The spacecraft carrying the Peregrine, a commercially built American lunar lander, may be facing a critical failure after its launch Monday. Derrick Pitts, the chief astronomer at Philadelphia's Franklin Institute, joins CBS News with details on the spacecraft's apparent fuel leak.
Damaged Peregrine moon lander beams back photo, time running out on power
An historic commercial US mission to the Moon will fail after suffering a critical loss of fuel, organizers admitted Tuesday, ending for the time being America's hopes of placing its first spacecraft on the lunar surface since the Apollo era.
Fixed to the top of United Launch Alliance's new Vulcan rocket, Astrobotic's Peregrine Lunar Lander blasted off Monday from Florida's Cape Canaveral Space Force Station, then successfully separated from its launch vehicle.
But a few hours later, Astrobotic began reporting malfunctions, starting with an inability to orient Peregrine's solar panel towards the Sun and keep its battery topped up, owing to a propulsion glitch that also damaged the spacecraft's exterior.
The company said it had "no chance of soft landing" on the Moon.
Peregrine has about 40 hours of fuel remaining and Astrobotic said it planned to operate the spacecraft until it ran out of propellant.
NASA had paid the company more than $100 million to ship scientific hardware to a mid-latitude region of the Moon to answer questions about the surface composition and radiation in the surrounding environment, as it prepares to send astronauts back to Earth's nearest neighbor later this decade.
The United States is turning to the commercial sector to stimulate a broader lunar economy and cut costs, but Astrobotic's failure could increase scrutiny about the strategy.
Astrobotic however said it was continuing to receive valuable data to prepare for its next contracted mission, sending the Griffin lander transporting a NASA rover to the lunar south pole, later this year.
Latest commercial failure
It is the latest private company to have tried and failed to achieve a soft lunar landing.
Israel's Beresheet lander, the first attempt by a non-government entity, was destroyed on impact with the Moon in April 2019, while Japan's private Hakuto mission, operated by iSpace, crashed in April 2023.
For now, the feat has only been accomplished by a handful of national space agencies: the Soviet Union was first, in 1966, followed by the United States, which is still the only country to put people on the Moon.
China has successfully landed three times since 2013, while India was the most recent to achieve the feat on its second attempt, last year.
The next commercial attempt will be by Houston-based Intuitive Machines, which is launching in February, bound for the Moon's south pole.
In addition to its scientific instruments, Peregrine is carrying more colorful cargo on behalf of its own private clients. These include a physical Bitcoin and cremated remains and DNA, including those of Star Trek creator Gene Roddenberry, legendary sci-fi author and scientist Arthur C. Clarke and a dog.
The Navajo Nation, America's largest Indigenous tribe, had objected to sending human remains, calling it a desecration of a sacred space. Though they were granted a last-ditch meeting with White House and NASA officials, but their misgivings failed to change matters.
On January 8 and 9, 2024, the Chang'e-6 lunar mission's spacecraft components arrived at Hainan Meilan International Airport aboard the An-124 and Yun-20 aircraft. They were then transported by road to the Wenchang Space Launch Site. This marks a significant step for the fourth phase of the lunar exploration program, with pre-launch testing preparations underway.
Closely following the
heart-stopping and spectacular launch of the Shenzhou-13 manned
spacecraft on Saturday, China has made another breakthrough in its
aerospace technology, as researchers at the Academy of Aerospace Solid
Propulsion Technology (AASPT) announced on Tuesday they conducted a
successful running test of a domestically developed solid rocket engine,
with a thrust of more than 500 tons, in Xi'an, capital of Northwest
China's Shaanxi Province, setting a world record in the field,
Unfazed, this mass comm graduate overcame all kinds of challenges to make it in business.
SAMANTHA Mah did well on her first business venture but suffered a loss on her second. However, failure did not deter her and her two partners from moving on. They gave it another go until they could see the fruits of their labour.
Mah worked as a company administrator and voice talent for radio commercials before she decided to venture into business.— aNis aBdullah/The star
Mah’s first business received an investment of RM10,000 from her sister, Natasha, 37. She and two investor-partners started an online boutique targeted at young women. After one-and-a-half years, business picked up and was quite good.
Mah, 30, is the youngest in her family. She has two elder sisters and a brother.
Mah, Natasha and a friend Jason Leong, 31, started their trading company on March 8, 2011. Just four months later, it incurred a big loss, prompting them to change the products they were selling – from peanuts and sesame seeds to edible organic products.
