Latest Posts By pharoah88
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| 15-Jul-2010 10:49 |
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Singapore to become richest city in the world
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bEttEr STiLL bE DECiLLiONAiRE iN BATAM S$20,000 fOr a Terrace House . . . . S$400 Or less = Rupia 1 MiLLiON |
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| 15-Jul-2010 10:45 |
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Singapore to become richest city in the world
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jUst neXt dOOr can be mIllIOnaIre iN MALAYSiA tOO nO nEEd tO fly that far . . . .
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| 15-Jul-2010 10:42 |
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Singapore to become richest city in the world
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PA calls for tenders for audit of charities Alicia Wong alicia@mediacorp.com.sg SINGAPORE And while other sector administrators such as the Ministry of Health and the Commissioner of Charities have highlighted these reports and the scope for improvements for those under their watch, the scrutiny on charities under the People’s Association has gone on untouched by publicity. Now, a new round of audits has been called for the 45 Citizens’ Consultative Committee Community Development and Welfare Funds, the Marine Parade Leadership Foundation and OnePeople.sg (OPSG), according to documents on government business portal Gebiz. These Institutions of Public Character (IPCs) and charities are deemed “medium risk”, and their funds come from government grants, donations from individuals and corporate sponsors as well as proceeds from fundraising projects. The charities will be assessed for their compliance with relevant rules and regulations as well as their level of corporate governance based on the Governance Evaluation Checklist, which contains they key Code of Governance guidelines. Charities will be reviewed for the accuracy of the disclosures. For IPCs, the review will also include whether donated funds are used in accordance with their objectives and if the institution has complied with the fund-raising expenses regulation in the Charities Act. When contacted, PA said the audit has been an annual exercise since 2007. There are 84 registered charities in the community. OPSG execut ive director Ramesh Ganeson said it “welcomes” the audit as a check and balance on their corporate governance. “Judging from our audits so far, we’re confident the upcoming audit called by PA will not pose much of an issue,” he said. OPSG’s financial statements were recently audited and adopted at its recent Annual General Meeting “without any issues”, Mr Ganeson added. Associate Professor Ho Yew Kee of the National University of Singapore (NUS) noted that the current charity situation is still quite tense, and that sector administrators need to strike a balance between checking internal controls and publicising these reports. “PA is putting in place the important checks and balances required as a sector administrator to ensure that the IPCs and charities under its charge have good and proper governance, internal controls and adherence to the current state of the law,” he said. As IPCs and charities, they will have to abide by the full requirements laid out for these institutions, he said. What the charities can do is to communicate the audit findings to their stakeholders. NUS Assoc Prof Lan Luh Luh said these charities and IPCs “are generally quite well run”, compared to others. As agencies related to a statutory board like PA, they should be more aware of governance and have a better structure, she said. However, these organisations could do with more disclosure by putting their financial statements online for their stakeholders, who are members of the community, she added. Not all do so now. The audit field work is expected to start in October and end by December. The review is scheduled for completion by March 31 2011. — Quietly, in the last three years, a significant corporate governance exercise has been underway for charities in the community sector. |
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| 15-Jul-2010 10:33 |
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Singapore to become richest city in the world
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FALSE SiNGAPORE wIll NEVER becOme the RiCHEST CiTY . . . . RiCHEST CiTY is One where EvEry CiTiZEN is RiCH wIthOUT pOverty . . . . TRUTH sIngapOre wIll becOme mOst expensIve cIty bUt MEDiAN CiTiZENS wIll nOt be RiCH iF lucky enOugh nOt tO bE pOOr . . . . |
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| 15-Jul-2010 10:19 |
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Hunting for GOD or MFT
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bOth EyEs starIng at 3 inches abOve hIs hEad . . . . DiD gOd ask fOr the APology ? ? ? ?
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| 15-Jul-2010 10:17 |
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Hunting for GOD or MFT
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lOOk clOsely at the phOtO The FACE is "Defiant" rather than apologetic ? ? ? ?
