Singapore

"Another of the “gray hairs” who joined shortly after was Sandeep Lal. He came by way of Singapore and Citibank, where he earned financial services expertise. His interview with Musk was memorable. “I remember that I used the words ‘change management.’ And he said, ‘Stop using bullshit words,’ ” Lal recalled. To check Lal’s competence, Musk offered a test. “He said, ‘Okay, if I were to do a funds transfer from Singapore to the United States, how would it work?’ ” Lal carefully outlined each step—and Musk made him an offer on the spot."

"even as his family business Hong Leong enjoys a household name status in Singapore and Malaysia, and his flagship CDL company is held up as a blue-chip bellweather stock on the Singapore stock exchange, Kwek is a man seldom heard in public and even less often seen. A favourite story among business circles was how he was shooed away by the security guard at his own Orchard Hotel in Singapore after turning up one day in a new car. His staff recognised his wheels, not his face."

"When he took over from his father in 1990 after nearly three decades of tutelage, Hong Leong and its subsidiary companies were largely focused on Singapore with scattered business interests in a few Asian territories, such as Malaysia, the Philippines, Hong Kong, Taiwan and mainland China. Kwek turned it into a bona fide global enterprise with businesses in five continents, including at one point listing his proud hotel empire on the London Stock Exchange — the first Singapore company to do so."

"It always reminds me of the comments of a colleague in Singapore, describing some spectacular example of government efficiency. “When they’re this good,” she said, “You almost don’t mind that you don’t get to vote for them.”"

"This is the third stage of our enterprise as I see it. To generate management cash flow and profit, we not only create new brands, we also purchase and merge with suitable high-end brands, including luxury brands. My eyes are also set on the fourth and the fifth stage of our company. I have successfully seized a large territory in the Chinese hotel market. Now I am aiming for a bigger territory – the global hotel market. We set up our global headquarters in Singapore. The first step of our global expansion is first to enter Asia, then on to Europe and finally the United States. This will constitute the different waves of our company’s future development."

"Another of the “gray hairs” who joined shortly after was Sandeep Lal. He came by way of Singapore and Citibank, where he earned financial services expertise. His interview with Musk was memorable. “I remember that I used the words ‘change management.’ And he said, ‘Stop using bullshit words,’ ” Lal recalled. To check Lal’s competence, Musk offered a test. “He said, ‘Okay, if I were to do a funds transfer from Singapore to the United States, how would it work?’ ” Lal carefully outlined each step—and Musk made him an offer on the spot."

"Like all provident men of business, the Sassoons kept only the most valuable portables in their home, and these under constant guard, but their city bazaars and booths were always stocked from floor to ceiling. Bales of bright silks were shipped hundreds of miles on rafts by the mercers of Bushire; India and far-off Kabul sent cotton goods, horses, gold and silver ornaments, while coffers of spices and trinkets of every kind arrived by sea, or more usually by camel caravan, from Java and Singapore. Much was sold locally, but for generations the family had steadily built up an export business in hides, dates, metals and, above all, wool. As soon as the sheep-shearing began, their agents would be active among the Bedouin tribes of the interior who sold their wool in exchange for cotton garments, shoes and cameos."

"A practical compromise was reached. Apple took care of the guts inside the computer—basically the same circuit boards that were in its G3 desktop—but it would rely on a supplier to build the CRT. Then units would be sent to an Apple site for final assembly, test, and pack out, or FATP. That way, Apple had the last look before any computer was shipped, giving Jobs the level of control he desired. “Steve was adamant that we would manufacture the iMac internally,” says Joe O’Sullivan, who was by then leading operations in Singapore. Jobs asked O’Sullivan to kill the partnership with SCI in Colorado, a cancellation that cost Apple $5 million and infuriated SCI. Instead, Jobs asked O’Sullivan to turn Singapore into a pilot plant for iMac manufacturing. “It was our best, our cheapest manufacturing plant,” the Irishman says. “And I was running it. So he had a throat to grasp.”"

