Latest Posts By pharoah88
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| 05-Aug-2011 14:15 |
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2nd UPDATE: Japan Launches Intervention to Push Down YenBOJ Steps Awaited-- Japan intervenes in foreign exchange market to push down yen -- Finance minister says action was needed to stop " one-sided" moves in market -- Dealers estimate amount at Y500 billion -- Dollar rises to above Y79.00 -- BOJ to cut short policy board meeting further easing measures expected (Adds finance minister's quotes, analysts' reaction, updated foreign exchange levels in the 2nd-6th, 13th-14th paragraphs.) By Takashi Mochizuki, Takashi Nakamichi and Andrew Monahan Of DOW JONES NEWSWIRES TOKYO (Dow Jones)--Japan's government Thursday launched a foreign exchange intervention campaign to push down the yen, sending the currency lower but leaving traders uncertain about the longer-term impact. The government plunged into the market at 0100 GMT via the Bank of Japan, causing the yen to spike lower against other key currencies. The dollar quickly jumping to Y78.20 from Y77.13 and the euro rose to Y111.80 from Y110.72. To underscore its conviction, the government continued selling yen through the morning, pushing the dollar to Y79.15. At 0407 GMT the dollar was at Y78.95. Finance Minister Yoshihiko Noda said at a hastily called news conference the measure was meant to stop speculative, excessive yen moves. " If this movement continued, it would have adverse effects on the stability of Japan's economy and financial conditions at a time when Japan is making various efforts to recover from the (March 11) disaster," Noda said. Some market watchers predicted a long campaign. " What we've seen is a skirmish, in what could become a war of attrition," said Robert Rennie, chief currency strategist at Westpac Banking Corp. in Sydney. Despite recent talk of global cooperation, Noda said Japan acted alone. Dealers said the buying appeared to total around Y500 billion in the morning session. Soon after Noda spoke, the Bank of Japan announced it was cutting short its two-day policy board meeting scheduled to conclude Friday, and would make an announcement later in the day. The BOJ is expected to announce additional easing measures [JQE] , including an increase in its Y10 trillion asset purchase program. Some think the central bank could add another Y5 trillion or Y10 trillion to the fund, which buys a wide range of assets in the open market. The yen's recent strength has clouded the outlook for Japan's export-driven economy as it recovers from the March 11 earthquake and tsunami, drawing increasing complaints from big Japanese exporters. But many traders questioned whether the intervention will turn the tide and push the dollar comfortably back above Y80, the level widely seen as the pain threshold for manufacturers. " As long as concerns for downside risks in the U.S. economy and expectations for further Fed easing measures persist, it is hard to expect the dollar/yen pair to return to high enough levels to alleviate the negative pressure on exporters' earnings," said Junko Nishioka, chief economist at the Royal Bank of Scotland, in a report. Japan last intervened just over four months ago after the dollar dropped to a post-World War II low of Y76.25 on March 17. The March 11 disaster put upward pressure on the yen by leading to speculation Japanese firms operating overseas would repatriate funds to meet reconstruction and other costs. In March, the finance ministry sold Y692.5 billion, following a rare declaration of joint intervention by the Group of Seven economic powers. The dollar rose as high as Y85.53 in early April, but has ceded ground since as concerns mounted over the U.S. economy and debt. Despite Japan's own woes and massive indebtedness, the yen has emerged as a safe haven for investors increasingly worried about the U.S. -By Takashi Mochizuki, Takashi Nakamichi, Andrew Monahan Dow Jones Newswires +81-3-6269-2782 takashi.mochizuki@dowjones.com -Leslie Shaffer and Martin Vaughan contributed to this story |
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| 05-Aug-2011 14:03 |
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S’poreans give S$34m for Japan WAY NE CHAN SINGAPORE The Singapore Red Cross (SRC), which has been appointed by the Ministry of Foreign Affairs as the lead agency to coordinate the Republic’s relief efforts to Japan, has so far received about S$34.5 million in donations from the public, including S$500,000 from the Singapore Government. The SRC said this is the second largest amount it had collected for relief efforts and the largest for a single country. The largest amount it has collected for disaster relief was S$84 million for the victims of the Asian tsunami in 2004. — A multi-purpose hallcum-evacuation centre. A temporary hospital. These are among recovery projects worth about S$34.4 million that will be launched by Singapore to help survivors of the earthquake and tsunami disasters in Japan’s Tohoku region. |
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| 05-Aug-2011 13:58 |
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To rein in white horses ... David Boey Meng-Whye When a general leading the Army has the same surname, and Boey is not very common, you can guess my full-time National Service (NS) was dotted with questions about my family background.
