We highlight Technics Oil & Gas, a regular accumulator, and two first-time buyers: GMG Global and the chairman of Otto Marine.
Executive chairman Robin Ting (left) showing guests around the new Technics jetty at its yard in Loyang. Photo by Leong Chan Teik
Technics Oil & Gas has proven to be a consistent buyer of its shares. Its chairman Robin Ting and executive director David Tay also have been buying.
In the latest episode, the company bought back 1.023 m shares, bringing its total treasury shares to 7.763 million.
This is a significant accumulation, considering that the shares were acquired at the 80 cent-$1.00 range.
Market panic: Buying by TECHNICS OIL, GMG GLOBAL, OTTO MARINE
Written by Leong Chan Teik
Monday, 15 August 2011 11:03
IN THE recent sharp market downturn, a number of companies and major shareholders have done what they deem to be rational -- buy their stock at bargain prices.
We highlight Technics Oil & Gas, a regular accumulator, and two first-time buyers: GMG Global and the chairman of Otto Marine.
Executive chairman Robin Ting (left) showing guests around the new Technics jetty at its yard in Loyang. Photo by Leong Chan Teik
Technics Oil & Gas has proven to be a consistent buyer of its shares. Its chairman Robin Ting and executive director David Tay also have been buying.
In the latest episode, the company bought back 1.023 m shares, bringing its total treasury shares to 7.763 million.
This is a significant accumulation, considering that the shares were acquired at the 80 cent-$1.00 range.
Apart from putting down cash for its stock, Technics has been paying significant dividends to shareholders. In the recent 3Q result announcement, it said it would pay 3 cents a share.
This, on top of a 3-cent and 6-cent dividend payout paid after the 2Q and 1Q results, respectively.
I remember in 2002 sensing that there was desire for change  on the ground,  PM appointed Vivian Balakrishnan to head the Remaking  Singapore Committee  [Link]. It was committee was split up into 5 sub committees called  Beyond Careers, Beyond Condo, Beyond Club, Beyond Credit Card and Beyond Cars  were also formed to review specific areas. Minister Vivian as chair of the committee quickly proclaimed that there would be no sacred cows (except meritocracy & racial issues). If you go through the recommendations, it talks about a more consultative govt, better transport system, more help for low income families, etc. Most of the 70 recommendations were accepted by the govt in 2004. In 2006, the PAP won by a landslide with 66.6% of the votes. Although support fell by 6% from the previous election in 2001, it was seen as okay because it was viewed that the high support in 2001 was due to the 911 terrorist attacks which boosted the PAP's election results.
Yesterday, the PAP govt announced a committee to review ministerial pay chaired by Gerald Ee (yes, him again...called again to do National Service). The high pay of ministers, has always been an issue with people like myself and perhaps most of the people who read my blog. I spoke about those million dollar salaries in 2005 when this blog was started. In 2001 & 2006, when PAP won by a landslide, ministers' pay was also abnormally high. I think when Goh Chok Tong was PM, there was a severe recession in 1998 and a reporter asked him whether he would revise ministers' pay given workers are suffering from painful job losses. Goh Chok Tong arrogantly replied that if there was any revision it would be upwards! It infuriated some people, but he still got his landslide  victory in the next election. I'll explain why this is so later in the posting...
The environment has changed so much the PAP  of today cannot be the PAP of yesterday. It cannot do the same things in the same way. Doing the same things in a different way might or might not be sufficient to maintain the support of the people. It has to risk doing something different to try to regain support. The PM has done of the complete reverse of what he did shortly after the last election - he is going to implement a pay cut for ministers and today he announced it will be backdated to 21 May 2011 after the panel headed by Gerald Ee makes its recommendations.
While cutting ministers' pay is not in itself going to solve any of  the problems faced by ordinary Singaporeans, it is a very important move because it signals a desire to change the value system in govt. Singapore has the biggest income gap in the developed world with only the US having something that  is close to   our income gap. None of the developed Asian countries, S. Korea, Taiwan and Japan have anything close our income gap. Over the years we imported a lot of the American style of management - hire and fire, high executive compensation, war for talent. Singapore became Singapore Inc and our ministers linked their income with the top earners  in the private sector. As the income gap rose, instead of  examining what has gone on wrong in the private sector compensation system, our ministers' pay  rode the widening income gap upwards.....in some ways participating in a culture of greed that has crept into corporate culture in the past  few decades. 
Warren Buffett has spoken extensively on this topic and sees no economic reason  for top earners in a corporation to have their pay increased from 20 times the lowest paid worker in the company to 500 times  and in some places 5000 times.
" 'Too often, executive compensation in the U.S. is ridiculously out of line with performance.'
Similarly, as the pay of workers at the bottom 20% of our workforce fell, our ministers'  salaries were  linked to top earners rose over the years. For many this was the act of a govt that has lost its way because it failed to see that the compensation system in corporations and the Singapore govt was starting to run counter to the value system of our society. It is not acceptable to most ordinary Singaporeans that a person working a full time job cannot make enough to start a family and lead a full life. Redistributing wealth  to achieve a more  just and equitable system became more important than  the all out pursuit GDP growth. The reason for widespread resentment over high ministers' pay was the desire of ordinary Singaporeans to see leaders with the same values as themselves and not leaders who partake in what they saw as wrong in the system we are in. Over time, more and more people could see what was wrong. 
This led defence lawyer Subhas Anandan to ask at the appeal hearing yesterday:
“Is this the behaviour of people with dishonest intentions?”
