the latest news

Have you been following up on the news recently?

Many innocent members of the public have been cheated by the unscrupulous bankers who sold Minibonds, Pinnacle notes, High Notes and other bank securities or products.

Following the rally at Hong Lim park, all people got was another bill of $100 to hire the services of a lawyer to lobby banks who sold the securities to return people their hard-earned money. Perhaps more could and should be done by the parties involved, especially the institutions who were distributors of the bond. A large portion of the responsibility also lies with them...

The basis of suing rests heavily on the issue of misrepresentation. The problem is whether bankers and financial advisors have made a statement that influenced a reasonable person to make a particular decision. However, this is very very hard to determine. Usually, the law will rule in favour most probably of the elderly and retirees as these are the group of people who suffer the greatest from this fiasco. How about others who lost tens of thousands but are neither retirees or elderly? I wonder what will happen. Also, the authorities have agreed to focus their energies on assisting this group of people. Hopefully, more can be done for all the victims involved in this fiasco. It probably will not jeopardize the viability of the banking industry and may even help restore investors' confidence in the banking industry - that they are able to solve their own problems without interference by outside bodies.

Sometimes I wonder: Is the regulation of the banking industry enough? Why are there double standards in certain legal issues? For stores, misrepresentation is a serious issue and many people are wary of it. What about bankers and people who sell securities and what about those people who are only interested in their commission at the expense of their clients' life savings?

More consideration should be given to the regulation of the banking industry. Singapore aspires to become the financial hub for Asia. However, at the same time, perhaps it should not forget the welfare of the people, who are the pillars of the country. Especially in moments of crisis, we need the support of people to tide the country over. Not much action has been taken so far to help these victims at the moment. I really hope that much more can be done. I believe that it is probably not really beneficial to let society become more and more stratified...

Hopefully more will be done soon!

save my blog

haha I'm here to save my blog! I dun wan google to close it down due to inactivity

I SHALL share this essay wif all my readers =)

“Discuss some of the moral issues facing the world of science and technology.”

As early as two millennia ago, a myriad of wondrous natural phenomena has sent Man on an unending quest for knowledge to unravel the mysteries of Mother Nature. Today, the human race can proudly proclaim that we have advanced immensely since the ancient Stone Age. “Necessity is the mother of invention” is an age-old adage that applies to all aspects of our everyday life. For instance, Man invented the wheel to facilitate factory processes which eventually led to the Industrial Revolution which improved the lives of many. The fundamental objective of science is to bring about advancement of humankind without compromising our morality at the same time. Moreover, certain moral implications arising from scientific research might serve to slow down the pace of research. As such, we should constantly examine and reflect on the different moral issues in the field of science and technology.

Firstly, the issue of upholding scientific integrity has been brought to the forefront with the recent Korean stem cell debacle. This unfortunate incident led to the tarnishing of the image of South Korea as a leader in scientific stem cell research. South Korean scientists are now regarded with suspicion in the scientific community. Research fraud is a very significant moral issue in the field of science and technology. Scientists need to have basic integrity not to falsify results as such an act might bring about dire consequences as illustrated by the South Korean stem cell debacle. In the South Korean incident, the claims of having produced patient-specific embryonic stem-cell lines have fueled hopes of being able to cure incurable diseases like cancer in the near future. However, with the revelation that these claims are bogus, this prospect is now dashed. The reputation of the country where the scientist is based is also tarnished. Research fraud entails serious repercussions for many parties and should be eradicated. Nature reported from a confidential poll it conducted of scientists that more than 5% of them had discarded data that contradicted previous research, or had been complacent about protections for human subjects. About 15% conceded they had changed a study's parameters or outcomes to satisfy sponsors who funded the work, or ignored observations just because they felt they were inaccurate. The prevalence of such conduct underscores the urgent need for guidelines to be set in place to further regulate the scientific industry or scientists face the risk of losing valuable public trust. We also need to engage the cooperation of scientists likewise to uphold the integrity of their occupation to prevent history from repeating itself. It would be highly undesirable if scientific integrity is trumped just for selfish gains like fame and the eliciting of federal grants from governments. Let not the credibility of the scientific community and the value of science be undermined by fraud.

