Anti-inflamatory drug

I have an inflammation in my foot. My doctor prescribed a NSAID. Here is an explanation of this drug from Wikipedia:

Non-steroidal anti-inflammatory drugs

Non-steroidal anti-inflammatory drugs (NSAIDs), alleviate pain by counteracting the cyclooxygenase (COX) enzyme. On its own, COX enzyme synthesizes prostaglandins, creating inflammation. In whole, the NSAIDs prevent the prostaglandins from ever being synthesized, reducing or eliminating the pain.

Some common examples of NSAIDs are: aspirin, ibuprofen, and naproxen. The newer specific COX-inhibitors - although, it is presumed, sharing a similar mode of action - are not classified together with the traditional NSAIDs.

On the other hand, there are analgesics that are commonly associated with anti-inflammatory drugs but that have no anti-inflammatory effects. An example is paracetamol, calledacetaminophen in the U.S. and sold under the brand name of Tylenol. As opposed to NSAIDs, which reduce pain and inflammation by inhibiting COX enzymes, paracetamol has recently been shown to block the reuptake of endocannabinoids, which only reduces pain, likely explaining why it has minimal effect on inflammation.

Long-term use of NSAIDs can cause gastric erosions, which can become stomach ulcers and in extreme cases can cause severe haemorrhage, resulting in death. The risk of death as a result of use of NSAIDs is 1 in 12,000 for adults aged 16–45. The risk increases almost twentyfold for those over 75. Other dangers of NSAIDs are exacerbating asthma and causing kidney damage. Apart from aspirin, prescription and over-the-counter NSAIDs also increase the risk of myocardial infarction and stroke.

Inconsiderate survey form

I stayed at the Pullman Hotel in London. The stay was quite pleasant. I received a survey from and tried to obliged them.

However, I found the survey form to be quite inconsiderate. It asked for too many questions. Half way, I gave up. I sent a reply to them by e-mail, but the reply was rejected automatically.

This is how many companies treat their customers and blew up an otherwise pleasant experience.

You can view the survey form here:
http://app.olakala.com/AnswerQuestionnaire.html?#answeringClientId=29436470&hashKey=42783529B99E23B66F9C3483EC731390

If the company is serious about getting a reliable response, they should keep to 5 questions and not 30 questions. 

Panoramic View of the city of London from the 15th floor of the Pullman Hotel in Euston Road. 

How to address the Clergy

Three mothers were talking about their grown up sons who have joined the religious order of the Catholic Church.

The first mother said, "My son is a Priest. When he walks into a room, the people addressed him as Your Reverend". The second said proudly, "My son is a Bishop. The people addressed him as Your Excellency". The third boasted, "My son is a Cardinal. He is addressed as Your Eminence"

Overhearing them, the fourth mother said, "My son did not graduate from a religious school. He worked as a lumberman. But he is 7 feet  tall and weighs 300 kg. When he enters into a room, the people grasped, "Oh, my God.

Rising home prices are not welcomed in New Zealand

I consider rising home prices to be bad for a country. It is a burden on the young people and benefits the people who have more than one property This is also the view held in New Zealand.
http://www.todayonline.com/World/EDC120823-0000084/High-NZ-home-prices-causing-anxiety

This is the law

For a long time, I have always considered that the law and justice goes hand in hand. We do not want laws that produce unjust outcome.

I have met some lawyers who proudly proclaim their knowledge of the law, even if the outcome is unjust. They say, "This is the law". It is practiced as it was written and interpreted by the courts. It seemed to imply that the concept of justice is irrelevant.

I read this article with some interest, as it also touch on the concept of law and its outcome:
http://singaporedesk.blogspot.co.uk/2012/08/define-legal.html

We will be a poorer society, if the law is written to benefit certain people, who have the means to pay expensive lawyer to defend their interest against the common sense of justice!

Impractical standards on online security

Some people make a big issue about online security and gets upset that their telephone number of email address is retrieved without their permission. Is this a big concern?

If anyone wants to know my telephone number or address, they can look up the telephone book. My mobile number and email address is already known to many unauthorized people anyway. 

When I get an unsolicited call on my mobil

e phone, usually from a telemarketer, I tell that person off - that he or she is intruding on my privacy. They must have noted my complaint and seldom call back again.

I get daily emails showing "... I got a business proposal for you". I just delete them.

I support a law that make it a crime for someone to hack into an online account (it is the same as stealing) but in other cases, I accept that this nuisance is a part of the daily life.

I do not want to be forced to change my password and PIN, just because of this small risk. Our regulator, such as MAS and IDA, should also mind their business and not impose unnecessary standards to protect online accounts.

Government procurement - independent panel

18 August 2012 

Editor, Voices

Today Paper

I refer to the reply from the Director (Corporate Communications) of the
Ministry of Finance on government procurement.

In referring to my suggestion on having an independent panel for large 

tenders, the Director said that "While agencies can engage such experts 

to help in the tender evaluation, it is important that accountability for 

purchases remains with the agency."

The Director had missed the intent of my suggestion, which was aimed

to ensure that this is independent consideration in the award of 

the large tender.

The procuring agency can still have its influence and accountability when they make the 

recommendation to the independent panel. It will be more difficult for the procuring 

agency to collude with its favored suppliers when there is an independent panel.

The role of the independent panel is similar to the role of the board of directors 

in taking major corporate decisions.

