Kelvin Khoo Online

AFP - Saturday, June 28

SAN FRANCISCO (AFP) - - Bill Gates is spending his last day at Microsoft Friday before turning his attention full time to philanthropy after decades building the US software colossus.

The Microsoft co-founder, 52, known for his boyish face and nerdy manner, will now focus on running the Bill & Melinda Gates Foundation , aimed at fighting disease, reducing poverty, and improve education around the world.

Paul Allen, who teamed up with Gates to start Microsoft in a garage in 1975, will be among those “roasting” his childhood friend at a gala retirement dinner late Friday.

Gates began programming computers when he was 13 and a student living in the northwestern US state of Washington.

“Very early he demonstrated this really insatiable curiosity,” Gates’s father, William Gates Sr., said of his son in a video interview at the Microsoft website.

“He became a voracious reader. We knew he was smart, he was academically gifted, but we didn’t have any impression there was something world class going on in our living room necessarily.”

Gates and Allen were at the head of a small group of students that enjoyed working with the school’s computer, sometimes sneaking through a window to get to the machine after hours, said former teacher Bill Dougall.

School officials tapped into his programming prowess, swapping computer time for his services.

One tale is that Gates tinkered with school computer programming to put himself in classes made up mostly of girls.

Gates took his passion for knowledge to Harvard University in 1973.

“Bill was intense in college,” former college classmate Andy Braiterman said, listing academic subjects to which Gates was devoted.

“He was also very intense about pinball, Pong, Breakout (two early computer games) and most of all he was very intense about poker.”

At Harvard Gates met Steve Ballmer, who became part of Microsoft and was promoted to chief executive in 2000.

Gates recalls being in Harvard Square when Allen showed him a magazine cover story about a computer advancement, and thinking “This is happening without us and we are going to miss it.”

Gates, with the blessing of his lawyer father and teacher mom, left college after two years to start “Micro-soft” with Allen.

The duo bought the rights to existing computer software, modified it, got a copyright, and rechristened it Microsoft Disk Operating System (MS-DOS).

A key move by Gates was to focus on licensing software to computer makers in numerous “partnerships” that resulted in affordable machines being available to the masses.

In the early years at Microsoft, Gates reviewed every line of computer code and earned a reputation for not tolerating slow thinking.

Gates challenged developers with comments such as “I could write that over the weekend,” according to original Microsoft employee Steve Wood.

“He kept people on their toes,” Wood recalled. “We accomplished things that we otherwise never would have figured out we could have done.”

Microsoft’s slogan was “A computer on every desk and in every home” — using, of course, its software.

“In the mid-1980s that was still a kind of crazy thing,” said former Microsoft chief technology officer Nathan Myhrvold.

“It went in a very short time from ‘It’s insane that everyone would have a computer to ‘My God, of course everyone needs to have a computer.”

Today more than 90 percent of the world’s computers run on Microsoft software.

Gates eases into retirement ranked the third richest person in the world, behind US investor Warren Buffet and Mexican tycoon Carlos Slim.

Gates and his wife, Melinda, live in an earth-friendly “smart home” on a swath of hillside overlooking a lake near Microsoft headquarters in Redmond, Washington. The couple married in Hawaii in 1994 and has three children.

While seemingly aloof, Gates has a humorous side.

There are photos of him prancing in a superhero costume at a company party, and he made a comic “Bill’s Last Day at Work” video that has gotten thousands of views on YouTube.

After leaving Microsoft, Bill Gates will remain its largest single shareholder and chairman of company’s board of directors.

Want to own one of this Limited Edition Movie Cards?

 Read the attachment for more information or send an email to enquiry@aia.com.sg. Alternatively, you may call +65 6100 4888 with your queries.

mu-brochure.pdf

Business Times - 03 Jun 2008

SDP DAMAGES HEARING
 

By MICHELLE QUAH

(SINGAPORE) The High Court has sentenced Singapore Democratic Party (SDP) chief Chee Soon Juan to 12 days’ jail, and his sister Chee Siok Chin to 10 days, for contempt of court.

The Chees have until Wednesday evening to file a notice of appeal, failing which they will have to turn themselves in on Thursday morning.

The sentence, handed down by Justice Belinda Ang yesterday, is the harshest reported in Singapore for such an offence.

