MALAYSIANS should be magnanimous towards Singapore. It really cannot afford to pay more than 3 sen for 1,000 gallons of water.
In recent weeks, newspaper reports showed that several Singapore government-controlled companies were facing huge problems.
For example, microchip contract maker, Chartered Semiconductor Manufacturing, recorded a loss of US$90mil (RM342mil) for the three months to June this year, its 10th straight quarterly loss.
Singapore Airlines recorded its first-ever operating losses of S$370mil (RM814mil) in April and May this year and analysts say the losses may run into a second quarter, according to a Reuters report.
And on Monday, SIA announced a second round of job cuts involving 182 cabin crew and pilots. Additionally, Singapore has lost yet another major customer to fast-growing Port of Tanjung Pelepas (PTP).
Last week, BMW announced it will relocate its regional parts distribution centre from Singapore to PTP, the third high profile defector after global shipping firms, Maersk and Evergreen also shifted their regional hubs from the Port of Singapore Authority to PTP.
And despite giving solid backing to the US attack on Iraq, the Pentagon announced its objection to Singapore Technologies Telemedia’s (STT) purchase of bankrupt Global Crossing on grounds the purchase would threaten US national security.
In other words, the Pentagon does not trust Singapore!
For Singapore, facing financially challenging times, every single sen counts!
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