The Director had mentioned the existing of an audit process. The audit process can 

check for compliance with procedures, but may not be effective in checking that 

the tender have been awarded based on achieving the right price and quality and 

in preventing favoritism in the award.

Tan Kin Lian

Attend the educational talks

I continue to get requests from my readers to give my views on specific investments and insurance policies. My reply is the same - attend the educational talks organized by FISCA - www.fisca.sg (Events).

I am sure that these people have read my postings many times before, asking them to attend the talks. They do not want to spend the time and money but like to get "free advice". They should realize that it takes time to analyse these policies and is usually a waste of time, as these products are complicated and have hidden catches.

Public transport in London

I posted a few observations of the public tranport in London in my Facebook, www.facebook.com/kinlian.

Fingerprint of God

https://mail.google.com/mail/u/0/#inbox/1394c1af8f4dd556

Current trends

Read my views on investments and current social and economic trends in www.fisca.sg.

Drive slowly and carefully

We need to drive slowly and carefully on our roads.
http://singaporedesk.blogspot.co.uk/2012/08/bicycles-are-not-cars.html

London

I am now in London. I took the Heathrow Express from the airport to Paddington. Cost 19 GBP and only 15 mins. Another 10 GBP from Paddington to my hotel. If I took the taxi from airport to hotel, the cost would be 60 GBP. So, the train and taxi is half of the cost.

The taxi driver could not find the hotel, as the name changed recently. If he had Google maps, it would have been easier. They should use Google map.

I saw many cyclist on the roads in Central London. They appear to be quite safe. The traffic moves slowly.  

Inequality in education

Every time I read about the "fight" to get the best primary school for the children, I feel very sad. Why do we have to compete to this extent? Why can't we make the primary schools more equal? You can call it excellence but I call it inequality.http://www.todayonline.com/Voices/EDC120820-0000038/Pri-1-registration--Not-perfect,-but-fair

Things are not going right in China

The writer had praise for China in the earlier years, but found that things are not going right now. http://www.todayonline.com/CommentaryandAnalysis/Commentary/EDC120820-0000014/Youll-never-be-Chinese

Many of the comments apply to Singapore as well. Both countries appear to adopt the same approach towards economic development, and face similar social problems.

Here are some interesting quotes:

Modern day mainland Chinese society is focused on one object: Money and the acquisition thereof. The politically correct term in China is "economic benefit". 

 How will it lead? Unfortunately, it has forgotten. The government is so scared of the people it prefers not to lead them. 

The domestic Chinese lower education system does not educate. It is a test centre. The curriculum is designed to teach children how to pass them. 

Charge fair rates for roaming service

Not published by Strait Times.
16 August 2012 

Editor

Forum Page

Straits Times

My mobile operator charges $10 to $20 per megabyte for data consumed

on my mobile phone or tablet when roaming outside Singapore. They 

applied a cap of $15 per day.

I find these charges to be exorbitant and refused to use the roaming data

charges. I prefer to buy a local pre-paid SIM card and

pay charges at less less than $5 a day for unlimited usage. This is my way 

of telling the operator that they have to be fair to their customers, and should not 

charge an exorbitant rate.

I have also provided feedback to my mobile operator, but they refused 

to review the charges.

Recently, I found a mobile operator in Jakarta that offers a pre-paid service

that is valid for one year at a cost of $15.  The volume of data provided

is sufficient to serve my needs for one year. As I travel to Jakarta regularly, this 

is a big cost saving.

While the mobile operator in Singapore likes to fleece as much 

as they can from their customers, they should also realize that this business

strategy is not good for them over the long term, They should look for ways to

provide a service to their customer at a fair rate, and still make their fair margin

of profit.

Tan Kin Lian

Airport security

I understand the need for airport security, but I often wonder if the measures adopted are too mechanical and  impractical.

Often, the sensors are set at such a low level that it beeps when you pass through the detection gate. Even a  small coin will trigger the beep.

It is quite inconvenient and troublesome to remove the belt, pen, coins, wallet, mobile phone, watch and other items and still get "beeped". One might as well go through the body search, without removing these items.

I know of many airports where the security is more relaxed. They did not get any bombs blew up in the plane.

In risk management, one has to measure the cost and benefits of any risk measure. Is this a case where the cost now outweighs the benefits?

Protect online account - my approach

Not published

28 July 2012 

Editor, Voices

Today Paper

I refer to the report "Singaporeans putting their online accounts at risk" in Today 

paper.

It quoted a survey by an IT solutions company Assurity Trusted Solutions that many users do 

not adopt security measures, such as changing their passwords at regular intervals.

I wish to give my views, about IT security, so that the website administrators and regulators do not go
overboard in addressing this issue:

• Many online accounts, especially those used for social networking,
  do not contain critical information
• It is not practical to ask users to change their passwords at regular intervals, as they have to
  maintain several dozen online accounts 
• For transactions that have financial or legal impact, it is sufficient to use a second factor
  authentication, or to ask the user to enter a second password.

There is still the risk of unauthorized hacking into online accounts that do not have a high level of 

security. It is better to clarify that hacking is a criminal activity, similar to a burglar entering

into a private residence.  Many hackers may not be aware that they could be charged for this crime.

Selamat Hari Raya Aidil Fitri

Best wishes to Muslim friends.
From Penang.