"The company once again established its hub model for iMac production, bearing the up-front costs. “Apple didn’t own any of the inventory parts that were there. Everything was borne by Foxconn,” says a Czech-based Apple worker. “Apple had zero capital expense or investment.” More than 300 people were hired to run multiple assembly lines, and Foxconn established a giant molding site for the plastic enclosures. Apple teams from Singapore were sent in to train the workers and ensure quality. Apparently smitten with the country, Terry Gou purchased a twelve-bedroom castle near the Czech factory in 2002, for a reported $30 million, and began spending his summers there. The fabulously rich CEO no longer had to worry about tin roofs."

"If society is not competitive, it is destined to disappear."

"He was both concrete and abstract at the same time, loved to start from the detail and move to the general. I heard him introduce his concept of secularity starting from an incident: a marriage between Singaporeans annulled by a Malay imam."

"Pressed by a question I had asked about the composition of the Prime Minister’s bonuses, he replied by explaining that in Singapore, when the economy shrinks, it is logical for civil servant bonuses to decrease to protect the private sector, which is the most exposed. A concept radically opposed to ours and worth contemplating."

"Lee Kuan Yew sought to create the best possible conditions to encourage them to settle in Singapore: quality workforce and infrastructure, wage limitation, stable legal framework, regulated strike rights, etc. Lee Kuan Yew called this method “shortening the learning process.”"

"They do not speak of equality; they know it is not of this world. They expect a lot from the best without demotivating them by taking the fruits of their efforts, as the country needs them too much in this time of intense competition!"

"Deng Xiaoping then sent tens of thousands of Chinese, officials and members of the Communist Party, to Singapore so they could make the most of Singapore’s achievements. China openly used the city-state as a cadre school to train numerous Chinese leaders, for example, by sending Jiang Zemin as early as 1980, who was the Vice President of the Commission for Foreign Investments and later the Mayor of Shanghai, to eventually become the head of state in 1993 and Deng Xiaoping’s successor. From 1985 to the 1990s, the Chinese government did not hesitate to recruit Dr. Goh Keng Swee, one of Lee Kuan Yew’s lieutenants and often considered the architect of Singapore’s economic development, as an economic advisor."

"First, he invented in the sixties a new mode of economic development by doing exactly the opposite of all other member countries, like Singapore, of the non-aligned movement. These countries were taking protective measures against multinationals, considered as “supporters of Western imperialism.” For example, India not only shut the door to Coca-Cola but also to IBM, which delayed the development of the Indian software industry."

"“Seek truth from facts.”"

"Chinese path was found by Deng; it is none other than the one professed and implemented by Lee Kuan Yew in Singapore: an authoritarian and meritocratic republic, an interventionist and social state managed by an elite serving the general interest within the framework of a market economy."

"Lee Kuan Yew literally invented industrial outsourcing aimed at reducing production costs, with such a significant impact both on third-world development and on the deindustrialization of Western countries: “In the sixties, seventies, eighties, during the time of trendy and conformist theories held by third-world leaders influenced by the slogans ‘socialism,’ ‘communism,’ ‘the Soviet Republic,’ and ‘no to exploitative multinationals,’ I did not follow this trend and I succeeded. Then, the other countries in the region followed my example{{id_6}}.”"

"options: “If, after trying several solutions, I discover that a certain approach works, then I extract the underlying principle of the chosen solution.”"

"Deng Xiaoping did not want to follow this path, which he considered too dangerous for the country’s stability. This is why he decided to suppress the Tiananmen Square protests in June 1989. However, China had to find an effective alternative. Only one leader proposed another proven path. This uniqueness was clearly perceived at the time, for example by Samuel Huntington when he wrote in 1997: “Apart from the special case of oil-rich Gulf States, all the wealthiest countries, except for Singapore, are democratic.”"

"Lee Kuan Yew emphasizes that the purpose of a political system is not to organize elections but to produce good government. In other words, those in positions of responsibility should be the most competent and of impeccable honesty."

