Monday, 13 September 2010
Tuesday, 23 March 2010
Saturday, 20 March 2010
Disastrous as that would be, if the alternative is chosen and Washington’s printing presses beget hyperinflation, that would probably be worse. In a serious deflation, those who have saved for a rainy day can make it through okay. In hyperinflation, which unconstrained further spending could easily bring on, everyone loses.
Online payments facilitator, PayPal yesterday announced plans to ramp up Singapore operations with more hires and a tie-up with DBS Bank which would make it easier and more secure for the latter’s customers to shop online.
In the latest twist at Sino-Environment, the key management of its subsidiaries in China have pledged their support to help restart business operations.
New Jersey casino regulators said overnight on Wednesday that they have evidence Stanley Ho, the Asian casino magnate, has extensive ties to organised crime in mainland.
The World Bank yesterday urged China to let its currency rise to contain inflation and stop the economy from overheating, predicting that growth will gallop ahead at 9.5 per cent this year. ‘Strengthening the exchange rate can help reduce inflationary pressures and rebalance the economy,’ the World Bank said in its latest quarterly update on the world’s third-largest economy.
A rise in the yuan would be a disaster for labour-intensive mainland exporters, a semi-official trade group said on Thursday, as frictions grow with the US and other western powers over Beijing’s stable currency policy.
A Cabinet official said a further rise in China’s currency risks driving exporters out of business, a newspaper reported Friday, as Beijing stepped up a war of words with Washington over its exchange rate controls.
If you don’t believe that, just look at the example of Japan in the 1980s, when a rapidly appreciating currency simply fuelled the excesses of the bubble economy and led ultimately to the crash of the early 1990s and Japan’s subsequent lost decade.
Mining giant Rio Tinto and China’s Chinalco Friday signed a 1.35 billion US dollar deal to develop a huge African iron ore field, renewing close ties after a major deal collapsed last year.
Monetary tightening in China, the world’s largest metals user, will have little impact on consumption and the country will continue to drive metals demand for years, David Wilson of Societe Generale said on Friday.
Wednesday, 17 March 2010
“Live in famous house, study in prestige school” is the real estate advert that attracted Li Lin to buy an apartment in this “famous” Zhongbo Community 4 years ago. After the spring festival, he planned to transfer his son to the promised prestige school but almost got rejected because the school is severely overcrowded.
Not long ago, Dr. Zhang Hongyan encountered an embarrassing moment at the hospital emergency room: a woman dressed in rags was sent to the hospital with her lower body attached to her pet dog’s genital.
Tuesday, 16 March 2010
Law Minister K. Shanmugam said yesterday he expects Romania to ‘seriously consider’ the evidence from a recently concluded coroner’s inquiry into a fatal road accident that allegedly involved former Romanian diplomat Silviu Ionescu.
China’s government-backed enterprises have widened their investment targets from finance to real estate assets around the world, and their shopping sprees are picking up pace as their financial muscle increases and overseas property prices drop, analysts say.
Thailand’s prime minister, backed by a formidable military force, rejected an ultimatum to dissolve Parliament on Monday as tens of thousands of red-shirted protesters vowed to splatter the seat of government with their own blood if their demands weren’t met.
Thailand’s prime minister on Monday rejected an ultimatum by tens of thousands of protesters who had besieged the army barracks where he was holed up to demand immediate elections.
Throughout all of last week, sharp rises in Jardine Matheson (JM), Jardine Strategic (JS) and Jardine Cycle & Carriage (JC&C) to new all-time highs helped push the Straits Times Index significantly higher on five successive days.
A US embassy staffer in South Korea has fled the country amid an investigation into claims that he swindled a local widow out of 220 million won (194,000 dollars), police said Monday.
Monday, 15 March 2010
John Maynard Keynes wrote during the Great Depression that only ‘fools and madmen’ will tell you ‘the path of escape is to be found in strict economy’. Several countries have now started ‘strict economy’, or fiscal tightening, after the biggest financial crisis since World War II.
Conditions are not ripe to require officials to publicly declare their assets, a top legislating official said yesterday on the sidelines of the National People’s Congress.
