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~~~~ CORPORATE GOVERNANCE ~~~~
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pharoah88
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08-Sep-2010 17:15
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Hewlett-Packard Co. is suing the chief executive it ousted last month, Mark Hurd, to stop him from taking a top job at rival Oracle Corp. |
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pharoah88
Supreme |
07-Sep-2010 18:17
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Should banks have better dementia safeguards? Alicia Wong alicia@mediacorp.com.sg SINGAPORE In May, the High Court ruled in favour of OCBC bank to freeze a $8.9-million account on the grounds that the account holder was not mentally competent when she wanted to close her account. Last week, housewife Mdm Poh Guat Cheng went to the media to share how POSB had allowed her 89-year-old mother, Mdm Soh Gim Loo, who was diagnosed with cognitive impairment and dementia, to close their joint account — comprising $48,000 — and change their mailing address. The money is now in a new joint account set up by her mother and someone else. Mdm Poh told MediaCorp: “What I’m angry (about) is the bank cannot say it’s not their responsibility to see if a customer is normal or suffers from dementia.” The Ministry of Health estimates that about 53,000 people here will be living with dementia by 2020, up from 22,000 in 2005. Ms Griselda Ong, acting director of elderly services at the Yong-en Care Centre, suggested banks make it compulsory for both joint account holders to authorise a decision, if one of the account holders is above a certain age. Ms Ong added that banks should ask simple questions to ascertain a customer’s mental state, such as why they are at the bank. However, Ms Low Mui Lang, executive director of The Salvation Army Peacehaven Nursing Home, noted that it could be difficult for banks to tell if customers have dementia as “there are times (when dementia patients) are lucid”. Tanjong Pagar Family Service Centre executive director Wong Kwong Sing felt the Association of Banks in Singapore could provide guidelines on when the bank should alert family members of the actions of a customer above a certain age. DBS was unable to comment on Mdm Poh’s case, citing customer confidentiality. But a DBS spokesperson reiterated that “bank staff cannot pass credible judgement on the psychological or mental well-being of any customer”. The bank also “cannot unilaterally invoke any sanctions on customers’ accounts even if the customer is mentally incapacitated”, the spokesperson said. The spokesperson added that when a bank staff member notices something amiss about a customer’s mental awareness, the employee will not proceed with the customer’s request and advise him to consult the other account holder or a family member. However, the bank respects the right of an account holder to operate the account and “will not contact the other account holder independently”. The Office of the Public Guardian, which comes under the Ministry of Community Development, Youth and Sports, advised Singaporeans to appoint someone they trust to be their “proxy decision maker” if they lose their mental capacity. — Two recent incidents involving dementia patients and their bank accounts have led to calls for banks to relook procedures and offer better safeguards — at a time when the number of dementia cases in Singapore is expected to rise. |
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pharoah88
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07-Sep-2010 16:19
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Empower teachers so that tuition becomes unnecessary Letter from Ho Kong Loon THE debate raging on the proliferation of tuition centres and, concurrently, the almost compulsive need for the “fix” (tuition), are the culmination of the excesses of an unmitigated push for academic excellence. Extensive commentaries and viewpoints from opposing camps add to the confusion over the issue. At the centre of the vortex is the dynamics of classroom teaching and learning. Teachers make the definitive difference to make learning far more enjoyable, interesting and meaningful. Empower our teachers to do so. Trim the content and extent of the primary school syllabuses. Most pupils benefit from a more leisurely pace of learning, and slow learners are encouraged heaps if understanding a topic comes in digestible bits, rather than meaningless chunks. Extra lessons should specifically involve those who have learning difficulties, or those with a weak grasp of a topic. Exempt the faster learners. Diagnostic testing to identify areas of weaknesses, rather than piles of worksheets, is a more effective bridging tool. Patient and systematic follow up remedial teaching to iron out the crinkles would be more useful and effective. There must be a determined, concerted endeavour by both parents and teachers to dampen the over-dependence on extra lessons in the form of private tuition, or even countless supplementary lessons. The Ministry of Education can do much to rein in this crutch mentality with regard to tuition. It could rework the professional measurement tool of teachers: Give much more emphasis to good classroom teaching, score more on sound pupil management and reward the ability to jell with the children. The time spent interacting and bonding with the children must count more in teacher assessment. Teachers who make strenuous efforts to make learning more exciting, fun and enjoyable also deserve a higher premium in ranking. Teaching is a passion and commitment. Requisite character traits like love of children, patience, empathy, creativity and good verbal skills outweigh high academic qualifications hands down. Rushing to cover crammed syllabuses, burdening the pupils with worksheets galore (when their competency in the topics is less than satisfactory), mandatory supplementary and remedial lessons for all, even during school holidays: These are the factors that lead to under-performing and stressed-out children, whose over-anxious parents usually turn to tuition to ensure they can make it in the pressure cooker. |
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pharoah88
Supreme |
06-Sep-2010 13:46
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China-based companies: Friend or foe? Conrad Raj conrad@mediacorp.com.sg The recent action by the Monetary Authority of Singapore against New Century Shipbuilding Limited for allegedly making false and misleading statements is sadly another blight on the image of Chinese companies. New Century’s violations once again bring into question the quality of the Chinese listings here.