The Chees were judged to be in contempt for their ’scandalising and insulting behaviour directed at the court, and in particular, attacks on the court’s impartiality’, during a hearing last week to determine damages they should pay for defaming Prime Minister Lee Hsien Loong and Minister Mentor Lee Kuan Yew in 2006.

In mitigation, lawyer M Ravi said yesterday his client Ms Chee had no desire to scandalise the court.

‘(My client), in the face of a series of defeats, became almost paranoid in believing that the system was against her,’ he said. ‘And in the heat of the judicial proceedings … any verbal utterances would inevitably reflect the deep-seated fear and anxiety. The real cause (of her outbursts was) fear borne of successive defeats.’

Ms Chee represented herself at the damages hearing. And Mr Ravi said that lacking the proper training, she could not be expected to ‘understand the legal parameters of relevance’.

He said she was understandably anxious cross-examining ‘the Prime Minister of the country and his father, who happens to be at the helm of the core of political power of one’s nation’.

He also pointed out that Ms Chee was in physical pain during the proceedings, as she has a tooth infection.

Justice Ang noted Mr Ravi’s submissions but said: ‘Misbehaviour in court, if unpunished, will very much diminish the dignity and authority of the court, and that would not be in the public interest.’

She sentenced Ms Chee to 10 days’ jail but agreed to suspend the sentence on condition Ms Chee files an appeal by Wednesday evening.

Dr Chee was represented by veteran politician JB Jeyaretnam, who began by saying the court would recognise that he ‘does not have to agree with whatever has been done by the client’ but that he nevertheless has a duty.

Mr Jeyaretnam then asked if Justice Ang should be hearing the case, ’seeing that the contempt of court charges, the allegations, proceeded in (your) court and arose out of exchanges between the court and the defendant’.

‘I am not alleging in the slightest way any bias on you. All I’m asking you to consider is the public perception,’ he said.

Justice Ang disallowed the application, saying: ‘What was observed and heard by me could not be fully appreciated from a mere reading of the transcripts or from listening to the recordings.’

Mr Jeyaretnam then asked for two more weeks to prepare his case - which Justice Ang denied.

When Mr Jeyaretnam returned after a short break, he informed the court that Dr Chee had discharged him ‘because he (Dr Chee) concedes that I have had no time to prepare the case … and so he wants to spare me the embarrassment’.

Dr Chee then addressed the court briefly, saying he never intended to be in contempt of court or to scandalise the court. ‘Very many political arguments were made. And in the heat of the battle, (MM) Lee had said a few things. I had countered him,’ Dr Chee said.

Justice Ang said his behaviour during the hearing ‘amounted to acts which scandalised the court and adversely affected the administration of justice and impugned the dignity and the authority of the court’.

She found him in contempt of court and sentenced him to 12 days’ jail - pending an appeal by Wednesday evening.

Business Times - 02 Jun 2008
 

NEW MENU

Summer Pavilion
Level 3, Ritz Carlton Singapore
Tel: 6434 5286

SUMMER Pavilion has got to be one of the more under-rated Chinese restaurants in Singapore. More than just a place for tai-tais who lunch, it’s where you can find very refined classical Cantonese cuisine prepared by its master chef, Fok Kai Yee.

Chef Fok can certainly hold his own against other top Chinese restaurants in town, but maybe it’s the discreet, formal as opposed to friendly service that makes diners feel that a meal here is a little too stuffy for comfort. It doesn’t have the warm, bustling ambience of, say, Hua Ting, Imperial Treasure or Peach Garden, and you do tend to feel lost in this large ballroom-like space. On the other hand, the resulting space and privacy you enjoy here as a result probably suits its regular patrons just fine.

When comparing Chinese restaurants, we like to use an unrefined, but rather effective, yardstick. It’s called the cha shao bao (char siew pau) test. Even top restaurants have been known to score poorly, serving buns with too sweet fillings or dough that is fluffy but afflicted with dampness from improper steaming. Summer Pavilion passes the test with flying colours for its moist buns that are fluffy yet with a nice chewiness, coupled with tasty filling that isn’t too sweet.