Strangely, there is no word on the swoop on the homes and offices of Richard Li and others connected with attempt to take company private
Former president Jiang Zemin, according to diplomatic lore, once boasted about his knowledge of finance by reciting “assets equal liabilities plus equity” to his bemused US counterpart Bill Clinton. The joke, it seems, is that this basic accounting formula should be common knowledge and so it’s absurd to show off with it. But, as people fret about China’s financial position today, it may be good to remind them of this formula to see the big picture.
Moody’s Investor Services warned last month that the triple A credit rating of the highly geared US economy should not be taken for granted.
Car not stolen outside Romanian embassy, as claimed by him
Toyota owners claiming that massive safety recalls are causing the value of their vehicles to plummet have filed at least 89 class action lawsuits that could cost the Japanese auto giant US$3 billion or more, according to an Associated Press review of cases, legal precedent and interviews with experts.
The luxury apartment buildings Yang Xuhua passes on her way to work are a daily reminder of her own frustrated efforts to buy a home. Prices for even modest apartments in Shanghai have soared, putting home purchases out of reach for white-collar workers and professionals.
The bubbly enthusiasm that many analysts express about the Chinese economy reminds me of the old-time US variety show host Lawrence Welk, who banished worries each week with soothing sounds from his “Champagne Music Makers”.
Every now and then, market imperfections throw up arbitrage potential from corporate activity. One such opportunity may just be emerging in the ongoing takeover of offshore services specialist Swissco International by Catalyst-listed C2O Holdings.
Tens of thousands of protesters converged in Bangkok on Sunday to give Thailand’s military-backed government an ultimatum: either call elections or face more pro-democracy demonstrations over the coming week.
Global financial markets are yet to bottom and investors should hold cash, investment-grade debt or defensive stocks to ride out a coming “general correction”, according to HSBC Holdings.
At least 210 journalists and intellectuals have signed an open letter calling for the impeachment and resignation of Hubei governor Li Hongzhong, who hit the headlines last week for snatching a recorder from a journalist on the sidelines of the National People’s Congress.
China’s premier rejected foreign pressure over its exchange rate controls and said Sunday the Chinese currency will be kept “basically stable.”
Premier Wen Jiabao sharply defended China’s currency and trade policies on Sunday against what he called foreign “finger-pointing,” charging instead that the developed world seeks to force unfair changes in those policies “just for the purposes of increasing their own exports.”
Chinese Premier Wen Jiabao said on Sunday that external calls for yuan appreciation were unhelpful and even a form of trade protectionism, vowing that Beijing would stick to its own course for currency reform.
Chinese Premier Wen Jiabao said he was snubbed at last year’s Copenhagen climate change conference and fired back Sunday at critics who accuse China of arrogance.
Meetings of the nation’s parliament are ritual affairs. But because China is a one-party state, the annual sessions of the legislative and political consultative bodies also amount to a political-party conference. As such, they give the ambitious a rare opportunity to make an impression among the elite and rank and file. The duller the proceedings, the better for attention-seekers.
It is the Wall Street equivalent of a coroner’s report - a 2,200-page document that lays out, in new and startling detail, how Lehman Brothers used accounting sleight of hand to conceal the bad investments that led to its undoing.
For the year that it took the court-appointed examiner to complete his report on the demise of Lehman Brothers, officials from Wall Street to Washington were anticipating it as the definitive account of the largest bankruptcy in American history.
Sunday, 14 March 2010
Australia, a country shaped by migration, is again being challenged to define itself by a new wave of migration from its giant Asian neighbours. How Australia deals with the new and different influx from China and India will also affect its political and strategic relations.
Suddenly, the true purpose of expos becomes a lot clearer. Judging from their track record, they are nothing more than a device used by corrupt but self-aggrandising officials to siphon vast amounts of money out of the public purse and into their own pockets and those of their business cronies.
Ex-audit chief targets ‘grey income’
Eleven rare Siberian tigers have died at a wildlife park in a startling case that activists say hints at unsavoury practices among some zoos and animal farms in China: They are over breeding endangered animals in the hopes of making illicit profit on their carcasses.
China plans to revamp its university admissions system, allowing students to take subject-specific tests and introducing other measures besides the exam to ease the stress millions of students undergo as they compete for a coveted few spots in colleges.