The MAS action, which forced New Century to, in May, suddenly pull out its $666.4 million initial public offering, comes in the wake of a spate of improprieties committed by some of these China-based companies — often called S-Chips. These transgressions have cost local and other investors millions of dollars as the shares of these rogue companies plunged. This is not to say that there are no good Chinese companies listed here. In fact, only about a dozen of the more than 150 Chinese companies listed here have been found to have violated our listing rules. In New Century’s case, the Chinese shipbuilder was said to have failed to disclose that its subsidiary, New Times Shipyard, was being sued by its client, Sino Noble, for US$60 million ($80 million) regarding the building of two bulk carriers worth US$180 million. The company was also accused of improperly including these contracts in the prospectus even though New Times had cancelled the deals. The company had earlier in the year offered 560 million shares at up to $1.19 each, in what was described as one of the biggest IPOs here. The pullout came just days before trading was supposed to have begun. But while the MAS has found New Century guilty of these inaccuracies and issued a “supervisory warning” to the company and its directors (which some have said to be just a “slap on the wrist”), shouldn’t the quasi central bank have made public its findings and actions given that a prospectus had been posted on its website? Thanks to the media, New Century’s transgressions are now known to all, but some feel as I do that the MAS itself should made the disclosure. In fact the media had written about the inaccuracies in the prospectus as soon as New Century pulled out of its IPO but the authorities had kept mum on the matter. The MAS was reported to have said: “A supervisory warning is normally not published and is intended to put an offender on notice so that the contravention will not be repeated”. If “caveat emptor” is to prevail, shouldn’t investors too be given notice that certain action has been taken against a company for violating the rules so that they are better informed in making their investments? According to press reports, the MAS had found New Century to have contravened Section 253 of the Securities and Futures Act, which involves criminal liability for making false or misleading statements in a prospectus or profile statement, or omission to state any information required. What further action will the authorities now take? Those found guilty of making such false or misleading statements are liable to a fine not exceeding $150,000 and/or jail of up to two years. After all, a number of other listed companies and their directors have previously been taken to courts for similar acts. The MAS has said it calibrates its regulatory actions according to the severity and impact of the breach. But here the company is said to be in criminal breach of the rules, so why just a supervisory warning? Or is it because, in truth, there is very little that the authorities here can do against a foreign company which does not have any assets here? Moreover, what was the role played by New Century’s financial advisers and others who helped prepared the prospectus? What due diligence did these companies or persons perform? In the prospectus, UBS and Morgan Stanley were listed as the joint bookrunners, lead managers and international underwriters for the deal. Was any action taken by the authorities against them and any others involved in the preparation of the prospectus? If not for Sino Noble’s whistle-blowing move to the Singapore Exchange, none of New Century’s prospectus inaccuracies would have been made public and investors could have suffered significant losses when the matter eventually came to trial. So what exactly do the lead managers, financial advisers, lawyers and accountants do for the huge fees they charge in taking a company public? |
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pharoah88
Supreme |
05-Sep-2010 16:31
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Osteoporosis drug ‘doubles cancer risk’ LONDON — A drug taken by people with osteoporosis could double their risk of developing cancer of the oesophagus, a new study suggests. British researchers started with nearly 3,000 people with oesophageal cancer and matched each one to five similar people who did not have the disease. About 90 of the cancer patients and 345 people in the comparison group had been prescribed bonebuilding pills called bisphosphonates. These drugs, sold as Fosamax, Actonel, Boniva and other brands, are widely used after menopause to prevent or treat osteoporosis. Normally, the risk of developing cancer of the oesophagus, or throat, in people aged 60 to 79 is 1 in 1,000. The researchers estimated that, with about five years’ use of the drugs, the risk was 2 in 1,000. The study was paid for by Britain’s Medical Research Council and Cancer Research UK. It was published on Friday in the medical journal, BMJ. One of the paper’s authors, Ms Jane Green, a clinical epidemiologist at the University of Oxford, said the findings should not affect patients taking osteoporosis drugs but added the medicines should be watched closely. Experts are not sure why the drugs might lead to throat cancer but the pills can cause inflammation in the oesophagus, which could make cancer more likely. AP |
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pharoah88
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05-Sep-2010 16:02
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In vIew Of rIsk Of near tOtal lOss and dIre Of near zerO Interest rate bEttEr and safEr tO depOsIt In GENTING TWINS ?
