"Purple Sky" is painted on an 8x10" Canvas with Acrylic paint, in Landscape orientation.
The colors used in this painting include shades of grey, blue grey, lavender, periwinkle, magenta, violet, raspberry fuchsia, deep purple, almost black, and white.
Even though the purples in this work are mostly of a deeper hue, there is plenty of white contrast streaking through to provide the quality of light.
You might see a stormy night sea with reflections of moonlight, or perhaps it stays an abstract pattern to you. It might be a rainy night with slanted precipitation heading toward snowy slopes, or it might be simply bands of color and splash.
For me, I can't help thinking it was a dark and stormy night indeed!
Purple lovers will be intrigued.


Hi everyone! Suwabe (@gsc_suwabe) from the Corporate Planning Division here!
She's finally going up for preorder!!
Rika Jougasaki: Charisma Chibi Girl Ver.!
YAY~! She's finally here!! I've been waiting so long for my Rika!!
▼ I may be a tad too excited, so let's take a step back and take a look at the product description!
From the popular idol production game 'THE IDOLM@STER CINDERELLA GIRLS' comes a 1/8th scale figure of Rika Jougasaki wearing her 'Charisma Chibi Girl' outfit from the game!
The figure faithfully captures all the detail from the original illustration – Rika is posed with her arms outstretched with a huge smile on her face creating a playful, energetic atmosphere that is sure to brighten up any collection! The colorful base also features a selection of parts that bring out Rika's playful personality even more! Be sure to display her with her previously released older sister – Mika Jougasaki: Charisma Girl Ver.!
The figure also comes with a selection of cute 'Chima Doll' stickers as a bonus!
I know I'm just repeating myself here now… but she is SO CUTE!!
Just looking at the base does make you want to smile! The bright colors, shiny candy-like hearts and ribbons all make for such a cheerful base that really completes the figure!
Zoom in even further for a close up of Rika's delicious chest, beautifully detailed necklace, as well as that cute belt buckle!! Everything from the original illustration has been faithfully preserved on the figure!!
And if you look even closer you'll see even finer details such as the clearly hand-made design of Rika's notebook!
The more you look at this figure the more attention to detail you'll notice – each time you shift your gaze you find more to enjoy – I think we should refer to figures like this as 'Endless Figures' from now on!!
Of course Rika also comes with a little mascot of her older sister – Rika!!
← I have some bizarre fantasies.
You keep them as a cute sheet to look at, or stick them onto all sorts of things to make them all the more cheerful! You could even place some of figure bases to personalize them a little!
She'll be up for preorder from tomorrow! Don't miss out!


* Dedicated processor and graphics card chambers, specially-tuned cooling system and ROG-exclusive audio technologies enable epic gaming experiences.
Taipei, Taiwan (10th January, 2017) — ASUS Republic of Gamers (ROG) today announced GR8 II, a 4-liter gaming PC with full gaming desktop performance to cater to any gamer's requirements. It is currently the world's smallest gaming PC that is designed for VR, and has the most advanced graphics in its class with full-size custom ASUS GeForce® GTX 1060 desktop-grade graphics. It is powered by up to a 7th Generation Intel® Core™ i7 ('Kaby Lake') desktop-grade 65W processor and 32GB of DDR4 memory, and can run the latest AAA gaming titles smoothly.
GR8 II has a VR-friendly design with two HDMI ports to connect a VR headset and display simultaneously. Its specially-designed cooling system provides the stability required for non-stop gaming marathons; while gaming-friendly features such as Intel Gigabit Ethernet and ROG-exclusive SupremeFX, Sonic Studio III, Sonic Radar III and GameFirst IV technologies enable epic gaming experiences. GR8 II also features ASUS Aura Sync RGB lighting, which has 12 light synchronization modes with a variety of Aura Sync-compatible ROG peripherals for a myriad of customization options.
GeForce GTX 1060 graphics card and up to a 65W 7th Generation Intel Core i7 processor with 32GB DDR4 memory.
The desktop-grade custom ASUS GeForce GTX 1060 graphics card gives GR8 II the most advanced graphics in its class, allowing it to create immersive gaming worlds with super-smooth visuals. This graphics card delivers three times (3x) the performance of previous-generation cards and brilliant VR performance.
In testing1, GR8 II performed 47% better than similar GTX 960-equipped gaming PCs and 10% better than GTX 970-equipped gaming PCs. It ran Overwatch® in 2K and Full HD resolutions at frame rates averaging 70fps. The 7th Generation Intel Core i7 processor provides unprecedented levels of gaming and multi-tasking performance, with an 8% performance boost versus the previous generation, and decreases frame rendering latency during VR gaming.
GR8 II has been extensively tested to ensure it meets the recommended specifications required to power Oculus Rift. It has a VR-friendly design with two HDMI ports to connect a VR headset and display simultaneously. Gamers can also hook up two displays via HDMI for their Twitch streams and chat rooms, or play games on up to three HD displays through DisplayPort. In addition, GR8 II supports 4K UHD (3840 x 2160) displays and features NVIDIA G-SYNC™ technology. NVIDIA G-SYNC synchronizes the display's refresh rate with GR8 II's GeForce GTX graphics card to minimize lag and eliminate frame-rate stutter and visual tearing for ultra-smooth visuals.
ROG GR8 II has a stylish 4-liter chassis that is ideal for any room, and can be connected to a TV for big screen entertainment. It is also compact and light enough to bring to LAN parties.
GR8 II features Aura Sync LEDs on three areas across the front face of the chassis. Aura Sync RGB lighting takes customization to the next level, offering 12 synchronization modes with ROG peripherals including keyboards and mice, and 10 lighting effects. A color palette comprising of 8 million colors lets gamers tailor GR8 II's LEDs to reflect the feel of the game being played.
ROG GR8 II has a bold spacecraft-inspired design with a matte-black finish. It has chiseled sharply-angled side panels, a Plasma Copper-colored mid-frame and a perfectly-framed ROG logo on the side panel for an eye-catching aesthetic that stands out among other gaming desktops.
ROG GR8 II has a specially-tuned cooling system with an optimized airflow design, copper heat pipes and dual fans to purge heat from the system. Cleverly-designed vents and dedicated chambers for the processor and graphics card provide the right amount of airflow to each component for stable performance for non-stop gaming marathons.
ROG GR8 II draws less than 30W at idle and delivers quiet performance, with a noise level of 23dB at idle — 24% more quiet than a tower desktop.
ROG GR8 II can be specified with an M.2 PCI Express® or SATA solid-state drive (SSD) and a 2.5-inch hard disk drive2 to give gamers the speed afforded by the M.2 SSD and the large storage capacities offered by the 2.5-inch HDD. Simple slide-off covers provide easy access to the additional 2.5-inch HDD/SSD storage bay for quick upgrades.
ROG GR8 II features the exclusive ROG SupremeFX shielded audio for truly immersive in-game sound. Sonic Studio III has an all-new intelligent routing feature made for streaming, while Sonic Radar III is an evolved audio engine that processes sounds more accurately than ever. In addition, the GR8 II has the very latest Intel Ethernet (I219-V) for faster, smoother and lag-free online gaming. Next-level 802.11ac Wi-Fi with 2×2 dual-band 2.4/5GHz antennas offer up to 867Mbps3 transfer speeds, while the very latest MIMO technology ensures that every connected user experiences the fastest wireless and online speeds.
GR8 II has all the connectivity features needed for gaming peripherals. The reversible USB 3.1 Gen 2 ports provide easier device connections and a data rate of 10Gbps — so transferring a 2GB movie file takes less than 2 seconds to complete. Super-fast and stable 802.11ac Wi-Fi provides strong signal delivery and three times (3x) the speed of previous Wi-Fi standards for smooth online gaming or video streaming, while built-in Bluetooth® 4.2 conveniently connects GR8 II to any Bluetooth device for a complete home PC experience.
ASUS ROG GR8 II will be available from the 1st week in February 2017 in the UK from leading retailers with an MSRP of £949.99 inc. VAT. Please contact your local ASUS representative for further information.