One of China’s top Internet regulators warned bluntly on Friday that any move by Google to stop censoring its Chinese search engine would be “irresponsible” and would draw a response from the Beijing government.
China’s seemingly unquenchable thirst for wine has ousted America as Bordeaux’s number one client outside Europe, latest figures showed Friday.
Beijing’s foreign ministry spokeswoman on Tuesday defended rules that foreign companies claim lock them out of the multibillion dollar market for selling computers and office equipment to government departments.
There are few constants in business, but the law of supply and demand is one of them. With business picking up and labour short, migrant workers in Guangdong province are increasingly choosy about what jobs they take - and not surprisingly so.
Talks with China over censorship have reached an apparent impasse and Google, the world’s largest search engine, is now “99.9 percent” certain to shut its Chinese search engine, the Financial Times said on Saturday.
The mainland is the world’s second-largest processor of small diamonds, after India, and is keen to establish an industry that encompasses not just manufacturing but trading, designing and retailing. This won’t happen until there is more interest by mainlanders in owning diamonds.
China may be forced to rescue banks that made loans for local government projects under the unprecedented stimulus programme revealed in 2008, according to Citigroup and an academic from Northwestern University.
A PLA deputy to the National People’s Congress has called for a major shake-up of the way that the military sources and maintains equipment stockpiles, to prevent stores being filled with outdated gear that is “only good for scrap”.
Thousands of red-shirted protesters surging into the Thai capital from impoverished rural areas Saturday gave the government an ultimatum to “return power to the people” or face mass marches in key locations.
"I would rather be lightening up on positions in the next couple of weeks than heavily buying in here," says Marc Faber, editor of the Gloom, Boom and Doom Report.
"It's beyond repair -- it's too late," to avert fiscal disaster, Faber declares.
Mish agrees: "The day of reckoning has arrived. The question is how long it takes to play out."
Mish agrees: "The day of reckoning has arrived. The question is how long it takes to play out."
Saturday, 13 March 2010
The central government has tightened restrictions on overseas donations to independent domestic non-governmental organisations in a move that experts and NGO workers fear will threaten the survival of the mainland’s fledgling civil society.
Railway police in Shanghai say they have detained 47 suspects and rescued 21 babies in a month-long crackdown on child trafficking.
The fate of Wen Qiang, the biggest catch in Chongqing’s crackdown on organised crime, may be known as soon as the end of this month, and if convicted, he is unlikely to get the maximum penalty, the city’s justice chief said.
Friday, 12 March 2010
The yen slipped yesterday, giving back recent gains, amid increasing expectations that the Bank of Japan will adopt further easing measures, while the pound sterling fell on persistent credit and economic concerns.
Thursday, 11 March 2010
China’s stock market is now bigger than the bourses in London and Tokyo and has become the second largest in the world after the United States. Some of the largest firms in the world are also now listed in China. Yet, not enough is known about the behaviour and reasons for the rapidly rising stock markets in Shanghai and Shenzhen.
Ten people involved in one of the city’s biggest insider dealing cases yesterday lost an appeal against their conviction but will escape an HK$8.78 million fine because the now defunct tribunal set up to punish offenders had no power to levy the penalty.
Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.
Investors have not yet given up on the 11-month-old world markets recovery and there is little evidence so far this year of a retreat to safe-haven bunkers in the face of mini-shocks from Greek debts, China’s monetary tightening and U.S. regulatory threats.
They sleep in boxy rooms crammed into dingy low-rises and spend hours commuting to work on crowded buses as part of a trend of poorer white-collar workers being forced to the fringes of China’s wealthiest cities.
There are some novel tools in Bernanke’s plan. But how effective will they be?
Is the latest property bubble in tropical Hainan about to burst? Or will prices for high-end properties keep on rising as the island builds the tourism infrastructure needed to meet Beijing’s goal of turning it into a world-class destination?
Has anyone ever heard a CEO say that the company’s problems are his fault? The general message that gets sent when the company is doing well is that it is a vindication of the management’s strategy. But when things go pear shaped it tends to be blamed on problems like “unforeseeable market factors” or “industry-wide issues”. You don’t tend to hear “we got it wrong” very much.
Jim O’Neill is on the lookout for the great Chinese revaluation of 2010, and he’s not alone.
