Rafe Fletcher

The Binance hacker?

Indonesia may have leverage in its physical resources. But even in jest @calvinelcheng shows Singapore has levers in digital infrastructure.

Healey is spaffing another £2 billion on subsidies that will be totally inconsequential to some and totally insubstantial to others. e.g. The average house price in Islington is £680k. 2 in 3 are in bands A-D. Singapore's U-Save scheme gives rebates on utility bills. But it's graded by home size & excludes private properties and 2nd home owners. Why can't Britain means test these kind of measures similarly? It could save money while paying meaningful sums to those actually in need.

Mbappe's Mao gag jeopardises La Liga in China - which, together with America, funds most of its €748m in international TV rights. But it's the league's other clubs that will suffer more for a Real Madrid player's actions. Why? In 2021, La Liga's clubs took almost €2bn from CVC in exchange for 8.2% of the league’s broadcasting and sponsorship income for the next 50 years. Madrid, Barcelona and Athletic Club opted out. That money went through a separate vehicle, LaLiga Impulso, and clubs that opted in got cash now in return for a share of their future media income. Clubs that opted out got no money and gave up nothing. La Liga still sells TV rights centrally for every club, but only the participating clubs’ shares are reduced to pay CVC. Madrid’s share isn’t. So Madrid still suffers if China pulls the plug on La Liga. The pot gets smaller. But it's the clubs that already gave up part of their share of that pot that are least able to absorb a smaller one. Football's superstars are club's biggest assets but can also be their biggest liabilities. And that liability spreads across the league.

Pressure on firms behind the haze is growing - in Indonesia and Singapore. Thousands on the street in Jakarta. While Singapore summons 10 companies & MAS launches new probes. Public & institutional cross-border anger is likely to result in some hefty penalties.

This is why sponsors pouring into padel will be left short-changed. There's no friction. The fact it's easy for anyone to pick up is its undoing. Golf & tennis are social but it takes time & effort to get good. That's what impresses people and makes it a networking asset.

Britain’s VAT take is 16% lower than the OECD average. Abolishing zero-rated VAT is the lesser evil in a state that can’t cut and borrowed £65 billion to meet day-to-day spending in the last 6 months. Singapore shows a way to make that palatable.

Merz might ask how ask how Singapore spends a higher percentage on defence than Germany - which is just 250 miles from the Russian threat.

Imagine if HMRC sent thank you letters instead. Going out to a top percentile who are disproportionately responsible for its tax receipts and recognising their contributions. A bit like Osborne's Annual Tax Summary but with a small expression of gratitude. Instead of treating them as the first port of call in any new shakedown.

One cost that won't go up in Healey's budget is ministerial pay - frozen since 2008. Singapore's increased by 9% as part of benchmarking public-service salaries against the country's top 1,000 earners. PM Lawrence Wong earns about 8x more than Andy Burnham. Paying politicians more isn't a vote-winner. But Britain offers the worst of both worlds. Incompetent but loyal MPs rise to cabinet and get paid more than they would command in the private sector. Capable ones get less and decide to sack it off. Either pay well and demand high performance. Or pay less and make it all about sacrifice in the name of public service.

Peter Lim was reportedly quoting €350–400m for @valenciacf in 2024. Just 3 years later, seems his family is getting a similar sum for under half the asset & maintaining control - with the club now valued at €1.25bn. US investors are transforming valuations.

95% of Singapore's electricity comes from imported natural gas. Indonesia's cuts only affects 2% of this supply but it ups the case for a nuclear future to de-risk in the face of resource nationalism.