HSBC AM/FX trading commentary as well as forex analysis and views from major investment banks are available to our subscribers. Subscribe now or get a free 5-day trial here.
1) Some position adjustment into Jackson Hole. Janet Yellen's speech is on financial stability so it is natural for dollar shorts to have some concern given there is almost nothing priced in for the Fed at this point. The market has pretty much come to the conclusion that the Fed is done hiking so there is some room for a surprise but no real reason to expect one.
On the Draghi side, again a market that has bought a lot of euros is sensible to wonder (especially post-ECB minutes) whether or not Draghi might push back on normalization in his speech at Jackson Hole given the rise in the EUR. The more I think about it, the more I doubt it. EURUSD was 1.1520 at the last ECB meeting (July) and now it's 1.1765. Not exactly a massive ratchet. And while inflation is stalling, it has not really moved either. And a big part of the reason for reducing asset purchases is related to legal limits and the end of the political emergency, not inflation.
So… I can see the logic for why the market might want to take some short dollar chips off the table into Jackson Hole, but I doubt anything particularly EURUSD negative will emerge. But today is only Tuesday and the fireworks are not until Friday. Note that Mr. Draghi also presents the keynote at a meeting of young economists and Nobel laureates tomorrow morning (3AM NY) in Lindau. I scoured the web but could not find the title or subject matter for the keynote. Then, Friday at 10AM NY we get Janet Yellen on Financial Stability and 3PM Friday we get Draghi's luncheon address.
2) A pretty weak article on Politico. With nothing priced for tax reform I guess any hope is better than nothing.
It is hard to ignore the Provident news out of the UK as it is another bit of evidence that British consumers are hurting. On the other hand, the Provident move is reminiscent of Home Capital Group's woes in Canada, and so the market will hesitate to push all-in after getting rivered by Buffett on HGG in May. While many (including me) thought Home Capital was a canary in the coal mine, the company has already paid back the full amount ($1.6B) of the punitive loan from Warren Buffett. We still might look back in a year or so and see Home Capital, the collapse in Toronto home prices and the crash in Provident as the start of a global real estate correction. Or b.
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This article was posted in Forex Analysis, General.


text:
Q: Using OpenLayers and GeoJSON? Recently I started learning Openlayers 2x and I've been struggling for a while now with a GeoJSON and it's projections.
So, here is the deal;
I successfully added wms layers from ( http://geoportal.dgu.hr/podaci-i-servisi/svi-servisi-i-aplikacije/ ) with a projection HTRS96/TM (EPSG:3765) and then when I try to add vector layer it doesn't render it. Vector layer was created using QGIS software with a projection code:
"crs": { "type": "name", "properties": { "name": "urn:ogc:def:crs:EPSG::3765" }
Here is the  OpenLayers code:
var map;

function init() {
    map = new OpenLayers.Map('map_element', {
        projection: 'EPSG:3765',
        maxExtent: new OpenLayers.Bounds(426906.034398, 5101783.64664,
        468058.881494, 5123976.6968),
        numZoomLevels:15,
        maxResolution: 'auto',
        units: 'm'
    });
    var wms = new OpenLayers.Layer.WMS(
        'DOF 1:5000',
        'http://geoportal.dgu.hr/wms?layers=DOF',
        {}
    );

    var wms2 = new OpenLayers.Layer.WMS(
        'TK 1:25 000',
        'http://geoportal.dgu.hr/wms?layers=TK25',
        {}
    );

        var wms3 = new OpenLayers.Layer.WMS(
        'HOK',
        'http://geoportal.dgu.hr/wms?layers=HOK',
        {}
    );

    map.addControl(new OpenLayers.Control.LayerSwitcher({}));
    map.addControl(new OpenLayers.Control.MousePosition());

    var KZZ = new OpenLayers.Layer.Vector("KZZ", {
    protocol: new OpenLayers.Protocol.HTTP({
        url: "KZZ_JLS.json",
        format: new OpenLayers.Format.GeoJSON()
    }),
    strategies: [
        new OpenLayers.Strategy.Fixed()
    ]
});

    map.addLayers([wms,wms2,wms3,KZZ]);
    map.zoomToMaxExtent();
}

And here is GeoJSON layer (fragment of it, whole file can be downloaded from this link https://dl.dropboxusercontent.com/u/126827789/KZZ_JLS.json):
{
"type": "FeatureCollection",
"crs": { "type": "name", "properties": { "name": "urn:ogc:def:crs:EPSG::3765" } },
"features": [
{ "type": "Feature", "properties": { "POVRINA": 27.027842695, "NAZIV": "Stubièke         Toplice" }, "geometry": { "type": "Polygon", "coordinates": [ [ [ 457191.01612696185, 5094147.6274271049 ], [ 457199.98992743361, 5094130.2420611409 ], [ 457231.34151837695, 5094112.0906051407 ], [ 457283.71295271069, 5094094.2316290718 ], [ 457310.09355065826,....

How can I render GeoJSON and add it to this file?
This problematic openlayers map can be viewed here htt()p://interaktiva.pregrada.hr/nc/--> to low reputation to add 2nd link on my post, pls remove ()

A: The final answer is: your vector data is out of range. There were two problems with your map.
The first was, that your dataset contains three coordinate for every point, while OpenLayers 2 can only handle two. To fix this, you have to include an ignoreExtraDims parameter to your format object:
format: new OpenLayers.Format.GeoJSON({
    ignoreExtraDims: true
})

The second problem is, that your data is in the wrong place. Your WMS layers range roughly from 430.000 m to 480.000 m in X axis, and from 5.100.000 m to 5.130.000 m in Y axis. Your data, however ranges from 5.546.000 m to 5.597.000 m in X axis, while the Y range is correct. You have to shift your data to the correct place prior to visualizing.

redpajama_set_name: RedPajamaStackExchange


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text:
Energy Resiliency and Security
Energy is essential to the way we live. Whether it is in the form of oil, gasoline or electricity, the worlds' prosperity and welfare depends on having access to reliable and secure supplies of energy at affordable prices. Improving how we acquire, produce, and consume energy is central to becoming economically and environmentally responsible and sustainable.
Energy poses major 21st century crisis: scientists
Paris (AFP) Oct 22, 2007
Energy poses one of the greatest threats facing humanity this century, the world's leading academies of science warned Monday, highlighting the peril of oil wars and climate change driven by addiction to fossil fuels.
Nations must provide power for the 1.6 billion people who live without electricity and wean themselves off energy sources that stoke global warming and geopolitical conflict, the scientists demanded.
"Making the transition to a sustainable energy future is one of the central challenges humankind faces in this century," they said.
Their report, "Lighting the Way: Toward A Sustainable Energy Future," is published by the InterAcademy Council, whose 15 members include the national science academies of the United States, Britain, France, Germany, Brazil, China and India. Read More
Steep decline in oil production brings risk of war and unrest, says new study
· Output peaked in 2006 and will fall 7% a year
· Decline in gas, coal and uranium also predicted
World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown.
The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 - much earlier than most experts had expected. The report, which predicts that production will now fall by 7% a year, comes after oil prices set new records almost every day last week, on Friday hitting more than $90 (£44) a barrel.
Report links energy crisis to security
October 11, 2007 -
An energy crisis could pose security risks for Australia by pushing fragile states in the region towards collapse, a report has warned.
The Australian Strategic Policy Institute said in the report that such a threat should be factored into foreign and defence policy.
It said the increasing dependence of the world on energy from unstable regions like the Middle East meant obtaining an adequate supply of affordable energy would become a bigger part of most nations' security plans.
"Australia's self-sufficiency in oil products is declining markedly, and like most other Asia-Pacific states, Australia will become increasingly dependent on imports from the Middle East in the next decades," the document said.
The institute said that Australia's smaller neighbours would be most vulnerable if energy supplies were threatened.
"Most of the fragile states in the Asia Pacific are completely dependant on energy imports, and would have little economic resilience in the face of such a major shock. Read More
Labels: energy security
Current CO2 Level
Current Oil Prices - Brent Crude
World's largest floating LNG factory remains in shutdown
Small Island Developing States
Climate Change: Changing our World
Global Fossil Fuel Subsidies Remain Large
The tech that could make water use sustainable
The Oil Drum - Discussions about Energy
The Oil Drum writers: Where are they now?
WSJ.com: Environmental Capital - WSJ.com
EPA Raises Raises Requirements for Renewable Fuels
Scienceline
T. Boone Pickens Wind Turbine Plan
www.sealevel-rise.org -
Subscribe To Energy Security
Steep decline in oil production brings risk of war...
VerveEarth
CFL Energy Saving Calculator
www.OneBillionBulbs.com
The Cayman Institute
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redpajama_set_name: RedPajamaCommonCrawl


text:
Q: nvidia-smi not working after installing driver in a singularity container I use singularity and I need to install a nvidia driver in my singularity container to do some deep learning with a gtx 1080.
This singularity image is created from a nvidia docker from here:
https://ngc.nvidia.com/catalog/containers/nvidia:kaldi and converted to a singularity container.
There was no nvidia drivers I think because nvidia-smi was not found before I install the driver.
I did the following commmands :
    add-apt-repository ppa:graphics-drivers/ppa
    sudo apt update
    apt install nvidia-418

after that I wanted to see if the driver was well installed, I did the command :
nvidia-smi

which return : Failed to initialize NVML: Driver/library version mismatch
I searched about how to solve this error and found this topic :
NVIDIA NVML Driver/library version mismatch
One answer says to do the command :
lsmod | grep nvidia

and then to rmmod on each except nvidia and finally to rmmod nvidia.
rmmod drm

But when I do this, as the topic excepted it, I have the error :
rmmod: ERROR: Module nvidia is in use.
The topic says to tap lsof /dev/nvidia*, and to kill the process that use the module, but I see nothing with drm written, and it seems to be a very bad idea to kill the process (Xorg, gnome-she).
Here is the answer to the command lsof /dev/nvidia*, followed by the command lsmod | grep nvidia, and then rmmod drm
Rebooting the computer also didn't work.
what should I do to manage using nvidia-smi and be able to use my GPU from inside the  singularity container ?
Thank you

A: You may need to do the above steps in the host OS and not in the container itself. /dev is mounted into the container as is and still subject to use by the host, though the processes are run in a different userspace.

