I attended a wedding banquet of an old friend last weekend at one of the 5 star hotel in singapore. It was a relatively low key affair, small ballroom of about 18 tables. Everything was nicely prepared, from cocktail reception to stage to dinner, just what you would expect from a 5 star hotel.

I observed something interesting during the entire dinner. Starting from the cocktail reception, I noticed that almost all the servers are non-singaporeans. I said almost all because I didn't managed to ask all of them, but I spoke to at least up to 10 of them, and none of them answered me in a Singaporean accent. Nothing against them at all, they did provide a wonderful dining experience, and to their credit, a good many of them spoke pretty decent english. By decent I mean I can understand them or that they can understand me by repeating less than 3 times, without wild gesturing and without having speaking to another staff. Yeah, my expectations of decent has really dropped way way down.

I remembered when I was younger, one of the better paying jobs for a teenager is serving at these banquets. If I remembered correctly, it paid about $8 - $12 per hour for a part-timer, and about $1500 - $2000 for a full timer. That was more than 10 years ago though, but for a teenager, and for a lot of semi-retirees, that was pretty decent income. Sadly, I saw none of either lately. I wonder if teenagers these days still do holiday/part-time work? Other than at fast food restaurants, I don't think I've seen them anywhere else. Used to be I see alot of them, especially during the school holidays, especially at banquets, restaurants, retail outlets etc. Nowadays, all I see are foreigners.

Just yesterday, I went shopping at Raffles City. Almost all the shops that I went to are manned by foreigners. I was buying a pair of shoes and I chose a pair and went to the counter for payment. The cashier was a Filipino lady (all smiles and credit to her) and asked for help with her colleague to get a new pair (in english). Her colleague responded to her in mandarin and after some gesturing, I decided to step in to help with the interpretation. I wonder in bemusement initally, why the store manager choose to place just the two of them in the store when they obviously had trouble communicating with each other. Then I realised that its actually a damn smart move. These foreigners obviously work at a local cost to the locals so the store save more and earn more. Being unable to communicate makes them being unable to stand around gossiping and thus focus on working. The Filipino serve all the english speaking customers and the Chinese to serve all the mandarin speaking ones, which basically covers majority of the demographics of the people who shop there.

Smart move to make best use of resources.

Having insomnia. Must be the medication keeping me up somehow. Or maybe its just from the lack of work.

Starting my 3rd job in slightly over a year soon. Been clearing leave for a while now while waiting for the new job to start in November. Was thinking lately, did I make the right career decision by leaving my first job?

I was in the job for 3 years. My first banking job. After leaving, I'm starting my 3rd job next week. Its only been a year and 2 months. Why is it that I was able to stay so long in the first job while moving on so quickly thereafter? Was it because the organisation was so good, or was it because of the lack of experience and hence the lack of mobility opportunities? If I had stayed on, would I have progressed better than what I have now?

As a fresh graduate with no banking experience, I remember my first drawn pay was about $2300. Kinda low when I look at it now, but back then, compared to the IT jobs that were not evening offering me $2000, $300/mth made a big enough difference for me to change industry. The learning curve was pretty steep, but I hung on and survived. When I left almost 3 years later, I was only drawing ~$3000, an approximate 10% increment per year. A year later, I'm drawing a basic of ~50% more. After hopping around. Is this what we have to do to get recognition? I honestly did not like this moving around new jobs. I would have preferred to learn and stay and contribute back to the organisation that groomed me. If I had stayed on, would I be drawing the salary I am getting? I honestly doubt so. Do organisation take you for granted?

Moving on.. yet again

Officially tendered my resignation today. Didn't manage to do so successfully on the first attempt, gotta really put my foot down tomorrow. Resignation is never easy for me, its kinda like breaking up in a relationship, which, sad to say, I don't really handle them well either.

Really, the more i think about it, the closer resemblance they hold. When you start a new job, just like a new relationship, you are full or hope and drive, wondering if this is 'the one' that you are looking for. Some people just enter into it for the sake of convenience, not wanting to be without a job/partner, and just holding on while waiting for a better one to come along.

When a better one comes along, the resignation is akin the breaking up part. Some people burn all bridges, some like myself, try to end things cordially, i.e. remain friends. Some work out, some doesn't. Some turn ugly, some you wish to forget...

I really hope this new job, just like my relationship now, is going to be 'the one'

Decision time again

didnt expect it to be so fast, but another offer is coming along after just barely 4 mths into the new job and i am really excited about it. but feeling kinda bad leaving my boss and the other team mates behind so fast, had wanted to soldier on with them, but i think its easier said than done eh?

