Showing posts with label Capitalism. Show all posts
Showing posts with label Capitalism. Show all posts

Friday, August 2, 2024

Tommy Koh 'not convinced' by Income Insurance's reasons for sale to German insurer



"Income is not a loss making company in need of rescue," he said.


Ilyda Chua

August 01, 2024

Tommy Koh said that while he is a "friend and admirer" of NTUC Enterprise chief Lim Boon Heng, he was "not convinced" by Lim's press conference outlining the reasons for the sale of Income Insurance.

Tuesday, March 26, 2024

The future of ‘communist capitalism’ in China

The question of whether Xi-ism is killing Deng-ism is growing 



MARTIN WOLF

MARCH 13 2024 


What is the economic future of China? This question raises many specific issues, notably China’s persistent macroeconomic imbalances, the threat of population decline and worsening relations with important parts of the outside world, above all, an increasingly hostile US. But underneath all of these lies a deeper one: is “communist capitalism”, that seemingly self-contradicting invention of Deng Xiaoping, inexorably fading away under Xi Jinping? Will China’s regime ossify and, in the end, collapse, as the Soviet Union did? 

Sunday, March 3, 2024

How S'pore got Taylor Swift to perform here

Deal-making.

Belmont Lay

February 25, 2024




So, just how did Singapore get American pop queen Taylor Swift to perform six concerts at one shot here from March 2 to 9, 2024, making this country the only Southeast Asian stop of her tour?

In the wake of public interest, The Straits Times and CNA have shed some light on the process.

Here's the timeline. 

Saturday, March 2, 2024

'Sour grapes': Bilahari Kausikan applauds STB's 'Swift' deal, says S'pore can't hold back if neighbours 'slow'

He did not use any Taylor Swift puns.

Fiona Tan

March 01, 2024




"Sour grapes," Bilahari Kausikan said in a Facebook post on Mar. 1, 2024.

The former Ministry of Foreign Affairs permanent secretary and current Middle East Institute chairman was seemingly responding to other Southeast Asian countries and their public outcries to Singapore's deal with American pop star Taylor Swift. 

Friday, January 13, 2023

Sun Cable Update (Jan 2023)



Singapore-based Sun Cable collapses, stalling Australia-to-Asia solar power project

A 4,200km undersea cable promises to deliver vast amounts of clean energy to Singapore.
(Image: Sun Cable)

11 Jan 2023


Singapore-based Sun Cable is going into voluntary administration, the clean energy firm said on Wednesday (Jan 11), months after billionaire Mike Cannon-Brookes took on the role of chairman.

The company is aiming to develop a A$30 billion-plus (S$27.6 billion) project to supply solar power from Australia to Singapore, with the backing of tech billionaire and climate activist Cannon-Brookes and the richest man Down Under Andrew Forrest...

Friday, December 2, 2022

Here’s How Much You Need To Earn To Be ‘Rich’ in 23 Major Countries Around the World

Jan 14, 2022

By Nicole Spector



AS Inc. / Shutterstock.com

Here’s a look at how much you need to be considered rich in 23 countries around the world.

[The list seems to be in alphabetical order. A more obvious order would have either been in descending or ascending order of the value of the top 1%. In which case, United Arab Emirates would be #1 ($689,468), Singapore would be second ($627,111), and the United States, third ($506,752). Germany would be fourth ($327,069).]

Wednesday, September 21, 2022

Singapore among world's 20 wealthiest cities in 2022 — report

Surin Murugiah

September 19, 2022 




KUALA LUMPUR (Sept 19): In 2022, the US dominates the list of the world’s top 20 wealthiest cities, with six American cities listed.

Two Swiss cantons also make the top 20, along with eight cities in the Asia-Pacific region.

Tiny city state Singapore also made it to the top 20.

In its Global Citizens Report for the third quarter of 2022, residence and citizenship programme consultancy Henley & Partners (H&P) said the first half of 2022 was a negative period for global wealth formation.



It said high-net-worth individual numbers worldwide were down by 5% in the six-month period to June 2022.

