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Supporting Chee Soon Juan's caféSupporting Chee Soon Juan's café I refer to The Independent Singapore’s news, “Singaporeans urged to support Chee Soon Juan's café despite their political preferences” (July 16). The underlying objective of doing any business is to ensure it is viable and profitable. Otherwise, there is no point of undertaking risk for it. It is natural for...

Will PM Wong address the astronomical ministerial salaries?Will PM Wong address the astronomical ministerial salaries? I refer to The TR-Emeritus opinion article, “Will PM Wong address the astronomical ministerial salaries” (June 14) by Mr Yoong Siew Wah. It has always been a controversial topic which concerns about our top political leaders who receive their salaries that are many times higher than those foreign political leaders. Our...

Steering with stability in transition timesSteering with stability in transition times I refer to The Straits Times’ Editorial, “Steering with stability in transition times” (May 16). Let us analyze and interpret this specific subject from a broad perspective, how Singapore should respond and adapt to the evolution of the entire international situation and formulate its foreign policy that is extremely...

We will lead in our own wayWe will lead in our own way I read with interest The Today’s report, “'We will lead in our own way': : Lawrence Wong takes office as 4th prime minister of Singapore” (May 15). We can get some inspiration or enlightenment from the story of the 108 heroes in Water Margin: they originally had their own abilities, aspirations and ambitions. They...

Chinese villagers living on cliffsChinese villagers living on cliffs In the Liangshan Mountains of Sichuan Province in China, there is a small isolated village on a cliff 1,400 meters above sea level. This is the village of Atuler, known as the Cliff Village with 72 families who has been living there for almost 200 years. All travel is by a ladder that leads to the sky at almost right...

Ukraine will cease to exist thanks to the westUkraine will cease to exist thanks to the west Scott Ritter is a former Marine intelligence officer who served in the former Soviet Union, implementing arms control agreements, and on the staff of General Norman Schwartzkopf during the Gulf War, where he played a critical role in the hunt for Iraqi SCUD missiles. From 1991 until 1998, Mr. Ritter served as a Chief Inspector...

Bride's family asked for RMB 500,000 in bride priceBride's family asked for RMB 500,000 in bride price Contrary to popular beliefs, many couples in China are unable to afford to get married. With the exception of rural villages, those in the cities mostly asked for hundreds of thousands in bride price (聘礼/彩礼). According to our techie who has been in China for over a decade, the bride price may include monies intended...

Higher salaries lead Singapore to become top pick for Asian workers looking to moveHigher salaries lead Singapore to become top pick for Asian... I refer to the Independent Singapore’s Featured News SG Economy, “Higher salaries lead Singapore to become top pick for Asian workers looking to move” (Feb 22). In this era of rapid technological advancement, all countries are faced with the dilemma of being hungry for talent. Therefore, top talents in respective...

Where Romance Meets FinanceWhere Romance Meets Finance Sugarbook was launched by Darren Chan in Kuala Lumpur, Malaysia. It is a luxury dating website designed to resolve financial issues through emotional support. It provides a platform to grow your relationships through mutual benefits that are not restricted to mentorship, companionship, wealth and emotional support. It...

Marriage, children and practical concernsMarriage, children and practical concerns A couple bows before their parents and offers them tea, as is traditional in Chinese weddings. I refer to The Straits Times’ Editorial “Marriage, children and practical concerns” (Feb 5). Since the history of human civilisation, the formation of individual family and the issue of procreation have become two...

Not in my backyardNot in my backyard I refer to the TODAY’s Commentary, “'Not in my backyard' — when some groups can protest more loudly, the most vulnerable ones suffer” (Jan 25, 2024). A few good points from the article are worth to be probed further and discussed. In December 2023, the announcement of plans by The National Environment Agency...

Opposition parties seek to strengthen parliamentary presenceOpposition parties seek to strengthen parliamentary presence I refer to The Independent Singapore’s SG Politics column, “Opposition parties seek to strengthen parliamentary presence” (Nov 29, 2023). As we know, Singapore political scene has been firmly dominated by the PAP since 1959. Thus, the opposition parties in Singapore have to face and withstand many challenges ahead...

