Singapore struggles with downturn Wednesday, 18 March 2009

No place for a Palin in S'pore

News @ AsiaOne No place for a Palin in S'pore Can we see unity in diversity? Lessons from the US election: America is divided - by the same forces of globalisation straining at the fabric of Singapore society. -TNP Sat, Nov 08, 2008 The New Paper By Ng Tze Yong FOUR years ago, I bundled into my winter jacket, hopped into my beat-up 1987 Cadillac, and drove across the entire length of the US. I was months away from graduation. The one-month trip was my last hoorah. From the lights of New York down to Pennsylvania's Amish country, along the Mississippi, across Texas' ranches, up the Rocky Mountains of Colorado, through the Native American deserts of the Grand Canyon and finally, arriving in Hollywood, I drove and I drove and I drove. America, I realised with a gulp, is BIG. Duh, you think? Any idiot with a map can tell you that. Driving from town to city, freeway to backcountry lanes, and taverns to bistros, night after night, gives you a sense of size you can't get from looking at a map. You talk to the people, see their different lives. You see their futures and their pasts, sometimes coming from, and heading in, opposite directions. Contrary to its name, the United States of America is a diverse, divided country. Indeed, it is several countries, even different worlds, squeezed into one, sandwiched between two oceans, banded under one artificially-conceived Stars and Stripes banner. In a country this big, each man lives his own history. How then does a people from this land choose one leader? How does one man lead this country? But America is not just big. Now, it is also divided - by the same forces of globalisation straining at the fabric of Singapore society. The income divide. And the identity divide (the born-and-bred versus migrants). Americans experience these in their own way. We experience them in our own. After all, whatever that happens in America is diffused. Whatever happens on this island is amplified. But one things is clear: We are feeling the same way Americans are feeling now - vulnerable. And when we feel vulnerable, we close in. We cling to the things dearest - and most familiar - to us. It is in such an environment that a politician like Sarah Palin thrives. Folksy, myopic but 'far-sighted' enough to see Russia from her lawn, she stands in the face of everything globalisation stands for. She speaks about hockey mums and Joe Six-Pack. These are words foreign to us but incredibly comforting to small-town America grappling with the world suddenly arriving at its white picket fence. They hear her and, suddenly, the bewilderment and pain of an inevitably globalising world recedes. Craving comfort It is this same comfort that many Singaporeans are craving now, with price hikes, a whole slew of glitzy developments and encroaching foreign worker dorms. But comfort is something that even a world-class government cannot provide as well as Sarah Palin. That's why there will come a day when we see a Palin in Singapore. And when she comes, what will she say? How will she connect with the Singapore versions of the rednecks, the hockey mums and the Joe Six-Packs? How will she speak to their gut, their self-interest? And appeal to their myopia? The irony is this: Palin will come. But she will get nowhere. Palin works on a combination of fear and rootedness in the US. We have only fear. We are a young nation without a strong identity. Palin likes to use the word 'America'. It has a magical ring to it. It sends jingoism rushing through the veins. Say 'Singapore'. The syllabus do not inspire. It does not bring you to a larger plane - not yet, anyway. For the young, especially, it brings only a vague sense of national unity founded on Singlish and good food. If things get too crowded, too alien, the young Singaporean of today is likely to think of getting on the first Qantas flight out of Changi. In the bewilderment of globalisation, we will have no long and rich past which we can draw comfort from, for better or for worse. Palin will come. But here, she will gain no traction because we have no six-pack pride she can exploit. There is only our poverty of spirit. For that, we will need time, perserverance and a powerful unifying force that lets us see beyond our door. This article was first published in The New Paper on Nov 6, 2008.

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True or false?

True or false?

