SINGAPORE PRESS HOLDINGS,
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FRIDAY, MAY 1 2009 A24
SPH Chief Executive Officer Alan Chan Heng Loon
Editor-In-Chief (English & Malay Newspapers Division)
Patrick Daniel
Senior Executive Vice-President (Marketing) Leslie Fong
Senior Executive Vice-President (Newspaper Services &
Chinese Newspapers) Robin Hu
Editor Han Fook Kwang
Digital Media Editor Felix Soh
Deputy Editor Alan John
Supervising Editor Sumiko Tan
Associate Editors
Bertha Henson, Zuraidah Ibrahim
Political Editor Chua Lee Hoong
Review Editor Janadas Devan
News Editors Carl Skadian, Dominic Nathan
Money Editor Ignatius Low
Night Editor S. Yogendran
Art Editor Angelina Choy
Life! Editor Helen Chia
Sports Editor Mathew Pereira
Picture Editor Michael Sargent
Forum Editor Yap Koon Hong
Straitstimes.com Editor Joanne Lee
A fight for the soul of Aware?
P
OLICE asking for a change of venue
for the Aware special meeting tomorrow, for law and order reasons, is not
the first indication of official frowning
over a civic dispute gone overboard.
Community Development Minister
Vivian Balakrishnan had put out a
reminder that religion had no place in
what he termed petty politics. The categorisation presumably included
ding-dong fights for control of nongovernmental organisations. Despite
the injunction, battle lines have been
drawn between Aware’s opposing
camps: the new team led by Ms Josie
Lau and the defeated old leadership
seeking the newcomers’ removal in a
no-confidence vote. Both sides should
be mortified that an argument over values and the manner of executing programmes could not be conducted free
of righteous cant and religious undertones. Undoubtedly, a Christian fervour has seeped through the proceedings.
Government intervention in civil
society affairs, should it happen over
Aware, would be damning of the disputants. It should be avoided if civic
organisations are to discharge their
role fearlessly as support agents in progressive change. Each side in the
Aware dispute needs to act rationally
in calming its supporters at the meeting, now moved to Suntec City. If choreographed shows of noisy support are
being planned, they should be aborted.
This is not meant to be a test of
strength. Sensible people don’t do barracking.
From the looks of the frantic recruiting going on for members, this is appearing disagreeably like a fight for the
soul of Aware, an outfit most temporal. The controversy should never have
descended into a contest between secularists and religionists. The new team
has clear faith-based leanings, evident
in its virulent condemnation of homosexuality. It is free to make a stand, but
how is gayness such a burning issue?
There are matters of import, such as
family deprivation in bad times, that
could gain traction if they receive
PM’S MAY DAY MESSAGE
Time for gumption
and collaboration
Unions, employers and the Government are working together to find practical
solutions to see Singaporeans through the downturn, says Prime Minister
Lee Hsien Loong in his May Day Message
M
UCH has changed in the
course of a year. When I
was preparing my May Day
Message last year, we were
in a very different situation.
The economy had a strong first quarter in
2008, and workers were enjoying good
bonuses from the year before. The United
States had already run into difficulties,
but we still hoped that the world could
avoid taking a major tumble.
Unfortunately, the US problems grew
into a major financial crisis which has
caused a severe worldwide recession.
World financial markets are no longer
frozen, but things are far from back to normal. All the major economies are contracting simultaneously, for the first time since
the Great Depression. The World Bank
expects global industrial production to fall
by 15 per cent by the middle of this year,
and world trade also to fall sharply, especially in Asia. Governments have taken
bold steps to boost their economies, but in
this unprecedented situation nobody can
be sure what measures will work, or how
quickly.
Singapore is doing all we can to buffer
ourselves from the storm. We have
launched the Skills Programme for Upgrading and Resilience (Spur), and the Resilience Package, which includes the Jobs
Credit scheme. We have focused on preserving jobs, because when people have
jobs they can look after themselves and
their families. Unions and employers have
supported these schemes. They have
aligned the interests of employers and
workers, and helped companies to think
of cutting costs to save jobs, instead of
cutting jobs to save costs.
Singapore’s recovery will depend on
how the situation develops worldwide,
especially in the US. An optimistic scenario is for the US economy to stabilise by
the end of this year, and begin a gradual
recovery next year. But this is not at all
certain. The US recession may well continue into next year. In the worst case, if the
troubled banks are not put right, the problems can drag on for several years.
The Ministry of Trade and Industry has
revised our growth forecast down to
between -6 per cent and -9 per cent.
While retrenchments and unemployment
have gone up, new jobs are still being
created. The situation would have been
worse if not for the Resilience Package.
Employers have more reasons to keep jobs
with the support they get from the Jobs
Credit, Spur and other measures in the
Resilience Package.
But if global demand continues to be
weak, we must expect more job losses,
despite all our measures. In some sectors,
things will get worse before they get
better. We must prepare for a prolonged
difficult period and continue to build capabilities for the future.
But we have reason to be quietly confident. Our economy has important
strengths. Our banks are sound, our industries are competitive, our wage systems
are flexible, and many good jobs are still
The basic
strategy for
Singapore must
still be to stay
open and linked to the world.
We prosper by servicing the
region, Asia and the world, and
by being equal to the best in
niche areas.
available. Our workers are cooperating
with employers and the Government, to
acquire the skills which will make them
more productive and employable. Our substantial reserves are funding programmes
to counter the recession. Few countries
are in as secure a position as Singapore.
