Tuesday, October 07, 2008

TLC Price Hikes!

This is stupid.

On the back of record profits, all the Temasek-linked companies (who probably got the nod from "up there") are taking turn to raise prices. You wonder if the CEOs were all gathered and given one by one approvals on who can raise prices, the order they can go in and the time to make announcements.

So first we had SPH, then SingPower, then Singtel... what next?

Of course, the reason given is always the increased cost of raw materials, and to maximise shareholder value.

But our market is quite unique.

A lot of these companies are "nationalised" - linked to a government funded company. As such, shouldn't they be made to help check inflation, rather than increase the effects?

Minister says Singapore is likely to face a recession. Salaries are being cut. And the TLCs raise prices. Irony, no?


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