Educating the next generationEducating the next generation I read with interest the Straits Times’ Editorial, “Educating the next generation” (Jan 5, 2024). Any form of spontaneous learning should provide you with a happy, positive, and memorable experience. However, only a small number of children are in exception. Therefore, based on this, parents should realize the...

GST increase in 2024GST increase in 2024 On 1 Jan 2024 GST rises 1% from 8% to 9%; this is a 12.5% increase in GST. I am not convinced that this is necessary. It will contribute to inflation, and cause economic hardship. The handouts to mitigate this are temporary and the increase is permanent. In 2015, when the possibility of GST rising was an election issue...

Race relations in SingaporeRace relations in Singapore I refer to the Today’s “Commentary: In 1954, David Marshall spoke about race relations in Singapore. Have we made real progress since then?” (Dec 15). For any country to be prosperous and powerful, it must first achieve political and social stability, and its people must live in harmony and be united. Only in this...

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Editorial
Rare typhoon-like storm hits Singapore

Rare typhoon-like storm hits Singapore

Strong winds that people called a mini typhoon hit Singapore on Tuesday evening, September 17, toppling...
Super typhoon Bebinca hit the city of Suzhou in Jiangsu...

Super typhoon Bebinca hit the city of Suzhou in Jiangsu...

After hitting Shanghai on Monday (17th Sept), Typhoon Bebinca hit the city of Suzhou in Jiangsu province....
Why storms and typhoons are wrecking havoc in Asia...

Why storms and typhoons are wrecking havoc in Asia...

Typhoon Bebinca has made landfall in China on Monday (16th Sept). Shanghai has been slammed by the city's...
Super typhoon Bebinca wreaks havoc In Shanghai

Super typhoon Bebinca wreaks havoc In Shanghai

The mega city of Shanghai was brought to a standstill on Monday (16th Sept) as residents at home had...
Severe flooding wrecks havoc in Europe

Severe flooding wrecks havoc in Europe

Severe flooding continues to wreak havoc across central and eastern Europe, following days of torrential...
Iran poised to launch mega-retaliation against Israel

Iran poised to launch mega-retaliation against Israel

Brigadier General Mohammad Reza Naqdi, a high-ranking IRGC commander, has announced that Iran will soon...
Super typhoon Yagi batters Hainan island in China

Super typhoon Yagi batters Hainan island in China

Heavy rains and strong winds swept through Hainan province Friday as a powerful typhoon, dubbed Yagi,...
Putin visits Mongolia despite ICC arrest warrant

Putin visits Mongolia despite ICC arrest warrant

Russian President Vladimir Putin has arrived in Mongolia for a visit, despite the risk of arrest under...
Axis of Resistance vows to escalate attacks on Israel...

Axis of Resistance vows to escalate attacks on Israel...

The Axis of Resistance groups in Iraq have escalated their threats against Israel and the US. They have...
Russia pounds Ukraine for the second consecutive day

Russia pounds Ukraine for the second consecutive day

In one of the biggest air attacks launched by Russia, hundreds of missiles and drones were launched targeting...
Russia pounds Ukraine in retaliation for invasion of...

Russia pounds Ukraine in retaliation for invasion of...

Russia unleashed a massive missile and drone assault on NATO-backed Ukraine amid rising tensions over...
Houthis ready to strike Israel

Houthis ready to strike Israel

Houthi-installed defence minister in Yemen has warned that his forces are ready to strike Israel. Major...
Israel imposes restriction on media to hide damages...

Israel imposes restriction on media to hide damages...

Hezbollah leader Hassan Nasrallah is set to present proof or videos of attacks near Tel Aviv. Israeli...
Hezbollah hints at 'full response' after major rocket...

Hezbollah hints at 'full response' after major rocket...

The Lebanon-based militant group Hezbollah launched hundreds of rockets and drones towards Israel on...
How strong is Singapore's fighter jets?

