momentum will gather pace to ensure that everyone, from governments to consumers, will have that green mindset. Green initiative can be implemented anywhere and by anybody.
Humanity is definitely on the march and I hope that our earth itself is not left behind.
___
Sunday, June 14, 2009
Economic Strategies for Singapore
The strategists shaping Singapore of the future have to focus on one central question. How do we play up our geopolitical convenience and centrality within Asia and to capitalize on our stable infrastructure to become hubs for education, healthcare, pharmaceutical, clean-energy and technology innovation or any innovations that can become our core economic pillars?
Our small physical size belies our great economic strength and resilience. We can be that small heart connected to all parts of Asia through different veins and arteries forming different supplies chains for critical industries.
I think our approaches to go China whether is it the Suzhou Industrial Park, Tianjin Eco-city or Nanjing Eco-Island or the Indonesia-Malaysia-Singapore growth triangle or the Singapore-Johor Iskandar Development Region, they are all part of our hub-hinterland growth strategy. We go the hinterlands to enhance economic competitiveness with exploitation of comparative advantage, economics of scale and clustering. We exploit synergies with the different countries from geographical proximity and economic complementarities.
Forming transnational economic zones and regions will extend Singapore’s physical space and resources so that we can grow beyond Singapore. Collectively the whole of Asia will give us a larger market and consumer access.
The push for a larger hub-hinterland framework must be hinged on Singapore playing a lead in the supply chains- be they in pharmaceutical research and development or in cleantech innovations.
To be credible, Singapore should be a living demonstration and test-beds and be the vanguard of knowledge creation for example in cleantech solutions. The world is moving into the cleantech space, including cleantech clusters and industries. Singapore should quickly leverage our strengths in systems integration and implementation. With governmental leadership we can differentiate ourselves, including developing globally distinctive cleantech parks.
China and India are giants and they are already among the world’s top carbon emitters. They need clean technologies – energy-efficient buildings, renewable energy sources, alternative energy, clean water and waste management and recycling. They are our hinterlands of opportunities.
Combining capital, people, technology with a supportive government, I am sure we can work towards a successful hub-hinterland framework. With China and Indonesia or even Malaysia, we are standing on the shoulders of giants to win in this world.
Our small physical size belies our great economic strength and resilience. We can be that small heart connected to all parts of Asia through different veins and arteries forming different supplies chains for critical industries.
I think our approaches to go China whether is it the Suzhou Industrial Park, Tianjin Eco-city or Nanjing Eco-Island or the Indonesia-Malaysia-Singapore growth triangle or the Singapore-Johor Iskandar Development Region, they are all part of our hub-hinterland growth strategy. We go the hinterlands to enhance economic competitiveness with exploitation of comparative advantage, economics of scale and clustering. We exploit synergies with the different countries from geographical proximity and economic complementarities.
Forming transnational economic zones and regions will extend Singapore’s physical space and resources so that we can grow beyond Singapore. Collectively the whole of Asia will give us a larger market and consumer access.
The push for a larger hub-hinterland framework must be hinged on Singapore playing a lead in the supply chains- be they in pharmaceutical research and development or in cleantech innovations.
To be credible, Singapore should be a living demonstration and test-beds and be the vanguard of knowledge creation for example in cleantech solutions. The world is moving into the cleantech space, including cleantech clusters and industries. Singapore should quickly leverage our strengths in systems integration and implementation. With governmental leadership we can differentiate ourselves, including developing globally distinctive cleantech parks.
China and India are giants and they are already among the world’s top carbon emitters. They need clean technologies – energy-efficient buildings, renewable energy sources, alternative energy, clean water and waste management and recycling. They are our hinterlands of opportunities.
Combining capital, people, technology with a supportive government, I am sure we can work towards a successful hub-hinterland framework. With China and Indonesia or even Malaysia, we are standing on the shoulders of giants to win in this world.
Work Life Balance in Recessionary Times?
The current economic recession heightened many workplace pressures and gave rise to a sense of long-term job insecurity and loss of general well-being. During good economic times, issues of work-life balance roll off the lips of HR practitioners and it is a must-have for the contest of talents, brains and brawns. In this climate, it may seem frivolous to talk about work-life balance since it is on the backburner and in fact may be a “kiss-of-death” if asked
Given the difficult economic times, many people are feeling the pressure to work harder than ever. Yet, whatever the climates, I think many companies still demonstrate fairness and equity when it comes to discretionary work-life arrangements. However, I am not surprise if we hear more and more people saying they are under pressure from employers and their families to keep up, often at the cost of life balance. In really depressed time, when companies are restructuring and examining every expense item, it is unavoidable if the cuts at the welfare and staff benefits are ferociously deep. If the company is going to the extent of layoffs and reorganization, which puts even more pressure on employees, how can they in the same breath talk of work-life balance?
The pains in any recessionary contraction are felt everywhere but companies can adopt flexible working practices largely to try and retain those within the organization who escape the blades of cuts and retrenchment. Their morale, motivations and productivity are at the abyss. Family friendly practices may not be firm policies but discretionary practices. Like giving unpaid day-offs or sabbatical leave for parents to spend more time with family with the assurance of keeping their job when they return or allowing the employees to pursue SPUR courses to improve their skills and competencies. They are ad hoc arrangements to accommodate individual circumstances. Small firms’ preference is for informality and they are means of developing employee commitment and retaining valued staff although they rarely formed part of an explicit employee commitment strategy or precedents.
As of now, there was a conspiracy of silence when it comes to family-friendly work life balance -for obvious reasons.
Welcome, life's toil! In this hard, harsh times;
who dare ask of work-life balance;
that work to be done still multiplies all the time.
With retrenchments taking tolls, bonuses in furnace!
I pity those who sit down belaboring and repining,
Bound in idleness, belabored the world has done him wrong;
That such plight should not befall him, always opining;
what life should have been __for empty days are long.
For those whose mental frames are right, their lives on a mission;
Whose work is never hard and it is always “Can!”
Accepting tasks that spring from any conditions__
Doing, as best they can, the work at hand.
Welcome, life's toil! In this hard, harsh times;
Never ask for more than is given;
Economic rhythm will return to its peak time
O’ bonuses will no more be shaven!
Given the difficult economic times, many people are feeling the pressure to work harder than ever. Yet, whatever the climates, I think many companies still demonstrate fairness and equity when it comes to discretionary work-life arrangements. However, I am not surprise if we hear more and more people saying they are under pressure from employers and their families to keep up, often at the cost of life balance. In really depressed time, when companies are restructuring and examining every expense item, it is unavoidable if the cuts at the welfare and staff benefits are ferociously deep. If the company is going to the extent of layoffs and reorganization, which puts even more pressure on employees, how can they in the same breath talk of work-life balance?
The pains in any recessionary contraction are felt everywhere but companies can adopt flexible working practices largely to try and retain those within the organization who escape the blades of cuts and retrenchment. Their morale, motivations and productivity are at the abyss. Family friendly practices may not be firm policies but discretionary practices. Like giving unpaid day-offs or sabbatical leave for parents to spend more time with family with the assurance of keeping their job when they return or allowing the employees to pursue SPUR courses to improve their skills and competencies. They are ad hoc arrangements to accommodate individual circumstances. Small firms’ preference is for informality and they are means of developing employee commitment and retaining valued staff although they rarely formed part of an explicit employee commitment strategy or precedents.
As of now, there was a conspiracy of silence when it comes to family-friendly work life balance -for obvious reasons.
Welcome, life's toil! In this hard, harsh times;
who dare ask of work-life balance;
that work to be done still multiplies all the time.
With retrenchments taking tolls, bonuses in furnace!
I pity those who sit down belaboring and repining,
Bound in idleness, belabored the world has done him wrong;
That such plight should not befall him, always opining;
what life should have been __for empty days are long.
For those whose mental frames are right, their lives on a mission;
Whose work is never hard and it is always “Can!”
Accepting tasks that spring from any conditions__
Doing, as best they can, the work at hand.
Welcome, life's toil! In this hard, harsh times;
Never ask for more than is given;
Economic rhythm will return to its peak time
O’ bonuses will no more be shaven!
Tuesday, June 2, 2009
Singapore-Malaysia Relationship
The beauty of “Dendrobium Najib Rosmah” named after Malaysian Prime Minister Najib and his wife Datin Seri Rosmah, lies in its mixed heritage. The hybrid orchid plant symbolizes the sharing of bonds of kinships and friendships between Singaporeans and Malaysians.
The relationship has not always been marked by constant bloom of flowers so beautiful in its hues and colors; it is occasionally left to wither because of difficult relationships on issues like water, bridge and rails and the Pedra Blanca.
Singapore and Malaysia with a historical link and bounded by common history will mean that for any synergy to be meaningful for both sides, we need enduring and predictable relationships between the governments. Cooperation must be based on a multi-faceted level - bilaterally, regionally and internationally.
Our bilateral trade was more than S$110 billion in 2008, accounting for over twenty percent of total trade within ASEAN and the flow of Singaporeans to Malaysia is a staggering 11 million visits last year. Both countries are globally plugged to the world with their export oriented economies vulnerable to any global uptick or downturn. We must rely on an open and stable neighborliness for us to grow in each other turfs with free flow of trades and investments.
Whether is it in Iskandar which can benefit both our countries we should have many bridges, definitely not crooked one, to spur investments across our porous borders. The point is to really create a special economic corridor with freer access of capitals and people. Magic can happen.
Pragmatism must prevail and the benefits must flow both sides. With that common understanding, synergies can be tapped and maximized for mutual benefits and growth. We must grow into each other to become larger than what we are singly to eventually merge into an integrated ASEAN framework where multilateralism will be in full play. A big dream for a small country.
Dendrobium Najib Rosmah, painstakingly made;
Tis’ an orchid of no ordinary heritage.
Like Singapore and Malaysia link by common history
Kinships and friendships with many colorful stories.
