SM Lee receives Australia's highest civilian honour for advancing bilateral ties, Singapore News
Australian Governor-General Sam Mostyn, who is on a state visit to Singapore, conferred on Lee the award of Honorary Companion in the General Division of The Order of Australia at an investiture ceremony on Aug 5.
A citation from the Prime Minister's Office, Australia, said that "throughout his 40-year political career, and particularly as Prime Minister of Singapore from 2004 to 2024, Lee has made significant contributions to advancing Australia-Singapore relations".
"He has been a strong and influential advocate for closer ties between our two countries and has consistently driven agreements and initiatives which encourage stronger and mutually beneficial relationships," the citation added.
The economic relationship between Australia and Singapore has grown enormously during Lee's term as PM, the citation said, with Singapore becoming Australia's largest trading partner and investor in South-east Asia.
The citation noted how Lee oversaw and drove six revisions of the Singapore-Australia Free Trade Agreement (Safta) — Canberra's first bilateral FTA with an Asian country — to keep it up to date and "anticipate change through new technologies and supply chain vulnerabilities".
He oversaw the development of the 2015 Australia-Singapore Comprehensive Strategic Partnership, which serves as a broad-ranging agreement to deepen collaboration between both countries, it said.
He also actively welcomed and supported defence and security partnerships between the two countries, which have contributed to regional peace and security, and advocated strongly for Australia's inclusion in key regional forums, the citation said.
It added: "Mr Lee's eminent service to the Australia-Singapore bilateral relationship is thoroughly worthy of formal national recognition".
Lee was accompanied by Mrs Lee at the ceremony, held at the residence of the Australian High Commissioner. Also present were Minister in the Prime Minister's Office Indranee Rajah, Senior Minister of State for Foreign Affairs Sim Ann, and North West District Mayor Alex Yam, who is also chairman of the Singapore-Australia Parliamentary Friendship Group.
In a speech after the investiture, Lee thanked the Australian government for the honour and said he was "deeply humbled to receive the award".
"I do so on behalf of the generations of Singaporeans and Australians who have worked hard to strengthen the partnership between our two nations over the past six decades," he added.
He noted that Australia had been a steadfast friend to Singapore over the years, being among the first to recognise the Republic's independence, and the first to establish diplomatic relations with it.
The bonds have only deepened, he said.
Security relations, which began with the Five Power Defence Arrangements in 1971, have grown over the years, with Australia welcoming the Singapore Armed Forces to train in the country. This year is the 35th anniversary of Exercise Wallaby, the SAF's largest overseas unilateral exercise, in the Shoalwater Bay Training Area in Queensland.
And as both sides celebrate the 10th anniversary of their Comprehensive Strategic Partnership in 2025, Lee said he looks forward to its next bound and upgrade, when Prime Minister Lawrence Wong visits Australia for the 10th annual leaders' meeting later this year.
Australia and Singapore have achieved a lot bilaterally and regionally, despite being very different countries, added Lee, who cited former Australian Prime Minister Malcolm Turnbull's description of the two as "a wide brown land and a little red dot".
"It is fundamentally about our shared values, our compatible perspectives of the world, and a deep reservoir of trust built up over the years. We both believe in the importance of an open, inclusive and rules-based multilateral order," said Lee.
"Our societies are multicultural, diverse, and pragmatic. Australian leaders from both sides of the political aisle appreciate that Australia's future is deeply intertwined with our region's, while Singapore has consistently sought to be a steadfast partner and pathfinder for Australia's engagement in Southeast Asia."
Lee added: "These deep and extensive ties did not come about by chance. They are the fruit of sustained hard work, political will, and mutual trust built through weathering tough times together.
"I am privileged to have played a modest part in strengthening this relationship. I am confident that Singapore and Australia's friendship will continue to blossom and grow."
Former Senior Minister Goh Chok Tong was awarded the Honorary Companion of the Order of Australia in 2005, for his contribution to Australia-Singapore ties.
Former foreign minister George Yeo, Stamford Land Corporation executive chairman Ow Chio Kiat and former police commissioner Khoo Boon Hui are among past recipients of the award of Honorary Officer of the Order of Australia, for their contribution to relations between the two countries.