"man make their own history, but not under the circumstances of their own choosing"

one of my fav from karl marx.

i think its time i started writing a new chapter

$9000 for NSman, big fucking deal

From CNA

MINDEF unveils details of NS Recognition Award
By S Ramesh | Posted: 31 August 2010 1214 hrs

SINGAPORE: The Ministry of Defence (Mindef) has given details of the National Service Recognition Award (NSRA) announced by Prime Minister Lee Hsien Loong at the National Day Rally.

The award is to recognise Singapore citizens who have served national service.

The NSRA is a monetary award of between S$9,000 and S$10,500 for each Singaporean NSman, with commanders getting more.

It will benefit full time and operationally-ready NSmen in service from August 29, the day it was announced by Prime Minister Lee, and will not be retroactive.

The money will be disbursed equally at three significant milestones during the serviceman's full-time training and his Operationally-Ready National Service (ORNS).

Eligible NSmen will receive S$3,000 at each of the milestones, and commanders will get S$500 more each time.

Commanders are those holding third sergeant rank and above in the Singapore Armed Forces, or sergeant and above in the HomeTeam.

Minister of State for Defence, Associate Professor Koo Tsai Kee, said: "They do more... - usually for each in-camp training they come in one or two days earlier if not more to do the planning and they probably stay one or two days later - so they get more.

"We do not want to monetise the contributions of Nsmen, it is the value we place on it. And it is only for Singapore citizens - the signal that the Prime Minister and government (are sending) that Singaporeans come first and Singaporeans are always important.

"This recognition award is to recognise the contributions of Singapore citizens doing national service full-time and the in-camp training cycle. I think S$9,000 is very significant, but the significance goes beyond the S$9,000.

"It is the value the government and the Prime Minister place on the contributions of Singapore citizens. Many Singaporeans think it is the duty to do national service and this S$9,000 comes as a pleasant surprise and great bonus.

"The first S$3,000 is very useful for an NSman finishing NS and enroute to education. They can pay for their tuition fees for at least one year for most courses in NUS, NTU, SMU. The second and third tranche can go into the CPF to pay for housing and other requirements specified by the CPF."

The first milestone is when the serviceman completes his full-time national service. The money will be paid out at the 20th month of service. It will be deposited into the Post-Secondary Education Account (PSEA) to help with further studies.

The second tranche will be paid after the completion of three high-key in-camp training, or five in-camp training stints, whichever is earlier. And the last payment will be when the full Operationally-Ready National Service training cycle is completed.

The second and third milestone awards will be paid in the servicemen's CPF accounts and distributed into the Ordinary, Special and Medisave accounts according to the prevailing CPF contribution rates. The servicemen can use the amount for their housing, healthcare and retirement needs.

As for those who have already completed their entire national service cycle, Prof Koo said: "Government policy has never been retroactive. The first significant milestone is on the 29th of August when the Prime Minister made the statement.

"Many generations who have served NS, like many of us... recognise that we have already benefited from previous policies and this policy is for NSmen going forward."

The disbursement of the National Service Recognition Award will start from February next year.

- CNA/wk/al

To Associate Professor Koo Tsai Kee, if you think your $9000 is such a fucking big deal, why not I pay the govt $9000, fuck, I'll double your money and make it $18000, and you release me from the rest of my reservist liability? I'm already at the 3rd milestone already, so just fucking let me live my life. How about it eh??

Happy Birthday Singapore

Happy birthday to my country.

The country where I was born, bred and will probably die in.

I don't love you as much as I used to, but I know it isn't really your fault.

You are just a country, a land mass, where I had lived all my life.

It isn't your fault that it is now being run by dogs and going down the hill.

It isn't your fault that you are now being trampled over by masses of barbarians with uncouth manners not to mention intelligence.

I bear arms for you once, I would have given my life to defend you and its people once, but nowadays, it just doesn't seemed worthwhile anymore.

I would never do you harm, but I don't know if you will do the same for me.

As much as I loved it here once, I will leave you now at the first opportunity that comes knocking.

Enjoy your 'birthday'

The state of our financial industry

An interesting clash is brewing between insurer AXA vs Finexis. A well written article is written here. As the writer mentioned, the outcome was pretty obvious to those in the industry. Its actually pretty mind boggling as to how AXA came up with such a scheme in the first place. Anyone else could see the potential pitfalls from miles away.

The financial industry, or to be more specific, the wealth management are, to be honest, is a very 'grey' industry. Majority if not all of the sales force, including myself, is really in it for the money. I dare say I never ever mis-sold or rather misrepresented a product in all this years, but I dare not say that every single product I have sold was based on customer's needs. Its a running joke in the industry that the term 'needs based selling' is actually based on the adviser's and/or the bank/insurance company's needs first, not the customer's.