I want to share this joke. The original version had people from different nationalities. To avoid misunderstanding, I am not using the nationalities.

Four prisoners had to be whipped for their crime. They are allowed a choice of oil or lotion to be applied to their back before being whipped.

John asked for coconut oil. He was whipped and collapsed. George asked for suntan lotion. He was whipped and also collapsed. Robert, being a strong person said, "nothing for me". He took his whipping and walked away, none the worse.

Last to be whipped was Tom. The prison officer asked, "What do you want for your back?" He thought for a while and said, "Can I have Robert on my back?"

Singapore ranking in survey of healthy nations

Singapore rank top in the survey of the world's most healthy countries
http://www.bloomberg.com/slideshow/2012-08-13/world-s-healthiest-countries.html

Congratulations to the Ministry of Health, Ministry of Environment, National Parks Board and other agencies. Well done!

Exorbitant roaming charges

I have written a letter to the newspaper about the high roaming charges for data usage on mobile phones and tablets when used outside Singapore. 

My telco charges $10 to $20 per megabyte. I am able to get data usage locally on prepaid card at $0.20 per megabye. So, the roaming charges are 100 times of the actual cost. 

I have written to my mobile operator a few times, but they refused to review th

e rates. So, I have to go through the inconvenience of buying a new SIM card each time, or topping up the local SIM card.

I am willing to pay $1 per megabyte (5 times of the actual cost0 but not 100 times! I hope that our businesses in Singapore behave in a reasonable manner and do not fleece their customers excessively.

Setting interest rate

For many years, the setting of interest rate, such as LIBOR and SIBOR, were left to the banks, working under the association.

Recently, there were scandals that there were dishonesty in fixing the rates in London, and that some banks were posting fictitious rates and benefiting from their acts by trading on these false rates. Apparently, there were similar abuses in other countries.

The Association of Banks in Singapore has recommended that the Monetary Authority of Singapore should be involved in the fixing of the rates.

I support this move, as there a neutral and responsible body should take the responsibility in overseeing this activity. While it may be challenging, the responsibility cannot be delegating to interested parties, such as the banks.

I hope that the recent scandals in several fields around the world underlines the need for regulators to play a more active role, instead of leaving matters to the market or to the participants with vested interest.

How to address the fertility issue?

Here are some suggestions from Lucky Tan
http://singaporemind.blogspot.com/2012/08/solving-low-fertility-problem.html

Suggestions to improve the procurement process

http://www.todayonline.com/Voices/EDC120815-0000032/Two-suggestions-to-improve-the-procurement-process

Negative aspect of social media

There is a tendency for social media to reflect the negative aspect, often times when it is untrue
http://www.cnbc.com//id/48665555

This is the negative aspect of human behavior and is an unhealthy trend.

Influence of the media

When Kim Jong Il, the former head of state of North Korea passed away, the people were in deep grief. They were genuinely devastated about the loss of their dear leader.

People from outside the country, who have read widely about the negative aspects  of this leader, were surprised why the people in North Korea adored him so much, and the adoration was genuine. They overlooked a reality - the people were influenced regularly and for decades by the state controlled media about the greatness of their leader. It may be subtle, but it was most powerful.

This is the influence of the media.

Are small businesses punishing Groupon?

The Groupon model seems to be hurting small businesses, according to this report.
http://www.cnbc.com//id/48663971

Groupon operates in Singapore and several other discount coupon schemes follow the same business model. They may face the same difficulty.

What are your views?

A more efficient procurement process

10 August 2012 

Editor, Forum Page

Straits Times

Recently, the National Parks Board awarded a tender for several foldable bicycles

costing $2,200 each. The tender was awarded to the sole bidder at a price

considered to be outrageously high.

The public asked why there was only one bid, when there should be many potential

suppliers that could meet the specification?

The short time allowed for submission for the bid and the intervening holidays

were suspected to be the key factors. 

Having participated in several bids in the GE Biz portal, I wish to 

point out that the portal is extremely difficult to use. 

I had a lot of trouble to register to be a supplier and continue to face difficulty 

in getting information on the tenders that are being invited, and worse, 

to submit a bid. 

It is quite expensive to pay an experienced staff to search the portal 

regularly for tenders and to prepare and submit the quotations. 

I can understand why small businesses are reluctant to participate in the GEBiz

portal and for those who managed to clear this hurdel, decide to give up after a while. 

It is just not worthwhile to spend a lot of work and money, and not get the business 

to cover the cost.

If the government agencies want to have a more transparent and efficient 

procurement process, they should take a look at the GEBiz portal and get 

feedback from users on how the portal can be made more user friendly to 

suppliers.

Tan Kin Lian
Director
Tan Kin Lian & Associates Pte Ltd

The old way of streaming

When I was in primary school in the 1950s, I remembered that the students who could not pass the examination had to stay back at the same level for one year. This probably applied to less than 10% of each cohort.

I find this to be a better way, compared to "streaming" that was adopted in the 1980s. When students are streamed to a non-Express class, they are stigmatized and it is quite glaring. This turned out to be a worse system.

Do you prefer the system used in the 1950s or the streaming system today?

Set the right standards for our education

In our drive for excellence in education, we may be doing something that is harmful for our future.

The pressure of competition in school, even in primary school, is pushing parents to engage tutors for their children. Tuition is costly and takes away the time of children to play and enjoy their childhood.

