It’s been an interesting week, with the elections in Singapore. I am pretty surprised by the extent of the results, with this election being the PAP’s strongest in more than a decade.
DPM Tharman (Finance Minister) had the best speech by fair explaining the economic reality of welfare spending. I really recommend it. Just simple facts and logic of the matter. Politics at its finest:
BBC’s Stephen Sackur gets sucker punched by DPM Tharman at St Gallen Symposium (LINK)
Sackur: Do you believe in the concept of a safety net?
Tharman: We believe in a concept of support for you (people) taking up opportunities. So we don’t have unemployment.
Sackur: I believe in the sometimes simplicity of yes-or-no answers. What about this idea of a safety net? Does Singapore believe in the notion of a safety net for those who fall between the cracks of a successful economy?
Tharman: I believe in the notion of a trampoline (A laughter and silence in the crowd for ten seconds).
Su-Ling (Former CEO of IPCO) v Goldman Sachs International (LINK)
Ever wondered what happen to the Blumont Saga? Well, the offical Singapore investigation isn’t out yet, but here’s a related case involving the CEO of IPCO who got “margin-called” by Goldman. Funnily enough, she happened to own all of the stocks involved in the penny chip rout.
Singapore Stock-Trade Probe Seen as Test of Credibility (LINK)
Authorities widened the probe this week to include executives from at least four more companies six months after the rout that triggered a plunge of least 87 percent in the shares of Blumont Group Ltd, Asiasons Capital Ltd and LionGold Corp over three days last October.