Sunday, 7 February 2010
Can we stop the cyber arms race?
In a speech recently on ‘Internet freedom’, Secretary of State Hillary Clinton decried the cyberattacks that threaten US economic and national security interests. ‘Countries or individuals that engage in cyber attacks should face consequences and international condemnation,’ she warned, alluding to the China-Google kerfuffle. We should ‘create norms of behaviour among states and encourage respect for the global networked commons’. Perhaps so. But the problem with Mrs Clinton’s call for accountability and norms on the global network is the enormous array of cyberattacks originating from the US. Until we acknowledge these attacks and signal how we might control them, we cannot make progress on preventing cyberattacks emanating from other countries.
Beijing security check needed for inventors seeking patents abroad
Chinese inventors hoping to seek patents abroad must go through a state security examination as Beijing tries to prevent the leak of sensitive technology, while streamlining the application process to encourage Chinese companies to take innovations abroad.
As goes January, so goes the year?
One of the most commonly quoted stockmarket axioms is ‘as goes January, so goes the rest of the year’, which refers to January’s supposedly uncanny ability to predict how the market might perform for the next 11 months. So if January is weak then believers in the axiom say the rest of the year will be weak, but if it’s strong then the year will be strong. Since the Straits Times Index (STI) dropped about 5 per cent in January, could this be a portent of a soft year ahead for local stocks?
18pc of top-end Hong Kong flats bought by mainlanders
Cashed-up mainlanders snapped up almost one in five luxury flats sold in Hong Kong last year, a sign of their growing economic might in the city.
Master your card
If you have developed the bad habit of rolling over your outstanding credit card bills instead of paying them in full, you have plenty of company in Singapore.
Beijing condo residents battle police
Nearly 200 condominium residents clashed with police here yesterday in a valiant effort to stop the construction of a subway line near their estate.
After the Summer Olympics, Empty Shells in Beijing
In 2008, the Chinese built a ball field — boy, what a ball field — known worldwide for its lattice-like architecture as the Bird’s Nest. Alas, after the 2008 Olympics, the ticket buyers haven’t come. Right now, the Bird’s Nest serves as a winter amusement park known as the Happy Ice and Snow Season. In April, a promoter may stage a celebrity rock concert to “establish China as a world leader for global peace and a healthier planet.” Or not.
Euro losing allure as substitute to greenback
Investors are pulling cash out of Europe at a record pace as central banks slow euro purchases, jeopardising its status as a substitute to the US dollar as the world’s reserve currency.
How to make money from a Greek tragedy
Benefit from the public-debt crisis by swapping bonds, selling euros and shorting stocks
Officials in illegal landing-slot sales
Airlines allegedly offering kickbacks, exploiting loopholes to get sought-after allocations
Romanian envoy facing charges of manslaughter
A Romanian diplomat is facing manslaughter charges following a deadly hit-and-run accident in Singapore, the Romanian prosecutor’s office said yesterday.
Stop big banks’ risky trades, urges Volcker
White House economic adviser Paul Volcker on Tuesday took to Congress his call to curb risky investing by big banks, warning that his soul would haunt lawmakers when the next banking crisis hits if they did not heed him now.
A more assertive China won’t rock the boat
Beijing appears set on a peaceful path as it continues to grow
Beijing will not halt new listings
Mainland regulators are curbing public offerings in sectors plagued by overcapacity
It’s time Beijing sent us our own Lee Kuan Yew
The time has come to call a spade a spade. In this period of heightening polarisation over issues like constitutional reform and the election of the next chief executive, it is imperative that Hong Kong as a whole should get its act together and work towards the twin objectives so desired by all. These are a stable society offering equal opportunities and a harmonious atmosphere affording room and scope to develop latent potential.
Migrant workers may not return from holiday
Pulling suitcases and hefting heavy bags on their shoulders, millions of mainland workers are boarding trains to head home for the Lunar New Year - a holiday that triggers the world’s biggest annual migration of people.
Strict casino credit rules draw mixed reactions
Healthy for industry, say some operators; but others worry VIP players may shy away
The next big thing: a mastiff
There’s a saying among ultra-rich men in northern China: you need a young beautiful wife, a Lamborghini, a villa with expansive grounds, a purebred horse and a Tibetan mastiff (zang’ao), the bigger and more ferocious the better.
What happens if China’s ‘bubble’ pops?