Friday, March 25, 2022

Russia-Ukraine war is ending globalization

BlackRock’s Larry Fink, who oversees $10 trillion, says Russia-Ukraine war is ending globalization


THU, MAR 24 2022

Yun Li

  • Larry Fink, CEO and chairman of the world’s biggest asset manager, BlackRock, said Russia’s invasion of Ukraine is reversing the long-running trend of globalization.
  • “I believe this has exacerbated the polarization and extremist behavior we are seeing across society today,” Fink said in his 2022 letter to shareholders.
  • Fink, whose firm oversees more than $10 trillion, said BlackRock has suspended the purchase of any Russian securities in its active or index portfolios.

Larry Fink, CEO and chairman of the world’s biggest asset manager, BlackRock, said Russia’s invasion of Ukraine has upended the world order that had been in place since the end of the Cold War.

Wednesday, January 13, 2021

The scary power of the companies that finally shut Trump up

By Michelle Goldberg

January 12, 2021


THE NEW YORK TIMES


In the days after President Donald Trump whipped up a mob to overrun the United States Capitol in a desperate attempt to stop the certification of his defeat, many conservatives have voiced their outrage over the true victims of the failed putsch.

“I’ve lost 50k-plus followers this week,” an indignant Sarah Huckabee Sanders wrote on Twitter on Saturday, after the platform banned Mr Trump and purged accounts that promoted the QAnon conspiracy theory.

Complaining of “radical left” censorship, Sanders, Mr Trump’s former press secretary, wrote: “This is not China, this is United States of America, and we are a free country.”

In fact, Twitter and Facebook’s ejection of Mr Trump is pretty much the opposite of what happens in China; it would be inconceivable for the Chinese social media giant Weibo to block President Xi Jinping.

Mr Trump’s social media exile represents, in some ways, a libertarian dream of a wholly privatised public sphere, in which corporations, not government, get to define the bounds of permissible speech.

As a non-libertarian, however, I find myself both agreeing with how technology giants have used their power in this case, and disturbed by just how awesome their power is.

Mr Trump deserved to be deplatformed.

Parler, a social network favored by Trumpists that teemed with threats against the president’s enemies, deserved to be kicked off Amazon’s web-hosting service.

But it’s dangerous to have a handful of callow young tech titans in charge of who has a megaphone and who does not.

In banning Mr Trump, the big social media companies simply started treating him like everyone else.

Lots of people, including prominent Trump supporters like Alex Jones, Roger Stone and Steve Bannon, have been ousted from Facebook, Twitter or both for inciting violence, threatening journalists and spreading hatred.

Mr Trump, who has done all of those things, had until this past week been given special privileges as president.

There’s no First Amendment problem with taking these privileges away; Americans don’t have a constitutional right to have their speech disseminated by private companies.

On the contrary, the First Amendment gives people and companies alike the freedom not to associate with speech they abhor.

There’s a debate about how far this freedom should go.

Liberals, myself included, generally believe that freedom of association shouldn’t trump civil rights law, which is why bakeries shouldn’t be allowed to deny wedding cakes to gay couples.

But it seems obvious enough that the Constitution doesn’t compel either individuals or businesses to amplify seditious political propaganda.

Still, the ability of tech companies, acting in loose coordination, to mostly shut up the world’s loudest man is astonishing, and shows the limits of analogies to traditional publishers.

It’s true that Mr Trump can, any time he wants, hold a press conference or call into Fox News.

But stripping him of access to social media tools available to most other people on Earth has diminished him in a way that both impeachment and electoral defeat so far have not.

Social media bans matter because they work.

You can see it with villains as diverse as Isis, Milo Yiannopoulos and Alex Jones.

“Their ability to drive the conversation, reach wider audiences for recruitment, and, perhaps most importantly to a lot of these conflict entrepreneurs, to monetise it, is irreparably harmed,” said Peter W Singer, co-author of LikeWar: The Weaponization of Social Media.