It augured well for what was to come - Chef Fok has added a string of new dishes to his menu and they are all good. A must-try, if you are not averse to shark’s fin, is the Double-boiled Shark’s Fin with Bamboo Pith and Chinese Cabbage in Superior Chicken Stock ($52) - a milky broth resulting from seven hours of double-boiling is thick without being too unctuous, with a generous amount of fin almost spilling out of the bowl. Bamboo pith, meltingly soft cabbage and a tasty piece of chicken meat complete the treat.

While your goosebumps may rise at the thought of eating braised crocodile skin with wild mushroom in superior chicken stock ($18), it’s hard to resist the beautiful gelatinous texture of the crocodile skin. Yes, the bumpy surface and squeamish thoughts do intrude a little into the dining experience but if you’re a fan of gelatinous shark’s head or fish eyes from fish head curry, you are going to like this. If not, then indulge in lobster ($21 per 100g) done in a myriad of ways, starting with the whole lobster steamed with egg white custard - the clean tasting shellfish and the yummy egg white flavoured with stock and served with broccoli makes a healthy dish.

For something with more oomph, check out the fragrant wok hei (essence) that wafts from a claypot of fried lobster chunks with Chinese wine. A generous showering of garlic, spring onions and ginger adds heft and flavour.

And finally, who doesn’t like lobster noodles, but this time in a light lobster broth with bits of lobster meat and al dente noodles made from fish meat.

The noodles here are better than what you get elsewhere - they’ve got a nice bite, don’t taste like you’re eating pure fish paste (in which case we’d rather have it as a fish ball) and have a nice noodle-y texture with a pleasant aftertaste of fish.

Considering that a plate of braised goose sailed past us and still looked mighty appetising even after all that lobster says one thing - Summer Pavilion may not be on everybody’s radar, but it’s certainly worth re-discovering.

Rating: 7.5/10
By Jaime Ee

Business Times - 02 Jun 2008

A survey of tertiary students has shown over three-quarters are clueless about investment options available. CHUA SI MIN, TOR SHI TING, WONG HAN YEE and KONG YOON KEE provide some pointers

IN THE MoneySENSE National Financial Literacy Survey 2005, almost all respondents indicated the importance of starting financial planning early. But the fact is, 17 per cent of them had not started. The survey also found that 17 per cent of respondents believed the best time to start financial planning is during school - yet only 9 per cent of them do so.

To find out why, we conducted a survey of tertiary students.

Business Times - 02 Jun 2008
 

By ARTHUR SIM

MRS Lee Kuan Yew, wife of Minister Mentor Lee Kuan Yew, is making steady progress after suffering a stroke on May 12.

A press statement from the Minister Mentor’s Office issued yesterday said: ‘Twenty days after suffering a stroke, Mrs Lee’s condition has stabilised.’

Mrs Lee, 87, had experienced sudden weakness in the left side of her body and slurring of speech. She was taken to the National Neuroscience Institute (NNI) for an urgent brain scan, which revealed bleeding in the right side of the brain, and was subsequently admitted to the Neurointensive Care Unit in Tan Tock Seng Hospital.

After her transfer to the general ward on May 14, Mrs Lee remained in serious condition and underwent surgery on May 17.

The statement from the Minister Mentor’s Office yesterday also said: ‘Since her surgery, she has become more alert, and is currently making slow but steady progress with rehabilitation.’

This is the second stroke that Mrs Lee is reported to have suffered.

In 2003, when she and Mr Lee were in London on a European tour, she also suffered a stroke. She recovered soon after and was well enough to continue accompanying Mr Lee on official trips.

Their last official trip is said to have been in March when they visited Saudi Arabia, Dubai and Bahrain in the Middle East.

Business Times - 30 May 2008

WINE
 

Les Cotes de Bordeaux will hold its wine tasting tomorrow, featuring eight producers, writes JAIME EE

WHEN you think of Bordeaux, obvious words like en primeur, Chateaux Latour, Margaux or Palmer come to mind. But most wine enthusiasts tend to forget that apart from the First or Second Growths, which make up roughly one per cent of Bordeaux’s wine makers, there’s still another 99 per cent out there waiting to be discovered by the rest of the world. However, it’s a grape-eat-grape world out there as wines from Chile to Thailand compete for retail space and a place in the heart of the discerning wine lover.Even if you’re a solid, family-owned producer from Bordeaux with some pride and local pedigree, your hands are tied because you’re caught between the big boys with their unlimited marketing budgets and the producers of cheap plonk.