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pharoah88
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05-Sep-2010 15:49
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REVERSE ANNOUNCEMENT TRUTH #### FACT 100% DEPOSIT GUARANTEE REDUCED TO S$50,000 DEPOSIT INSURANCE |
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pharoah88
Supreme |
05-Sep-2010 15:28
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Deposit insurance limit to be raised to $50,000 CLAIRE HUANG
clairehuang@mediacorp.com.sg SINGAPORE
Singapore started the scheme in April 2006 to protect ordinary depositors should a bank or finance company go under.
In a statement on Friday, the MAS said that it will go ahead with plans to raise insurance coverage from the current $20,000 to $50,000 for each depositor at each member bank.
That means if a depositor has at least $50,000 in a bank that folds, he would get back a maximum of $50,000 instead of $20,000.
The MAS said the move was made following public consultation. Members of the public had asked for a higher coverage of $100,000. However, it pointed out that the incremental benefit is small and may not justify the cost if the amount is over $50,000.
Some 90 per cent of depositors will be covered under the scheme.
The MAS also plans to include deposits of other non-bank depositors, such as sole proprietorships and partnerships, under the scheme.
It said it did consider insuring only certain types of businesses and excluding companies but this was not ideal. There was difficulty in setting a common criteria that applied to the diverse range of businesses.
The MAS hopes to implement the revised scheme early next year. |
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pharoah88
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05-Sep-2010 14:37
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Is your MANUKA honey really worth the money?By Jerome Burne Last updated at 7:35 PM on 2nd February 2009 Manuka honey can cost anything from Ł5 to Ł35 a pot Over the past few years, manuka honey from New Zealand has earned a reputation as a bit of a wonder treatment. Research has shown that the honey - produced by bees who feed off the manuka bush - has powerful antibiotic properties and can help combat MRSA, fight infections, reduce wound inflammation and help with skin conditions such as acne and eczema. But there are so many brands available, at vastly different prices (you can pay anything from Ł5 to Ł35 for a pot), how do you know which one really packs a good bacterial punch? And does spending more guarantee a better product? Until about a year ago, the solution would have been to rely on the honey's Unique Manuka Factor (UMF) rating (they range from 10 to 25). The higher the rating, the more potent - and usually more expensive - the honey. But according to some manuka honey manufacturers, this UMF system is unreliable. The ratings are made by the Active Manuka Honey Association (AMHA) which compares a batch of honey against the bacteria-killing ability of different concentrations of a standard disinfectant. 'But two tests done at different times on the same batch of honey can give very different results,' alleges Kerry Paul, chief executive of Manuka Health, one of the 'rebel' honey manufacturers. The AMHA retorts that results vary only by a few points and, anyway, it takes this into account when rating the honey. But Mr Paul believes there's a better way - by measuring methylglyoxal (MGO) content. This compound is found in high concentrations in manuka honey - up to 100 times greater than ordinary honey - according to German researchers, and is thought to give it its antiseptic edge. Some manufacturers are now switching to Mr Paul's new system of ratings. To add to the confusion, there is a third rating out there - the label on the honey contains the word 'active', followed by a number (from 10 to 25). But the MGO and UMF camps agree this 'active' rating has no scientific basis and is not regulated. Later this year a fourth standard is due to appear - developed by Dr Peter Molan, head of honey research at Waikato University, Hamilton, New Zealand. Although he's not yet willing to divulge the details, it seems to be an upgrade of the UMF rating - which he originally devised and even he claims needs changing. So where does all this leave the consumer? Ken Allen, managing director of a firm which makes wound dressings impregnated with manuka honey for the NHS, says: 'We use the same honey you get in the supermarket, but we then sterilise and purify it because we are held to much stricter standards.' He says neither UMF nor MGO is ideal, but believes the rest of us don't need to worry about how potent the honey is: 'It doesn't have to have a high rating. Even one as low as UMF 10 can heal leg ulcers.' He adds that using manuka honey at home on minor burns and cuts is probably fine, but would advise the public to steer clear of using it for more serious complaints such as heartburn or the gastric ulcer bug H. pylori. 'No trials support this use, and I'd be very careful about using shop-bought manuka on any serious or deep wounds,' he says. 'When we've analysed samples for purity, we've found microscopic traces of stuff such as paint and even lead.' So, if you want only a gentle antiseptic, the lower rating of either UMF or MGO should do the trick. Read more: http://www.dailymail.co.uk/health/article-1134423/Is-manuka-honey-really-worth-money.html#ixzz0ydJzUeg0 |