It’s great that Mr Trump’s poisonous presence has been curtailed.

Private companies have shown themselves able to act far more nimbly than the US government, imposing consequences on a would-be tyrant who has until now enjoyed a corrosive degree of impunity.

But in doing so, these companies have also shown a power that goes beyond that of many nation-states, one they apply capriciously and without democratic accountability.

As The Verge noted, it’s hard to make sense of a system that leads to the trolly left-wing podcast “Red Scare” being suspended from Twitter, but not Ayatollah Ali Khamenei.

So it’s not surprising that serious people including Chancellor Angela Merkel of Germany and Russian dissident Alexei Navalny find the Trump bans disturbing.

“This precedent will be exploited by the enemies of freedom of speech around the world,” Mr Navalny wrote on Twitter.

“In Russia as well. Every time when they need to silence someone, they will say: ‘This is just common practice; even Trump got blocked on Twitter.’”

But the answer isn’t to give Mr Trump his beloved account back.

Mr Navalny pointed out that Mr Trump’s ban seems arbitrary because so many other bad actors, including autocrats, Covid-19 deniers and troll factories, still have access to the service.

He called for platforms to create a more transparent process, appointing committees whose decisions could be appealed. That would be a start.

In the long term, tech monopolies need to be broken up, as US Senator Elizabeth Warren has proposed.

Mr Singer described the tech barons who finally took action against Mr Trump after enabling him for years as “rulers of a kingdom that abdicated their responsibility for a long time.”

This time, with Mr Trump, they ruled judiciously. But they shouldn’t rule over as much as they do. 

THE NEW YORK TIMES



ABOUT THE AUTHOR:

Michelle Goldberg has been an opinion columnist for The New York Times since 2017 and was part of a team that won a Pulitzer Prize in 2018 for public service for reporting on workplace sexual harassment issues. She is the author of three books.


Monday, October 5, 2020

Commentary: Those who can afford it must spend more to save the economy

Consumers can do our part to increase consumer spending because it is a lever that could have a big impact and one that we have some control over, says The Smart Investor’s David Kuo.

By David Kuo

05 Oct 2020 


SINGAPORE: As countries around the world gradually lift their restrictions in place to tackle COVID-19 and normalise economic activity, global economic chiefs have warned that we are not out of the woods yet.

On Sep 9, Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), cautioned that a full recovery of the economy is unlikely without a vaccine and urged governments to continue their measures to support businesses and workers.

"This crisis, however, is far from over," she wrote in a column for Foreign Policy magazine, co-authored with IMF chief economist Gita Gopinath. "The recovery remains very fragile and uneven across regions and sectors. To ensure that the recovery continues, it is essential that support not be prematurely withdrawn."

Sunday, June 21, 2020

China's young spenders say #ditchyourstuff as economy sputters

04 May, 2020

BEIJING - Tang Yue, a 27-year-old teacher from the city of Guilin in southwest China, steam-presses a blue dress and takes dozens of photographs before picking one to clinch her 200th online sale.

For a growing number of Chinese like Tang, hit by job losses, furloughs and salary cuts, the consumer economy has begun to spin in reverse. They are no longer buying - they are selling.

Instead of emerging from the coronavirus epidemic and returning to the shopping habits that helped drive the world's second-largest economy, many young people are offloading possessions and embracing a new-found ethic for hard times: less is more.

Break the China habit? Lobsters, lights and toilets show how hard it is

20 June, 2020

NEW YORK — As the coronavirus pandemic amplifies long-standing concerns over the world’s economic dependence on China, many countries are trying to reduce their exposure to Beijing’s brand of business.

Japan has set aside US$2.2 billion (S$3.06 billion) to help companies shift production out of China. European trade ministers have emphasised the need to diversify supply chains. Several countries, including Australia and Germany, have moved to keep China, among others, from buying businesses weakened by lockdowns. Hawks in the Trump administration also continue to press for an economic “decoupling” from Beijing.

But outside government circles, in the companies where the decisions about manufacturing and sales are actually made, the calculations are more complex.

