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The Star
4 days ago
- Business
- The Star
Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng
Teo Chee Hean will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. - ST FILE SINGAPORE: Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Lim Boon Heng, who will be stepping down on Oct 9, 2025. Teo will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. Lim has served as the chairman for 12 years, notably guiding Temasek's global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability. In a separate statement, Prime Minister Lawrence Wong said: 'I thank Lim for his dedicated service at Temasek – under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development.' 'I also welcome Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore's strategic priorities, I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment,' added Wong, who is also Finance Minister. Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Teo has had a 'remarkable' public service career across multiple domains. 'I'm pleased to welcome Teo Chee Hean as our fifth chairman... We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead,' he said. Teo, a key figure in Singapore's third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019. He began his career in the navy in 1972 and rose to become chief of navy before leaving the armed forces in 1992 to enter politics. His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment. Temasek also announced on June 6 that Cheng Wai Keung, Stephen Lee and Bobby Chin will be retiring from the board in the coming months. Cheng, who is deputy chairman, and Lee, a director, will step down on June 30 after nearly 14 years and eight years of service, respectively. Chin, also a director, will retire on July 31 after serving for 11 years. Temasek has a net portfolio value of $389 billion as of March 21, 2024. It is a significant contributor to Net Investment Returns Contribution (NIRC), alongside sovereign wealth fund GIC and central bank Monetary Authority of Singapore, which is used for Government spending. Teo noted that in an 'era of deepening global uncertainty', Temasek must remain clear minded on critical matters such as international relations, security and climate change. 'As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends,' he said. 'I look forward to working with Temasek's Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.' - The Straits Times/ANN
Straits Times
4 days ago
- Business
- Straits Times
Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng
Mr Teo Chee Hean will first join Temasek's board as deputy chairman on July 1. PHOTO: ST FILE Former senior minister Teo Chee Hean to be next Temasek chairman, taking over from Lim Boon Heng SINGAPORE - Former senior minister Teo Chee Hean will be the new chairman for state investor Temasek Holdings, succeeding Mr Lim Boon Heng who will be stepping down on Oct 9, 2025. Mr Teo will first join Temasek's board as deputy chairman on July 1, before taking the helm in October. Mr Lim has served as the chairman for 12 years, notably guiding Temasek's global expansion and supporting the fight against the Covid-19 pandemic, among other efforts such as in corporate governance and sustainability. In a separate statement, Prime Minister Lawrence Wong said: 'I thank Mr Lim for his dedicated service at Temasek - under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development. 'I also welcome Mr Teo as the incoming chairman. With his extensive experience in public service and deep understanding of Singapore's strategic priorities, I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment,' added Mr Wong, who is also Finance Minister. Temasek executive director and chief executive Dilhan Pillay Sandrasegara said on June 6 that Mr Teo has had a 'remarkable' public service career across multiple domains. 'I'm pleased to welcome Mr Teo Chee Hean as our fifth chairman... We are privileged that Temasek can benefit from his perspectives and extensive experiences, and we look forward to his stewardship as we navigate the opportunities and challenges ahead,' he said. Mr Teo, a key figure in Singapore's third-generation leadership, served as deputy prime minister from 2009 to 2019 and as Coordinating Minister for National Security from 2011. He was appointed Senior Minister in 2019. He began his career in the navy in 1972 and rose to become chief of navy before leaving the armed forces in 1992 to enter politics. His first Cabinet role was as minister of state for finance and communications. He later held ministerial portfolios in home affairs, defence, education and environment. Temasek also announced on June 6 that Mr Cheng Wai Keung, Mr Stephen Lee and Mr Bobby Chin will be retiring from the board in the coming months. Mr Cheng, who is deputy chairman, and Mr Lee, a director, will step down on June 30 after nearly 14 years and eight years of service respectively. Mr Chin, also a director, will retire on July 31 after serving for 11 years. Temasek has a net portfolio value of $389 billion as of March 21, 2024. It is a significant contributor to Net Investment Returns Contribution (NIRC), alongside sovereign wealth fund GIC and central bank Monetary Authority of Singapore, which is used for Government spending. Mr Teo noted that in an 'era of deepening global uncertainty', Temasek must remain clear minded on critical matters such as international relations, security and climate change. 'As a key Singapore institution with a global investment footprint, Temasek understands that its long-term success requires both addressing today's risks and opportunities and anticipating tomorrow's trends,' he said. 'I look forward to working with Temasek's Board, management team and members of the wider Temasek family to build on the achievements of Temasek and chart a path for its continued success in the new global environment.' Join ST's WhatsApp Channel and get the latest news and must-reads.