How strong is Singapore's fighter jets?

Singapore's fighter jets are supposedly the most advanced force in the entire Southeast Asian region. What...
Major escalation fears as Hezbollah pounds Israel with...

Major escalation fears as Hezbollah pounds Israel with...

Hezbollah and Israel both have announced large-scale military operations against each other. Israel is...
WHO Declares Global Health Emergency

WHO Declares Global Health Emergency

Covid Done, New Virus Emerges: 100s Killed, WHO Declares Global Health Emergency. The World Health...
Japan's Prime Minister Fumio Kishida to step down

Japan's Prime Minister Fumio Kishida to step down

Japan's Prime Minister Fumio Kishida was seen as a safe pair of hands when his party installed him three...
Opinions
A random thought on the comedy of error

A random thought on the comedy of error

The comedy of error that is circling around in Singapore although mind-boggling but amuses Singaporeans...
The Great America, No More

The Great America, No More

America was propagated as the Great Nation in the last century when I was born, even though the world...
A glimpse of the obscurantism of Singapore society

A glimpse of the obscurantism of Singapore society

This is not an attempt at self-exaltation but to give a glimpse of the obscurantism of the Singapore...
Excess Deaths in Singapore

Excess Deaths in Singapore

I applaud ST journalist's effort in pursuing this issue of Excess Deaths in Singapore (which is one of...
Throwing out the baby with the bath water

Throwing out the baby with the bath water

Mr Shanmugam says Singapore has laws and policies to prevent riots like those seen in the UK recently...
Let dead dogs lie

Let dead dogs lie

Alas, Pritam should have let dead dogs lie. I am surprised that he is making a bid to have his case...
Total Policy Reset

Total Policy Reset

Lawrence Wong talked about "reset" but up till now, I am still not quite sure what is installed in his...
The divination of a self-exaltation myth

The divination of a self-exaltation myth

The euphoria that accompanied the appointment of Lawrence Wong as prime minister is understandable.because...
Prime Minister Lawrence Wong's (LW) National Day Rally

Prime Minister Lawrence Wong's (LW) National Day Rally

I have more praises than criticisms for Prime Minister Lawrence Wong's (LW) National Day Rally. He...
Build Our Core

Build Our Core

On this very day of celebrating our 59th National Day, we as a people, a country and the Singaporean...
More Singaporeans eligible to vote in next General...

More Singaporeans eligible to vote in next General...

More Singaporeans eligible to vote in next General Election (GE)- CNA online 22 July 2024. There are...
Excess Deaths Comparison Chart

Excess Deaths Comparison Chart

This is the Excess Deaths Comparison Chart that MOH has neither disputed nor commented on. It...
Focusing on frail, senior patients

Focusing on frail, senior patients

Tan Tock Seng (TTS) focuses on frail, senior patients as it celebrates 180th anniversary- ST online,...
Who is replacing us?

Who is replacing us?

My fellow Singaporeans,we face an existential threat,that is exacerbated by PAP policies. The number...
Attempted Assassination of Donald Trump

Attempted Assassination of Donald Trump

We first thought the attempted assassination of Trump was a "Lone Wolf" incident. However, there are...
Allianz offers to buy a stake in Income Insurance

Allianz offers to buy a stake in Income Insurance

Allianz offers to buy a stake in Income Insurance- 18 July 24, Straits Times. Allianz has done its...
I am not a 'woke'

I am not a 'woke'

I am known to be a Democratic Socialist. Democracy comes before Socialism. Traditionally, people regard...
Assassination attempt on Donald Trump

Assassination attempt on Donald Trump

I strongly condemn the assassination attempt on Donald Trump, the United States Republican presidential...
Letters
Supporting Chee Soon Juan's café

Supporting Chee Soon Juan's café

I refer to The Independent Singapore’s news, “Singaporeans urged to support Chee Soon Juan's café...
Will PM Wong address the astronomical ministerial salaries?

Will PM Wong address the astronomical ministerial salaries?