China is a hard habit to break.

Tuesday, December 17, 2019

How Trump lost his trade war

By Paul Krugman

THE NEW YORK TIMES

17 December, 2019

Trade wars rarely have victors. They do, however, sometimes have losers. And United States President Donald Trump has definitely turned out to be a loser.

Of course, that’s not the way he and his team are portraying the tentative deal they’ve struck with China, which they’re claiming as a triumph. The reality is that the Trump administration achieved almost none of its goals; it has basically declared victory while going into headlong retreat.

And the Chinese know it. As The New York Times reports, Chinese officials are “jubilant and even incredulous” at the success of their hard-line negotiating strategy.

To understand what just went down, you need to ask what Mr Trump and company were trying to accomplish with their tariffs, and how that compares with what really happened.

First and foremost, Mr Trump wanted to slash the US trade deficit. Economists more or less unanimously consider this the wrong objective, but in Mr Trump’s mind countries win when they sell more than they buy, and nobody is going to convince him otherwise.

So it’s remarkable to note that the trade deficit has risen, not fallen, on Trump’s watch, from US$544 billion in 2016 to US$691 billion in the 12 months ending in October.

Friday, February 15, 2019

Why Workfare works better for Singapore than a minimum wage

By CHEW SOON BENG AND LINDA LOW

13 FEBRUARY, 2019


In recent months, there has been some discussion on whether Singapore should have a minimum wage and whether that would be better than the current Progressive Wage Model and the Workfare scheme.

Here, we will explain why Workfare is still a better scheme than a minimum wage.

As pure market forces will determine the prices of private goods and services as well as wages, government intervention in the labour market to set a minimum wage is usually deemed necessary only when there is some market failure.

Wednesday, July 11, 2018

When Singapore’s agencies struggle to deal with disruptors that come and go

By Alfred Siew

10 July, 2018


You can also say that the ship has sailed. Or, as a friend remarked, the chicken cannot now be uncooked.

However you say it, the Singapore competition commission’s intervention last week to call the Grab-Uber merger anti-competitive is a reactive and ultimately futile attempt to change the situation.

By threatening to unwind the merger, should its recommended actions be deemed insufficient, the Competition and Consumer Commission of Singapore (CCCS) is issuing an ultimatum it cannot enforce.

How can it force Uber to reopen its offices here and launch a service to users again? How can it unravel the new Grab, now more powerful than before with only smaller newcomers to the market to challenge its position?

The American company has left, happy that it got a nice return on investment after a bruising fight with its Southeast Asian rival.

Thursday, June 29, 2017

Economic model that Asia has used for decades is now broken

Kevin Hamlin AND
Dexter Roberts

June 28, 2017

Thirty minutes by car into the scrubby desert outside Korla, in China’s remote Xinjiang region, a textile manufacturer owned by the Jinsheng Group is building its latest factory complex.

Inside the 16 billion-yuan facility—a collection of stark white warehouses surrounded by an enormous expanse of pristine artificial grass — are rows of huge cotton spools, more than a million bright red and blue spindles, and almost no people.

A few German engineers wander around, making sure the equipment runs at peak efficiency.

This is the depopulated future of an industry that has lifted millions of Asians out of poverty.

Thursday, March 23, 2017

Trump won’t allow you to use iPads or laptops on certain airlines. Here’s why.

By Henry Farrell and Abraham Newman

March 21

Britain joined the U.S. in creating new restrictions for passengers traveling on flights from airports in several Muslim-majority countries. Here's what you need to know. (Monica Akhtar, Dani Player/The Washington Post)


From Tuesday on, passengers traveling to the U.S. from 10 airports in eight Muslim-majority countries will not be allowed to have iPads, laptops or any communications device larger than a smartphone in the cabin of the plane. If you are traveling from Egypt, Jordan, Kuwait, Morocco, Qatar, Saudi Arabia, Turkey, or the UAE on Egypt Air, Emirates, Etihad Airways, Kuwait Airways, Qatar Airways, Royal Air Maroc, Royal Jordanian Airlines, Saudi Arabian Airlines, or Turkish Airlines, and you want to use your laptop on the flight, you are probably out of luck.

