Forum: Make our maritime moments more visible to the public
Forum: Make our maritime moments more visible to the public
A few days ago, home-grown shipping company Pacific International Lines (PIL) held a naming ceremony for its latest container ship, the Kota Ocean.
It showcased a new ocean-going ship that can be powered by liquefied natural gas.
I am a ship captain by profession. A naming ceremony is the most symbolic ceremony for a newly delivered ship. This should be a proud moment not just for the company, but also the bigger population of Singapore. There are many Singaporean seafarers who used to sail on PIL ships.
These ships have carried more than cargo – they have carried a piece of Singapore across the oceans. These floating chapters of our nation's story deserve to form a part of our collective memory for SG60.
In Japan or some European countries, the public would take ferries or yachts out to sea to witness ship-launching ceremonies or the sailing out of famous ships. Perhaps Singapore could explore similar initiatives.
Such events could give everyday Singaporeans a front-row seat to maritime moments that are otherwise out of view, and potentially inspire young talent to join the maritime industry.
In the spirit of SG60 and the upcoming Day of the Seafarer on June 25, let's share our sea stories with more Singaporeans.
Tan Teng Han
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Straits Times
2 hours ago
- Straits Times
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The offer faced public backlash due to concerns that Income might shed its social mission of providing affordable insurance to Singaporeans. Then, majority shareholder NTUC Enterprise and Income had assured that affordable insurance would be maintained. Questions were later raised in Parliament about the deal's impact on policyholders and the company's social mission, with government officials stating that Allianz and Income would be held accountable for their commitments. It was later revealed that Allianz had a capital reduction plan where Income would return $1.85 billion in cash to shareholders within three years. This drew concerns from the Government and the law was urgently amended to allow the deal to be blocked . Mr Tan's three open letters - of which two were published in August 2024, and one on April 28, 2025 - included questions about MAS' regulatory oversight of the transaction. The letters were addressed to the MAS and its chairman, Deputy Prime Minister Gan Kim Yong. Mr Tan had also written to MAS on June 9, 2025, seeking a response and requesting a meeting with DPM Gan o r a senior MAS representative. Mr Tan was CEO of NTUC Income from 2007 to 2013 before becoming group CEO of NTUC Enterprise from 2013 to 2017. MAS said on June 23 that Allianz and NTUC Enterprise had received its approval prior to Allianz making its pre-conditional voluntary cash general offer on July 17, 2024. The approval was to allow the two entities 'to enter into an agreement or arrangement to act together to acquire an interest of 5 per cent or more of Income's voting shares', as outlined in the Insurance Act. It did not mean that MAS had approved the deal, said the regulator. 'The proposed transaction was subject to further regulatory approval from MAS for Allianz to obtain effective control and become a substantial shareholder of Income ,' said MAS. At this point, the regulatory approval process was not completed and would have taken a few months for MAS to complete its assessment , it added. Mr Chee Hong Tat , who is MAS deputy chairman, had said in Parliament on Aug 6, 2024 that 'the proposed deal was still subject to MAS' regulatory approval' and there was 'due process for this'. MAS reiterated on June 23 that it had received Allianz's preliminary business plan for Income in mid-July 2024. This included a set of business and financial projections, which included a plan for capital efficiency and reduction. ' There was no application to MAS to approve the capital reduction plan, neither did MAS give any such approval. Any capital reduction would need separate and specific MAS approval, ' said the regulator. The capital reduction plan proved to be a sticking point in the proposed deal. 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During the Parliament sitting on Oct 14 when the legislative amendment was tabled, then-MCCY Minister Edwin Tong explained that 'when we first saw the announcements, we accepted the intent of the transaction, which is to strengthen Income.' He also stated that 'the Government also does not have concerns over Allianz's standing or suitability to acquire a majority stake in Income'. However, MCCY found it 'difficult to reconcile the proposed substantial capital reduction, soon after the transaction is completed, with Income's representations to MCCY during the corporatisation exercise that it was aiming to build up capital resources and enhance its financial strength'. MCCY was also 'not satisfied that Income will be able to continue fulfilling its social mission after the proposed transaction.' Mr Chee , who was then the Transport Minister and Second Minister for Finance, also made clear on Oct 16 that 'there is no formal application yet by Allianz to obtain effective control and become a substantial shareholder of Income'. MAS said on June 23 that before sharing the capital reduction plan with MCCY, the regulator ' had not been aware of the representations that Income had made to MCCY when it was allowed to carry over $2 billion in surplus to the new corporatised entity'. Allianz withdrew its offer in December, and the matter was raised by various members of alternative political parties during the recently-concluded General Election. MAS said it will not agree to Mr Tan's meeting request 'given that the proposed transaction and amendments to the Insurance Act had been extensively debated in Parliament, and addressed again in this open reply'. 