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| 15-Jul-2010 10:14 |
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Hunting for GOD or MFT
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comment
But I am disappointed that in all the many corporate sector scandals we have seen in Singapore, where shareholders have lost large sums of money through fraud, dishonesty or mismanagement, we have seldom — if ever — heard a CEO or director say they are sorry. &analysis 20I am glad the CEO of DBS, Mr Piyush Gupta (picture), has publicly apologised to DBS and POSB customers.Mak Yuen Teen http://www.todayonline.com/PrintEdition/SL |
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| 15-Jul-2010 10:06 |
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Hunting for GOD or MFT
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jUst vIews? WHAT abOut OffensIve NEWS ? ? ? ? WHAT abOut OffensIve ACTS ? ? ? ? By the way, WHAT are OffensIve vIews ? ? ? ? |
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| 15-Jul-2010 10:03 |
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Hunting for GOD or MFT
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A social duty to decry offensive views Zul Othman zul@mediacorp.com.sg |
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| 15-Jul-2010 09:59 |
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Hunting for GOD or MFT
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| 15-Jul-2010 09:47 |
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Hunting for GOD or MFT
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| 15-Jul-2010 09:42 |
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Hunting for GOD or MFT
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| 15-Jul-2010 09:40 |
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Hunting for GOD or MFT
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| 15-Jul-2010 08:48 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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What BP and Obama Still Won't Tell You
By Ian Cooper | Wednesday, July 14th, 2010
Shortly after being sworn in, the President of the United States is briefed on secrets of national security... secrets of our nation's frailty... secrets that aren't revealed to anyone except top government officials. But what Obama let slip — and what commentators on NBC, Fox, and MSNBC completely missed — could send the price of oil skyrocketing... and a nation into panic mode: Oil is a finite resource... We consume more than 20 percent of the world’s oil, but have less than 2 percent of the world’s oil reserves. And that’s part of the reason oil companies are drilling a mile beneath the surface of the ocean: because we’re running out of places to drill on land and in shallow water. For decades, we have known the days of cheap and easily accessible oil were numbered. For decades, we’ve talked and talked about the need to end America’s century-long addiction to fossil fuels. And for decades, we have failed to act with the sense of urgency that this challenge requires. Anyone with any doubt that cheap, easily-found oil is still out there is delusional. If there's still cheap, easy oil to be had... Then why would BP be drilling in miles-deep water? |
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| 14-Jul-2010 15:34 |
PacShipTr US$
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PST
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SHAGANG, was founded in 1975 and is headquartered in Zhangjiagang City, Jiangsu Province. It prides itself as China’s largest private steel enterprise, with more than 35,000 employees and an annual production capacity of 29 million tons of iron, 35 million tons of steel and 33 million tons of steel rolled products. In 2009, the Shagang Group recorded revenue of RMB146.3 Billion with pre-tax profit of RMB7.3 Billion and reported total assets exceeding RMB130 billion. SHAGANG GROUP was the only private enterprise from PRC to be included in the Fortune Global 500 list in 2009. |
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| 14-Jul-2010 15:21 |
PacShipTr US$
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PST
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SGX-ST Announcement
The board of directors of PST Management Pte. Ltd. ("PSTM" or "Trustee-Manager"), the trustee-manager of Pacific Shipping Trust ("PST"), is pleased to announce that it has on 25th June 2010, entered into: (a) two ship sales contracts (the "Ship Sales Contracts") with Mitsubishi Corporation, Japan ("Mitsubishi"), for the acquisition (the "Acquisition") of two new 180,000 DWT Capesize Bulk Carriers (Hulls No. 2408 and 2409) ("the New Vessels") to be built by Hyundai Heavy Industries Co., Ltd., Korea ("HHI") and
(b) two Time Charter Agreements (the "Time Charter Agreements"), for a ten year time charter for each of the New Vessels to Jiangsu Shagang Group Co., Ltd., China ("Shagang"), or its nominee, commencing on delivery of the respective New Vessels, collectively, the "Transaction". Details of the Acquisition are as follows: DWT Price Expected Delivery Date Hull No. 2408 180,000 USD 61.6 Million 5th September 2011 Hull No. 2409 180,000 USD 61.6 Million 20th September 2011 unitholders including the following: 3.1 Yield accretion The New Vessels are expected to be accretive to PST’s distributable cashflow once they are delivered and in operation. 3.2 Growth Strategy and Income Diversification Strategy When the Acquisition is completed and the New Vessels are delivered and time chartered by end 2011, the Transaction is expected to improve the income diversification of PST. Based on current annualised proforma contracted revenue, the Transaction will increase PST’s current aggregate contracted revenue by more than 30% to approximately USD 81.0 Million per annum when the vessels are delivered and are in one full year of operation.
