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(Seven Days Archive)
2012-05-15- People's Daily reiterates China will not blindly copy Western political models; hails major progress in political reform
The People's Daily, the official organ of the Communist Party of China (CPC), published a series of reports and articles yesterday to stress the "major progress" achieved in China's political reforms over the past ten years. The newspaper also said that the CPC will "never blindly copy Western political models". Lianhe Zaobao's Yu Zeyuan reports from Beijing.
- Inflation and low-wage workers
Yew Lun Tian writes from the gallery of Parliament and mentions how inflation can eat away at one's savings and earnings. The plight of low-wage workers was a concern for many MPs in Parliament yesterday and Trade & Industry Minister Lim Hng Kiang and Minister of State for National Development and Manpower Tan Chuan Jin spent an hour responding to their questions.
- Tan Chuan Jin responds to "shock therapy" proposal; should adopt balanced approach and not extremes
Minister of State for National Development and Manpower Tan Chuan Jin noted in Parliament yesterday that Singapore lost its competitiveness in the 1980s resulting in tens of thousands of people becoming unemployed because productivity failed to keep up with salaries. He said Singapore should avoid extreme approaches when it comes to reforming the salary system, neither should it allow wages to be completely dictated by market forces. A balanced approach is needed.
- Overall sentiment rebounds in local property market; led by mass-market projects
The Real Estate Sentiment Index (RESI) released by REDAS and NUS for the first quarter of 2012 showed a rebound from 3.5 in the first quarter of 2011 to 4.8 this year. The Future Sentiment Index rose from 3.1 to 4.4 over the same period. The Composite Sentiment Index, which measures the sentiment of the overall property market, rose from 3.3 to 4.6.
- Kelly Services compiles Asia Pacific salary guidelines to help companies retain talent
In sectors where talent is scarce, companies often do not know what salaries to offer to retain their talent. Kelly Services spent 18 months compiling salary guidelines for the most popular professional positions in eight Asia Pacific markets to allow employers to have a better idea of prevailing salaries. This is the first such document compiled by the HR company from factual wage data provided by its clients in Singapore, Australia, China, Hong Kong, India, Indonesia, Malaysia and New Zealand.
- The East Asian model in the age of globalisation
The "East Asian model" refers to the model of development with Japan and the "Four Asian Tigers" at the core. This piece by Professor Zheng Yongnian, director of the NUS East Asian Institute, looks at the challenges facing Asian economies and the measures that can be used to tackle them in order to ensure continued success through reforms.
- Improving the operating model of hawker centres
[Editorial] The government introduced new policies prohibiting the full-day subletting or assignment of stalls beginning from 1 April. Hawker centres are social facilities that play an indispensable role in the everyday lives of Singaporeans. We hope that the new generation hawker centres will gradually transition into a "small business" model such that the quality of living of Singaporeans can be improved.
2012-05-14- Lee Myung-Bak: China, Japan and South Korea will not tolerate another nuclear test by North Korea
Chinese Premier Wen Jiabao, South Korean President Lee Myung-Bak and Japanese Prime Minister Yoshihiko Noda held their fifth annual trilateral summit yesterday. The three leaders met with the media following the meeting. President Lee Myung-Bak said that China, Japan and South Korea have agreed that they will not tolerate another nuclear test by North Korea. Lianhe Zaobao's Sim Tze Wei reports from Beijing.
- China, Japan and South Korea to commence FTA talks this year
China, Japan and South Korea have agreed to open talks on a free trade pact. The three countries signed an investment agreement that provides the basis for the talks yesterday. Lianhe Zaobao's Beijing correspondent Sim Tze Wei reports.
- Taxi driver in Ferrari collision dies
Cheng Teck Hock, 52, a taxi driver whose ComfortDelGro taxi was involved in a collision with a Ferrari at the junction of Rochor Road and Victoria Street on Saturday, died at Tan Tock Seng Hospital yesterday evening. The horrific accident also claimed the life of a Japanese passenger who was in Cheng's taxi at the time of the impact.
- Desmond Choo: Hougang will not be merged into GRC as long as I continue to serve
Desmond Choo, PAP's candidate in the Hougang by-election, said for the first time that he hopes Hougang will remain an SMC regardless of the outcome of the by-election. He said that as long as he continues to serve Hougang residents, he will make sure that the SMC will not be merged into a GRC.
- Temasek Foundation has put in nearly $100 million so far as aid for projects in Asia
As a non-profit charitable institution funded by Temasek Holdings, the various activities of the Temasek Foundation naturally draw the scrutiny of those who believe that the foundation has been set up to advance the interests of its parent. Benedict Cheong, who heads the foundation, told Lianhe Zaobao that the foundation has its own distinct direction and goals. It has independent directors to oversee its projects across Asia and its relationship to Temasek Holdings is not as tight as what others might think.