World-renowned short seller Jim Chanos -- the hedge fund manager who called the fall of Enron and the systemic problems cause by subprime mortgages --recently turned his gimlet eye on China. He saw a country whose rapid rise was hiding massive flaws: grossly inflated real estate prices, irresponsible construction lending, massive overbuilding, a banking system larded with bad loans, and unreliable government data. Fitch Ratings weighed in this week saying that China’s banks face the greatest “bubble risk” of any Asian country.
Chinese sales boosts luxury goods market in 2009
Despite the economic crisis, 2009 ended better than it began for the French luxury goods sector, thanks largely to China’s growing taste for high-end products, encouraging thoughts of a better 2010.
China’s top universities ‘to rival Ivy League’
The president of Yale University says China’s top universities will rival the elite ones in the United States and Britain in 25 years, a week after Premier Wen Jiabao pledged to make the country’s universities “world class”.
Tony Chan’s firm reassures its investors
The listed company of fung shui master Tony Chan Chun-chuen reassured investors yesterday after police searched its Cyberport offices and the homes of its directors in the investigation into a suspected forged document.
Hugo Boss crimped by small Asia exposure
As shoppers across the world gingerly start spending again on luxury, German fashion house Hugo Boss risks being left behind because of its dependence on department store sales and European customers.
HSI tumbles below 20,000 level
Concern over ballooning budget deficits across Europe rippled through global equity markets yesterday, sending the Hang Seng Index spiralling below the 20,000-point level for the first time in five months.
More second-hand luxury sports cars being imported
Grey imports bearing Bentley, Porsche badges jumped the most last year
Why do losers keep gambling? Brain to blame
Study show near-wins trick people into trying again and again
Big drain in emerging market equity funds
Weekly outflow hits US$1.6b, the highest in 24 weeks, on earnings and Greece’s debt woes
Top cop admits taking bribes to frame man
A top police officer who oversaw cyber censorship in Beijing pleaded guilty yesterday to taking more than 4.2 million yuan (HK$4.78 million) in bribes from an anti-virus company to frame an executive of a business rival.
More young migrants give the reunion dinner a miss
Skyrocketing train fares, the ordeal of long journeys and the stress of meeting a parent’s expectations are keeping young migrants from going home for the Lunar New Year.
Corruption trial hears of vast wealth, bribe claims
As the high-profile trial of the most senior cadre snared in Chongqing’s crackdown on gangsters continues, further details of the former justice chief’s decadent lifestyle have been revealed in court.
Census may spur rethink on birth control
China is preparing to send an army of six million enumerators into cities and the countryside later this year for a national census that can have a profound influence on the population policy.
Why most funds raised by mainland firms not repatriated
“Seventy-seven per cent of the money raised by mainland corporates in the Hong Kong equity market in the first 11 months of 2009 has stayed in the Hong Kong dollar account. That tally will swell to HK$300 billion by the end of last year.”
Thursday, 4 February 2010
Investors take walk on wild side - CLSA Feng Shui Index
Zodiac signs in the Year of the Tiger suggest that investors hoping for a smoother ride in the markets will have to wait a bit longer, according to CLSA’s tongue-in-cheek fung shui index released yesterday.
Operators Pin High Hopes on Singapore Casinos
As Singapore gets ready to open its first casinos, there is little doubt that the controversial decision it made five years ago to allow gambling is going to pay economic dividends for the city-state. But whether the operators of the two giant resorts will be reaping jackpots anytime soon remains the big question.
Yin-yang contracts must be stamped out
The disclosure of fraudulent conduct often foreshadows the bursting of an asset bubble. If so, the revelation of widespread dodgy property transactions on the mainland designed to cheat the taxman may be a signal of worse news to come. So-called “yin-yang” contracts are a common but illegal practice to avoid paying taxes. Officials have long known about it, apparently, but have done little for fear of upsetting shaky market sentiment during the financial crisis. They may soon have to pay a much higher price for not cracking down on the practice.
China’s clout doesn’t extend to ore price
China is pressing to turn its status as the world’s biggest steel producer into clout over global miners and cheaper iron ore prices. But its tactics failed in 2009 and there are few indications it will fare better this year.
Bank of China pulls back mortgage discount policy
Bank of China, the country’s third-largest bank by market capitalisation, said on Wednesday it had cut a discount on mortgage rates offered to home buyers, in an effort to optimise lending structures.
Feng shui master arrested in Hong Kong over tycoon’s will
Hong Kong police arrested a feng shui master Wednesday after the High Court dismissed as fraudulent his claim to the estate of eccentric property tycoon Nina Wang.