Another moral issue of significance arises from the mixed responses of the public towards the field of genetic engineering, which is the scientific alteration of the structure of genetic material in a living organism. This technology has led to the developments of many beneficial technologies like therapeutic cloning and the production of pest-resistant Genetically Modified(GM) food which reduce farmers’ usage of pesticides that harm the environment. Genetic engineering encompasses many aspects of the morality of mankind. Misuse of this technology could also lead to bioterrorism where terrorists invent a virus that could cause a worldwide epidemic when unleashed. As such, Singapore has enacted a law, ‘Regulation of Biomedical Research Act 2003’ to make it compulsory that all biomedical researchers are registered so as to limit the spread of knowledge to potential bioterrorists.

Cloning is a highly controversial field of scientific study. The underlying moral issue is that there is no rule that scientists own the right to tamper with embryos so as to find cures for diseases for living people. We do not know whose life is more valuable, an embryo with the potential to grow into the fullness of humanity it possesses or an ailing person waiting for a cure. Who is to say that the embryo’s life can be sacrificed for the sake of the betterment of mankind? There is no clear-cut answer. Among religious people, reproductive cloning is “playing god” and going against the natural order of human life. Moreover, reproductive cloning involves the experimentation with fertilized human embryos and opponents argue that it is a grossly immoral way of tampering with human life. Even though scientists maintain that human life officially begins after 14 days of conception, many religions still believe that the embryo already has a soul from the time of conception and should be regarded as a normal human being with basic human rights. The experimentation with the embryo is thus a violation of human rights. Embryonic stem-cell research also branches into a new area of designer babies, whether parents are allowed to modify genetic traits in babies to make them more outstanding. This interference with the child’s gene structure may produce unnaturally high expectations of parents on their babies when they are born because they spent thousands of dollars altering the genes of their babies before birth. The solidarity between children and parents may eventually break down. This is an undesirable side-effect of designer babies. However, there is a beneficial aspect as well. Allowing parents to modify defective genes in their babies before they are born will allow these children to be cured of their disabilities and they will live a normal life as other children and be exposed to equal opportunities for advancement. Such a technology will not only reduce abortions but also to ensure that these disabled children are not seen as a burden to their parents in later years and receive unfair treatment.

Increased knowledge through increased advancements in the world of science and technology is beneficial to humankind. However, this information could be exploited by terrorists or war fanatics to cause mass destruction. An example is the creation of Weapons of Mass Destruction(WMD), like the atomic bomb which was used to attack Hiroshima and Nagasaki in 1945 causing many people to die from the after-effects of radiation. Another example is the creation of the dynamite by Alfred Nobel in 1867 for mining and tunnel construction to create a better system of transportation during the Industrial Revolution. Unfortunately, it was misused for acts of violence against fellow human beings in wars. We should not focus our energies on preventing countries from acquiring weapons technology but to create a stable global community and to constantly engage them so as to discourage these countries from resorting to war. There is no fair system of judgment, and it follows on that there is an issue of who is the one that judges that which country should be allowed to own the technology and utilize it the way they want to. For example, both America and Iran own nuclear technology but Iran is facing severe pressure, especially from America, to renounce its possession of this technology but America itself has also not disarmed its nuclear weapons even though it promised to do so in the Nuclear Non-Proliferation Treaty. Which party is in the wrong then? Also, misuse of technology is not the fault of science but the fault of the party who utilizes the technology in a harmful way. It is the duty of the country to reflect on the consequences of utilizing such weapons of mass destruction and to develop a strong sense of responsibility to the international community such that maintaining world peace is a prerogative in her agenda.