The root cause is not the competition itself, but the increasing standard that is going too far. I recall my secondary 1 maths teacher teaching the concept of ratios. The problem goes as follows, "If 3 man can repair a road in 8 days, how long will it take 6 men to repair the road?". The teacher explained, "Should it take more or less days?" If less days, then you should calculate 8 days X 3 man / 6 man = 4 days.  A few years ago, I saw a similar problem now taught in primary 4.

Do we really need to push our young children to such a high standard that they cannot cope? What is wrong with setting the syllabus at a more manageable pace for our children? What is the point of teaching them to solve problems by applying formulas that are mechanically drummed into them by tutors?

We have to re-think our approach towards educating our young. Do you agree that the standards are too high, and quite inappropriate?

One up to the girls!

I want to share another joke.

Hilary Clinton was the first lady when Bill Clinton was the President of the United States.  She is an intelligent and capable lady in her own right. She is now the Secretary of State under the Obama Administration.

Here is a story told shortly after Bill Clinton was elected as President. The couple drove their car into a gas station. Hilary said, "Bill, do you see the man at the gas pump? He was my boy friend in high school."

Bill Clinton said, "Wow, if you married him, you would be pumping gas today".

Hilary replied, "If I had married him, he would be the President of the United States".

One up to the girls!

Fearing President Brezhnev

Here is another joke.

An American visited Moscow during the days of the Cold War and met with a Russian friend in a restaurant. Russia was part of the Soviet Union and the leader was President Leonard Brezhnev, who was much feared by the citizens.

The American asked his Russian friend, "Tell me, what is your opinion of President Brezhnev?"

The Russian looked around him and found that there were too many people in the restaurant and it was not safe to speak. He beckoned to his friend and they both went outside.

Outside, the American was waited in anticipation of a candid answer. The Russian saw that there were people walking by on the street and was still frightened to talk.

They went up a bus which took them outside the town and dropped off near the forest.

The American said, "All right, there is not a single soul around now. Tell me, what is your opinion about President Brezhnev?"

The Russian said, "Actually, I admire him a lot".

If you do not catch this joke, wait a while for someone to explain it to you. It is a fact that many Singaporeans do not have a sense of humor.

Low fertility rate

Mr. Lee Kuan Yew laments the low fertility rate. In my view, he has to shoulder most of the responsibility for this bad outcome. It is not just the "stop at two policy", but the graduate mother's scheme, national service policy and many other government policies that were initiated by him. It is quite sad that after building up Singapore with his great leadership, he is now seeing the failure of this leadership ....

http://www.tremeritus.com/2012/08/12/lee-kuan-yew-blames-sporeans-for-low-fertility-rate-again/

Want to be a scholar?

Contrary to popular belief, it is better not to go to school. (Just a joke!)
http://tankinlian.com/FramePDF.aspx?ID=669

American and Russian Presidents

i want to share this joke, which I believed was used by President Ronald Reagan.

An American told a Russian, "In the USA, a citizen can go to the White House and tell the President .... President Reagan, I do not like the way you are running this country".

The Russian replied, "But in Russia, we can also say the same thing to President Brezhnev in the Kremlin. "

The American was surprised and asked for clarification. The Russian confirmed, "I can go to the Kremlin and tell President Breshnev ... Comrade President, I do not like the way that President Reagan is running his country!"

Ha, ha. This is for my readers who are not trolls and have a sense of humor.

Tips on insurance for consumers

Consumers write to me from time to time to ask about the insurance policy that they had bought. Usually, it was too late to do anything about the policy, which was unsuitable for their long term needs and gave a poor return on their savings.

To avoid this risk, consumers should learn about the different types of policies, BEFORE THEY GET COMMITTED! There is a talk on insurance organised by FISCA ,scheduled for 25 August. Do not miss it.

http://easyapps.sg/assn/Org/Staff1/Event.aspx

Observations on a morning walk (2)

Twinkle back on a leash

Twinkle (my pet dog) is now back on a leash. After two mornings of freedom, i.e. without a leash, she forgot her discipline and went far away from me. I had to call her back, before she gets knocked down by a car.

It is difficult for a 12 year old dog (which is equivalent to a 84 year old person) to change her habits and instincts. It may take a longer time, but for her, there is not that much time left.

Walking down Sunrise Way, I was surprised to see a stretch of houses with the Singapore flag hanging at the  gate. They were obviously not put up by any Resident Committee and were likely to be the work of the owners.

Perhaps a few residents decide to put up the flag and the neighbors had to join in, as they do not want to be the odd house out. This can be described as "peer pressure".  Anyway, the surprise was soon to disappear, as further down the road, there was no more flags. So, it is just a small stretch.

The Singapore flag at my house is now in front of the gate, and is not "behind bars".

Strengthen your heartware

Prime Minster Lee asked Singaporeans to strengthen their heartware
http://www.tremeritus.com/2012/08/11/pm-lee-calls-on-sporeans-to-strengthen-their-heartware/

Sequential bus stop numbers

Here is a simple and useful ways to improve the bus service. The bus should display the bus stop number in a sequence that depends on each bus service. This number can start from 1 at the start of the journey and increase by 1 for each stop. This will help commuters to know how many stops before their destination and the right stop to alight. If the commuter is not familiar with the stop, the commuter can ask the bus driver who can reply with the stop number.