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pharoah88
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05-Sep-2010 13:47
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Sunday September 5, 2010Between ethics and etiquetteFrom ANN By SANDRA LEONGMore people are taking a stand on what they eat, but where do they draw the line between political correctness and politeness? SINGAPORE: Whenever Olivia Choong receives an invitation to a wedding, she makes it a point to ask if shark’s fin soup is being served. If it is, she skips the occasion. Both a vegetarian and an anti-shark’s fin advocate, she made an exception earlier this year when a persuasive bride-to-be begged her to ease up on her self-imposed ban. But she felt torn. In the end, she presented the bridal couple with a special hongbao at the dinner. Designed by LoveSharks.sg, a local anti-shark’s fin group, a message on it urges diners to boycott the delicacy. “My friends usually give me a polite smile when they accept the hongbao,” says Choong, a 31-year-old publicist who is the founder of Green Drinks Singapore, a networking platform for environmentalists. Fellow environmentalist Jaki Teo, 28, a marketing director for a diving company and the organiser of LoveSharks.sg, also finds herself in similar situations. She says: “If it is a business dinner, I would ask to change the venue. Most business associates are very understanding. They are also afraid to make things awkward so they usually try to remove the awkwardness by going somewhere else.” Things are a “bit more complicated” if the event is a friend’s wedding. “What I did the last time was tell my friend that many people these days do not consume shark’s fin and it would be a waste of money for him to serve it,” she says. “I also made it very clear that he would get a much smaller hongbao if he served shark’s fin.” Choong and Teo are not alone in their ethical eating approach. Increasingly, more people are taking a stand on what they eat, in a more environmentally concerned world: from rallying against the slaughter of sharks to abstaining from meat to lowering their carbon footprint. However, it is throwing up a slew of new social dilemmas about drawing the line between ethics and etiquette. When does turning down a bowl of shark’s fin soup at a dinner – or in Choong’s case, not attending at all – border on bad manners? At one end of the spectrum, people whose causes dictate their appetites contend that they should consistently stand up for what they believe in. At the other end, there is this: between political correctness and politeness, should it not be the latter that takes precedence? Wealth manager and meat-lover S.K. Tan, 43, attended a wedding where the hosts did not serve meat for ethical reasons. He says: “I didn’t think it was very considerate of the couple. I was hungry even after all the courses. “People can have their own beliefs but I don’t think they should impose them on others.” At a recent Chinese wedding, nurse Joanne Ng, 27, was seated with two guests who looked aggrieved when shark’s fin was served. “One walked out and came back only after the course was cleared, and the other tried to persuade other people at the table to boycott the dish,” she says. “I felt they spoilt the party and made it about them rather than the couple.” Because so many of these awkward situations revolve around the favourite Singaporean pastime of eating and dining out, it seems new social minefields are emerging daily. There are difficult questions, whatever your beliefs: to attend or not to attend, to serve or not to serve, to speak up or to hold your peace. Etiquette consultant Raelene Tan says friction might occur in communal settings because these days “people are more outspoken and are not afraid to air their views, no matter how controversial they may be”. “Previously, people were more mindful of keeping the peace and toeing the line.” As far as dinner party etiquette is concerned, the practical answer is that it all depends, says Tan. She believes it is the prerogative of the host to serve what he wants. Special requests from guests are acceptable for religious, medical or ethical reasons, but “fads and fancies have no place”. And as for speaking up, walking out or other statements of protest, it is best to do so without any fuss or fanfare. Disrupting the occasion is a big no-no, she adds. Indeed, mutual tolerance and restraint seem to be the way to go. Take lecturer George Jacobs, 58, a vegan of 30 years, and his wife, private banker Fong Cheng Hong, 50. After 20 years of marriage, she still loves her meat. Describing her husband as “very liberal”, Fong says: “By the time I met him, I was set in my ways. I wish I could change but I can’t. All I can do is to try to reduce my meat intake.” The couple make daily compromises. They have smoothies for breakfast and a simple vegetarian meal for dinner. But at their separate lunch hours, she is free to eat meat. She does not expect him to prepare meat for her but says: “Even if we invite friends over, we rarely have vegetarian as most of them are meat lovers.” “We emphasise the social, not the food,” says Jacobs, who is president of the Vegetarian Society. Researcher Jared Tham, 32, believes in the concept of “virtual water”, choosing what food to eat depending on how much water has been used to process it. He tries to stay away from beef, for example, because too much water – 10,000 litres to be exact – is needed to fuel the production process behind just 1kg of the meat. Thinking over the ethics-etiquette debate, he says: “My personal preferences should affect just me. They should not go as far as to impact other people. At the end of the day, my relationships with people are more important.” |