A: thank you for your answer.
I wanted to install the GPU driver in the singularity container because when inside the container, I wasn't able to use the GPU (nvidia-smi : command not found) while outside of the container I could use nvidia-smi.
You are right, the driver should be installed outside of the container, I wanted to install it in the container to avoid my problem of not having access to the driver from inside the container.
Now I found the solution : To use GPU from inside the singularity container, you must add --nv when calling the container.
example :
singularity exec --nv singularity_container.simg ~/test_gpu.sh

or
singularity shell --nv singularity_container.simg

When you add --nv, the container will have access to the nvidia driver and nvidia-smi will work.
Without this you will not be able to use GPU, nvidia-smi will not work.


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text:
A Bridge Called Tether
A parable of risk assessment.
By Marc Hochstein
Apr 23, 2021 at 6:13 p.m. UTCUpdated Sep 14, 2021 at 12:46 p.m. UTC
Marc Hochstein
Once upon a time, there was a bridge strung between two mountaintops. It was made of rope and wooden boards and creaked and wobbled in the wind, but every day the mountain people used it to cross the yawning chasm. They called it Tether.
"It could snap any time!" cawed the crows that regularly circled above their heads. While the people dismissed these shrill creatures as a nuisance, deep down many of them harbored a tinge of doubt. Yet, they continued to cross the bridge back and forth, often several times a day.
This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full newsletter here.
It was the most convenient way to get from one peak to the other. Alternatively, they could hike down one mountain, cross the Valley of the Banks and climb the other, but that would take days. Crossing the bridge took an hour at most. It was not simply a matter of impatience; the people made their living by trading with their neighbors on the other mountain, and by the time they had completed the journey through the valley a trade opportunity might be gone.
Besides, nobody lived on the bridge. It was only used to travel from point A to point B. If lives were at risk, as the annoying birds kept warning, it was only for brief periods of time. The bridge had been there for years. It might not be there forever, but who was to say it would collapse on a given day?
See also: JP Koning – Tether's Report Card Offers Less Detail Than Rivals'
Over time, new bridges between the mountains were constructed parallel to the Tether bridge. These bridges were, by all appearances, far sturdier, made of steel and vouched for by the most respected engineers in the land. Meanwhile, the keepers of the Tether bridge struggled to find an engineer willing to even inspect it (until one day one came from a beautiful island far, far away).
Some of the mountain traders started crossing these new spans, known as USDC, GUSD and PAX. But the majority of them kept using Tether.
It turned out the proprietors of the new bridges stopped travelers at the edges, made them sign a journey book and searched all their pockets. "It is the law of the land," the bridge keepers would say. "We cannot allow our bridges to be used by thieves or riffraff." Occasionally, the bridge keepers would throw someone off their bridges mid-crossing, explaining they were ordered by the king of the valley.
By contrast, the keepers of the Tether bridge historically gave their patrons just a cursory pat-down at entry and exit (though they did get stricter over time and threw at least* one suspected thief into the abyss). For most of the mountain people, the nerve-racking experience of crossing the old bridge was preferable to the indignities required to use the new ones.
One day, an old mountain man who had managed to strike it rich in the valley constructed another, most unusual span. This one was perpendicular to the USDC and Tether bridges, connecting them.
See also: JP Koning – Regulation Could Actually Help Tether
Some of the mountain people took this as a sign the crows had been wrong all along. The man, after all, was respected among the engineers who inspected bridges, and the king had allowed him to amass his fortune. So if he was willing to have anything to do with Tether, maybe it was here to stay.
Even the white-knuckled travelers felt a bit relieved. Now, on an especially windy day, they would have the option of switching bridges during a trip.
*Archaeologists would later find evidence of nearly 400 such incidents.
UPDATE (04/26, 01:37 UTC): Added a link to the seventh paragraph, an asterisk to the eighth paragraph and a footnote at the bottom.
CoinbaseTetherOpinionNewslettersThe Node
The Real World Behind the Virtual World: Undeads' Partners Give the Game Life
Strike Expands Lightning Network-Powered Remittances to Philippines


Today's seventh at Arlington is a maiden special weight for two-year-old fillies, going five and a half furlongs on the dirt. The race drew a field of nine: a mix of once-raced juveniles and first time starters, a mix of stalwart Illinois families and deep roots from elsewhere.
For context, the field does have several pairs of uncoupled entries that have connections to each other -- in fact, Kajawa (6) is the only loner, if you will. Ultra Mission (1) and Craft Show (7) are both trained by Jim Gulick, and are both Virginia H. Tarra Trust homebreds. (As one might guess, given that they are Tarra homebreds, both are from the family of Giant Oak.) Locash (2) and American Biz (5) are both owned and trained by David Reid. Though Fend (3) hails from the Eoin Harty barn and Carnival Colors is trained by Mike Stidham, both are homebreds for Godolphin. Chrome Attack (4) and Southern Attack (8), both trained by James Childers, were bred by Donald McCrosky and owned by Lois McCrosky. McCrosky farm stands the sire of both, Forest Attack.
ULTRA MISSION (9/2) - Ultra Mission is by first-crop sire Noble Mission. Noble Mission, a full brother to Frankel who was a three-time Group 1 winner in his own right, excelled going ten to twelve furlongs on grass. His progeny are inheriting his acumen for turf, acquitting themselves nicely in the shorter two-year-old races (his average winning distance so far is 5.31 furlongs), though polytrack remains a question. Underneath, her dam Market Buzz is an After Market half-sister to MG1W Giant Oak. That family has proven it can be any kind surface-wise; like Giant Oak himself, his relatives have shown form and class on all-weather, dirt, and grass. The biggest question with Ultra Mission is the distance: Market Buzz's only win came at a mile and a sixteenth turns on polytrack, after a few starts at age three. Her only other foal to race (Market Top, by Cape Blanco) has her only win to date going a mile on grass.
LOCASH (15/1) - Locash is by first-crop sire Cairo Prince, whose two winners so far (Abyssinian and Prince Pierce) have gotten their diplomas on dirt. She is the first starter out of the Dixie Union mare, Cash In Hand. Cash In Hand didn't race at two; she won fourth-out at three, going long on dirt. Her full sister, Union Cash, was stakes-placed at two turns on dirt, but also won going five furlongs on dirt. Digging deeper into her family reveals some affinity for going long on grass. Locash has raced once over the polytrack; in her July 13 debut she was fractious in the gate, showed nothing early, but ran on with some verve late in the five-furlong race. That may suggest she's figuring it out -- or it may suggest, like so many in her family, she may want to go long. The extra half-furlong will help today, but she may want even more.
FEND (5/1) - This filly is by Street Sense -- who showed precocity and talent when unleashed over the synthetic track at Arlington during his juvenile year. His babies can run on it, too; just this year he has eight synthetic-track winners out of just 24 to try an all-weather surface, including The Lieutenant, a half-brother to Justify who won the G3 All American Stakes over the Golden Gate Tapeta. Fend is the second foal out of her dam, Goaltending (A. P. Indy). She has a full brother, Call West, who did not debut until he was three. He won first time out, going six and a half furlongs on the Santa Anita dirt, in a maiden special that was washed off the hill. Looking deeper in the family unveils layers upon layers of sprinting class: Fend's second dam is G1W/MGSW sprinter Game Face, her fourth dam is MG1P sprinter Harbour Club, and Harbour Club is the second dam of Verdana Bold, a stakes winning/GSP synthetic track sprinter, and proven synthetic track producer.
CHROME ATTACK (10/1) - This filly is one of a pair in here by Illinois sire Forest Attack. Forest Attack was a stone-cold polytrack sprinter -- he could stretch out a little longer if the moment was right, including in his one stakes victory, in the Dust Commander Stakes at Turfway. Still, he did most of his best work going short over the polytrack at Turfway and Keeneland. Sprinting has suited the Forest Attack babies best; even with his first crop being six now, his average progeny winning distance is just 5.8 furlongs. On the dam side, she is out of an unraced Kitten's Joy mare, Facelift, whose only other foal to race is Illini Kitten (The Bold Bruiser). Illini Kitten has struggled at three and four, but showed her best form at two -- she won third-time out in a five and a half furlong maiden special at Fairmount in August of her two-year-old year. Digging further back into Facelift's family suggests turf: her second dam produced Richmond Stakes (G2) winner Hamoody -- the Richmond is a six-furlong turf sprint for juveniles. Other relatives did well with age and distance, including turf routers Northern Style, Stylish Star, and Synchrony.
AMERICAN BIZ (15/1) - This filly is by first-crop sire Fed Biz, whose three winners include Madison's Quarters -- an Ian Wilkes trainee who graduated at five furlongs on the Arlington poly on July 13. American Biz has raced once before -- she brought up the rear in that same race Madison's Quarters won. She needs to improve significantly off that effort to win here, though there is some suggestion on the dam side that American Biz can move forward soon. She is out of American Megan, a producer of five winners out of seven to start. Out of those five winners, two (Meghan W and Secret Rose) won at age two, and four of them (Meghan W, Secret Rose, Quiet Ruler, and Curiousncuriouser) needed either two or three starts to get their diploma.
KAJAWA (8/1) - This filly is by first-crop sire Cross Traffic. He has five winners of thirteen to start so far, all sprinting, preliminarily suggesting that he makes precocious foals. (Funny, for a stallion who didn't race until age four!) Cross Traffic has no winners on an all-weather surface, yet, making that an open question. Kajawa is the first to race out of her dam Milagra (Maria's Mon); Milagra herself was a four-time winner, all at six furlongs on dirt, though she didn't get off the mark until her twelfth start. Though Milagra raced before the days of synthetic tracks, all-weather acumen has emerged in the family. Kajawa is half to Bear Holiday (Harlan's Holiday), a first-out winner at two who subsequently won a pair of juvenile polytrack sprint stakes at Woodbine in 2007. She is also from the family of Behindatthebar, winner of the 2008 Lexington S. (G3) over the Keeneland polytrack.
CRAFT SHOW (3/1) - Craft Show is by Creative Cause out of Crafty Oak -- making her a three-quarters sister to Giant Oak, as they share the same dam and Creative Cause is by Giant Oak's sire, Giant's Causeway. Creative Cause was well bred for distance and most of his progeny have shown a desire to go long -- but, that's not an absolute. They do err long -- even for two-year-olds, Creative Cause's average winning distance is 6.29 furlongs. But, Creative Cause was himself a stakes winner at six and a half furlongs at age two, and he sired G3W dirt sprinter Skyler's Scramjet and stakes-placed juvenile turf sprinter Baytown Macca. On the dam side, as mentioned with relative Ultra Mission, the family is proven on all surfaces, though leans toward going long. Crafty Oak is a proven producer of winners -- all twelve to start have won. Two, Giant Oak and Little Star (Forestry), won on debut. Both won on debut at two, though only Little Star did so at a sprint distance, six furlongs on dirt. (Giant Oak won on debut at a turf mile.).
SOUTHERN ATTACK (20/1) - This is the other Forest Attack baby in the field, so the sire notes under Chrome Attack hold here, too. On the underside, dam Southern Wonder has yet to produce a winner in three starters. However, she produced Prince Abubu (also by Forest Attack), who has been second thrice in six starts -- including a second-place outing, at second asking, over the Arlington polytrack last year. Southern Wonder herself was precocious, winning at first asking at age three, sprinting on the Hawthorne dirt. Digging further back into the family reveals a bit of two-year-old class; her third dam Dance Song produced Ski Dancer (Baldski), who was twice graded stakes place in dirt sprints at Del Mar at age two.
CARNIVAL COLORS (5/2) - This filly debuts. She is by Distorted Humor, whose progeny win at a rock-solid 16% rate first time out. On all-weather, his progeny have been respectable as well: 15.2% winners in 1172 all-time starts. Carnival Colors is the first to race out of her dam Carnival Court, though a three-year-old full sister Carnival Lass is on the worktab at Saratoga. Carnival Court's family is all class: Carnival Court is a Street Sense half-sister to champion Royal Delta and graded stakes winners Delta Prince and Crown Queen. Carnival Court won second time out, though three others out of her dam won on debut. Empire Way won a six and a half furlong juvenile sprint over the Del Mar polytrack at first asking, and Royal Delta won on debut at the one-turn dirt mile at Belmont. Though so much of the family is route class, this filly is bred closely to a precocious sprinter -- Khozan, who is by Distorted Humor out of Delta Princess, Carnival Colors's second dam. Raced just two times in his career, he blazed to victory over seven-furlong and one-turn mile trips at Gulfstream.
Kajawa appeals strongly, and will almost certainly be an overlay. The pedigree shines, both in terms of winning early and in terms of sprinting on the polytrack. Trainer Michael Reavis is firing at 16% with first-time starters and 18% with debut runners in maiden special weights, both with positive ROI. The long, slowish works are no concern -- they're business as usual for Reavis horses, and they're posted regularly. All in all, in a competitive race, she's the best win bet in the field.
Carnival Colors will likely be the favourite, and with good reason. Trainer Mike Stidham wins at 20% with debut runners in maiden special weight company, and has been doing characteristically well (4 of his last 11 winning, 7 of his last 11 in the money) with his "A" jockey Mitchell Murrill. The family is all class, there is win-early lurking there, and just enough whiffs of sprint pedigree to suggest that she not only can have upside later, but she could pop first-out. She'll be a short price, but it would be no surprise to see her run to it.
Fend has strong appeal on pedigree: she has synthetic-track acumen top and bottom, and comes from a deep and classy sprinting family. She'll be the second-string Godolphin, and the 0-18 mark for trainer Eoin Harty on the meet concerns. But, she ought to at least hit the board, and belongs in underneath rungs of exactas and trifectas.
The uncoupled Gulick horses deserve a look -- even though both are bred so well to go long, Gulick has been having a hot meet, and his debut runner Crafty's Dream (by Bodemeister out of Cause She's Crafty, making her from the same family as Ultra Mission and Craft Show) just missed in her five-furlong debut on July 13 with Sophie Doyle aboard. On pedigree, Ultra Mission appeals more first-out because of Noble Mission's success with juvenile sprinters this year, but Sophie Doyle's presence on Craft Show suggests she's the "A". Both have worlds of upside going longer. But, today? It's hard to love either on top unless Craft Show drifts well above her 3/1 morning line, though both have underneath claims.
The other four horses, all with one start under them, will be the longest prices in the group. Among the outsiders, Locash appeals most. She was running on well late in her last, and has a right to improve based on both general second-start progression as well as the possibility for her to behave better at the gate this time.