I refer to The TR-Emeritus opinion article, “Will PM Wong address the astronomical ministerial salaries”...
Steering with stability in transition times

Steering with stability in transition times

I refer to The Straits Times’ Editorial, “Steering with stability in transition times” (May 16). Let...
We will lead in our own way

We will lead in our own way

I read with interest The Today’s report, “'We will lead in our own way': : Lawrence Wong takes office...
Higher salaries lead Singapore to become top pick for...

Higher salaries lead Singapore to become top pick for...

I refer to the Independent Singapore’s Featured News SG Economy, “Higher salaries lead Singapore...
Marriage, children and practical concerns

Marriage, children and practical concerns

A couple bows before their parents and offers them tea, as is traditional in Chinese weddings. I...
Not in my backyard

Not in my backyard

I refer to the TODAY’s Commentary, “'Not in my backyard' — when some groups can protest more loudly,...
Opposition parties seek to strengthen parliamentary...

Opposition parties seek to strengthen parliamentary...

I refer to The Independent Singapore’s SG Politics column, “Opposition parties seek to strengthen...
Snippets
Singapore Tightens Casino Regulations to Combat Money...

Singapore Tightens Casino Regulations to Combat Money...

In a move to strengthen its position as a well-regulated financial hub, Singapore is set to implement...
The All-Time Top Singaporean Poker Players

The All-Time Top Singaporean Poker Players

Poker is one of the world's most popular games with games being played recreationally and professionally....
How to Increase Image Size without Compromising Quality

How to Increase Image Size without Compromising Quality

In our digital world, crisp, top-notch images make your content pop, whether on a website, social media,...
Chinese villagers living on cliffs

Chinese villagers living on cliffs

In the Liangshan Mountains of Sichuan Province in China, there is a small isolated village on a cliff...
Ukraine will cease to exist thanks to the west

Ukraine will cease to exist thanks to the west

Scott Ritter is a former Marine intelligence officer who served in the former Soviet Union, implementing...
Bride's family asked for RMB 500,000 in bride price

Bride's family asked for RMB 500,000 in bride price

Contrary to popular beliefs, many couples in China are unable to afford to get married. With the exception...
The fall of Alibaba's Jack Ma

The fall of Alibaba's Jack Ma

The story of how Jack Ma betrayed everyone that helped and gave him what he has today. The video also...
中國唯一的一妻多夫制的地方

中國唯一的一妻多夫制的地方

A land enshrouded in spirituality, Tibet is home to distinct cultural traditions and astounding natural...
Sticky & Recent Articles

Who holds the 1st key?

Who holds the 1st key?

The Elected President holds the second key to our reserves. But who holds the first? It can’t be the government (Cabinet) since they are requesting the money. In a representative democracy, as in ours, parliament holds the first key. They represent the people and gives the people’s consent when the government wants to draw on the reserves. But how can parliament do its job when it is not privy to the size of the reserves? A friend of mine rightly commented that “you can’t manage what you don’t know”. Nonetheless, every annual budget, and every supplementary budget that draws on the reserves to increase the original budget as happened in 2009 and 2020, has to be passed by parliament. If one cares to read the “debate” during those sessions in parliament, one can’t help but notice the “wayangs”. For example, in the session in 2020, MPs went on and on about how wonderful the substantially increased budgets were as they would “save jobs” and “protect workers” and help Singapore “emerge stronger from the pandemic”, and how lucky Singaporeans are as our forefathers had worked hard to accumulate the reserves, but not one MP asked how much we had in our reserves. How could they approve a decision to draw on the reserves when they didn’t know how much was in it? In the end, the decision to substantially increase the budget that will draw on the reserves, called the Revised Supplementary Supply Bill 2020, was approved by parliament in one sitting without even a formal vote as the verbal “yeahs” drowned the “nays”. But then, would anyone expect the bill not to pass given that one party has a supermajority in parliament? So really, the “first key” is not a key, but a rubber-stamp. And as long as one single party has a supermajority in parliament, it will continue to be so. The only key left to guard against the government raiding our reserves, as things stands now, is the President. So, he better be independent!   Foong Swee Fong      Read More →