US Politics: The balance of power between POTUS, SCOTUS, and Congress

["Check and Balance" is a philosophy of US Democracy. Their inherent and historic ambivalence and distrust of government led to the separation of powers and the ability of each branch of government to check on the other so that there can never be a dictator. Hence, the President of the United States (POTUS) may make executive orders, but the Supreme Court of the United States (SCOTUS) can check that, and stay the order. Congress can make the laws, but POTUS need to assent, and SCOTUS needs to uphold or rule on cases brought before them.

All well and good and it seems to be fine. Every 4 years, POTUS faces an election, and need the mandate of the people. Every 2 years, 1/3 of the Senators and some Representatives face elections to be affirmed, re-affirmed, or rejected by the people.

But appointment to SCOTUS is for life. And in that "longevity" lies the means to influence the lives of US citizens.

Gorsuch’s big fat lie

By E.J. Dionne Jr.
Opinion writer

March 22 2017

With a shrewdly calculated innocence, Judge Neil Gorsuch told a big fat lie at his confirmation hearing on Tuesday. Because it was a lie everyone expected, nobody called it that.

“There’s no such thing as a Republican judge or a Democratic judge,” Gorsuch said.

Gorsuch, the amiable veteran of many Republican campaigns, is well-placed to know how serious a fib that was. As Sen. Al Franken (D-Minn.) noted, President Trump’s nominee for Merrick Garland’s Supreme Court seat actually received a citation for helping win confirmation for Republican-appointed judges.

We now have an ideological judiciary. To pretend otherwise is naive and also recklessly irresponsible because it tries to wish away the real stakes in confirmation battles.

Wednesday, February 22, 2017

Taxing e-commerce players such as Amazon one way to raise Govt revenue: Experts

VALERIE KOH

FEBRUARY 22, 2017

SINGAPORE — With the Government needing to impose new taxes or raise existing ones to fund growing healthcare and infrastructure expenditure, tax experts have suggested several ways for the country to boost its coffers: Taxing e-commerce operators such as Amazon and Taobao as well as those providing business-to-business (B2B) services, creating a new tax bracket for the ultra-rich, and increasing the goods and services tax (GST) rate.

While Singapore has one of the lowest corporate tax rates globally, the experts noted that raising these rates was not a viable option if the Republic wants to maintain a competitive tax regime at a time when countries around the world are seeking to reduce corporate taxes. Nevertheless, they singled out the burgeoning digital economy as one potential revenue source.

The rise of e-commerce has resulted in a loss of tax revenue, as overseas online retailers are generally not taxed in Singapore on their income generated from consumers here.

Tuesday, January 24, 2017

Fact-checking President Trump’s inaugural address

By Glenn Kessler and Michelle Ye Hee Lee
Washington Post

January 20, 2017

Generally, inaugural addresses are not designed to be fact-checked. But President Trump’s address was nothing if not unique, presenting a portrait of the United States that often was at variance with reality. Here’s a guide to understanding whether the facts back up his rhetoric.

“Washington flourished, but the people did not share in its wealth. Politicians prospered, but the jobs left and the factories closed.”
Trump engages in some sleight of hand here, equating “politicians” with “Washington.” The suburbs around Washington are among the richest in the United States, largely because of the federal government (which attracts people with college or advanced degrees). People either work for or lobby the federal government, and that was especially enhanced by the post-9/11 growth in defense and security contracts.

Among the 25 most populous metropolitan areas, the D.C. metro area has the highest median income in the nation — $93,294 versus a U.S. median of $55,775 — though growth has slowed in recent years, in part because of reductions in defense spending. Indeed, income in the D.C. area has grown essentially at the same rate as the rest of the nation since 2006, including a dip in median income during the Great Recession.

There is no empirical evidence that the D.C. area got rich off the rest of the country, as Trump suggests.