The Unfortunate Story of Yeo Chong Lin

Today in the news we read the story of Mr Yeo Chong Lin.

Tycoon gives $1 inheritance to each of his children
Sin Chew Daily/ANN
Saturday, Feb 25, 2012

Shipping tycoon Yeo Chong Lin is giving only S$1 (RM2.40) inheritence to each of his four children.

The 77-year-old Singaporean did not leave a single cent to his girlfriend of six years.

Instead, Yeo left his entire 5$45 million fortune to his seven siblings.
 
He told Lianhe wanbao that he had severed ties with his children.

Yeo, the main shareholders of Yeo Holdings, lost a divorce suit in which he was ordered to pay S$24 million to his ex-wife Nancy Tay last year.

...

"For the past 60 years, I work so hard everyday, sacrificing myself so that my family get to live a comfortable life.

"I sent my children to study abroad. Not only that they need not work to earn the tuition fees, they could drive new cars around.

"They never appreciate what I've done for them. I don't owe them anything!"

Seriously SMRT, what on earth is going on?

I wanted to blog about this issue when I saw the news article last weekend about a 2nd rail clip being found in 4 days. But today, I open the news and then I see that a 3rd (!) rail clip has been found in a week!

3rd MRT rail clip found dislodged near Ang mo Kio
Feb 17, 2012
By Lin zhaowei
Another dislodged rail clip has been found below an MRT viaduct - the third in a week.

This 10cm, palm-sized metal piece was found a few hundred metres from Ang Mo Kio station along Ang mo Kio Avenue 8, near a jogging track in the space below the viaduct.

But train operator SMRT said its checks did not turn up any clip missing from the track near where it was found.

These rail clips are supposed to secure the MRT rail to the wooden plank under it.

Why it Pays to be a Foreign Talent PR in Singapore, Today!!

Singapore is a great place for foreigners to live, work and play! Just take the example of Mr Peter Breitkreutz, an Australian citizen who came to work in Singapore and who fell in love with the country!

Mr Peter Breitkreutz is an Australian citizen who attained his Singapore Permanent Residency (PR) in 2008. Mr Breitkreutz is currently a Senior Vice President of Citibank in Singapore, and is very proud about the fact that he is a Singapore PR. He owns a resale HDB flat in Sengkang West and is married to a Shanghainese wife, and they have two sons.

Mr Breitkreutz is the self-proclaimed "Singapore's favourite expat" and who writes the "most read and subscribed to expat blog in Singapore." He has won several blogging awards, and has even been recruited by the Singapore Government (MICA) to help promote Singapore to foreigners as a great place to live, work, study and play! The Singapore Government absolutely LOVES talented foreigners like Mr Breitkreutz, so much so that it has a special name for them - "foreign talent"!

In Singapore, the Rich Get Richer... while the rest of us Struggle with Inflation

A couple of headline news in the Business Times caught my attention today. The first is regarding record high price for a luxury bungalow plot in Nassim Road:

Peter Kwee sells Nassim Rd plot for about $47.8m
$2,000 psf on land area is a new high for a GCB on Nassim Road
By KALPANA RASHIWALA

(SINGAPORE) Motoring tycoon Peter Kwee is said to have sold a vacant plot along Nassim Road for about $47.8 million or $2,000 per square foot (psi) based on its freehold land area of about 23,920 sq ft.

While the psf land price for the transaction is slightly shy of the $2,081 psf islandwide record for a Good Class Bungalow (GCB) Area set last year, it is nonetheless said to be a fresh high for Nassim Road.

Newsman Realty confirmed it brokered the latest deal. The buyer is a Singaporean  businessman, said the firm's managing director KH Tan.

The second article is regarding the introduction of the Pagani Huayra into Singapore.

Nonsensical Forum Letter on Cheap Foreign Labour

A letter by a certain Ng Ya Ken was published on the TODAYonline Voices section. It contains several nonsensical and idiotic statements that I would wish to debunk. Note: I have no affiliation with SPP and have no vested interest in defending the SPP.

Cheap foreign labour: Who's responsible?
Letter from Ng Ya Ken 04:46 AM Feb 22, 2012

THE Singapore People's Party's chairman, Mrs Lina Chiam, thinks that the effect of foreign labour "is akin to the use of performance-enhancement drugs in sports", as reported in "Opposition parties weigh in on Budget measures" (Feb 19).

Her analogy may not be appropriate, as the use of foreign labour is mainly out of necessity and demand stems mainly from the private sector.

Tin Pei Ling Next in Line to Sue TR Emeritus?

Channelnewsasia reports that TRE and Lee Hsien Yang have reached an "amicable settlement". Lee is reportedly satisfied with the deletion of the allegedly defamatory comment and the expression on the part of TRE.

Mr Lee's lawyer said: "My client is satisfied that his requests have been met, that the false and defamatory postings have been removed and that TRE' has acknowledged and expressed regret over this posting. The vindication of his name and reputation is important."

Budget 2012: Thoughts on the $1.1 billion Bus Fund

Here is my take on the $1.1 billion that Tharman announced the Government will be setting aside to help alleviate the public transport problem. While there are not many details currently released on how the partnership between the Govt and the PTOs is going to be structured, IMHO the Govt should follow these principles in structuring the public-private partnership.