David Boey was formerly The Straits Times defence correspondent. The full version of this article is at http://kementah.blogspot.com. Moreover, my father’s name has a “Tak”, like the then Deputy Chief of General Staff (Army). If I got a dollar every time I was asked if Brigadier-General Boey Tak Hap was a relative, I’d have left NS with a chunk of change. The chatter now is about presidential hopeful Tony Tan and his son’s NS stint, rekindling the issue of white horses in the Singapore Armed Forces (SAF), always explosive in a city-state where NS is compulsory and the experience not always positive. White horse debates damage the NS system and commitment to defence when netizens allege abuses of power involving a son of some — invariably anonymous — rich man, minister, MP. In most cases, these Internet discussants choose to also remain nameless. There is no way for officialdom to verify or debunk hearsay. Allegations are left hanging, urban myths are born. For sure, our NS system is not fault-free. From personal experience, the reality of group dynamics in the Ministry of Defence/SAF is that people want to know who sits on the upper branches of one’s family tree, so they can polish the right apples. We should never desensitise ourselves to such theatrics nor condone it. Yet, a family of heartlanders have done very well in the SAF today. It speaks of their ability that three boys who grew up in a HDB flat rose to the top of their respective services — command appointments even the Lee brothers did not attain. This is no fluke. A Singaporean child has better prospects at raising his/her status provided he/she has the commitment and ability to chase his/her dream. Many from humble backgrounds have done so. So while Internet chatter on white horses are sobering to read, the real-world situation is hardly dire. Everyone is entitled to complain about life’s woes. If venting helps create a better society by rooting out individuals who push their way around or buy favours — odds are they do exist — then fire away. But what we see mostly are anonymous allegations that achieve nothing but chip away at fault lines in society and cause collateral damage to a system which, despite shortcomings, has kept Singapore safe. MINDEF/SAF will face the white horse issue time and again, and no PR trick can hedge against people who rail against the system. Let every cynical comment be a reminder that NSFs must never be taken for granted. The best defence is a transparent system which can explain to, if not convince, heartlanders that NS is fair and equitable to all, regardless of family background. |
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| 05-Aug-2011 13:36 |
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HWZ's Overall Rating: 9.0
User's Rating: N/A
IntroductionA Backlit DuckyThe IBM Model M and the Apple Extender Keyboard II are widely accepted to be the best keyboards ever made for the PC and Mac respectively. Introduced in the mid 1980s, many of them are still working perfectly today. Top-notch construction aside, other factors these mechanical keyboards have going for them are the tactile feel, and the unmistakable (to some, downright irritating) 'clicky' sound. Both are results of the use of mechanical key switches. In layman’s parlance, each key has its own independent mechanism to detect when a key is pressed. Unfortunately, to reduce costs, most keyboards sold these days use rubber domes under their keys. So prevalent are these mushy keyboards that most people have never even heard of mechanical keyboards, much less experience them. Thankfully, the mechanical keyboard hasn’t gone the way of the dodo there’s still a strong following, and of late, a resurgence among typists and gamers alike.
The Ducky DK-9008 Shine is a backlit mechanical keyboard that sports a 104+4-key US ASCII layout.
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| 05-Aug-2011 11:15 |
Genting Sing
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GenSp starts to move up again
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| 05-Aug-2011 10:43 |
Genting Sing
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GenSp starts to move up again
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| 05-Aug-2011 10:36 |
Tiger Airways Rg
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TigerAir
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tOO bAd tO bE fAlsE
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| 05-Aug-2011 10:34 |
Tiger Airways Rg
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TigerAir
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tIger aIr bOrn lOser sInce incOrpOratIOn befOre listing becAUse Of eXUberAnt mAnAgement ? ? ? ? cAn a bOrn lOser be rE-bIrthEd vIA A listing IntO A wInnEr ? ? ? ? wIth sAmE mAnAgEmEnt ? ? ? ? |
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| 05-Aug-2011 10:29 |
Tiger Airways Rg
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TigerAir
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- Tiger Airway posted a 1Q11 net loss of S$20.6m, attributable to fuel costs, higher tax expense [this must be the reAsOn for listing Tiger Air ? ? ? ?] and flight disruptions. It added that it remains committed to Australia where it is still facing the prospects of several more weeks of suspension by the Australian aviation regulators. WHY dOn't NTUC FAIRPRICE be listed ? ? ? ? WHY nOt SINGAPORE POOLS be listed ? ? ? ? |
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| 05-Aug-2011 10:22 |
SMRT
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SMRT
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- SMRT said that it will add 119 train trips on the North-South and East-West lines to shorten waiting times during non-peak hours on weekdays and Sundays. Is this the CONFESSION ? ? ? ? Ministry of Transport ? ? ? ? Land Transport Authority ? ? ? ? SMRT ? ? ? ? shOrt-chAnged the cOmmUters ? ? ? ? Over the lAst dEcAdE ? ? ? ? |
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| 05-Aug-2011 10:17 |
Hyflux
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Hyflux
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Hyflux: Buy but with lower S$2.26 fair value Summary: Hyflux Ltd reported 2Q11 revenue falling 20.9% YoY to S$111.1m, though up 28.0% QoQ.