In a bank, whenever the bosses presses for sales, for 'flavor of the month', as a sales staff, you simply have to deliver. I remember vividly, one of my early cases in the bank, I recommended the customer a capital protected single premium product that I believe was best for the customer which the customer bought. At the end of the day, I had the entire set of sales documents thrown in my face, because I wasn't answering to the 'corporate call' of selling the bank's structured deposit. The manager basically stressed that he only wants sales for the structured deposit and nothing else and we have to deliver it 'one way or another'. Re-toolings, telecalls till late into the night, roadshows, etc.. all without extra OT pay, just stressing you until u gave up and start selling what they want before you are let off. That was an eye opening.

After leaving the bank, I went into the insurance industry, thinking that I am in control of what I wanna recommend to customers. My thinking wasn't exactly wrong, but you soon realise that without a basic pay, but with financial commitments to handle, you tend to recommend customers products that gave you the highest revenue. A very simple test to see if your agent is doing the same, simply by looking at the tenor of the plan they are offering you. More often than not, irregardless of whether you are 20 or 30 or 40, its always a life plan or at least a 25 year plan as it pays them full commission. So although there isn't someone telling or pressing you what to sell, consciously or subconsciously, you always end up selling the product that gives you the highest revenue, and thereby achieving what the company is pushing for that particular month anyway.

I would applaud if there ever comes a day financial planning can be done on a fee based basis. However, I probably wouldn't see it in my lifetime. The idea is great, but getting people to pay for advice, especially Singaporeans, are almost guaranteed to fail. Regardless of whether in a bank or insurance company, I never fail to meet someone who would try to bargain for better rates or free gifts etc. How can you expect this same group of people to pay for advice?

Honestly, its getting tougher and tougher for me each day to motivate myself for work these days.

Agents vs Bankers

Just a little snippet of update, the tattooedbanker is once again moving back to banking. With the job market in an upswing, I really couldn't resist the opportunity to have a 40% pay increase and a move to one of the big names. So... here I am again...

I've been going through some training etc over the last month or so with my new employer, it was refreshing in certain ways, especially in terms of product offering, yet reeks of the bureaucratic bullshit that I hated of big organisations where every departments attitude was to cover their own ass and adopting a 'not my area' mindset. Its truly sickening...

I was in banking for about 3 years before I my last switch to an insurance company. Shocker number one, even though you are doing the same job, people tends to perceive insurance as more of a 'dirty' job while they look at banks with more prestige. You can actually hear the disdain in their voices when you mentioned that you are from an insurance company. Even customers whom you know that have high net worth will not place much funds with you as you are from an insurance company which they perceive as 'less stable' than a bank. The same customers that used to place hundreds of thousands worth of investments at a time suddenly reduced their figures to tens of thousands. Luckily they still gave me some 'face' though... I see the newbies to the industry really trying and struggling hard and I really pity them. Quite a few made it though, and once their confidence grows, they actually did very well. However, I do also observe that although they improve greatly in terms of rapport building, gaining customer's trust etc, they do not really gain much in terms of market knowledge or even current affairs. It may be somewhat of a generalization, but that is quite true from what I had seen so far, probably because their core focus are on long term insurance plans as it gives them maximum revenue, and their one and only retort to customer's objection on market conditions is that you don't have to worry about it as market will always sort itself out in the long run. Not wrong at all, but if I am a customer, I do enjoy or expect a little bit more depth from my advisor.

Banks on the other hand, have what I would describe as 'perceived legitimacy'. Everything that a bank does is being perceived as more 'aboveboard' and customers really trust them a lot, which may or may not be justified, I don't really wanna discuss that. Its up to the individual. The point is, newbies in banking have an added advantage of the bank's 'backing' and do not need to try so hard to gain the customer's trust, which, once again, can be good or bad, depending on which side of the fence you are on. However, banks do seemed to focus, or expect more of their staff in terms of general knowledge, especially if you are above the mass market segment. Even the tellers and non-sales staff can give a somewhat reasonable explanation on why the deposits rate are so low, currency risks or general market direction. I think this is something that  the bank does really well in educating their staff through email updates and almost daily morning meetings. If you really wanna be able to take on the banks, this is something that I would like very much to see in insurance agencies instead of only focusing on the daily sales numbers only.

Personally, I think my short stint did me a lot of good. It opened my eyes to what is happening on the other side.

Not falling for hype

This is a little belated but I simply had not had the time to sit down in front of the computer at home. This is something that I had written about some time back in regards to UOB offer to buy back certain structured products. At that time, I already made it clear that I see it as nothing more than a publicity stunt by UOB and that investors should just sit tight and hold on to their investment. Looks like I was right. I wondered if UOB actually redeemed the funds as they said they would or did they actually sat on it for a while and made a tidy little profit in the process?


For those interested in my previous article 

Reward for holding on

Investors in structured Prudential Yield product likely to make tidy profit
by Julie Quek 05:55 AM Jun 04, 2010

SINGAPORE - It was a structured product that was on the brink of collapse last year.

But investors who had held on to the Prudential Yield 15 and Yield 20 funds managed by Prudential Asset Management (Pams) look set to walk away with a tidy profit when the fund matures next Thursday.