A newspaper editor said he has been punished for co-writing a bold editorial demanding reform of the unpopular household registration system on the mainland, which critics say discriminates against farmers and other rural poor.
The ex-Asia head of Deutsche Bank AG’s Saba proprietary trading desk is planning a hedge fund seeking to profit from mispricing of securities in Asia’s equity and credit markets, said two people with knowledge of the matter.
Mainlanders saved money to provide their family with a more comfortable life whereas most Hongkongers, Koreans and Indians said they saved to provide for their retirement. Malaysian, Singaporean and Taiwanese people saved for “a rainy day”.
A river of liquor, a robotic version of a famous emperor and fighting Shaolin monks - China’s provinces are going all-out to woo tourists and investors at Shanghai World Expo next year.
The Royal Embassy of Saudi Arabia yesterday offered its full cooperation to the authorities here looking into a magistrate’s complaint against one of its diplomats.
Wednesday, 10 March 2010
My friend’s sister is a feng shui master. He said RWS’s casino is full of ‘feng shui’ arrangement that it’s very strong to trap anyone’s money when going into the casino. From the moment you enter (if u asked the cab to drop u at casino entrance), you will see the lobby has one strange sculpture - the elephant.
A district judge has sentenced a British national to two months’ imprisonment after he pleaded guilty to voluntarily causing hurt to a taxi driver.
The Romanian driver of former charge d’affaires Silviu Ionescu gave his side of the story on Tuesday at the Coroner’s Inquiry into the death of a pedestrian linked to his embassy car last December.
Economists, financial pundits and politicians the world over, except in China, are agreed the yuan is way undervalued, perhaps by as much as 25 per cent to 40 per cent.
China’s inflation probably accelerated and exports climbed in February, according to surveys of economists, increasing the likelihood of the central bank raising interest rates from a five-year low.
Two years after the city erupted in a riot that set off anti-government protests across Tibetan areas of China, heavy security is now normal. Helmeted paramilitary police stand guard behind spiked barriers at some street corners. Men on rooftops train binoculars on the square and streets in the Barkhor, the heart of the old city that surrounds a holy temple.
A Hong Kong woman has sought the help of a national lawmaker after being told that she was not allowed to marry a Shenzhen police officer in his city because of a dated regulation that banned civil servants from marrying “foreigners”.
There are two ways of reading Saturday’s comments from People’s Bank of China boss Zhou Xiaochuan about Beijing’s exchange rate policy.
China plans to nullify all guarantees local governments have provided for loans taken by their financing vehicles as concerns about credit risks on such debt increases.
Spending by Beijing on infrastructure - mainly railways, roads and airports - will drop 2.7 per cent to 211.8 billion yuan (HK$240.4 billion) this year, but the shortfall, especially for railways, is likely to be made up by non-government sources, experts say.
Tuesday, 9 March 2010
In his five decades of exile, the Dalai Lama has never stopped plotting to seek “Tibet independence” through allying with foreign forces to internationalize the so-called “Tibet issue” and press the Chinese government.
The head of state-owned conglomerate China Everbright Holdings has warned of the dangers of rising property prices on the mainland and said that because of market volatility the group would be cautious about investing in the sector this year.
It’s always possible that someone besides Mossad carried out the assassination of Mahmoud al-Mabhouh, a top Hamas military commander, in a Dubai hotel in January. Israel has refused to comment; on Monday Foreign Minister Avigdor Lieberman explained the silence by saying there is “no proof” Israel was responsible. But the Dubai police insist they are “99%” certain that Israel’s famed intelligence agency did the deed.
Some young married Chinese women lead a secret life. They take off their wedding rings before leaving for work and put them back on when they get home at night. They don’t put any family pictures on their office desk or chat with colleagues about love and family.
News headlines during the slack Lunar New Year time proclaimed that Japan is still the world’s second-biggest economy ahead of its giant neighbour China. The figures for gross domestic product for 2009 showed Japan with US$5.085 trillion, against China’s US$4.91 trillion.