- HOME petitions for FDWs to be prohibited from doing dangerous chores on high floors
Local NGO HOME is currently circulating a petition hoping to get 1,000 signatories to call on the authorities to ban foreign domestic workers (FDWs) from doing dangerous chores in homes located on high floors. Founder Bridget Lew told the media that there have been too many FDWs dying from falls from height recently and this is an unnecessary sacrifice. More than a hundred people have signed the petition so far.
- Industry players: Cut in reserve ratio by China may benefit property market
Industry analysts feel that the second cut in the reserve ratio for yuan deposits by China's central bank may not "rescue" its flagging property market, but could help first-time property buyers get access to credit more easily. This could result in a steady loosening of housing demand.
- Experts: China may loosen monetary policy
China's central bank announced that it will be lowering the reserve ratio for RMB deposits last Saturday. This has prompted industry players to expect further loosening of the country's monetary policy. There is a likelihood of further stimulus measures later in the year.
- When will the Chinese property market bottom out?
Hong Kong current affairs commentator David Ng Yau Man contributes this piece analysing the property market in China. He looks at various technical factors that may signal a bottoming out of the market and the right time for investors to enter the market.
- The weak link of inclusive growth
In this column by Goh Choon Kang, he notes that the adoption of the American model of running a business by locally listed companies could be a cause of the rising income disparity. Under such a model, senior executives are rewarded for cutting costs and bringing short-term results. As such, they aggressively reduce headcount and outsource functions. Thus, the salaries of senior management rise to astronomical levels while that of frontline workers stagnate.
- The impact of the same-sex marriage debate in the US
[Editorial] US President Barack Obama, who is preparing to seek re-election at the end of this year, expressed his support for same-sex marriage in a television interview recently. This made Obama the first sitting US President in history to be openly supportive of same-sex marriage. Even though the debate over the legalisation of same-sex marriages is a domestic political issue in the US, the consequences are global. Therefore, it is almost certain that the debate will not be confined to the US in time to come.
2012-05-13- PLA News:
Following denials by China's military authorities that its defence forces have entered into Level Two state of readiness, the Central Military Commission of China's news organ, the PLA News, published an editorial that said that there is still room for diplomacy on the issue of Huangyan Island (also known as Scarborough Shoal). It also said that there are troublemakers who would like to see China act in an irrational manner and take military action. Lianhe Zaobao's Beijing correspondent Ng Hui Min reports.
- Cheng Guangcheng's nephew officially arrested on suspicion of murder
Cheng Kegui, the nephew of blind Chinese lawyer Cheng Guangcheng, was arrested in late April on suspicion on murder. The Chinese activist had previously expressed his worry that the local government may victimise his family members back in Shandong as retaliation for his whistle-blowing efforts.
- Is Taiwan seeing the rise of "media monsters"?
Media consolidation in Taiwan is giving rise to a small handful of media giants with tentacles stretching across different media platforms. This has led to worries that this will threaten freedom of speech and diversity of views. In this special feature, Lianhe Zaobao's Taipei correspondent Teo Woan Yee takes a look at this phenomenon.
- Lee Kuan Yew: Government needs to get Singaporean doctors to return home to serve
Former Minister Mentor Lee Kuan Yew said that with population aging, Singapore will inevitably need more doctors. The country currently has 10,000 doctors of which 2,000 are foreign nationals who may not necessarily know how to communicate in dialects or Malay. The authorities are currently putting in effort to draw Singaporean doctors working in countries such as Australia and New Zealand back home.
- More topping up the CPF accounts of parents; a practical way of showing filial piety
More people are showing their filial nature by topping up the CPF accounts of their parents under the Minimum Sum scheme. Figures show that over the past four years, there has been a 60% increase in children topping up the accounts of their parents, with the amount rising from $50 million to $75.5 million.
- "Though Hougang is small, its significance is great"
Lianhe Zaobao interviews Workers' Party candidate for the Hougang by-election Png Eng Huat. He notes that though the constituency is small in size, it has a special significance to democracy in Singapore. By seeing it as only a local election, this neglects the importance of this by-election.
- Is this the right time to buy commercial property?
In this property column, Lianhe Zaobao looks at the commercial real estate market in Singapore, which have so far not been the target of any government market cooling measures. Will investors shift their attention to commercial properties in the wake of government curbs on the residential market? Is this the right time to buy commercial or industrial real estate?
- Do shoe-box apartments lower the quality of life of Singaporeans?
There is an increasing number of shoe-box apartments being sold in Singapore, with a record 1,764 units transacted in the first quarter of this year. These units with an area of less than 50 square metres, are seeing high popularity at this time. Lianhe Zaobao's Markets column looks at this recent development and where the demand is coming from.