'Nevertheless, if Mr Tan has further feedback or information to share with us, we will duly consider them,' it added. 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July 27: Income issues a statement that its chairman Ronald Ong had recused himself when Morgan Stanley was appointed as the financial adviser for the deal, after questions were raised about it. July 30: Mr Lim, Income chief executive Andrew Yeo and Income board's lead independent director Joy Tan further clarify concerns over the deal in an interview with ST and in a separate joint statement. Aug 4: NTUC Enterprise and Income rebuts an open letter by former NTUC Income chief executive Tan Suee Chieh, in which he objected to the Allianz offer. MCCY Minister Edwin Tong writes in a Facebook post that co-ops as social enterprises must be financially sustainable in order to better serve their members in a fast changing economic environment. Aug 5: NTUC's secretary-general Ng Chee Meng and president K Thanaletchimi say in a joint statement that the central committee was briefed on the deal, and outlined why Income needed to become more competitive. Aug 6: The deal is debated in Parliament. The Ministry of Culture, Community and Youth (MCCY) is unaware of the post-transaction details at this time. After Aug 6: MCCY continues to do due diligence and enquire further into the proposed deal. MAS provides MCCY with further details, including Income's capital optimisation plan as the regulator felt it could be relevant to the ministry's views on the deal. MCCY had not seen this information earlier. Oct 14: MCCY minister Edwin Tong tells Parliament that the Government will halt the deal in its current form on concerns over its structure and ability of Income to continue serving its social mission. A Bill to amend the Insurance Act is tabled on an urgent basis. In a late statement, Allianz says it will consider revising the deal structure. Income and NTUC Enterprise say they will work closely with stakeholders on the next course of action. Oct 16: NTUC Deputy Secretary-General Desmond Tan tells Parliament that NTUC's central committee was unaware of the capital extraction plan and learnt of it on Oct 14. MPs debate the issue for nearly four hours, and vote to pass the Bill. Nov 14: Despite the government's stance, Income and Allianz said in a bourse filing that discussions over the deal for a majority stake acquisition in the Singapore insurer were still ongoing. Dec 16: Allianz withdraws offer for Income in view of the legislative changes. NTUC Enterprise says it will take time to study how to address the Government's concerns, and to consider all strategic options that can further strengthen Income Insurance's financial resilience. 2025: April-May: Issue resurfaces during Singapore's General Election. June 9: Mr Ronald Ong will step down as Income's chairman on Jun 24, 2025, while retaining his role at NTUC Enterprise. The search for a new chairman has begun. 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Straits Times
2 hours ago
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Romania's broad coalition government wins parliament confidence vote
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Straits Times
2 hours ago
- Straits Times
EXPLAINER-What is NATO's new 5% defence spending target?
A view shows the venue of the upcoming NATO summit, in The Hague, Netherlands June 23, 2025. REUTERS/Christian Hartmann BRUSSELS - NATO leaders are expected to endorse a big new defence spending target at an alliance summit in The Hague on Wednesday, as demanded by U.S. President Donald Trump. Here are some key questions and answers about the new target. WHAT ARE NATO LEADERS EXPECTED TO APPROVE? They are expected to agree that NATO members should spend 5% of their economic output - or Gross Domestic Product (GDP) - on core defence and broader defence and security-related investments. That's a hefty increase on the current goal of 2%, which was approved at an alliance summit in Wales in 2014. But the new target will be measured differently. NATO members will be expected to spend 3.5% of their GDP on core defence such as troops and weapons – the items currently covered by the old 2% target. 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Spanish Prime Minister Pedro Sanchez says his country can meet its military capability targets by spending just 2.1% of GDP. His government approved the draft summit statement with the new spending target but made clear it does not intend to spend that much. NATO officials say Sanchez does not have an opt-out - Spain's spending will be tracked and if it's not investing enough to meet the military targets, it will need to improve. Some countries that have signed up to the targets may also not meet them, diplomats and analysts expect. But publicly, they have insisted they are committed. WHERE WILL THE MONEY COME FROM? Every NATO country will decide on its own where to find the cash to invest more in defence and how to allocate it. The European Union has moved to try to make it easier for capitals to spend on defence. 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