A mass communication graduate from Universiti Tunku Abdul Rahman (UTAR) in Selangor, Mah had worked part-time as a company administrator and voice talent for radio commercials before she venturing into business. She is now the marketing manager/managing director of her company.
After starting Wide Tropism Trading, she passed her online boutique business to a friend.
One of the biggest challenges for Mah, at the beginning, was that neither she nor her partners had a corporate background.
“We handled matters based on our experiences. Sometimes we had to ask friends for advice.
“In the first few years, there were lots of arguments,” she said.
Mah is glad that her relationship with Natasha survived those trying times.
As part of the company’s costcutting measures, each of them had to take on more responsibilities in various departments.
“There were too many things on my plate – human resource, accounts, design and marketing – and I was suffocating. But we did not have enough (finances) to hire staff,” said Mah.
After two months, she “exploded” and cried during a meeting.
“I could not take the pressure and workload anymore,” she said.
Eventually, they could afford to hire new staff.
“Only then did things start to fall into place,” she said.
Cheated by a supplier
Initially, they were importing foods such as peanuts and sesame seeds, and distributing them to local suppliers. Unfortunately, they suffered a huge loss in the first year itself due to unscrupulous parties.
Due to limited cash flow, they could only import one container of stock at a time. Each time, they flew over to the exporting country, India, to check on the quality of the stock and witness the peanuts being loaded into the containers. The first two shipments went through successfully.
However, the third shipment, supposedly of Grade A peanuts, was discovered to contain Grade C stock instead, when it arrived.
She said: “No one in the market would accept the stock. We sought help from the local distributor to sell off the peanuts at a lower price but even then, no one wanted them. After trying for two months, we had to sell off the peanuts to a peanut butter factory at below cost. As a result, we ran into losses amounting to RM40,000.”
The supplier denied it was his fault and instead blamed others. They then contacted the High Commission of India, in Kuala Lumpur, for help but to no avail.
“We wondered how we were going to continue business. My father advised us to pick ourselves up, learn from it, and be more careful. Everyone was very supportive and encouraged us to continue. They believed we could do better,” she said.
Mah then sought help from her uncle, an experienced fruit trader and grocer. He advised her to run a business that’s less risky, such as repackaging and distributing organic products.
She and her business partners promptly took his advice.
In July 2011, her company had its first customer, a newly opened supermarket in Petaling Jaya. In two months, Mah’s team had designed the logo and sourced for products and packaging. And so, their label Love Earth was born.
Overcoming obstacles
Every day, Mah and her partners packed their products until midnight, and delivered them, working on weekends to selfpromote their products as well.
Said Mah: “Each time a new supermarket called, we’d celeto brate!”
Gradually, it was time start their expansion plan but they were hampered by limited cash flow.
They knew they had to spend more to create brand awareness. That’s when they started their online webstore.
“None of us had any knowledge about marketing. So I attended marketing and e-commerce talks to learn and see what we could do,” she said.
Mah recalled: “The first three years of business were really tough. My salary was only RM1,000 monthly (to cut costs).”
But their efforts paid off. After five years of sheer hard work, they could buy two units of four-storey shophouses.
The company started with 50 products and now has 180.
Currently, it is distributing these products to over 500 outlets throughout Malaysia.
New priorities
Mah, who got married two years ago, plans to expand her family this year. Her husband, C.V. Loh, 32, distributes bio-degradable plates, lunch boxes and bowls as well as health supplements.
She said: “I hope to have financial freedom, and more time for my family. If possible, I would like to be a part-time businesswoman and full-time housewife one day.”
She plans to raise her children herself and not send them to a nanny. She also hopes to travel more in the future. Presently, she travels at least thrice a year. Seeing other countries and cultures opens up one’s mind, she said.
Although she is a career woman, Mah believes in putting family first.
“Women play a role in bringing up the family. If a child is not well taught, he might be a nuisance to society in the future. But if he has a good upbringing, he can be the sun that shines and brings benefits to all. Also, a woman is the pillar that upholds the family,” she said.
Mah explained that even though she studied mass communication and broadcasting, it was during her internship that she realised that she wanted to go on a different career path than she had originally planned.
After her graduation, she thought of going into volunteer work. But her uncle advised against it. He told her to be successful so that she could help herself and others in future.
Global vision: Tiong hopes his food products and ships will be seen in all corners of the globe.
Sarawak’s tycoon Datuk Tiong Su Kouk learned from a young age that wealth and success comes only from tried and tested hard work.
AT his gala birthday party on Sept 27 in Sibu, Sarawak’s tycoon Datuk Tiong Su Kouk was inundated with loud praises and exclusive gifts from business partners, Chinese associations and relatives from near and afar.