— Before they were convicted of running Singapore’s largest Ponzi scam, the people behind Sunshine Empire had gone to the Consumers Association of Singapore and the Commercial Affairs Department to clarify what was wrong with their business.
Organised by the People’s Association Youth Movement, last night’s two-hour-long session saw more than 150 working youths and students breaking up into small groups to exchange and discuss their views about Mr Lee’s speech.
While the Government will add 2,000 more university places for Singapore students over the next four years, youths felt that the quality of education should not be overlooked.
In one group that was moderated by Tanjong Pagar GRC Member of Parliament Chia Shi-Lu, some youths brought up the perception that the Government was not listening to feedback from Singaporeans.
One participant, Mr Syed Faisal Syed Ismail, a 29-year-old teacher who volunteers with Malay voluntary welfare organisation 4PM, said that some of the lower-income families he works with have the perception that the Government does not care about them.
— The quality of education and engagement were some issues highlighted by youths at a forum to gather feedback on Prime Minister Lee Hsien Loong’s National Day Rally speech.
IN A General Election, citizens and the elected Government sign a conceptual social contract: Citizens give the new Government the power to govern and in return the Government is obliged to rule the nation as specified in the Constitution.
IN A General Election, citizens and the elected Government sign a conceptual social contract: Citizens give the new Government the power to govern and in return the Government is obliged to rule the nation as specified in the Constitution.
America’s wealthiest are earning more but paying less tax — and that has to change
The New York Times
Warren Buffett is the chairman and chief executive of Berkshire Hathaway.
Warren Buffett
Highest 400 had soared to US$90.9 billion — a staggering US$227.4 million on average — but the rate paid had fallen to 21.5 per cent.
The taxes I refer to here include only federal income tax but you can be sure that any payroll tax for the 400 was inconsequential compared to income. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.)
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most would not mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
Twelve members of Congress [The Last Supper ? ? ? ?]  will soon take on the crucial job of rearranging our country’s finances. They have been instructed to devise a plan that reduces the 10-year deficit by at least US$1.5 trillion. It is vital, however, that they achieve far more than that.
Americans are rapidly losing faith in the ability of Congress to deal with our country’s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.
Job one for the 12 is to pare down some future promises that even a rich America cannot fulfil. Big money must be saved here. The 12 should then turn to the issue of revenues.
I would leave rates for 99.7 per cent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax.
This cut helps the poor and the middle class, who need every break they can get.
But for those making more than US$1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of US$1 million, including, of course, dividends and capital gains. And for those who make US$10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It is time for our government to get serious about shared sacrifice.
But when they did the asking, they spared me. I checked with my megarich friends to learn what pain they were expecting. They, too, were left untouched.
What is the % rAte of  sUccess for beign eXceptional  ? ? ? ?
Why are the CREAM TALENT & LEADERS not  role modelling as The eXceptional  ? ? ? ?
Rather it is the nOn-talent  & non-Leaders being the rOle mOdels ? ? ? ?
pharoah88 ( Date: 16-Aug-2011 10:50) Posted:
What is being ‘exceptional’?
Mabel Wong
There was the start-up meant as an example of the good things that can happen with a more international student body, and an amusing pop culture reference to the movie
By the time PM Lee got to MICA’s Singapore Memory Project, I was near smitten by this version of Singapore.
But the heartwarming pictures and anecdotes belied something else. In asking what “new Singapore” we might become, PM Lee was setting the question against the backdrop of the recent watershed General Election and the current global economic and political turmoil.
He suggested as much when he next asked: “Will we respond to the pressures of the day and become like so many other countries, shortsighted and reactive?”
In the light of the revolts, riots and revolutions going on in Europe, the Middle East [where 80% of population is fOreIgners ?] and, to a lesser extent, the United States, PM Lee’s speech was laden with anxieties.
Transformers 3 and the part-Singaporean team behind the animation.
First of all, how did GP fees  mOre than DOUBLED  [Over prIcIng ? ? ? ?] within a short number of months ? ? ? ?
many GPs now hire lOw cOst  dOctOrs 
frOm Malaysia, Philippines, India  whose degrees were previously nOt  recOgnIsed  ? ? ? ?
Luostock ( Date: 16-Aug-2011 10:34) Posted:
The scheme that allows elderly and disabled patients to see their general practitioners and pay subsidised polyclinic rates will be extended from 65 yrs old to 40 yrs old is too generous. 40 yrs is not considered elderly. It is OK to subsidise for disabled but not 40 yrs old. Since CPF cut comes in at 50, the subsidy could start at 50yrs. If want to be more generous, may be start at 45 yrs (retrenchment age). Tax payers may start to worry about this as this would  NOT  be the last as there are more to come and slowly we will sink like the european countries.
There was the start-up meant as an example of the good things that can happen with a more international student body, and an amusing pop culture reference to the movie
By the time PM Lee got to MICA’s Singapore Memory Project, I was near smitten by this version of Singapore.
But the heartwarming pictures and anecdotes belied something else. In asking what “new Singapore” we might become, PM Lee was setting the question against the backdrop of the recent watershed General Election and the current global economic and political turmoil.
He suggested as much when he next asked: “Will we respond to the pressures of the day and become like so many other countries, shortsighted and reactive?”
In the light of the revolts, riots and revolutions going on in Europe, the Middle East [where 80% of population is fOreIgners ?] and, to a lesser extent, the United States, PM Lee’s speech was laden with anxieties.
Transformers 3 and the part-Singaporean team behind the animation.