Relationships is not borne out of that flower;
Our ties are forged through trials and fire,
Difficult as it sometimes may, we’ll put our mind together
With a new Prime Minister Najib, we’re to write a new chapter
Confidence, trust and comfort
Comes from both sides in joined effort
Holding common stakes
Joined by the same fate
Let us be linked by the many bridges that be built
Our destinies by closeness of shores be sealed
Let the common strait and a common corridor
Flow with capital, people and prosperity for all.
The relationship has not always been marked by constant bloom of flowers so beautiful in its hues and colors; it is occasionally left to wither because of difficult relationships on issues like water, bridge and rails and the Pedra Blanca.
Singapore and Malaysia with a historical link and bounded by common history will mean that for any synergy to be meaningful for both sides, we need enduring and predictable relationships between the governments. Cooperation must be based on a multi-faceted level - bilaterally, regionally and internationally.
Our bilateral trade was more than S$110 billion in 2008, accounting for over twenty percent of total trade within ASEAN and the flow of Singaporeans to Malaysia is a staggering 11 million visits last year. Both countries are globally plugged to the world with their export oriented economies vulnerable to any global uptick or downturn. We must rely on an open and stable neighborliness for us to grow in each other turfs with free flow of trades and investments.
Whether is it in Iskandar which can benefit both our countries we should have many bridges, definitely not crooked one, to spur investments across our porous borders. The point is to really create a special economic corridor with freer access of capitals and people. Magic can happen.
Pragmatism must prevail and the benefits must flow both sides. With that common understanding, synergies can be tapped and maximized for mutual benefits and growth. We must grow into each other to become larger than what we are singly to eventually merge into an integrated ASEAN framework where multilateralism will be in full play. A big dream for a small country.
Dendrobium Najib Rosmah, painstakingly made;
Tis’ an orchid of no ordinary heritage.
Like Singapore and Malaysia link by common history
Kinships and friendships with many colorful stories.
Relationships is not borne out of that flower;
Our ties are forged through trials and fire,
Difficult as it sometimes may, we’ll put our mind together
With a new Prime Minister Najib, we’re to write a new chapter
Confidence, trust and comfort
Comes from both sides in joined effort
Holding common stakes
Joined by the same fate
Let us be linked by the many bridges that be built
Our destinies by closeness of shores be sealed
Let the common strait and a common corridor
Flow with capital, people and prosperity for all.
Monday, May 25, 2009
Dancing in Steps in the Recession- Companies and Staff
Any sensible companies will tighten up and re-look at any frivolous expense lines and most importantly to strengthen their governance practices and delivery of top and bottom lines in the wake of any crisis. While company performance and in particular staff performances in the years or even months leading up to the turmoil is the subject of debates, company performance is critical now as it needs to respond to the financial market turmoil and the global recession so as to stay afloat with its nose above water. Almost everyone’s nose will be wet and the financial crunch must mean that most pockets will be affected.
Attrition by selection due to poor performance or due to higher expectation is normal for times like this. Either staff is not doing what is expected of them, or the expectations of staff is far too high as they may have to take on multiple job roles and function possibly with lesser support. I think that both scenarios are possible and the mental and physical well-being of these staffs must be strained to a greater or lesser extent and there will be no way out of water without getting your nose wet. Personally, I think we need to create company-level governance and compensation structure that allow for flexibility and at the same time without creating conflicts in the performance and pay equation.
The structure of running a sustainable business will mean that companies need a radical overhaul and also to manage the attitudes and competence of the individual staff. In particular we need to create a structure that fosters challenge in crisis without creating conflict and fear. To keep the company afloat and inevitably to ensure that the pockets are not hit badly is the responsibility of all of us, not just the management or the board. The natural herd instinct in crisis is to run away from source of problem which is flight or to stand guard to fight.
The real challenge is to get the herd together to run in the same direction with sufficient motivations, monetary or otherwise.
Attrition by selection due to poor performance or due to higher expectation is normal for times like this. Either staff is not doing what is expected of them, or the expectations of staff is far too high as they may have to take on multiple job roles and function possibly with lesser support. I think that both scenarios are possible and the mental and physical well-being of these staffs must be strained to a greater or lesser extent and there will be no way out of water without getting your nose wet. Personally, I think we need to create company-level governance and compensation structure that allow for flexibility and at the same time without creating conflicts in the performance and pay equation.
The structure of running a sustainable business will mean that companies need a radical overhaul and also to manage the attitudes and competence of the individual staff. In particular we need to create a structure that fosters challenge in crisis without creating conflict and fear. To keep the company afloat and inevitably to ensure that the pockets are not hit badly is the responsibility of all of us, not just the management or the board. The natural herd instinct in crisis is to run away from source of problem which is flight or to stand guard to fight.
The real challenge is to get the herd together to run in the same direction with sufficient motivations, monetary or otherwise.
Sunday, May 17, 2009
The Principle of Punctuality
Those whom I know who's always delay,
And to always procrastinate;
Never to be reliable and pushing affairs day to day
Never responsible and do things late.
The successful one always let every hour be in its place
A time fixed is firm and should not frivolously shift,
The successful one's hands are always full but still enough time and space
To do things right, on time and in a jive.
And when the hour arrives, be there,
Never be late.
It shows the haphazard state of mind and lack of care.
What's gone is gone - every minute and hours whatever date.
Always to be before your appointed time,
than be sometime behind;
Punctuality says much about a person and his life
A principled person with a beautiful and punctual mind.
Let punctuality and care
Seize every flitting hour.
Opportunity waits for no man but one who dare
Be sharp, be punctual, be wise and never dull.
And to always procrastinate;
Never to be reliable and pushing affairs day to day
Never responsible and do things late.
The successful one always let every hour be in its place
A time fixed is firm and should not frivolously shift,
The successful one's hands are always full but still enough time and space
To do things right, on time and in a jive.
And when the hour arrives, be there,
Never be late.
It shows the haphazard state of mind and lack of care.
What's gone is gone - every minute and hours whatever date.
Always to be before your appointed time,
than be sometime behind;
Punctuality says much about a person and his life
A principled person with a beautiful and punctual mind.
Let punctuality and care
Seize every flitting hour.
Opportunity waits for no man but one who dare
Be sharp, be punctual, be wise and never dull.
All Signs Pointing Up- Is this a Real Bull Charge?
Is the crisis really averted since we are seeing emerging up-trends on all the global indexes? The temptation is to follow the bull’s tail and smell and charge ahead but that is dangerous. Personally, I suspect that this rebound is a bear-market capitulation or “selling the bottom”. With the STI rebounding more than 50% since early March is enough to bring cheers to stock chasers.
Those of us who are deep in the water will hope that confidence is finally restored and that any market gains will be more enduring instead of those gyrations we see with each economic data releases like plunging export sales or growing retrenchment numbers. All eyes shall be on the earnings and guidance announcements and macroeconomic indicators in the first half of 2009. With that, we should have better visibility on whether the prescriptions of fiscal and monetary dosages and injections by the Fed is working up the confidence level to eventually see the thawing of the credit markets and consumers’ confidence in US. Any positive upturn there will have ramifications for an ultra-sensitive Singapore since we are so globally plugged.
I see a range-bound market with more upside than downside down the road and it is walking the fine balance of participating in this rally while watching for any pull-back and if the market does show some signs of flagging, my gut feel is that it will not fall through to the March’s trough.
No need for crystal ball gazing or some tea leave reading, I am just betting my guts that we are about to have some fresh air and I am not holding my breath anymore.
Those of us who are deep in the water will hope that confidence is finally restored and that any market gains will be more enduring instead of those gyrations we see with each economic data releases like plunging export sales or growing retrenchment numbers. All eyes shall be on the earnings and guidance announcements and macroeconomic indicators in the first half of 2009. With that, we should have better visibility on whether the prescriptions of fiscal and monetary dosages and injections by the Fed is working up the confidence level to eventually see the thawing of the credit markets and consumers’ confidence in US. Any positive upturn there will have ramifications for an ultra-sensitive Singapore since we are so globally plugged.
I see a range-bound market with more upside than downside down the road and it is walking the fine balance of participating in this rally while watching for any pull-back and if the market does show some signs of flagging, my gut feel is that it will not fall through to the March’s trough.
No need for crystal ball gazing or some tea leave reading, I am just betting my guts that we are about to have some fresh air and I am not holding my breath anymore.
Monday, May 11, 2009
H1N1 Fears
All of humanity is under threat and markets around the world will seize up. God forbids but if the spread escalates into the global pandemic phase characterized by community level outbreaks, there will be a quick succession of market disturbances with the World Bank estimating that the pandemic can cost $3 trillion and resulting in 5% drop of GDP. This time, the world at large responded swiftly to this outbreak but the emotional fear still cannot be allayed with any assurances of stockpiles of drugs and vaccines. Though there were prognostications of the worst of developments with this outbreak, I think the scenario is still highly fantastical though the effect of any the outbreak is painfully relatable with Sars. We have to get over the single most terrifying human fear.
Precautionary measures have already been installed and the Singapore government has put up all the necessary frameworks to ensure that any possible propagation of the H1N1 can be checked with a disciplined tracking system. This is an opportunity for national and global solidarity as concerted responses are now seen across countries from China to the US. This is a public health emergency of international concern and the world will have to watch how the fight between H1N1 and mankind will pan out after all the possible precautionary measures are adopted with quarantines and contact tracings.
At the end, it is just hold on to our sanity as the outbreak is too large for any nation to bear and the H1N1 too small for us to be too scared. As one doctor told me, “Wash your hands as frequently as you can.”
Precautionary measures have already been installed and the Singapore government has put up all the necessary frameworks to ensure that any possible propagation of the H1N1 can be checked with a disciplined tracking system. This is an opportunity for national and global solidarity as concerted responses are now seen across countries from China to the US. This is a public health emergency of international concern and the world will have to watch how the fight between H1N1 and mankind will pan out after all the possible precautionary measures are adopted with quarantines and contact tracings.