namely, PIL, CSAV and now Shagang. 3.3 Asset Diversification Strategy With the diversification into a non-container sector, the Transaction is expected to benefit unitholders by improving PST’s asset diversification and reducing the reliance of PST’s income stream on any single vessel type.
The increase in demand for Chinese imports of iron ore and coal has boosted shipping demand for Capesize bulk carriers. This trend should continue as end-users seek to better manage their long-term raw material supply requirements, and to have better control of their logistics chain by locking in long-term charters for their shipping needs.
The Trustee-Manager believes that PST has acquired the New Vessels at an attractive price of USD 61.6 Million each. This is substantially lower than the prices of comparable quality ships contracted in 2007 / 2008. 3.4 Stable Charter income The New Vessels, when delivered, will be time chartered to Shagang at USD 27,000 per day for ten years which the Board of PSTM believes will underpin the stability of the charter income for PST.
With the addition of another top-quality partner, PST’s long-term leases will stretch into 2021, providing the trust with stable income of close to USD 500 Million over the next 10
years. 3.5 Acquisition Fit the Trustee-Manager’s Investment Strategy The Trustee-Manager believes that the Acquisition is in line with the Trustee-Manager’s principal investment strategy to invest in quality income-producing vessels which will provide overall yield accretion and value creation opportunities so as to deliver stable distributions and sustainable total returns to the unitholders. 3.6 Competitive Strengths of the New Vessels The competitive strengths of the New Vessels are as follows:
(i) The New Vessels are constructed by a reputable shipyard
The New Vessels were designed and are being constructed by HHI, a highly reputable shipyard in the world. The Trustee-Manager believes that investing in quality vessels constructed in reputable shipyards will enhance their durability and support their value in the secondary market by commanding a price premium.
(ii) The New Vessels are built with the latest technical specifications
financing and equity financing, although the final financing methods and mix will be subject to further evaluation by the Trustee-Manager. 5. FINANCIAL EFFECTS OF THE TRANSACTION Based on assumption that the Transaction had been effected on 1 January 2009, the proforma financial impact on the earnings per unit is not material. Based on the assumption that the Transaction had been effected on 31 December 2009, the proforma financial impact on the net tangible asset per unit is not material. ___________________
Notes: (1) There are no net profits attributable to the Acquisition as the New Vessels are in the process of construction.
(2) Based on the market capitalisation of PST as at 25 June 2010. Although the relative figure of the consideration payable when compared with the market capitalisation of PST as at 25 June 2010 would exceed 20.0%, the Board of Directors of PSTM is of the opinion that the Acquisition is the ordinary course of business of PST for the following reasons: a. it is consistent with PST’s business objectives and strategy;
b. the commitment to purchase the New Vessels was done concurrently with the commitment to charter out the New Vessels which fits PST’s business objectives and strategy;
c. the Acquisition would not result in any significant adverse change in PST’s risk profile,
2 and the Acquisition therefore does not require unitholders’ approval for purposes of Chapter 10 of the SGX-ST Listing Manual. 7. OTHER INFORMATION A copy of each of the Ship Sales Contracts and the Time Charter Agreements will be available for inspection
No director or controlling shareholder of PSTM or controlling unitholder of PST has any interest, direct or indirect, in the Transaction and no director is proposed to be appointed to the board of PSTM in connection with the Transaction.
