PE: Tan Kin Lian eyes constructive ties with PM

PE: Tan Jee Say wants to be

govt’s auditor

eVery  gOvernment  mUst  be  aUdItEd

- AmerIcA

- BrItAIn

- GermAny

- FrAnce

- ItAly

- JApAn

- ChInA

- TAIwAn

- IndIA

- ? ? ? ?

PE: Dr Tan Cheng Bock suggests merging Mendaki, Sinda, CDAC

PE: Dr Tan Cheng Bock suggests merging Mendaki, Sinda, CDAC

Then,  All the mInIstrIes  shOUld  be  mErgEd  ? ? ? ?

jUst  pAy  Only  One  mInIster's  sAlAry  ? ? ? ?

wIth  Only  One  gEnErAl,  mOre  sOldIers  tO  dO  wOrk  ? ? ? ?

post modest loss

AMANDA FENG

amandafeng@mediacorp.com.sg

SINGAPORE

According to data from fund research firm Lipper, CPFIS-included unit trusts posted a loss of 1.52-per-cent, while investment-linked insurance products reported a 2.18-per-cent loss.

“Considering the impact on global markets from unexpected events such as the Middle East turmoil, the March 11 Japan earthquake as well as deteriorating fiscal conditions in Europe and North America, CPFIS-included funds have proved to be resilient,” Lipper said in a report.— Unit trusts and investment-linked insurance products included under the Central Provident Fund Investment Scheme (CPFIS) posted an average loss of 1.89 per cent in the first half of the year, a better-than-expected performance amid the uncertain global economic situation.

‘Indonesia can cope with worsening global economy’

Indonesia can cope with a worsening global economic situation and has policy instruments in place to deal with a crisis, President Susilo Bambang Yudhoyono said yesterday.

South-east Asia’s biggest economy has grown steadily at 6.5 per cent this year, powered by consumption from an expanding middle class the export of natural resources and investment, while policymakers have contained inflation and cut government debt levels.

Reflecting gains Indonesia has made since it was battered in 1998 by the Asian economic crisis and turmoil that forced longtime President Suharto from power, Mr Yudhoyono declared:

“Our self-perception as a failed state has finally disappeared.”

The President, in an annual speech to Parliament ahead of the country’s Independence Day, said: “Even though the economic situation in Europe and the United States is not good news for the world, we have sufficient confidence to overcome that uncertainty.”

INDONESIA  TRANSFORMED sInce 1998Reuters

The proposed nationwide minimum wage would mean an increase of 90 per cent in some provinces, which is bound to hurt small businesses. These firms say they would not be helped much by an offsetting cut in corporate tax to 23 per cent from 30 per cent.

— The Thai government said yesterday it would focus on increasing people’s income and lowering the cost of living rather than simply aiming for higher economic growth through the promotion of exports.Reuters

NSP , WP react to PM’s Rally speech

SINGAPORE

The National Solidarity Party (NSP) said it was disappointed that the “important issue of population growth target remains unaddressed”.

“This Rally speech has chosen to ignore the elephant in the room,” said its secretarygeneral Hazel Poa. “The Government can fight the fire now by increasing the number of BTO (Built-to-Order) flats and buses, but without addressing the root of the problem, which is the lack of co-ordination between population planning and infrastructure planning, such problems could recur.”

NSP called for “a sustainable long term population plan, one that takes into account not only economic considerations, but also social ones”.

While the Workers’ Party (WP) welcomed the Government’s decision to raise the household income ceiling from S$8,000 to S$10,000, the party noted that “this will add to the current high demand” and hence more Housing and Development Board (HDB) BTO flats will need to be built to ease the current supply crunch.

“Nevertheless, the affordability of flats continues to be a concern, and WP remains of the view that the Government needs to review the formula of pricing new flats and the recommended length of HDB housing loans,” said Mr Gerald Giam, head of WP’s media team.

WP also suggested the Government’s review of the homeless issue should look into “some flexibility of criteria to qualify for rental flats and more than two concessionary loans”.

Mr Giam reiterated the WP’s Manifesto 2011, and that “more can be done to put such children and families on an even keel”, especially having fixed instead of meanstested fees, and better career development opportunities for special education teachers.

And  nOt  cOngestIOn as wEll as INFLATION— Opposition parties welcomed Prime Minister Lee Hsien Loong’s National Day Rally speech to place Singaporeans first, but suggested more could be done in areas such as housing, education, and supporting small- and medium-sized enterprises (SMEs) to cope with the rise in manpower costs and rentals.

economy around 10%

Letter from Stephen Forshaw

Managing Director, Corporate Affairs, Temasek

WE ARE puzzled by recent and mistaken claims that Temasek’s “stake in the Singapore economy could be almost 60 per cent”.