Religion is a major factor that pits people against the field of science and technology. To what extent should scientists compromise religious principles for the sake of scientific research? Scientists often face severe criticisms from religious clerics for destroying the sanctity of human life through artificial reproductive treatments. Two generations ago in the US, there were loud outcries against in-vitro fertilization but today, it has proved that such technology is a great boon to childless couples. If scientists then had given in to pressure from the religious community, such technology would not exist today. Even though it is not beneficial for science to strictly adhere to religious principles, religion still provides a useful marker to ensure that scientific research does not proceed to such an extent that it seriously goes against morals.

In conclusion, we can see that in the world of science and technology, there is always contention based on the potential harms or benefits any particular field of science and technology could bring about. Research fraud compromises scientific integrity, while genetic engineering could result in several negative incidents despite its promises of a better world free of illnesses. Religion and science often have conflicting interests and it is imperative for an agreement to be reached between the two. It is not exactly necessary for science research to conform entirely to the expectations of religions, but it is quintessential that science is used in a morally acceptable way, that is, to benefit humankind and not to cause mass destruction. Only then, can the betterment of mankind be achieved.

(1511 words)


LOOKING BACK MY COMMENTS ARE AS FOLLOWS
GOOD LANGUAGE
NOT SO IN-DEPTH ANALYSIS OF ISSUES ESP FOR THE RESEARCH FRAUD (QUITE A BIT OF REPETITION IN MY LANGUAGE AND A BIT OF REDUNDANCY)
SOME MAJOR ISSUES NOT TOUCHED ON IE. THERAPEUTIC STEM-CELL RESEARCH AND GM FOOD

OK HOpe u enjoy the essay! =) i remember that i had a HARD time trying to churn out this essay man!

Ministerial Pay Rise

Ok, here's the hottest news in town now.. This is strictly my own views.
my take on it is that it is hard to stomach for the ordinary man on the street and thus the uproar over such a measure

Let's examine the 'Against' arguments.
In brief,
1) Pay rise comes on the eve of the GST Hike
2) Ministers' pay is already very high
3) Unsuitable formula to calculate the pay
4) Irrelevance of bonus measures like the GDP
5) Public service should entail a sense of contribution to the country

"For"
1) Fear loss of talent to private sector
[After comparing the pay of ministers with the top 8 earners in the private sector, it is found that their pay falls short. However, such a benchmark is not very accurate and relevant. A country and a profit-making organisation is different. When the company makes losses, the CEOs likewise have to take some of the blow also. We commonly hear of pay rises and bonuses when the economy is good, but there is seldom any action taken when the economy is bad. Perhaps some concrete action about the pay might be taken when the economy is not faring that well. As in, instead of pegging the GDP to the bonus awarded, I think a more acceptable way would be to peg the pay rise to the GDP which most accurately reflects the state of the economy.]

2) Need a group of capable ministers to govern the country with a large economy
[Instead of comparing to our private sector, maybe the government could compare the pay to the pay of other people in similar posts in other countries]

THE STIFlIng hot weather

These days are so hot!!
Has anyone wondered who is the culprit??
Global warming!!!

Scientists yet again issue another warning that Earth is facing devastation. The Supreme Court in USA has thrown out EPA's feeble claims about not wanting to look global warming straight in the eye. EU is criticising Australia. THE WORLD is LOOkiNG. All eyes are on Australia and the USA to undertake concrete actions to combat global warming.

I'm not too sure about the situation in Australia, but in the USA, states are going out of their way to do their part for the environment. This is heartening. Elsewhere, businesses are beginning to see the economic spinoffs from being environmentally conscious. Wal-Mart has promised to reduce its utilities usage and packaging. Although the motivation is mainly financial, it is nonetheless a good thing that many people are starting to do their part for the environment.