RNZ News
02-06-2025
- General
- RNZ News
'Almost like an accident waiting to happen': 000 number out on Norfolk Island
Photo: Norfolk Government Locals on Norfolk Island remain concerned that their emergency number - 000 - is still down after two weeks. The president of the tourism association of Norfolk Island, Rael Donde said the island gets about 500 visitors each week and many won't know to call the alternative emergency number if they need help. "It's almost like an accident waiting to happen," Donde said. As an interim arrangement, police, fire and hospital have individual landline numbers to call. Text messages are being sent out daily and the alternative numbers are being played on the radio. Acting general manager of Norfolk Island Regional Council (NIRC), Philip Reid said the island had been experiencing problems with the number since early May. "NIRC is still to establish a date by which triple zero calling will be fully operational," he said. "Issues are being experienced with the dial-tone multifrequency function and connectivity to emergency services from triple-zero callers." He said the alternative numbers are shared to visitors on arrival at Norfolk Island Airport and at their accommodation. It's also available on the regional council's website and Facebook page. The alternative numbers are free of charge to call. A text on Norfolk Island with the alternative emergency numbers. Photo: Supplied Donde said it's a major risk. "Somebody passing by in a vehicle wouldn't immediately be able to recall the individual numbers that needs to be called," he said. "We just hope it can be fixed as soon as possible." Norfolk Island is a non-self-governing territory of Australia. Brett Sanderson said the number being out is a symptom of the island losing the right to self-govern in 2015 . He is part of the group, Norfolk Island People For Democracy, which is fighting to reverse the 2015 decision. In November last year, the Australian Government announced it had decided on a " new bespoke local governance model for Norfolk Island " to come into effect by the end of 2025, "with the Norfolk Island Regional Council to continue providing services until the Assembly is established". It said the new model was informed by the recommendations of the Norfolk Island Governance Committee and followed extensive community consultation. "The Norfolk Island Assembly will operate on four-year terms and comprise five elected members, including a full-time presiding officer. "It will be empowered to make local laws that support local service delivery. "The Queensland Government will continue to deliver health support services, education, apprenticeships, traineeships, and correctional services."
Straits Times
27-04-2025
- Business
- Straits Times
GE2025: Ong Ye Kung challenges opposition to offer not just buzzwords, but specifics of policy proposals
GE2025: Ong Ye Kung challenges opposition to offer not just buzzwords, but specifics of policy proposals Follow our live coverage here. SINGAPORE - Opposition parties should go beyond generalities and buzzwords in their policy ideas, as policies are the basis by which Singaporeans will decide how they vote, said Health Minister Ong Ye Kung. Speaking to reporters at a walkabout in Bukit Canberra Hawker Centre on April 26, Mr Ong said it was time to move past the excitement of Nomination Day to focus on the policy ideas of the different political parties. 'We've heard many things across different political parties, especially the opposition, as well as their policy ideas, but I would say we are now at the stage where the policy ideas are very general,' he said. 'It's probably a good time to start scrutinising some of these ideas.' Mr Ong, who is leading the PAP's Sembawang GRC team in a three-cornered fight with the Singapore Democratic Party (SDP) and National Solidarity Party (NSP), said many opposition parties are campaigning to cut the goods and services tax (GST) as a way to deal with the rising cost of living. Many, including the WP, PSP and SDP, have advocated against the increase in GST and called for essential items to be exempted from GST. In its election manifesto, the WP had proposed 'less regressive revenue options' that included an increase in the Net Investment Returns Contribution (NIRC) from the current 50 per cent to 60 per cent, and for the first nine years of land sales to be included in the Government's Budget. However, Mr Ong said that the GST increase is needed purely to be able to subsidise healthcare for an ageing population. He noted that the Government's healthcare expenditure was up to $9 billion in 2015, around $23 billion a decade later, and expected to reach $30 billion in 2030. Even as they called for the GST to be cut, Mr Ong said the opposition has asked for government spending to rise in many other areas. 'Singaporeans and voters need to know: how do you bridge this gap (when) you are spending more and collecting less?' he said. 