$100,000 fee cut for CK Tang directors

Jo-ann Huang

joannhuang@mediacorp.com.sg

SINGAPORE

This was approved by shareholders at its annual general meeting and the extraordinary general meeting held yesterday at the RELC International Hotel.

A spokesperson for CK Tang said the fees were cut because of fewer directorship duties since delisting. Currently, there are four directors on CK Tang’s board, two of which are chief executive Foo Tiang Soei and chairman Ernest Seow. At yesterday’s meeting, the other two directors, Mr Cecil Wong and Mr Michel Grunberg, were also re-elected into the board.

Meanwhile, some minority shareholders told MediaCorp after the meeting they remained unhappy at how the company had been handling its deteriorating financial position.

CK Tang posted a net loss of $10.2 million for its financial year ended March 31, larger than the $5.6 million loss a year ago, which was in turn bigger than the $2.2 million loss in 2008.

Some of the minority shareholders told MediaCorp that a sale of CK Tang’s property, which is currently the retail space at Tangs Plaza in the prime Orchard Road shopping belt, could have resolved its financial woes and boosted its balance sheet by about $80 million.

CK Tang occupies about 28 per cent of Tangs Plaza which is valued at about $350 million.

Meanwhile, Tangs Plaza, which is situated between Far East Plaza and Lucky Plaza, is owned by the Tang brothers — Wee Sung and Wee Kit.

Some shareholders had suggested that the company could rent out the retail area as prime commercial space instead. “If they don’t want to sell it off, why don’t they lease it out? It will still make some money,” said long time shareholder Toh Peng Ting.

CK Tang’s spokesperson said the directors planned for the company to continue as a retailer.

The Tang brothers had attempted to privatise the company three times, more than 30 years since it was listed.

Its delisting last year saw its directorsbuying back its shares at 83cents each, despite trading at 88cents a few days before.

About 98 per cent of the shares are owned by the board, with the remaining 2 per cent held by minority shareholders.— Directors of homegrown retailer CK Tang will have their fees for next year reduced by $100,000 each, following the company’s delisting from the Singapore Exchange (SGX) in August last year.

7.5 millions is TOO crowded.

All the HDB flats from pigeon holes become  hamster  holes..

In  the  eVent  Of  crIsIs

CIVIL  SERVANT  retaIns  jOb wIth  fUll pay

bUt  entrepreneUr's  bUsIness  and IncOme TANKED

CIVIL  SERVANT

[ZhevagO]
 

 Is   nOt

Entrepreneur

[ZhevagO] 

Web definitions for tycoon
	baron: a very wealthy or powerful businessman; "an oil baron" wordnetweb.princeton.edu/perl/webwn

In Pictures: Billionaire Blowups, 2008

© Konstantin Ilyanok/Kommersant

Konstantin Zhevago

March net worth: $3.4 billion

Current net worth: $350 million

High-flying Ukrainian wunderkind has lost $3 billion in past several months. Shares of his iron ore producer Ferrexpo, which debuted in London in May 2007, have tanked 89% since March.

The stock's decline brought JPMorgan Chase to his door, recalling a loan.

To raise cash, Zhevago sold a 20% stake in Ferrexpo at a 30% discount. Soon after, Ferrexpo's CEO quit, and Zhevago took his spot.

It's probably a good thing the 35-year-old has a day job as a deputy in Ukraine's parliament and is an ally of Prime Minister Yulia Tymoshenko.

Pasted from <http://www.forbes.com/2008/12/22/billionaires-mitttal-ross-biz-billies-cz_lk_1222billieblowups_slide_11.html>

7.5m too many

City’s ‘elasticity’ must surely have its limits

Letter from Narayana Narayana

THE former chief executive of the Housing and Development Board and the Urban Redevelopment Authority, Dr Liu Thai Ker, confidently said that “the quality of life in Singapore will not be affected even if the population were to hit 7.5 million people” (“S’pore has room for 7.5m people: Ex-HDB chief”, Sept 9).

His optimism appears to be underpinned mainly on the premise that “since we have planned for 5.5 million people (in the Singapore Concept Plan 1991), if we increase to, say, 6, 6.2 million, I think that additional 10 to 12 per cent will not make a huge difference”.

However, 7.5 million people is a whopping 36 per cent increase and elasticity must surely have its limits, with an eventual snapping point, which could have disastrous repercussions and consequences.

Dr Liu’s experience in the housing sector may have blinkered him into thinking only of providing accommodation for any increase in numbers.

A 50-storey block of flats would, of course, be able to house double the number of a 25-storey one but would it be possible to provide the necessary corresponding infrastructure and supporting facilities as well to ensure that “the quality of life in Singapore will not be affected”?

That is debatable, despite Dr Liu’s lecture on “the importance of urban planning”. As that well-known phrase goes: “The best laid plans of mice and men oft go awry” and so too do theoretical calculations and projections.

For example, the less-than-3 million population in the early ’90s has burgeoned to more than 5 million today but, despite the many improvements, public transport is not the projected breeze.