In October last year, United Overseas Bank (UOB) made a buyback offer to about 4,000 customers who purchased the funds through the bank. UOB offered to redeem their units at par value or the initial price they paid for the investment, less all yearly payouts such as the interest coupon to date - or at 88 cents for Yield 15 and 82 US cents ($1.15) for Yield 20.

Other distributors of this structured product were HSBC, Maybank, Prudential Assurance Company Singapore and Hong Leong Finance.

At its lowest point, the Yield 15 and Yield 20 had dived to 37.5 cents and 39.8 US cents, respectively, at the end of March last year.

But improved credit conditions this year have caused the funds to recover and the price of each unit has rebounded to $1.074 for Yield 15 and US$1.104 for Yield 20 as of May 27.

Investors who held on to the fund for five years until maturity would also have earned 15-per-cent returns in coupon payments for the Yield 15 notes. This works out to about 3 per cent coupon interest a year. Meanwhile, holders of the Yield 20 fund would have collected 22.5 per cent over the 5-year investment period of the fund.

For investors, the potential capital gains coupled with the coupon payments mean that they would walk away from the fund in a better-off position at maturity than if they had redeemed those notes last year.

A retired investor who declined to be named told MediaCorp that she regretted her decision to accept UOB's buyback offer last year as this meant she lost out on the 15-per-cent returns from the coupon payments.

However, former NTUC Income chief executive Tan Kin Lian told MediaCorp that he advised these investors not to regret their earlier decision, because no one would have known whether these funds would do well or fail at maturity this year.

The fund was in trouble last year and early this year, when it suffered a total of 17 defaults out of its 100 reference entities in its portfolio.

Had the fund been hit by six more defaults, the funds' capital would be adversely affected.

Customers are expected to receive their maturity proceeds by end-June.

Changes to Criminal Procedure Code (CPC)

Some changes to the law about interrogation (clause 258) is making the waves online. Its kinda scary and to put it across in layman's term, basically it allows the police to use statements that they cheat or conned out of you, or statements that you made when you are drunk to convict you.

E.g. Someone who is caught drink driving is brought back to the police station. 1km away, there might have been a hit and run. Police questioned if the driver, who is his intoxicated state is understandably not in the best condition to answer but is forced relentlessly to answer all questions or sign a confession before he is allowed to rest. The police might also further assure him that it is not a confession he is signing but just a procedure that he needs to do before he is allowed to rest. Being so worn out and confused, the driver may just have answered wildly or signed any documents placed in front of them just to get some rest. However, the next morning, when he is sober, he is shocked to find out that what he had signed is actually a false confession as he did not commit the crime and tries to get it revoked. Unfortunately, he is unable to do so because of the law and ends up going to jail for a crime he did not commit. Is it fair?

You can say all kinds of bullshit about the integrity of our police force or government etc but I stand by Murphy's law that "whatever can go wrong will go wrong." Fuckups had, have and will continue to occur. No human being or system can be perfect. Can the police or govt guarantee a 100% no false conviction rate? By giving too much power to the agencies, what can the man on the street do to correct a wrong? Remember the case of Dickson Tan, who was caned more times than he was supposed to be? Or Tan Lai Kiat, who was released prematurely in 1999 but warrant of arrest issued again in 2003 because the courts realised that they make a mistake? If even the courts and prison can make a mistake when handling the CONVICTED, I can't see why we should put blind trust in police where the person might be actually innocent.

Rants

I happen to come across this article by Lucky Tan comparing the life of Singaporeans from 4 years ago till now. Interesting read here



I have only one major grouse in all honestly, which I look at it as the root of all the problems, is the fact that Singapore is getting overcrowded. With the fucking wrong kind of people. The govt have basically been doling out PRs and citizenships to many people whom, to put it kindly, are hardly people that qualify as 'talent'. Lets be honest here, by just bringing in just any tom, dick and harry with fucking third world mentality and habits, do you expect to become a first world country even if you have first class infrastructure?

Personal experience, I saw this chinese boy about maybe 5 years old peeing at the void deck of my house. I shouted at him and he still had the cheek to make monkey faces at me before running to his parents, who was sitting a stone throw away at the tables, eating sunflower seeds while spitting the shells on the floor. I was then confronted by BOTH his parents, shouting at me not to scare their kid and there is nothing wrong with the kid pissing there as it was according to them, 'not outside your house'. I was fucking pissed off and wasn't going to let this go so after getting nowhere with them, I decided to call the police. Long story short, the police arrive, did nothing much, no fines or anything issued, just a verbal warning. Now whenever I see this family again, which is pretty regularly since we live in the same block, the mother would make snide remarks against us 'stupid petty Singaporeans' while the father would just glare at me with his fucked up face. Its taking all I can to make me fucking wanna punch their faces in. These are the same people that crowd with you everyday on the train, squeezing in before other comes out, jumping queues, buying up your houses and fucking polluting the land I was born in, the land that I was sworn to protect.

