Yuelin Yang

Ministry of Trade & Industry just released the third quarter economic figures for Singapore 🇸🇬 this morning. As forecasted earlier, figures are stronger in the latter half of the year and the latest report fleshed out is that we are expected to do much better than even the earlier adjusted forecast of 2-3% in 2024 to now around 3.5% (>3 times better than last year’s 1.1%). Barring downside risks, we are forecasted to grow 1-3% in 2025. CPI also at 2.2%, Resident Unemployment at 2.6% and Real VA 4.1%. Overall, a more positive report than expected for all which augurs well for the Singapore economy and workers. Employers and businesses should take reference to the latest NWC Guidelines in paying out increments/bonuses and workers to continue to stay ready, relevant, and resilient to ride the positive wave with training and transformation. Ministry of Trade and Industry (Singapore) Monetary Authority of Singapore (MAS) National Trades Union Congress (NTUC) (Pic Credit : MTI ESS 2024) #NTUC #EconomicGrowth #MTI #GDP2024 #ESS2024

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Lessons on managing joint ventures, investors, and co-founder gleaned from a shareholders dispute involving a Peranakan food doyenne (Part 2 of 2) Continuing from part 1 of this post yesterday: <3 Deadlock resolution> Especially where factions of shareholders hold 50-50 shareholding, or wield significant veto rights, a sensible deadlock mechanism should be considered. It could be put/call options, Russian roulette (buy out or force sale), Texas shootout (sealed bid to buy out the other, highest bid buys out), Dutch auction (sealed bids with minimum price to buyout, highest bid buys out others), mediation and failing which, winding up. In Singapore, market practice seems to eschew these. <4 Clarifying personal rights and value as distinct from the corporate’s>    In certain cases, the main value of the business is in the goodwill and other forms of capital inextricably bound up in an individual founder or key executive. In this case Violet Oon herself. The Court noted that the shareholders agreement did not specify whether and on what terms the company could use Oon’s name. It would be optimal for #investors and #founders to clarify contributions, interests, rights & terms of use. This is especially in scenarios concerning often intangible value which does not fall into neatly defined #intellectualproperty #IP categories. Personal name, image rights, likeness, and goodwill, for example. On the flip side, the Court found that the investor had “exaggerated” his “contributions … in absolute and relative terms”. And the family shareholders represented by Oon’s son was unable to question this; he was confused, fearful and had his will subjected to compulsion and duress. Eg the investor claimed his introducing bankers to the company amounted to $100,000 in value. No basis was put forth for the figure. He bore no liability for the banking facilities when the family shareholders had to personally guarantee the loans. <5 Investors and majority shareholders must be cautious about their conduct> In this case, the Court considered the conduct of the investor, what he said, how he said it, and the overall pattern of conduct, in finding that although there was no unlawful means of pressure, the conduct amounted to bullying, bad faith, possibly exploitative, duress, and undue influence. This is despite there being a shareholders agreement in place and then a new shareholders agreement validly executed by all parties. Indeed the latter agreement was invalidated. What this could mean is that while parties are free of course to negotiate their agreements, they may nonetheless find the conduct of their negotiations under scrutiny and contracts becoming adjusted or even nullified. This case gives much food for thought as to negotiating and drafting agreements for #jointventures and investor shareholders. #Legalcounsel and decision makers should rethink certain practices. #singaporelaw #disputes #litigation #conflictresolution #disputeresolution

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Can entrepreneurs successfully perform the functions of civil servants and politicians? This central question is the inverse of Dr Goh's point in 1972. My preliminary answer is: No. The reason: There will be just too many conflicts of interest. The entrepreneur seeks the highest return on their invested capital; the government seeks to create a fair (and safe) marketplace for entrepreneurs. These are two fundamentally different aims. When you mix the two liberally, you get cronyism, corruption and nepotism. The insidious thing is that you can enjoy unbelievable growth in the short run. But, in the long run, you risk destroying your country.