When a passenger travels on a bus route that he or she is not familiar with, it is difficult to know the stop to get down. If you ask the other passengers, you are likely to encounter a foreigner who does not know. Even if you meet with a local person, the chance is that the local does not know either or there may be a language issue.

I wish to relate my personal experience. On a few occasions, I missed my bus stop (on my regular route) and did not realize that I had already passed it. If there was a sequential bus stop number, I would have been alerted. Sometimes, I alighted one stop before the actual stop and had to walk the extra distance. This would be avoided if there is a display of the bus stop number.

Contribute your views

Former Primer Minister Goh Chok Tong urge Singaporeans to contribute their views:
http://www.tremeritus.com/2012/08/12/goh-chok-tong-urges-sporeans-to-contribute-their-views/

Elevated walkway in Calgary, Canada

I like the idea of an elevated walkway that allows people to walk for a long distance without having to cross roads or get up and down the bridges. I saw the walkway in Hong Kong and in Taipei. Here is another example in Calgary, Canada called the Plus-15 system. The feedback from the citizens are mostly positive.
http://www.calgaryherald.com/news/calgary/Share+your+experience+with+Calgary+famous+elevated+downtown/6800081/story.html

There is no glitter in imported talents

No glitter in ‘imported’ medals

As the public opposition grew,

the pro-government media argued strongly for the players,

and acting Cabinet Minister (for Social and Family Development) Chan Chun Sing

congratulated the table tennis team for “uniting the nation”.

Some observers believe

the public feelings reflected the country’s mood against foreign workers in general,

blaming them for taking away jobs and opportunities.

To me,

it’s too big a number for the People’s Action Party (PAP) government to ignore

given its weakening popularity.

http://thestar.com.my/news/

story.asp?file=/2012/8/11/
focus/11833861&sec=focus

A bridge that divides

 

The 'bridges' that divide

 

by Mak Yuen Teen

 

 

Having travelled extensively, it struck me

that we may be one of the countries

with the most overhead bridges relative to size and population.
I see these bridges as a metaphor for the divide

between the rich and the poor, the sick and the healthy,

the young and the old, "old" citizens and "new" citizens.

My wife and I returned to Singapore in 1996 with our children, aged three and one,

after living in New Zealand for 15 years. 

http://www.todayonline.com/Voices/EDC120811-0000004/The-bridges-that-divide

 

CASE should take a more active approach

8 August 2012

Editor, 

Forum Page

Straits Times

I read the the letter from Mr. Lim Biow Chuan, President of the

Consumer Association of Singapore (Tutor breached law: Case, ST 8 Aug 2012) with 

some disappointment.

Mr. Lim said that the tutor, who had falsely advertised his qualification, had 

breached Section 4(b) of the Consumer Protection and Fair Trading Act and asked

consumers to take legal action for the breach. 

In my view, a breach of a written law, is usually an offence that should be prosecuted

by the relevant authority. In this case, the law is administered by the Consumer 

Association, which should be the party to take the appropriate action.

Even if CASE does not have specific responsibility to enforce this law, it should be the 

party to act on behalf of consumers on a matter of public interest and knowledge. CASE 

should not expect ordinary consumers, who do not have financial and legal resources, 

to take legal action on their own. 

There is a potential criminal offence of cheating, when a party

knowingly put up false statements to take money from the unsuspecting public. It 

would be appropriate for CASE to put up a complaint to the Police that this matter 

to be investigated.

In recent years, the standard of business ethics has deteriorated in Singapore due to

weakness in enforcement of the law. It is time to review the situation and revert to a more

active approach.

Tan Kin Lian

Views from a 61 year old

Do you agree with this 61 year old geezer?
http://feedmetothefish.blogspot.sg/2012/08/listen-to-this-national-conversation.html

Singapore Flags at Sin Ming HDB estate

 While walking to my office from the bus stop this morning, I observed the HDB flats at Sin Ming Avenue.

About 10% of the flats displayed the flag. All of them appear to be the effort of the individual owners, and not the organized work of the Resident Committees.

This is not bad, considering that I have read in the Internet that there were hardly any flags displayed this year in most parts of Singapore apart from those put up by the Resident Committees.

However, 10 to 20 years ago, the situation was quite different. I remembered that in most places, there were a much higher display of the Singapore flag. It was a matter of pride.

Clearly, the level of commitment to Singapore had declined during the past two decades. While the country had progressed, the people seemed to be have a harder life,with the high cost of living and high cost of flats.

This situation, and the level of unhappiness, have to be addressed.

No claim bonus for Medishield

I will be publishing my views about this suggestion later ...
http://www.todayonline.com/Voices/EDC120810-0000047/Explore-viability-of-no-claims-bonus

My observations on a morning walk

Twinkle is my pet dog, a Schnauzer. She is now 12 years old.

During the past year, I have taken her out for a walk several times each week. Initially, I had to use a leash, so that Twinkle will stay close to me, and not run away on a busy road with cars. (She was knocked down twice in past years and had to be nursed to recover).

I have started to take her out without a leash. She has now learned to stay close to me. I had read this tip in a booklet on training dogs, and it worked.

Walking back this morning, I had to cross a busy side road where many cars were driving by. The drivers of two cars on both sides of the road saw me with a dog and stopped to let us cross safely.

They are considerate people, and I want to thank them. Although in a hurry, they do take the time to give way.