"Lee Kuan Yew was able to apply a much more rational method. To solve a problem, he begins by considering all possible solutions: “I do not work on a theory.” “I am interested in what works.” “In the face of a difficulty, major problem, or an array of contradictory facts, I review what alternatives I have if the solution I propose does not work. I choose a measure that offers a strong probability of success, but if that fails, I have other options. I never find myself at an impasse.”"

"Lee Kuan Yew recalls the instructions given by Deng Xiaoping during this trip: “Open up, learn from the rest of the world and, most importantly, learn from Singapore, for their good governance and discipline.”"

"The following year, in 1979, Deng Xiaoping recounted his trip to Singapore and what he had learned for China: “I went to Singapore to learn how they use foreign capital. Singapore allows foreigners to set up factories on its territory and benefits from this in at least three ways: firstly, foreign companies pay the state 35% of their net profits in taxes; secondly, labor incomes go to the workers; finally, this approach has energized their service industries and local incomes.” And he concluded: “My opinion is that from now on, when we study economic and financial problems, our starting point must be how to make the best use of foreign capital, and how to excel in this area{{id_9}}.”"

"Deng Xiaoping declared: “Singapore enjoys good social order, the city is well managed […]. We should take advantage of their experience and why not do better than them.”"

"The 1960s were a period of consolidation as well as expansion of Rupert’s tobacco and cigarette interests. The takeover of Carreras and Rothmans led to expansion in other parts of the world. Using Rothmans as his flagship, he created a stir with his philosophy of industrial partnership in various countries where he embarked on new initiatives. Partnership companies were established on a bilateral basis in Australia and New Zealand, Malaysia, Singapore, Indonesia, Canada, Jamaica, Northern and Southern Rhodesia (now Zambia and Zimbabwe) and Nyassaland (now Malawi) − eventually even beyond the Iron Curtain in Russia and China."

"Knoetze first attended a congress on small business in Berlin, where he built up valuable contacts from Taiwan, Hong Kong and South Korea. After visiting each of these countries as well as Singapore and Tokyo in Japan, he returned with a wealth of information about the flourishing small businesses of the Far East."

"In his lecture at the University of Pretoria, he stated that it was necessary to send a ‘young man … with a Polaroid camera’ to places like Singapore, Hong Kong, Taiwan, Florence and Barcelona to photograph and report on what people in small businesses were doing."

"However, Fredriksen was encouraged by his surroundings. The court brokers at Pareto did their utmost to get the world's most decisive shipping man out of his mental moorings and fully into the rig market. At a meeting in Amsterdam on February 9, Fredriksen, Trøim, and brokers from Pareto discussed the entire situation for the group. In a summarizing email the day after, Stein Schie wrote to Fredriksen that he was not where things were happening at the time; "this is the market that is set to boom, and you are not in it." He admitted that Fredriksen had indeed made a couple of hundred million dollars on Northern Offshore, and that the Russian rigs were a steal, but it was too insignificant. Particularly because they missed the opportunity to take over the rig company TODCO. Schie recommended a much more aggressive strategy. Fredriksen should buy into the American giant Pride, as one of the main shareholders, First Reserve, was about to sell out. Once inside, it opened up many opportunities. The other important recommendation was to order four new jack-up rigs in Singapore. Financing was no problem, Schie had seen in a private email that the FELS-yard in Singapore offered full financing to Danish Maersk. Fredriksen should receive the same."

""Singapore is incredibly well managed. It was built in the swamps with a strong emotional idea: to create a safe place primarily for Chinese, but also to accept other cultures and nationalities." NICOLAS BERGGRUEN"

"Their next stop, Colombo in Sri Lanka (then Ceylon), was also an assault on the senses, but on a train excursion through the lush tropical countryside to Negombo they gained a sense of the glory of the former British Empire. As they sailed to Aden, Alan spent much of his time talking to fellow passengers about their electronics purchases, finding out what they’d paid. By the time they reached Aden, then a free-trade port and still part of the Empire, he’d worked out the lowest price anyone had achieved in Singapore for the radio he wanted:"