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Life Lessons From Schoolmates. It’s been almost 50 years since I left school. Yesterday, I shared about the challenges of preparing for the transition from full time work into retirement - prompted by an article written by an old classmate’s wife in SPH Media The Straits Times. Yesterday, I also learned about an old schoolmate’s wife who passed on this week, after a period of illness. His wife was also a fellow schoolmate. This is also a type of transition. However, this latter transition is filled with sadness and underscores the temporal nature of life. As I reflect on changes and life’s many different stages, one thing is clear: Work is important but we need to prioritise & treasure the time we have with the people we love and care for - our spouse, our children, our family, our friends. Each day with them is a Gift to be Enjoyed, Loved & be Grateful for. Ultimately, life is not just about the work we do, but about the relationships and the people. Apologies, for the melancholy in starting the day. But I am also starting the day thankful and encouraged that in living our lives, we can also have an opportunity to impact others and, hopefully, leave a legacy in the lives of those whom we love and care for. Tip For The Day: Give your family members a Big hug today and Tell them how much you love them and what they mean to you. Have a blessed Wednesday. https://lnkd.in/g4HmzCq9 #work #life #family #love #mentalhealth

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Alternative Prime Minister Nominee and Member for Finschhafen, Rainbo Paita has welcomed the decision by the Supreme Court. He reaffirmed the Opposition’s intention to move a motion of no confidence in Prime Minister James Marape next month. Mr Paita took cue from Opposition Leader, Douglas Tomuriesa in accepting the decision by the court and supported the call for a change in government due to the many crises facing the country. Mr Paita said: “Although the decision by the court was not what we were hoping for, this now shifts our focus to September 3 when Parliament resumes. “The Opposition will be filing a new motion of no confidence, and we hope Mr Marape deals with it head on and does not run away from it. All we have seen in parliament and in the courthouse are desperate delay tactics. “Contrary to Mr Marape’s rhetoric, the Opposition is not power hungry or hungry to take his job. We are trying to save this country and fix it from all the mess he created. “There are so many wrongs affecting this country yet there is no leadership willing to fix it. If he is so concerned with the state of our country’s affairs, why are we facing disaster after disaster? “Blackouts cripple our cities, monthly massacres have become normal, kidnappings are now a trend, guns and knives have replaced bibles, police and defense are struggling, compromised state institutions are serving personal interests, self-interest has taken over the people’s interest, and the PNG Kina virtually has no value compared to the Australian Dollar – and the list goes on! “The general restlessness in the country is a symptom of a failing state. Institutional failures are evident. How far can we allow the fall to happen? Fall of the Kina, fall of law and order, fall in government trust, fall in institutional capacity to implement programs, fall in morality in society. How far do we allow this fall because we will soon realise that we won’t be able to climb out? Mr Paita said the current politicking is fully warranted when the leader of the country is unable to lead the country effectively. “Mr Marape continues to say he is unable to do work because he is busy managing politics. That has to be one of the biggest excuses this country has ever heard of. “Among all our former prime ministers, James Marape has been the third longest serving PM, but has he made PNG into a better place than when he wasn’t PM? “In Australia and New Zealand, prime ministers only serve for a period of three years. They face the same level of political stress while managing the country, but they are still able to get things done because they are capable of the job. “The coming change will happen regardless of the delay tactics trying to stop it. If the government actually started fixing the problems, instead of making longwinded press statements and speeches, they could rebuild their political capital and build confidence. Unfortunately, it's just a race to the bottom.

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Wow this chart is proofing the pessimists wrong. More foreign money is flowing into HK. The demand for HKD is on the surge. How I wish the stimulus package can put money into corporates so that they can have cash to generate real profit and not helping some to cash out. Corporates need money and with good bottomlines market volume will surge too. Big guns can think about that now that sentiment is so good.