Business Times - 30 May 2008
 

By GENEVIEVE CUA

IN his plainest statement yet on a controversial bonus cut, NTUC Income chief executive Tan Suee Chieh said yesterday the move is the right decision and policyholders will not be given an option to remain in the old bonus scheme.

Income announced last month that it would cut its annual bonus payouts for participating plans from 2.3 to 1.3 per cent and raise its special or terminal bonus rates from 25 per cent to between 30 and 120 per cent.

That move has raised the ire of its former chief executive Tan Kin Lian, whose postings in his blog have galvanised other policyholders.

News reports this week said Mr Tan Kin Lian was calling a truce in his protest. But a letter from him in The Straits Times yesterday said he disagreed with Income’s view that the old bonus rate was unsustainable. He said the actual yield earned by the life fund was higher than the projected yields at point of sale.

In a statement yesterday ahead of Income’s annual general meeting, Mr Tan Suee Chieh said Income’s board has ‘recognised’ that its financial position had to be strengthened since August 2006. The issue was ‘extensively discussed’ last year.

He said an appointed actuary’s opinion was that under the old structure, Income would be less likely to meet policyholders’ payouts and would end up with a weaker financial position.

‘The old structure was not sustainable and would undermine our ability to deliver total returns, which are ultimately more important to policyholders,’ Mr Tan Suee Chieh said. ‘There is now a better chance for NTUC Income to not only deliver returns as illustrated to policyholders, but to deliver even better returns.’

He also said the new bonus structure will reduce the likelihood of bonus cuts in the future.

While Income’s life fund has generated a total annualised return of about 7.8 per cent over the past 10 years, that is understood to comprise income and capital gains. The fund is understood to generate a running yield of between 2 and 3 per cent.

It is also understood that the old structure would have needed a running yield of 4.5 per cent a year to sustain the old bonus rates.

The new bonus structure is expected to release some $70 million of capital. This is expected to grow to $400 million over a few years to give Income greater flexibility in terms of investments.

Under the risk-based capital regime, high bonus rates will require high capital reserves, as bonuses once declared are guaranteed. Income has a capital adequacy ratio of about 180 per cent. And while well above requirements, it is one of the lower ratios in the industry.

Nick Dumbreck, president of the UK Institute of Actuaries, who also acted as consultant to Income, said: ‘Most policyholders’ main concern is with what they get back from the policy when it matures or is surrendered. The level of guarantee is secondary.

‘The level of guarantees has to be managed so that the exposure to equities can be sustained. That may mean cutting the annual bonuses. It is better to take action in advance of a problem arising. Once investment conditions become difficult, it can be too late to do anything.’

Mr Dumbreck said the ‘normal’ practice in the UK is to adjust the level of the final bonus and the annual bonus remains stable. ‘Normally the level of the regular bonus is set with reference to interest rates and bond yields,’ he said.

‘If bond yields remain stable, equity returns shouldn’t influence the annual bonus level. Normally you’d expect the final bonus to vary rather more from year to year to reflect the level of equities subject to smoothing.’

Business Times - 29 May 2008
 

They don’t expect top staff to just up and go but reality dictates otherwise 

By LEE U-WEN

THE drawback of a buoyant economy is that companies today are too focused on hiring talent and not doing enough to keep it, says a senior recruitment executive.Many Asian companies do not have proper succession planning in place should a key person suddenly decide to depart for greener pastures, and this lack of foresight could hamper plans for the future, said Christine Greybe, managing director of Hong Kong-based DHR International Asia.

Business Times - 29 May 2008
 

Average bankrupt this year owes $360K, compared to $180K in 2007

By SIOW LI SEN

(SINGAPORE) The economy has been humming along for several years now, so more people could be taking risks by borrowing larger amounts than before. Some have got burnt and bankrupted. What seems troubling is that not only are bankrupts owing bigger sums of money but more younger people are staring at financial ruin than before.Last year saw bankruptcy orders taken out against 2,716 people who owed a total of $489 million, according to data from credit analysis firm Amequity Pte Ltd. In other words, each person bankrupted owed an average of $180,000.