2012-05-12- Teo Chee Hean: China will have a successful transition of political leadership
Deputy Prime Minister Teo Chee Hean, who ended his five-day visit to China yesterday, expressed his confidence in the domestic affairs of China and said that he believes there will be a successful transition of political leadership. He expressed concern over the South China Sea sovereignty dispute between China and the Philippines and expressed his hope that both sides will deal with the matter in a calm and rational manner. Lianhe Zaobao's Beijing correspondent Ng Hui Min reports.
- "We have long-term comprehensive plans"
PAP candidate for the Hougang by-election Desmond Choo sits for an interview with Lianhe Zaobao. He reiterates the the fact that "he is his own man" and vows to continue the fight for Hougang "as long as it takes".
- Close to 2,000 HDB blocks to have energy-saving LED lights by year end
The public areas of 1,848 HDB blocks under 11 town councils will switch to energy-saving LED lights by the end of this year. Not only will this provide better illumination and be more environmentally friendly, but the move will also provide significant cost savings for the town councils.
- Ezra Vogel to give Mandarin lecture in Singapore on Deng Xiaoping
The SMU Ho Bee Professorship in Chinese Economy and Business and Lianhe Zaobao will be jointly organising a lecture by renowned China expert Professor Ezra F. Vogel on 26 May. The lecture, to be delivered in Mandarin, will be on Deng Xiaoping and the Transformation of China.
- Slightly slower inflation for China in April
China's economic data from April met market expectations, with the consumer price index (CPI) growing at a slower 3.4%. However, experts feel that inflation will continue in light of high food and fuel prices. Lianhe Zaobao's Tai Hing Shing reports from Hong Kong.
- Wang Shu - A most cultured architect
Lianhe Zaobao profiles Wang Shu, who recently became the first architect from China to win the Pritzker Prize, the "Nobel Prize" of the architectural field. Wang has always stood firmly by traditional cultural and scholarly values, practicing them in his work and his own life. He once described himself as "first a man of letters, then an architect".
- Close to half of companies hold AGM only in final week
The Association of Chartered Certified Accountants and KPMG issued a research report yesterday on communicating with stakeholders, which revealed that 47% of companies listed on the Singapore Exchange held their Annual General Meeting in the last five days of April. This poses challenges for shareholders and directors.
- Special preparations needed for special tours
[Editorial] Two Singaporeans died on a trip to Tibet after succumbing to altitude sickness. The case has received wide attention. This should be a lesson to travel agencies and travellers that adequate preparations are needed for tours that entail a certain level of risk.
2012-05-11- Teo Chee Hean: Singapore can work with China in the services sector
Deputy Prime Minister Teo Chee Hean, who is currently visiting Beijing, noted that China has put developing the services sector as an area of focus in its 12th Five Year Plan. He believes that there will be significant investments made in areas such as healthcare, education and other services. Singapore companies can leverage on their experience to play a part in working with their counterparts in China in these areas. Lianhe Zaobao's Beijing correspondent Ng Hui Min reports.
- Singaporean investors: Increasing challenges in doing business in China
With a growing number of companies around the world entering the massive China market, it has become more challenging to do business there. Being bilingual does not grant Singapore companies any significant advantage. What is more important is for Singapore businesses in China to learn to be more flexible and adaptable.
- Goh Chok Tong in Tianjin: China has significant influence on global economic recovery
Emeritus Senior Minister Goh Chok Tong said on a visit to Tianjin yesterday that as the engine for global economic growth, China has a significant and long-lasting influence on global economic recovery and geopolitics. He noted that although China's own economic growth will moderate, it will continue to move forward.
- $50 million for the mental health of the elderly over next 5 years
The physical wellbeing of local seniors is important but their mental health cannot be overlooked. The Health Ministry will be spending around $50 million over the next five years to expand mental health services for elderly Singaporeans and providing more assistance to their caregivers.
- MOM considering harsher penalties for employers who fail to provide sufficient protection for FDWs
The Ministry of Manpower is currently reviewing relevant legislation to decide whether to introduce harsher penalties for employers who fail to ensure the safety and wellbeing of their foreign domestic workers (FDWs). Such employers currently face a fine of up to $5,000, imprisonment of up to 6 months, or both. Minister of State Tan Chuan Jin said that the ministry is reviewing whether the current penalties have a deterrent effect. He noted that there have been eight fatal falls from height involving FDWs this year.