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Wow this chart is proofing the pessimists wrong. More foreign money is flowing into HK. The demand for HKD is on the surge. How I wish the stimulus package can put money into corporates so that they can have cash to generate real profit and not helping some to cash out. Corporates need money and with good bottomlines market volume will surge too. Big guns can think about that now that sentiment is so good.

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Making peace with the past. This article in today’s The Straits Times caught my eye. The recent unveiling of a bronze statute of Sir Stamford Raffles - founder of Singapore and personification of our colonial past - has some rather strong views on both sides of the debate. My view? We owe our UK colonial masters a debt of appreciation (if not gratitude) for establishing a few foundational pillars whose value and benefits we continue to enjoy till this day: - The English language as a working language that allows us to connect with the world. - The Institutions of Governance that are a key infrastructure of the nation - our Parliamentary System, our Judicial System, our Civil Service system. - The Educational system - though modified now - has its roots from our colonial past. These are but 3 legacy benefits. Rather than quibble with the Past, the Better Challenge and Constructive Debate is how can we Improve things Significantly for the Present, the Future and the Next Generation. Do you have a view to share? SPH Media The Straits Times CNA The Business Times Singapore Law Watch Singapore Academy of Law The Law Society of Singapore SCCA - Singapore Corporate Counsel Association Ministry of Education, Singapore (MOE) #leaders #leadership #history #past #future #nextgeneration #colonialism #lawyers #legacy #gratitude #appreciation

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When I moved into my 60th year, there was a ‘Lightbulb’ moment that crystallised many things in my mindset, perspective & passion. I am greatly encouraged that Singapore is doing likewise. Am delighted to learn of the many policy resets from PM Lawrence Wong at the National Day Rally yesterday. From introducing 10 additional weeks of parental leave - as a strong signalling of the government’s support of us having children, to having 6 months of stipend support for those who are retrenched to get them back on their feet, to paid upgrading training for up to $72k, to sun setting the 40 year old Gifted Education Program- GEP - and having this in All schools instead of just for some in the elite GEP centres. Bold Reimagining of a New Singapore. A Renewed Singapore with Many Paths to Success - beyond just academics to vocational skills and sports. A Singapore that this is Pragmatic in its Policies , Passionate as a People, Principled and yet showing a People centric Purpose that continues to have a Place in the world, is an Enlightened outlook. Really Exciting as Singapore enters its 60th year. Majulah Singapura. SPH Media The Straits Times The Business Times CNA Mediacorp Pte Ltd Ministry of Education, Singapore (MOE) Ministry of Culture, Community and Youth (MCCY) Ministry of Social and Family Development, Singapore (MSF) Ministry of Manpower Ministry of National Development Singapore Singapore International Chamber of Commerce Singapore Institute of International Affairs Institute of Policy Studies, Lee Kuan Yew School of Public Policy SGListCos SGX Group MindForward Alliance Singapore The Law Society of Singapore Singapore Academy of Law Nanyang Academy of Fine Arts Singapore Sports School https://lnkd.in/gvEgbP3q #leaders #leadership #singapore #passion #purpose #people #success

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Random Question: With regard to JKIA, WHAT WOULD SINGAPORE DO?? We have this bad habit of invoking the name of Singapore only when we want to tax citizens. On this raging JKIA/Adani debate, I asked myself, what would Singapore do? 1. They decided to build a totally brand new airport, Changi, not to fiddle around with the old airport - Paya Lebar 2. External consultants recommended to Lee Kwan Yew to expand the old Paya Lebar’s terminals and building a second runway 3. But being a visionary, Lee rejected the expansion of the old airport: “I felt then that Paya Lebar had inherent disadvantages. It was located near the city centre. Expansion would be limited. Worse, noise and air pollution would become worse because the flight path footprint was already over our city centre.” 4. Lee relied on internal capabilities in Singapore, he did look for outside solutions like Adani. "I appointed Howe Yoon Choong, then chairman of the Port of Singapore Authority, to head a team to study if we could move to Changi" To coordinate and lead the development of the airport, Sim Kee Boon, permanent secretary at the Ministry of Communications, was appointed chairman of the Executive Committee for Airport Development (ECAD). Howe Yoon Chong, who chaired the airport steering committee, was responsible for updating Lee on Changi’s progress. The Changi project had a very tight deadline because Paya Lebar was approaching saturation, which is why an arrival hall had to be built there as a temporary measure. To ensure that Changi would not be delayed, Sim said that there had to be a mindset shift in the Public Works Department, which was in charge of building the airport. Singapore would NEVER HAVE pulled an Adani. With 70 universities in Kenya, we don't have the ability to study, design, develop and run an airport??? https://lnkd.in/gxzRF5vP

