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Singapore's founding father announces retirement

Singapore's founding prime minister Lee Kuan Yew announced Saturday he is retiring from the cabinet, saying he wants to give the younger of generation a chance to lead. The surprise statement came a week after the opposition scored a major breakthrough in elections which brought to light deep resentment against the People's Action Party (PAP) which has ruled the country for more than 50 years. Goh Chok Tong, Singapore's second premier, is also to retire, the joint statement from both men said.