My name is not there, yet.
Thursday, 30 October 2008
Wealthy Americans cheat most on taxes, study finds
A new study based on unpublished Internal Revenue Service data shows the rich are different when it comes to paying taxes: They hide more of their income.
Is it buying time for stocks?
Some of the most famous American investors, including Warren Buffett and John Bogle, have started to make the case that it’s time to dive back into the stock market.
Property Auctions See Few Takers
Buyers waiting for prices to fall further, despite recent drop, say auctioneers
Crash revives talk of a Taiwanese Bermuda Triangle
The October 20 crash revived decades-old speculation: Are Taiwan’s Penghu islands the Bermuda Triangle of Asia?
Daylight-Robbery Relic Auction
If someone took away what belonged to you, the last thing you would want to do is buy it back.
The bronzes of Rat (L) and Hare, shown in this combined photo, are planned for auction in Paris next February. Chinese officials reiterated her stance that it’s definitely unacceptable to put war-time plunder under the hammer. The two bronzes were stolen from China in the Late Qing Dynasty during the opium wars (1839-1842).
An undated photo shows Hong Kong entrepreneur He Hongshen standing by the Horse bronze, which he bought at a price of HK$69.1 million and donated to the motherland. The Horse bronze was stolen from China in the Late Qing Dynasty during the opium wars (1839-1842).
This undated photo of gold dagger handle, dated back to the Eastern Zhou period (771-221 BC), is among the 23,000 pieces of Chinese culture relics kept in the British Museum. In the Eastern Zhou period, gold began to be increasingly used on a larger scale, though gold working still relied to a great extent on well-established bronze technology, with ornaments and other items cast using moulds.
The Admonitions of the Instructress to the Court Ladies, a hand scroll painting, attributed to Gu Kaizhi and dated back to Tang dynasty, 6th-8th century AD, is among the 23,000 pieces of Chinese culture relics kept in the British Museum. It illustrates a political parody written by Zhang Hua (about AD 232-300). The parody takes a moralizing tone, attacking the excessive behaviour of an empress. The protagonist is the court instructress who guides the ladies of the imperial harem on correct behaviour.
The bronzes of Rat (L) and Hare, shown in this combined photo, are planned for auction in Paris next February. Chinese officials reiterated her stance that it’s definitely unacceptable to put war-time plunder under the hammer. The two bronzes were stolen from China in the Late Qing Dynasty during the opium wars (1839-1842).
An undated photo shows Hong Kong entrepreneur He Hongshen standing by the Horse bronze, which he bought at a price of HK$69.1 million and donated to the motherland. The Horse bronze was stolen from China in the Late Qing Dynasty during the opium wars (1839-1842).
This undated photo of gold dagger handle, dated back to the Eastern Zhou period (771-221 BC), is among the 23,000 pieces of Chinese culture relics kept in the British Museum. In the Eastern Zhou period, gold began to be increasingly used on a larger scale, though gold working still relied to a great extent on well-established bronze technology, with ornaments and other items cast using moulds.
The Admonitions of the Instructress to the Court Ladies, a hand scroll painting, attributed to Gu Kaizhi and dated back to Tang dynasty, 6th-8th century AD, is among the 23,000 pieces of Chinese culture relics kept in the British Museum. It illustrates a political parody written by Zhang Hua (about AD 232-300). The parody takes a moralizing tone, attacking the excessive behaviour of an empress. The protagonist is the court instructress who guides the ladies of the imperial harem on correct behaviour.
Marina IR not likely to open fully in end 2009
The integrated resort (IR) at Marina Bay is unlikely to be fully open for business at the end of next year, sources have said.
Chinese authorities tried to cover up toxic eggs: state media
A government in northeast China kept quiet the discovery of melamine-tainted eggs for weeks and ordered a media ban before Hong Kong authorities finally revealed the problem, state press said Thursday.
Taiwan politician indicted for attacking Beijing envoy
A Taiwanese pro-independence politician was indicted on Thursday for attacking a Beijing envoy during his visit to the island, a prosecutor said.