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pharoah88
Supreme |
04-Sep-2010 00:47
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Woman sues electronics firm for loss of hearing Leong Wee Keat weekeat@mediacorp.com.sg SINGAPORE “I felt like needles were piercing my ear,” Mdm Lee told MediaCorp, recalling the incident on March 9. She says that she ran back to the M1 outlet where she cried due to the “sharp pain” in her ear. Mdm Lee was then taken to a clinic and later went to the Singapore General Hospital (SGH). Over several visits to SGH, the assessment of the alleged impact on her hearing in her left ear went from “mild/moderate” on March 15 to “profound” on April 26. The most recent diagnosis — on Aug 18 — said Mdm Lee’s loss of hearing in her left ear was “total and irrecoverable”. Mdm Lee is suing electronics firm Samsung Asia over the alleged incident for “severe injury” purportedly caused by the mobile phone. The electronics giant has denied the claim in its defence, which has been filed. In response to MediaCorp’s queries, Samsung said it was deeply concerned about the situation and was ready to “provide any assistance if contacted by the authorities”. The company said it has engaged Mdm Lee on various occasions to understand any issues she might have had with the mobile phone. A company spokesman said: “Samsung has also conducted an independent investigation and has not found any issues related to her E1310. Samsung adheres to strict quality control protocols and complies with the standards of the regulatory authorities in any market it operates in.” In its defence, Samsung — represented by Attorneys Inc lawyer Axel Chan — argues that Mdm Lee was negligent by using the mobile phone without following instructions, failing to ensure that the volume was set at a safe level and for not ensuring the mobile phone was working properly. Mdm Lee’s lawyer, S Selvaraj, from MyintSoe & Selvaraj, claims that Samsung, as the distributor of mobile phones bearing its trade name, had failed to ensure the mobile phone was safe for use before supplying it to the retailer for sale. A pre-trial conference has been set for Sept 15. — Less than 15 minutes after buying a new mobile phone from an M1 outlet in Plaza Singapura, Madam Lee Sek Foi turned it on and called her husband. But instead of hearing his voice, the 50-year-old cook claims that she heard a sharp, piercing sound in her left ear. |
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pharoah88
Supreme |
01-Sep-2010 21:36
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Okay, forget meritocracy, but what about professionalism? ooi kee beng
Perhaps because the man’s main concern is to be confrontational, and in the blogosphere the competition on that score is relentless, many of his entries have tested the boundaries of rationality. Very often, these are full of contradictions and are not worth commenting on. However, a recent one where Dr Mahathir claims that proponents of meritocracy are as racists as anyone else does require a reaction. For starters, just because most of us have racist tendencies does It is also undeniable that political slogans always conceal a political agenda, and not always in an opaque manner either. This goes for “Malaysian Malaysia” as much as it does for “Ketuanan Melayu”; and for “Middle Malaysia” as much as it does for “One Malaysia”. However, that is not the real issue. Although Dr Mahathir recognises that meritocracy, imposed without consideration for social inequalities, will merely favour those who are already privileged economically or otherwise, he does not draw the obvious conclusion that we are talking about a condition we may provocatively call a class struggle. This brings us back to 1970. During the days when the New Economic Policy (NEP) was being drafted, it was obvious that the issue was poverty. The official insight gained from the May 13 riots was that the Malay community was not getting any richer despite independence. After three elections, there were no signs that their lot would improve dramatically, and if that situation was not remedied, the country could not possibly enjoy political stability and economic growth. And so, the attempt was made to remodel Malaysian society. Once class inequalities were lessened, inter-ethnic tension would follow suit, and so the NEP would succeed by making race passé as a political tool. The poor had to be helped, and the Malays had to be helped. That was the dilemma, which had to be solved within the ultimate project of