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Remembering Lee Kuan Yew

Business community lauds Mr Lee

for transforming Spore into global hub
Lee Yen Nee

leeyennee@mediacorp.com.sg

usiness federations and companies yesterday paid tribute

to founding Prime Minister
Lee Kuan Yew, whom they called an
instrumental figure in transforming
Singapore into the global business and
financial hub that it is today.
The tributes and condolences poured
in through social media and statements
to the media from local brands, such
as Hong Leong Group Singapore, as
well as leading multinational companies
that have established a presence here,
such as Anglo-Dutch oil giant Shell and
United States bankCitigroup.

Apex business chamber Singapore

Business Federation (SBF) urged companies here to continue the legacy of
MrLee, who led the countrys transformation from a Third World nation to a
vibrant First World city state.
Under his stewardship, Singapore
earnt the reputation as a key regional
and global centre for businesses, supported by world-class infrastructure
and a highly efficient government. With
a pro-business environment and a committed highly skilled workforce, many
businesses call Singapore home and
have progressed with the nation and
its people, the SBF said in a statement.
Mr Kwek Leng Beng, executive chairman of Hong Leong Group Singapore

Under his
stewardship,
Singapore
earnt the
reputation as
a key regional
and global
centre for
businesses,
supported by
world-class
infrastructure.
Singapore Business
Federation

Markets little changed after Mr Lees death

he stock market and the Singapore dollar ended little changed

in quiet trading yesterday following news of founding Prime Minister Lee Kuan Yews death, with analysts
saying the lack of reaction reflected the
strength of his legacy and investor confidence in the stability of the economy.
The benchmark Straits Times Index
(STI) ended the day at 3,410.13points,
down only 0.1 per cent from Fridays
close. In the broad market, gainers outpaced losers 218 to 186 on turnover of
950.4 million shares worth S$957.6million, down 25 per cent in volume and
38 per cent in value.
Meanwhile, the Singapore dollar was
0.3 per cent higher at S$1.3730versus
the US dollar late in the day, after trading within the S$1.37 to S$1.38range.
Market watchers said the news of
Mr Lees death had little impact on market movements as he had stepped down
from active politics for several years.
That shares held their values also reflected confidence among investors in
the continuity of government policy and
the underlying strength of theeconomy.

Mr Howie Lee, investment analyst at Phillip Futures, said: Mr Lee

Kuan Yew has built a strong Singapore economy such that both the STI
and the Singapore dollar are driven
by fundamental developments ... The
economic legacy that Mr Lee left behind is robust.
DBS chief executive Piyush Gupta said in an interview with Channel
NewsAsia that Singapores financial
markets remain on solid ground. Our
regulations and regulators are well respected. No wonder then, that what in a
normal country might cause tidal waves
of alarm will go through in the context
of Singapore quite smoothly, he said.
Pointing to the development of
Singapore under Mr Lee, he added:
There is recognition of the talent depth
of this country. There is recognition of
the transparency on the non-corrupt
nature of the government. There is a
recognition of the fact that this country
has tenacity and the financial system
has endurance. We will go on, we will
build on the legacy and there is no doubt
in my mind that Singapore will continue

We will go on,
we will build
on the legacy
and there is
no doubt in
my mind that
Singapore will
continue to
be one of the
great global
financial
centres of
the century.
Mr Piyush Gupta
DBS chief executive

and a prominent figure in the real-estate

scene here, thanked Mr Lee for laying
the foundation that created an environment in which businesses canthrive.
Mr Lee played an instrumental
role in nurturing corporate Singapore.
The private sector and the business
community benefited tremendously
from his pro-business policies and vision to establish Singapore as a major
business hub for Asia. This enabled
many of Singapores homegrown conglomerates, like our group, to thrive
locally and globally, Mr Kwek said in
a condolence letter to Prime Minister
Lee Hsien Loong.
Sharing Mr Kweks sentiments are
Shell and Citi, which expressed gratito be one of the great global financial
centres of the century, he added.
Looking ahead, CMC Markets
analyst Nicholas Teo said key data
releases expected this week, such as
the Purchasing Managers Index for
the manufacturing sector in China
and fourth-quarter gross domestic
product growth in the United States,
could spice things up in the stock
and currency markets.
We had a hugely volatile week
last week, both in terms of the stock
and currency markets. This little bit
of respite is actually welcome, but
this doesnt mean markets will be
quiet for the next few days because
there will be more catalysts coming from key numbers around the
world I think the Singapore market will probably take its cue from
there, he said.
However, Mr Roger Tan, chief
executive of Voyage Research, cautioned that fundamentals may not
be in Singapores favour, given the
signs of waning growth as well as
listed companies stagnant return on
equity. Momentum without fundamental support can be a dangerous
mix for investors, he said. LEE YEN NEE

tude to Mr Lee for playing a part in their

growth in Singapore and the region.
Ms Goh Swee Chen, chairperson of
the Shell companies in Singapore, said:
The eldest son of a Shell employee,
Mr Lee had a long-standing relationship with Shell. He was instrumental
in getting his government of the day to
attract multinational companies like
Shell to locate their Asian headquarters in Singapore.
At our 120th anniversary celebrations in 2011, he addressed a range of
questions at the Shell dialogue, including one on his perspective of life. Over
the decades, Shell has benefited from
his stewardship.
Mr Michael Zink, head of ASEAN
and Citi country officer of Singapore,
said: Singapore is an extraordinary
success story of our modern world,
much admired beyond its shores because of the vision of Mr Lee Kuan
Yew. Singapore will continue to thrive
for many years to come because of the
strong foundation that he has laid.
Between 2006 and 2008, Citi had
the privilege of having Mr Lee as a special adviser to our senior management
and its board of directors on strategic
and international matters. His astute
insights of the world and business landscape were truly unmatched.
The Association of Small and Medium Enterprises (ASME) said the
three economic thrusts free trade,
political stability and internationalisation championed by Mr Lee since
Singapores early days had been crucial
for the survival of the SME community.
Quality job opportunities for Singaporeans came alongside economic progress, and Mr Lee had a strong hand
in ensuring fair employment practices
here, said the Singapore National Employers Federation (SNEF).
Mr Lee Kuan Yews commitment
and resolve in engaging the labour
movement and employers as tripartite partners brought about lasting
industrial peace in Singapore. This has
turned out to be a key national strength
for sustainable economic and social
progress. Even after he stepped down
as Prime Minister, Mr Lee continued
to keep watch over the state of labour
management relations in Singapore,
said Mr Stephen Lee, the immediate
past president of the SNEF.
Several organisations, such as Business China and the Singapore Chinese
Chamber of Commerce and Industry,
also praised Mr Lees foresight in fostering stronger Singapore-Chinarelations.
Mr Lees dedication to Business
China over the past eight years has
allowed some 50,000 Singaporeans to
benefit greatly from his invaluable insights and astute observations of China
and the world, said Mr Chua Thian
Poh, chairman of Business China, of
which Mr Lee was the founding patron.
President and chief executive of the
US-ASEAN Business Council, MrAlexander Feldman, said Mr Lees support for the council was instrumental in
strengthening the bond between Singa
pore and the US, and it played a key
role in the success of the Association of
South-east Asian Nations community.