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| 10-Aug-2010 15:46 |
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~~~~ CORPORATE GOVERNANCE ~~~~
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Pay more attention to other RISKS: Expert — While most governments have focused on beefing up financial regulations following the recent global crisis, an insurance expert said more attention should be given to other issues such as climate change and old-age security. SINGAPORE “Beyond the specific problems of this crisis, we have to deal with major risks that could destabilise our economic systems — currently very little time is allocated for them,” said Mr Patrick Liedtke, secretary-general and managing director of The Geneva Association, a Swiss-based insurance organisation. Mr Liedtke, who was here for the World Risk and Insurance Economic Congress, said Asia’s ageing population and rapid growth meant that government leaders in the region should be vigilant in managing SYSTEMIC RISKS — particularly given Asia’s growing linkages with other nations and the rise in its financial services activities. Discussions from this year’s congress revolved around, among other things, insurance regulations, lessons from the credit crisis, old-age security and climate change. Weather-related RISKS, in particular, have increased the potential for LOSSES and have pushed insurers to re-examine how they address needs arising from these, according to a report by Mr Liedtke’s organisation. “We need to be careful in the way we structure future regulations in financial services because not everything is the same,” Mr Liedtke said, pointing out the need to make DISTINCTIONS between insurance and banking activities. |
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| 10-Aug-2010 15:44 |
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Pay more attention to other RISKS: Expert SINGAPORE “Beyond the specific problems of this crisis, we have to deal with major risks that could destabilise our economic systems — currently very little time is allocated for them,” said Mr Patrick Liedtke, secretary-general and managing director of The Geneva Association, a Swiss-based insurance organisation. Mr Liedtke, who was here for the World Risk and Insurance Economic Congress, said Asia’s ageing population and rapid growth meant that government leaders in the region should be vigilant in managing SYSTEMIC RISKS — particularly given Asia’s growing linkages with other nations and the rise in its financial services activities. Discussions from this year’s congress revolved around, among other things, insurance regulations, lessons from the credit crisis, old-age security and climate change. Weather-related RISKS, in particular, have increased the potential for LOSSES and have pushed insurers to re-examine how they address needs arising from these, according to a report by Mr Liedtke’s organisation. “We need to be careful in the way we structure future regulations in financial services because not everything is the same,” Mr Liedtke said, pointing out the need to make DISTINCTIONS between insurance and banking activities. — While most governments have focused on beefing up financial regulations following the recent global crisis, an insurance expert said more attention should be given to other issues such as climate change and old-age security.Millet Enriquez |
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| 10-Aug-2010 15:31 |
TT Intl
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TT Int moving?
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Homegrown Akira could face Liquidation Jo-ann Huang joannhuang@mediacorp.com.sg SINGAPORE But there are no Akira products in this year’s goodie bags, as the company’s fate hangs in the balance — with a pivotal court session in eight days. MediaCorp has learnt that a court hearing has been scheduled next Wednesday, which could determine the fate of Akira and its beleaguered parent TT International, a consumer electronics distribution firm listed on the Singapore Exchange. TT’s problems began when credit facilities totalling $332 million were pulled during the height of the financial crisis, forcing it to call for a standstill of payments. As losses chalked up, TT sought to restructure its liabilities. In March, the High Court approved a scheme — overruling the objections of five banks, including OCBC, and building firm Ho Lee Construction — which would allow TT to manage the debts and impose a complete moratorium on any action against the firm until the scheme ends. OCBC Bank and Ho Lee Construction subsequently appealed against the High Court ruling — and they will press their case next week. OCBC is claiming $21.7 million, while Ho Lee is claiming $22 million over construction works for an uncompleted 1.3 million square feet warehouse and retail complex beside Jurong East MRT Station. If the Court of Appeal — the highest court in the land — rules in favour of OCBC and Ho Lee, TT will face liquidation, which could possibly spell the end of its house brand of consumer electronics, Akira. TT was founded in 1984 by the husband-and-wife team of Mr Sng Sze Hiang and Ms Julia Tong, who built up the supply-chain specialist into one of Singapore’s largest exporters of consumer electronics. When contacted by MediaCorp, Ms Tong declined to comment on the case. But she said: “Having worked very hard for over 25 years to build up a Singapore brand, which is recognised in over 60 countries, for the sake of Akira and the 1,700 staff of TT who have sacrificed so much, we can only hope to be given a chance to continue growing.” TT’s restructuring over the past two years — which incurred over $30 million in restructuring expenses and professional fees — has come at a heavy personal cost for the founders, too. The couple signed personal guarantees of about $68 million in 2008 to obtain additional credit facilities to keep the company going, according to the company’s financial statement last year. — Homegrown appliance brand Akira has been a loyal sponsor of the National Day Parade for the past eight years, where spectators received Akira freebies such as handheld fans. |
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| 10-Aug-2010 15:14 |
Genting Sing
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GenSp starts to move up again
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DBS Vickers S$1.60 UNBELIEVABLE bUt nIce |
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| 10-Aug-2010 15:03 |
Trading Techniques
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! ! ! ! Trading Seminars ! ! ! !