Seriously, I think that Singapore might not be doing enough. The effort to promote hybrids is not significant. The recent drive to promote alternative energy is a good start. But is it enough? It is true that we have more urgent matters to be concerned with at the moment rather than to ensure a better future for our much much later generations. However, if global warming really worsens, we might not even have Bukit Timah to survive on. As a small country, there are limitations to what Singapore can do. But in the research and innovation sector, Singapore could spearhead certain areas. The viability of certain research products could really galvanise the entire sector.

99% efficient solar cells, anyone?
(we could really do with that now)

The environmental offset business

TIME magazine "lost in the forest" by Adam Smith JAN 29,2007 issue

People are becoming more environmentally considerate nowadays with the high-profile publicizing of climate problems. With increased awareness comes an increased sense of responsibility to the environment. This gives off to a growing environmental subsidiary called "carbon offsetting". These new breed of companies calculate the amount of greenhouse gases an individual or business generates by flying, driving or heating and lighting a home or office. Customers then voluntarily pay that firm to invest in projects that will cut carbon emissions by an equal amount. For example, in Treeflights.com, green-minded airline passengers pay $20 to grow a plant in say, some place like Western Wales' Cambrian Mountains, hoping that the tree planted will absorb the equivalent amount of carbon dioxide to their share spewed out during a flight.

The article raised a few problems with this issue.
Firstly, if the tree is not maintained, it might succumb to disease, fire and logging that will shorten its life and curtail its CO2 absorption capabilities.
Secondly, there is no general regulatory authority that oversees this offsetting business. So, companies could possibly be doing minute things that are not really helping the earth at all. Also, no one is really monitoring the so-called positive offsetting business that these companies are involved in. Without constant monitoring, there could be abuse. Profiteering could occur. Of course, these are just conjectures on my part.

Also, another problem with this issue ( which i think is a serious one), is that with this offsetting business, businesses, individulas can continue polluting without making changes or improvements to their behaviour. In a way, paying a bit of money allays their guilt of polluting the environment. Then, they probably will not take extra care in taking care of their natural surroundings as the guilt on them is relieved. Then, the actual pollution may exceed the offsetting.

Blog entry 2007

Actually, this is a GP Blog, but i hope that the mood is not so sombre and serious ( as i have promulgated in my former posts) actually. I also hope that grammar mistakes can be taken with a pinch of salt because i have been out of touch with the language for a month plus actually. Basically, now i'm working on an internship for 6 months and my news feed basically comes from Today and mypaper. If there is any lack of detail or even inaccuracies, I would definitely appreciate any corrective comments or gentle reminders about my grammar mistakes. =) I'm back blogging again, and what i say here is my own take on issues and not designed to encourage incitement of any kind. Basically, i'm very forthright about my own opinions and i am very for the opening up of free speech in Singapore. So sometimes, i might include political posts. So, I this very paragraph is just a disclaimer for any debatable posts that i might add later on.

Economics

Give reasons why the poor remain poor. Can you suggest solutions to this?

Rich world should 'give till it heals'-Jeffrey D.sachs, 2/4/2005
Working out an escape from poverty-Juan Somavia 12/9/05
Diamonds are a despot's best friend
Equity and growth go hand in hand
Why the millennium goals won't work

1)Corrupt governance
People in power misuse country development funds to advance own selfish interests like amassing own wealth. Eg: President Mr Mobutu in Congo. Between 1972 and 1992, despite the inflow of a considerable sum of aid the country remained shrouded in poverty. The president misused the aid for his own personal enrichment, government expenditures on social services plunged from 17% to 0% while spending on the presidency skyrocketed from 28% to a whopping 95%. As a result, the poor in the country cannot benefit from the aid given.Also, most if not all of the profits earned from the country's sale of resources also end up in the pockets of corrupt politicians. Instead of utilising the financial resources to develop infrastructure to assist the people in escaping poverty, the money is used to fund the corrupt politicians' own vested interests. As such, the people in these countries remain poor.
Solution: Push for removal of corrupt governments. Ensure transparency and accountability of government action that will serve to protect the rights of people.