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Messages from Alumni
Conversations with Notable Alumni
Bursary Awards
Office of Alumni Relations Annual Report
Mr Dhanabalan: Living a Meaningful Life – From a Humble Student to an Elder of Singapore Inc.
Posted December 31, 2015 February 18, 2020 admin
By Chong Yee Lim and Marc Tan (ECONews reporters)
Awarded with the nation's highest honor, the Order of Temasek (First Class), earlier this August, Mr Suppiah Dhanabalan, 78, is one of the most respected elders of Singapore Inc. After graduating from NUS with BA in economics, he started his career as a civil servant in 1960. He became part of the pioneering team that established Economic Development Board (EDB) and later the Developmental Bank of Singapore (DBS).
He entered politics in 1976 and held influential positions such as the Minister for Foreign Affairs, Minister for National Development and Minister for Trade and Industry. In 1988, he was even identified as a possible candidate to succeed Mr Lee Kuan Yew as the Prime Minister. He then moved to positions to oversee Singapore's prominent government-linked institutions, serving as Chairman of DBS, Chairman of Singapore Airlines, and Chairman of Temasek Holdings. He is also one of the longest serving directors of Government of Singapore Investment Corporation (GIC).
Mr Dhanabalan reflects that he has tried to live a meaningful life even at the expense of a happy one. In our conversation with notable alumni, he shared with us his diverse experience and advice he hopes to pass on to the next generation.
Mr Dhanabalan, we understand that you went into the public sector right after graduation. What was your motivation for doing so?
My time was unlike your time. We were not so well informed. We could not survey the whole world and ask ourselves what we should do after graduation. I was rather naïve when I graduated and I thought that the academic world was the whole world. I wanted to do my master's degree so I enrolled for masters and stayed on for 2-3 months. But my financial situation was bad as I had to support the family, so I applied to join the administrative service in 1961. I was accepted and got posted to the Ministry of Finance (MOF) and that was how I started. I didn't stay there for very long as EDB was set up within a year. I was seconded to EDB for a couple of years. I then decided to resign from the admin service and joined EDB.
As a pioneering member of EDB, what were the challenges that you and your team faced in the initial stage?
When we started EDB, it was supposed to be an institution to promote investment in manufacturing industries. Nobody in EDB had experience in this area, including the Chairman, Mr Hon Sui Sen, who later became the Minister for Finance. We were all rookies. The first director of EDB was an Israeli who came here for two years. He had experience in promoting investment in manufacturing industries and he shared a philosophy with Mr Hon that while we were all without experience, the decisions should be made by locals because investments are made in the local economy.
The biggest obstacle for us was that we did not know much. But we were also able to use that to our advantage, as that also meant we did not know how difficult things were going to be. We were full of energy and ideas and we charged ahead. By the time I joined MOF, the policy decision to set up EDB had already been taken. However, a formal decision that would require cabinet approval and drafting of laws had not been taken. I was asked to draft the first cabinet paper to set up EDB. The startup capital was 100 million dollars, which was a lot of money in the 1960s.
The board of EDB accepted my recommendation that the interest rate should be 7% for long term loans. Industrial loans were very new in Singapore. Commercial banks only made loans to traders and those loans required collaterals which came in the form of either properties or commodities. The banks had warehouses to store these collaterals and they were released when payments were made. In industrial financing, however, cash flow is the key thing. But the idea of cash flow financing, which required evaluation of prospective projects, was then unheard of. To do that, you needed economists to make estimates of the market and assess reasonable prices and technical experts to dive into the details of projects or businesses.
Where did you learn about the idea of cash flow financing?
We learned from books and some of us went to the World Bank when we were still part of Malaysia. We were quite involved in the details of the common market that we would need to make Singapore viable, especially on what kind of protection the industries needed. At that time, Singapore was a port where things were duty free except for tobacco, liquor and petrol. The conventional thinking was that we cannot build up industries without a domestic market. There was this concept of "infant industries".
But we knew that we had to do things differently in order for Singapore to shift away from being an entrepot. A tariff commission was set up to discuss the viability of protectionism for various manufacturing industries. Before we could impose any duties, we became part of Malaysia. The basic rationality for the merger was the common market and a larger domestic market. The process of setting up the common market was very convoluted. We had a Malaysian tariff board that consisted of members from Singapore, Malaya, and Sabah, and it was chaired by somebody from New Zealand. During that period, I went to the World Bank to learn the tools about analyzing projects and establishing financial viability. When I came back, we were separated from Malaysia and that was the end of the common market.
How did EDB build Singapore's industries after the breakaway from Malaysia?
EDB became a one-stop organization for people who wanted to come to Singapore to establish industries. We had various incentives, tax being the main incentive. There was a concept of pioneer industries. They were firms that were bringing new products to Singapore and in return, they were given tax exemption for five years. EDB recommended and processed these applications while the final decision was made by the Ministry of Finance. For firms wanting to invest in Singapore, they were unsure if the political will to promote industries would remain, so, they wanted the government to take up equity other than purely loans, so EDB took up equities in various firms. Those were exciting and tough times.
Were those decisions the prime reasons that Singapore became successful?
We were saved. We became successful not so much because we made right decisions but because the international environment changed. The initial investments were made by Japan and Hong Kong. They invested in Singapore because they could see that we were going to protect the market. Then a wave of textile manufacturers came who did not ask for protection as their target was the international market. For them, Singapore was mainly a base with low-cost labor that allowed them to produce goods at competitive prices. The textile industry took off because of a system called the long term textile agreement. The first country to have that was the UK and subsequently, the US. America was being flooded by cheap imported items and they set up the textile agreement by which they forced countries like Taiwan and Hong Kong to cap their exports. As Singapore was not part of this agreement, textile companies came to Singapore to set up factories which allowed them to export without the cap.
Basically, our thinking at the time was that we would continue to grow industries with tariffs and exports. But the change came later when US firms faced severe competition from Japan and Taiwan in certain industries such as electrical and electronic products. They found it difficult to compete in highly labor intensive industries. Thus Americans began to look for overseas location to establish operations that would allow them to compete against the Taiwanese and Japanese. That was how the electronic industry got started in Singapore. We were fortunate that this new wave of investment began to grow while most of the third world countries kept multinational corporations (MNCs) out of their economies because they felt that MNCs was a new form of colonialism. They feared that MNCs would become too powerful and eventually control their governments. Singapore however, was very receptive towards these MNCs.
You soon moved from EDB to DBS. Why did you do it?
In 1968, Dr Goh Keng Swee decided that EDB's responsibilities should be divided in order for them to become more efficient. The financing responsibilities were taken over by DBS while real estate development was taken over by Jurong Town Corporation (JTC). Productivity related activities were taken over by the National Productivity Board (NPB). EDB was split into different components, leaving investment promotion as their primary objective. I went over to DBS with Mr Hon Sui Sen, who became the first chairman of DBS. DBS then became the financing institution for industries for long term finance. My job scope stayed the same, except that I was no longer doing investment promotion. My focus was on finance.
You stayed with DBS nearly for ten years and then moved to politics in 1976. What was the motivation to do so?
Soon after we set up DBS, Mr Hon went over to politics. He stayed as the chairman for two years, then Mr Howe Yoon Chong became the chairman, while I was number two in the bank. Mr Hon knew me from EDB days, so obviously he must have recommended to the Prime Minister that I should be persuaded to go into politics. I was persuaded by PAP leadership to go into politics.
There were quite a few rounds of interviews. The first round was with the chairman of the party, Mr Toh Chin Chye and a few other ministers. At the time, I was not sure about the timing as I was 39 years old and thought that maybe I should wait for another term. But that meant I would only enter parliament at 44 and probably become an office holder only at 46 or 47. That would leave me with a very short runway, and so I decided to go ahead with it.
You served both Mr Lee Kuan Yew and Mr Goh Chok Tong as Prime Ministers. Was it very different working under Mr Lee and Mr Goh?
Mr Lee is the founder of modern Singapore and he had great persuasive power, foresight and courage. He built the machine that was taken over by the second generation. Mr Goh was chosen by the second generation leadership, which comprised of myself, Tony Tan and Ong Teng Cheong. Even though he was not Mr Lee's first choice, as he made clear in his rally speeches, Mr Lee accepted our recommendation. Mr Lee was much older than me when I entered politics, a lot more experienced, a lot of battle scars, so he was a different kind of leader. Mr Goh was my colleague (They were from the same cohort of the NUS Economics Department). We entered politics together in 1976, so obviously the relationship was different.
Which job did you enjoy the most?
Pre-politics, I enjoyed my time in DBS the most. While EDB was satisfying because we learned a lot of new things, DBS was more satisfying and also more exciting because we were the latest local bank to be set up. We did not have all the baggage of past practices or families telling us what to do. We just did what was needed. DBS did many new things that other banks never did. DBS not only did long term financing but also participated in equity financing and promoted financial leasing and merchant banking. We were the first bank that issued Asian dollar bonds.
In politics, I covered various portfolios. I enjoyed the most when I was the Minister for National Development as the job was a lot more concrete. Things are within your control in Singapore. Foreign affairs are a different kind of experience and responsibility. We are small and cannot shape world events. We have to take advantage of trends. In national development, we could decide how Singapore should develop and we could see the results of our decisions appearing before our eyes. Even today, I still see things that were a result of the decisions made by my team when we were in charge of national development. That gives me much satisfaction.
After politics you moved to Temasek. How was Temasek conceptualized? Did the government always have the intention to create a sovereign wealth fund?
It is important not to use "sovereign wealth fund" to describe Temasek. A sovereign wealth fund, strictly defined, is a fund that manages government's overseas assets or funds that invested overseas. Temasek is an investment holding company, while GIC is a fund manager. GIC manages government's funds and is paid fees to manage. They are told by the government about the areas they can invest in and what kind of risk they can take. And they follow these parameters quite closely.
In contrast, Temasek is an investment holding company. Temasek shares are held by the government and Temasek owns the companies in which they invest. For example, Temasek owns more than 50% of Singapore Airlines, 100% of Port of Singapore, 100% of Sing Power, 30% of DBS Bank. So there is a whole list of companies that Temasek has invested in and owns. An investment holding company has direct shareholdings in the companies in which they invest. GIC invests in companies on behalf of the government, but they are basically operating in the public markets, buying listed companies or using public funds to buy properties on behalf of the government.