Despite the unfavourable climate, our
economic agencies are actively seeking
new business opportunities. The Economic Development Board continues to win
investments. Many global companies have
long-term perspectives and are still
launching projects in Asia. They see opportunities in this dynamic region, and know
that Singapore provides a stable base for
their Asian business.
Upcoming projects in the service sector, particularly the tourism industry, will
create more jobs. Our two integrated
Aware’s campaigning zeal.
If the Christian women who captured Aware believed they had to because the secular outfit had gone down
the wrong path, they needed only to
set up their own society to promote
their cause. They could campaign openly on a Christian platform and leaven
their social programmes with Christian values. Let the public judge whether they make a contribution to society’s well-being. Whatever the outcome tomorrow, the ex-leaders could
walk away from the wreck with their
dignity intact. They could set up a new
organisation and continue with their
work, retaining the secularism that the
old Aware was known for.
resorts will be completed soon. Beyond
that, we will have the Gardens by the Bay,
the International Cruise Terminal and
Asia’s first River Safari in Mandai.
We are also growing our external wing.
International Enterprise (IE) Singapore is
helping companies to win projects in
China, India and the Middle East, where
many opportunities still exist. It is also
working with trade associations and chambers of commerce to access markets worldwide, in Latin America and even Africa.
We must venture further afield to find
new business opportunities, and think of
more creative ways to make a living for
ourselves.
The basic strategy for Singapore must
still be to stay open and linked to the
world. We prosper by servicing the region, Asia and the world, and by being
equal to the best in niche areas.
Thus banks in Singapore service customers from all over the region. We will
still be a major financial centre, especially
in areas like fund management or global
treasury business. Our factories produce
critical components for computers and active ingredients for drugs, often accounting for a third or more of the world market for those products. Unfortunately, our
access to foreign markets will become
more difficult, because governments will
raise more protectionist barriers as they
come under political pressure to help
domestic producers. As we continue to develop new markets, our wide network of
free trade agreements with major trading
partners will prove invaluable.
As an open economy, we must make
ourselves globally competitive rather than
try to protect ourselves from competition.
We must gather talent from all over the
world to strengthen the Singapore team.
At the same time, we must upgrade the
knowledge and skills of our own people.
This downturn is an opportunity to mount
a major effort in this area. Schemes like
Spur and Professional Skills Programme
(PSP) convert slack manpower into learning opportunities. They help workers to
become more productive, flexible and
competitive.
Every Singaporean must do his or her
part. I urge workers to go for training, to
up-skill and re-skill yourselves. If you are
seeking a new job, do take up one of the
many jobs still available, even if it is not
your first choice.
Have realistic salary expectations, and
be willing to learn new things and adapt
to different working conditions. I urge employers to think of all possible ways to
save costs, and consider retrenchment
only as a last resort. Make full use of government programmes and work closely
with the unions. For any cost-cutting
measures, management should lead by example. Most importantly, everyone must
be mentally prepared and be ready for sacrifices in these difficult times.
In many countries, workers are mounting angry protests and demonstrations as
the economic pain deepens and more people lose their jobs. These outbursts are understandable, but unfortunately they do
not make things better. In Singapore, our
response to the crisis has been rational
and constructive. Unions, employers and
the Government are working together to
find practical solutions, to explain to Singaporeans what is happening, and what
we must do to see through the downturn.
This cooperation depends on the trust
and confidence among the tripartite partners built up over many decades. In this
moment of stress and uncertainty, it is
helping Singapore to stand out from other
countries, enhancing our reputation and
bringing in more investments and jobs.
We must use this crisis to prepare for a
different, more competitive world when
the storm passes. We must build resilience in a new generation of Singaporeans
and strengthen their bonds with a new
team of leaders. Most of all, we must
unite as a nation, keep our calm, unflinching spirit and emerge stronger from the
crisis.
I wish all Singaporeans a Happy May
Day.
Singapore leads the Global Financial
Centres Index’s list of locations where
“new offices are likely to be opened”.
PHOTO: REUTERS
Bankers’
new hope –
Singapore
AS THE fortunes of Wall Street and
the City of London decline, moneymen are looking east for new bases.
And so far, the biggest beneficiary
seems to be Singapore.
The latest Global Financial Centres Index shows that Singapore
overtook Hong Kong to secure third
place – right behind New York and
London – in the global competitiveness rankings. And the city state
now leads the list of locations
“where new offices were likely to be
opened”.
Singapore’s clean reputation has
aided its rise. Its bankers played no
part in the tricky dealings that
brought down the global financial
system.
It’s also got a leg-up on Britain
and America when it comes to regulation: Singapore’s rules are clear
and well established, thanks in part
to an overhaul in the wake of the
Barings Bank scandal of the early
1990s.
These attributes are likely to further boost Singapore’s popularity,
which had already been on the rise
before the crisis, thanks to the country’s reduced tax rates for offshore
funds, unmatched even in Hong
Kong.
Singapore’s financial services
sector grew by 16 per cent in 2007
– and the number of hedge fund
managers rose 50 per cent to 300 –
before slowing to 5.6 per cent last
year as the recession set in.
Meanwhile, the biggest loser may
be London, which found favour as a
setting for international business in
the boom years but is now suffering
as globalisation recedes.
(So far, New York seems better
cushioned, since the United States
accounts for a quarter of the world
economy.)
Up to 20 per cent of all jobs in
London’s financial services sector
have already disappeared since
early last year, with another 80,000
job-holders estimated to be on the
chopping block. Many of them are
highly skilled and footloose.
Maybe they’ll follow the money
– and head to Singapore, too.
WILLIAM UNDERHILL
The above article appeared in the
April 27 issue of Newsweek.