At the end, it is just hold on to our sanity as the outbreak is too large for any nation to bear and the H1N1 too small for us to be too scared. As one doctor told me, “Wash your hands as frequently as you can.”
Tuesday, May 5, 2009
From Mourn to a New Morning
Every year for the last 10 years since 1999, my good friend Mike will write poem to his beloved wife Rosie and publish a poem a year. Today is the 10th year of her passing and in today's Straits Times, it appears once more.
I read his poem with a tinge of sadness and a sense of forlorn hangs over me. A grieving friend who has lived in the long shadows of his beloved wife.
I share his loss and grief and pen my sentiments in the loving memory of Rosie,
The seasons have come and passed;
Your constant yearning and memory of Rosie will forever last.
Those winters have been long and the coldness bites;
I am sure Rosie will like to see you in a better light.
All the sorrows, pains and anguishes mysteriously melt
As long as in God's Hand you submit, they'll be dealt
Be strong and move on to your next mission.
For this life you live, live well with a passion.
Ten years has passed, ten summers of heat and ten winters of cold;
Enough sufferings, reminiscing and recounting;
In God's Land, Rosie is watching over you;
Pining that you'll live strong and live life with its many hues.
From mourn to the new morning;
Open your eyes, a new dawn appear before your eyes
A new dare, a new hope, and bid all yester-years good byes!
Michael, in memory of your wife Rosie
I read his poem with a tinge of sadness and a sense of forlorn hangs over me. A grieving friend who has lived in the long shadows of his beloved wife.
I share his loss and grief and pen my sentiments in the loving memory of Rosie,
The seasons have come and passed;
Your constant yearning and memory of Rosie will forever last.
Those winters have been long and the coldness bites;
I am sure Rosie will like to see you in a better light.
All the sorrows, pains and anguishes mysteriously melt
As long as in God's Hand you submit, they'll be dealt
Be strong and move on to your next mission.
For this life you live, live well with a passion.
Ten years has passed, ten summers of heat and ten winters of cold;
Enough sufferings, reminiscing and recounting;
In God's Land, Rosie is watching over you;
Pining that you'll live strong and live life with its many hues.
From mourn to the new morning;
Open your eyes, a new dawn appear before your eyes
A new dare, a new hope, and bid all yester-years good byes!
Michael, in memory of your wife Rosie
Directorships - Hands too Full?
How many directorships are too many? Normative advice would emphasize the importance of limiting the number of directorships any individual should hold due to the workloads and responsibility they entail. The burden of holding directorships is still onerous notwithstanding the size of the company or whether they are dormant or not.
Typically, we do see directors who serve larger firms and boards are more likely to attract directorships. So is it a case of “A Few Good Men” on the merry-go-round serving many boards? Or is it a case where directors are luminaries or well-known public figures put on boards with little roles except to lend credence to the companies?
The impact of multiple directorships on corporate diversification is real and may affect the quality of oversight and thus influence the degree of their contributions to the companies’ values. Specifically, I find that directors’ busyness is inversely related to his or her contribution to the companies’ value. In other words, companies where board members hold more outside board seats are likely to have the directors suffering attention deficit especially if they are nominated to sit on sub-committees that have oversight roles. The negative effect of having overcommitted directors on the board cannot be discounted and in fact must be more pronounced in listed public companies where they are put under the spotlight during crisis or at any extraordinary meetings.
I am not suggesting that multiple directors shirk their responsibilities to serve on board committees or that multiple directorship are associated with a greater likelihood of neglect, collegial group-think or lapses.
Too Busy to Mind the Business? Is it really a case of a few good men or women for the jobs? Whether we deal with one hand or the other hand, we still only have 10 fingers to have a grip on the cards we want to deal. So long as the cards are not drop, all things will be well.
Typically, we do see directors who serve larger firms and boards are more likely to attract directorships. So is it a case of “A Few Good Men” on the merry-go-round serving many boards? Or is it a case where directors are luminaries or well-known public figures put on boards with little roles except to lend credence to the companies?
The impact of multiple directorships on corporate diversification is real and may affect the quality of oversight and thus influence the degree of their contributions to the companies’ values. Specifically, I find that directors’ busyness is inversely related to his or her contribution to the companies’ value. In other words, companies where board members hold more outside board seats are likely to have the directors suffering attention deficit especially if they are nominated to sit on sub-committees that have oversight roles. The negative effect of having overcommitted directors on the board cannot be discounted and in fact must be more pronounced in listed public companies where they are put under the spotlight during crisis or at any extraordinary meetings.
I am not suggesting that multiple directors shirk their responsibilities to serve on board committees or that multiple directorship are associated with a greater likelihood of neglect, collegial group-think or lapses.
Too Busy to Mind the Business? Is it really a case of a few good men or women for the jobs? Whether we deal with one hand or the other hand, we still only have 10 fingers to have a grip on the cards we want to deal. So long as the cards are not drop, all things will be well.
Betting on Singapore Property
The volatility of the property market has shown signs of abatement and if there is any restoration of confidence, we'll increasingly see the "bet-on-prime" phenomenon. The price sensitivity of these tier 1 high end property in Orchard road will generally has a greater price elasticity in terms of rebound.
Other factors like the lower SIBOR rate will mean lower and cheaper mortgage rates which will in turn spur investors' appetite for property in Singapore - which over the long term will surely climb back from the low floor. Simple reason is with the scarcity of land coupling with a burgeoning population, land price can only shape up. I personally believe that the property market will remain buoyant with bargain hunting and a bottom out of prices will likely come at the second or third quarter. Generally, property in Singapore will unlikely lose its lustre for too long a time.
Other factors like the lower SIBOR rate will mean lower and cheaper mortgage rates which will in turn spur investors' appetite for property in Singapore - which over the long term will surely climb back from the low floor. Simple reason is with the scarcity of land coupling with a burgeoning population, land price can only shape up. I personally believe that the property market will remain buoyant with bargain hunting and a bottom out of prices will likely come at the second or third quarter. Generally, property in Singapore will unlikely lose its lustre for too long a time.
China's Resilence
While most of the world economies are convalescing and convulsing in intensive care with a global financial heart attack, the Chinese government’s $880 billion stimulus defibrillated the Chinese weak heart -bringing life back to the economy though not a strong “V”-shaped recovery is to be guaranteed.
The Chinese economy has already had its hard landing with China’s growth grinding to the slowest pace in a decade with Q1 growth sinking to 6.1%. China’s growth may have slowed but its growth is still on track unlike major economies in US, Europe and Japan which are contracting. Chinese economy is benefiting from the government’s aggressive monetary and fiscal stimulus. Given that most strategic sectors are centrally controlled by the government, stimulus measures should take effect more swiftly with actions taken to redirect growth towards more sustainable path of domestic demand, as well as plans to improve social safety nets such as healthcare reforms- all do bode well for the economy. The health of China’s banking system compared with the mayhem and bloodshed in key western economies helped it weather the storm. China’s banks were largely unscathed by the financial turmoil mired in complicated derivatives and toxic assets. The country’s economy had been holding up despite taking a hard hit. With the central government spending on health, education, infrastructures like roads and power grid and social safety, the stimulus being broad-based will uplift China when the high tide returns.
China still has its own risks. A major risk is the high rate of unemployment accompanied by its nascent and weak social safety regime, unrest may be brewing. While migrant worker unemployment is a pervasive problem, the leadership fears to a much greater extent the possibility of widespread student unrest leading to social problem that may destabilize the political stability.
The central government has all the economic levers at its disposal and to mobilize all its institutions - central government, local governments and the entire banking system - to boost government-influenced investments. China’s new lending surged more than sixfold from a year earlier to a record 1.89 trillion yuan ($277 billion) in March, adding to signs that growth in the world’s third-biggest economy is gathering pace though it is left to be seen how some of these allocations may be misappropriated and may lay in non-performing loans.
How these forces play out would also determine the shape of recovery in 2009-10 – that is, whether it will be a sharp, V-shaped affair, or something more drawn out.
The Chinese economy has already had its hard landing with China’s growth grinding to the slowest pace in a decade with Q1 growth sinking to 6.1%. China’s growth may have slowed but its growth is still on track unlike major economies in US, Europe and Japan which are contracting. Chinese economy is benefiting from the government’s aggressive monetary and fiscal stimulus. Given that most strategic sectors are centrally controlled by the government, stimulus measures should take effect more swiftly with actions taken to redirect growth towards more sustainable path of domestic demand, as well as plans to improve social safety nets such as healthcare reforms- all do bode well for the economy. The health of China’s banking system compared with the mayhem and bloodshed in key western economies helped it weather the storm. China’s banks were largely unscathed by the financial turmoil mired in complicated derivatives and toxic assets. The country’s economy had been holding up despite taking a hard hit. With the central government spending on health, education, infrastructures like roads and power grid and social safety, the stimulus being broad-based will uplift China when the high tide returns.
China still has its own risks. A major risk is the high rate of unemployment accompanied by its nascent and weak social safety regime, unrest may be brewing. While migrant worker unemployment is a pervasive problem, the leadership fears to a much greater extent the possibility of widespread student unrest leading to social problem that may destabilize the political stability.
The central government has all the economic levers at its disposal and to mobilize all its institutions - central government, local governments and the entire banking system - to boost government-influenced investments. China’s new lending surged more than sixfold from a year earlier to a record 1.89 trillion yuan ($277 billion) in March, adding to signs that growth in the world’s third-biggest economy is gathering pace though it is left to be seen how some of these allocations may be misappropriated and may lay in non-performing loans.
How these forces play out would also determine the shape of recovery in 2009-10 – that is, whether it will be a sharp, V-shaped affair, or something more drawn out.
Balancing Recession with Headcount Cut
It is a foolhardy way for companies to cut their way out of a recession, especially human capital resources. It is a no-brainer way to resource planning. A consistent fixture in most of these successful companies is their communications – articulating a clear vision of the future so that everyone “gets it” and can move on with the companies.