turning Malaysia into a prosperous and stable country. Malaysia’s former Prime Minister, Dr Mahathir Mohamad, has been making a name for himself as a blogger after he retired in 2003.ooi kee beng not make racism all right, especially in public policy. That point need not be belaboured.Criteria For Success Thus, three criteria for success competed with each other. First, the lot of the Malay community as a whole had to improve dramatically. Second, the income gap among Malaysians as a whole must diminish. Third, the national economy as a whole must experience impressive economic growth. Since the political structure had always been racebased, it was easy for the system to continue along those lines, and the implementation of the NEP favoured racial interests over class concerns. This created a system of patronage which over time encouraged mediocrity over excellence, quota strictness over merit, and political concerns over judicial correctness. What is sad is that after 40 years of the NEP, it is still the racial aspect, now evolved into Malay Supremacy, which continues to be taken by Dr Mahathir and others as the most effective political tool at their disposal. Other crucial values are overshadowed. The income gap, also within the Malay community, remains enormous, leading to a host of social problems that the country can do without, such as a low level of education, criminality, corruption and, worst of all, a sustained weakness for racial politics. The only gap that seems to have lessened impressively is the one between party and state. Malaysia may have managed relatively well economically, but the signs are now many that the goods times are over, and the developmental and resource edge that it had over most other Asian countries is now gone. The rule of law, especially important in a country as heterogeneous as Malaysia, has been increasingly compromised, as has the quality of education in schools and universities. The key project of uniting the nation has also been disregarded other than in occasional sloganeering exercises. Meritocratic values can no doubt be misused in the service of vested interests, but what a country with self-esteem and ambition cannot do without is professionalism, be this in the civil service, the education system, the police or the managerial and entrepreneurial classes. As a result, governance in general has lost credibility and legitimacy. Indeed, the area where professionalism is most needed today is in governance. The writer is a senior fellow at the Institute of South-east Asian Studies. His latest book is In Lieu of Ideology: An Intellectual Biography of Goh Keng Swee (Iseas). |
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pharoah88
Supreme |
01-Sep-2010 21:17
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When luxury brands outsource, should they tell? tan soo jiuan Italy’s Parliament has passed a law that imposes, among other things, the requirement that Italian manufacturers be able to prove that their products were primarily made in Italy and, if any part of the work was carried out elsewhere, a traceable location must be shown.Deluxe: How Luxury Lost Its Luster. The writer is an associate professor at the Department of Marketing, NUS Business School. The ruling, which takes effect next month, would make Italy arguably the first country to regulate the “Made in xxx” label. It could not have come sooner for some Italian clothing manufacturers who have complained that, for the last decade, they have been at the mercy of fellow designers buying cheaper fabric in China, Bulgaria and elsewhere and slapping on “Made in Italy” labels — even when those garments are merely sewn in Italy. By definition, any behaviour within the marketing function that is illegal or morally unacceptable to the larger community is deemed unethical marketing behaviour. Such behaviour has been associated with publicly reported practices such as Dow Corning’s release of potentially harmful silicon breast implants and Nike’s reported use of sweat-shop labour. With the proliferation of global outsourcing of global brands, another type of unethical marketing behaviour appears to have emerged. The potential cost savings and revenue advantages derived from outsourcing have enticed even the luxury fashion business into the act. The outsourcing of fabrics in the case of the Italian clothing designers is one such example. It has been reported that many luxury brand items are now made on assembly lines in developing nations, such as China, where labour is vastly cheaper. These outsourced products, however, continue to be sold at very high prices because their “marketing executives played up the companies’ heritage and claimed that the items were still made in Europe by hand”, says fashion correspondent and author Dana Thomas in her best-selling book, Such companies get away with it by hiding the “Made in China” label “in the bottom of an inside pocket or stamped black on black on the back side of a tiny logo flap”, she adds. “Some bypass the ‘provenance’ laws requiring labels that tell where goods are made by having 90 per cent of the bag, garment or shoes made in China, and then attaching the final bits — the handle, the buttons — in Italy, thus earning a ‘Made in