By Jeanine Tan Cracking knuckles leads to arthritis This is a common bad habit and the sharp sound that comes when the knuckle is cracked is really the bursting of the air bubble that forms in the synovial fluid, which lubricates the joints, whenever the space between the joints widens as finger bones are suddenly stretched apart. There is no evidence to show that habitual knuckle-crackers are more prone to arthritis. On the other hand, it doesn't mean that they shouldn't stop the habit. Dr Chin points to a study done in 1990 which shows that those who frequently crack their knuckles are more likely to have swollen hands and reduced hand strength. "Nature did not intend us to repeatedly stretch the ligaments of the finger joints," says Dr Chin. "So don't crack your knuckles!" Drinking milk causes phlegm There's some truth in this, so drink less milk when you have a cold. According to Dr Chin, fat in dairy products can thicken phlegm, the thick, sticky mucus that drips down the back of the throat when one is hit with the common cold. "Although drinking milk may make phlegm thicker and more irritating to your throat than it would normally be, milk doesn't cause your body to make more phlegm," he says. "However, those who are allergic to milk products have a different reaction. Ingesting milk products when one has an allergy to them will actually cause the body to produce phlegm and mucus." Sweat your fever out Fighting a fever by covering yourself with a blanket to sweat it out is apparently not an old wives' tale at all. Dr Chin explains that by keeping a fever-stricken body warm, the cause of the fever - the virus - can be "sweated out". "Many bacteria and viruses die at higher than normal body temperatures," says Dr Chin. "And if you increase your body heat enough that you are sweating, you will be killing off those organisms faster than you would otherwise. "The aim is to increase the temperature by a small amount, say 0.2 to 0.5 deg C, and not for long periods of time. Overheating the body has detrimental effects, hence the need for anti-pyretics such as paracetamol. "Effects of overheating the body include fits and even brain damage, but this only occurs during prolonged high temperatures. 'Blanket therapy' does not do this. However, I would not recommend a sauna or 'hot yoga' as a treatment." Sexually transmitted diseases from toilet seat This could possibly happen in theory but in practice the risks are very low since most viruses and bacteria die immediately once they leave the body of the infected person. "The infected person would have to leave behind some sort of bug and then pretty much immediately another person would have to sit on the toilet with broken skin or the wet skin of their privates touching the same spot," says Dr Chin. "But even then, the germs would already be dying." Starve a fever, feed a cold In theory, this makes sense. During a fever, a body needs to fight viruses in the system and eating heavily deprives the body of much-needed energy to do this as the energy will be diverted to digesting the food. On the other hand, a cold, since it usually lasts longer than a fever, will need extra 'fuel'. So it is important to feed yourself to fuel antibody production. "In practice, however, it is important to reduce stresses on your body when sick. Both starving and overeating produce unwanted stress. So, eat moderately to maintain your strength in either case," says Dr Chin. This story was first published in Health & You, The Straits Times, on July 2, 2008.

BG named as sole supplier for S'pore LNG terminal

BG named as sole supplier for S'pore LNG terminal

Nicholas Fang Sat, Apr 19, 2008 The Straits Times

SINGAPORE has selected leading liquefied natural gas (LNG) supplier BG Asia Pacific as the first exclusive supplier for the Republic's LNG terminal, which aims to start operations in 2012.

This is part of a strategy by Singapore to diversify the nation's energy sources and cut the level of reliance on piped gas from Malaysia and Indonesia.

BG, which operates about 25 vessels, is the main supplier of LNG to the United States, the world's largest gas market.

The company, previously part of British Gas, beat four competing firms to the contract, which will last up to 20 years, said the Energy Market Authority (EMA) yesterday.

A memorandum of agreement spelling out BG's responsibilities in detail was signed yesterday.

Neither party would comment on the value of the deal, but the terms stipulate that BG has been chosen as an aggregator to consolidate demand from all end-users of gas in Singapore, and to supply up to three million tonnes a year of LNG to the local market.

EMA project director Rod Duke said yesterday that once the three-million-tonne level has been reached, EMA will re-evaluate the arrangement.

Currently, 80 per cent of Singapore's power is generated using piped gas - but a 2004 supply glitch caused a blackout for 300,000 Singapore homes, highlighting the need for diversity.

A $1 billion LNG terminal to be built on Jurong Island will process the LNG, shipped from various sources around the world, for sale to power plants in Singapore. This could provide about one-third of the current level of piped gas, earlier reports said.

EMA chief executive Khoo Chin Hean said at a press conference that BG had been chosen after careful evaluation following the call for proposals for the job in September last year.

'BG was selected for the attractiveness of its total solution for Singapore, including the security and reliability of its supply from BG's diverse LNG supply portfolio at a competitive price, and also its capability to grow the Singapore gas market.'

Senior Minister of State (Trade and Industry) S. Iswaran said BG would be a key player in Singapore's energy sector and would have a 'strategic role' in energy diversification efforts.

'We have taken a significant step into the global LNG market and with the entry of BG, Singapore will gain greater access to competitive, reliable and secure gas supplies from different parts of the world.'

BG executive vice-president and managing director Martin Houston said BG's position as a gas major in 27 countries put it in an ideal position to supply competitively priced gas here.

The deal is the first long-term contract for BG in the Asia-Pacific. It has been in Singapore for over 15 years and employs more than 50 staff, including geologists and other professionals.

BG commercial manager Christian Iturri said the next step for the company would be to meet PowerGas - which will build and operate the LNG terminal - to discuss terminal design.

'We will also meet end-users to discuss terms. We will need about nine months to finalise all these details.'

Mr Khoo said reclamation work had already begun on the terminal site, which is set to be finished by year-end. Construction is due to start early next year.