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I responded yesterday to a Parliamentary Question on whether the Government will review its mandate with GIC to allocate part of its investments to securities listed on the Singapore Exchange (SGX) to revitalise our local stock exchange.     GIC’s mandate is to preserve and enhance the international purchasing power of our reserves to achieve good long-term returns for Singaporeans. Under our current arrangements, GIC can already invest in appropriate Singapore companies if these companies have a global footprint and generate good returns.    A more sustainable way to develop local equity market is to have a pipeline of good companies to list on SGX. In addition to anchoring international enterprises which bring new ideas, technology and good jobs, we will continue to groom and develop local companies. Another priority is to help more companies which are listed on the SGX to grow their operations and expand into overseas markets through schemes that support business innovation, transformation and internationalisation. The Government remains committed to working with industry stakeholders to improve our equity market and support business growth. -- Hong Tat    #ConnectWithCHT Read my full reply: https://lnkd.in/gUGEgme9

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Earlier this morning 2 Dec 2024, I had a good discussion with Andrea Heng and Hairianto Diman on CNA 938 radio, on the 2024 Labour Force Advance Release, via a Zoom call. It was a good report for workers overall. Wages went up in real terms, i.e., after accounting for inflation, reversing the real income decline of last year. 💡 Median income was up 5.8% year-on-year in nominal terms, and 3.4% in real terms. ⭐ For P20 - lower-income workers in the 20th percentile of wages, it was much higher at 7.1% y-o-y nominal and 4.6% real. This was on the back of an improved macroeconomic environment and the continued tripartite structural support for the lower income, including in the #ProgressiveWageModel or #PWM, #NationalWageCouncil recommendations, and Government transfers, including Workfare. With PWM providing for nominal increases across 8 industries of up to 10.8% p.a. in wages (2022-2028 requirements), the picture is optimistic. 👌 Longer term, the increases have been more modest. But there was still real income growth: 0.7% p.a. for median and 1.2% p.a. for P20. 💠 The recently released Household Expenditure Survey #HES also says that household incomes have risen faster than expenditures across all quintiles in the five-year period of 2017/8 - 2022/3. Ultimately, however, averages are a statistical construct. 👆 Income & financial security are not just things that happen to us because of macroeconomics & government policy. We have the ability to make a difference for ourselves in various aspects: 1️⃣ Our income-earning capability (our Most Important Financial Asset!). Do three things: work well; skill up well; plan well for #careerhealth. On the latter, check out Workforce Singapore's Polaris on career planning, especially for PMEs. #NTUC also does career mentoring: look for NTUC U PME 2️⃣ Our expenses – control our own inflation rate and build a solid foundation for #financialhealth 3️⃣ Acquire #financialliteracy and build personal systems and habits to enable you to take good action. MoneyOwl has some suggested rubrics.   If we have right mindset, we can build our best possible life, with a combination of personal action, government and collective help, as is the Singapore way.