6. RELATIVE FIGURES COMPUTED ON THE BASIS OF RULE 1006 OF LISTING MANUAL Based on the criteria set out in Rule 1006 of the Listing Manual of Singapore Exchange Securities Trading Limited (the "SGX-ST"), the relative figures for the Acquisition under Rules 1006 (a) to (d) are as follows: PST
(US$’million)
(FY 2009 Audited) Acquisition
(US$’million) Relative Figures (a) The net asset value of the assets to be disposed of, compared with the group's net asset value. This basis is not applicable to an acquisition of assets Not
applicable Not
applicable Not applicable PST TO ACQUIRE TWO NEW 180,000 DWT CAPESIZE BULK CARRIERS 1. INTRODUCTION |
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| 14-Jul-2010 15:10 |
PacShipTr US$
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PST
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PST DIVERSIFIES INTO NEW ASSET CLASS AND WIDENS CHARTERER BASE
- PST’s first non-container vessel acquisition
- Deal worth US$123.2 million for two 180,000 DWT Capesize Bulk Carriers
- Vessels to be built in Hyundai Heavy Industries Co., Ltd., Korea ("HHI"), deliveries expected in September 2011
- 10-year time charter at US$27,000 per day with Jiangsu Shagang Group Co., Ltd. ("Shagang"), China’s largest private steel enterprise SINGAPORE, JUNE 28, 2010
Shagang, was founded in 1975 and is headquartered in Zhangjiagang City, Jiangsu Province. It prides itself as China’s largest private steel enterprise, with more than 35,000 employees and an annual production capacity of 29 million tons of iron, 35 million tons of steel and 33 million tons of steel rolled products. In 2009, the Group recorded revenue of RMB146.3 billion with pre-tax profit of RMB7.3 billion and reported total assets exceeding RMB130 billion.1 Shagang Group was the only private enterprise from PRC to be included in the Fortune Global 500 list in 2009.
1 BENEFITS AND ADVANTAGES The New Vessels, which represent a new asset class for the Trust, are expected to be accretive to PST’s distributable cashflow.
This transaction should lead to additional charter revenue of approximately US$194 million for the duration of the charters, which will add to the stability of the charter income for the Trust.
"The addition of Shagang, a well-established and global name in the steel industry, as a new charterer will also improve PST’s income diversification. For the last few quarters we have been communicating our intentions to expand our existing fleet and charterer base and we are indeed pleased that we have managed to deliver on our plans," said Mr. Teo.
With this latest development, PST’s fleet portfolio will be increased from 12 to 14 vessels. All vessels will be leased out on long-term, fixed-rate charters to well-established charterers, namely, PIL, CSAV and now Shagang. With long-term leases stretching into 2021, PST will enjoy stable income of close to US$500 million over the next 10 years.
The Trustee-Manager believes that investing in quality vessels constructed in highly reputable shipyards such as HHI will enhance their durability and support their value in the secondary market, thereby commanding a price premium.
The increase in demand for Chinese imports of iron ore and coal has boosted shipping demand for Capesize bulk carriers. This trend should continue as end-users seek to better manage their OUTLOOK Mr Teo added: "This acquisition demonstrates PST’s commitment to deliver value accretive growth to unitholders. Our trust is built on a sustainable business model of predictable income and cashflow stream generated by quality vessels on long-term charters to reputable customers. We will continue to pursue this strategy and explore further opportunities for meaningful acquisitions." ABOUT PACIFIC SHIPPING TRUST Pacific Shipping Trust is the first business trust listed on the SGX-ST. It provides structured financing solutions to established shipping companies, thereby generating visible and stable cashflow stream through long-term charters. By acquiring vessels and leasing them to reputable charterers on long-term bareboat or time charters, PST seeks to generate a steady stream of high-yielding income for its Unitholders.
The trustee-manager of PST is PST Management Pte. Ltd., a wholly-owned subsidiary of Pacific International Lines (Private) Limited, one of the largest private shipowner and operator in South East Asia. For further information, please contact:
Citigate Dewe Rogerson, i.MAGE Pte Ltd 1 Raffles Place #26-02 OUB Centre SINGAPORE 048616
CONTACT : Ms Dolores Phua / Mr Daniel Hoo at telephone
DURING OFFICE HOURS : 6534-5122 (Office)
Mr Teo added: "We believe that this is the right timing to enter into a dry bulk acquisition. PST has acquired the vessels at an attractive price that is substantially lower than the prices contracted in 2007 and 2008 for comparable ships." |
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| 14-Jul-2010 14:51 |
User Research/Opinions
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MAY BANK initiates GROWTH ERA tOday
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Iskandar beckons ...