Yeah, I am probably generalizing, but I really fucking hate these people. I can't stand their attitudes, their cultures, their mentality. Fuck the govt about being tolerant and accepting them bullshit. If I am a visitor, I would take care to gravitate myself in accordance to the host's habits and behaviors etc. In no circumstances would I expect them to change themselves to accommodate me.

Yet I don't really blame them, its not exactly their fault that their mindset and culture is such, its normal in their own country to be such. Its very much a "me first' mentality I suppose, that is probably needed to survive in their own country, given the huge population that they have. If I were them, I would have probably done the same thing to go to another country that is willing to have me despite me having no talent and pay me a salary few times more than what I am earning here and allow me to bring my whole family along to live in their govt subsidized housing and do not have to play a part in protecting the country. They even use their people's tax money to throw parties for me, teach me a new language, and maybe even provide scholarship for my kids. Without bonds of course.

If only I can find a country that stupid that is willing to take me in on those terms. I'll pack my bags and be gone on the first plane out.

Micro Financing - workable model in singapore?

I have been following the model of micro-financing or micro-loans as it is also known, for some time now. It first came to my notice through nobel prize winning Prof. Muhammad Yunus & Grameeen Bank. Then came Kiva.org which I recently became a member and pledged to do so on a monthly basis. Then I came across another for profit peer to peer site at prosper.com which really set me thinking. Can we have a similar model in Singapore?

While here I was, committing myself to a minimum of  USD $25 monthly in helping someone I have never seen halfway across the globe, I began thinking if I should actually do more for my fellow citizens, my fellow neighbors. I currently contribute only a measly $2 per month to the Community Chest, while I used to contribute $10 or $15 monthly to NKF through their lifedrops programs, I stopped doing that since the NKF saga came to light. On and off, I make contributions whenever I see those fundraisers on the street or fundraiser shows on TV, but its nothing regular, an nothing exceeding $10 each time, after being wary after the NKF saga of how my money may actually be lining the pocket of some fat cats instead of reaching those that really need it.

I am quite captivated by Kiva's model, in the sense that it is peer to peer. Just a quick summary (please do check out the website for more details), what Kiva does is that it basically connect lenders willing to lend a min of USD $25 to poor entrepreneur borrowers to help them set up a small business in order to get out of poverty. As a lender, you browse the listing with photos and short description of the would-be borrowers and decide who you want to extend the loan to. In a way, you know that your money is going towards an individual or group of your choosing. It puts a face to your recipient and personally, it gives a warm fuzzy feeling to know that you have made a difference to that person and his family. Unlike giving to a charity, the borrowers will pay you back and upon receiving back your loan amount, you can choose to recycle the loan amount once again or donate the money to Kiva to aid their operating costs. Of course, there is always a risk of default, but personally, I am looking at this from a charity point of view, I am fully prepared not to get back my money, and if I do, I will be recycling them again to someone else in need.

The other site that I mentioned earlier, prosper.com, is similar to Kiva in a way in that it involves peer to peer lending, however, it does not limit itself to poor entrepreneurs, its really for anyone. The other difference is that the lenders gets to charge an interest compared to Kiva where the lenders does not earn any interest. Browsing through the site, most people are using it to reduce their credit card debts really, where instead of paying the bank on average 24% p.a on credit card interest rates, the borrowers get a peer to peer loan at interest rate for example 6%. The borrower saves on his interest rates, the lender earns a much much better rate than savings account interest rate.

I see this second model working here in Singapore. To be honest, I am sick and tired of seeing those personal loans and credit lines commercial that the banks are offering. In many adverts, they are encouraging people to use the loans for holidays, pay for some luxury products etc which I feel is somewhat irresponsible. Of course, a bank is still a business, and with personal loans and credit lines being big money makers for them, I can see why they are keen to expand that area of the business, but I wish they can do so in a slightly more social responsible way. Then again, they have no incentive to do so at all and its up to individual borrower to read and understand the terms and conditions.

If we can somehow implement the peer to peer lending model, we can actually help those people that get into debt unwittingly and help them out of the debt. Or to lend to people with genuine needs that couldn't qualify for a government aid. If the government can't or wouldn't help us, shouldn't we help each other?

Its an idea of course, implementation is another whole different matter.

Public transport

"Public transport fares to go down by 2.5%" screams the headline today.