These messages are people-oriented and they elicit honest feedback from the ranks and files. Such communication ensures that the companies are focused on building and sustaining high engagement with their employees. Morale will be high since there is a strong promotion of inclusiveness during bad times even though it may mean having their pay cut or work week shorten.
It is a matter of attitudes, feelings and emotions that makes work enjoyable and ignites people's energy to do more than they thought they could. It is about creating that atmosphere of success even in difficult times and they can see their journey with the companies. Great employers of choice understand the numbers, but they also touch people's hearts.
These messages are people-oriented and they elicit honest feedback from the ranks and files. Such communication ensures that the companies are focused on building and sustaining high engagement with their employees. Morale will be high since there is a strong promotion of inclusiveness during bad times even though it may mean having their pay cut or work week shorten.
It is a matter of attitudes, feelings and emotions that makes work enjoyable and ignites people's energy to do more than they thought they could. It is about creating that atmosphere of success even in difficult times and they can see their journey with the companies. Great employers of choice understand the numbers, but they also touch people's hearts.
Saturday, March 21, 2009
Love the People with All You Can
In all our volunteerism effort, we always have to find that determining reason to want to help or to reach out to the people. Why do people spend the countless hours doing volunteer work reaching the ground, helping the poor and hapless and be mostly unreciprocated and sometimes abused and scolded?
It must be something from within that spur any volunteer to action. I captured these panels of etched teachings from the Korean palaces. It is taught to the kings. I found that the teachings captured the essence and the very reason for volunteerism, except that volunteerism does not rule.
Tuesday, March 3, 2009
Helping Those from Hand to Mouth
Training, upgrading and re-skilling will help a certain portion of the low wage earners but we know through MPS that some of these workers are not trainable nor have the momentum to live through the training as they see their career as start-stop types. They are either medically unfit or aged or because of family commitment, they cannot hold down to any long term job.
They are left behind with no CPF, no medical coverage, no savings. Only a meager hand-to-mouth mean of living.
NTUC should consider setting up a low wage contract and casual workers deployment agency to work on placing such workers to receptacles - companies hiring on contract basis. Commercially these are being done by outsourcing agencies and the high levy imposed by the employment agencies lessen the amount of take-home pay of the workers. Usually for contract staffing of low wage workers, agencies charge from $7.50 up and usually pay the workers from $5 onwards and without any benefits and CPF.
NTUC can set up a model with no profit incentive and allow workers to take home more pay with accompanying CPF, portable medical benefits and a sort of insurance for their life-long saving. Once the momentum and structure is setup, NTUC may start training workers in e2i suited for direct placement of jobs into companies without having to train and wait for placement with third parties agencies. With the service industry seeing a growth by next year, such contract and casual staff are needed to augment permanent staff and most restaurants/ retail/ hotels like to keep skeletal staff and augment them with casual and contract workers.
NTUC together with WDA have done much to help train, skill, re-skill but the last mile is in the engagement and meaningful employment and after that to provide a holistic cover for CPF, medical coverage and savings.
They are left behind with no CPF, no medical coverage, no savings. Only a meager hand-to-mouth mean of living.
NTUC should consider setting up a low wage contract and casual workers deployment agency to work on placing such workers to receptacles - companies hiring on contract basis. Commercially these are being done by outsourcing agencies and the high levy imposed by the employment agencies lessen the amount of take-home pay of the workers. Usually for contract staffing of low wage workers, agencies charge from $7.50 up and usually pay the workers from $5 onwards and without any benefits and CPF.
NTUC can set up a model with no profit incentive and allow workers to take home more pay with accompanying CPF, portable medical benefits and a sort of insurance for their life-long saving. Once the momentum and structure is setup, NTUC may start training workers in e2i suited for direct placement of jobs into companies without having to train and wait for placement with third parties agencies. With the service industry seeing a growth by next year, such contract and casual staff are needed to augment permanent staff and most restaurants/ retail/ hotels like to keep skeletal staff and augment them with casual and contract workers.
NTUC together with WDA have done much to help train, skill, re-skill but the last mile is in the engagement and meaningful employment and after that to provide a holistic cover for CPF, medical coverage and savings.
Friday, February 27, 2009
Tightening the Tap on the Flow of SPass- a Boon for Singaporeans
All incoming taps must be recalibrated to regulate the flow of talent and foreign workers and the control of the SPass is one of those taps. It is a sensible and reasonable move considering that the aggregate job supply will contract with massive job losses especially in the categories of PMETs.
The next 2 quarters of 2009 may see one of our steepest job losses and the possible retrenchment of more PMETs who are better qualified and skilled, will add to the upward momentum of unemployment. SPass was initially mooted in an era of boom where qualified technicians and workers are in shortages and this category of workers are the sandwiched layer between those holding Employment Pass (EP) and Work Permit (WP). The scheme provided great hiring impetus as Singapore was growing and we need all the skilled human resources to compensate for our lack of it in Singapore. They are mostly skilled in the technical areas like in the constructions, manufacturing and offshore and marine industries. The service industry also has its fair proportion of SPass workers over the last 2 years.
1. Raising the bar and entry requirements for new incoming SPass workers inevitable will tightened the tap and unless the employers can show cause that the skills needed are exceptional and lacking within our pool of, increasingly large, jobless Singaporeans, then those foreigners who now enter into our job markets must have those needed skills. Those SPass applicants in the service industry will likely be hardest hit as these jobs are easily replaceable by Singaporeans with training if needed. The learning curve for such skills like sales, marketing, retail merchandizing or even administrative and accounting functions are not as steep as those in the technical areas like safety supervisors, construction foreman or commissioning superintendant where specific technical qualifications are needed.
The employers can pay Singaporean $1800 to do the same job and still enjoy the Jobs Credit from the government. For those skills like customer service or those in the hospitality areas, the jobless Singaporeans especially the PMETs can easier pick up the training subsidy and be trained for the new jobs. In short, SPass workers for the service industry are likely to be screened tighter and the window for them will be smaller so long as the jobs are considered replaceable by Singaporeans.
2. We deal with the hard industries like offshore and marine and manufacturing and these are where specific technical skills are required and where SPass workers are most needed.
3. Experienced die and mold makers, autocad designers, R&D engineers, commissioning foreman and superintendant, safety engineers and other technical positions are not easily replaceable and if the skills have steeper and longer learning curves, it is unlikely that the unemployed PMETs can easily fit into the profile. The job market is already under extreme duress and across most sectors from manufacturing, offshore and marine to construction and the supply of jobs are unlikely to grow to give more employment to the jobless Singaporeans. Apart from skill-based needs for SPass requirements, employers used to have problems hiring Singaporeans for jobs requiring irregular working hours with split and shift works. This "attitude-based" aversion to such jobs in the retail and customer service, hospitality and healthcare can be shifted with the power of hunger to have a change of hearts. With ample training opportunities and the re-structuring of work contents, these jobs may power up the next leg of our economic restructuring which is the service sector.
There are no quick or easy fixes to this crisis and the SPass flow regulation is one of the many ways for MOM to preserve more replaceable jobs for Singaporeans. It is inexcusable and irresponsible for employers to get foreigners in if unemployed Singaporeans, especially the PMETs who are capable for the jobs and may be willing to take a lower pay, be denied the opportunities. I think the issue is about attitude on both sides of the equation. The employer attitudes which must be a willing employer and for as long as any jobless Singaporeans can perform the role, notwithstanding his last job position or experience or even pay. The jobless Singaporeans', especially the PMETs, attitudes must be to pare down expectations with a view to gain new experience. If the equation can balanced off, our employment situation in Singapore cannot be worse off.
The next 2 quarters of 2009 may see one of our steepest job losses and the possible retrenchment of more PMETs who are better qualified and skilled, will add to the upward momentum of unemployment. SPass was initially mooted in an era of boom where qualified technicians and workers are in shortages and this category of workers are the sandwiched layer between those holding Employment Pass (EP) and Work Permit (WP). The scheme provided great hiring impetus as Singapore was growing and we need all the skilled human resources to compensate for our lack of it in Singapore. They are mostly skilled in the technical areas like in the constructions, manufacturing and offshore and marine industries. The service industry also has its fair proportion of SPass workers over the last 2 years.
1. Raising the bar and entry requirements for new incoming SPass workers inevitable will tightened the tap and unless the employers can show cause that the skills needed are exceptional and lacking within our pool of, increasingly large, jobless Singaporeans, then those foreigners who now enter into our job markets must have those needed skills. Those SPass applicants in the service industry will likely be hardest hit as these jobs are easily replaceable by Singaporeans with training if needed. The learning curve for such skills like sales, marketing, retail merchandizing or even administrative and accounting functions are not as steep as those in the technical areas like safety supervisors, construction foreman or commissioning superintendant where specific technical qualifications are needed.
The employers can pay Singaporean $1800 to do the same job and still enjoy the Jobs Credit from the government. For those skills like customer service or those in the hospitality areas, the jobless Singaporeans especially the PMETs can easier pick up the training subsidy and be trained for the new jobs. In short, SPass workers for the service industry are likely to be screened tighter and the window for them will be smaller so long as the jobs are considered replaceable by Singaporeans.
2. We deal with the hard industries like offshore and marine and manufacturing and these are where specific technical skills are required and where SPass workers are most needed.
3. Experienced die and mold makers, autocad designers, R&D engineers, commissioning foreman and superintendant, safety engineers and other technical positions are not easily replaceable and if the skills have steeper and longer learning curves, it is unlikely that the unemployed PMETs can easily fit into the profile. The job market is already under extreme duress and across most sectors from manufacturing, offshore and marine to construction and the supply of jobs are unlikely to grow to give more employment to the jobless Singaporeans. Apart from skill-based needs for SPass requirements, employers used to have problems hiring Singaporeans for jobs requiring irregular working hours with split and shift works. This "attitude-based" aversion to such jobs in the retail and customer service, hospitality and healthcare can be shifted with the power of hunger to have a change of hearts. With ample training opportunities and the re-structuring of work contents, these jobs may power up the next leg of our economic restructuring which is the service sector.
