WON'T GET FOOLED AGAIN [till the next boo-boo]

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It all started when some bright sparks in SingTel decided to invest in Australia’s Optus — paying as much as $10 billion in goodwill [that means $10 billion more than what the company is worth]. Since then $ingaporeans have been watching SingTel shares sink and sink… Here we go:


"SingTel shares hit an all-time low of $1.88 on Tuesday, Mar 27."
- The nation-builder press, Mar 28 2001. $12.8 billion of SingTel's market capitalisation wiped off.
[NOTE: A point of interest is that in July 2000, GK Goh predicted that SingTel’s share price would hit $9.15.]


"SingTel shares jump further to hit $1.89."
- The nation-builder press, June 6 2001.

"One cent more than all-time low and the technology reporter gets a hard-on."
- The Mirror of Opinion, June 6 2001.

The nation-builder press, Mar 27 2001.


On Friday Apr 26 2002, SingTel shares slumped to an ALL-TIME LOW of $1.49. It wasn't always like this. Once upon a time, SingTel shares were worth a few dollars more. Then SingTel decided to buy Optus and pay a huge $14 BILLION for it. Of that amount, $10 BILLION alone was for goodwill. One year ago, on Mar 27 2001, nation-builder Tammy Tan wrote a commentary about SingTel proving the sceptics wrong over the Optus deal. She started her feature with these words, "What a difference a year makes." Yes indeed. A future vocation awaits as fortune teller at the Circus of Life.


Nowadays, the nation-builder press no longer spotlights the movement of SingTel shares. So on Dec 9 2002, it was not reported that SingTel shares were now at $1.24 — a BRAND NEW ALL-TIME LOW.

"The 32-storey building at the junction of Raffles Quay and Marina Boulevard will be completed in 2004" — the nation-builder press, Aug 17 2001.

NTUC’s one-year only help package - the nation-builder press, May 6 2002.

+ + + + +

"The 32-storey building at the junction of Raffles Quay and Marina Boulevard will be completed in 2004" — the nation-builder press, Aug 17 2001.

NTUC’s one-year only help package - the nation-builder press, May 6 2002.


While the $ingapore economy tripped, stumbled and fell in 2001, the ONLY workers union here decided to build a $400 million tower headquarters in the heart of the business district where the professionals (ie non-unionised workers) haunt.

On June 19 2002, the NTUC head and minister without portfolio, Lim Boon Heng was reported to have said the only way to staunch the outflow of jobs is for $ingapore to lower its wage costs. The NWC have just confirmed that wage cuts must happen.

$ingapore workers have already sacrificed through their 1999 CPF cuts about $7.5 billion a year. With GST confirmed to rise to 5%, workers will sacrifice another $1.32 billion a year from 2004. Altogether workers are sacrificing almost $9 billion a year to help $ingapore.

$17.6 million for poor workers, $400 million for NTUC’s tower.

No power without accountability.


The nation-builder press, Oct 19 2002.

Why would a woman throw five cats, two chairs, a table, a pile of books, documents and clothing out of her ninth-floor flat in a Clementi housing board estate?

A Sept 25 2002 nation-builder report showed a picture of "an angry Mr Tan Kiang Hwa" inspecting his BMW which had its rear windscreen smashed. Was it an attack by the S.M. Space Encroachers?

An Oct 9 2002 nation-builder report showed the charred remains of two motorcycles which police say are the fourth time in two months that S.M. Space Encroachers have attacked at the same spot in Hougang. A total of seven motorcycles and six cars have been attacked to date.

Forget about the Singapore Sling, X'Ho wants to talk about that $ingapore "thing" which is the focus of his new book Attack Of The S.M. Space Encroachers. And who better to sit and take down notes than Alfian Sa'at?

"The ugliness I'm talking about is this manifestation of their frustrated aura. It's a big cry for help. I'm interested in exploring what their behavior is all about, and why they are what they are. They're so unique, these Singaporean heartlanders, I don't think any other country displays this kind of behavior. And it's not even an urban phenomenon, it's just a Singaporean thing."

Attack Of The S.M. Space Encroachers is sold at all good bookstores or go to www.bigo.com.sg to order online.

To read a review of the book, pick up a copy of this week's 8 Days [Oct 24 2002] - X'Ho Marks The Spot by David Fuhrmann-Lim.

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