The MRT stations were designed so that a very definite six-coach train would fit into them with no possibility of adding more coaches to each train. Commuters now often wait for two or three to pass before they can get into one of them because of the overcrowding.

perfect  reasOns  fOr

Singapore Ministers

MAH BOW TAN

Vivian Balakrishnan

Gan Kim Yong

vIsItIng   JB Iskandar

pharoah88      ( Date: 15-Sep-2010 15:55) Posted: Checking will be difficult Letter from Tan Kok Tim THE Housing Board has confirmed that no one should be allowed to buy a subsidised HDB flat if the person owns a property outside Singapore. I believe it will be difficult to enforce this ruling. The HDB will have to rely on signed declarations or statutory declarations submitted by the HDB owners. It has been suggested that the immigration authorities work with the HDB to track entry and exit dates in the passports of permanent residents or Singapore citizens who own HDB flats to ensure that flats owned are not rented out while they are in Singapore. We should manage immigration, HDB flat ownership and rental records in our own backyard, otherwise how are we going to confidently gather and verify the data of property ownership in nearby Malaysia or in remote villages or small towns in China, India and elsewhere? pharoah88      ( Date: 12-Sep-2010 17:02) Posted: Singapore Home > Breaking News > Singapore > Story Sep 12, 2010 S'pore ministers visit Johor Sultan -- PHOTO: MFA   Sultan Ibrahim Ismail of Johor (in purple) and Johor Crown Prince Ismail Ibrahim chatting with (front row, from left) Johor Menteri Besar Abdul Ghani Othman, Singapore ministers Mah Bow Tan, Vivian Balakrishnan and Gan Kim Yong before the start of the brunch hosted by the Sultan of Johor at the Istana Besar yesterday. The ministers, accompanied by their respective wives (back row, from left) Sheryn-Kaye von Senden, Joy Chia and Esther Loh, had been invited by the Sultan to his Hari Raya Open House at the Istana Besar.

Give up citizenship? Do it for $219 at travel agency

Letter from G Saraswathi

I DECIDED to become a Singapore citizen five months ago and my application was approved.

The application form stated that I had to go to the Indian High Commission to renounce my citizenship.

I did not, however, expect to be told at the High Commission to go to a travel agency to make the renunciation because the High Commission was no longer processing renunciations of citizenship over the counter.

I was told I would have to pay $219 to make the renunciation.

I was confused as to why I had to, in the first place, go to a travel agency to renounce my citizenship and, secondly, pay $219 to do so.

No charges were levied in the past.

I was told that the High Commission had made the decision three weeks earlier.

It had at that time stopped granting visas and renunciations over the counter and had given the work to selected travel agents.

I would like to clarify why no announcement was made and why those who want to renounce their citizenship now have to pay $219.

Youths engage DPM Teo in dialogue, with focus on foreign talent

Youths engage DPM Teo in dialogue, with focus on foreign talent

 

Deputy Prime Minister Teo Chee Hean

SINGAPORE : Youths in Singapore engaged Deputy Prime Minister Teo Chee Hean in a dialogue on Saturday afternoon.

The focus was on embracing new citizens in the country.

The Young Sikh Association said close to 400 people attended the dialogue.

This is the third ministerial dialogue that the association has organised. The event received strong attendance from various groups including tertiary institutions, grassroots organisations and foreigners — most of whom wanted to give their take on the widely—discussed topic of foreign talent.

The participants raised their concerns about the foreign talent who compete with them for jobs.

DPM Teo, who is also Defence Minister, said: "Some work here and go back. They make a contribution to Singapore and they earn a decent living for themselves.

"Others come here to work for longer periods of time, and finally others, they come here and they finally decide to sink roots. And they hope over time to become like you and me."

Some foreigners, who made up around 20 per cent of the audience, explained what was holding them back from becoming Singaporeans.

One of them said: "We would like to have jobs in Singapore, but we have noticed there is a kind of discomfort between both sides."

22—year—old Huang Bin, a scholar from China who is studying at the National University of Singapore, shared those sentiments.

He said: "There are people like us, we do normal jobs, we get paid, we live here. There are also those workers who come here for a couple of years, they probably do not speak perfect English. But these are the people who get criticised the most. And they give the entire new Chinese immigrants a somewhat negative image. I am not blaming them, but I do feel this is an issue we should keep in mind and need to address."

Some university students were worried about the growing number of overseas scholars overtaking the local intake.

One student said that some locals, despite scoring well, were unable to get into their desired course of study.

DPM Teo said: "Even if you create more places in medical school or law school, there will be more applicants who want to get there than there will be places.

"That is just something that students will have to live with. If you double the number of places, are we going to have enough places to satisfy everybody who thinks he ought to be in medical school? It is not possible. But do we have places for those who can go to university? The answer is yes."

The dialogue was a post—National Day Rally discussion for youths from all races and backgrounds. — CNA/ms

Citizenship criteria: How much to disclose? — The assurance is that those given the red passport will be assessed on their allegiance to Singapore. Some are wondering, though, as the Government plans to approach a number of permanent residents to sink roots here, if the citizenship criteria can be clearer.