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nO. just post info for sharing and feedback from attendees.
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| 10-Aug-2010 15:00 |
Trading Techniques
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! ! ! ! Trading Seminars ! ! ! !
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Hedging Using Contracts For Difference [CFDs] Saturday: 14 August 2010 1pm - 5pm Amara Hotel Ballroom 1 Level 3 165 Tanjong Pagar Road S088539 CMC Markets event@cmcmarkets.com.sg LEARN the ART of HEDGING and HOW Share Contracts For Difference [CFDs] would be able to HELP Diversify you Portfolio by Minimising Risks |
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| 10-Aug-2010 14:51 |
Trading Techniques
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! ! ! ! Trading Seminars ! ! ! !
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! ! ! ! Trading Seminars ! ! ! ! | ||||
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| 10-Aug-2010 14:47 |
User Research/Opinions
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~~~~ CORPORATE GOVERNANCE ~~~~
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China to SHUT 2,000 energy-wasting factories — China has ordered 2,087 steel and cement mills and other factories with poor energy efficiency to close as it struggles to cut waste and improve the country’s battered environment. BEIJING The “backward” facilities produce steel, coke, aluminium, paper and other materials in areas throughout China and must close by late next month, the Ministry of Industry and Information Technology announced yesterday. “Accelerating the elimination of backward production facilities is an important move to change the economic growth pattern, restructure the economy and to improve quality and efficiency of growth,” the ministry said on its website. The authorities said last week that a five-year plan to improve energy efficiency suffered a setback this year as China’s economic rebound and a construction boom boosted demand for steel, cement and other energy-intensive products. The plan calls for a 20 per cent reduction in China’s energy consumption per unit of economic output, or energy intensity, by the end of this year. The government said in March it had cut energy intensity 14.4 per cent by the end of last year but it said last week that energy intensity crept up 0.09 per cent in the first half of this year. China overtook the United States last year as the world’s biggest energy consumer, though with a larger population it still is well behind in consumption per person, according to the International Energy Agency. China’s surging energy demands have alarmed communist leaders, who worry about dependence on imported oil and gas from volatile regions such as the Gulf and pollution damage to scarce water supplies and forests in a densely populated country. The country’s growing presence in international energy markets has prompted complaints that it is pushing up crude prices. In the latest crackdown, the facilities would lose their certification to emit pollutants at the end of September, utilities would cut off power supplies and banks would be ordered to stop dealing with them, the ministry said. Its list included 762 cement factories, 279 paper mills, 175 steel mills, 192 coking plants and an unspecified number of aluminium mills. Provinces with the biggest numbers of affected facilities are Henan in central China and Shaanxi in the north, both traditional centres for heavy industry. AGENCIES |
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| 10-Aug-2010 14:42 |
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%%%% WORLD ECONOMIC SUMMIT %%%%
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China to SHUT 2,000 energy-wasting factories BEIJING The “backward” facilities produce steel, coke, aluminium, paper and other materials in areas throughout China and must close by late next month, the Ministry of Industry and Information Technology announced yesterday. “Accelerating the elimination of backward production facilities is an important move to change the economic growth pattern, restructure the economy and to improve quality and efficiency of growth,” the ministry said on its website. The authorities said last week that a five-year plan to improve energy efficiency suffered a setback this year as China’s economic rebound and a construction boom boosted demand for steel, cement and other energy-intensive products. The plan calls for a 20 per cent reduction in China’s energy consumption per unit of economic output, or energy intensity, by the end of this year. The government said in March it had cut energy intensity 14.4 per cent by the end of last year but it said last week that energy intensity crept up 0.09 per cent in the first half of this year. China overtook the United States last year as the world’s biggest energy consumer, though with a larger population it still is well behind in consumption per person, according to the International Energy Agency. China’s surging energy demands have alarmed communist leaders, who worry about dependence on imported oil and gas from volatile regions such as the Gulf and pollution damage to scarce water supplies and forests in a densely populated country. The country’s growing presence in international energy markets has prompted complaints that it is pushing up crude prices. In the latest crackdown, the facilities would lose their certification to emit pollutants at the end of September, utilities would cut off power supplies and banks would be ordered to stop dealing with them, the ministry said. Its list included 762 cement factories, 279 paper mills, 175 steel mills, 192 coking plants and an unspecified number of aluminium mills. Provinces with the biggest numbers of affected facilities are Henan in central China and Shaanxi in the north, both traditional centres for heavy industry.