Entering the Year of Tiger, enterprises in the world’s largest coal producer, China, are more and more seeking overseas coal. The unexpectedly massive onslaught of snow and ice in the country’s northern reaches has caused coal shortages in the southeast and is strengthening the determination of Chinese firms to go after overseas resources. As transportation from inland mines to the southeast coastal areas is also seriously short and coal prices are higher in domestic than in international markets, in the next few years economically developed areas in southeast China will be increasingly importing their coal.
The correction that investors thought had finally arrived is beginning to fade as the stock market settles into a pattern likely to continue for months.
Beijing residents are finding it costs more to send children to kindergarten than to put them through college.
Monday, 8 March 2010
China should build the world’s strongest military and move swiftly to displace the United States as the global “champion,” a Chinese PLA officer says in a new book reflecting swelling nationalist ambitions.
In the past two months, the news about wage pressure has been relentless. China’s largest exporting provinces have raised minimum wages. Hong Kong capitalists are desperately worried about labour shortages in mainland factories. Newspapers warn of a scramble for workers in China’s eastern provinces. Everyone seems to be concerned about rising labour costs.
Sports goods retailer 361 Degrees International reported sound growth in the six months that ended on December 31, proving that the brand is strong enough to maintain its position as one of the leading sports enterprises on the mainland despite the financial downturn.
The head of the International Monetary Fund said on Friday that it would be ‘intellectually healthy to explore’ the creation of a new global reserve currency to reduce dependence on the US dollar.
Investors should buy some gold every month “forever” or look to emerging market stocks rather than US shares, Marc Faber, editor of The Gloom, Boom & Doom Report, told CNBC.
Amid cheers from the congregation, City Harvest Church (CHC) yesterday announced that it will pay $310 million to become a co-owner of Suntec Singapore, a prime piece of downtown real estate.
Some argue that insider trading is a victimless crime. Yet a person who unwittingly buys shares from an insider who knows of pending poor results is no different from, say, a homebuyer who purchases a flat from a planning official who knows the block is going to be demolished. In both cases a person is exploiting a position of advantage to prey on a member of the public.
The tables have turned with an acute labour shortage in the so-called “factory of the world” meaning workers like Liu now call the shots. Even the lure of three times the normal pay and perks such as air conditioning, basketball courts and television is not enough to get workers to sign up.
Premier Wen Jiabao, who is entering his final years as the principal manager of the world’s third-largest economy, gave an annual report to the National People’s Congress on Friday mostly noted for its heavy dose of populist measures aimed at promoting social equity and spreading wealth.
Chinese steel mills are facing massive difficulties during this year’s annual iron ore benchmark talks with big price hikes set to push many of them into the red, the head of China’s third biggest steel firm, Wuhan Iron & Steel Group, said yesterday.
Nike and Adidas are the top two sportswear retailers on the mainland, with a combined 33.7 per cent market share in 2008. Li Ning holds 11.1 per cent, followed by Anta Sports Products with 8.6 per cent, according to marketing firm Frost & Sullivan.
Where exactly is China investing its US$2.4 trillion in foreign exchange reserves? Most economists agree that a substantial chunk, and perhaps the majority, of those reserves are invested in US Treasuries - debt issued by the US government to finance its spending.
China’s appetite for imported coal will provide a solid floor for global prices of the commodity this year, but its imports may miss last year’s peak as price-sensitive buyers shy from recovering prices.
In recent months, dozens of prominent commentators from New York hedge fund manager James Chanos to Harvard University professor and former International Monetary Fund chief economist Kenneth Rogoff have sounded warnings about the danger. They argue that last year’s credit-fuelled investment boom has exacerbated China’s existing industrial overcapacity and inflated a dangerous bubble in the property market.
Sunday, 7 March 2010
Some commentators like to say that Hong Kong is suffering from an identity crisis. They ask: Is Hong Kong international or Chinese? The thought that Hong Kong is becoming “just another Chinese city” is a worrying proposition. We have always been both international and Chinese, and we will continue to prosper only if we remain so.
Gaby Abdelnour, JP Morgan Chase Asia-Pacific chief executive, slaps the table three times as he spells out his ambition to end the firm’s five-year wait to enter China’s securities market: “I told everyone, I want to do a JV this year.”
The mainland’s mutual fund sector has suffered a huge brain drain as nearly 200 fund managers left their posts last year, dimming the outlook for the industry despite its breakneck growth in the past few years.