- Lim Biow Chuan in dialogue with Mountbatten residents unhappy over not being consulted on building of rehabilitation centre
Mountbatten residents say they support the construction of a an integrated rehabilitation centre in their estate but they expressed unhappiness that the authorities did not give them any advance notice of the plans to do so. The project involves the expansion of a facility at Jalan Batu. Residents only knew of the plans when workers from the contractor came to prepare for works.
- Two groups set up foreign workers fund
The Singapore National Employers' Federation (SNEF) and NTUC have jointly set up a foreign workers assistance fund to provide help to foreign workers in difficulties. The charity fund has been approved as an Institution of Public Character (IPC). Employers and unions had set up the Migrant Workers' Centre (MWC) in 2009 and the establishment of the fund is a further expansion of their efforts in this area.
- Singtel sets sights squarely on television market
Singtel already has its mio TV operations but it wants to focus more on developing the television market. The group has revealed that it is interested in doing so through acquisitions. The telco had invested USD321 million ($400 million) on US mobile advertising solutions provider Amobee two months ago.
- Do not allow noise pollution to affect neighbourly ties
[Editorial] Noise pollution is a common occurrence in densely populated cities but it is one that is hard to avoid. Noise comes not only from industrial activity but also from daily living. The authorities received 100,000 complaints concerning noise last year, many that involve HDB residents. Residents should resolve problems on their own first and get grassroots bodies as mediators should this fail. Of course, the best approach is for residents to be considerate. After all, if one does not want to be the victim of noise pollution, one should also not let the noise one makes affect others.
2012-05-10- Hougang by-election to be on 26 May; Nomination day to be 16 May
The first by-election in Singapore triggered by the expulsion of a member of an opposition party may be held on 26 May if contested. Around 25,000 Hougang residents will be able to elect their representative to fill the seat vacated by Workers' Party Yaw Shin Leong. President Tony Tan issued a writ of election yesterday announcing 16 May as the Nomination Day.
- Singapore and China leaders: Government needs to guide online discourse in the era of new media
Deputy Prime Minister Teo Chee Hean said in his speech at a leadership forum in Beijing yesterday that with better education, citizens now hope to discuss policies and participate in policy making on an equal footing with the government. They are less tolerant of shortcomings and their voices will be louder with the development of new media.
- Is $1 rent for hawker stall a good deal?
A tender for a food stall at Ang Mo Kio Avenue 6drew only one bid of $1 from a Poon Kein Hoon. With this nominal rent, can the stall lower prices to draw more customers? Does the alleviation of the pressure of rent mean that the business will be successful? Other stall holders in the vicinity expressed their reservations when asked.
- Rare court decision: Woman to receive further compensation if accident leads to diabetes
A 47-year-old woman was knocked down by a private bus six years ago and was awarded $890,000 in compensation for her injuries. The medication she took for her head injury resulted in high blood sugar, which caused a stroke, leading her to become bedridden. Unable to exercise to lower her blood sugar, she became stricken with diabetes. The compensation was recently increased by the court to close to $1.05 million. This is believed to be the first local ruling where compensation is given for diabetes arising as a complication of a car accident.
- CITIC International expects Hong Kong to be largest offshore RMB hub
Analysts believe that the convertibility of the yuan will have a direct impact on the markets in Hong Kong and Shanghai. When this is eventually implemented, Hong Kong and Shanghai will both become international financial hubs with distinct functions. Lianhe Zaobao's Hong Kong correspondent Norman Yik reports.
- SIA full year net profit down 70% on high fuel costs and economic turmoil
Singapore Airlines delivered a surprisingly poor set of fourth quarter results yesterday but it expects to remain in the black for the full year. Earnings were affected by high fuel costs and the global economic turmoil, which led to a net loss of $38.2 million for the January to March period.
- Tepid response to Yishun ECs
Executive condominium project One Canberra, developed by MCC Land, has not seen an enthusiastic market response at its launch, with a subscription rate of around 1. Approximately 60% of the applicants for the project at Yishun Ave 7 are second-time HDB buyers, while 40% are first-time buyers.
- Keeping alive the Hainanese culture through the kopitiam
In this special SME feature, Lianhe Zaobao looks at Killiney Kopitiam, which now has 23 outlets. With its franchising operations and overseas expansion plans, the future looks bright for this successful local enterprise. The current owners had acquired the "kopitiam" in 1993 in the hope of retaining an important part of Hainanese culture.
- Now is the right time for US and China to step up military exchanges
[Editorial] Chinese State Councilor and the Minister of National Defense Liang Guanglie said while meeting with US Defense Secretary Leon Panetta in Washington DC that China hopes to develop a "new type of military relationship" with the US. Asia Pacific has become an important engine that drives global economic growth. Therefore, it is important for all players involved to ensure the continued stability of the region. A more "equal" military relationship between China and the US serves the interests of both countries and that of the wider region.
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