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EDB and the PAP Government should disclose how much of the investment Dyson has made and still says it will make in Singapore has been underwritten by undisclosed Singaporean state aid. How many of the existing jobs and production would be viable if not underwritten by the Singapore taxpayer? How much has this contributed to Dyson’s profitability and thus directly to James Dyson’s personal wealth? James Dyson has also been a big investor in Singapore property, buying Singapore’s biggest penthouse flat in 2019 for $74 million, no doubt attracted by the fact that Singapore doesn’t tax investment income, foreign income or dividends. No doubt it will be worth considerably more now as more foreign billionaires move to Singapore. Will the Government re-examine its decision to award Sir James Dyson a Public.Service Star in light of the layoffs or will there just be an embarrassed silence?

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The Iswaran case has long tail knock on effects to those considering taking on public service roles, and has quite a number of people, who do these voluntary appointments as national service, spooked. Especially with serious consequences like jail terms on the line. Minister Chan Chun Seng said in Parliament that the private sector should have the same ethos as the public sector. That sounds like the private sector isn't up to mark but I disagree. Corporates have strong corporate governance principles which are generally very clear. There are detailed policies on the giving and receiving of gifts - where gifts are under a certain value they are fine, but bigger ones need to be declared or given up. Section 165 - which applies to public servants - lacks that same clarity. It's an old statutory provision with no clear boundary markers and if you read the illustrations in the statute, they are much more obvious examples of potentially corrupt practice. Thank you Jean Iau for doing a more in-depth and hard-hitting piece on this in the South China Morning Post SCMP. #LegalAdvice #SingaporeLaw #Corruption #Governance #SingaporeCrimes

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An insightful and engaging conversation with the ASEAN Secretary-General Dr Kao Kim Hourn on ASEAN’s priorities and initiatives, regional politics and economics, and key growth areas and challenges. Thanks Singapore Institute of International Affairs for hosting. #ASEAN #Connectivity #DigitalEconomy #Sustainability #GovernmentAffairs

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I was asked by South China Morning Post SCMP to comment on yesterday's disastrous breakdown of the East-West MRT line, which had initially been labelled as a power fault. It was the third major disruption in two weeks (the first two were on the Circle Line). It could also go down as an MRT incident with the biggest adverse impact - with more than one million commutes affected by the time it is completely resolved. Which could take days. That such a massive breakdown took place so soon after the completion of a decade-long rail renewal programme costing hundreds of million dollars is disturbing, to say the least. Equally disturbing is the fact that this disruption was caused by a derailment, which happened when a faulty train was being towed back to the depot. In the process, a crucial undercarriage assembly became dislodged, and part of the train went off the tracks. We have to be thankful this did not happen when the train was plying with a full load of passengers. The consequences would have been unthinkable. Indeed, the subsequent damages caused by the dislodged assembly resulted in a power fault which rendered the line inoperable. Damages were also sustained by sections of the track and trackside equipment, which in themselves would have rendered the line inoperable. Again, we must be thankful there were no human casualties. Operator SMRT pointed out that the faulty train was a first-generation machine of at least 35 years of age. If it intended this as some form of mitigation, it's a pretty weak one. It is not uncommon for metros the world over to operate even older trains. Hong Kong's MTR for instance, still has some first-generation trains turning 45 this year in service. As with all vehicles, maintenance, repair and refurbishment must be the order of the day. More so for older ones. If these are done well, trains will last longer than 35 years. Besides, the fact that an operator puts a train in operation means it is deemed trackworthy, no matter its age. Otherwise, it would be tantamount to playing Russian roulette with its customers. We have been told SMRT now practises preventive and predictive maintenance. That means, parts and components are replaced well before they become worn. It also has condition monitors, which can detect potential issues before they manifest into actual problems. So, what happened to that fateful train? Clearly, this was not just another power fault. Hopefully, the authorities will get to the bottom of this, provide a full disclosure, and take appropriate action so as to restore public confidence.