There are no quick or easy fixes to this crisis and the SPass flow regulation is one of the many ways for MOM to preserve more replaceable jobs for Singaporeans. It is inexcusable and irresponsible for employers to get foreigners in if unemployed Singaporeans, especially the PMETs who are capable for the jobs and may be willing to take a lower pay, be denied the opportunities. I think the issue is about attitude on both sides of the equation. The employer attitudes which must be a willing employer and for as long as any jobless Singaporeans can perform the role, notwithstanding his last job position or experience or even pay. The jobless Singaporeans', especially the PMETs, attitudes must be to pare down expectations with a view to gain new experience. If the equation can balanced off, our employment situation in Singapore cannot be worse off.
Thursday, February 26, 2009
Enough Help?
Close to $91 billion loss for the combined investments of Temasek/ GIC is frightening. Is that about almost 4 times of what the total Budget proffered to Singapore to help lift us up from the dire economic situation.
Are they sunk and not recoverable? Those assets, including shares in UBS are deeply under-water to be meaningful. Our investment in ABC Learning from Australia went belly-up. Most assets classes, of all types from property to shares to all derivative instruments are steeply discounted. Whether actualized losses or paper losses, they are still huge losses, by any measures and no matter who is counting, it is still painful.
Grappling with today's economic woes is quite slippery. I read the Wall Street Journals and together with the broad mix of periodicals, I get the feel that even major governments from Aso, Brown to Obama are experimenting different prescriptions to see if they can lift the monumental weight of today's crisis. I do not get any sense of confidence or relief because the more I read, the more fearful I become. Our government, notwithstanding, is trying to figure a way out of it. In the same vein, I believe the senior executives of Temasek and GIC are planning different scenarios to recalibrate those loss investments and to park them in defensive investments and at appropriate time to grow them again. It may be painful but it has not run aground like in Iceland where the entire country economy bankrupted. Look around - Malaysia, Thailand, Korea, Japan or Indonesia.
Are we doing better than the rest? I think we are. Most of those Asian countries are looking at us to see how we are coping and emulating certain policies.
The Great Depression of 2009 is really beyond you and me. As far as we are concerned, we have to live each day seeing how the marco-level events pan out and to see how it will affect us and our competitiveness.
For those needing help at MPS, help will be rendered to make sure that Singaporeans are not left without food, without opportunity for a job, without access to medical care. I have seen old parents being abandoned by children who turned up at MPS for help. These are the pockets of Singaporeans where outreach must be swift and quick. I saw tears in resident who was worried sick because he could not pay up the medical bills with chase letters. We seeked for deferment and at the same time to apply for social assistance. I saw residents who skipped their mortgage payment because they have lost jobs. We asked for deferment of the mortgage. We saw some parents, children in toll come to MPS for help because their father were imprisoned, sicked or jobless and there were little food left. These are local issues we deal with every week to ensure that residents like these received help. They are not forgotten.
For those who do not come to MPS, we go to them through house visits.
Those of us who can commit time, notwithstanding the political platform, can do the same. I have deep admiration for Chiam See Tong who win unwavering support from his constituents despite the many allures from PAP and this just shows proof that his single minded dedication pays off. It is not about upgrading, it is not about resources, it is really about the care he gives and attention given to his constituents. His MPS at the void deck is sparse but work still get done. Quietly and it works. Chiam See Tong is not verbose, full of high ideals on democracy or what is democracy but he worked the ground, grinding away faithfully solving local concerns.
I think this should be the way for opposition to win the hearts and minds of the electorate - genuine care for local issues. They may be small - neighbour quarrels, dirty corridors or an application for a bursary. It is gruelling work as it means going doors after doors, knowing the people and getting help to them.
以民同行。
Are they sunk and not recoverable? Those assets, including shares in UBS are deeply under-water to be meaningful. Our investment in ABC Learning from Australia went belly-up. Most assets classes, of all types from property to shares to all derivative instruments are steeply discounted. Whether actualized losses or paper losses, they are still huge losses, by any measures and no matter who is counting, it is still painful.
Grappling with today's economic woes is quite slippery. I read the Wall Street Journals and together with the broad mix of periodicals, I get the feel that even major governments from Aso, Brown to Obama are experimenting different prescriptions to see if they can lift the monumental weight of today's crisis. I do not get any sense of confidence or relief because the more I read, the more fearful I become. Our government, notwithstanding, is trying to figure a way out of it. In the same vein, I believe the senior executives of Temasek and GIC are planning different scenarios to recalibrate those loss investments and to park them in defensive investments and at appropriate time to grow them again. It may be painful but it has not run aground like in Iceland where the entire country economy bankrupted. Look around - Malaysia, Thailand, Korea, Japan or Indonesia.
Are we doing better than the rest? I think we are. Most of those Asian countries are looking at us to see how we are coping and emulating certain policies.
The Great Depression of 2009 is really beyond you and me. As far as we are concerned, we have to live each day seeing how the marco-level events pan out and to see how it will affect us and our competitiveness.
For those needing help at MPS, help will be rendered to make sure that Singaporeans are not left without food, without opportunity for a job, without access to medical care. I have seen old parents being abandoned by children who turned up at MPS for help. These are the pockets of Singaporeans where outreach must be swift and quick. I saw tears in resident who was worried sick because he could not pay up the medical bills with chase letters. We seeked for deferment and at the same time to apply for social assistance. I saw residents who skipped their mortgage payment because they have lost jobs. We asked for deferment of the mortgage. We saw some parents, children in toll come to MPS for help because their father were imprisoned, sicked or jobless and there were little food left. These are local issues we deal with every week to ensure that residents like these received help. They are not forgotten.
For those who do not come to MPS, we go to them through house visits.
Those of us who can commit time, notwithstanding the political platform, can do the same. I have deep admiration for Chiam See Tong who win unwavering support from his constituents despite the many allures from PAP and this just shows proof that his single minded dedication pays off. It is not about upgrading, it is not about resources, it is really about the care he gives and attention given to his constituents. His MPS at the void deck is sparse but work still get done. Quietly and it works. Chiam See Tong is not verbose, full of high ideals on democracy or what is democracy but he worked the ground, grinding away faithfully solving local concerns.
I think this should be the way for opposition to win the hearts and minds of the electorate - genuine care for local issues. They may be small - neighbour quarrels, dirty corridors or an application for a bursary. It is gruelling work as it means going doors after doors, knowing the people and getting help to them.
以民同行。
My loyalty is first and foremost, to the people of Singapore. It has always been so, and will always remain so
I was in Nanjing for a long time this February for business and in one of our conversations with my colleagues I was asking about 岳飞 of the later Song period. 北宋末年，深受民族压迫的汉族、契丹族、渤海、奚等各族人民，"仇怨金国，深入骨髓"，纷纷自动组织起来反抗。The Hans were persecuted by the minority tribes and they were deeply sore with hatred. All his life, he was fighting for a single cause 精忠报国 - to serve his country with single-minded dedication and to unify his country. 收复故土，统一祖国的强烈愿望和要求。
He was willing to lay his life down for his country much to the admiration of the latter generations - not what he did then because he defied the emperor's edict to return from the battleground and insisted on fighting the enemy pushing them near defeat. Many distanced themselves from this apparently recacitrant general and some called for his execution because of his defiant. 诏书下了三次，岳飞都加以拒绝，不受开府仪同三司(一品官衔)的爵赏和三千五百户食邑的封赐。他在辞谢中，痛切地表示反对议和："今日之事，可危而不可安，可忧而不可贺。"并再次表示收复中原的决心，"愿定谋于全胜，期收地于两河，唾手燕云，终欲复仇而报国。"这无异于给宋高宗当头泼了冷水，从而更使赵构、秦桧怀恨在心。"但岳飞不顾个人得失，坚持抗战到底的立场，率领军队，联络北方义军，卓有成效地从事抗金战争，筹划收复中原、统一祖国，成为全国抗金民族战争中的有力支柱。
Our past President Ong's words: "My loyalty is first and foremost, to the people of Singapore. It has always been so, and will always remain so." warms my heart and he'll be judged on his merits, contributions, dedications and loyalty to Singapore. Many of us, I believe, share my sentiments.
I mused at the political dancing by opposition parties of all hues and colors. So much posturings like wearing kangaroo T-shirts and decrying the lack of democracy. I wonder who they truly represent? I am not sure if they have an inking of the type of democracy or the kind of country they wish they will want to live in? If the opposition takes a more people-centric approach like Low Thia Kiang and Chiam See Tong who truly walk their grounds and know the constituents, PAP will have a hard contest since it is the battling with the hearts and minds with genuine care and love for the people. Hearing Sylvia, I am convinced she is mostly logical and a Singapore-loving person as I am. Having said that, as in all political powers, the incumbent will ensure its survival and mindshare sustainability with the electorate and will work itself against all opposing forces. Then the challenge to the opposition really will be - win us if you can.
Whatever the outcome or the slate the opposition may wish to put up, it must always be done for the love of the people and 岳飞 steadfast loyalty and dedication to his country is admirable.
精忠报国的精神， 以民同行。
He was willing to lay his life down for his country much to the admiration of the latter generations - not what he did then because he defied the emperor's edict to return from the battleground and insisted on fighting the enemy pushing them near defeat. Many distanced themselves from this apparently recacitrant general and some called for his execution because of his defiant. 诏书下了三次，岳飞都加以拒绝，不受开府仪同三司(一品官衔)的爵赏和三千五百户食邑的封赐。他在辞谢中，痛切地表示反对议和："今日之事，可危而不可安，可忧而不可贺。"并再次表示收复中原的决心，"愿定谋于全胜，期收地于两河，唾手燕云，终欲复仇而报国。"这无异于给宋高宗当头泼了冷水，从而更使赵构、秦桧怀恨在心。"但岳飞不顾个人得失，坚持抗战到底的立场，率领军队，联络北方义军，卓有成效地从事抗金战争，筹划收复中原、统一祖国，成为全国抗金民族战争中的有力支柱。
Our past President Ong's words: "My loyalty is first and foremost, to the people of Singapore. It has always been so, and will always remain so." warms my heart and he'll be judged on his merits, contributions, dedications and loyalty to Singapore. Many of us, I believe, share my sentiments.