But the well-crafted gift of “Three dollar notes and 40 cent coins” from Tiong’s 2,000 employees in his listed company CCK Consolidated Holdings Bhd was the one which stood out among the glittering jewellery, bright Chinese paintings and flattering messages.
The four rusty copper coins and three one dollar notes bearing Queen Elizabeth II’s portrait, which were legal tender in 1950s British-ruled Sarawak, symbolise the beginning of Tiong’s rags-to-riches story.
The astute businessman is known in Sibu to have built up his huge business empire from a mere $3.40 at the tender age of 14.
Tiong, 73, is one of the top five tycoons in Sibu, which is famous for “nurturing” Malaysia’s top timber businessmen of the Foo Chow clan. The clan’s ancestors braved rough seas to land in Sibu to open up virgin jungles in 1901.
But unlike other tycoons, this Foo Chow who loves to sing the Mandarin song Unity is Strength at gatherings, began his career at a wet market selling fish and prawns.
The National Hawkers Association of Malaysia, which took pride of its own fellow hawker’s success and generous donations, has crowned Tiong “The Father of Hawkers”.
“I came from a family of nine siblings. We struggled with the meagre income from my father’s fish stall. So, when he was offered a manager’s job elsewhere, he told me to take over his stall and passed me $3.40 in a sachet,” says Tiong at Sibu’s CCK headquarters, which houses a large photo gallery of his achievements in the past 50 years.
Humble beginnings: The four rusty copper coins and three one dollar notes bearing Queen Elizabeth II’s portrait, which were legal tender in 1950s British-ruled Sarawak, symbolise the beginning of Tiong’s rags-to-riches story.
“I was a bit bitter then. Why choose me among nine and make me stop schooling at 14? Perhaps it was because I was a fast and hardy rubber tapper (from age eight to 14). But looking back, it was a blessing in disguise. I am the greatest achiever in amassing wealth. I might not be where I am today without making a sacrifice early,” adds Tiong in Mandarin, at a three-hour interview with the Sunday Star..
After netting success in fish trading, Tiong went into the frozen seafood business at the age of 27. His seafood products are still a common sight in the market and supermarket till today..
Ten years ago, he ventured into the poultry industry and prawn farming. His food products have entered other areas in South-East Asia, China, Australia, even Europe and the United States..
Apart from the food business, grouped under CCK listed in Bursa Malaysia, Tiong ventured into boat-building some 40 years ago under the name Nam Cheong. Today, this Singapore-listed company is a leading global marine player and Malaysia’s largest builder of offshore support vessels (OSV)..
Under his privately held S.K. Tiong Group of Companies, Tiong has a hand in housing and commercial property developments worth over RM2bil in the country. This group is also an agent for national car Proton and various brands of beverages in Sibu..
Recollecting his early days, Tiong said he used his “two hands and brains” to do business. He was perhaps the first fishmonger to “customise” service for his customers to suit their needs. This was perhaps why within a short time, the young fishmonger became the biggest seafood trader..
Remembering his roots: Tiong giving donations in Minchiang, Fuzhou, where his ancestors came from, in 1986.
With success came recognition. For the past 20 years, Tiong has been an active community leader, holding top posts in many associations. He headed the Sarawak Chinese Chamber of Commerce and was deputy president of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM). He was also a member of the Government’s special economic consultative council when Tun Dr Mahathir Mohamad was prime minister.
Tiong, known for his business acumen, is seen as a good boss. He showed compassion to his staff who did not have a roof over their head in Sibu, and sold them houses at cost price. His name also appears in many charitable bodies.
Tiong was conferred the Panglima Jasa Negara, with the title “Datuk”, by the King in 2001.
The friendly and unassuming businessman, who describes himself as “happy as an angel”, shares his success recipe and life philosophies. Below are the excerpts:
How did you break away from the wet market?
I worked very hard, 16 hours a day for 12 years in the wet market. So when a foreigner recently asked me which university I graduated from, I said: “Market University.”
In the market, I customised my service. When someone wanted to cook curry fish for a family of four, I would pack the right type of fish for her. When I delivered the fish to her home, it came with curry powder and vegetables.
But as fresh seafood gets stale fast, this trade could only expand to a limit. So I went to Japan to learn the food freezing technology.
I started the first frozen seafood outlet in Sibu at 27. It was tough selling. People said frozen foods were stones, not edible. For three months, there was no business. To win customers over, I gave them (the food) for free. I said: “If edible, come and buy. If not, you can forget me.” After that, there were no more issues with frozen food.