When EDB was split up into many different components, we had a portfolio of loans that were made to companies and a portfolio of equity investments that they made in order to promote and share the risks with the investors. The loans were quite simple. We knew what the loan size was, and it was transferred over to DBS. Equity participation was a little more complex. There were companies that were private or public, and there were also questions of their valuation and how they should be transferred. An easy way was not to transfer them to DBS, and so the Ministry of Finance took over the equity portfolio of EDB.
From 1968 to 1974, those equities were held by the Ministry of Finance. Then in 1974, the Minister, Dr Goh Keng Swee, decided it was not a good idea to hold it within the ministry and it would be better to set up a separate company, transfer all the equities to it. If the company is 100% owned by the government, no valuation problem occurs. The main idea was to make it a separate company with separate management to focus on the investments. Civil servants should look after policy, and not get involved in the running of companies. That was how Temasek was set up. The first chairman and group of managers were loaned from the government to look after the company.
How did Mr Goh Keng Swee come up with the idea of this separation?
It was quite clear to him that it was not a good idea for policy makers to be confused by whether they were making policies for Singapore as a whole, or making policies for the company which the government has interests in. The two should be separated. Policies should be made for the economy as a whole, and not be colored by the fact that the government has a company that it owns. So that was very farsighted of him. This is unlike other countries that do not do that.
Your career so far has indeed been amazing. Can you tell us about some essential skills that you have picked up over the years?
Well, it depends on what level you are. When I was in EDB and DBS, obviously I was applying many tools that I learnt as an economics student: demand and supply, break-even point, what kind of legal structure there should be and so on. But as we go up higher and higher in management, it is not so much specific technical tools that you need. Rather, the most important skill is how to judge people and how to select people to run the organizations. You need to get the right people in the right place. So most of the effort, at the level of chairman, was really focused on getting the right people and making sure we had good people at various levels of management. Once you have good people, they attract good people and they know what to do. I have never described to a head of a department: "this is what you should do", "this is your function", "this is your objective", or "these are your terms of reference". No, I expect them, as entrepreneurs, to take the ball and run with it. The key at higher levels of management is to identify and recruit the right people. So that's something you don't learn in Economics.
What is the secret of choosing the right people?
First of all, the person must have some basic technical skills and experience in running an organization, knowing how to make right investments, how to look for right markets and so on. At a higher level, you want to assess the person's values: what is it that drives him, what is it that shapes his decisions, has he got a passion, is he focused on money, or is he focused on building an organization, and so on. These are judgement on values. It is necessary to get an idea of whether he is a sort of person that you can trust. So you talk to the person about many things, not just about works in the organization. You talk about his interests, his family, what is his background and what is his passion.
That is the key. The secret of Singapore's success in government owned companies being so well run is not organizational structure, but people that make up the organization. I would say it is more dangerous and risky to take in someone who is highly skilled and has bad values than having someone who is less skilled but has better values. From time to time, I get people coming from other countries who are heads of investment holding companies, sovereign wealth funds, investment promotion agencies and they ask about the processes, the structure which can explain our success. And I keep telling them that it is not structure, it is not process, but it is people.
You applied the same principle in overseeing Temasek Holdings?
Once Mr Lee Kuan Yew appointed Mr Hon as the chairman as EDB and later as the chairman of DBS, he never interfered in what Mr Hon was doing. That is the key to success. When Temasek makes investments, some of them don't go right. That's bound to be the case because if you are only investing without any losses, then you are not taking any risk. There are bound to be losses and successes, but overall how they perform is what we should focus on.
Even today, many people in parliament do not understand that. When there is a loss, their immediate response is, "What is the minister of finance doing about it? It is your company, you own it, what did you tell them to sell, and what did you tell them to invest in?" And he has to keep explaining to them that he does not make the decisions and that Temasek makes decisions. He only looks at the financial performance at the end of the year. Should there be a year that they do not do well, he would want to look at it across four to eight years, not just one year. And if they are not performing, then he would change the management, and the board. If they are performing, he would leave them alone because he does not have time to micromanage and tell them what to do. Once the politicians start interfering, the management would be able to say that, if something goes wrong, it is not my responsibility but yours. That's the difference between Singapore and many other countries. If we decide to set up a commercial enterprise, we must let them operate commercially, not by direction from the government.
When you recruit fresh graduates, what are the qualities that your companies look for?
First, we have to check if the person has basic educational qualifications. Personally, I will not look at how you did in PSLE, O levels and A Levels. To me, those are quite immaterial. I would ask what did he study, why did he study, and how did he perform. The merit of his performance at the last level is very important. I would also ask what else he did which would reflect his other interests. When I interview a person, I try to get an idea of what drives him, what motivates him, and what is he focused on. I was told about somebody who was being interviewed for a job, and the first thing he wanted to know was, "where is my office, and what does it look like, and who is going to be my secretary?" The interviewer just finished the interview. During the course of interview, people betray what drives them and what motivates them. If it is the wrong type of interests, then we just pass over and go on to the next person.
Moral values are very important, what motivates a person, his ambitions in life, what is it that he wants to do, and his level of commitment. My generation did not have any choice. The world was not their market. But my children's generation was different. They had choices. And many of them actually made a conscious choice to live in Singapore and made their home here. Those who want to go somewhere else do so often for material reasons. "I cannot afford a big house, nor a big car." Those are usual reasons. Some give the reason, which I do not know how truthful it is, that they find the society too oppressive. But I do not know if this is just to give a little more altruistic motive to what they are doing.
Let's talk about your university days. Can you tell us what the most important lesson you learnt from university was?
One of the unique lessons I learnt in my economics course was from a professor by the name of Silcock, who I think was the first economics professor, and later went to Australian National University. He was not an easy lecturer to understand, because he knew that in Economics, when dealing with people and society, there is no categorical statement that you can make. Any categorical statement you make about the economic future, trends or situation has got to be qualified because there are many things that can be different and many things that can affect the outcome. For example, you can say that as price goes up, demand goes down, that is a categorical statement. But that does not always happen. Even in economics courses we learn about backward sloping curves and so on.
The point is that you must be aware that there are many things that affect the outcome. While you must not be frozen to inaction, you must be aware when you take action to keep your eyes on many other things so that you can adjust as you go along. So when he lectured, and made a statement, he always qualified that statement. So by the time the qualification is over, you will be confused and even have forgotten what the statement was. But it was good in the sense that it made you think and be aware that economics is not a physical science. It tends to be a science as with many sociological subjects, but it is only a science in the sense that you organize the data in a scientific way. You cannot predict the outcome exactly. This is a reflection of the real situations we face, that is why we have to keep our eyes on many things in business, else we get blindsided by things that happen which we do not expect.
But then Economics is getting more quantitative, which frankly is of some concern to me. It gives false impression that it is an exact science. It is not an exact science. At the very most we can say that a situation will happen with plus or minus 10 or 20% while that 10 or 20% can kill you or make you. So you have to be aware that though you try to add some precision, it must not lull you into thinking that you have a precise answer and that you have a precise action to take.
There was one branch of Economics that was in vogue when I was in university (from 1955 to 1960) called the theory of economic development. Arthur Lewis wrote one of the early books that dealt with this. Basically, his point was that how the economy of a country develops depends on many cultural factors, not just on the hard facts of what raw materials were available, labor available, and skills available and so on. Those do affect the outcome, but does not determine it. There are still many other sociological and cultural factors. This still remains the fact. That is why countries with a lot more resources than Singapore are less successful. It is not that they do not know what to do. But they do not do it because of many other factors.
Thank you very much for spending such a long time to share your experience and wisdom with us. Do you have any parting advice for graduating students?
Each person really has to ask themselves: What is it that you want out of life? Someone has sent me an article called 'Meaning in Life'. It is not a religious article but one written by psychologists. Happiness is not same as meaning. Some people who lead the most meaningful lives may not be going through happy experiences. They lead very meaningful, satisfying, and self-fulfilling lives, by doing things which are painful and stressful. Being painful and stressful is the opposite of being happy. But it is still meaningful and makes them realize that there is more to life than just seeking happiness. There is a deep satisfaction when you are doing something for people in the world. Doing it does not make you happy because there are so many obstacles, challenges and stress. There is a difference between being happy and living a meaningful life. So basically, you have to ask yourself what it is that you find meaningful.
I did not do the things I did because I thought they were going to make me happy. I did them because I thought it was a duty that I had to answer. I would have been much happier if I had not gone into politics, in the sense that I could have spent more time with my children, could have been spared all the hassle of having to please constituents and evenings spent walking around the constituency meeting people. But these were meaningful. The burden of just driving past and seeing people along the street, and knowing the responsibility that you have on their future and their happiness is something that humbles you. So yes, I hope I have lead a very meaningful life.
I had not, even for a moment, dreamt that I would have done the things that I did. I think your generation is a lot more aware about what is happening in the world, and all the various options, problems, challenges and attractions. You have a lot more information. We were, as I once said in parliament, like babes in the woods, innocent people with very little knowledge. Your decisions are tougher because you are better informed than I ever was. But start with what you want, be it happiness or meaning.
This article was first published in ECONews in December 2015
⟵Mr. Ho Kwon Ping, Executive Chairman, Banyan Tree Holdings – From dissident student-cum-journalist to businessman, and back to academe
Mr Wong Nang Jang: "Integrity, Integrity and Integrity" – The Top Three Qualities for Successful Bankers⟶
NUS Department of Economics
NUS Economics Society