I mused at the political dancing by opposition parties of all hues and colors. So much posturings like wearing kangaroo T-shirts and decrying the lack of democracy. I wonder who they truly represent? I am not sure if they have an inking of the type of democracy or the kind of country they wish they will want to live in? If the opposition takes a more people-centric approach like Low Thia Kiang and Chiam See Tong who truly walk their grounds and know the constituents, PAP will have a hard contest since it is the battling with the hearts and minds with genuine care and love for the people. Hearing Sylvia, I am convinced she is mostly logical and a Singapore-loving person as I am. Having said that, as in all political powers, the incumbent will ensure its survival and mindshare sustainability with the electorate and will work itself against all opposing forces. Then the challenge to the opposition really will be - win us if you can.
Whatever the outcome or the slate the opposition may wish to put up, it must always be done for the love of the people and 岳飞 steadfast loyalty and dedication to his country is admirable.
精忠报国的精神， 以民同行。
Friday, February 20, 2009
Losses at Temasek and GIC- Take things in Perspective
The losses in GIC and Temasek were quite regretable and in fact alarming. The combined losses is almost equivalent to 5 times of Citigroup's net worth today.
Almost every major banks of repute, be they in US, Switzerland, London, Germany, Paris or anywhere else, they suffered brutal onslaught because of their exposure, small or large, to sub-prime or some complicated derivative investments. Hedge funds, private equities and funds of all shades see their investment declining at unbelievable rate. Unless traders properly time their shorting of markets, not many players, large or small, banks or funds, government or individuals are spared from the financial fallout.
Temasek and GIC may not have buck that trend and like the many who suffer from the financial meltdown, there was a write-downs on loss investments. Of course we are certain that going forward, there will be preservation of the funds and Temasek will position its money for the next phase of growth. The strategy now is not growth but defensive investment to preserve what is left. There is a proper time to make money and now it is not that time.
To put matter in perspective and to give some measure of support to Temasek and GIC, our hundred of billion of investment did not magiccally materialize as it mysteriously disappeared. It was not God-sent. It was painstakingly built up to become a respectable reserve. Whether those sovereign funds are from Abu Dhabi or from Dubai, they were similarly hit, if not worse off than Temasek.
The meltdown affects everyone with Madoff's Ponzi scheme crippled because of the lack of fund to pay forward to those who invested their hard-earned money in the Lehman's products in Singapore.
Almost every one is hit and it is really only how blue or black they are.
Almost every major banks of repute, be they in US, Switzerland, London, Germany, Paris or anywhere else, they suffered brutal onslaught because of their exposure, small or large, to sub-prime or some complicated derivative investments. Hedge funds, private equities and funds of all shades see their investment declining at unbelievable rate. Unless traders properly time their shorting of markets, not many players, large or small, banks or funds, government or individuals are spared from the financial fallout.
Temasek and GIC may not have buck that trend and like the many who suffer from the financial meltdown, there was a write-downs on loss investments. Of course we are certain that going forward, there will be preservation of the funds and Temasek will position its money for the next phase of growth. The strategy now is not growth but defensive investment to preserve what is left. There is a proper time to make money and now it is not that time.
To put matter in perspective and to give some measure of support to Temasek and GIC, our hundred of billion of investment did not magiccally materialize as it mysteriously disappeared. It was not God-sent. It was painstakingly built up to become a respectable reserve. Whether those sovereign funds are from Abu Dhabi or from Dubai, they were similarly hit, if not worse off than Temasek.
The meltdown affects everyone with Madoff's Ponzi scheme crippled because of the lack of fund to pay forward to those who invested their hard-earned money in the Lehman's products in Singapore.
Almost every one is hit and it is really only how blue or black they are.
Thursday, February 19, 2009
Crowing of Dissents by the Same Crows
Everytime I try to square off with reasons those arguments put up by the dissenting voices of Gopalan Nair or Chee Soon Juan, who openly decry the lack of democracy and that the ruling party is a dictatorial regime, I cannot reconcile their patriotism and their ideals for Singapore.
After reading thread after thread of their discussions and watching their videos on Youtube, it does touch some heart strings and I must admit that it does not offer any real and practical solutions to issues like the low-wage workers' issues or joblessness in Singapore or to manage the traffic congestion in Singapore except to ask for abolition of ERP.
There are many things the oppositions can do to garner the support of civil-minded and reasonable electorate. They can genuinely represent the cause of Singaporeans in a certain district or special interest groups like disabled or children with special needs. There are so many issues that need help. The latest one will be the Lehman's linked investment products which Tan Kin Lian spoke on behalf for. He would have represented a cohort of Singaporeans affected by the sad saga and those affected will become his main constituents if he genuinely lends his helping hands. There are also avenues for the oppositions to meet the people and to organize like-minded, Singapore-loving individuals to come together to help those in needs. Meet the Peoples Session run by the PAP is not a natural outreach program by the party. It is run by volunteers with a deep conviction that they want to help residents solve their problems. Few people these days will have the time or convictions to volunteer on a political platform particularly since the day-to-day tasks of meeting residents is knocking on doors and explaining policies or provide a empathetic ears to their woes and to see what help can then be rendered. This is grueling hard work that calls for dedications and commitments.
Has the opposition got the necessary gumption to put up like-minded men and women who can walk the ground and help the residents with their woes. Democracy, freedom of speech, linguistic discussion on nepotism or autocracy are over-the-head notions for these folks. They want help in organizing themselves. They may have fallen into credit card problems or with kids needing assistance in school because of the demanding school curriculum. Or they may need some short-term financial assistance to help them get through a difficult period. The oppositions can similar gather sponsorships and helps to render to their constituents to win their support.
If none of those are forthcoming from the opposition, it will not be hard to see why the discerning voters will want to vote for them. Unless the opposition can form the next government, their strategy cannot be to govern but to provide the alternative voices to a section of Singaporeans who voted for them and to help them in their everyday lives and to ensure sustainable living. They are to provide the checks on the government policy excesses or spending irrationality. The tact should be to win seat after seat, hopefully, in closer proximity to form a larger geographic coverage. Political lines, all over, old and modern are drawn on north-south, east-west divide.
The opposition must evolve to become better or they cannot forever go on berating PAP for their lack of democracy or freedom of speech. Many governments have already run their countries aground by lack of vision or not displaying strong leadership and any political meadering will only mean that Singapore will fall back to the pits like in the snake-and-ladder game. We are far too small to be always in political contemplation on what we are to become or what state of democracy we want or how much liberty the opposition want.
Opposition parties in Singapore must rise up to offer new options to Singaporeans and stay on firm ground of reasons and rationales. Win the hearts and minds of the people. Don't beat your chests and cry foul.
Oppositions in Singapore unite if you can.
After reading thread after thread of their discussions and watching their videos on Youtube, it does touch some heart strings and I must admit that it does not offer any real and practical solutions to issues like the low-wage workers' issues or joblessness in Singapore or to manage the traffic congestion in Singapore except to ask for abolition of ERP.
There are many things the oppositions can do to garner the support of civil-minded and reasonable electorate. They can genuinely represent the cause of Singaporeans in a certain district or special interest groups like disabled or children with special needs. There are so many issues that need help. The latest one will be the Lehman's linked investment products which Tan Kin Lian spoke on behalf for. He would have represented a cohort of Singaporeans affected by the sad saga and those affected will become his main constituents if he genuinely lends his helping hands. There are also avenues for the oppositions to meet the people and to organize like-minded, Singapore-loving individuals to come together to help those in needs. Meet the Peoples Session run by the PAP is not a natural outreach program by the party. It is run by volunteers with a deep conviction that they want to help residents solve their problems. Few people these days will have the time or convictions to volunteer on a political platform particularly since the day-to-day tasks of meeting residents is knocking on doors and explaining policies or provide a empathetic ears to their woes and to see what help can then be rendered. This is grueling hard work that calls for dedications and commitments.
Has the opposition got the necessary gumption to put up like-minded men and women who can walk the ground and help the residents with their woes. Democracy, freedom of speech, linguistic discussion on nepotism or autocracy are over-the-head notions for these folks. They want help in organizing themselves. They may have fallen into credit card problems or with kids needing assistance in school because of the demanding school curriculum. Or they may need some short-term financial assistance to help them get through a difficult period. The oppositions can similar gather sponsorships and helps to render to their constituents to win their support.
If none of those are forthcoming from the opposition, it will not be hard to see why the discerning voters will want to vote for them. Unless the opposition can form the next government, their strategy cannot be to govern but to provide the alternative voices to a section of Singaporeans who voted for them and to help them in their everyday lives and to ensure sustainable living. They are to provide the checks on the government policy excesses or spending irrationality. The tact should be to win seat after seat, hopefully, in closer proximity to form a larger geographic coverage. Political lines, all over, old and modern are drawn on north-south, east-west divide.
The opposition must evolve to become better or they cannot forever go on berating PAP for their lack of democracy or freedom of speech. Many governments have already run their countries aground by lack of vision or not displaying strong leadership and any political meadering will only mean that Singapore will fall back to the pits like in the snake-and-ladder game. We are far too small to be always in political contemplation on what we are to become or what state of democracy we want or how much liberty the opposition want.
Opposition parties in Singapore must rise up to offer new options to Singaporeans and stay on firm ground of reasons and rationales. Win the hearts and minds of the people. Don't beat your chests and cry foul.
Oppositions in Singapore unite if you can.
Interview on Hiring Slow Down
1. Fresh graduates face a grim and uncertain job market as a global slowdown seizes the worldwide economy. Increasingly companies are taking a wait-and-see attitude and pending how the first half of 2009 will turn out, many positions are either frozen or curtailed for austerity and cost cutting reasons. For those fresh graduates, the buffet of job choices will also be limited since many industries are going into tailspin especially the manufacturing and financial industries.