[[nid:720319]]
This article was first published in The Straits Times . Permission required for reproduction.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
9 minutes ago
- Business Times
New World shares, bonds jump after report on financing talks
[HONG KONG] Distressed Hong Kong builder New World Development's shares and US dollar bonds rose the most in several months after a report that the company and its controlling family are in talks for a potential financing deal for as much as US$2.5 billion. The Hong Kong-listed property firm's shares jumped as much as 16 per cent, the most in five months, before paring some of the gains. Some of New World's US dollar bonds rose about 2 US cents, according to credit traders. Its 4.5 per cent notes due in 2030 were at about 53 US cents and on track for their biggest gain in two months, Bloomberg-compiled data show. New World and its controlling Cheng family have been in talks with Blackstone over the potential financing deal, Octus reported late Wednesday, citing two sources briefed on the matter. Under proposals discussed, Blackstone and the Cheng family would co-invest about US$2.5 billion into New World, with options discussed for the investment in the form of preferred or ordinary equity, the report said. The deal might culminate with a take private offer jointly by the family and the private equity firm, it said, citing the two sources briefed on the matter. Talks are preliminary and subject to change, according to the report. New World did not immediately comment while Blackstone declined to comment. Controlled by the family empire of Hong Kong tycoon Henry Cheng, New World has one of the highest debt burdens of any Hong Kong developer amid a years-long property slump in the city and mainland China. Investors have become increasingly sceptical of the firm's ability to manage its debt burden, particularly after it reported its first loss in 20 years for the financial year ended last June. But developments in recent months have helped avert any immediate crisis. In June this year, the real estate giant sealed a record US$11 billion refinancing with dozens of banks. It has also been trying to complete a loan of up to HK$15.6 billion (S$2.6 billion) led by Deutsche Bank, though it recently missed a self-imposed target for that effort. Despite the initial moves in the credit market on Thursday, some observers flagged risks if any discussions about a potential privatisation were to advance. For bondholders, it would mean 'even less transparency and public scrutiny of corporate governance, debt usage, and deleveraging progress, which is not positive', said Zerlina Zeng, head of Asian strategy at Creditsights Singapore. BLOOMBERG
CNA
9 minutes ago
- CNA
Analysis: How mounting losses and an ageing fleet could have sparked BlueSG's 'strategic pause'
SINGAPORE: BlueSG's move to suspend operations were likely influenced by losses caused by an ageing fleet, but its brand could take a hit from such a move even as the Singaporean car-sharing service plans a return in 2026, experts say. The firm on Monday (Aug 4) announced a sudden "strategic pause" of their electric vehicle (EV) point-to-point car-sharing operations starting from Friday, as it works to upgrade its infrastructure. BlueSG will also be laying off a portion of its workforce, though it did not state how many will be affected. Its new service will involve a new platform, a refreshed fleet with a new range of vehicles, an expanded network of pickup and drop-off points, as well as "greater reliability and a smoother user experience", the company said. BlueSG is the only car-sharing platform that offers point-to-point services in Singapore. 'They could have just continued operations and added the right vehicle fleet mix and changed policies and so on,' said Associate Professor Walter Theseira at the Singapore University of Social Sciences. 'But my suspicion is that they must have concluded that the cost of continuing to keep the fleet in operation as well as operating costs just vastly outweighed any benefit in (operating for) the next couple of months,' he added. 'It was better to draw a line underneath this and then change everything.' Agreeing, Associate Professor Jawn Lim from the Singapore Institute of Technology likened BlueSG continuing operations while revamping infrastructure to 'moving into a half-renovated home'. 'The issues from an incomplete and dusty interior could be more disruptive than waiting until the renovation is fully completed and cleaned,' he said. 