Editors at The Economic Observer, the newspaper which initiated a joint editorial published on Monday criticising the mainland’s hukou (household registration) system, have been punished for their bold action as other participating media confirmed a government order to remove the editorial from their websites.
Soaring housing prices in the past year have made home ownership a more distant dream for most mainlanders and Premier Wen Jiabao’s work report yesterday did little to address their hopes for fresh, concrete measures to rein in the boom.
They are young, smart and well-educated members of a post-1980 generation who enjoy all the varied attractions of city life in Shenzhen. And although they love children, they decided against having any of their own because of insufficient social welfare protection for child care, health, education and housing, as well as the lifelong reality of harsh competition from preschool to the job market.
China’s central bank governor acknowledged Saturday that Beijing is using its controversial exchange-rate controls to cope with the global economic crisis and said it will be cautious about retreating from the policy.
Movie stars, who not so long ago vied to make US$20 million or even US$25 million a picture, have seen their upfront salaries shrink in the last several years as DVD sales fell, star-driven vehicles stumbled at the box office and studios grew increasingly tight-fisted.
Saturday, 6 March 2010
Singapore is planning to create its own hedge-fund capital modelled after Greenwich, Connecticut, in a cluster of ex-British army homes called Nepal Hill, a 15- minute cab-ride from the city-state’s main banking district.
Shanghai’s economy exceeded the size of Hong Kong’s for the first time in at least three decades after stimulus spending helped China skirt the global crisis and lead the world out of recession.
“Salaries for political appointments – ministers, ministers of state and parliamentary secretaries – are estimated to be $58.28 million, or 8.8 per cent higher than last year.”
“The judiciary (also known as the judicial system or judicature) is the system of courts which interprets and applies the law in the name of the sovereign or state. The judiciary also provides a mechanism for the resolution of disputes. Under the doctrine of the separation of powers, the judiciary generally does not make law (which is the responsibility of the legislature) or enforce law (which is the responsibility of the executive), but rather interprets law and applies it to the facts of each case.
Even though Singapore is a Democratic Country, I am concerned that there little if not, no concept of Separation of Powers, which is a very critical but common trait of any democratic country. Please allow me to quickly introduce the concept to you and the basis of my concerns with application to my homeland, Singapore.
Friday, 5 March 2010
Where does one invest in China, which is such a vast market? One of Mapletree Investment’s strategies is to focus on second-tier cities with good growth potential, where it can find better value in real estate. And where growth has not fully taken off.
Twenty years ago, if you had asked any equity investor which bank’s shares were destined to outperform over the next two decades - HSBC or Standard Chartered - he would have laughed in disbelief at your question. The answer was obvious: HSBC, of course.
And if you were to ask almost any investor which of the two stocks is most likely to outperform over the coming years, they would stare at you in amazement and answer “StanChart, of course.”
Contra trading is here to stay but it is hurting the growth of equity derivatives here and will probably need to be re-priced, the new chief executive of the Singapore Exchange said yesterday.
Singapore’s largest law firms have upped the monthly salaries of their lawyers significantly, as they brace themselves for the onslaught of competition from the foreign law firms, amid the liberalisation of the legal industry here.
China must urgently address the physical fitness of the nation’s youth or run the risk of raising a generation incapable of fighting the Japanese in a future war, the head of the country’s top sports university said Thursday.
Premier Wen Jiabao calls China’s economic growth path “unbalanced, uncoordinated, and unsustainable.” This week’s annual parliament session may prove he is unable to change its course.
Lawyers who are familiar with Senior Counsel Sundaresh Menon, who takes over as Singapore’s Attorney-General in October, yesterday described him as a man with many qualities that make him the perfect choice for the job.
The People’s Liberation Army Navy is facing countless potentially fatal accidents at their bases, where boats and nets are illegally placed by fishermen, the PLA Daily said yesterday.
China replaced the United States as the world’s largest commercial real estate investment market last year and is likely to retain that position as global money flows improve as the country’s economy grows, according to a report by property consultancy Cushman & Wakefield.
Chen Mingjing’s entrepreneurial instincts vaulted him from a peasant upbringing to undreamed-of wealth, acquired in ventures ranging from making electric meters to investing in real estate. But when he was 44, the allure of making money for money’s sake began to wane. He wanted to run a business that accomplished some good.