Italy’ label. “Or some just replace the original label with one stating it was made in Western Europe.” Congruence Theory postulates that individuals tend to be more responsive to people and messages that are consistent with their own beliefs and attitudes. In considering the outsourcing option, luxury brand marketers need to consider this: Do consumers consider as unethical the practice of outsourcing of luxury brands while marketing them at a premium as handmade by artisans? Is it worthwhile to engage in global outsourcing while keeping consumers in the dark about such a practice? Research has found that if corporate actions are perceived as unethical, the company stands to lose favour with even its most committed customers. In the long run, ethical judgments can lead consumers to accept or reject a company’s business activities entirely. As outsourcing becomes a global phenomenon with unabated growth, it becomes imperative that luxury brand marketers confront these issues. With the further influx of luxury brands making their way to major new shopping malls that have sprung up in Singapore over the past year, shouldn’t consumers know whether they are getting the “Made in xxx” value that they are paying a premium for? |
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pharoah88
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30-Aug-2010 14:10
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Firms which buy their equipment rather than renting them would have an advantage. Otherwise, they would have to decide on how long the lease would be because the longer the lease period, the bigger the liabilities would be on the book. PwC real estate and hospitality leader Choo Eng Beng
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pharoah88
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30-Aug-2010 13:24
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Proposal to show rental cost on balance sheets Companies may show higher debt levels with any rule change: Experts Ephraim Se ow ephraimseow@mediacorp.com.sg SINGAPORE The new rules are proposed by the UK-based International Accounting Standards Board and the USbased Financial Accounting Standards Board, which jointly released a new leasing exposure draft on Aug 17. This proposal would require firms to include their lease expenses on their balance sheets and are to report their total rental cost as soon as the leases start. This means that companies may show a higher level of debt in their books and firms may also incur higher compliance costs, accounting experts said. PricewaterhouseCoopers (PwC) estimates that there are currently $22 billion worth of operating leases or liabilities kept off the balance sheet by the 20 largest firms by market capitalisation here as at July 31. The audit firm has estimated that, on average, the changes will raise a company’s reported debt load by 58 per cent. On whether shareholders might be taken aback by the sudden surge in a company’s debt level, Mr Choo Eng Beng, real estate and hospitality leader, PwC, said: “Those who perhaps have not looked at the obligations of the company might not be aware that there are such lease obligations that the firm might have to pay.” However, he added that more savvy shareholders and analysts would have been aware since companies with large operating leases, such as shipping firms and airlines, usually report lease payments in their general accounts. Industry analysts added that, going forward, companies would have to re-strategise how they finance their operations to remain competitive. “Importantly, the new proposals represent a fundamentally different approach to recording executory contracts, which may have follow on effects to other non-lease arrangements,” noted Mr Tan Seng Choon, assurance partner, Ernst and Young. “Firms which buy their equipment rather than rent them would have an advantage. Otherwise, they would have to decide on how long the lease would be because the longer the lease period, the bigger the liabilities would be on the book,” said Mr Choo. — The proposed revamp on the accounting for leases will help boost transparency among companies here as they would soon be required to highlight how much they spend on rental cost in their books. |
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pharoah88
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29-Aug-2010 11:53
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The Singapore Exchange issues guidelines on 'green reporting'But disclosure of social and environmental aspects of business not mandatory for now Jonathan Kwok Straits Times 29 Aug 10; The Singapore Exchange (SGX) is going green. It is encouraging all listed firms to undertake 'sustainability reporting' - or the disclosure of the social and environmental aspects of their business - and has issued guidelines regarding this. 