Please talk about your food business and CCK.
My food products are sold in Malaysia, Australia, Hong Kong, Europe and the US, among others, via more than 70 retail outlets. My target is to have at least 100 outlets. I am also importing food products.
In terms of food processing, I have two factories in Indonesia and a chicken meat processing plant. I have a large prawn farm in East Malaysia and we export frozen prawns and related products.
Birthday joy: Tiong with his wife at his birthday celebration in Sibu on Sept 27.
The current slowdown has affected our business slightly, but not much, as food is a necessity. The share price of CCK at around 75 sen/unit is low but as the company is solid, I am not concerned. I don’t buy or sell CCK shares.
(CCK posted a net profit of RM5.75mil and revenue of RM245.53mil in the first half of calendar year 2015. Its net asset per share stood at RM1 as at end-June 2015).
How is Nam Cheong Ltd doing?
Orders for shipbuilding have been hit by the plunge in crude oil price.
Some customers have delayed their buy orders but none have cancelled their orders. During this period, we have to be understanding towards our customers. Due to bad market conditions, we may hold back any expansion plan.
However, I believe 2016 will be a better year for Nam Cheong, as the market is likely to improve in the first half of 2016.
(Nam Cheong posted revenue of RM518.9mil and net profit of RM49.8mil in the first half of this year.)
Please tell us more about your property investments.
I have never encountered any major failure in my property investments in my buy-low sell-high strategy. Currently, I have housing and property development projects in the peninsula and Sabah and Sarawak.
During 1997/98 Asian financial crisis and 2008 slowdown, I picked up cheap deals. When I could make reasonable gains, I let go. Before the
current down cycle struck, I had sold a property project in Iskandar Malaysia. I am holding back on my hotel project in Danga Bay, Johor Baru.
Fruit of his labour: Tiong and his family are all smiles at his home in Sibu.
But my commercial projects in Kuching, Kota Kinabalu, Miri and Johor Baru will go on because there is still demand.
I think property prices have not hit bottom yet. We may see the bottom in one to two years.
I have plans to list my property business. We need to face pressure in order to progress and work efficiently. When we list our entity, the management will be centralised, we will have to be more disciplined, transparent and accountable.
Like in the case of Nam Cheong, we had to comply with rules on corporate governance. I am proud that Nam Cheong won the The Most Transparent Company award (in foreign listing) in 2013.
What is the recipe for your success? Did connections and politics play a part?
I work very hard. I am sincere and trustworthy. Hence, professional bankers trust me and give me financial support. As a businessman, I have also shown that I am sharp, able to make the right decision and act fast.
As a boss, I am lucky to have the strong support of my staff. They treat the company like their family. Every year, they celebrate my birthday. I am very touched by their gesture. I remember during the anti-Chinese riots in Indonesia in 1998, the staff there put up a 24-hour vigil to protect the factory.
I daresay my business has largely depended on our own hard work – not politics, though I have friends who are influential politicians.
For chicken farming, you have to start work at midnight. And in shipbuilding, it is work 24 hours. You have to follow the rules of work, not politics. Businessmen cannot rely on political support too much. It is too risky to do so.
And as a person with little formal education, how do I overcome obstacles? I hire the right people to help me. Some are experts with doctorate degrees. Their advice help turn me into an expert like them. With these people around, I have become a Zhuge Liang (the legendary genius and military strategist who masterminded the rise of Shu Kingdom in the Romance of Three Kingdoms).
What are your greatest achievements in life and business?
In life, my greatest achievement is having my family living harmoniously together. I enjoy reunions with my siblings and friends.
In community service, I am proud that I was the first Foo Chow in the world to become president of the Foo Chow associations at the local, national and world levels simultaneously. I am also proud that I spearheaded the construction of the World Fuzhou Heritage Gallery in Sibu. It is the first such gallery outside China and it houses antiques and exhibits depicting the history of the Foo Chow in Sibu, their early hardship, customs and culture.
In business, I am glad to have two listed companies and see my staff working happily. A few years back, when I moved house and offered to sell my old house to any staff without a house, there was no taker. Everybody has a house. That was one of the happiest moments in my life and also my pride.
Since 1986, I have donated millions to help the financially backward Foo Chows in China. This was the wish of my late father.
Is there any advice you wish to give to young entrepreneurs?
There is no golden advice. Just do it. Build your brand name. Don’t be afraid of failure. As the Chinese saying goes, failure is the mother of success. Once you earn the first pot of gold, the next is easy to come by.