'And I think the question will be: are you thinking of spending the reserves?' Parties should explain if they plan to do so, he added. Public housing policy is another popular topic for the opposition, said Mr Ong, who added that among the ideas thrown up is for land cost to be removed or reduced in the pricing of Build-To-Order (BTO) flats, so as to make these cheaper. The PSP and SDP are among the opposition parties which have made such proposals. Referring to these proposals, Mr Ong said the question remains as to whether these flats can then be resold on the resale market after reaching their minimum occupancy period. If they can be resold, the resale price will still be the same given that the resale market will not change, which means that the gains from selling will be much more, he noted. 'It will really be like striking a big lottery. That must surely attract a lot more people to apply for BTO flats and really (increase) the queue and wait times for flats,' he added. The SDP has also suggested a non-open market scheme, where flats will not have a land cost component but can be resold only to the Housing Board at a lower price than what they were bought for. Mr Ong said such a proposal would be a fundamental change to Singapore's home ownership system. 'Only people who breach HDB rules, or defaulters of mortgages, will sell back to HDB at a lower price. Are they therefore really suggesting to treat everybody like HDB defaulters, making this a mainstream system?' On foreign talent, Mr Ong said the Government has been balancing trade-offs, such as regulating their entry to the extent that businesses often struggle to fill vacancies, particularly for blue-collar jobs. Yet opposition parties have called for further restrictions, he noted. For instance, the SDP has suggested vetting foreign professionals before they may work in Singapore. It is also among opposition parties that have proposed that firms seeking to hire foreigners must first show that they cannot find such talent locally. The PSP has in turn proposed lengthening the duration that employers must advertise jobs on the MyCareersFuture portal before they can apply for Employment Passes to hire foreign talent. Mr Ong said businesses will find it even more difficult if such proposals were implemented. He said: 'Some may have to close down. Foreign investment may slow down, which means we cannot create as many jobs as possible as we formerly can for Singaporeans.' As for healthcare, the Health Minister noted that opposition parties like the SDP have proposed a 'single-payer system', but that most Singaporeans do not know what this means. Mr Ong explained that a hospital bill is currently paid in three ways. First, the government will pay a subsidy. Second, MediShield Life, which is the National Health Insurance Scheme, kicks in and pays for the next part of the bill, and the remainder is paid for by MediSave. A single-payer system 'basically means either you use only subsidy and abolish MediShield Life, or you purely rely on national health insurance and no more subsidy', he said. SDP, for instance, has proposed a health insurance system without multiple schemes like Medishield Life or Careshield, channelling the savings straight to supporting primary care. Mr Ong said: 'When the opposition proposed a single payer system, they need to explain to Singaporeans what it means and which part you want to get rid of - the subsidy or Medishield Life?' He noted that these four topics - cost of living, foreign talent, housing and healthcare - have been the key ones that he had been hearing about in the last few days. 'It's time, I think, for Singaporeans and voters to scrutinise these policies and compare the policies across political parties,' he said. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
23-04-2025
- Business
- Yahoo
Singapore GE2025: Where political parties stand on tax, housing and foreign talent ahead of the election
PAP, WP and PSP take opposing stances on using reserves, raising GST and housing affordability. PAP defends fiscal prudence and says raising GST ensures intergenerational fairness. WP and PSP call for greater use of reserves, oppose GST hikes, and support wealth taxes. Analysts say using more of the NIRC could hurt Singapore's long-term financial resilience. Implementation of tiered GST or wealth tax could raise costs and complicate administration. SINGAPORE, Apr 23 — As Singapore gears up for its next general election, political parties are setting out contrasting ideas on key national issues such as fiscal policy, cost of living, housing and foreign manpower. The Straits Times reports that while manifestos and campaign speeches will play a role in shaping voter decisions, analysts say the public should also consider what parties and their Members of Parliament have said and done over the past five years. The ruling People's Action Party (PAP) has consistently defended its decision to raise the goods and services tax (GST) from 7 per cent to 9 per cent, arguing that it was necessary to support rising healthcare and social expenditure. Fiscal policy: Balancing budgets and using reserves The Workers' Party (WP) and Progress Singapore Party (PSP) opposed the GST hike in Parliament, saying it added pressure on Singaporeans already grappling with inflation. Both parties proposed alternative revenue sources such as using more of the Net Investment Returns Contribution (NIRC), increasing wealth taxes, and tapping a portion of land sales for spending. The PAP said such alternatives were politically appealing but could undermine long-term fiscal sustainability. 