'There may be more costs incurred to maintain the current BlueSG service than taking the 'strategic pause'.' BlueSG's annual financial statement from the Accounting and Corporate Regulatory Authority (ACRA) website showed a net loss of S$31.1 million (US$24.2 million) between January 2023 and March 2024. This was after a net loss of S$11.4 million between January and December 2022. Auditor EY noted that the company had changed its financial year end from December 2023 to March 2024 - and that the figures were "not entirely comparable" as they now covered a period of 15 months instead of the previous 12-month stretch. The accounts for the financial year ending March 2025 are not available yet. Founded in 2017, BlueSG was sold in 2021 to Goldbell, a local vehicle leasing company. Goldbell announced then that it would be investing S$70 million in BlueSG, and even expressed hopes for overseas expansion. According to its financial statement, Goldbell recorded a profit of S$24.2 million between April 2021 and March 2022; and S$6.2 million between April 2022 and March 2023. But between April 2023 and March 2024, it recorded a loss of S$3.4 million. Asked by CNA about the move to suspend operations and the role played by mounting losses, BlueSG CEO Keith Kee said the decision 'stems from a forward-looking review of how best to meet the evolving demands of shared mobility in Singapore'. While pausing operations could help save costs, intangibles such as consumer trust in the BlueSG brand could be hurt, said Professor Lawrence Loh, director of the Centre for Governance and Sustainability at the National University of Singapore (NUS). 'Whether they are upgrading or not, a total stoppage will result in lost revenue, lost users and given the layoffs ... it will have an impact on the credibility of the company,' he said. Mr Kee said 'serious consideration' was given to keeping the BlueSG service running while rebuilding in parallel. 'But (we) ultimately recognised that this would divide our efforts and risk further disruptions for users,' he added. 'Taking a short, planned pause now gives us the focus needed to return faster - and stronger.' "DOUBLE WHAMMY" BlueSG founder Franck Vitte, who served as the firm's managing director until 2021, told CNA he believes the firm's transition to a new IT system in 2023 proved to be more challenging than anticipated. The new system had led to disruptions and left users frustrated over issues such as difficulty ending rentals. It is possible that back then, BlueSG needed to 'completely redesign its system architecture to enhance customer service and achieve financial sustainability', said Mr Vitte, who is now the MD of TotalEnergies, BlueSG's charging network. 'At the same time, its vehicle fleet was ageing, and maintaining the Bluecars had become increasingly difficult, particularly since production of the model ceased several years ago." Mr Kee, the CEO, said: 'When we first took over the service, we inherited a legacy system. A major milestone for us was the successful migration to a more robust, insight-driven backend - which allowed us to stabilise operations and deliver steady growth in subscriptions and rentals. 'That migration also revealed the limitations of the existing infrastructure - especially as new technologies emerged and demands accelerated,' he added. 'It became increasingly clear that a full platform upgrade was needed to meet future demands with greater agility, efficiency and scalability.' Associate Professor Raymond Ong from NUS also pointed to fast-developing advancements in the EV landscape, and how that combined with an ageing fleet for a 'double whammy' for BlueSG. Charging points have since become more widespread islandwide, yet BlueSG cars can only be charged at specific stations. This puts a lot of cost pressure on the firm, said Assoc Prof Ong. 'It could be better for BlueSG to work with a power company to come up with a better funding mechanism for their charging infrastructure,' he said. 'All this has to be looked into as the EV market is changing so fast.' He also noted that BlueSG's ageing cars now have shorter range compared to newer EVs. The company did attempt to refresh its fleet in 2022, by adding 500 Opel Corsa-e cars. Assoc Prof Theseira said this could have been a misstep. 'For whatever reason, they decided to go with a European model instead of going for, for example, a Chinese model, which everybody knows is not only enjoying a lot of popular support in Singapore, but is also likely to be cheaper,' he said. IS THERE DEMAND? The abrupt cut-off of BlueSG operations will be felt by its thousands of users. On one community Telegram Channel, news of the pause led to several users leaving notes of appreciation, citing how they had come to rely on the service. Some hoped BlueSG would come back stronger next year. Prof Loh from NUS believes BlueSG users will likely turn to other car-sharing firms or fall back on ride-hailing - possibly even causing temporary price increases in those services. 'If demand is more than supply, there could be potential for price increases (and) more surge pricing (during peak hours),' he said. Assoc Prof Theseira had a different view. 'If (BlueSG) had embarked on this move, they must have seen from the operating numbers that basically, demand was not there, or not there to sustain operations,' he said. 'So what is the effect, then, of removing what is now a more marginal player with depressed demand? Not much effect, right?' 01:11 Min IS THE BLUESG MODEL TENABLE? As Singapore's only point-to-point car-sharing service, BlueSG's pause has invited questions of whether the model is sustainable at all. Assoc Prof Theseira called the point-to-point modality the 'holy grail' of car-sharing - because it opens up to a much larger market, compared to one where rented cars have to be returned to the same place. 