Current Affairs
前总裁拜尔收购 新邮政料脱手亏钱美国电商业务
彭博社于本月13日报导,彭博社对多名分析师调查显示,新邮政在检讨策略后,可能会放掉或出售面临亏损的美国电子商务业务。
新邮政在上月曾表示,预见美国电商业务的账面价值存在风险,在本财政年仍会继续亏损。
2015年10月,新邮政以约1.84亿美元的价格(2亿5850万新元),收购了美国电商公司TradeGlobal Holdings Inc.和Jagged Peak的多数股权。但是过去三年,它们拖累了新邮政的盈利,致使后者的市值自2015年2月创下历史新高后,下滑近半。
分析师告诉彭博社:“尽管管理层扭转了邮政和包裹领域的结构性下滑,但是市场情绪仍被压垮。”
他补充,进军美国电商的策略付出沉重代价,要转亏为盈的代价也不小,打压了估值和业务前景。
前总裁拜尔领导下进军美国电商
美国电商业务,是在前总裁“外籍专才”拜尔(Wolfgang Baier)掌舵并购的。他原本受雇为新邮政顾问,但在2011年升任该公司总裁。
在2015年收购Trade Global,拜尔曾告诉《海峡时报》,相信这项采购将使新邮政踏足国际电商市场。
他接受《日经亚洲评论》采访时,更表示踏足美国市场,能让新邮政抢占全球三分之二的电商市场,使之成为“电商物流的国际领头羊之一。”
但两个月后(2015年12月),拜尔却以“个人因素”为由提出辞职,留下至隔年六月以进行交接工作。
在2016年5月,则有报导指拜尔开始脱售他在新邮政的250万持股,总值390万新元。
拜尔辞职时,时任董事主席林和记曾表扬拜尔的贡献,感谢后者领导下,专注数码化业务、加速新邮政转型,并立足成为电商物流业的区域领头羊。
接手并购案的董事墨菲也辞职
当时,林和记也表示新邮政董事墨菲仍会继续监督两家美国电商公司的采购案,相信透过整合能成为新邮政抢占全球电商物流市场的“踏脚石”。
不过,根据提呈给新交所的资料,墨菲已经在2017年2月23日离职。换言之,接手采购案、理应帮助新邮政“抢占全球电商物流市场”的墨菲,不到一年半后而离开了新邮政。
在2017年7月的新邮政股东大会,新邮政的新任总裁保罗库茨(Paul Coutts)曾针对小股东不满美国电商公司采购案考虑不周,希望“给他们多些时间”。
他表示,TradeGlobal扭亏为盈计划绝非一朝一夕的事情。他在两周前到美国走访了TradeGlobal和Jagged Peak这两家新邮政子公司,并跟Jagged Peak总裁德米尔吉安(Paul Demirdjian)会面。后者负责扭转TradeGlobal的亏损,包括仓库自动化以解决人手短缺问题、克服公司面对结构性问题,以及采纳轻资产和科技主导的业务模式。
淡马锡持股21.9巴仙
2015年,新邮政进行美国两家电商公司收购时,第二大股东阿里巴巴集团宣布增持新邮政股权至超过14巴仙。最大股东淡马锡控股,掌控新邮政21.9巴仙股权。
根据业绩报告,该美国业务的营业亏损在第三季扩大至1330万元,一年前同季为亏损1170万元。
截至2017年3月底财年,新邮政曾为TradeGlobal作出1亿8500万新元的资产减值,集团该季度因此蒙受6525万元亏损。
Current Affairs
Chee Soon Juan questions Shanmugam’s $88 million property sale amid silence from Mainstream Media
Dr Chee Soon Juan of the SDP raised concerns about the S$88 million sale of Mr K Shanmugam’s Good Class Bungalow at Astrid Hill, questioning transparency and the lack of mainstream media coverage. He called for clarity on the buyer, valuation, and potential conflicts of interest.