The house on the opposite side of my house displayed a Singapore flag to celebrate National Day.  I observed that one in three houses in my neighborhood did put up the flag. I had also put up the flag much earlier, for Singapore - and not for any political affiliation. 

Lee Kuan Yew and National Day 2012

I was relieved and happy to see Mr. Lee Kuan Yew appear at the National Day Parade, and to put to rest the false rumors of his ill health. Like most Singaporeans, I like to wish him good health and a happy retirement from public life.

I will be writing a separate (and longer) post about my personal views on his contribution to Singapore and what I hope to see for the future. 

I will also reflect on the Norwegian joke that caught the ire of many Singaporeans in Facebook.

Be prudent in buying a home

6 August 2012 

Editor,Voices
Today paper

I agree with the Minister for National Development Mr Khaw Boon Wan

that Singaporeans should be prudent and avoid buying an expensive property
on a long term mortgage loan, such as the 50 year loan that is introduced 
recently by a local bank.

I urge the Minister to review the practice of pricing HDB flats and  

the financing terms offered by the Housing and Development Board and their

partner banks.

Many Singaporeans are paying for their HDB flats on loans that stretch to 

30 years and require the income of both spouses to service the loans. 

Can these working people be sure that both of them can maintain their current jobs 

and earning capacity over a long period?

The mortgage payments may appear to be affordable under the 

low interest rate of 2.6% per annum. The current low interest 

environment cannot continue forever. The mortgage payment will increase by a 

hefty 26% when the interest rate is increased to (say) 4.5%, which is more 

compatible with the prevailing inflation rate.

Recently, the Canadian government took the step to limit mortgage loans to 

25 years to combat the bubble in property prices. I suggest that HDB should 

follow this prudent example, and keep the prices of HDB prices at an 

affordable level, representing not more than four years of the average combined 

family income. 

Tan Kin Lian

Manage personal risks

What are the tips on managing personal risk?

What are the types of insurances to buy and how to use non-insurance techniques to manage risk?

How can a consumer manage the risk of critical illness without paying the high cost of insurance?

Here are the answer in two pages. Article. 

A looming food crisis?

Drought in America and the use of bio-fuels may lead to another food crisis. We have to get prepared and monitor the trend.
http://www.cnbc.com//id/48584974

Conflict of interest

It is quite difficult to manage conflict of interest, especially when the relationship seem to be somewhat distant, e.g. a cousin, and two big organizations are involved which employ many people. Article. 

How to avoid a costly mistake

A life insurance policy can be a good investment, if it gives a yield of at least 4% per annum in today's climate. This is possible if the policy has low expenses for marketing and administration, and is invested to earn an attractive yield for the long term, in a diversified fund. This type of structure can pay an adequate commission to the agent, and give a modest profit to the insurance company, and still give good value to consumers.

There are too many products that offer a poor deal to consumers, and continue to perpetuate high charges. Consumers should learn how to tell the difference and make the right choice. If more consumers are aware about it, there will be pressure on the insurance companies to design and market the right and fair products.

You can attend the FISCA talk on "Consumer Guide to Life Insurance" on 25 August. Do spend $30 and 3 hours and save yourself a lot of headache in the future. If it is already too late for you, you can tell your children and younger colleagues to attend, so that they can avoid a costly mistake.

http://easyapps.sg/assn/Org/Staff1/Event.aspx

Prime Minister's National Day Speech 2012

http://www.tremeritus.com/2012/08/09/pm-lee-hsien-loongs-national-day-message-2012/

Starbucks approach to mobile payment

There has been many attempts to introduce mobile payments using smart phones. Here is the approach taken by Starbucks with Square. They use an application that can read a bar code. It seems to be a great idea.
Article. 

Investing in stocks

Comment posted in my blog 
Martin said...

While I do agree in principle with Mr Tan’s approach to stock investments for average Singaporeans who know little about financial markets, a few practical realities give pause to me in fully supporting SGX and SIAS’s push to increase retail participation.

To start off, there is no universal definition to differentiate investment from speculative activities. The formers sounds learned while the latter concords negative images of a gambling addict. As a result, most participants define their market participation as investments rather than punting. General rules of thumb like the time frame of holdings, the practice of fundamental and/or technical analyses, concentration on “blue chips” (whatever that means) are woefully inadequate to come out with a set of coherent identifiers that separate investments from speculations. Most laymen do not have the required knowledge to make the distinction and may end up speculating in the market heavily all the while thinking they are “investing”.

It is also important to note that SIAS in general does not advocate the sort of consistent, broad based and mechanical approach that Mr Tan is advocating. Most of their activities and materials are focused on market timing, technical analysis, fundamental ratios etc. The underlying educational theme of SIAS is to help investors pick the right stocks at the right time. A relatively small proportion of their time is devoted to ETFs and even when they do, the focus is more on picking the “right” ETF based on analysis on market conditions. This is of course contrary to what Mr Tan is advocating.

Then there is also the SGX’s irreconcilable conflict of interest where their clearing fees depend on trading velocity, i.e. it is in their interest to encourage people to leverage up and trade actively as much as possible as opposed to Mr Tan’s recommendation to make relatively small purchases every few months consistently.

To sum it all up, the general direction of SGX and SIAS to increase awareness and knowledge in the financial markets is a step in the right direction, but its execution is fraught with moral hazards and potential mischief. The whole exercise requires closer supervision by the relevant authorities to keep things in check than what is being practiced now. One only needs to briefly read through postings in a few popular local forums like CNA, HWZ or Valuebuddies to see that a sizable group of laymen neither know the distinction between investments and speculation nor care about the subject.