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| 10-Aug-2010 14:35 |
Tiger Airways Rg
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TigerAir
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UOB KayHian SELL S$1.52
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| 10-Aug-2010 14:33 |
Tiger Airways Rg
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TigerAir
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Stock Calls Tiger Ai rways Hold | $2.07 DBS Vickers downgrades Tiger Airways to Hold from Buy, cuts target price to $2.00 from $2.25. Changes follow cuts in fiscal FY11 EPS estimate by 15 per cent to account for lower-than-expected 1Q11 results, FY12 estimate by 11per cent to reflect start-up losses from recent JV with Thai Airways to start budget carrier. |
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| 10-Aug-2010 13:23 |
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Wen Jiabao not man of the people: Book HONG KONG Chinese dissident author who says he was threatened with imprisonment argues China’s Premier is not a reformist nor a man of the people, as popularly perceived at home, but a mediocre technocrat who rose to power through good acting. — A book by aChina’s Best Actor: Wen Jiabao — seen by excerpts of which wereThe Associated Pressahead of publication here on Aug 16 — is a collection of essays in which the writer Yu Jie (picture) argues that although Mr Wen frequently touts a reformist agenda that promises to improve the lives of the people, it is merely empty rhetoric. The writer says President Hu Jintao and Mr Wen are “two sides of the same coin’’ and their partnership is meant to complement each other’s strengths”. “Hu’s personality is calm and sombre and he likes to give orders from behind the curtain. Acting on the stage is not his expertise. Wen in the meantime supplements Hu’s inadequacy. He likes going down into mines, visiting farmhouses and shedding tears,’’ Yu writes.
Mr Wen often flies around the country to soothe crises and console disaster victims. Yu’s position is controversial even among others punished for exercising freedom of expression. Li Datong, a veteran state newspaper journalist forced from a top editing job for reporting on sensitive subjects, said Yu was being unfairly harsh. “Among the top Chinese leaders, who else speaks about democracy? Who else speaks about universal values and freedom?’’ Li said in a phone interview. “Wen is the only one. He’s just a technocrat who has little power to affect power decisions. What else do you expect from him?”
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| 10-Aug-2010 13:18 |
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JAKARTA - INDONESIA said on Thursday its gross domestic product (GDP) grew 6.2 per cent in the second quarter of 2010 from a year earlier as household consumption, exports and investment picked up. South-east Asia's biggest economy grew 2.8 per cent in the April-June period, faster than the 1.9 per cent expansion seen in the first quarter, the Central Statistics Agency said. 'The economic growth was helped by improving domestic and external factors,' agency deputy chairman Slamet Sutomo told reporters. Household consumption rose five percent on-year during the quarter, investment grew eight percent and exports increased 15 per cent, the agency said. The country's Central Bank on Wednesday kept its Key Interest steady at 6.50 per cent despite higher inflation in July, which it blamed on seasonal factors. The annual inflation rate climbed to its highest point this year due to rising food prices, which had put pressure on the central bank to hike rates at Wednesday's meeting. |
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| 10-Aug-2010 13:12 |
Others
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Market News that affect STI
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during the National Day Celebration Walkabout HEARD: there is a CASINO MENTOR at Marina Bay Sand ? ? ? ? |
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| 10-Aug-2010 13:08 |
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~~~~ CORPORATE GOVERNANCE ~~~~
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China milk powder blamed for ‘baby breasts’ BEIJING Medical tests indicated the levels of hormones in three girls, ranging in age from four to 15 months and who were fed the same baby formula, exceeded those of the average adult woman, the “The amount of hormones in the babies definitely means there’s a problem,” Mr Yang Qin, the chief physician in the child care department at the Hubei Maternity and Children’s Hospital, was quoted as saying. Local FOOD SAFETY authorities, however, REFUSED a parent’s request TO INVESTIGATE the formula made by SYNUTRA, based in the eastern city of Qingdao, saying they do not conduct tests at consumers’ behest, the report said. Synutra insisted that its products were safe. “No manmade ‘hormones’ or any illegal substances were added during production,” it said in a statement. The infants showed unusually high levels of the hormones estradiol and prolactin, the
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| 10-Aug-2010 12:57 |
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Another BLODDY DEATH at FOXCONN plant
BEIJING The 22-year-old woman, who died late on Wednesday, was an employee at a packaging department in Foxconn’s Kunshan plant in eastern Jiangsu province, it said. The company said it is working with the local authorities to investigate the incident. Foxconn, which assembles Apple’s iPhone and other well-known products, has seen a series of 13 suicides in its Chinese plants this year that has put the spotlight on conditions for millions of factory workers in the “workshop of the world”. It was unclear whether the latest death was also suicide. Labour rights activists have blamed suicides at Foxconn — the world’s largest maker of computer components and a supplier to leading brands such as Dell and Nokia — on tough working conditions in its factories. AFP — A woman worker at Taiwanese technology giant Foxconn died in eastern China after falling from a dormitory building, the company said on Friday. |