Who will be the successor to your business empire?
Whoever has the most wisdom and best performance will take over the lead role. Although as a Chinese, I am inclined to follow the Chinese custom and tradition of handing over the baton to the eldest son, this may not necessarily be the case. It’s all based on merit.
I have three sons and a daughter. My sons, as well as my son-in-law, are in CCK and Nam Cheong taking up important positions. They will be judged by their performance. But they should know that whoever takes over the leadership, he will have to face the greatest pressure and responsibility while enjoying the most prestige and happiness.
As a successful businessman at 73, what else would you want to do?
I still have to do some work for society. I am doing a lot of charities. About 19 years ago, I set up a RM10mil foundation to help schools, poor students and the under-privileged. I plan to give out more as helping people makes me happy. But business-wise, I still have a vision. I like to look out at the world from my Singapore office. I hope one day my food products and ships will be seen in all corners of the globe.
When he suddenly fathered a reluctant new nation, the iron was forged in him.
LEE Kuan Yew, former prime minister of Singapore, has died at the age of 91.
He was born Harry Lee Kuan Yew on Sept 16, 1923 in Singapore. When he left England after graduating with a law degree from Cambridge University, he also left his English name behind.
In 1954, Lee formed the People’s Action Party (PAP). In 1959, at the age of 35, he won the national elections of Singapore, then still part of the British Empire, and became Prime Minister for the first time. After a brief merger with Malaysia, in 1965 the Republic of Singapore was born. Lee was PM until 1990 when he voluntarily stepped down, at age 67, to make way for a younger man.
It is a cliché, but it has to be said: the passing of Lee Kuan Yew is the passing of an era for Singapore and Singaporeans. A Singapore without LKY will take some adjusting to.
Older citizens will probably remember him with more affection and gratitude. Younger Singaporeans may attend the academic institutions and win scholarships that bear his name, but they will likely feel no particular affection or disdain, but rather, a vague admiration for the legendary leader whom they have been told was the architect of modern Singapore.
“I have been accused of many things in my life, but not even my worst enemy has ever accused me of being afraid to speak my mind,” he once said. Perhaps he will be best remembered through his own words.
In 1980, he said, “Whoever governs Singapore must have that iron in him.” For him, it was in August 1965, when he suddenly fathered a reluctant new nation, that the iron was forged - from the fire in his belly to make Singapore succeed.
From that “moment of anguish”, he would “spend the rest of my life getting Singapore not just to work but to prosper and flourish.” Over the years, he would use that same steel to fight all forms of obstacles and undesirable dogma, prejudices and even personal habits.
He would go on to confront and battle challenges that included corruption, unemployment, poverty, communism, political opposition, smoking and at the end, his own deteriorating health.
His self-belief and devotion to the Singapore cause was intense and absolute: “This is your life and mine. I’ve spent a whole lifetime building this (country) and as long as I’m in charge, nobody is going to knock it down.”
He will be remembered for his ferocious fight against corruption. He believed vehemently, “The moment key leaders are less than incorruptible, less than stern in demanding high standards, from that moment, the structure of administrative integrity will weaken, and eventually crumble. Singapore can survive only if ministers and senior officers are incorruptible and efficient.”
He will be remembered for standing up for meritocracy. A key reason for Singapore’s separation in 1965 was Lee’s belief in multiracial meritocracy. He was utterly convinced that, “If you want Singapore to succeed…you must have a system that enables the best man and the most suitable to go into the job that needs them…”
Every time a Singaporean takes a ride in a bus along a tree-lined avenue, plays with her children in a park near their flat, or enjoys a picnic in Botanic Gardens, she might just think of Lee. He launched Tree Planting Day and “set out to transform Singapore into a tropical garden city.” He was completely certain that, “Greening raised the morale of people and gave them pride in their surroundings.”
Lee’s beliefs and ideas went on to mould not just the development of a small new country with no natural resources to speak of, but also, some would argue, the personal lives of its citizens. Under his leadership, his government implemented policies and ran campaigns to compel and urge Singaporeans to save water, to keep Singapore clean, to have two children, and later, to have three if they could afford it, and to speak Mandarin, among many other exhortations.
In response to critics who accused his government of interfering in the private lives and personal behaviours of the city-state’s inhabitants, he had this to say, “It has made Singapore a more pleasant place to live in. If this is a ‘nanny state’, I am proud to have fostered one.”
He will be remembered for the power of his convictions. “I have never been over concerned or obsessed with opinion polls or popularity polls. I think a leader who is, is a weak leader.” No-one could accuse Lee Kuan Yew of being a weak leader.