Hong Kong Central office rents to fall by half, says Merrillc
Cost of grade-A space forecast to drop 50pc from peak by 2010
HK firms ‘Asia’s best’ in corporate communication
Hong Kong companies are ranked top in Asia in terms of corporate communication, according to a regional report.
A-share earnings growth forecast to average 25pc on economic advance
Earnings of A-share companies are expected to grow at a compound annual rate of about 25 per cent over the next 10 years, thanks to the mainland’s sustained economic growth and strong performance by individual companies, an economist with Citic Ka Wah Bank said.
Cash crunch may delay Sands projects in Macau
Las Vegas Sands Corp, the casino developer planning to spend US$12 billion on Macau resorts, may be forced to halt construction on a US$3.3 billion Cotai casino complex to fend off a cash crunch and avoid breaching terms of its US$8.92 billion in existing debt.
China gears up for potential net capital outflows
It will tighten checks on cross-border capital flows and cash transfers
What next for Creative?
Creative Technology has fought waning sales, slipping bottom lines and cut-throat competition for the past three years - but those could be mere skirmishes ahead of the real war. If recent developments are anything to go by, the company could be facing the toughest battle of its 27-year existence.
Shui On to delay plan to build resorts in China
The global credit squeeze has prompted Shui On Land to delay plans to build resorts in four cities in China’s Yunnan province.
Shareholder revolt looms for E3 Holdings
Moves by some to oust CEO, chairman at upcoming annual general meeting
Credit crunch takes toll on smaller firms
Credit woes and corporate governance issues appear to be on the rise among small and mid-cap companies, as the financial upheaval continues unabated.
How to avoid the perils of mis-selling
Over recent days, the media has been highlighting the tragic losses suffered by investors in buying structured notes, such as DBS High Notes, Lehman Mini Bonds and Pinacle Notes.
Short-sighted policymakers have failed Asia again
So much for the idea of ‘market-led’ economic integration that Asia, or some of its more short-sighted policymakers at least, have allowed themselves to believe is good for this region. The notion that markets could substitute for formal cooperation has always been suspect and now it has been revealed as a sham as the crisis claims new victims and as Asian currencies swing sharply against each other with no mechanisms in place for a joint policy response.
Hedge Funds to Shrink
The global financial crisis will reduce the hedge-fund industry to as little as a third of its current size, billionaire investor George Soros said on Tuesday.
Sony’s profit plunges 90%
Japan’s Sony said on Wednesday its operating profit plunged 90 per cent in the second quarter of the financial year, hit by a surging yen, a weak global economy and intense price competition.
China Cuts Interest Rates
China’s central bank on Wednesday cut key interest rates in a bid to spur economic growth, the third such move in six weeks.
Bankruptcies and Closures: “Toy Stories” in the Pearl River Delta
The world financial convulsion is seeping into the Pearl River Delta, base camp of MADE IN CHINA, via Hong Kong. Toy export processing businesses, many owned by HK businesspeople, are closing their doors or going bankrupt because of order reductions from the United States and Europe, or huge losses from inept speculation in financial derivatives.
PBoC Scrapping Central Bank Notes: Back to the Bond Market
Although the market expects China’s monetary authority to further cut interest rates, the People’s Bank of China(PBoC), China’s central bank, has other moves to make. When tightening monetary policy, it would usually issue central bank notes before any interest cuts. With the situation reversed and increasing liquidity now its primary task, PBoC is going to scrap central bank note issuance to promote interest cut.
Foreclosure Crisis Vexes US Government
Over 4m homeowners with a mortgage are at least one month behind on their payments as at end-June
The Packer Share Meltdown
If you are feeling buffeted by the global financial deep freeze, which is going to get worse before it thaws, consider the fortunes of once “Australia’s richest man”.