“Big bubble risk”
Fitch Ratings warned on Wednesday that banks in China face the greatest ‘bubble risk’ of any Asian country, one day after it downgraded two mid-sized Chinese banks due to the rising threat of bad credit.
Wednesday, 3 February 2010
Fung shui master Tony Chan arrested
Police arrested fung shui master Tony Chan Chun-chuen on Wednesday afternoon after searching his home on the Peak.
Chan’s chances of appeal win slim, lawyer says
Tony Chan Chun-chuen’s chances of winning an appeal against a court decision awarding control of Chinachem boss Nina Wang’s multi-billion-dollar estate to a family charitable trust are very slim, according to a senior lawyer who has read the more than 300 pages of judgment.
Court battle puts heat on fung shui masters
Regardless of whether Tony Chan Chun-chuen is a real fung shui master or not, his legal battle sent a shockwave through the trade and has resulted in many practitioners coming under scrutiny from tax officials.
Siblings say big sister is up there smiling
Joining him in the room packed with 100 journalists were his sisters, Dr. Molly Gong Chung-sum and Kung Yan-sum. “Like everyone, I feel very happy,” Kung said as he thanked company staff, lawyers and the public for their support during the trial. “I think my big sister up there will also smile. She must be extremely happy now.”
A will? No way
Police may probe Tony Chan after judge dismisses as forgery the will purported to leave him Nina Wang’s billions
Judge devotes a third of ruling to fake signatures
More than a third of the 300-odd pages of the judgment in the Nina Wang probate battle was devoted to analysing the signatures on the will fung shui master Tony Chan Chun-chuen claimed left him her fortune of at least HK$10 billion.
Excerpts from the judge’s ruling
‘The court does not believe that their relationship was such that Nina was prepared to give him her entire estate irrespective of her other commitments and responsibilities.
Tycoon Nina Wang’s lover loses claim to her fortune
Judge declares signature on 2006 will is forged; upholds previous will
Players at centre of Harry Elias storm tell their stories
Philip Fong, Latiff Ibrahim give their accounts of last week’s resignations
Trading secrets for business in China
Maze of purchase rules, joint venture demands frustrate foreign firms
Developer penalised in Beijing for land deal delay
A developer said on Tuesday it was penalised by mainland authorities for failing to complete a major Beijing land deal on time, as authorities clamp down on land purchase and development practices while moving to fend off property price bubbles.
What next for China’s monetary policy?
China has begun moving at the margins to withdraw excess cash from the financial system, as a spike in lending in the first few weeks of the year prompted concerns that credit growth was getting out of hand.
Tony Chan loses battle for Wang’s fortune
The High Court on Tuesday threw out fung shui master Tony Chan Chun-chuen’s claim for the estimated HK$100 billion fortune of late property tycoon Nina Wang Kung Yu-sum after a sensational court battle.
Reflecting on HG Metal’s board tussle
The insurrection at HG Metal Manufacturing appears complete, after shareholders at last Friday’s annual general meeting gave a nod to the new management.
Uygur’s death highlights wider tensions
Tight security has been kept for three weeks in a Shenzhen neighbourhood where a Han man stabbed a Uygur to death last month, with at least two police officers conducting round-the-clock surveillance amid fears of further ethnic violence.
UK firm wins damages in Beijing copyright case
One of the world’s largest producers of controls for electric kettles has successfully sued two Chinese manufacturers over patent infringements, a landmark case that could have wide-ranging implications for mainland intellectual property rights.
Outflows accelerate from emerging market funds
Outflows from China, other Asian, Latin American equity and commodity funds have accelerated because investors fear an economic slowdown in China.
Only 121 out of 5,000 casino applicants rejected
The Casino Regulatory Authority (CRA) has come out to clear the air over who is allowed to work as a croupier or cashier in the casinos of the two integrated resorts.
Chinese gifts are ‘bugged’, claims MI5
Britain’s domestic intelligence service MI5 has accused China of bugging British business executives using memory sticks which provide access to users’ computers.
Arms deal unlikely to hurt cross-strait thaw
Washington’s latest plan to sell US$6.4 million worth of arms to Taiwan will have little impact on warming cross-strait relations, considering that it involves less sensitive weapons, analysts say.
Another top soccer boss thought to be detained
The top commercial official for the scandal-plagued Chinese Super League has disappeared and may have been detained for investigation, according to media reports.