Economic region’s CEO sees synergies for Singapore investors Melissa Goh Malaysia Bureau Chief, Channel NewsAsia melissagohct@mediacorp.com.sg JOHOR BARU Spanning over 2,200 square kilometres, the Iskandar economic region located in southern Johor is three-times the size of Singapore. Since its inception at the end of 2006, Iskandar has attracted more than RM60 billion ($26 billion) of investment from both local and foreign investors, surpassing its own target of RM47 billion. Singapore is currently the third largest investor in Iskandar, with RM3.03 billion of investments committed so far. They are mainly in electrical and electronics, manufacturing and education. But according to the CEO of the economic region, Iskandar offers plenty of synergistic opportunities especially in leisure tourism. Ms Arlida said: “This is an area Singaporeans, as visitors, have taken advantage of. But for businessmen (and) investors, this is certainly an area we see potential and opportunities ... Those are the areas we would like to invite interest from Singapore.” To boost tourism, Iskandar is opening two more hotels, a marina, retail malls and an indoor family theme park, including Asia’s first Legoland in 2012. It also plans to add another 5.5 million square feet of commercial and residential space later this year. Ms Arlida said: “Very frankly, most long-haul visitors look for location that justifies a stay of four to five nights. I think, singly, Johor and Singapore do not provide the long-stay conditions. We don’t have enough attractions to justify a long stay. (But) working together in collaboration, we can develop packages. It’s a win-win situation, we actually create a bigger market.” Malaysia expects its tourist arrivals to exceed 18 million this year, while Singapore forecasts 12 million. Combined, analysts say, both countries stand to reap more from an increased number of tourists who stay longer and spend more. — Malaysia’s southern economic region, Iskandar, expects strong investment flow from neighbouring Singapore, despite an expected economic slowdown in the second half of the year. In an interview with Channel NewsAsia, chief executive officer of Iskandar Investment Arlida Ariff said she hopes to ride on improved bilateral ties to woo Singapore investments. |
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| 14-Jul-2010 14:31 |
SMRT
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SMRT
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From the issue raised by JACK CHEW's letter, the iNappropriate structure of "Minister in the PM Office", is noticed in the SERVICE Of the PEOPLE. Since there is a Ministry of Transport and a Minister of Transport, what is the objective and need for a Second Minister in Transport, who is away from the PEOPLE to be SERVED ? "Minister in the PM Office" certainly knows and serves the PM well; but very UNlikely to know the PEOPLE well and equally UNlikely to SERVE the PEOPLE well. sO, is the "Minister in the PM Office" to serve the PM or the PEOPLE ? ? ? ? The focus is naturally not intense and the attention is basically divided. Consequently, the benefit to the PEOPLE is UNrealisable. |
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| 14-Jul-2010 14:11 |
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DOW & STI
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About the Cambridge Place suit ... Goldman Sachs, Citigroup and Morgan Stanley have been sued by a Boston-based fund seeking reimbursement for losses related to sub-prime loans, according to lawyers for the firm. Cambridge Place Investment Management, founded by ex-Goldman Sachs bankers, lost more than US$1.2 billion ($1.66 billion) as a result of the banks’ untrue statements, the company claims in a complaint filed on July 9 in state court in Massachusetts.
“The Wall Street banks created an environment of improper lending practices, conducted inadequate due diligence and failed to satisfy their own responsibilities,” Cambridge Place said in the lawsuit. that came from a “small group of now notorious subprime mortgage originators”, used faulty appraisals, accepted misleading information in loan applications and violated their own standards for underwriting, the firm claims. The banks offered or sold US$2.4 billion of residential mortgage-backed securities using untrue statements, according to the lawsuit.BLOOMBERG |
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