Of his own accord, he relinquished the position of Prime Minister in 1990, but stayed on in government as Senior Minister and then Minister Mentor in the governments of both his successors, Goh Chok Tong and his own son, Lee Hsien Loong, the current Prime Minister. He retired from Cabinet in 2011 but remained a Member of Parliament.
For those who remember Lee Kuan Yew in his prime, no matter to which side of the political divide they belong, they will recall a perspicacious politician whose intellect found admirers far beyond the little red dot, a powerful orator whose words conquered crowds and carried generations of Singaporeans with him, and perhaps, most of all, a pragmatic visionary who, against all odds, made the improbable nation a reality.
Lee was known for his admiration, gratitude and devotion to his wife, the late Kwa Geok Choo. He is survived by his two sons, one daughter and seven grandchildren.
By Peggy Kek
Singaporean analyst Peggy Kek is a former director with the Lee Kuan Yew School of Public Policy at the National University of Singapore. The views expressed here are entirely the writer’s own.
Quotable quotes from Lee Kuan Yew
Lee Kuan Yew commenting on death: 'There is an end to everything and I want mine to come as quickly and painlessly as possible, not with me incapacitated, half in coma in bed and with a tube going into my nostrils and down to my stomach.' – AFP pic, March 23, 2015
Here are some notable quotes from Singapore's founding prime minister Lee Kuan Yew, who died Monday at the age of 91.
On Japan defeating Britain to occupy Singapore in 1942:
"The dark ages had descended on us. It was brutal, cruel.
"Looking back, it was the biggest single political education of my life because, for three and a half years, I saw the meaning of power and how power and politics and government went together, and I also understood how people trapped in a power situation responded because they had to live.
"One day the British were there, immovable, complete masters; next day, the Japanese, whom we derided, mocked as short, stunted people with short-sighted squint eyes."
After World War II when the British were trying to reestablish control:
"... the old mechanisms had gone and the old habits of obedience and respect (for the British) had also gone because people had seen them run away (from the Japanese) ... they packed up. We were supposed, the local population was supposed to panic when the bombs fell, but we found they panicked more than we did. So it was no longer the old relationship."
As a law student in Britain:
"Here in Singapore, you didn't come across the white man so much. He was in a superior position.
"But there you are (in Britain) in a superior position meeting white men and white women in an inferior position, socially, I mean. They have to serve you and so on in the shops. I saw no reason why they should be governing me; they're not superior. I decided when I got back, I was going to put an end to this."
On opinion polls:
"I have never been overconcerned or obsessed with opinion polls or popularity polls. A leader who is, is a weak leader. If you are concerned with whether your rating will go up or down, then you are not a leader. You are just catching the wind ... you will go where the wind is blowing. That's not what I am in this for."
On his iron-fisted governing style:
"Anybody who decides to take me on needs to put on knuckle-dusters. If you think you can hurt me more than I can hurt you, try."
On his political opponents:
"If you are a troublemaker... it's our job to politically destroy you... Everybody knows that in my bag I have a hatchet, and a very sharp one. You take me on, I take my hatchet, we meet in the cul-de-sac."
On democracy:
"You take a poll of any people. What is it they want? The right to write an editorial as you like? They want homes, medicine, jobs, schools."
On justice:
"We have to lock up people, without trial, whether they are communists, whether they are language chauvinists, whether they are religious extremists. If you don't do that, the country would be in ruins."
On his policy of matching male and female university graduates to produce smart babies:
"If you don't include your women graduates in your breeding pool and leave them on the shelf, you would end up a more stupid society... So what happens? There will be less bright people to support dumb people in the next generation. That's a problem."
On criticism over the high pay of cabinet ministers and senior civil servants:
"The cure for all this talk is a good dose of incompetent government. You get that alternative and you'll never put Singapore together again: Humpty Dumpty cannot be put together again... and your asset values will be in peril, your security will be at risk and our women will become maids in other people's countries, foreign workers."
On religion:
"I wouldn't call myself an atheist. I neither deny nor accept that there is a God. So I do not laugh at people who believe in God. But I do not necessarily believe in God – nor deny that there could be one."
On his wife of 63 years, Kwa Geok Choo, who died in October 2010:
"Without her, I would be a different man, with a different life... I should find solace in her 89 years of a life well-lived. But at this moment of the final parting, my heart is heavy with sorrow and grief."
On death:
"There is an end to everything and I want mine to come as quickly and painlessly as possible, not with me incapacitated, half in coma in bed and with a tube going into my nostrils and down to my stomach."
