Changi Airport is an excellent example of forward planning - probably among the best in Singapore.
When they build Terminal 1 nearly 20 years ago, there were already plans for terminal 2 and terminal 3.
The gates in terminal were were identified as C and D. When terminal 2 was built 10 years later, the games were identified by E and F. Terminal 3 is recently completed. The gates are identified by A and B. These letters have been reserved for terminal 3 for 20 years.
Through this forward planning, the gates are identified in the right sequence, from A to F.
The signage in the airports are also among the best Singapore. It is easy to get around Changi airport. In contrast, many other large buildings and MRT stations in Singapore in Singapore have poor signages.
Wednesday, February 27, 2008
MAS Consultation Paper
Mr. Tan,
What is the key proposal that you will send on the MAS consultation paper?
REPLY
My key message is:
1. MAS requires the board and senior management to "put consumer interest first".
2. However, these parties are also required by their shareolders to "increase shareholder value", i.e make more profit for shareholders
3. More profit for shareholders mean more charges (and lower returns) to customers
4. As consumers will not pay higher charges, the life insurance company has to hide them, i.e. not transparent
5. It is difficult for the board and senior management to balance this conflict of interests
6. It is not realistic to expect that consumers can be eduated sufficiently to identify good financial products from bad ones.
7. MAS needs a new approach to look at safeguard the interest of consumers
I will be suggesting a new approach.
What is the key proposal that you will send on the MAS consultation paper?
REPLY
My key message is:
1. MAS requires the board and senior management to "put consumer interest first".
2. However, these parties are also required by their shareolders to "increase shareholder value", i.e make more profit for shareholders
3. More profit for shareholders mean more charges (and lower returns) to customers
4. As consumers will not pay higher charges, the life insurance company has to hide them, i.e. not transparent
5. It is difficult for the board and senior management to balance this conflict of interests
6. It is not realistic to expect that consumers can be eduated sufficiently to identify good financial products from bad ones.
7. MAS needs a new approach to look at safeguard the interest of consumers
I will be suggesting a new approach.
Inflation in Saudi Arabia
I met someone from Saudi Arabia at a conference in Bahrain. I asked him if the economy in Saudi Arabia is booming due to the revenue from the high oil prices.
He said that the cost of living has increased sharply. Many ordinary people are finding it difficult to cope, as their wages have not gone up to the same extent as the cost of living.
I looks like the problem is the same in most countries, namely, the inflation is too high this year.
He said that the cost of living has increased sharply. Many ordinary people are finding it difficult to cope, as their wages have not gone up to the same extent as the cost of living.
I looks like the problem is the same in most countries, namely, the inflation is too high this year.
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