On Sunday (22 Sep), Dr Chee Soon Juan, Secretary General of the Singapore Democratic Party (SDP), issued a public statement on Facebook, expressing concerns regarding the sale of Minister for Home Affairs and Law, Mr K Shanmugam’s Good Class Bungalow (GCB) at Astrid Hill.
Dr Chee questioned the transparency of the S$88 million transaction and the absence of mainstream media coverage despite widespread discussion online.
According to multiple reports cited by Dr Chee, Mr Shanmugam’s property was transferred in August 2023 to UBS Trustees (Singapore) Pte Ltd, which holds the property in trust under the Jasmine Villa Settlement.
Dr Chee’s statement focused on two primary concerns: the lack of response from Mr Shanmugam regarding the transaction and the silence of major media outlets, including Singapore Press Holdings and Mediacorp.
He argued that, given the ongoing public discourse and the relevance of property prices in Singapore, the sale of a high-value asset by a public official warranted further scrutiny.
In his Facebook post, Dr Chee posed several questions directed at Mr Shanmugam and the government:
- Who purchased the property, and is the buyer a Singaporean citizen?
- Who owns Jasmine Villa Settlement?
- Were former Prime Minister Lee Hsien Loong and current Prime Minister Lawrence Wong informed of the transaction, and what were their responses?
- How was it ensured that the funds were not linked to money laundering?
- How was the property’s valuation determined, and by whom?
The Astrid Hill property, originally purchased by Mr Shanmugam in 2003 for S$7.95 million, saw a significant increase in value, aligning with the high-end status of District 10, where it is located. The 3,170.7 square-meter property was sold for S$88 million in August 2023.
Dr Chee highlighted that, despite Mr Shanmugam’s detailed responses regarding the Ridout Road property, no such transparency had been offered in relation to the Astrid Hill sale.
He argued that the lack of mainstream media coverage was particularly concerning, as public interest in the sale is high. Dr Chee emphasized that property prices and housing affordability are critical issues in Singapore, and transparency from public officials is essential to maintain trust.
Dr Chee emphasized that the Ministerial Code of Conduct unambiguously states: “A Minister must scrupulously avoid any actual or apparent conflict of interest between his office and his private financial interests.”
He concluded his statement by reiterating the need for Mr Shanmugam to address the questions raised, as the matter involves not only the Minister himself but also the integrity of the government and its responsibility to the public.
The supposed sale of Mr Shamugam’s Astrid Hill property took place just a month after Mr Shanmugam spoke in Parliament over his rental of a state-owned bungalow at Ridout Road via a ministerial statement addressing potential conflicts of interest.
At that time, Mr Shanmugam explained that his decision to sell his home was due to concerns about over-investment in a single asset, noting that his financial planning prompted him to sell the property and move into rental accommodation.
Mr Shanmugam is said to have recused himself from the decision-making process, and a subsequent investigation by the Corrupt Practices Investigation Bureau (CPIB) found no wrongdoing while Senior Minister Teo Chee Hean confirmed in Parliament that Mr Shanmugam had removed himself from any decisions involving the property.
As of now, Mr Shanmugam has not commented publicly on the sale of his Astrid Hill property.
Comments
Redditors question support for PAP over perceived arrogance and authoritarian attitude
Despite Senior Minister Lee Hsien Loong’s warning that slimmer electoral margins would limit the government’s political space “to do the right things”, many Redditors questioned their support for the ruling PAP, criticising its perceived arrogance. They argued that SM Lee’s remarks show the party has ‘lost its ways’ and acts as if it alone can determine what is right. Others noted that the PAP’s supermajority allows for the passage of unfavourable policies without adequate scrutiny.
In a recent speech, Senior Minister Lee Hsien Loong warned that “if electoral margins get slimmer, the government will have less political space to do the right things.”
Mr Lee, who served as Prime Minister for 20 years, highlighted the risks associated with increasingly competitive politics.