'If they weaken our public finances, the burden will fall on our children. If we mismanage the economy, investors will lose confidence and our incomes will suffer,' Singapore's Prime Minister Lawrence Wong said in a four-minute video message shared on Facebook and other social media platforms yesterday. Singapore's Prime Minister and secretary-general of the ruling People's Action Party (PAP) Lawrence Wong greets supporters following his nomination ahead of the general election in Singapore on April 23, 2025. — AFP pic In 2022, then Deputy Prime Minister Wong said that raising personal income tax to match the GST's annual revenue of S$3.5 billion (RM11.7 billion) would require top marginal rates to jump from 22 per cent to 42 per cent. He also warned that increasing corporate income tax from 17 per cent to over 22 per cent to close the gap would hurt Singapore's competitiveness. The government has set a fiscal framework that allows spending of only 50 per cent of long-term investment returns from the NIRC. Then Prime Minister Lee Hsien Loong said in February 2024 that this arrangement ensures reserves grow in line with the economy, contributing about one-fifth of the national budget or 3.5 per cent of GDP in recent years. The NIRC contributed S$24 billion to government spending in the 2024 financial year. Opposition calls for greater flexibility At the Budget 2022 and 2025 debates, WP leader Pritam Singh questioned the GST hike, citing past budget surpluses and warning that inaccurate fiscal projections could undermine public trust. He noted that the 'exceedingly healthy' fiscal position at Budget 2025 had prompted Singaporeans to question the necessity of raising the GST rate in the preceding two years. The WP proposed raising the NIRC cap to 60 per cent, introducing a tiered GST with exemptions for essentials, and implementing wealth taxes. In 2021, Sengkang GRC MP Jamus Lim had suggested a net wealth tax of up to 2 per cent on billionaires. Singh said Singapore must distinguish between 'legitimate accumulation of wealth through effort and tangible business activity' and wealth from capital appreciation, which should be taxed differently. Commercial buildings are pictured from the Marina Bay waterfront in Singapore on April 22, 2025. — AFP pic The PSP took a more aggressive stance, proposing that 100 per cent of the NIRC be spent and land sales be counted as revenue. In a February 2024 speech, PSP's Leong Mun Wai expressed the PSP's stance on the NIRC, saying that it was 'supposed to enhance the welfare of Singaporeans so as to avoid the necessity to increase taxes'. He argued that reserves should be used to enhance current welfare, especially as economic growth slows and incomes stagnate. Debating intergenerational equity PAP leaders said the fiscal rules instil discipline and fairness between generations. Wong said that without the NIRC, GST would have had to be raised to 18 or 20 per cent. A one-fifth cut to the NIRC alone would push GST to 11 per cent. He added that changing reserve rules should be a 'last resort', while tools like GST can be applied progressively. Experts such as Associate Professor Terence Ho of the Institute for Adult Learning agree that the current 50 per cent cap ensures reserves grow with the economy and imposes fiscal discipline. 'It forces greater rigour in deciding what to spend on,' he said. Dr Gillian Koh from the Institute of Policy Studies said Singapore had already spent S$40 billion from its reserves during the Covid-19 pandemic, warning that future returns might not match past performance. Economist Walter Theseira noted that the debate over when to spend reserves is ultimately a judgement call, given the uncertainty of future needs. Wealth taxes and GST tiers face hurdles While WP and PSP have called for wealth taxes and a tiered GST system, analysts warn of complications. Gene Kwee from Forvis Mazars said Singapore's single-rate GST is efficient and well understood, and a tiered system would require a major overhaul. Wong said the GST system is already tiered by effect, since higher-income households pay more even on basics. He added that with the Assurance Package and GST Voucher scheme, households in the bottom 30 per cent pay an effective GST of less than 3 per cent. Kwee also said wealth taxes could prompt capital flight and tax avoidance, and might not redistribute income as intended. 'Striking the right balance between equity, economic competitiveness and administrative feasibility will be key,' he said. Recommended reading: Singapore GE2025: 'I will not gamble with your lives or your future', says PM Wong, warning against risky cost-of-living proposals (VIDEO) Singapore GE2025: Where will the big names land? East Coast and Punggol emerge as battlegrounds as PAP, WP stay mum on final candidate placements