Singapore Rig Builders Yet To Bottom Despite Buy Calls
Singapore rig building giants Keppel Corp. and Sembcorp Marine Ltd. may have plummeted since the beginning of the year, with analysts now saying they look good value, but factors ranging from the falling oil price to tight credit mean shares may not have reached their floor yet.
Wall St rally won’t hold
Wall Street’s best day in two weeks - and one of its best ever - brought little real reason to celebrate.
VW and Hedge Funds
The damage from the head-on collision between many scores of hedge funds (and maybe some banks) is yet to become fully apparent. Some early estimates suggested that the losses from the “short squeeze” could be as much as €30 billion ($37.4 billion),
White House to banks: Start lending now
An impatient White House prodded banks and other financial companies on Tuesday to quit hoarding billions of government dollars flowing into their vaults and start making more loans. Wall Street soared almost 900 points on bargain hunting and hopes of a hefty rate cut on Wednesday by the Federal Reserve.
New Nissan 370Z
The name change hints at the reported 330-horsepower 3.7 liter V6 under the hood. The 370Z is also reportedly shorter, wider and lighter than the outgoing car, so the power increase will be put to good use thanks to the agile, all-new platform underneath.
The 2009 370Z is scheduled to meet the public at the Los Angeles Auto Show on November 19, with an on-sale date in early 2009.
Wednesday, 29 October 2008
Singapore Office Market May Face Foreign Funds Sell-out
Foreign funds have given a big boost to the office market in Singapore, snapping most of the properties on sale last year. Now they could be the ones pushing the sector down.
Hong Kong businessman kills himself after stock market losses
A Hong Kong restaurateur jumped to his death after telling his business partner that he had suffered huge losses on the city’s plummeting stock market, a report said Wednesday.
Faeces Found in Pub Ice-Cream
A bitter row has broken out between one of Sydney’s largest tourist pubs and a family of five who accused chefs of serving human excrement in their gelato after they complained about noise during a football match.
DBS High Notes 5 worthless
Investors in DBS High Notes 5 finally got the news they have been dreading for weeks: Their investments are officially worthless.
Fall in Online Shopping
An industry report released on Tuesday shows that US visits to online shops have been sinking along with consumer confidence as retailers brace for a stingy Christmas gift-giving season.
Era of ‘New Seriousness’
Financial turmoil has prompted consumers to reject conspicuous consumption.
Taking Bribes to Take the Rap
Known to some as “tua pek kong”, he may not possess the powers of the namesake deity. Yet this person is sought after by some lawbreakers: He assumes criminal liability on another person’s behalf in return for a bribe.
Malaysian accused of centipede threat to neighbour
A Malaysian man is accused of trying to hurt his neighbour with a dangerous weapon – centipedes.
Credit ‘Tsunami’ Swamps Global Trade as Banks Curtail Financing
Suppliers of oil, coal, grains and consumer products from Chicago to Mumbai are losing sales as the credit crisis spreads beyond financial institutions, and banks refuse financing or increase the fees for buyers. Coupled with declining demand, the credit squeeze is threatening international trade, one of the lone bright spots in the global economy.
The Irrational Exuberance of Analysts
There appears to be a lack of corporate governance awareness among many of them
Tuesday, 28 October 2008
Bull Trap Bear Trap Explained
Bull Trap:
A false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline.
A bull trap often causes some investors to buy the stock, but because the stock continues to decline after the initial signal, those who bought in are "trapped" in a bad investment.
Bear Trap:
A false signal that the rising trend of a stock or index has reversed when it has not.
This can occur during a bear market reversal when short sellers believe the markets will sink back to its declining ways. If the market continues to rise, the short sellers get trapped and are forced to cover their positions at higher prices.
A false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline.
A bull trap often causes some investors to buy the stock, but because the stock continues to decline after the initial signal, those who bought in are "trapped" in a bad investment.
Bear Trap:
A false signal that the rising trend of a stock or index has reversed when it has not.
This can occur during a bear market reversal when short sellers believe the markets will sink back to its declining ways. If the market continues to rise, the short sellers get trapped and are forced to cover their positions at higher prices.