“It will become harder to disregard short-term considerations in decision-making. The political dynamics will become very different,” he stated during his speech at the Annual Public Service Leadership Ceremony 2024 on 17 September.
“Singaporeans must understand the dangers this creates, and so must the public service,” SM Lee stressed.
SM Lee pointed out that Singapore faces formidable internal and external challenges in the years ahead, with rising expectations and demands from citizens.
As growth becomes harder to achieve and politics becomes more fiercely contested, he warned, “Things can go wrong for Singapore too.”
He urged vigilance in preparing for an uncertain future, noting, “As the world changes, and as the generations change, we must do our best to renew our system – to ensure that it continues to work well for us, even as things change.”
Critique of PAP’s Arrogance and Disconnect from Singaporeans
The People’s Action Party (PAP) experienced a notable decline in its vote share during the 2020 General Election, securing 61.24% of the votes and winning 83 out of 93 seats, a drop from 69.9% in 2015.
A significant loss was in Sengkang GRC, where the PAP team, led by former Minister Ng Chee Meng, was defeated by the Workers’ Party (WP).
In discussions on Reddit, some users questioned why they should support the ruling PAP, criticising the party’s perceived arrogance.
They pointed out that SM Lee’s recent remarks illustrate that the party has strayed from effectively serving Singaporeans and seems to believe it has the sole authority to decide what is right.
Others highlighted that the PAP’s super-majority in Parliament enables the passage of unfavourable policies without sufficient scrutiny.
One comment acknowledged that while many older Singaporeans remain loyal to the PAP due to its past achievements, younger generations feel the party has failed to deliver similar results.
There is significant frustration that essentials like housing and the cost of living have become less affordable compared to previous generations.
The comment emphasised the importance of the 2011 election results, which they believe compelled the PAP to reassess its policies, especially concerning foreign labor and job security.
He suggested that to retain voter support, the PAP must continue to ensure a good material standard of living.
“Then, I ask you, vote PAP for what? They deserve to lose a supermajority. Or else why would they continue to deliver the same promises they delivered to our parents? What else would get a bunch of clueless bureaucrats to recognise their problems?”
Emphasising Government Accountability to the Public
Another Redditor argued that it is the government’s responsibility to be accountable to the people.
He further challenged SM Lee’s assertion about having less political space to do the right things, questioning his authority to define what is “right” for Singapore.
The comment criticised initiatives like the Founder’s Memorial and the NS Square, suggesting they may serve to boost the egos of a few rather than benefit the broader population. The Redditor also questioned the justification for GST hikes amid rising living costs.
“Policies should always be enacted to the benefit of the people, and it should always be the people who decide what is the best course of action for our country. No one should decide that other than us.”
The comment called for an end to narratives that present the PAP as the only party capable of rescuing Singapore from crises, stating that the country has moved past the existential challenges of its founding era and that innovative ideas can come from beyond a single political party.
Another comment echoed this sentiment, noting that by stating this, SM Lee seemingly expects Singaporeans to accept the PAP’s assumption that they—and by extension, the government and public service—will generally do the “right things.”
“What is conveniently overlooked is that the point of having elections is to have us examine for ourselves if we accept that very premise, and vote accordingly.”
A comment further argued that simply losing a supermajority does not equate to a lack of political space for the government to make the right decisions.
The Redditor express frustration with SM Lee’s rhetoric, suggesting that he is manipulating public perception to justify arbitrary changes to the constitution.
Concerns Over PAP’s Supermajority in Parliament
Another comment pointed out that the PAP’s supermajority in Parliament enables the passage of questionable and controversial policies, bypassing robust debate and discussion.
The comment highlighted the contentious constitutional amendments made in late 2016, which reserved the elected presidency for candidates from a specific racial group if no president from that group had served in the previous five terms.
A comment highlighted the contrast: in the past, the PAP enjoyed a wide electoral margin because citizens believed they governed effectively. Now, the PAP claims that without a substantial electoral margin, they cannot govern well.
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