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A KWANZAA CORNUCOPIA
By ISABEL FORGANG
Kwanzaa was created in 1966 by Maulana Karenga, a professor of black studies, who felt African-Americans needed a time for cultural reaffirmation. But, says Jessica Harris, a food historian and English professor at Queens College, the seven-day period of feasting and reflection that begins on Dec. 26 and culminates on New Year's Day, has taken on a broader focus in the last few years. "It's being celebrated in more and more countries," says Harris. Barbara Smith television hostess, cookbook author and owner of the popular B. Smith restaurant in the Theater District always has a party at her home in eastern Long Island a few days after Christmas. Kwanzaa, she says, "is not just an African-American event. It's a world event. After all, Kwanzaa is about being inclusive and so we like to include our friends and introduce them to new traditions.
" The food at many Kwanzaa gatherings reflects this diversity. Harris, author of "The Africa Cookbook" (Simon & Schuster, $25), hosts an open house at her Brooklyn home on New Year's Day, the last day of Kwanzaa, and serves up a variety of dishes based on recipes from Africa, the Caribbean, Brazil several dishes that are popular in the South, too. `It's a typical black American festive meal that pays tribute to the culture of peoples of African descent around the globe," Harris says. "I get the biggest fresh ham I can find, complete with cracklings, and black-eyed peas and rice [hopping John] for luck and collard greens for folding money. And then I'll have something that's African, but not a pork dish, such as Chicken Yassa from Senegal or perhaps a Moroccan-style leg of lamb with couscous. And we always have sorrel, a deep-pink [from the dried hibiscus flower pods] Caribbean Christmas drink.
" There's also an international flavor to the food when the family and friends of actors and activists Ossie Davis and Ruby Dee gather at the couple's Westchester home. The long sideboard just outside the dining room holds platters piled with dishes like Southern-style turkey and trimmings, West Indian curries and macaroni and cheese. Because the couple often performs during the holiday season and there's little time to cook, family and friends pitch in by bringing the edibles. And because one segment of the family is Muslim and another is from the Philippines, there's quite a variety, too. `We'll have four generations at our table," says Davis proudly, "and my mother, who is 100 this year, is the presiding presence. There's a spirit of renewal and getting acquainted again that's wonderful. Kwanzaa infuses the Christmas season with something richer and deeper, which we often tend to forget.
" The food at Smith's buffet party offers somthing for everyone, too: from Caribbean-style jerked beef and Southern fried chicken to African-influenced curried vegetables in puff pastry. And because every holiday deserves a sweet ending, the author of "B. Smith's Entertaining and Cooking for Friends" (Artisan, $30) happily whips up coconut cake, sweet-potato pie with praline sauce and a perennial favorite, the pineapple upside-down cake her mother taught her to make when she was a child. Yassa Au Poulet (Chicken Yassa) Serves 4-6 From "The Africa Cookbook" by Jessica B. Harris 1/4 cup freshly squeezed lemon juice 4 large onions, thinly sliced Salt and freshly ground black pepper, to taste 1/8 teaspoon minced fresh habanero chili, or to taste 5 tablespoons peanut oil, divided 2 to 312 -pound chicken, cut into serving pieces 1 habanero chili, pricked with a fork 1/2 cup pimento-stuffed olives 4 carrots, scraped and thinly sliced 1 tablespoon Dijon-style mustard 1/2 cup water In a large nonreactive bowl, prepare a marinade by mixing the lemon juice, onions, salt, pepper, minced chili and 4 tablespoons of the peanut oil. Place the chicken pieces in the marinade, making sure that they are all well-covered. Cover the bowl with plastic wrap and allow the chicken to marinate for at least 3 hours in the refrigerator. Pre-heat the broiler. Remove the chicken pieces, reserving the marinade and onions, and place the chicken in a shallow pan. Broil the chicken until it is lightly browned on both sides. Remove the onions from the marinade. Heat the remaining tablespoon of oil in a flameproof 5-quart casserole or Dutch oven and cook the onions slowly until tender and translucent. Add the reserved marinade. When the liquid is thoroughly heated, add the chicken pieces, pricked chili olives, carrots, mustard and water. When the dish is as hot as you prefer, remove the chili and reserve (it can be served separately to chili fans). Stir to mix well, then slowly bring the yassa to a boil. Lower the heat and simmer, covered, for about 30 minutes, or until the chicken is cooked through. Serve hot over white rice. Smoor Tomatoes and Onions Serves 4 From "The Africa Cookbook.
" This South African side dish can be transformed into a main dish with the addition of pieces of cooked fish or meat, 2 tablespoons vegetable oil 1 large onion, thinly sliced 2 large ripe tomatoes (peeled, seeded and coarsely chopped) 1 small green jalapeo chili, minced, or to taste 1 tablespoon sugar, or to taste Salt, to taste Heat the oil in a heavy saucepan and cook the onion slices over medium heat for 5 minutes, or until they are soft and slightly brown. Add the tomatoes and chili and cook over low heat for 20 minutes, stirring occasionally, to make sure that the flavors mix. Add the sugar and salt and serve hot. Spicy Three-Cheese Macaroni and Cheese Serves 6 Macaroni and cheese is a dish friends bring to celebrate the holidays at the home of Ruby Dee and Ossie Davis. In this version, from Harris' "A Kwanzaa Keepsake" (Fireside Books, $14), the traditional cheddar-flavored dish gets a hot and spicy makeover. 11/2 cups medium elbow macaroni 2 tablespoons unsalted butter 2 tablespoons flour 3/4 cup milk 3/4 cup freshly grated extra-sharp cheddar cheese 1/2 cup freshly grated pepper jack cheese 1/4 cup freshly grated Parmesan cheese 1 teaspoon hot sauce, or to taste Salt and freshly ground black pepper, to taste 1/4 cup fine dry breadcrumbs Pre-heat the oven to 350 degrees. Lightly grease a 112-quart baking dish. Cook the macaroni according to package directions until tender but still firm. Drain the macaroni and place it in the greased casserole dish. Melt the butter over medium heat in a small saucepan and whisk in the flour. Cook for about 2 minutes or until the mixture is thick and pasty. Gradually drizzle in the milk, whisking constantly, and cook for 7 to 8 minutes, or until the sauce has thickened. Remove the sauce from the heat, but keep it warm. Reserve 1 tablespoon of each of the cheeses in a small bowl. Add the remaining cheese to the white sauce and stir until smooth. (You may have to return the pan to the stove over low heat to melt the cheeses.) Add the hot sauce and season to taste. Pour the sauce over the macaroni in the casserole and stir until everything is well-mixed. Add the breadcrumbs to the 3 teaspoons reserved cheese, mix them well, and sprinkle the crumb-cheese mixture over the top of the macaroni. Bake for 35 to 40 minutes, or until hot, bubbly and lightly browned on the top. Serve hot. Jalapeo Corn Bread Makes 8 large pieces or 12 muffins From "B. Smith's Entertaining and Cooking for Friends.
" Smith usually bakes this in an iron skillet, but for Kwanzaa, she serves it as part of a buffet, and prefers to make muffins. 2 cups yellow cornmeal 1 cup all-purpose flour 11/2 tablespoons baking powder 11/2 teaspoons salt 2 tablespoons dark-brown sugar 3 large eggs 11/3 cups milk 1/2 cup unsalted butter, melted 1 cup sweet corn kernels, canned (drained) or frozen (thawed) 1/2 cup grated cheddar 1/2 cup grated carrot 1/2 cup grated onion 1/4 cup finely chopped fresh jalapeo pepper Pre-heat the oven to 400 degrees. Grease a 10-inch cast-iron skillet or a muffin tin. In a large bowl, stir together the cornmeal, flour, baking powder, salt and brown sugar. Whisk the eggs, milk and melted butter in a medium-size bowl and stir this into the dry ingredients. Add the corn, cheddar, carrots, onion and jalapeo pepper, and stir to thoroughly combine. Pour the batter into the skillet and bake for 30 to 35 minutes, until a toothpick inserted in the center comes out clean. If making muffins, bake for 15 to 20 minutes or until a toothpick inserted in the center of a muffin comes out clean. Banana (Plantain) Hash Makes about 312 cups From "B. Smith's Entertaining and Cooking for Friends.
" Smith calls this a banana hash because of its brilliant-yellow color, but plantains are the key ingredient. 2 tablespoons unsalted butter 1 cup chopped red bell pepper 1 cup chopped scallions 2 cups chopped plantains (about 2 medium) 1/2 teaspoon salt 1/4 teaspoon ground black pepper Melt the butter in a large skillet and add the bell pepper. Saut for 2 minutes over medium heat, then add the scallions and plantains. Continue to saut for 10 minutes, or until the plantains are soft. Stir in the salt and black pepper and serve immediately. Pineapple Upside-Down Cake Serves 8-10 From "B. Smith's Entertaining and Cooking for Friends.
" This traditional favorite holiday cake was the first thing Smith's mother taught her to bake. Topping: 1/4 cup unsalted butter, melted 1/2 cup firmly packed light-brown sugar 7 slices canned pineapple (reserve 12 cup juice for the cake) 1/3 candied cherries Cake: 2 cups all-purpose flour 2 teaspoons baking powder 1/2 teaspoon baking soda 1/2 teaspoon salt 1 teaspoon ground ginger 1/4 teaspoon ground cloves 1/2 cup unsalted butter, softened 1 cup sugar 2 large eggs 1/2 cup heavy cream 1/2 cup reserved pineapple juice Whipped cream, for garnish Pre-heat the oven to 350 degrees. Grease the sides of a 9 x 3-inch round baking pan with nonstick cooking spray or melted butter. For the topping: Beat the melted butter and the brown sugar together in a small bowl. Spread this over the bottom of the prepared baking pan. Arrange 6 pineapple slices around the edge of the pan and one slice in the middle. Place one cherry in the center of each pineapple slice, and the rest between the slices around the edge. To make the cake: Stir together the flour, baking powder, baking soda, salt, ginger and cloves in a large bowl. In another large bowl, beat together the butter and sugar until light and fluffy. Beat in the eggs, one at a time. Using a spatula, alternately fold in the flour mixture and the heavy cream and pineapple juice until blended. Spread the batter over the pineapple slices and bake for 1 hour or until a toothpick inserted in the center comes out clean. Let the cake cool in the pan for 5 minutes. Then run a metal spatula around the edge to loosen the cake, invert a serving plate over the cake pan, and turn the cake and plate over together. Remove the cake pan. Serve warm, with whipped cream. Carrot Cake Makes one 9 x 5 x 3-inch loaf Carrot cake is usually part of the dessert table when the family of Ruby Dee and Ossie Davis gets together to celebrate the holidays. This recipe is adapted from "A Kwanzaa Keepsake.
" 2 teaspoons baking powder 11/2 cups flour 1 teaspoon freshly grated nutmeg 1/2 teaspoon powdered cinnamon 1/2 teaspoon salt 1 cup packed dark-brown sugar 1/2 cup granulated sugar 3/4 cup vegetable oil 3 eggs 11/2 cups grated carrot 1/2 cup grated apple 3/4 cup apple juice 2 teaspoons vanilla 1 teaspoon fresh lemon juice 1/2 teaspoon grated lemon zest 3/4 cup chopped walnuts 2 tablespoons confectioners' sugar Pre-heat the oven to 350 degrees. Grease and flour a 9 x 5 x 3-inch loaf pan. In a small bowl, sift the baking powder, flour, nutmeg, cinnamon and salt. In a large bowl, place the brown and granulated sugars and oil. Beat in the eggs. Add the grated carrot and grated apple. Stir well. Gradually add the dry ingredients and the apple juice and stir until you have a smoooth batter. Stir in the vanilla, lemon juice, zest and nuts, mixing well to make sure that the nuts are evenly distributed. Pour batter into the prepared loaf pan. Bake for 45 minutes, or until a toothpick inserted into the middle comes out clean. Remove cake from the oven and let it cool in the pan before removing. Dust with confectioners' sugar just before serving. Sidebar: A Kwanzaa Primer To help African-Americans feel a sense of pride in their roots, Kwanzaa founder Maulana Karenga established seven principles to be memorized, discussed and acted upon during the seven days of Kwanzaa (Dec. 26 to Jan. 1) and throughout the year. Those principles are unity, self-determination, collective work and responsibility, cooperative economics, purpose, creativity and faith. Kwanzaa is an original African-American holiday and is not celebrated in Africa. However, Karenga borrowed some aspects of the African harvest festival, which is celebrated by many tribes. During Kwanzaa, the seven principles are represented by seven candles placed in a candleholder called a kinara. There are three red candles, three green and one black. The black candle represents unity and is placed in the center of the kinara. The black candle is lighted during the first day of the celebration; the others are lighted from left to right on the following days. The red candles represent purpose, creativity and faith and are placed to the left of the black candle. The green candles represent self-determination, collective work and responsibility, and cooperative economics, and are placed to the right of the black candle.