The retrenched workers under 30s are not unique. We know of companies doing top rightsizing at the senior management level to drastically cut cost leaving their subordinates to take over role which may cost less than half what their bosses used to be paid. Hence for this season of job losses, the collateral damages is more widespread and deep and it cuts at all levels. Non-performing individuals will be cut and those holding on to their jobs will see themselves embracing more roles, functions and responsibilities.
To get a job is difficult and the job search can last between 1-3 months now especially in the first quarter because of CNY effect (general slowdown in businesses and lackadaisical work pace) and how the last quarter of 2008 has affected the overall mood of business. On a seasonally adjusted, annualised quarter-on-quarter basis, real GDP fell by 12.5 per cent in fourth quarter of 2008 which is a serious dampener.
The slowdown in manufacturing and financial sectors coupled with the credit crunch will spread to the domestically-oriented segments of the economy, such as property, retail, service and business service leaving job seekers with poorer prospects. Sectors which are hiring are in the transport service sector, offshore and marine and some niche R&D engineering areas as far our order books are concerned. Rest of the industries are in limbo state.
Pay and employment terms will see some adjustments and job-seekers should be more amenable to such changes as the absorption of such job-shock will bridge them to another possibility and opportunity. Job seeker can consider cross industry move or functional role change.
2. Increasingly companies are also hiring on temporary basis even at management level since they want work done but stay clear of further commitment to workers in uncertain times. Temporary and contract job generally will increase as this is a natural way to steer clear of entitlements and benefits costs at such uncertain times. Job seekers should not see this as an assault to their professionalism or that such interim job arrangement will not lead to any good. They should consider them as long as the job contents fit their skills.
3. The shoot up of unemployment for those in the 30s should not be exceptionally high as I see a more broad level cut which will be wide and deep and will cut through many levels including senior management. Hence it is not age specific.
4.Having more restive young who are unemployed will be disastrous like China with its billion population is struggling with their unemployed graduates. The impacts will be both at the societal and political dimensions. China has more than economic reasons to fear surging graduate unemployment which at the end of 2008 about 1 million of that year's graduates had not found work. In Singapore, the effect is somewhat lessened but nonetheless painful. The government encouraged the embarkation of tertiary education and many paid steeply for their degrees especially those private students. Graduating without a prospect of job will be exasperating for them.
Hopes
Like dreary dreams or rude awakenings
What is really happening?
The night seems so long; many a dream wreaked
Hoping for a light; when will the day break?
To this mad, mad world
Turning all so cold.
Jobs are scarce and fears run wild
Trepidation made confidence turned sour
Will it be me?
Or when will my turn be?
Preemptive retrenchment or whatever it will be
Pray it will not be me.
My Singapore dream has slide from hill to hill
Falling so low and falling still
Will the end be near?
I feel so sad and drear.
Be not afraid so the guru said
In hard and harsh time, heroes are made
The world still belong to those who can adapt fast
This time is bad but it will not last
Unlearn, adapt and relearn new skills
That will lead you to the new hills
Where you can see that the sky is still vast
Over the low hill there are still green grass
The retrenched workers under 30s are not unique. We know of companies doing top rightsizing at the senior management level to drastically cut cost leaving their subordinates to take over role which may cost less than half what their bosses used to be paid. Hence for this season of job losses, the collateral damages is more widespread and deep and it cuts at all levels. Non-performing individuals will be cut and those holding on to their jobs will see themselves embracing more roles, functions and responsibilities.
To get a job is difficult and the job search can last between 1-3 months now especially in the first quarter because of CNY effect (general slowdown in businesses and lackadaisical work pace) and how the last quarter of 2008 has affected the overall mood of business. On a seasonally adjusted, annualised quarter-on-quarter basis, real GDP fell by 12.5 per cent in fourth quarter of 2008 which is a serious dampener.
The slowdown in manufacturing and financial sectors coupled with the credit crunch will spread to the domestically-oriented segments of the economy, such as property, retail, service and business service leaving job seekers with poorer prospects. Sectors which are hiring are in the transport service sector, offshore and marine and some niche R&D engineering areas as far our order books are concerned. Rest of the industries are in limbo state.
Pay and employment terms will see some adjustments and job-seekers should be more amenable to such changes as the absorption of such job-shock will bridge them to another possibility and opportunity. Job seeker can consider cross industry move or functional role change.
2. Increasingly companies are also hiring on temporary basis even at management level since they want work done but stay clear of further commitment to workers in uncertain times. Temporary and contract job generally will increase as this is a natural way to steer clear of entitlements and benefits costs at such uncertain times. Job seekers should not see this as an assault to their professionalism or that such interim job arrangement will not lead to any good. They should consider them as long as the job contents fit their skills.
3. The shoot up of unemployment for those in the 30s should not be exceptionally high as I see a more broad level cut which will be wide and deep and will cut through many levels including senior management. Hence it is not age specific.
4.Having more restive young who are unemployed will be disastrous like China with its billion population is struggling with their unemployed graduates. The impacts will be both at the societal and political dimensions. China has more than economic reasons to fear surging graduate unemployment which at the end of 2008 about 1 million of that year's graduates had not found work. In Singapore, the effect is somewhat lessened but nonetheless painful. The government encouraged the embarkation of tertiary education and many paid steeply for their degrees especially those private students. Graduating without a prospect of job will be exasperating for them.
Hopes
Like dreary dreams or rude awakenings
What is really happening?
The night seems so long; many a dream wreaked
Hoping for a light; when will the day break?
To this mad, mad world
Turning all so cold.
Jobs are scarce and fears run wild
Trepidation made confidence turned sour
Will it be me?
Or when will my turn be?
Preemptive retrenchment or whatever it will be
Pray it will not be me.
My Singapore dream has slide from hill to hill
Falling so low and falling still
Will the end be near?
I feel so sad and drear.
Be not afraid so the guru said
In hard and harsh time, heroes are made
The world still belong to those who can adapt fast
This time is bad but it will not last
Unlearn, adapt and relearn new skills
That will lead you to the new hills
Where you can see that the sky is still vast
Over the low hill there are still green grass
Interview on Shorter Work Week to Cut Cost
The shorter work week is a necessary step to institute for some companies having excess labor or manpower so that they may stretch their dollar longer whilst withstanding severe lack of business or demands.
For companies undergoing severe shortage of demands or dry pipelines, manpower deployment is a topmost priority as it may drain cash flow and affect the sustainability of the businesses. When machine times are down, companies contend with depreciation and loan costs. For excess labour, it is a pure drain if the resource cannot be deployed where they are most productive. Along the spectrum of options, before any consideration of retrenchment, companies must surely consider the unsavory option of shortening workers' work week so that they may still have a job while the companies stretch the dollar. Also, some companies may have trained their labor resources for specific roles and to immediately release them when there is a down time may mean that the workers may join competitors - so it may be done in the name to retain talent.
Over-riding concerns for such measure as shortening work week must be to conserve cash flow and to stretch the dollar.
What may be the better thing to do for such idle labour? The government is providing a whole battery of up-skilling and re-skilling programs for PMET and the rank-and-file so that they may take this time to learn and relearn. Such effort may be costly for the government but it does spur the workers and an upgraded worker may be worth more than he was before. This, however, is premised that the bad times do not last more than 2-3 quarters otherwise, no amount of training will be meaningful if the general economy slumps with low demand and a general lacklastre in all major industries - from manufacturing, construction, healthcare to services.
I have seen a case where a child care teacher belaboring her low pay wishes to take the opportunity to explore a new career in hospitality and with a plethora of courses available subsidized by the government, she can now go to re-skill and on an upswing, she may embark on a totally new career path with a casino.
In better times, shorter work week work best for working mothers who prefer to spend more time at home while remaining productive in the workforce and it is in the name of better work-life balance.
For companies undergoing severe shortage of demands or dry pipelines, manpower deployment is a topmost priority as it may drain cash flow and affect the sustainability of the businesses. When machine times are down, companies contend with depreciation and loan costs. For excess labour, it is a pure drain if the resource cannot be deployed where they are most productive. Along the spectrum of options, before any consideration of retrenchment, companies must surely consider the unsavory option of shortening workers' work week so that they may still have a job while the companies stretch the dollar. Also, some companies may have trained their labor resources for specific roles and to immediately release them when there is a down time may mean that the workers may join competitors - so it may be done in the name to retain talent.
Over-riding concerns for such measure as shortening work week must be to conserve cash flow and to stretch the dollar.
What may be the better thing to do for such idle labour? The government is providing a whole battery of up-skilling and re-skilling programs for PMET and the rank-and-file so that they may take this time to learn and relearn. Such effort may be costly for the government but it does spur the workers and an upgraded worker may be worth more than he was before. This, however, is premised that the bad times do not last more than 2-3 quarters otherwise, no amount of training will be meaningful if the general economy slumps with low demand and a general lacklastre in all major industries - from manufacturing, construction, healthcare to services.
I have seen a case where a child care teacher belaboring her low pay wishes to take the opportunity to explore a new career in hospitality and with a plethora of courses available subsidized by the government, she can now go to re-skill and on an upswing, she may embark on a totally new career path with a casino.
In better times, shorter work week work best for working mothers who prefer to spend more time at home while remaining productive in the workforce and it is in the name of better work-life balance.
Wednesday, February 4, 2009
Jobs Credit - Does it Really Help?
This time in the Parliamentary discussion on the Jobs Credit, I found Low Thia Khiang’s persuasions compelling. He pointed that it may not be the only kind of tool the government can use to tackle the crisis.
Since it represents the main plank in the overall scheme of help, I must admit that Jobs Credit seems to tilt towards a supply-side initiative with the subsidy working more for the employers. For the average Singaporeans in general, the trickle down benefits may be less obvious though clearly all Singaporeans are saved from a CPF cut. With a cut, ramifications may be deeper since many Singaporeans rely on their CPF to pay mortgages.