Outplacement firms report rising number of retrenchments
Amid the current economic downturn, one service sector is reporting good business. Companies offering outplacement services said they are seeing a phenomenal growth in cases, as businesses begin downsizing.
Factory of the world hit by sharp fall in orders
China’s SMEs closing by the thousands; situation worse in recent weeks
Singaporeans Wanted by Interpol
6 locals on Interpol wanted list terror suspect Mas Selamat Kastari made it to Interpol’s wanted list after he escaped from detention here earlier this year.
Volkswagen shares jump and short-sellers pounce
Volkswagen became the world’s biggest company by market value after Porsche announced plans to raise its stake in the German carmaker to 75 percent, triggering demand from short-sellers.
Hong Kong stocks cheap but could get cheaper still
It seems like the distant past, but in reality it was only just over two weeks ago when the Group of Seven club of rich countries announced its five-point plan for ending the financial crisis.
Taobao, Baidu Intensify Online Retail Rivalry
The mainland’s online retail market is heating up with the two internet powerhouses bolstering their positions amid intensifying rivalry.
Shanghai to put prime waterfront commercial site up for auction
Bucking the trend towards holding back land auctions because of the financial turmoil, Shanghai would put a prime site up for sale in December and expects it to fetch the highest price in the city’s history, a municipal official said.
Sell, sell, sell as the pain increases
Hang Seng Index drops 12.7pc and regional rout continues amid a ‘dash for cash’
Food shortage may worsen as credit squeeze threatens to cut farm output
The credit crunch is compounding a profit squeeze for farmers that may curb global harvests and worsen a food crisis for developing countries.
Hong Kong: Short selling, investor panic blamed as the Hang Seng defies analysis
Brokers blamed yesterday’s stock bloodbath on rampant short selling and the collapse of investor confidence triggered by a wave of fund redemptions, a steep fall in currency markets and growing fears of a global recession.
Hong Kong Tycoon Urges Calm Over Crisis
Billionaire property tycoon Cheng Yu-tung urged Hongkongers yesterday not to worry too much about the financial crisis, saying the tumbling stock market would eventually bottom out.
Japan Restricts Short-Selling
Japan will impose a ban on Tuesday on naked short selling of stocks to try to stabilise Asia’s largest bourse amid the worst financial crisis in decades, the finance minister said.
Asian Investors Capitulating After Fall
0503 GMT [Dow Jones] Asian investors capitulating - selling out of losing investments recently, says senior trader at major broker in Australia. “It’s not our typical client base that’s the main axe slicing the markets these days. All we can assume is that retail investors, pension funds, insurers, sovereigns and corporates are having more impact in this leg down than the hedge fund community. So this time it’s like a global margin call for non-leveraged investors, which are the retail/pension/insurers. They’ve just seen it capitulate so now they’re starting to sell out themselves. Anyone that’s been trying to “catch the falling knife” or hold on to see the bounce is finally capitulating.” Expects more such selling in all asset classes. (DWR)
Ferrari Threatens Pullout
Ferrari will review its participation in Formula One if plans to introduce a standard engine for all teams from 2010 goes ahead, its board said in a statement on Monday.
IT Mostly for Personal Tasks
It probably wouldn't shock most bosses, but three out of four of their employees are using their work computers for email, shopping, surfing and other personal business, according to a survey released on Monday.
Corporate America is Slashing Jobs
Finance sector may lose 300,000 jobs; steel mills to shut 17 of 29 blast furnaces
Dubai Property Market on Edge Amid Global Slowdown
Dubai’s long, lucrative property boom is hitting rough times, with property-flipping speculators and hopeful foreign buyers increasingly worried as easy oil money and quick profits dry up.
Governments May Have Caused Stocks Selloff: Dr. Doom
The wave of stock selloffs sweeping world markets may be partially caused by the fact that many governments increased guarantees for bank deposits, making them a much safer investment, Marc Faber, author of the “Gloom, Doom and Boom Report,” told CNBC Monday.