Accredited estate agents have to abide by code of ethics
I refer to Miss Yusnita A. Raby’s Forum Online letter last Saturday, ‘Is there a code for property agents?’ Currently, the Common Examination for Salespersons (CES) is a prerequisite for estate agents who intend to be accredited with the Singapore Accredited Estate Agencies (SAEA). The syllabus of the CES course taught in SAEA’s 18 approved training centres (PropNex Realty is one of the approved training centres) includes landlord and tenant law, leases, the selling of private residential, HDB, commercial and industrial properties, as well as properties under construction.
Beijing proposes major changes to land seizures
China’s Cabinet suggested major changes yesterday to the way land is seized for redevelopment, in an attempt to bring calm to an issue that has sparked growing violence.
Yunnan a reluctant refuge for desperate Myanmar traders
Ask residents of the dusty Chinese border town of Ruili what they think of their neighbour and supposed friend Myanmar, and one word features prominently - luan, or chaotic.
Hacking for Fun and Profit in China’s Underworld
With a few quick keystrokes, a computer hacker who goes by the code name Majia calls up a screen displaying his latest victims.
China faces risks from bank lending surge: OECD
Surging bank lending could threaten the stability of financial institutions in fast-growing China, the OECD said Tuesday in a report that urged more market reforms to help reduce such risks.
Beat the traffic and enjoy your Expo visit
Have you started to plan your Expo visit? By ferry, wheel or Metro? Read our detailed traffic guide to make the best choice.
Tuesday, 2 February 2010
China Regulator Said to Seek to Curb Third Mortgages
China’s government, seeking to stem property speculation, told banks to raise interest rates on third mortgages and demand bigger down payments for such loans, a person with knowledge of the matter said.
China Property Market ‘Bubble’ Set to Burst, Xie Says
China’s property market “bubble” is set to burst as the government curbs credit growth and clamps down on speculation, according to independent economist Andy Xie.
Trends and trip points in Shanghai
I was working in Shanghai two weeks ago and had the opportunity to talk with many investors. The general feeling is a fear that the moderation of the market is going too far, partly as a result of global influences. There is support for the strategy of “Removing the Firewood from Beneath the Cauldron” to avoid the market’s overheating. There is concern, however, that a sudden rainstorm from the West is cooling the cooking pot too quickly.
There’s no education in a Chinese school
It’s known among a small circle of scholars in China as ‘the Qian Xuesen question’. Four years ago, Mr. Qian, the rocket scientist and genius architect of China’s space and missile programmes who died in October at the age of 97, asked a prominent visitor a troubling question: ‘Why does China produce so many clever people, but so few geniuses?’ Prime Minister Wen Jiabao’s answer isn’t recorded, but my friend Bai Hua thinks that she knows.
Squeezing easy money to avoid hard landing
China’s move to freeze loans panicked some investors, but it helped correct surge
Rail woes persist despite spending
The mainland rail system is struggling to cope with problems in service, safety and research and development, despite the central government’s record spending on it last year.
New rules aimed at easing property disputes
People whose homes are tagged for redevelopment should be paid market value and can sue over disputes before any demolition, the government said on Friday, as it tries to ease persistent public anger at forced relocations.
Mainland may hit brakes on rail network
Plans for new lines may be stymied as financing for projects dries up
Liaison offices tout their worth to Beijing
Dealing with emotional petitioners accounts for more than 80 per cent of the workload of low-level liaison offices in Beijing, according to liaison officers interviewed by mainland media, as authorities confirmed the news of a pending shutdown of these offices by June.
Internet users turning to VPNs to breach firewall
Paid virtual private networks (VPNs) are quietly catching on on the mainland as a way to access forbidden websites, analysts say, while the authorities are leaving them alone until they become more popular.
Google attack highlights ‘zero-day’ black market
The recent hacking attack that prompted Google’s threat to leave China is underscoring the heightened dangers of previously undisclosed computer security flaws _ and renewing debate over buying and selling information about them in the black market.
Court adds to big gambler’s losing streak
The Court of Appeal yesterday declined in particularly derisive fashion to hear the case of a high roller who was ordered to pay US$3 million in gambling debts to casino operator Wynn Las Vegas.
China, US, Russia in cyber arms race: net security chief
China, the United States and Russia are among 20 countries locked in a cyberspace arms race and gearing up for possible Internet hostilities, according to the head of web security firm McAfee.
China to keep policy loose despite price pressure
China’s central bank will ensure that money and credit growth remain ample in 2010, even though inflation is likely to rise further, it said in a report on Friday.
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