Throwing inputs at the S'pore economy, and hoping something sticks - by Temasek Hedge

[SNAblog]

http://singaporeuncletrader.wordpre...ingapore-economy-and-hoping-something-sticks/

"But back to the main thrust of this article: the fact that we’re depending on – in Mr. Lim’s words – “Integrated resorts, biomed and chemicals [to] give some boost” demonstrates that we’re, once again, throwing big inputs (i.e. billions of dollars of our hard-earned savings into IP that belongs to other people) to give a fillip to the economy again. Seah Chiang Nee recently worried about Singapore’s lack of new ideas – albeit in the film and tech arena – but his worries mirror mine own. We are desperately casting about for new ideas, but we’ve fallen so far behind our traditional competitors like HKG and TWN that we’re now considered the cottage-end of the business."

To read the full article, go the above link.

 

[SNAblog]

Re: Throwing inputs at the S'pore economy, and hoping something sticks - by Temasek H

Noteworthy comments made in his blog:

Taufik // January 12, 2010 at 4:04 am | Reply

Want to know why there is no innovation, no new ideas here? It’s NOT because of no “bar-top dancing”, no “gay bars”, no nude beaches, no casinos, no “buzz in the art scene” as Mr G yeo thinks. Those scholars have no clue what business is all about and they run the nation. And the old man thinks FT would add some buzz. Just look at Mr Olds, Mr what’s his name the french chap ah Payard, the one who was to run the stock exchange and left etc. The main reason why there is no ideas is because the economy has been dominated by GLCs for 40 years. And the EDB’s vested interest to see more MNCs means SMEs have no chance to compete against Temasek’s GLCs. PM thinks giving $30 registration fee rebate will encourage SMEs to flourish, but he is unwilling to entertain getting the STs of the land to give up some of their “birth rights” to government contracts. So no SMEs, no new ideas. This is not a political issue, just the way the country has evolved. Top down, protectyion for GLCs, vested interests of the government agencies, these do not change and the country would stagnate. Ngiam Tong Dow and all his articles praising the vested agencies is the clearest example of where we would be in 30 years. Sad.


Patriot Missile // January 12, 2010 at 6:38 am | Reply

There is another chronic problem surfacing- that is -leadership.

I remembered a few months back the radio was interviewing Annie Koh of SMU and she said Singapore faced serious problem in leadership succession planning. As the top guys in the late 50s going to 60s are holding firmly on the control buttons those in their late 30s and 40s are stucked in limbo. The situation will get worse as our government encourages us not to retire. I notice that some CEOs and Chiefs in GLCs are going past 70s and yet there is no sign of letting go.

Many GLCs employed foreigners as top guys and locals are not given the opportunities. While I agree that maybe these foreigners have much better exposure than Singaporeans but is it not prudent to tap on their experiences and facilitate some sort of skills transfer to locals? What we are witnessing is foreigners resigned and are replaced by foreigners in a seemingly infinite loop.

 

[kingrant]

Re: Throwing inputs at the S'pore economy, and hoping something sticks - by Temasek H

This govt has run out of good ideas and hoping to score another lucky run with old modus operandi.

IRs do not bring enough jobs for the thousands of jobless PMETs; the jobs are for chambermaids, croupers, floor managers, bouncers, for which also Singaporeans will be given a miss in favour of the cheaper foreigners.

biomed/chemicals: remember Philip Yeo? He said jobs are only for PhDs and even PhD holders were hired to wash test tubes..so where are the jobs for the general bulk of PMETs?

The only obscenely paid jobs are now in govt. There are 2 DPMs, 2 Ministers in PMO, 1 MM (chief forecaster), 1 SM (asst forecaster and globe trotter), and many other 'boliao' ordinaires; of the 82 PAP MPs in the House, how many were asleep, absent, attending Director's meeting outside but collecting MP pay, and the list goes on..

http://singaporeuncletrader.wordpre...ingapore-economy-and-hoping-something-sticks/

"But back to the main thrust of this article: the fact that we’re depending on – in Mr. Lim’s words – “Integrated resorts, biomed and chemicals [to] give some boost” demonstrates that we’re, once again, throwing big inputs (i.e. billions of dollars of our hard-earned savings into IP that belongs to other people) to give a fillip to the economy again. Seah Chiang Nee recently worried about Singapore’s lack of new ideas – albeit in the film and tech arena – but his worries mirror mine own. We are desperately casting about for new ideas, but we’ve fallen so far behind our traditional competitors like HKG and TWN that we’re now considered the cottage-end of the business."

To read the full article, go the above link.