More Cause to Review Policy for China Listings
When the storm comes, those without a firm foundation crumble. Perhaps that speaks of the plight of some Singapore-listed Chinese firms, or S-share companies, now.
Governments May Have Caused Stocks Selloff: Dr. Doom
The wave of stock selloffs sweeping world markets may be partially caused by the fact that many governments increased guarantees for bank deposits, making them a much safer investment, Marc Faber, author of the “Gloom, Doom and Boom Report,” told CNBC Monday.
WSJ to Warren Buffett: “Time to Get a New Crystal Ball”
Warren Buffett has gotten greedy too quickly while everyone else takes too long to become fearful, suggests the Wall Street Journal in today’s “Heard on the Street” column.
Asian airlines face more turbulence next year
Asia’s aviation sector was hurting from a sharp descent in passenger numbers but the full impact of a deepening global financial crisis was not likely to be felt until next year, analysts said.
CLSA asks staff to volunteer pay cuts
Brokerage CLSA asked one-third of its workforce to consider taking a voluntary pay cut of up to 25 per cent, spokeswoman Simone Wheeler said on Monday, in a move meant to avoid cutting jobs.
Hope for mainland economy amid crisis
As the global credit crisis lurches towards a global recession, employers and employees are asking what the impact will be for their companies and industries. With Asia facing its stiffest economic test since the financial crisis of the late 1990s, it is right to assume that all employers will be affected by this financial meltdown.
Exporters feel pinch of global slowdown
Yet, even viewed from the brightest of her spacecraft or kitten-shaped designs, her numbers make for grim reading with mainland exports facing a gloomy future.
HK shares in biggest drop since '97 as HSBC slides 14pc
Hong Kong shares recorded their biggest one-day fall in more than a decade on Monday with the Hang Seng index shedding 12.7 per cent of its value. The nosedive, led by blue-chip heavyweight HSBC, came as fears of a global recession hammered other Asian stock markets.
China Neither Knight Nor Ogre in This Crisis
As the financial crisis has deepened, the world's attention has increasingly focused on the mainland and its fast-growing US$1.9 trillion pot of foreign exchange reserves.
Opec unlikely to win Russia help in cutting output
The Organisation of Petroleum Exporting Countries was unlikely to receive help from Russia, the world’s biggest oil exporter, despite the cartel’s plea for non-Opec producers to share the burden of cutting output.
Iron Ore Game Changes as India Drops Spot, Goes Long-Term
At the moment, when the iron ore business is widely seen as a buyer’s market, Chinese steel companies are not directly contradicting the giant Brazilian and Australian suppliers in contract negotiations for long-term iron ore supply in 2009. Their strategy is to gain ground by disrupting the big three’s control over Indian spot iron ore prices and sea freight charges.
Strong Yen is Everybody’s Problem
The soaring Japanese currency is causing even more concerns about a severe global economic slowdown. Can anything be done to put a crimp in it?
What Makes Chinese Wine Red?
The following has been posted in online forums in China, and claims to expose the dirty secrets of the nascent Chinese wine industry, excerpts translated by CDT.
Monday, 27 October 2008
Don’t just work: Network
And where better to start than with the basics: building up a network of interesting acquaintances and useful contacts.
Sunday, 26 October 2008
One Reason Stocks Are Crashing
Crazy days we’re living in. As I write this, things are terrible. Not just terrible … so terrible that stock exchanges faced the possibility of calling in the financial riot police -- circuit-breaker rules -- to shut down markets if things get too rowdy.
Faltering Exports Expose B2B’s Soft Side
A warning about export weakness hurting B2B leader Alibaba was prescient. Now, can China’s e-commerce sector turn domestic?
Japanese sausage recall after cyanide scare
A major Japanese meat processor said Sunday it was recalling millions of packages of sausages and pizzas after finding cyanide in water at one of its plants.
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