Billion Dollar Money Laundering Syndicate That Almost Got Away

Billion Dollar Money Laundering Syndicate That Almost Got Away

Instead of bits and pieces from various MSM, the following video is the most detailed report on the recent billion-dollar laundering bust.        Read More →

Real Singapore Reserves Revealed

Real Singapore Reserves Revealed

Foreward:  I have worked out the size of the Singapore reserves. The only person in Singapore that can show you this. It has a pretty high level of confidence you can take it to the bank. As the presidential election heats up, the ruling party feels enough unease of an outsider Tan Kin Lian nipping 2 contenders backed by them. State media CNA released a series of videos called "Singapore Reserves Revealed". It's mere propaganda and politicking and reveals nothing. It's a clicktrap title, the same I employ here except I reveal the closest one can get to the real size of the reserves. What is the size of Singapore’s national reserves? Kenneth Jeyaretnam has consistently mentioned S$3 trillion, Munwai has his own figures. What is yours? Kenneth has double first class honours degree in economics from Cambridge. If you are a Singaporean economist and never pondered this question of national reserves, you should return your degree to your alma mater. I asked the Drunken Leprechaun guarding our treasure trove and he doesn’ t know either. (A trivial for those who don’t understand. Leprechauns are little creatures in Irish folklore that guard hidden treasures. Drunken Leprechaun is an Irish screwdriver or cocktail.) Frankly, I can only see Kenneth worked at macro economics level but exactly how he arrived at the S$3T figure I do not really understand, so I had never accepted it. I never have then, and I still do not, share KJ’s, and as well Munwai’s, persistent calls for higher social spending on the back of a huge national reserve. I explain below. I am as curious as all Singaporeans who still have a mind of their own. Curious doesn’ t quite describe it. Concerned it is. And so I took a deep dive to work out the size of our national reserves. Unlike KJ, I took the micro route, using information in the public domain, and a best efforts estimation on GIC numbers. My computation is strictly based on the Constitution’s definition of ‘Reserves’. Singapore Constitution states reserves “means the excess of assets over liabilities of the Government, statutory board or Government company”. If you have not yet done so, do watch my video first for a full understanding : "To find out how much is the reserves, you must first know what is is." Before I get to the numbers, a few points to note : (1) The figures for government, statutory boards, MAS, and Temasek are from public domain. They are on group consolidated basis, meaning, inclusive of subsidiary companies. Details are in the embedded spreadsheet below. Unfortunately they are not homogeneous in the financial report date. Most are as at 31 Mar 2022. Nevertheless they provide a factual basis. (2) There is a total of 63 statutory boards. The financials for 3 of them are not available. Missing are Hotels Licensing Board, Intellectual Property Office, and Defense Science and Technology Agency. HLB and IPO are small and with insignificant numbers. DSTA is most likely to be significant. Unfortunately, its financials are obviously classified, and quite rightly so. (3) GIC data is classified. We have no choice but to make educated guesses. Its numbers are of course massive and thus affect the accuracy of the size of the reserves I am making here. The basis of my estimation is shown below. (4) Missing completely from my computation is EDBI (S) Pte Ltd. This is the investment arm of Economics Development Board. It is obviously not included in EDB’s financial statement. I do not know why it is excluded and I was also unable to obtain its financials. EDBI has a massive investment portfolio of about S$80B but I have no idea what its net asset, or reserves is. EDBI is an oddity. The Economic Development Board Act certainly does not mandate EDB to operate an investment wing. More importantly, is any other statutory board also running any unknown investment companies kept away from public view? For side gossip, EDBI has in its portfolio the unlisted Livspace, the company where Minister Shan's son is the CEO. (5) A persistent reader kept insisting reserves figures are readily available at various websites such as IMF and World Bank, and financial news media. What he really meant was foreign news folks are better than us locals because they are able to obtain GIC figures from the government that which PM Lee reiterated again a few days ago, is classified. If you have skin in the game you know the figures