Last week I went to AMK OCBC bank to open business bank account for my own private limited company. After the bank staff browsed directors' residential status, he said he needs to get approval from senior management because of their internal policy. Then I understand that there may be because of US sanction on Myanmar. For your information, I am Myanmar citizen and Singapore PR. And I have personal bank account at OCBC.

Then when I went down to the bank after 5 days and asked the status, the bank staff told me that he was sorry and their bank (OCBC) unabled to open my company bank account even I have personal bank account at OCBC. When I ask the reason, they said they don't have reason. Even if they have problem opening business bank account for Myanmar nationals, they should state it on website or officially.

I think it's really not good. Everything is 100% legally and I am going to deposit money to their bank (not to take loan). Even I cannot open business bank account for my company in Singapore, it's not problem luckily. Because I am not doing export/import and my company business is especially software development.

I suggest Singapore government or MAS to take action such bank internal policy.

I really upset some behaviors of Bank and government agenicies upon Myanmar nationals. They should divide and see Myanmar government and Myanmar nationals.

Thank you for reading!
Ko Aung

Recently, the government is interested in holding a Formula One racing in Singapore downtown area. Using the beautiful, well-lit night scene of Downtown Singapore as a backdrop, with race cars racing down the tracks along Raffles, Suntec, Marina Bay. It will be a spectacular scene.

One of the weekend night along Esplanade, I spotted a small “Illegal” street racing, involving SUV, sport cars racing down the Raffles Boulevard, next to Esplanade. I wonder, will it be also interesting for Singapore to hold the world’s first legalized Street Racing other than the F1 racing.

F1 racing is based on seasons within a year. But street racing, it can be organized by organizer within Singapore and can be slot in to cover days where there is no F1 racing held. This will keep attracting tourists into Singapore, especially neighboring countries such as Malaysian street racer.

Below attached a picture of a popular street racing game : Need For Speed Underground 2.
Imagine how spectacular Singapore will look like with the night street racing as one of the event.

FUTURE OF SINGAPORE - Our Future Architect  - The Young Ones

1. Just few days ago, student have come up with water driven energy to power a bicycle and many innovation, the Yong Ones are really a step closer to sci-fi futuritic mode of travelling, life style, housing, innovative education, constraint "land, sea & air space" (in Singapore) and many more transformation of our future in Singapore.  Just Innovate it!!!!!!!

2. As we examine the life we have been through and the innovation that have engineered our daily well being are basically driven by:

2.1 Electricity - thanks to Edison & many superbrain heros inventors through their innovative tranformation of the discovery of electricity into our current global life style of computer age life style.

2.2 Motor - the basic source of machine that converts other forms of energy into mechanical energy and so imparts motion into power, to force, to create the momentum, to move or quantum leap into the beyong (space - next dimension);

2.3 Pump - A mechanical device that moves fluid or gas by pressure or suction. Similarly to our heart to keep us going through till the end of life.

2.4 Connectivity - Mental ability, common sense, brainpower, wit and able to connect all small, big and great things such as orchestra, music. technology, engineering(mechanical, electrical, chemical, nuclear, solar, hydro, robotic, computer, mathematics, environmental, quantum physic, molecular, etc ). Though we may be lowly educated, highly educated, construction workers, engineers, doctors, policy achitect of a country or complexity conscious of status, we need to be able to connect all these basicity for the better condition for our next generation and many more generation to sustain the country's SUSTAINABLILITY, in a general sense, is the capacity to maintain a certain process or state indefinitely.

Future of Singapore is in the hands of our innovation citizens, THE FUTURE ARCHITECT of Singapore - The young ones. ( song by Cliff Richard )

RECESSION WISH LIST

I have the following wish for this current recession which has taken us by surprise:

1.  I hope that the current recession be short. This will help not to derail many of the progressive projects for the nation.

2.  Would the SP be kind enough to temporarily remove the 21% tariff increase on electricity while the recession is on.

3.  Have a government watchdog to monitor price increase especially at food courts or centres. Let the prices be reduced on food and drinks for the time being so as to reduce the suffering of the people.

4. Let the transport fare be reduced especially the buses and trains as a good gesture to help people in this recession. Please remove the 30 Cents surcharge on taxis. Please be merciful on sick, poor, unemployed or handicapped people.

5. Develop a manual or toolkit to deal with recession. Do case studies & research work.

6.  The onus to help the nation lies increasingly on the post 65 generation. Let there be maturity and the passion to solve problems. Come up with new assumptions on economic principles and theories. Build new structures around this new thoughts on economics. 

I hope that others would also join in to add their wish list.   

RECESSION

Time is no good nowadays. We have to possibly face a bleak recession if it last say up to two years. Let us hope to tide over this bad time with good attitude, good sense and great unity.  

Prof. Lim Chong Yah. I clearly remember reading his books on Economics when I study for the HSC Exams. In those days, Economics was considered a new subject and not all pure science students would take this subject. In the university, economics come under the Arts & Humanities group.

Economics, it’s a huge staggering discipline. It is microeconomics, macroeconomics, econometrics, maths for economics, Political economy of East Asia/SEA, monetary economics, international trade, money & banking, public finance, development economics, labour economics & labour relations, environmental economics, financial economics, economics of strategy, behavioural economics, statistics, etc. Those who study economics with law, they have an added advantage.

Even students studying economics at basic level would proudly carry Prof Lim’s book or other voluminous books in pride. Those were the days. However, not everyone studying economics did well and some failed. In economics, we learnt about inflation, recession, foreign exchange, pricing, market forces and etc. Once at a shop, the owner scolded his account keeper (his son) saying that he should not write the net sales i.e. it should only be done when the shop closes and not while customers are still streaming in.      

What happens in inflation? Prices of goods go up, demand for goods and services go up, rental rate go up, loan rate is up and so on. Business is booming, the economic growth move upward and the currency of a nation begin to appreciate. Inflation has its woes also because almost everything is becoming costly. While it is true that with time standard of living go up, the cost of living is rapidly increasing.