Gross Domestic Product (GDP) measures the output of an economy, and in March 2001, the Department of Statistics published a study showing the 1998 GDP contributions by various entities.

- Foreign-owned companies contributed just below 42 per cent.

- Non-government related Singapore-owned companies contributed over 33 per cent.

- Government-linked companies contributed 13 per cent to GDP: Majority-owned Government-linked companies contributed 9 per cent companies that had minority Government-related ownership of 20 to 50 per cent contributed under four per cent.

Temasek portfolio companies in Singapore are a subset of Government-linked companies and thus contributed less than 13 per cent of GDP in 1998.

The Singapore economy has since grown and become more diversified. Temasek has itself divested several major businesses such as the power generation companies.

Thus, we expect Temasek portfolio companies to account for 10 per cent, or less, of GDP today.

For the interested public, Temasek produces its annual Temasek Review, available online at www.temasekreview. com.sg. In addition, various frequently asked questions are covered at www.temasek.com.sg/ media_centre_faq.htm.

Why charge twice for the same sanitation service?

Letter from Chin Kee Thou

SEWAGE disposal has come a long way from the days of the bored hole or pit latrine and the bucket system.

My first encounter with the bored-hole latrine was in the early 1970s, during my National Service. It was not only cheap and efficient, with no disposal fee, but also provided nutrients to the surrounding vegetation.

The bucket system was common then in the city. Night soil carriers were employed and they transported the buckets in specially constructed night soil trucks, with many locked compartments resembling today’s safe deposit boxes.

The utility bill would include a removal fee known as night refuse fee.

With urbanisation and development of Singapore’s kampungs, we resettled into high-rise flats fitted with toilet bowls.

A sanitary appliance fee for disposal of sewage was imposed for each toilet bowl, in replacement of the night refuse fee.

Later on, a waterborne fee was added and stays on to date. Can the authority clarify on the double fee for sanitation service?

Both are fees levied for the same purpose — to offset the cost of treating used water and for the operation and maintenance of the public sewerage system — but charged in two ways, based on the number of sanitary fittings and the volume of water used.

Surely locals can lead our companies

Why are foreign MNCs better able than home-grown corporations to spot and appoint local talent to key posts?

Let me begin by saying that I have nothing

Conrad Raj

conrad@mediacorp.com.sg

But it still pains me to find many companies here neglecting to nurture and groom local talent for top posts, preferring instead to hire from abroad.

So I was a little disappointed earlier this week to learn that my former classmate and good friend Koh Poh Tiong, 64, will in October be succeeded as chief executive of Fraser & Neave’s (F& N) food and beverage division by yet another foreign talent — Mr Pascal de Petrini, 51, formerly from the Danone Group.

When Mr Koh left F& N subsidiary Asia Pacific Breweries (APB), he was also succeeded by a foreigner, Belgian Roland Pirmez.

I have nothing against Mr de Petrini.

He may be a great successor to Mr Koh, just as Mr Pirmez has done fabulously at APB, with the company recently reporting record net profits up 18 per cent to S$250.6 million on a 20-per-cent higher turnover of S$2.24 billion.

Could a local talent have done better or just as well?

Perhaps yes, perhaps not, but then we will for the time being never know.

Mr Koh, however, is a true-blooded local talent and in his 26 years with the F& N group has, in the words of chairman Lee Hsien Yang, “served the group with distinction”.

against foreign talent. In fact, some

of my best friends are foreigners. And like

most Singaporeans I do not suffer from

xenophobia. 

-  nO  financial crisis  ? ? ? ?-

Public Service sAlAry  should be nOmInAl  ? ? ? ?

The  OLDER the AGE the  lOwer the SALARY  ? ?

Former Ayer Rajah MP Tan Cheng Bock, 71

I think it’s a question that is quite difficult to answer.

And you cannot just pluck a figure from the air and say okay this is the amount.

There must be some basis when you make this type of decisions.

And I would say you really have to study the roles and responsibilities of the President. Many people think being the President is just to go around waving hands and so on.

When I read (President) Nathan’s report, I think he’s done a lot of things, apart from the ceremonial role, the custodian role and so on.

I think it’s a lot of work that is being done. Therefore I think before we do this and cut here cut there, let’s study the subject properly.

There’s a committee review, I will go by what the committee has decided.

Other PEOPLE's Money [OPM]  ? ? ? ? 

I want to assure the people of Singapore, if I’m President, there’s a lot of things to do, and even so I want to donate at least half.

A [UN]fair salary for the President would be ...

The Straits Times held a roundtable discussion for the four presidential hopefuls yesterday. Among the questions posed to them was what they thought would be a “fair salary” for the President. Their replies were:

P2                  * S$3,500                              ** S$4,000                                        *** S$4,500

P1                  * S$7,000                              ** S$8,000                                        *** S$8,000