COMMENT
I want to thank Martin for explaining my views quite clearly and in his own words.

Cyber security and privacy

This is an interesting discussion in America about the balance between cyber security and privacy. One important feature is to allow sharing of information about computer hacking - which should be considered as a crime and the enforcement agencies should have information to combat this threat. I hope that some meaningful outcome can be achieved on this matter. Article. 

Every bank does it

Standard Chartered Bank is being penalized by New York for dealing with Iran. This article said that other banks are doing the same.

http://finance.fortune.cnn.com/2012/08/08/iran-standard-chartered/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

Corporate Fraud

Pharmaceutical companies, military contractors, banks and other corporations are on track to pay as much as $8 billion this year to resolve charges of defrauding the government, analysts say — a record sum and more than twice the amount assessed last year by the Justice Department.
http://www.cnbc.com//id/48568410

Terms of employment for SMRT bus drivers

The SMRT bus drivers have asked to revert to the old terms of service, rather than the adjusted salaries and longer working hours. It is strange that the changes, which was supposed to be improvement to the old terms of service, are now perceived to be less favorable to the workers.
http://theonlinecitizen.com/2012/08/smrt-bus-drivers-appeal-to-union-chief-lim-swee-say/

False rumors

A rumor was circulating yesterday that a well known personality in Singapore, who is somewhat respected and generally feared, had passed away. That rumor turned out to be false.

I recall a story told by a Swedish friend. In a speech 20 years ago, he said, "During the dark days of the second world war, Norway was occupied by the German Nazis. Every few days, there was a rumor that the Allies had landed and that Norway would be liberated. It turned out to be another false rumor. After a while, the people became skeptical of these rumors, but felt that it was nice to hear them anyway! "

My Swedish friend gave this speech in response to accolades that were given to him.

Ha, ha!. Happy 47th National Day!

Happy 47th National Day

Best wishes to all Singaporeans - local born and immigrants!



Source:
http://www.facebook.com/photo.php?fbid=492575204104786&set=a.143838798978430.24501.139514912744152&type=1&relevant_count=1

Sale of PCs has stagnated

http://tech.fortune.cnn.com/2012/08/07/the-pc-looks-like-its-dying/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

Skewed maturity value projections

There are new life insurance plans introduced in the market with skewed maturity value projections. These policies appear to provide a fairly reasonable yield on maturity. Consumers should be wary of these plans, as there is a high risk of being disappointed in the future, i.e. the projected values may not materialize. These policies should be avoided. Read
http://tankinlian.com/admin/file.aspx?id=668&IID=671

Hong Leong Finance sues Morgan Stanley

It is commendable for Hong Leong Finance to sue Morgan Stanley over the Pinnacle Notes. I understand that Hong Leong Finance had been quite generous in compensating the investors who made losses on the Pinnacle Notes - not fully, but they help to share in the loss. They are now, rightly, recovering the loss from Morgan Stanley.

I commend Hong Leong Finance for taking this approach in looking after the interest of their customers. They set a good example of how a trustworthy institution should behave. I hope that other financial institutions will follow their excellent example.
http://www.todayonline.com/Singapore/EDC120807-0000047/Hong-Leong-sues-Morgan-Stanley-over-Pinnacle-notes

Minister K Shanmugan talks to bloggers

Minister K Shanmugan is spending time to talk to bloggers. That is a commendable effort, considering that he has to run two ministries, i.e. Law and Foreign Affairs.
http://www.tremeritus.com/2012/08/07/my-meeting-with-minister-k-shanmugam/

Expenses of Committee of Inquiry into SMRT

The total expenses of $10 million is quite high. Read this blog
http://singaporedesk.blogspot.sg/2012/08/light-in-tunnel.html

Investing in the stock market

6 August 2012 

Editor, Forum page

Straits Times

I agree with Mr. George Lim "Wrong to encourage heartlanders to 

play the stock market" (ST 6 August) that heartlanders should not speculate 

in the stock market. However, I wish to point out that there is a difference 

between speculating and investing for the long term.

Research studies have shown that the investing in equities produce a higher 

return, over the long term, compared to investing in bonds or in bank deposits.

The risk of the stock market can be mitigated through diversification, 

investing for the long term (to average out the good and bad years) and 

dollar cost averaging (i.e. investing in small amounts over a long period of time). For

the long term investor, the daily fluctuation in the stock prices does not really matter.

The difficulty of selecting the right stocks can be overcome by investing in an 

indexed fund, such as an exchange traded fund (ETF) that is available through the

Singapore Exchange. However, investors should learn about the different types

of ETF and choose an indexed ETF that has lower risk.

The low interest rate environment in Singapore has forced savers to look for better 

alternatives to provide a modest return. Equities and property trusts should be considered 

as they are likely to give a return that is better than inflation rate over the long term.

I discourage investing in life insurance policies as they do not provide an adequate long term 

rate of return, due to the high charges and do not provide the flexibility in cash flow that may 

be needed. However, it is all right to buy low cost term insurance to provide 

life insurance coverage.

I support the effort taken by the Singapore Exchange and the investor's association to 

educate heartlanders about investing in equities and investments in general.