In certain angle and perspective, the Jobs Credit is a blunt tool that cut across all employers, MNCs and SMEs, profitable and unprofitable and it benefits all companies absolutely blindly. In a certain way, this help will seem untargeted. The $4.5 billion must really save many jobs and assuming 100,000 jobs are saved, each job saved cost the government $45,000. The maths becomes more staggering if 50,000 jobs are saved, the cost to government is $90,000 per job saved. Again, if we are to look at the jobs saved, what is the average salary for those who lost their job? If we are saving those who are earning on average $2500 a month, for an entire year, their salary is $30,000 a year. Compare this to how much the government pays to save a job. The maths just does not add up, if we examine from this angle. From another angle, if the companies are really in deep trouble and on the brink of collapse because of cash flow, 3 months collection of a wage subsidy will do little to help. Will that really put companies to re-think? Yes, for a short term, they may hold off but in a longer run, if a trim of idle resources is necessary it must not be allowed to fester as it may become cancerous and unsustainable for a business. It is unreasonable for government to expect companies to hold off retrenchment when it does not make business sense to keep idle resources.
Agreed, that the $4.5 billion is to be used to spur companies to refrain them from retrenchment and for them to have help through wage subsidy for a year. However, the problem of saving the companies who are already doing poorly as a result of poor demand and dry pipelines cannot be saved with a wage subsidy. Poor demand for business will still persist if the macro-economics do not improve. Question therefore is will help applied directly and pointedly to those who needs it be better than applied broadly to all including some who may not need it.
As the argument goes, there is probably more ways the government can think of to help those average Singaporeans who really lost their jobs and by putting cash directly to help them may spur consumption. Nonetheless, the Jobs Credit is still a laudable measure, exceptional for a time like this one.- unforgettable. The help given to companies, small and large, profitable and unprofitable should not become forgettable.
Since it represents the main plank in the overall scheme of help, I must admit that Jobs Credit seems to tilt towards a supply-side initiative with the subsidy working more for the employers. For the average Singaporeans in general, the trickle down benefits may be less obvious though clearly all Singaporeans are saved from a CPF cut. With a cut, ramifications may be deeper since many Singaporeans rely on their CPF to pay mortgages.
In certain angle and perspective, the Jobs Credit is a blunt tool that cut across all employers, MNCs and SMEs, profitable and unprofitable and it benefits all companies absolutely blindly. In a certain way, this help will seem untargeted. The $4.5 billion must really save many jobs and assuming 100,000 jobs are saved, each job saved cost the government $45,000. The maths becomes more staggering if 50,000 jobs are saved, the cost to government is $90,000 per job saved. Again, if we are to look at the jobs saved, what is the average salary for those who lost their job? If we are saving those who are earning on average $2500 a month, for an entire year, their salary is $30,000 a year. Compare this to how much the government pays to save a job. The maths just does not add up, if we examine from this angle. From another angle, if the companies are really in deep trouble and on the brink of collapse because of cash flow, 3 months collection of a wage subsidy will do little to help. Will that really put companies to re-think? Yes, for a short term, they may hold off but in a longer run, if a trim of idle resources is necessary it must not be allowed to fester as it may become cancerous and unsustainable for a business. It is unreasonable for government to expect companies to hold off retrenchment when it does not make business sense to keep idle resources.
Agreed, that the $4.5 billion is to be used to spur companies to refrain them from retrenchment and for them to have help through wage subsidy for a year. However, the problem of saving the companies who are already doing poorly as a result of poor demand and dry pipelines cannot be saved with a wage subsidy. Poor demand for business will still persist if the macro-economics do not improve. Question therefore is will help applied directly and pointedly to those who needs it be better than applied broadly to all including some who may not need it.
As the argument goes, there is probably more ways the government can think of to help those average Singaporeans who really lost their jobs and by putting cash directly to help them may spur consumption. Nonetheless, the Jobs Credit is still a laudable measure, exceptional for a time like this one.- unforgettable. The help given to companies, small and large, profitable and unprofitable should not become forgettable.
Friday, January 30, 2009
Why Party White?
I like to marvel at old photos especially those in the 60s or 70s and to see the stark differences of the then Singapore and what we have today. While at the Marina Barrage on a weekend, I come across a series of old photos which set me thinking. I saw old pictures of PAP ministers and MPs sweeping floors in some campaigns or at the beach picking litters with their entourage of supporters.
I also noted that most of the ministers and MPs were in their white and white signature color of PAP. They stand out among the entourage of people and very clearly, I supposed that whiteness shined through the masses. Whiteness signifies purity and integrity and it is on that platform the Party stands firm on. In the period of late 50s and 60s, the distinction to PAP is important as we need to carve a mental impression in the mind of the electorate as these were turbulent times, with literal mess and corruptions, and that PAP must prevails against all other distractions of the times.
As we become the incumbent party in the national politics, we are seeing less and less of the white and white because we do not wish to be seen. Some claims that the Party White made them look like school boys, while other shied from the white-white because it is uncool. Probably, I am reminiscent of the past but I think white-white is the best signature of our Party and it should be visible every time we are in our rounds - be it in market or house visits and key functions. The clutters and distractions are even more in this era of internet connectivity and the more the Party should take one of the many avenues to show the constituents that we are after all still the same party, holding the same values of purity and integrity.
Let us stand up in white and be counted.
I also noted that most of the ministers and MPs were in their white and white signature color of PAP. They stand out among the entourage of people and very clearly, I supposed that whiteness shined through the masses. Whiteness signifies purity and integrity and it is on that platform the Party stands firm on. In the period of late 50s and 60s, the distinction to PAP is important as we need to carve a mental impression in the mind of the electorate as these were turbulent times, with literal mess and corruptions, and that PAP must prevails against all other distractions of the times.
As we become the incumbent party in the national politics, we are seeing less and less of the white and white because we do not wish to be seen. Some claims that the Party White made them look like school boys, while other shied from the white-white because it is uncool. Probably, I am reminiscent of the past but I think white-white is the best signature of our Party and it should be visible every time we are in our rounds - be it in market or house visits and key functions. The clutters and distractions are even more in this era of internet connectivity and the more the Party should take one of the many avenues to show the constituents that we are after all still the same party, holding the same values of purity and integrity.
Let us stand up in white and be counted.
Do We Really Want to Help All in the MPS?
Meet the People Session is really for PAP to have an outreach to its constituents. For the politicians who is manning the Meet the Peoples' Session, as long as they are our constituents in the division, an extended hand is also given - sometime given in clenched fist, sometime open but never to push away a hand. Clenched because the constituents are asking with unreasonableness.
I have seen cases where a man of 50s asking for more social benefits as he claimed that the $250 a month is not enough for him since he has to smoke a pack a day. How is the case dissimilar to the middle class man asking to keep his maid and car. Only in magnitude but the same unreasonableness prevails.
We try to help each night a week, cases, some of which are very genuine and really in need of help, some of which are really mundane, petty requests and some totally unreasonable. We'll deal deal with them, one on one, case by case - with empathy.
I have seen cases where a man of 50s asking for more social benefits as he claimed that the $250 a month is not enough for him since he has to smoke a pack a day. How is the case dissimilar to the middle class man asking to keep his maid and car. Only in magnitude but the same unreasonableness prevails.
We try to help each night a week, cases, some of which are very genuine and really in need of help, some of which are really mundane, petty requests and some totally unreasonable. We'll deal deal with them, one on one, case by case - with empathy.
Saturday, January 10, 2009
Our Future, Our Dreams, Our Hopes
Though our economy is set to flow
Today’s grim state made people’s morale low
In the PAP, each plays our part
At MPS, we go console the hearts
Telling the broken hearted
Or those with visions shrouded
That help will be rendered
Surpluses, O’ our treasury cannot be plundered
just to save the few
but help is rendered to those deserving their due;
Homeless and those who are ill
will not be burdened with high bills
Mean testing or not
Singaporeans will not be forgot
At rising tide,
And rising above the hillside
A dragon lies along its slope
On his ascent, giving new rays of hopes
Then the dreams of men of herds
with hopes like the soaring birds
will pray and wish
That our sea of opportunities is filled with fish
Enough for all
Striving and thriving for more
For we shall build, a cosmopolitan and a great city
Away from the gloom, doom and self pity (of today)
Today’s grim state made people’s morale low
In the PAP, each plays our part
At MPS, we go console the hearts
Telling the broken hearted
Or those with visions shrouded
That help will be rendered
Surpluses, O’ our treasury cannot be plundered
just to save the few
but help is rendered to those deserving their due;
Homeless and those who are ill
will not be burdened with high bills
Mean testing or not
Singaporeans will not be forgot
At rising tide,
And rising above the hillside
A dragon lies along its slope
On his ascent, giving new rays of hopes
Then the dreams of men of herds
with hopes like the soaring birds
will pray and wish
That our sea of opportunities is filled with fish
Enough for all
Striving and thriving for more
For we shall build, a cosmopolitan and a great city
Away from the gloom, doom and self pity (of today)
Singaporeans' Cries
Singaporeans’ Cries
O desolate!
When will our shivers abate?
O desolate! Is this the same of 1929?
80 years on, the financial meltdown of 2009!
How much cringes and pains we can endure further?
One infliction after another
Unemployment reigning high
So many of our unemployed cry and sigh
Reform, we must and be amendable
Our frame of mind, attitude must now be flexible
Expectations must be managed and be ready to spur
Upgrade for long term and not short spurts
Otherwise, we’ll be blown with the dust.
I see showers bringing rainbow
though strong winds still coldly blow
Most of us standing quivering
with fear of unemployment or how we are recovering
Sing nothing of good old days
Because seasons come and pass away
It is easy to pile up sorrow new
And cry of days now out of view
Crying with our voice shrill and high
And strain all days our eyes
What can we do from day to day?
But to chase our fears away
The fickle wind still blows
Confidence in ourselves must silently grow
Subscribe to:
Posts (Atom)