Separately, an industry expert has lauded Singapore's proactive stance in building up oil stockpiles and its efforts to develop alternative energy sources.

Mr Michael Richardson, a visiting senior research fellow at the Institute of Southeast Asian Studies, said Asia's reliance on Middle East oil - with 83 per cent of all its imports coming from the region - was worrying.

Speaking at a seminar yesterday, he said the longer-term risk for Asia of a growing reliance on Gulf oil was that it gives the Opec cartel more power to dictate prices to the region.

'Moreover, if any of the Middle East's many conflicts erupt into war, Asia would be liable to suffer most from a disruption in oil supply.

'But Singapore's stockpiles of oil, stored in underground caverns in Jurong, and its work to develop alternative sources of fuel such as LNG, set it apart from its regional counterparts.'

nicholas@sph.com.sg

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DIVERSIFYING SUPPLY

'With the entry of BG, Singapore will gain greater access to competitive, reliable and secure gas supplies from different parts of the world.'

SENIOR MINISTER OF STATE (TRADE AND INDUSTRY) S. ISWARAN

Use simulators to teach drivers how to drive abroad

Use simulators to teach drivers how to drive abroad

Mr William Laws, a 60-year-old Singapore permanent resident, thinks it's high time Singaporeans are taught how to drive long distances.
Ng Tze Yong

Fri, Apr 11, 2008
The New Paper

The tears have been shed. It's been just over a week since the victims of last month's highway accident in Muar were cremated.

It's time to ask tough questions.

So says Mr William Laws, a 60-year-old Singapore permanent resident, who thinks it's high time Singaporeans are taught how to drive long distances.

For days after the accident, the picture of baby Jolene, the sole survivor of the horrific accident, sleeping in the arms of a Malaysian nurse, lingered in his mind.

A recurring image haunted him - he is driving, with his family in the car, then the car flies off the road.

'As you get older, you become more aware of your mortality. You think, if not for the grace of God, it could have been me,' says Mr Laws, head of corporate communications at Tata Technologies.

'The Muar accident was not the first time Singaporeans got into an accident while driving overseas.

'What are we going to do about it?'

The driving schools here are not doing a good job, he says.

Why?

'They need to realise that more Singaporeans are going on driving holidays, and change their teaching methods.'

But Singapore's driving tests are considered some of the toughest around. What else can be done?

It's the approach, explains Mr Laws.

'Here, they teach you to park using poles. You get within one inch, you're in trouble. What kind of teaching method is that?'

Mr Laws says that when his wife was learning how to drive, she had wanted to drive through puddles and go up Mount Faber to experience what it's like.

'But the instructor said: No, no, no, that's not part of the syllabus.'

He says the problem with driving schools here is that 'they want you to learn everything from a book, just like everything else in Singapore.

'But driving in real life is different.'

His Let Fly suggestion - take it or leave it - is this:

'Let's get professional film-makers to go to Malaysia, Australia, New Zealand, or wherever Singaporeans like to go on driving holidays, and get them to film the roads.

'Film the potholes, the snow, the scenery, the puddles, broken tarmac, oil and unusual signboards such as deer crossings.

'Then let's build simulators for our driving students to teach them what it's like to drive overseas.

'We can simulate aquaplaning (which happens when a car skids over a thin film of water at high speed). We can simulate driving at night in the countryside where there are no street lights. We could even recreate a kangaroo jumping across the road.'

And who will pay for such machines?

'It's a fabulous opportunity for car companies. You get, say, Toyota to build a simulator similar to one of their cars. The drivers train in it. And when they go overseas, they might just request for the same car at the rental companies.'

Mr Laws knows what it's like to drive long distances. He is a native of London and used to live in the US for several years.

'Driving long distances is hypnotic. You have no idea how fast you are going.

'And besides, modern vehicles are so quiet. You forget that you are sitting in a lethal weapon travelling at a tremendous speed.'

In 1977, the father of three moved to Singapore, 'where you can't drive for more than one hour without dropping off the island'.

But he says the crux of the problem is not so much the long-distance driving, but the complacency of Singaporeans driving overseas for the first time.

They mistakenly think they can take the fatigue. They want to maximise their holiday time. How do you teach them to take breaks?

'It's tough because you're fighting human nature,' says Mr Laws.

'But one way is to look at anti-smoking campaigns. The most successful ones are those that have a girl saying she doesn't want to kiss her boyfriend because it's like kissing an ashtray.

'If we can somehow make it cool to be a safe driver, maybe that can work.'

Will this Let Fly idea fly?

Mr Laws is sceptical himself.

'I know Singaporeans will complain. But we need to ask ourselves if it is a matter that is serious enough.

'Ultimately, we are talking about saving lives.'

