Tag Archives: LEE HSIEN LOONG

Australian media says Lee Hsien Loong took personal offence at the call for more transparency. It added Lee Hsien Loong is suing a jobless blogger for criminal defamation. The alleged offence for which he could get two years jail: questioning the government. Unexpectedly citizens have rallied publicly in support of the accused blogger, and donated more than $100,000 to help fight the case in the courts.

Prime Minister Lee Hsien Loong's press secretary Chang Li Lin has rebutted an article in The Economist magazine that discusses PM Lee's defamation suit against blogger Roy Ngerng and its implications for Singapore. "This is not an allegation," she wrote. "Mr Ngerng has publicly admitted accusing Prime Minister Lee Hsien Loong of criminal misappropriation of pension funds, falsely and completely without foundation."

But while the PAP ideology remains the same, the people have not. Higher education, a more affluent lifestyle and exposure to the values of the western societies, have created a new generation that is not satisfied with the quantitative paradigm but looks beyond it to a larger qualitative one that most certainly includes matters of the heart, soul and spirit. While idealism, charisma and image have a special appeal for the young, feeling in general is an essential element in everybody’s life, occurring at the deepest and most basic level of human need.

In 2003, the minimum sum was increased from $80,000 then, to $120,000 in 2003 dollars. This was intended to enable CPF monthly payouts in retirement to be increased to improve retirement adequacy. The target of $120,000 (in 2003 dollars) was to be reached over a period of 10 years so as to give each successive cohort time to adjust. Adjustments to the minimum sum were based on two components - the scheduled $4,000 stepped increase in real terms, and the headline Consumer Price Index that is used to account for inflation.

They say that Temasek Holdings, which together with Government of Singapore Investment Corporation ("GIC") and Monetary Authority of Singapore ("MAS") invests on behalf of the State, achieved 8.86 per cent return to its shareholder for the financial year ended 31 March 2013 and 13 per cent compound return to its shareholder for the 10 years ended 31 March 2013. Currently, the CPF interest rate is 2.5 per cent for the Ordinary Account ("OA"), 4.0 per cent for the Special, Retirement and Medisave Accounts, and an additional 1.0 per cent for the first $60,000 of a member's combined balances, with up to $20,000 from the OA. What are the consequences of raising the CPF interest rate?

Alternatively, the Government could skimp on investing. The outlay on the city's development budget in the most recent five- year period has jumped by a third. Slowing the pace might be a mistake, however. Pricey real estate would swoon if Singapore loses its urban buzz and stops attracting investors and tourists. That will make Singapore's property- loving citizens less wealthy and more miserable. The trade-offs are difficult. But Singapore has some advantages. For all the grumbling, the majority of Singaporeans are too pragmatic to opt for unbridled welfarism at the next elections, which will take place by 2016. Still, please-all economics is scratching at the door. If it finds a way in, prosperity could be in jeopardy.

Mr Lee Hsien Loong cannot make a claim of defamation against Mr Roy Ngerng since Mr Ngerng has already admitted that the allegations he made on his blog are false and unfounded. That is the argument which the lawyer for Mr Ngerng, a blogger being sued by Mr Lee, is asking the court to determine. Mr Lee is the Prime Minister of Singapore, but is suing Mr Ngerng in his personal capacity.

Ms Lim first asserted this two decades ago in 1994. The ruling party had won the 1991 general election with 61 per cent of the vote. Ms Lim thought that was a poor performance and spied "a great affective divide" in Singapore between the government and the people. Since then the ruling party has taken Singapore through a number of serious crises relatively unscathed - the 1997 Asian financial crisis, the outbreak of severe acute respiratory syndrome in 2003, and the 2008 global financial crisis. In addition, it has won four further general elections by healthy margins. But still Ms Lim continues to regularly bemoan a collapse of trust and respect for the government.

The call by protest leaders for rates of more than 6 per cent is misguided, considering that the country's prime rate is only 5.25 per cent. Interest rates are determined by market forces for the economy to function properly, smoothly and free from imbalances. The higher interest rate paid by Malaysia's Employees Provident Fund (EPF) actually reflects financial stress in the country. Since 1997, Malaysia has run up fiscal deficits that have made the country uncompetitive, with high inflation, unemployment, debt and a much depreciated currency. Last July, Fitch rating agency downgraded Malaysia's sovereign outlook to "negative", leading to yet higher borrowing costs or interest rates.

With the haze poised to hit the island in the coming weeks, the People's Association (PA) yesterday started distributing 26,000 care packages to elderly and sickly residents living alone. These packs contain non-perishable foods and items such as N95 masks, and are meant to help vulnerable residents tide over the impending spate of hazy days. Prime Minister Lee Hsien Loong and Ang Mo Kio GRC MP Intan Azura Mokhtar, who are both advisers to Ang Mo Kio grassroots organisations, launched the WeCare Packs initiative at the annual Jalan Kayu Day yesterday.