we see from those said foreign sources are predicated on 2 things – (a) Singapore's budget report to IMF does not follow their standards, (b) the GIC info from these financial media, including a dedicated site on sovereign wealth funds, are based on info extracted from investment tracking sites, such as Crunchbase, in other words, not a complete picture at best, and at worse, it is about portfolio size, not about reserves. There is a world of difference. (6) The figures shown here are book figures. Accounting standards require certain assets to be marked-to-market which we simply rely on auditors’ certification of compliance. There are, however, massive portfolios in GIC, Temasek and EDBI which are unquoted stocks. These values are simply management valuations. I am not suggesting fraud or misrepresentations, but when these unquoted assets are massive and form a huge proportion in the portfolio, such as 53% in Temasek, it is concerning. For example, would the S$375m investment in FTX still be in Temasek’s books had CoinDesk not made the shocking revelation that led to the crypto exchange’s downfall? The point is, valuation has a way of turning up nasty surprises. (7) On the other hand, in contrast to (6), state land remains at book value in accordance with government cash accounting. This means a significant undervaluation of reserves in view of real estate appreciation in land scarce Singapore. A caveat here. I have no understanding of how and where state land and reclaimed land is accounted for and where are the assets booked. We have been told, in sort of by-the-way moments, that land acquisition and reclamation are funded by past reserves. What are the implications on the accounting and reserves figure is unclear. With that out of the way, here are the numbers: Click to enlarge The good news is, our reserves are indeed massive. Reserves, ie Net Assets, or Equity, is estimated at S$1.9T. I have only 2/3 of KJ's estimate of S$3T. How good are my figures? The "Total from published financials" line, or S$1.6T of the Reserves, we can have 100% confidence level, bearing in mind this is a book figure. The GIC estimates have been skewed more to the conservative side. So overall, the total reserves of S$1.9T I would venture a 80% confidence level The bad news is, the amount available for discretionary spending is not what you think. S$1.9T is a heck of a lot, but before you bring out the champagne, understand that 65% of the Reserves are tied up in capital and committed uses. Only S$649B are in surplus funds. These surpluses are predominantly with GIC and Temasek. A substantial 53% of Temasek assets are in illiquid unlisted shares, and we can probably expect same with GIC. How much is actually left for discretionary spending? Not enough for the social spendings loud voices are calling out for. After massive transfers to Reserves Management Government Securities recently, the Official Foreign Reserves of MAS is currently (July 31) S$452.5B. Those who still harbour the belief (Critical Spectator and his FB followers) that OFR is part of Reserves need only to look at MAS' Equity which is just S$34.3B. What this shows is OFR is not accumulated with Reserves (savings) but debt. Details of published financials are in the embedded spreadsheet here. Here are details of my estimation of GIC numbers. (a) GIC started operations in 1981 with a capital of S$100M. I assume this has not changed. GIC was initially tasked to manage the investment of MAS's excess foreign reserves. (b) Budget surplus of S$3B/year. (c) NII is Net Interest Income which is dividends received + interest revenue less expenses in portfolio management. 50% goes to budget spending, 50% re-invested. (d) NIRC is Net Investment Returns Contribution. This is NII + NIR. NIR is net interest returns on portfolio at 20 year rolling real interest rate. 50% goes to budget spending, 50% re-invested. (e) Net proceeds of lands sales. (f)(g) Funds from proceeds of government securities and deposits of other entities held by government. These are actual numbers. (b)(c)(d)(e) are just estimates which are skewed to more conservative side to absorbs the chance certain amount is occasionally transferred to Temasek. A higher level of confidence is possible if someone can invest time and effort to do some research at archives kept at Lee Kong Chian Library. I am not up to that. However, the format I set out here can be used by anyone with a different opinion of what each line item ought to be. Simply replace my estimates with yours and you can have your own idea of what the size of our national reserves is.   Patrick Low * Article first appeared on Down The Rabbit Hole.      Read More →

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