2)Lack of educational opportunities for self-improvement to earn more money and rise oneself up the social ladder. One of the Millennium Development Goals is to achieve universal primary education. A main function of education would be to empower people with knowledge necessary for them to break out of the vicious cycle of poverty and move up the social ladder. A line of argument would be that when they learn better farming methods to increase their productivity, and their profits increase. With more money earned, they can improve their lives. A larger part of the population can realise their economic potential and this bodes well not only for the country but for the citizens as well.
Solution: As the economies of these countries are usually not well-developed yet, a rudimentary system of schooling could first be introduced. And after the economy is stable, the system can be continually upgraded to suit changing needs.

3)Saddled by debt
Many poor and Third World countries owe the West billions of dollars of debt. Because these countries are required to service the debt, as such they are left with insufficient funds to develop the country
SolutiON: Write off the debts of these countries. For example, the G-8 writing off the debts of 18 poorest nations in the world. The money gained if they don't have to continually service the debt allows them to put it to better uses to develop the economy and improve lives of their citizens.

4)Underemployment or a lack of jobs. Working poor or not having a job at all.
Unemployment is growing at a rate of 26% in the past 1 years.More people are unable to find jobs to sustain themelves and to get out of the poverty trap.


5)Insufficient foreign aid.
Countries promised to provide aid to the poorest countries equal to 0.7& of their GNP. However, many countries are falling behind this goal, for example, US, which just spends 0.15% of its GNP on aid compared to the sizeable 4% of GNPit spends on its military. Foreign aid is necessary to provide the starting blocks from which countries can utilise aid to set the economic foundations of the country like that in Uganda which used to depend solely on foreign aid to set up its economy as it had no natural resources. Therefore, a shortage of aid means less resources to improve the economy to alleviate poverty, as such the poor remain poor.

6) Many of the poor are in Third World countries that are faced with a barrage of unpredictable disasters. These people survive mainly on agriculture and such disasters impose a heavy toll on them. They make heavy losses and take a long time to recover. Coupled with inefficient farming methods, some of them will sink down to abject poverty. To eke out a living based on the unpredictable means that their livelihood is not stable and secure, such that they even have trouble making ends meet. They remain poor as they are unable to eliminate the problems disasters cause them.
Solutions: Try to adopt measure that subject them to minimum impact of weather conditions. Also, set up disaster relief funds and come up with disaster plans so as to spur rapid economic recovery and resilience after a disaster.

7)Many Third World countries are finding difficulty trying to access to EU's and US's agricultural markets so that they can export and sell their produce to earn a living. The high import tariffs imposed on the goods makes gives them a competitive disadvantage. Moreover, farmers in these countries often receive hefty government subsidies to grow their goods as well, for example, cotton farmers. Such an economic setting serves to further disadvantage the poverty-ridden Third World countries. When farmers cannot sell their produce at a profitable price, they can only languish in poverty. Also when the country at a whole is not able to fare well economically, there are insufficient funds to alleviate the people from poverty as well.
SOLUTION: Rich countries remove import tariffs. However, this has shown not to be viable, as can be seen from the failed Doha Round of talks. An alternative could be to suggest to affluent countries to lower their tariffs in intervals and phase them out after some time. However, this solution might not work very well as rich countries still have their own national interests to protect so they might not be very willing to cooperate. Without the success of the trade talks, import tariffs remain high and poor people in ThirdWorld countries will not be able to export their goods. Their markets drastically decreaes and they remain poor.

The primary solution should be first to eliminate corrupt governance, or else the profits and funds garnered from the other solutions mentioned will not go to the intended target group which is the abject poor. After that, there can be focus on spurring economic activity within the country and to teach people proper technology so that they are able to increase productivity adn increase profits. There could also possibly be a larger market for export produce if the Western countries are able to cooperate and remove their export tariffs...