Net profit tumbled 46.7% YoY to S$14.5m although it was up 96.8% from its seasonally weaker 1Q11. 1H11 revenue fell 18% to S$197.9m, and only met 30.6% of our FY11 forecast.
Net profit, which fell 35% to S$21.9m, made up just 23.4% of our full-year estimate. Hyflux has proposed to pay out an interim dividend of S$0.0067/share, unchanged from 1H10.
To reflect the muted 1H11 showing and expected delay following the fire at its Magtaa desalination project, we see the need to pare our FY11 revenue estimate by 8.0% and earnings by 15% (FY12F by 8.1% and 14.4% as well).
This in turn lowers our fair value from S$2.41 to S$2.26. But as we remain positive on the waste-water sector, and believe that Hyflux offers the best proxy to ride on sector, we maintain our BUY rating. (Carey Wong)
Water Management is lOw tEch bUsIness
whIch bIg cOrps are UNinterested
becAUse Of dIre mArgIn ? ? ? ?
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| 05-Aug-2011 10:06 |
Genting Sing
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GenSp starts to move up again
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WTI crude oil futures for Sep delivery fell 5.8% to settle at $86.63/barrel for its lowest settlement level since 18 Feb. All gains for crude oil this year were wiped out as commodities experienced board sell-offs. Traders are now fearful that unless the economy shows some strong signs of getting better, there might be nothing to turn oil prices around. Brent crude futures for Sep delivery also fell 5.5% to US$107.25/barrel. Even gold prices were not immune to the drop last night as Gold futures for Dec delivery shed 0.4%, to $1,659/ounce. Similarly, Silver for Sep delivery fell 5.6% to US$39.43/ounce for its biggest drop since May this year. The investor “complacency” or “fear” index, VIX, spiked an incredible 35.42% to 31.66.
* refers to NASDAQ composite which consists of all stocks in NASDAQ. Futures value only for NASDAQ 100.
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| 05-Aug-2011 10:04 |
Genting Sing
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GenSp starts to move up again
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US government created innovative dOwns & UPs tO mAke A dIfference [MAD] in bIllIOns ? ? ? ?
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| 05-Aug-2011 10:01 |
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GenSp starts to move up again
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US equities were hammered yesterday as investors appear to have finally given up on any chance for an improvement in prospects for a US and global economic recovery. The markets corrected severely with the Dow experiencing its steepest percentage drop since Feb 2009. All 30 components finished in negative territory with natural resources and energy companies the hardest hit. Alcoa was the Dow’s worst performer with a loss of 9.3%, which was followed by Bank of America at 7.4% and Caterpillar at 7.0%. Similarly, the S& P 500 had its worst percentage loss since Feb 2009 and all its ten sectors registered losses. The energy and materials sectors were the worst performers with losses of 6.8% and 6.6% respectively. Rounding off the major US indices, the NASDAQ Composite had its worst percentage loss since Jan 2009 as it fell 5.1%. Decliners outnumbered advancers almost 20 to one on the NYSE where 1.8b shares exchanged hands. 90% of US citizens are STILL FULLY EMPLOYED. Profitable US ENTITIES are STILL PROFITING. |
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| 04-Aug-2011 15:37 |
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This article first appeared in HWM Jul 2011. Perfect, Easy and Somewhat Incomplete.