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Behind the scenes with Junie😎🤔🧐 With so many panel discussions on every imaginable topic being put up these days and fireside chats( in humid, tropical Singapore) more people are being invited to moderate events. Some may think, " ah, easy, just ask questions and let the people on the panel be on the hot seat". A panel discussion moderator doesn't just show up on the day of the event and wing it. Research is done before the event, a discussion with the panels, and some familiarize themselves with the topic in order to anticipate potential audience questions and prepare for them. We have all attended enough events to identify the good moderators - they are able to hold the discussion without making it about themselves. The moderator is a guiding hand to create the best possible environment for the speakers to shine, without putting too much attention on himself/ herself. Thank you, Philip Forrest AM Suling Lin Shai Ganu for bringing out insights from our panellists and enriching the discussions.... and the glue is the emcee: weaving the tapestry into a beautiful piece of art Soh Chin Ong Singapore Council Of Women's Organisations #scwo #genderequality#sage

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A recent KPMG study showed that 43% of family businesses actively pursue sustainability and digitalisation, often driven by an intrinsic sense of responsibility to their people and communities. This can be seen in our region as many APAC family businesses align with ESG naturally, viewing it as part of their ethos rather than a corporate requirement – focusing on sustainability as a core element of their identity. While it can be challenging to navigate costs, compliance and resource limitations, the push towards sustainability is being driven by younger generations advocating for ESG investments. Furthermore, countries like Australia and the EU are implementing stringent ESG standards, impacting family businesses. At KPMG, we understand the role ESG plays in creating sustainable, multigenerational success – particularly as ESG-compliant businesses gain better access to capital and talent. Get in touch to discuss how we help family businesses embed ESG into the company values to elevate performance across the triple bottom line. #familybusiness #ESG #sustainability

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What a great way to start the day, spending time with a cohort of cutting edge technology companies from Singapore who are in Japan today with Enterprise Singapore, ACE (Singapore) Pte Ltd and ASEAN-Japan Centre looking at the next steps towards market entry via the Kansai region. **www.infinitycube.com.sg**: Infinity Cube Pte Ltd provides modular, energy-efficient data center solutions utilizing advanced cooling technologies for sustainable IT infrastructure. **www.eigen.digital**: Eigen Digital specializes in AI-driven data analytics platforms that help businesses extract actionable insights from complex data sets. **www.etavolt.com**: EtaVolt Pte Ltd develops innovative energy storage and management solutions focused on enhancing efficiency in renewable energy systems. **www.tictag.io**: Tictag offers data annotation and labeling services to enable companies to train accurate AI models with high-quality datasets. **http://www.quikbot.ai**: QUIKBOT TECHNOLOGIES delivers AI-powered IT automation solutions that help businesses optimize operational processes rapidly and efficiently. One thing the group shared was a strong determination to enter Japan in an efficient and respectful way, and a thirst for knowledge and insights from those that have done so before so it was really fun sharing failures, successes and the learnings that have come with them since I first attempted Japan market entry for a venture 19 years ago and the different approaches that we now have success with for the global startups supported by Innovation Dojo Japan these last 8 years. A few topics we touched on were: - selecting a city to start in: It's becoming easier to cover all of Japan regardless of which city you are based in, so prioritising where your key partners are, market size and where you have less competition are critical #kansai Also, beyond work, what type of environment do you want your team to live in? - hurdles with opening doors to Japanese corporations as partners and potential clients: besides language, how important is it to have "legs on the ground" in Japan, and how do you know when the right time to do so is? How do you find the right talent to represent your company in the market? It was energising to hear how focused and disciplined the group were, and how important Japan is to their global strategies. Looking forward to future collaboration as they progress! Innovation Dojo Japan Enterprise Singapore Innovation Dojo ACE.SG (Action Community for Entrepreneurship) Jeremy Lau Amanda Dizon Gretel Chee Naoya Yoshizumi Kanako Murase JUNIK BAE Kaoru Tsukamoto Siddhant Bhatt Moe Gotoda Marisa W. Daniel Lim Zuo Ming Yap Kevin Quah Kevin S. Jun Rong Oh Bryan Jia Yang Tan

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