'But the problem here is that point-to-point also requires a sufficient density in your network, as well as systems - both operating and pricing-wise - to actually encourage proper circulation of cars,' he said. He likened BlueSG's issues to those faced by bicycle-sharing firms - where the vehicles do not always spread themselves across the island evenly, due to demand patterns. For instance, in Singapore people typically work, play and live in distinct areas. This means that BlueSG cars in use are typically moving from one place to another, rather than circulating. 'Who comes (to a Housing Board estate) to work or play? Everyone in those estates goes to work and play in the town area,' said Assoc Prof Theseira. This differs from cities like Tokyo, where its suburbs are a mix of residences, workplaces and leisure spots. 'Somebody may live in part A of Tokyo and go and play or work in part B; and somebody who lives in part B might go and work or play in part A,' said the transport economist. In general, the car-sharing market is difficult to sustain, as also seen in other parts of the world, he pointed out. Earlier this year, US car-sharing firm Getaround abruptly shut down operations, citing financial difficulties. In 2018, French point-to-point EV car-sharing firm Autolib also ceased operations after chalking up major losses. Despite the current headwinds, former BlueSG executive Vitte hopes the firm he founded can bounce back. 'I believe that car-sharing has a natural place, especially in a city like Singapore, where it perfectly complements the existing transport options,' he said. 'I remain hopeful and confident that a new car-sharing service will emerge in the coming months, one that applies the lessons of the past to deliver a high-quality experience for Singaporean commuters.'
Straits Times
39 minutes ago
- Straits Times
South Korea, US to conduct major joint military drills starting Aug 18
Sign up now: Get ST's newsletters delivered to your inbox SEOUL - South Korea and the United States will conduct major joint military drills starting on Aug 18, officials said, although they will delay parts of the annual exercises that have been a source of tension with North Korea to later in 2025. The 11-day annual exercises, called Ulchi Freedom Shield, will be on a similar scale to 2024 but adjusted by rescheduling 20 out of 40 field training events to September, South Korea's joint chiefs of staff spokesperson Lee Sung-jun said. The allies agreed to reschedule some parts of the drill to September over factors 'including ensuring training conditions during extreme heat and maintaining a balanced combined defence posture year-round,' Mr Lee said at a briefing. 2025's drill will test an upgraded response to heightened North Korean nuclear threats as well as cutting-edge technologies used in modern wars, Mr Lee said, citing conflicts in Ukraine and the Middle East. The exercise will include a scenario of a North Korean missile launch, but will not cover a potential nuclear test by Pyongyang, he said. The decision to spread out the scheduling included reasons such as extreme weather, Mr Lee said, denying there were any political factors behind the move. The drills are due to be staged as the new South Korean government of President Lee Jae Myung seeks to improve strained ties with Pyongyang and revive stalled dialogue with its neighbour. A senior official from South Korea's Unification Ministry, which manages relations between the Koreas, said on Aug 7 that the delay in some training exercises was aimed at easing tensions with North Korea, the Yonhap News Agency reported. Top stories Swipe. Select. Stay informed. Singapore Some ageing condos in Singapore struggle with failing infrastructure, inadequate sinking funds Singapore PUB investigating wastewater discharge in Eunos: Pritam Singapore Water gel guns among newer tools NParks uses to manage monkeys in estates World Trump eyes 100% chips tariff, but 0% for US investors like Apple World Trump's 100% semiconductor tariffs may hit chipmakers in Singapore, other SEA nations Singapore Afraid of small talk? Scared to make a phone call? How social skills workshops are helping young people Singapore ST and Uniqlo launch design contest for Singapore stories T-shirt collection Business DBS shares hit record-high after Q2 profit beats forecast on strong wealth fees, trading income Some analysts were sceptical about Pyongyang's response. 'North Korea won't be satisfied with the adjustment at all,' said Mr Cheong Seong-chang, vice-president at the Sejong Institute in Seoul, a research centre on North Korean affairs. 'What the regime wants is the termination of the drills with the US, not a slight rescheduling,' said Mr Cheong. On Aug 4, South Korea removed loudspeakers blasting anti-North Korea propaganda near its border with the North in a bid to lower friction with Pyongyang. So far North Korea has rebuffed such overtures by Seoul. Ms Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, recently said that South Korea's decision to stop the broadcasts was 'not the work worthy of appreciation,' state media KCNA reported. REUTERS