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| 10-Aug-2010 12:44 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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NATIONAL DAY IS OVER ? ? ? ? | ||||
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| 10-Aug-2010 12:35 |
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%%%% WORLD ECONOMIC SUMMIT %%%%
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Mummies tell the tale of JAPAN’s economy
It began last week when Tokyo’s oldest man turned out to be 30 years dead, his mummified remains sharing the family home with his daughter. A bank account receiving his pension benefits was found to be alive and well. Reports that Tokyo’s oldest woman — 113 if alive — is missing prompted a mad centenarian search. Japan is now checking on the whereabouts of 840 pensioners 85 and older. The 100-plus crowd has more than tripled to 40,399 in the past decade; it may take Japan’s entire police force to locate all of them. This MACABRE TALE got more attention than Toyota Motor’s sudden return to profit. It had 126 million Japanese asking any number of questions. How could we let people vanish? Do we really live the longest? How many others are decomposing in their homes? And hey, where’s granny? Yet there are three ways in which Japan’s missing-elderly scandal sheds light on the nation’s economic plight. First, it’s an analogy for the increasingly mummified state of fast-greying Japan. With firms such as Toyota and Sony raising profit projections, it’s easy to forget deflation is deepening. That would be less of a concern if interest rates weren’t already near zero and public debt weren’t about 200 per cent of gross domestic product. A mummy is a corpse whose skin and organs have been preserved. That’s an apt description of where the economy finds itself. TWENTY YEARS after Japan’s bubble economy burst, corporate executives are still obsessing over exchange rates. Japan needs to increase its global competitiveness, not belly ache about the yen’s 8 per cent increase this year. Corporate Japan’s skin and organs have been preserved to the detriment of its global standing. Only one Japanese name made One reason is the staid nature of Japan’s start-up universe. Another is the “Galapagos syndrome”, whereby Japan makes status quo-shattering gadgets in isolation. Japan’s mobile-phone industry is emblematic of how little regard is given to tapping new markets overseas. The nation makes cutting-edge phones, yet with features and functions that differ markedly from global standards. Hello Kitty offers another cautionary tale. Last week, one of Japan’s most iconic characters rang the closing bell at the New York Stock Exchange to mark creator SANRIO’s 50th anniversary. Yet, the 30-something feline is running out of product lives as domestic sales shrink. It’s a fitting analogy for Japan’s failure to update its global image. Second, Pockets of Poverty [POP] are growing. Japanese cling to the myth that their nation is an egalitarian one. An October 2009 disclosure by the Labour Ministry dramatised the point: About ONE in SIX Japanese was below the POVERTY LINE as of 2007. The RATE at which Japanese are SLIDING into POVERTY surely ACCERATED in the last three years. It has become a media obsession to chronicle the lives of the working poor in a nation that likes to pretend poverty is only a problem for others. Part of the shock surrounding missing centenarians is the lengths to which some go to eke out a living. That someone might leave dad’s corpse in a bedroom for 30 years so they can collect his pension smacks many as more an act of desperation than depravity. It ignited fresh debate about the need for improved social safety nets as the outlook darkens. Third, taxpayer funds are WASTED. Of all the skeletons in Japan’s closet, this is the one that most needs addressing. Pension scandals are common here, be it the government losing files or politicians not paying into the national scheme. Yet perhaps more than ever before, Japanese are miffed about some families bilking the system. The issue of WASTE doesn’t get enough attention. And as a taxpayer in Japan, I have long been OUTRAGED at the number of low level bureaucrats that ministries send to meetings and conferences around the globe. MONEY-RELATED investigations of POLITICIANS become so numerous and broadly based that one’s eyes glaze over. I can’t count the number of times the road in front of my home in Tokyo gets repaved in a year — quite pointlessly, as far as I can tell. Investors everywhere are LOSING TOLERANCE for RUNAWAY PUBLIC DEBT. That means making bold and honest efforts to get control over spending. Japan can no longer allow these challenges to fester away in the basement with grandpa. It sounds more like a plot for a horror film than a legitimate news story.Fast Company magazine’s 2010 list of the world’s most innovative companies, and it was a retailer.The writer is a Bloomberg News columnist. The opinions expressed are his own. William pesek |
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| 10-Aug-2010 12:10 |
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| 10-Aug-2010 12:06 |
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^ Productivity ^ [Effecacy Efficiency Economy]
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If indeed the community is valued as pivotal in crime prevention, why then does the NCPC adopt such an ATTITUDE? What is NCPC's Key Productivity Index and its SCORE ? ? ? ? EFFICACY is the PRIMARY PRODUCTIVITY KEY for NCPC in National Crime Prevention ? ? ? ? |
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