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| 04-Aug-2011 15:22 |
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What is in a wOrd? Letter from Daniel Chan Wai Piew I REFER to the incident where Nanyang Technological University graduate Trinetta Chong spurted an expletive on an otherwise grand occasion. An NTU spokesman later said it was “an isolated incident”. It may be so for NTU, but I bet it was not the first time Ms Chong used such an expletive. Looking at the student population as a whole, this is an alarming, real issue and a wake-up call for our educators. Years ago, expletives, mostly in dialect, were hurled as abusive remarks or muttered casually, probably without the user knowing the meaning. In any case, they were used by uncouth or uneducated people in search of better words to express themselves. Today, we find students of all ages using expletives shamelessly — in all languages and in all places, including trains, buses, shopping malls and, yes, schools and universities. What is in a word? Nothing, as it simply highlights the speaker’s emotion. Plenty, as it conjures images and actions and reflects the upbringing of the speaker. Indeed, how many graduates get the opportunity to go on stage to be a valedictorian? We have situational writing in school. It is time we teach situational talking, too. |
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| 04-Aug-2011 15:13 |
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After a fare hike, an inclusive society? Letter from Adrian Tan THERE has been much debate on whether there should be a public transport fare hike. Whatever the reason behind the proposed hike and the benefits it may bring, I wonder how long it will take and how much we have to pay for a transport system that supports Singapore to become an inclusive society. Being a wheelchair-bound person, taking trains and buses is an infrequent activity for me, as they are always crowded. Recently, I tried to board the train at Jurong East Interchange at about 5pm. I had to wait for three trains and try hard to squeeze into a carriage. I need not elaborate as commuters know how challenging it is to board trains at such hours. The taxi seems to be the only mode of transport for people with physical disabilities, especially during peak hours. However, the cost is high. The National Council of Social Service has subsidy schemes but these only support trips to work or school. That is, people with disabilities have to bear the full cost of travelling for events such as social gatherings. How often can a person afford to travel when the transport cost is almost S$50 each day? This is a deterrent in leading a normal life. We should understand that people with physical disabilities are not robots. They should be travelling not just for work. According to Maslow’s hierarchy of needs, social need is one of the basic needs of every human. This is recognised in countries such as Australia, which explains why its subsidy scheme includes travelling for non-work related purposes. I understand that Singapore aims to be an inclusive society. However, this will never be attained if the Government lacks the necessary policy to support the goal. I hope the relevant agency will look into this and bring us closer to becoming an inclusive society. whOle wOrld knOws that AUSTRALIA is a cArIng sOcIety. wIth All these fEEdbAck ? ? ? ? whO is tAkIng them serIOUsly ? ? ? ? whO is ActIng On them mOrAlly ? ? ? ? |
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| 04-Aug-2011 15:06 |
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Patriotism: It’s more than a flag
Letter from Danny G Tan I REFER to the letter “Let’s fly the Singapore flag” (Aug 3), in which the writer appears to link a Singaporean’s patriotism with whether or not he displays the National Flag at home.
Patriotism is a complex issue linking the display of a flag to one’s patriotism is simplistic, to say the least.
I am a true-blue, born-and-bred Singaporean who is proud to live and work here.
However, I choose not to display our flag for personal reasons too complicated to share.
But rest assured that my family, like many others who do not display our flag, still has the interests of our nation at heart as
we celebrate our 46th year of independence.
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| 04-Aug-2011 14:57 |
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Changi Airport enhances airfield security with fibre-optic sensors SINGAPORE More cameras will also be installed at airport boundaries, which will be integrated with the new multi-million-dollar defence system called AgilFence, made by Singapore Technologies (ST) Electronics. Said Changi Airport Group’s executive vice-president (airport management) Foo Sek Min: “No system is full-proof and perfect.” #### 2011 is the year every IncUmbent clAims everythIng and every perfOrmAnce cAnnOt be prOmIsed ? ? ?? #### Then, they All shOuld step dOwn and let the cApAble tAke Over ? ? ? ? #### All eXcUsers mUst be sAcked ? ? ? ? #### eXcUsers dO nOt deserve hIgh sAlAries ? ? ? ? “And as we review our existing perimeter protection, the introduction of this perimeter intrusion detection system will help us to have a better and faster response if there are any signs of intrusion.” The pressure-sensitive sensors are protected by an armoured casing to prevent tampering and for easy maintenance. ST Electronics said the system is expected to last a decade, adding that it is immune to electromagnetic and radio frequency interferences, making it effective for deployment in an airfield. The system is expected to be fully operational by end-2012.
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| 04-Aug-2011 14:49 |
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QE 3 to save Backside from Burning!!!
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Drunken Ben Bernanke Tells Everyone At Neighborhood Bar How Screwed U.S. Economy Really Is The intoxicated Federal Reserve chairman informs bar patrons of the dangers of reckless spending.
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