Esther Ng

estherng@mediacorp.com.sg

SINGAPORE

PRs know only that they are eligible to apply, if they are at least 21 and have been a PR for at least “two to six years prior to the date of application”, through two citizenship routes: Economic merits and family ties, according to the Immigration and Checkpoints Authority’s (ICA) website.

Last year, the criteria was tightened, with the only detail given that the ability to integrate was an important consideration.

Some countries such as Australia have a clear points system and Institute of Policy Studies research fellow Leong Chan Hoong is one for a more transparent criteria and process, so that applicants know what they are “getting into rather than just filling in forms”.

Said Dr Leong: “The system has to be one that Singaporeans feel is legitimate and assures them about who is being admitted to Singapore and the skills they bring.”

While the ICA has said before that it does not disclose publicly the exact criteria to prevent abuse of information, the National Population Secretariat has said previously that language, culture and contributions to society are broad citizenship considerations.

Those whom MediaCorp spoke to suggested clear indicators in the areas such as education, number of years as a PR, special skills or contribution to Singapore, a salary not less than the median wage and children who have served National Service or have become Singaporeans.

Said Sembawang GRC MP Lim Wee Kiak: “We want to attract bright talent, so the criteria could be a diploma or degree without going into which class or where it’s from.”

But limiting citizenship to diploma and degree holders could mean missing out on talented people without academic qualifications, for instance, hairdresser David Gan or a three-star Michelin chef, said Marine Parade GRC MP Lim Biow Chuan.

More than just defining the criteria, the challenge is to disclose criteria that is both broad and informative for the public, said observers.

Listing such details could subject the Government to “litigation through a judiciary review”, said Singapore Management University law lecturer Eugene Tan.

“If you give A citizenship but not B, and B finds out, B could challenge the Government in court, demand an explanation,” Assistant Professor Tan said.

While ICA may have a set of indicators, “the authorities would want to have the discretion on who they give citizenship and this is the same with other countries”, he added.

IT consultant Manikandan Renganathan, 38, who has lived here for 14 years before becoming a citizen this year, agreed.

“Once you reveal it, more people will try to meet what’s required of them. Do you take all these people in?” he said.

The flipside is that “those who are rejected  won’t know how to improve their chances in a couple of years’ time and they could relocate to other countries pre-emptively”, said Asst Prof Tan.

Dr Lim Wee Kiak told MediaCorp, though, that from his experience in dealing with rejected applicants who turn up during his Meet-the-People sessions, the ICA does give “hints”.

“If the written reply says the applicant is advised to re-apply in six months’ time, it means the applicant is not ready yet, or if further upgrading is advised, the applicant needs to improve his skill or education level.”

Where 80,000 foreign workers INtake could go

SINGAPORE

But in a bouyant economy, the foreign workers could also be getting more options now, including jobs in frontline services.

Singaporeans have raised their expectations and are holding out for plum positions in view of the strong economic growth this year, some recruiters told MediaCorp.

SpringField Consulting senior recruitment manager Esther Ho told MediaCorp: “Singaporeans believe we’re doing very well, and it’s an employees’ market. So they’r  willing to wait.”

The firm has many positions available but locals are not inclined to take up entry-level jobs, she said.

This includes frontline positions such as receptionists or customer service officers. The firm sees many foreigners applying instead.

However, she pointed out, foreigners may not get the job as many companies “are not willing to consider hiring them due to quota and employment pass issues”.

Last month, Prime Minister Lee Hsien Loong said during his National Day Rally speech that 80,000 foreign workers would enter Singapore’s workforce this year, a downward revision of the 100,000 he estimated in July.

Most recruiters who spoke to MediaCorp said that foreign workers will continue to work predominantly in the manufacturing and construction industry, where the quotas are more relaxed.

1S staffing services manger Frankie Ng noted there are more construction projects now, while Manpower Staffing Services Singapore country manager Peter Haglund said the hospitality, service and construction industries continue to face a shortage of Singaporean workers.

There is also demand for skilled foreign talent in the IT, telecommunications and logistics industries, said Adecco Southeast Asia’s regional director Lynne Ng.

Said Mr Haglund: “Generally, the gaps or positions that are needed to be filled by foreign workers are jobs that require manual labour such as in the services and construction industries.”

Still, Mr Ng wonderd if the 80,000 expected inflow had accounted for foreign workers leaving Singapore.

“When the IR projects are completed you’ll have a very big group of workers stranded,” he said. “So many will be sent back unless they can find alternatives in Singapore.”

When asked where the 80,000 workers were neededof Manpower spokesperson said it “takes into consideration the global and regional economic outlook, as well as Singapore’s 2010 economic growth projection and labour market conditions, to give a broad estimate of the possible growth of the foreign workforce this year”. , a Ministry — The 80,000 foreign workers expected to enter Singapore’s workforce this year will continue to take on jobs locals shun, such as in construction and shipping, according to employment agencies.Alicia Wong