The hackers behind the attacks on Google and dozens of other companies operating in China stole valuable computer source code by breaking into the personal computers of employees with privileged access, a security firm said on Wednesday.
China’s Ministry of Finance is taking the lead in drafting new rules to control fund-raising by local governments’ special purpose vehicles, a banking regulator said on Thursday.
A deputy secretary of the Communist Youth League committee in Shijiazhuang has been sacked and handed over to prosecutors for allegedly fabricating her age, resume and identity to win promotion and inherit a huge estate that her billionaire lover left to his daughter.
Thursday, 4 March 2010
China First Heavy Industries fell on its debut after raising US$1.67 billion in the mainland’s biggest initial public offering this year, as investors baulk at the high valuations pinned on a steady stream of new listings.
Wealthy European nations are moving closer toward swallowing a bitter pill: rescuing Greece from its overspending before its debts drag down the euro and stock markets all the way to Wall Street.
Beijing’s appetite for corporate America has expanded rapidly with the nation’s sovereign wealth fund holding investments of US$9.63 billion in 60 United States-listed companies, including icons such as Coca-Cola, News Corp and Apple.
Is the financial crisis over? Is the recovery for real and, if not, what are Americans’ prospects? The short answer is that the financial crisis is not over, the recovery is not real, and the U.S. faces a far worse crisis than the financial one. Here is the situation as I understand it:
The worldwide study conducted and released by UBS lately, titled “Price and Earnings 2009″ has some unflattering results for Singapore.
Wednesday, 3 March 2010
The Beijing-Shanghai High Speed Railway, which wants to raise up to 50 billion yuan in one of the world’s biggest initial public offerings this year and bring in strategic investors, has been hit by findings of financial irregularities by the national auditor.
China has weathered the global economic crisis better than other nations, but a significant proportion of the people are nonetheless suffering. About 23 million migrant factory workers lost their jobs as a result of Western demand for imports drying up. Their plight now, amid government concern about the widening gap between the urban rich and rural poor, has become the focus of a campaign in the media and policymaking circles to abolish the outdated residency permit system. National People’s Congress lawmakers should heed the calls and begin a concerted programme of reforms.
Although it’s been around for about 10 years now, it would be fair to say that the idea of a profit-maximising market regulator like the Singapore Exchange (SGX) has not gained widespread acceptance with a sceptical local public, because of the inherent conflict of interest in such an arrangement.
It is no surprise that China firms listed here have a yawning credibility problem, given the antics over the past 12 months. But what does amaze is their lack of effort in trying to improve their tattered image.
Many ambitious enterprises have dreams of going for a public listing. However, they may be clueless about how to prepare for the journey, or even when they should start to think about it.
The recent rise in the US dollar - a carry trade currency - bears a haunting resemblance to the sharp appreciation in yen in early 2007, which left stock market carnage in its wake on fears of the unwinding of the yen ‘carry trade’.
While it is good to know that the police are investigating the matter despite defining the matter as a non-seizable offence, it is disturbing to note that the man-in-the-street would not be accorded this privilege in the normal course of events.
Premier Wen Jiabao should be more upbeat than a year ago when he delivers China’s version of the state of the union address at the opening of the legislature’s annual session on Friday and then faces the media at its close.
Bo repeatedly drew attention to the reported support of Zhou Yongkang, head of the Central Commission of Political Science and Law, during the campaign, but he seemingly failed to secure any new endorsement of the sweeping crackdown from the central government in Beijing. Apart from Zhou, there have been no state media reports of any of the other eight members of the top decision-making Politburo Standing Committee either visiting the city or voicing support for Bo over the past eight months.
A joint editorial in 13 mainland newspapers has called on the nation’s top legislative body to abolish the hukou system - strict population controls that have split the country into rural and urban areas for decades.
On Feb 22, FibreChem entered into an investment agreement with Prima Andalan Sentosa for the latter to invest up to US$50 million via subscription of new shares. Prima is owned by Patrick Soetanto, a member of the Soetanto family of Indonesia that is involved in textile and fibre businesses.