Explanation of how the 2.5% decrease is derived: NIL
Comparison of current pricing vs new pricing: NIL

I re-read the article a couple of times, just trying to see if I missed out anything. My understanding of the article tells me that

• Transport costs will in future be based on distance 
• Some people may be paying less
• Some people may be paying the same
• Some people may be paying MORE

How is that a decrease??? Where the hell is the decrease?? What the hell is a "transfer penalty"??? I thought whenever you do a transfer, you get discounts/rebates??? Whats the penalty??? Have I been paying more all this time without me knowing?? (not surprised if i am)

To be very honest, I gave up trying to understand how much our public transports charge.

When I take a cab, I dunno what surcharges there is or going to be applied until I paid the final bill and asked for a receipt. The cabby could have told me I need to pay a surcharge for picking me up in front of a T-junction opposite a double white line and I would have believed him and paid for it anyway.

When I take a bus, I have no idea how much I will be paying when I alight, I simply struggle to tap my card while being shoved out by the other people, and I never double check. I understand there's a whole different pricing if I paid in cash, or if I am transferring from another bus or MRT.

The only time I can have 2 more seconds to look at my remaining EZlink card value is when I take the train. I think this is the only system I can understand with no surcharges or different pricings etc (i think?)

End of the day, no matter how much the cabs, bus and trains want to charge, how much they wanna increase the fares, there's nothing you can do about it at all. Its not like I can just walk to work? Just suck thumb and pay through nose lor.

Time to get another lot of those SMRT stocks.

Embrace migrants: MM Lee

from the straits time
-------------

Apr 18, 2010
Embrace migrants: MM Lee
MM renews call for greater integration of new, highly educated migrants in society
By Rachel Lin

Singapore must not shy away from embracing new, highly educated migrants, Minister Mentor Lee Kuan Yew said yesterday. --ST PHOTO: CHUA CHIN HON

SINGAPORE must not shy away from embracing new, highly educated migrants, Minister Mentor Lee Kuan Yew said yesterday.

Re-stating his view on the issue, he said Singapore would continue to need overseas talent to drive its economic dynamo.

Pointing to the first quarter growth of 13.1 per cent and revised government projections of 7 per cent to 9 per cent growth for the year, he said this was 'a big turnaround from our most difficult period in early 2009'.

With the outlook for the global economy now brighter, sustaining Singapore's long-term prospects meant the country needed to grow as an attractive hub for international trade, investment and talent.

'That was how we grew from a fishing village to a trading post under the British, and now a vibrant metropolis,' he said. 'We benefited from being open to immigrants from around the world, especially China, India and the region.'

He said while first-generation migrants might find it difficult to take on local habits and accents, their families would be naturalised.

Read the full story in The Sunday Times.

lyuexin@sph.com.sg
-----------------------

Rationally, I think I speak for most Singaporeans when I say that we have no problems with the 'highly educated migrants' in Singapore. If only they were all like that. The ones we are having problems with are the lower educated ones, the ones that bring with them their 3rd world mentality and dirty 3rd world habits, the ones that we have to squeeze with on fucking overcrowded public transport on a daily basis.

Don't give me the crap about them doing jobs no one wanted to do, ask ong ah heng, there are Singaporeans doing it in the first place, but were replaced as these new pets of our ruling party are cheaper, faster and better. To me, they are also dirtier, smellier and a fucking thorn in my flesh.

I wish I can replace you and your son with people that actually do some real good work in action, rather then just words. Someone like maybe gordan brown and obama. After all, they are cheaper, faster and better too.

Cars a necessity?

This is something that is really getting on my nerves.
 
The number of people that complains and complains that COE is too high and that cars are a necessity for them and there family etc etc etc. We are really a city of whiners and disillusioned people, but I think this fellow really takes the cake.

Cars a luxury? Not for us

How about a ballot to replace the bid system?

Letter from Mark Ho 05:55 AM Apr 12, 2010

ARE cars really luxury items that many of us can do without?

I would argue cars are not a "luxury" when one needs to transport young children, elderly folk and bulky goods. One is not guaranteed a seat on public transport when you most need it, and they are poor alternatives when one has to transport big, heavy items.

Besides, the time saved on transport when one owns a car helps families bond - just by virtue of allowing parents to get home faster to spend quality time with their children. Is family bonding time a luxury we should consider doing without?

If the intent of the COE system is to control the number of cars on the road, why do we need a COE bidding system, since it promotes unhealthy speculation? Just controlling the number of COEs (perhaps by ballot system) should suffice - without bringing money into the equation.

Seriously Mark?  One is of course not guaranteed a seat, did you also know that your CPF rate is not guaranteed, your job is not guaranteed, your interest rate and money with the bank is also not guaranteed? The only guaranteed thing right now in this country other than walkovers is that you have been leading a way too sheltered life! Do you know that there are entire families who are homeless and live in tents on beaches? Do you know that there are people in Singapore that can't even afford to take public transport to go for a job interview? Have you ever seen pregnant ladies on the public transport every morning? Elderies and family carrying kids, baggages and disabled people? They too used the public transport on a daily basis. What makes you and your family so fucking special? You are an elite ah?!