On rising up from his grave if something goes wrong in Singapore:
"Even from my sickbed, even if you are going to lower me to the grave and I feel that something is going wrong, I will get up."
It is not prudent to fund children’s education with your retirement fund
EDUCATION is the social game changer. In poor countries, it alleviates poverty. In developing nations like Malaysia, a more educated population can catapult us to developed status.
Scores of parents are striving hard to send their children to international schools to gain the holistic education, have better choices of tertiary institutions and have access to better paying jobs.
Borrowing future funds
Sending children to international schools is deemed the ticket out of mediocrity in Malaysia and to have a fighting chance in the global job market. But to what end?
Whether it is using EPF savings or selling off property to fund children’s private or international school education, this can be costly to many middle-class parents. While it may be acceptable to borrow funds to ensure our children get better secondary or tertiary education as they can always pay off the loans when they become employed, it is harder to replace “lost” retirement funds.
Therefore, it is not a prudent move to use funds meant for retirement as the fund is most needed when the “parents” are not at income-generating age any more.
Prioritising funds
With today’s Gen X-ers who are becoming parents at later age, we not only have to nurture our children but also care for our ageing parents whilst saving for our retirement. Prioritising investments is key.
1. Be realistic. Parents want the best for our children. If education savings are started early to take advantage of compounding effect, that’s great. If funds only permit an overseas tertiary education, then find the best local education option as our children can still experience holistic learning during university years abroad.
2. Gen Y-er parent, start investing now into a diversified portfolio. It is already too late if you have not started, as the cost of education will only increase.
3. Education is not just about getting the paper qualification. It is about learning. Parents can show kids new ways to learn without busting purses. Take advantage of free online courses like TedTalk or Khan Academy and “experiences” offered by museums, art galleries, nature trips and even playtime in the park.
By CHEONG WAI KUAN, VICE-PRESIDENT OF SUCCESS CINCEPTS LIFE PARTNERS
The writer can be contacted at info@successconcepts.biz / http://www.successconcepts.biz/ The Star/Asia News Network
Once a cleaner at a grocery store, Koum's fortune changed the day he got the idea of an app that would allow people to send text messages via the Internet instead of sending SMS.
WhatsApp users worldwide received surprising news when Jan Koum, the founder of WhatsApp announced that Facebook was buying over WhatsApp for USD19 billion in cash and stock. It is by far the biggest acquisition made by the social networking giant to date. Prior to this, Facebook closed a deal with Instagram for USD1 billion in 2012.
WhatsApp Messenger is a successful cross-platform mobile messaging app that allows users to exchange messages without having to pay SMS bills. All it needs is an internet data plan. In addition to basic messaging WhatsApp users can also create groups, send each other unlimited images, video and audio media messages. WhatsApp currently has 600 million users worldwide.
Jan Koum, now a billionaire from the deal made with Facebook, was born in a small town outside Kiev, Ukraine. He was the only child of a housewife and construction manager and the family led an austere life. At the age of 16, he moved to Mountain View, California with his mother and grandmother. His father stayed behind with plans to follow on later.
To make ends meet every month, Koum worked as a cleaner at a grocery store and his mum worked as a babysitter. He even had to line up to collect food stamps during those tough times. His mother was diagnosed with cancer in 1997 and they lived off her disability allowance. It was in the same year that Koum’s father became ill and passed away. His mother too eventually succumbed to cancer and passed away in year 2000.
At the age of 18, Koum developed an interest toward computers. He taught himself computer programming by purchasing manuals from a used-book store and returning them after he was done. He then enrolled in San Jose State University and moonlighted for Ernst & Young as a security tester. After that he worked for search engine company, Yahoo! Inc.
Koum’s work involves inspecting Yahoo!’s advertising system, which led him to cross paths with Brian Acton (later co-founder of WhatsApp).
Over the next nine years, Koum and Acton were pulled in to help launch Yahoo!’s advertising platform. Koum recalled Acton’s words, “Dealing with ads is depressing. You don’t make anyone’s life better by making advertisements work better,” Koum was not happy with the situation as well.
In September 2007, Koum and Acton decided to resign from Yahoo!. After taking a one year break, Koum and Acton started looking for jobs. Both applied and got rejected by Facebook Inc. It was two years later in 2009 that Koum bought an iPhone and realised that the App Store would unlock future potentials. Koum had the idea of an app that would allow people to send text messages via the internet instead of sending SMSes. He named it WhatsApp that sounds like “What’s Up”.