Tan Kin Lian
President
Financial Services Consumer Association

Limit mortgages to 25 years

Dear Mr. Tan
Do you think that a tigthening of mortgage rule such that only 25 years maximum is allowed will occur in Singapore? 
In Canada to avoid the housing bubble to expand further, their government has now eliminated the 30 years loan:http://www.sfgate.com/business/bloomberg/article/Canada-s-Flaherty-Tightens-Mortgages-to-Avert-3652985.php
James Neo

REPLY
I agree with the approach taken by the Canadian Government. I hope that the Singapore Government will also set a limit of 25 years for mortgages. This will prevent people form over-paying for their property.

$1.1 billion subsidy for public transport

The Government is setting aside a $1.1 billion subsidy to develop public transport in Singapore. However, our big operator has the funds to expand its business overseas. Why is the subsidy needed then? This is a question raised by this blogger:
http://feedmetothefish.blogspot.sg/2012/08/hello-tuck-yew-are-singaporeans-being.html

Is corruption a part of human nature?

The Law Minister had said that it is part of human nature to be corrupt. This has invited a rebuttal from a blogger.
http://feedmetothefish.blogspot.sg/2012/08/how-feck-did-singaporeans-get-fooked-it.html

Developing local talent in sports

It is more important to develop local talents in sports, than to cheat by importing a talent to win Olympic medals.
http://singaporemind.blogspot.sg/2012/08/in-sports-home-grown-vs-imported-success.html

AIA Critical Year Policy

Many policyholders were affected by the missed projection under the AIA Critical Year policy. When they bought the policy long ago, they were told by the agent that they could stop paying premium after a certain number of years, called the "critical year". They were given a benefit illustration that showed the calculation. In some cases, the critical year looked "guaranteed" and contractual. In other cases, it was shown as being "projected".  When the policy reached the critical year, they were told that the projection was not valid and they had to continue paying the premium for several more years.

Here is a letter sent by AIA to its policyholders to explain the situation. 

http://www.aia.com.sg/en/resources/9be5fa004a5a702cacc2aec94f5f7968/AIA_faq_cyo_jul2011_sg.pdf

I still get questions from the public asking if they have the right to sue AIA for the missed projection. It depends on the presentation of the benefit illustration at the point of sale.

Here is a statement from MAS Money Sense
http://www.moneysense.gov.sg/en/Understanding-Financial-Products/Insurance/Guides-and-Articles/Critical-Year-Feature.aspx

Statement for Life Insurance Association
http://www.lia.org.sg/node/1653

Here is a report of a legal suit taken by an AIA policyholder
http://www.reach.gov.sg/YourSay/DiscussionForum/tabid/101/mode/3/Default.aspx?ssFormAction=%5B%5BssBlogThread_VIEW%5D%5D&tid=%5B%5B8280%5D%5D

This report from CASE indicated that 110,000 people were affected. That is a very large number of people.

LESSON ON SIMILAR POLICIES SOLD TODAY

I like to quote this example to warn consumers about the benefit illustration that are being issued today. I have seen some new policy plans that showed quite attractive maturity benefits, but a large portion of the projected values are "not guaranteed". Furthermore, the projected values were miserable for most of the duration, and were only adjusted sharply upwards during the last five years. 

I do not know what is the basis for the sharp adjustment in these projected values, and if the insurance company decide not to honor the projection, e.g. by quoting difficult investment conditions, the policyholder will not have any recourse.

It is important for the consumers to be wary about these kind of projections, which do not have any sound basis, other than to show an attractive value at a remote date. If you receive a benefit illustration, take a look at the trend of the projected values. If you find that it increased sharply during the last five years, and are "not guaranteed", you should not believe it its sustainability!

Malaysian Government keeps EPF withdrawal age at 55

A Malaysian can withdraw the entire EPF saving at 55. This will not be changed, even though the retirement age will soon be increased to 60.
http://thestar.com.my/news/story.asp?file=/2012/8/5/nation/11801373&sec=nation

Constitutional rights in Malaysia

The Malaysian judiciary is willing to rule against the Government in its exercise of powers.
http://www.tremeritus.com/2012/08/05/when-will-our-judiciary-protect-this/

Appreciation to an old teacher

My teacher in Secondary 1B - Mr. Lim Guan Kin

This is Mr. Lim Guan Kin. He was my form master in Secondary 1B at Raffles Institution in 1962. I met him again after 50 years on the 50th anniversary re-union of the cohort in my school.

Mr. Lim taught English to the class. When he marked the composition of my classmates, he quite frequently use the word "Verbose". I have not seen this word used by another other person. I will always remember him by this word.

"Verbose" means "having too many unnecessary words. I learn from Mr. Lim to write clearly, without being verbose, and that is the hallmark of my writing for the next 50 years.

My appreciation to Mr. Lim Guan Kin.

MyRetirement Policy

Read my analysis of this policy, which is marketed actively by a large local bank. I am quite worried about the feature of this policy, as the yield is poor during most of the duration and is jacked up towards the end, based largely on non-guaranteed bonus which is distributed in an uneven manner.
http://tankinlian.blogspot.sg/2012/07/myretirement-policy.html (my analysis is shown as a comment).

The manner of distribution of the bonus is not transparent to the consumer, and may be changed to the disadvantage of the consumer. I may bring up this matter as a complaint to the Monetary Authority of Singapore.