Having a car helping a family bond is one of the most ridiculous thing I have heard in recent times. Are you implying that roads are too congested so you end up 'bonding' more in traffic jams? Family bonding times take place at anytime, all the time. I bond with my family by making it a point to have dinner together at least once a week. I bond with my family by calling them and asking about them during my lunch hour. I bond with my family by going on trips together. I certainly do not bond with them in a car cos that would (1) be dangerous if i am not paying a 100% while on the road and (2) if i were stuck in a jam, more often than not, I will be in a irritable mood that is not really conducive for bonding.

Finally, on proposing a ballot system for COE, I would like to ask what happens if someone like you, who considers a car a necessity, does not get one? Or do you simply assume that because you are special and have 'real' needs, you will be guaranteed one?

Wake up dude and be realistic!

Disclaimer: My family own ONE car for nearly 10 years that we share, and while there are undoubtly convenience in owning a car, it still IS a luxury, not a necessity at all! Kids take the school buses, my mum would take the occasional taxi for her medical checkups, and the adults take the public transport daily for work. 

Empty vessels make the most noise

Was doing some bedtime reading before heading to bed when i saw the following article on CNA

It is healthy that there's political contest in S'pore: Ng Eng Hen

By Lynda Hong | Posted: 11 April 2010 1940 hrs

It is healthy that there's political contest in S'pore: Ng Eng Hen

SINGAPORE : Education Minister Ng Eng Hen on Sunday said it is healthy that there is political contest in Singapore.

He was responding to reporters who asked him about the recent activity by opposition parties in various constituencies.

Dr Ng joined 300 residents in Toa Payoh for some Sunday morning exercise.

Elaborating on his point that political contest is healthy, Dr Ng said he would encourage would-be candidates and opposition parties to meet residents so that residents could ask them questions about what they stood for.

He said: "I think it is healthier for Singapore, rather than just appearing before the elections and then not continuing. I have noticed that opposition parties are doing this more regularly, and I think all-in-all, it is good for politics in Singapore."

Dr Ng said PAP MPs assume that there would be a contest each time, and so the MPs have been working the ground to improve the lives of residents.

This point was also emphasised by Manpower Minister Gan Kim Yong at a separate community event.

Mr Gan also told reporters that there has not been a shortage of ideas within the ruling party.

He was asked to respond to Reform Party leader Kenneth Jeyaretnam's comments in a TODAY interview that a one-party system will lead to a society closed to new ideas.

Mr Gan said that PAP MPs have been proactive in implementing their ideas.

He said: "During the last recession, you also see that we have rolled out many initiatives, including the Jobs Credit, SPUR and so on.

"They were very effective in helping our companies and workers cope with the recession and allowing our economy to recover very strongly, very quickly since the second half of last year."

Mr Gan added that the PAP MPs have also been focused on serving the residents and improving their estates. - CNA/ms

Not wanting to elaborate too much on the highlighted text, but based on my own personal very unscientific, biased and non-proven experience, I would like to re-account on the following,

I have lived in my current estate since year 2001. I have NEVER seen any walkabout by ANY political parties until 2006. Given that my estate was previously a walkover GRC, only to be remove and gazetted into another zone for the 2006 elections, it wasn't all that surprising. That was the first time I started seeing any parties appearing in or near my estate. So BOTH parties i would say are guilty of what Mr Ng mentioned, "just appearing before the elections". It was during this period though, that attending rallies etc that i know more or what each candidate, not just their party stood for, before I cast my first ever vote in 2006.

Fast-forward to today, 2010. My estate is a PAP ward. Over the last few years, I have seen the Workers Party people around my area, but they didn't come door to door I assume, cause I never did get to speak to them, but I recognised them through their party uniform. I also saw Mr Low twice, and said hi to him because I know and recognised who he is. On the other hand, I have yet to ever see any PAP people around my area, maybe they weren't wearing the party uniform, or they were not doing any group event, I honestly do not know. I have NEVER seen my MP, who is a full minister, and probably very busy with his work to come down from his ivory tower to talk to us lesser mortal.

Or maybe its just me who never had the good fortune of running into them when I'm in around the estate, and/or that I'm never home when they visited my place over the last couple of years. Just for the record, I think I have struck 4d about twice over the last couple of years, yet I have not met my MP before. So my personal conclusion is that, its easier to strike 4d than meeting your my MP?

Random rant: Our lovely transport system

Just came back after meeting a few ex-colleagues earlier today. Haven't been taking the public transport at this kinda peak hrs for some time and wasn't expecting what I am about to experience.