Lessons from a kachang puteh stall

Lessons from a kachang puteh stall

IF LIFE were a box of chocolates, then investment would be a kachang puteh stall.

That's according to Loh Wei, a second-year Singapore Management University (SMU) accountancy student and investor who reaped 15 per cent returns in the 12-month period from April 2006.

If a kachang puteh uncle earned $100,000 in a year, investors would pay him $300,000 to 'sit there and own the stall', says Mr Loh, 22, who has been punting for two years.

'It's the same concept when it comes to looking at companies. I want the management company to be the kachang puteh uncle who can sell well and people trust him,' the fundamentals trader adds with the air and confidence of a seasoned player.

'I pay a price for him to own the business. And the cash that he earns will be mine.'

The kachang puteh uncle is just like Benjamin Graham's imaginary character 'Mr Market', who could decide to sell his stall at $50,000 one day, and buy back the stall at $3 million the next.

'The kachang puteh uncle is just like Mr Market. Price fluctuates a lot, but the underlying business doesn't fluctuate that much,' Mr Loh muses. 'So, only people who can really see the underlying value of the business can actually profit from the market.

'But that comes with experience from being in the market to know whether the kachang puteh uncle is crazy, and to really know how much the stall is worth.'

For Mr Loh, who peppers the interview with analogies, value investing simply means 'you don't buy premium toilet paper when there is no sale'.

'I just buy great companies at discounts. The hard part is, what is a great company and what is a discount,' says Mr Loh, who uses price-to-book ratios and return on equity as key indicators to derive the intrinsic value of a company.

A firm believer in diversification, Mr Loh has pumped 60 per cent of his capital - which runs into 'tens of thousands' of dollars - in the MSCI World Index Infinity Series. He has about 10-15 per cent in real estate investment trusts (Reits), with the rest of his capital in US stocks.

One of his best calls was to get out of the Asian market before August last year, when regional bourses were hit by a major correction and as news of the US sub-prime crisis struck. He made about 30 per cent from investing in an Asian exchange-traded fund (ETF) for a year.

'I see the (Asian) market getting really heated, and I don't see where the real value lies in the price increase,' says Mr Loh. 'In five years' time I'll know if I'm smart or not.'

But his next move does raise an eyebrow - he took some of his earnings to the US markets, even as the world frets over fears of a recession, on top of the credit crunch.

Mr Loh's US portfolio includes stocks of financial institutions such as Countrywide Financial, JPMorgan, Johnson & Johnson and Moody's.

The gutsy move was certainly one of calculated risks, as he saw opportunity in the panic selling.

But Mr Loh - the vice-president of SMU's E.y.E Investment Interactive Club - admits that he is still contemplating whether to hold on. 'People are saying: 'Move your money out of the US this year.' Am I being the only stupid guy in the US?' he asks with a chuckle, adding that his American portfolio has 'tanked spectacularly' and was likely to lower his annualised returns to 8 per cent at most for the 2007/2008 financial period.

Mr Loh names Benjamin Graham, Peter Lynch and Bill Miller as his influences. The latter, a Legg Mason value trust manager, taught Mr Loh the concept of 'munch down'.

'Say you want to establish $5,000 total investment in this stock. Instead of buying at one shot, you buy at a range,' Mr Loh explains. 'So you think that $10 is a safe price to buy, you start buying at $10. If it goes down to $8, you continue to buy. Then if it goes up to $12, you continue to buy. But once it shoots up to a certain valuation, you stop buying. So it actually protects your own capital.'

One of his biggest mistakes was losing US$400 from investing in Countrywide Financial. 'It was trading at about US$40 at the beginning of last year. Then, with the sub-prime, it fell to US$18. I thought, wow, great value there.' But the stock is now trading just below US$7 per share.

'I bought my whole position at one shot. So I don't have extra cash to average down or up,' says Mr Loh. 'I realised my biggest mistake was not establishing a big enough margin of safety.'

But he is not letting go of the company - which Bank of America (BoA) plans to buy - because although he is not happy with the purchase price, he is also a shareowner of BoA and wants to enlarge his holdings in the latter.

The self-professed foodie - who regularly troops to Purvis Street for toast -- says it's important to understand the business operations before putting your money into the stock. 'It's just like a kachang puteh stall. You need to sit next to the kachang puteh uncle and see why people keep buying from him,' he says. 'Or Bedok 88 bak chor mee - why do people keep going back to that stall? There must be something in the ingredients that makes you want to go back.'

And his investment philosophy stems from his personality, which he describes as 'a little bit anti-social'.

'I like to observe people. But I rarely get affected by people,' says Mr Loh, who considered studying psychology. 'I like value investing because I realise that if you are able to stand away when everyone goes crazy, you can stay sane. You can actually get an edge.'