Mining groups are on a collision course with Australia’s farmers in a battle for some of the country’s richest agricultural land, putting at risk its status as the one of world’s top producers of best-quality wheat.
Restaurants and office buildings in China’s commercial capital Shanghai are scrambling to set up non-smoking areas as the city bans lighting up in indoor public spaces ahead of the World Expo.
I have a personal dislike for the term “perfect storm”, because it is rarely accurate. However, the Spring Festival holiday break included some announcements and actions that bring together a previously loose collection of events into something that is perhaps more significant — an almost- perfect storm.
Tuesday, 2 March 2010
Monday, 1 March 2010
Israel’s Mossad has regularly faked Australian passports for its spies, an ex-agent said, as anger grew over the use of foreign travel documents for an alleged assassination.
While it is becoming clearer that Oxfam Hong Kong has fallen foul of the mainland’s education departments, crucial questions remain unanswered, including what the charity has done to deserve such treatment and what it means for other NGOs on the mainland.
The mainland property market will see a correction this year due to slower demand, higher supply, tightening liquidity and the effects of government measures to cool speculation, according to Standard & Poor’s Ratings Services.
Some hospitals in Malaysia are preparing to welcome more patients from Singapore. One has even tied up with tour operators to attract medical tourists from across the causeway.
Thailand’s Supreme Court on Friday confiscated $1.4 billion in frozen assets from the nation’s fugitive former Prime Minister, Thaksin Shinawatra, after finding him guilty of illegally concealing his ownership of a family company and abusing his power to benefit the companies he owned.
It strains credulity that a Chinese university would require an applicant to be tested in English, but not Chinese, to demonstrate knowledge of the humanities.
Your Money took these questions to some of the smartest financial minds in the market to see if we can borrow a page from their playbook for the coming months. The experts we talk to are Marc Faber, editor of the Gloom Boom & Doom report, billionaire investor Jim Rogers, Mark Mobius, executive chairman of Templeton Asset Management, and Peter Elston, chief Asia strategist at Aberdeen Asset Management. Here is their take:
The upsetting photo published around the world just before the Lunar New Year of two-year-old Chen Jingdan chained to a tree in Beijing was loaded with as many misconceptions as it was with shock, desperation, sadness and pity.
It was meant to be a show of wealth and to bestow good fortune in the Year of the Tiger. But a wealthy family’s firework display in a village in Guangdong went tragically wrong, triggering a huge explosion that killed at least 20 people, including children, and left nearly 50 injured, some critically.
Sunday, 28 February 2010
It did not bode well for Google’s trendy upstart image at first, finding out that its Singapore office is located in the steel cuboid jungle of Shenton Way - a sprint away from the Monetary Authority of Singapore, no less.
Supporters of populist former Thai leader Thaksin Shinawatra denounced a court order to seize $1.4 billion of his assets, and vowed Saturday to pursue a nonviolent struggle for what they said would be a people’s democracy.
Australia stepped up pressure on Israel Saturday over fake passports linked to the murder of a top Hamas commander, saying it was yet to receive a satisfactory explanation.
Saturday, 27 February 2010
Thursday, 25 February 2010
I like to thank Rony Tan for his public apology to the Buddhist community for the insensitive things he said. However, as a Buddhist I am still concerned. Due to the hype surrounding this incident, many people have watched the video clips where Rony Tan belittled Buddhism. Numerous remarks made against Buddhism were misleading and untrue. If not corrected, this could lead to greater confusion in the general public regarding what Buddhists really believe.
Tok Meng Haw
Tok Meng Haw
The Chinese Communist Party’s new anti-corruption code bans 52 practices, which include these five:
# Throw a grand wedding, funeral or similar functions
# Undertake ‘image projects’ to look good
# Pocket public funds or properties
# Accept money or gifts under different names
# Favour family members, or staff members
# Throw a grand wedding, funeral or similar functions
# Undertake ‘image projects’ to look good
# Pocket public funds or properties
# Accept money or gifts under different names
# Favour family members, or staff members
David Lim Kay Heng, a 37-year-old former police staff sergeant, has been sentenced to nine months’ jail for accepting a bribe from a man believed to be an operator of illegal gambling outlets. He was also fined S$3,000.
China has won its highest-ever staff position in the I