It was 6pm at AMK station, heading towards Jurong East with one of my colleague staying in the same direction. As its the peak hour (or so I assumed), I expected the train interval to be like 2-3mins each. To my surprise, the board indicated 6 mins. Nevermind lor, just wait... and while waiting, crowd kept piling in. We were standing at the arrows pointing in, but soon people starting standing right smack where the door is gng to open, with the arrow pointing out. Train was packed to the brim and we couldn't squeeze in at all, only those fucking ugly singaporeans (and/or foreigners) whom squeezed their way in without waiting for the people to alight first managed to get in. Fuckers.

Next train took another 6 mins. 12 min of fucking waiting time during peak hour. Nice.

Jammed packed again, managed to squeeze in this time, but it was so bloody packed that me and my ex-colleague's lips were almost touching. No joke. It was damn embarrassing for both of us. Luckily for us both, our breath didn't stink.

Anyway, we tried to make some conversation during the journey and the issue of single gender train carriages came up. She wished that there will be a carriage entirely for women and perhaps the old folks.

"Imagine its you right now so its not so bad, but there are times where I'm being packed so closed to a stranger that we're almost kissing, its not alright at all" she laments.

I can understand where she's coming from but a couple of reasons seem to make this impossible.

Looking at the load right now, imagine a female only carriage is half empty, who is to stop anyone from packing into them? how are you gng to enforce it? Will in results in fights/arguments?

Others such as the wheelchair bound and family with kids etc will start to demand their own carriages. Can I than request that we ban eg kids strollers from entering any other carriages? While we're talking about kids strollers, i think its ridiculous when they enforce strict requirements on foldable bicycle but not strollers. Have you ever seen the size of one of those 3 in 1 kinda stroller?

I just wish we had a better system with more trains and shorter waiting time.

A little project

I recently started this little project at 750words.com

I know I haven't been blogging alot. Other than being busy with work, the other reason for me not blogging more regularly is that I try to blog only when I have something relevant to say. I keep multiple blogs, for personal, tracking etc.

750words.com is interesting because I can basically dump all my thoughts there, and it even does an analysis of the entries to breakdown what they think they know about you from these entries. Its something like writing analysis if you like, which so far has been holding my attention. You should check it out.

MEASURES TO ENSURE A STABLE AND SUSTAINABLE PROPERTY MARKET

From: http://www.mnd.gov.sg/newsroom/newsreleases/2010/news19022010.htm

In a nutshell, the govt plans to curb speculation through imposing the following,

1. Seller’s Stamp Duty (SSD) on Residential Properties Sold within 1 Year
2. Lowering Loan-To-Value (LTV) Limit to 80% for Housing Loans

A few question marks come to my mind immediately.

I can understand that the govt is keen to nip the impending bubble in the bud, but why nothing for HDB? Prices for HDB has been going upwards steadily largely due to the fact that PRs are allowed to 'speculate' in them in a way that seems to me to be more detrimental to property prices as compared to that of the private housing market.

Secondly, the 2 new rules in itself doesn't seem to me that its going to have much of an impact in curbing speculation because

1. A quick search through the sub-sale caveats lodged since Oct09 showed that only about 10% of them are 'flipped' within one year of purchase. So this new ruling will at best only affect up to 10% of all sales?
2. Most financial institutes are already being prudent (due largely to the crisis) and not offering any 90% loan at all. Redundant?

Impact is going to be minimal at best, probably 'scaring' investors off for a few months, like the last time they took away the interest absorption scheme.

I seriously dunno why they even bother.

Another bond offering for Temasek

Frankly, I'm slightly disturbed. This is Temasek's 5th bond offering in as many months. Is Temasek really running out of money??

An other note, so far all the bonds have been rated triple A if I remember correctly, which is the highest grade possible. Given that even Warren Buffet's BH shares have been downgraded recently, I guess its safe to say that Temasek finances are still well and strong.

I wonder why Temasek not make the bonds available to the general public though. From what I know, they are only available to institutional investors. Given the relatively attractive yield of ~ close to 4%, they probably wouldn't have any problems raising the funds they need.

Maybe they get a better rate 'borrowing' from our CPF funds? Just a thought

Wakemate

I'm not exactly what you call an impulsive shopper. In fact, most often than not, I would shop around, read reviews, make comparisons before I made a final purchase. However, I kinda bucked the trend today. I'm not sure why I did it, but I just had to get this.

http://wakemate.com/

Basically this little thing here tracks your sleep to wake you at the optimal time and collects data that can tell you how to improve your sleep quality. I always had trouble sleeping well at night. On average, I sleep only 4-5 hours on weekdays. No matter how tired I am during the day, I can't fall asleep until around 2-3am every night, and I get up for work at about 7am, dead tired. Although this thing is not gng to help me sleep at night, if it makes me less tired, its well worth the money. Not to mention I'm a sucker for statistics and data. I track my spending habits, my investments, my income, my workouts and being able to track my sleep somehow feels perversely exciting. Not sure if it really works, since its a pre-launch and there's no reviews.

Can't wait to get my hands on it. :)