RCI Gold Crown Resort Dreams Villamagna Nuevo Vallarta is recognized as a RCI Gold Crown Resort®, the highest award through Unlimited Vacation Club's affiliation with RCI. Only select RCI affiliates receive this recognition– the highest of the three RCI Award Designations. RCI Gold Crown Resort® designates resorts that have met or exceeded specific standards in the areas of unit housekeeping, unit maintenance, hospitality and check-in/check-out procedures, and an evaluation of resort facilities, amenities and services. Rainforest Alliance Verified Dreams Villamagna Nuevo Vallarta has achieved significant and measurable sustainability milestones and has been awarded with the Rainforest Alliance Verified™ mark. These requirements for verification are aligned with the Global Sustainable Tourism Criteria. This verification assures the commitment of Dreams Villamagna Nuevo Vallarta to reduce the impact of its activities on the planet and local communities. 2012 TripAdvisor Certificate of Excellence Dreams Villamagna Nuevo Vallarta received the 2012 Certificate of Excellence by TripAdvisor. The Certificate of Excellence is awarded to qualifying accommodations, attractions and restaurants listed on TripAdvisor that maintain a high overall user rating and a high volume of recent and quality reviews. 2012 Quality Assurance Award by MLT Vacations Congratulations to Dreams Villamagna for being awarded the MLT Vacations 2012 Quality Assurance Award. This prestigious award recognizes select hotels in Mexico and the Caribbean for outstanding quality, customer service and product delivery.
Marina Vallarta is a 18 hole course designed by the famous American architect, Joe Finger, and located in the marina area of the district of Puerto Vallarta. It is a marvelous mix of typical tropical ambience of the Pacific coast with views of the Sierra Madre and Banderas Bay. Its spectacular hacienda style clubhouse is located just a few minutes from the most important hotels in Puerto Vallarta.
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The oceanfront, AAA Four Diamond, Dreams Villamagna Nuevo Vallarta treats couples and couples with children to Unlimited-Luxury with spectacular views of the Banderas Bay, the Sierra Madre Mountains, a gorgeous beach and elegant pools. Located only 30 minutes away from the historic colonial town of Puerto Vallarta, whale watching, fantastic golfing, shopping and nightlife are nearby. The all-suite, 10-story luxury towers feature private balconies or terraces, satellite TV, DVD player, complimentary daily restocked mini bar, and 24-hour room service. Six international restaurants and four charming lounges will tempt guests with exquisite gourmet fare and unlimited premium beverages. A large shimmering pool, two Jacuzzis, a fabulous beach, more day and evening activities than can be counted, including an Explorer's Club for Kids, are among many options to entertain. Guests can indulge in the Dreams Spa by Pevonia and fitness center. An Unlimited-Luxury escape to Dreams Villamagna Nuevo Vallarta is lavishly luxurious and forever memorable.