It became an instant hit among iPhone users after the app was uploaded to the App Store. Koum insisted not to sell ads on the app after his bad experience dealing with ads at Yahoo! for years. WhatsApp was growing big worldwide and the founders decided to charge an annual rate of USD1 to its users. They were surprised to know that users are willing to pay to use the app.
WhatsApp gradually brought in USD5000 in revenue every month by 2010. Acton helped out Koum by investing USD250,000 in WhatsApp. As a result Acton was named co-founder of WhatsApp. By early 2011, the number of users are growing at an immense rate, and it is adding an additional million users everyday.
WhatsApp became one of the top 20 of all apps in the U.S App Store. Two years later, Sequoia invested another USD50 million. This resulted in WhatsApp being valued at USD1.5 billion.
In 2012, Koum received an email from Facebook founder Mark Zuckerberg. Zuckerberg was very interested at what Koum built and hinted to Koum at his interest in combining their two firms.
After two years, Koum and Acton signed and sealed the deal with Zuckerberg on the door of the welfare office where Koum used to collect food stamps.
Facebook bought WhatsApp for $19 billion in cash and stock in February 2014. Its by far the most lucrative engagement in tech history.
This deal seals Koum as tech’s new billionaire, pocketing USD6.8 billion after taxes. The agreement also appoints Koum as Facebook’s new board member - a rags-to-riches story that should inspire all nerds out there.
Source: JobStreet.com, the No.1 job site in Malaysia, thesundaily.com
If
Facebook's move to buy the startup in a cash-and-stock deal valued as
high as US$19 billion (S$24 billion) is any indication, the
California-based WhatsApp may have hit the mark. The firm founded by
former Yahoo ..
ENTREPRENEURS are naturally protective of their ideas. Understandably, they keep their ideas to themselves to avoid having them stolen.
Don't keep it to yourself Tell your idea to as many people as possible and seek their opinions. Talk with people you trust and whose opinion you value.
While it is important to protect proprietary information from being copied, entrepreneurs can also gain valuable insight and perspective from feedback before investing heavily in a product that only looks good conceptually.
A startup’s journey is very much akin to running a series of experiments before it finds a path to sustainable growth. A product or an idea should be subjected to validation before it can be tweaked and scaled up to form a viable company.
And what better way to get some form of early validation than to share your ideas with like-minded people for constructive input.
While entrepreneurs are more willing to share and discuss their ideas these days, this culture of sharing is still new in the local scene.
Seasoned entrepreneurs have found bouncing ideas off other people to be more helpful than harmful. Apart from getting feedback on their ideas, they note that more often than not, sharing connects them with other people who can help fill the gaps and turn ideas into reality.
Additionally, sharing ideas and resources could also help accelerate innovation in a field.
For example, American electric car manufacturer Tesla Motors recently announced that it will be making its patents available to other companies that want to use them.
Tesla chief executive officer Elon Musk explained that the move would help advance electric vehicle technology.
Elon
Musk, CEO of Tesla, unveils the dual engine chassis of the new Tesla 'D'
model at the Hawthorne Airport October 09, 2014 in Hawthorne,
California.
“Our true competition is not the small trickle of non-Tesla electric cars being produced, but rather the enormous flood of gasoline cars pouring out of the world’s factories every day,” Musk had said.
By allowing the use of its patents, industry observers note that Tesla will be clearing the way for more collaboration with other electric car makers to develop new technologies and would enable the company to take a leadership role in developing standards for the industry and its value chain.
Entrepreneurs are increasingly being encouraged to share and collaborate to innovate and build better products.
And a beauty about being in the present time is that there are more ways than ever to tap into a support network that can provide startups with a platform to share and build on ideas and resources.
Some of these platforms include spaces such as incubators, accelerators and co-working spaces. Apart from being just a shared working station, incubators, accelerators and co-working spaces have evolved into collaborative work spaces that provide entrepreneurs with the opportunity to meet and collaborate on ideas with a host of other people to innovate better solutions.
Additionally, there are various forums as well as startup events and programmes that provide a conducive environment for entrepreneurs to network, share ideas and work together. There are also a number of agencies that are targeted at guiding entrepreneurs with developing their ideas.
Most entrepreneurs still worry about letting on too much on their ideas. But if they can overcome that fear, entrepreneurs stand to gain much from collaborating with one another.
Take advantage of the entrepreneurial community brought together by such platforms to innovate and rather than develop your ideas in silos.
■ This is the final article in a 10-part tie-up between Metrobiz and the Malaysian Global Innovation & Creative Centre (MaGIC) to explore startup ecosystems.