'Investors who lead world opinion expect listed companies to be accountable for their financial results, how they achieve the results, and what impact they have on the communities within which they operate,' said a regulatory announcement yesterday. But SGX added that this disclosure of the social and environmental aspects of a listed company's business will not be mandatory at this stage. Still, mandatory rules could be developed in future as more companies adopt such reporting. The guidelines come amid allegations from environmental group Greenpeace that a unit of locally listed Golden Agri-Resources had cleared forests illegally in Indonesia. Sinar Mas Agro Resources and Technology (Smart), which operates all oil palm plantations for Golden Agri, has refuted these allegations after conducting independent reviews by certification bodies and forestry experts. SGX made no mention of the incident yesterday, adding only that the disclosures on sustainability of operations are particularly relevant for 'companies susceptible to environmental risks'. These include oil and gas and mining companies, as well as those that produce significant pollutants, like chemical and apparel firms. Firms that use natural resources heavily - such as palm oil producers and forestry companies - should also look at issuing reports, said the exchange. SGX suggested that the disclosures should highlight companies' policies regarding sustainability issues and contain assessments of the risks or impacts of the companies' operations. It added that companies can follow internationally established frameworks like the Global Reporting Initiative (GRI) Reporting Framework. The SGX guidelines were issued in conjunction with its annual Investor Day [Saturday: 28 AUGUST 2010] yesterday. As SGX celebrated 10 years as a listed company, some 700 shareholders of the exchange gathered at the Suntec ballroom yesterday to hear from its top executives. An afternoon panel session was also open to the general public, as were investment talks and an exhibition. Mr David Gerald, president of the Securities Investors Association of Singapore (Sias), welcomed the SGX guidelines. 'Globally, there is a move towards recognising the importance of corporate social responsibility (CSR). So it's timely that SGX is paying attention to such issues,' he said. Mr Gerald added that Sias itself has decided that from next year, it will be giving attention to CSR practices in selecting companies for its Corporate Governance Awards. There has been an increasing focus in the region on CSR practices. In 2007, Malaysia legislated that all companies listed on Bursa Malaysia must report on their CSR efforts, including the impact of their businesses on the environment. Some companies listed in Singapore have already been issuing sustainability reports. These include Banyan Tree Holdings, Keppel Land, City Developments and Sembcorp Industries. But not everyone is sold on the idea of companies reporting on their own environmental and social efforts. 'Wherever your operations are, whether in Australia or China, you will have to comply with the regulations there anyway. I don't see much value added to investors or to the company in issuing additional reports,' said Mr Edwin Goh, chief financial officer of China Animal Healthcare, which has plants in China producing drugs to combat diseases linked to animals. Mr Goh said his company has not issued sustainability reports, but noted that before being awarded a licence to manufacture drugs, the Chinese authorities would have already inspected his firm's plants to ensure compliance with various requirements, including those related to the environment. |
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pharoah88
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28-Aug-2010 16:55
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China bars foreign food products over SAFETY concerns China’s quality watchdog has destroyed or blocked the import of a wide range of foreign food and cosmetic products amid concerns that they posed potential health risks. The General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) this week published blacklists of products from a number of nations including the United States, South Korea, Japan and New Zealand. All of the products imported in April and May — including milk powder, jam, chocolate and bath products — “have been returned, destroyed or converted to other uses” and “were not sold in the domestic market”, AQSIQ said. The safety watchdog did not specify what the “other uses” were. US food giant General Mills was singled out after its corn muffin powder, pancake powder and cake flour were found to have geneticallymodified contents or excessive aluminium. Other companies named included South Korea’s Lotte, US group Kraft Foods and Britain’s Marks and Spencer. AFP |
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pharoah88
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28-Aug-2010 15:31
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M A T R i X The BEGiNNing iS The END |
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pharoah88
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28-Aug-2010 15:28
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WHITE COLLAR
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pharoah88
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28-Aug-2010 15:24
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Nevertheless ? hUge fIne ? an eXcellent sOUrce Of ? revenUe and IncOme ? fOr the aUthOrIty ? ## pOOr innOcent sharehOlders ## |
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