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Home / briefs / 60 National Guard members deployed to Middle East
60 National Guard members deployed to Middle East
By: Associated Press October 9, 2017 0
TULSA – About 60 members of the Oklahoma Army National Guard are being deployed to the Middle East.
Members of the 244th Aviation Regiment are deploying alongside soldiers from the Louisiana Army National Guard in support of the Operation Inherent Resolve joint task force that is fighting ISIS in Syria and Iraq. A guard spokeswoman, Lt. Col. Lindy White, said the deployment will last between nine months and one year.
Friends and family members held a deployment ceremony for the Oklahoma soldiers Saturday in Tulsa. Specialists Jonathan Booth says soldiers will first go to Fort Hood in Texas for pre-mobilization training before they are deployed to the Middle East.
Hundreds of Oklahoma Army National Guard soldiers were deployed to South Texas in August and September to support relief efforts following Hurricane Harvey.
Oklahoma Army National Guard 9:00 pm Mon, October 9, 2017
Tagged with: Oklahoma Army National Guard
Federal 'mega grant' to accelerate highway work in Tulsa


I'm super inspired to curate a few of my favorite photos from my trip to Italy last year. Plus, this will be my "mood board" for my upcoming trip back to Italy this Autumn.
Exploring NOLA through food, shopping and play.


Prosper Marketplace has closed a $165 million funding round led by Credit Suisse Group's Next Investors. The valuation was set at approximately $1.9 billion – a significant increase to previous valuations. Additional investors included JP Morgan Chase & Co's Asset Management unit, SunTrust Banks, USAA, Neuberger Berman Group, BBVA Ventures, Breyer Capital and Passport Capitol. Funding from established banking groups is indicative of the growing relevance of marketplace, or peer to peer lending, to the finance industry – a situation that is frequently described as disrupting the traditional brick and mortar approach to finance that has been the mainstay of communities for many decades.
Vermut also clarified that Prosper may consider acquisitions and has no "imminent plans" to go public. Speculation regarding an IPO has been a hot topic within the industry following the successful public offers from Lending Club and OnDeck Capital. SoFi, another industry participant, has alluded to a forthcoming IPO in 2015.
"We have not made any decisions about a potential IPO but our phone has been ringing off the hook interested in this company".
While the banking industry has struggled with an oppressive regulatory environment and costly legacy operations, marketplace lending has benefited from a lean and agile approach to providing credit to consumers and small businesses. In recent years the introduction of complimentary firms such as Orchard has allowed institutional funding to easily flow to finance many small loans in one fell swoop. Prosper, the nations first peer to peer lending, recently announced passing $3 billion in loans funded but also stated the total addressable market stood at "trillions".
This entry was posted in Featured Headlines, Investment Platforms and Marketplaces and tagged aaron vermut, marketplace, p2p, peer to peer, prosper, ron suber. Bookmark the permalink.


This generation is still in production (AC2 derivates only), although its predecessor (Traxx 2E) already has been introduced. This will continue untill the last Railion 185.2 series is delivered in 2009, and maybe even longer. The first representatives were Bombardier demonstrator 185 561 and SBB Cargo Re484 001, both rolled out in May 2004. The modular properties of the 2nd generation of Traxx locomotives made it possible for Bombardier to integrate a multi-system version. Major innovation, in respect to the first Traxx generation is the introduction of a complete new body design, addressing the new European TSI guidelines on crash safety. Traxx2 comes in two different main configurations; AC2 are bi-tension electrics for Ac voltage systems only, the MS version can run on all generally applied AC and DC voltage systems.


Many of Claymore's wines are named after some of the world's legendary rock songs, albums and artists. To them, the labels are those that resonate beyond their time, across generations and have become something of modern classics; they holds similar aspirations for their wines. To silence any critics who may see the rock icons as a gimmick, Claymore Wines has grown into a serious boutique wine business.
Click here to browse our entire Claymore range!
The great philosopher of our time, Pink, once told the world: "If God is a DJ, life is a dancefloor, love is the rhythm, you are the music." Sure, Faithless sang it first, but Pink also told us to "get this party started" and this Claymore wine is about to do just that.
This is a single vineyard offering. The 2017 juice is a fragrant, zesty little number. Concentrated with purity and poise, it displays those classic Riesling characteristics of lemon and lime, as well as juicy nectarines, resulting in a delicate white that'll get any party started.
Distinct and complex – floral with a hint of kiwi fruit and pawpaw. Notes of oyster shell and a minerality, with a hint of vanilla from slight oak complexity.
This is a wine of great fruit purity – a true expression of Watervale Chardonnay. Delicate acid with a slight nectarine and goat cheese finish are complemented by a beautiful layering of flavour enhanced by slight oak intervention. Persistence of acid on the finish brings a complexity to the wine of slate, mid-palate creaminess and vanilla. Textural, balance, lush and poise are all apt descriptors.
This a Claymore's exciting first release of Chardonnay – they acquired a stunning 45 acre established Watervale vineyard in June 2014 and from this have hand selected a 5 tonne parcel of dry-grown, 1960's Chardonnay to become their first ever Chardonnay.
The grapes were hand harvested at optimal ripeness (with great acid/flavour balance), chilled the picking bins prior to crushing and then fermented the free run and pressings juice separately, at very cool temperature until dry. Some extended lees contact and oak maturation was utilized to add another dimension to an already complex wine.
Light yellow with green hues.
The unrivalled elegance and pristine fruit profile are very indicative of the vintage. Rich and supple fresh lime and white peach are all prominent with secondary aromas of mineral and blossom.
Lemon butter, lime flesh and hints of citrus are all pulled together with natural (no added) acid. This creates a balanced and integrated palate weight. 100% Free run with no added fining gives the wine texture and substance without hindering on the pure and delicate flavours that dictated picking in the vineyard.
This wine can be cellared for 10-15 years.