Think Positive

Monday, 23 February 2009

Gen Y modifying job expectations

Security now takes priority above work-life balance and training: survey

China urged to keep buying US Treasuries

The US has to incur more debt in order to boost the economy: Clinton

Has Wall Street capitulated yet?

Selling into strength is still very much the best way to preserve capital and for many more months, forget about buying and holding, at least until Wall St crashes.

60% of Singapore-listed firms yield positive 10-year returns

Looking at three categories of companies - those with a market cap of $1 billion or more, those in the $100 million-$1 billion range, and those in the sub-$100 million bracket - the biggest have consistently done better over the past one, three, five and 10 years.

It’s the banks, stupid

Investors doubt Obama’s assurance that nationalisation isn’t on the cards

China’s stimulus spending may add up to a whopping 30t yuan: analysts

The total amount of fiscal stimulus planned by provincial governments in China to counter the global economic slump may have been vastly underestimated and could amount to as much as 30 trillion yuan (S$6.7 trillion) or more than seven times the four trillion yuan figure that has been announced publicly by the Chinese central government, experts have told The Business Times.

China’s stimulus spending may add up to a whopping 30t yuan

Naming clients will break Swiss laws: UBS

US lawsuit seeks to expose execs to jail terms, say lawyers

Managed futures bear fruit in barren marketplace

While many investors have given up on the market after watching their portfolios ravaged by volatility, an alternative investment product called managed futures funds is proving that there may be hope for them yet.

Blame flimsy regulation for many fund scams

Hedge fund managers often argue against too much disclosure, because they say it makes it difficult to execute specialised strategies. That may be, but transparency also makes it much tougher to perpetrate scams.

China stagnating again this quarter: Morgan

For the second quarter in a row, China will record little or no growth between January and March compared with the preceding three-month period, Stephen Roach, chairman of Morgan Stanley Asia, said yesterday.

Will the real GDP please stand up?

So, the size of the US economy could be a figment of statisticians’ imagination. So could China’s. It’s no longer clear what to believe. Making sense of the world is getting harder by the day.

Not a market for the naive, or for the savvy

Clearly, this is not a market for the naive. Come to think of it, it may not even be suitable for the savvy. But it’s the naive who are probably the most vulnerable, although judging by the atrocious volume every day, not many players - naive or savvy - are actually taking part.

Saturday, 21 February 2009

Paul Krugman: What will stop the pain?

So people at the Fed are troubled by the same question I’ve been obsessing on lately: What’s supposed to end this slump? No doubt this, too, shall pass - but how, and when?

Housing aid won’t solve U.S. crisis

The U.S. government should just get out of the way and allow the crash in U.S. housing. The market is too big, has too far to fall and Americans’ finances are too strained.

China Starts Investing Globally

With the world suffering through a tight credit market, China has suddenly gone shopping.

Friday, 20 February 2009

Stimulus Package Explained

Shortly after class, a student approaches his economics professor and says, “I don’t understand this stimulus bill. Can you explain it to me?”

Some Humour

What is a kiss?
It’s an upper PREPARATION for a lower INVASION that will lead to further PENETRATION with fast ACCELERATION that will build next GENERATION.

Latest Statistics: What men do after sex? 2% eat. 3% smoke cigarettes. 4% take shower.5% go to sleep. 86% get up and go back home to their wives.

Why is your dick better than a credit card?
a) Once spent recharges itself.
b) It is accepted worldwide.
c) You can let your wife use it as much as she wants.

LITTLE GIRL: Mommy, I just found out that our neighbour’s son has a penis like a peanut!
MUM: You mean it’s small?
LITTLE GIRL: No it’s salty.

Women top 5 lies:
e) I am a virgin.
d) It is so big.
c) I can’t do that to my best friend.
b) I won’t gain weight after marriage
a) I am coming! I am coming!

A guy goes up to a girl in a bar and says: You want to play magic.
She says: What is that?
He says: We go Home, screw, and then you disappear.

What is the closest thing to a woman’s period?
Your SALARY... It comes once a month, lasts 4 or 5 days, and if it doesn’t come, you are F*CKED!!!

Teacher asked: Which part of the body goes to heaven first?
A Kid replied: The legs, because every night I see my mum’s legs up high and screaming “OH GOD! I’M COMING”.

Teacher: Why did you bring your cat to school?
Pupil: Because I heard my sister’s boyfriend say “TONIGHT I WILL EAT YOUR PUSSY”.

MUM: Didn’t I tell you if stranger touches your breast say “DON’T”.
And if he touches your pussy say STOP!
GIRL: But mum, he touched both, so I told him: DON’T STOP!

Birth Transfer Pain

Excellent joke. Read the comments.

Retirement Villages for Dummies

Losing Billions of Dollars for Dummies

Terrorist Prison Escape for Dummies

Migrants may flee Tibet as tourism stalls

Many workers and traders from other ethnic groups who moved to the remote region in search of a better living said they were considering leaving for good, driven away by the tourism slump and icy anger of local Tibetans.

Mengniu Dairy product is target of fresh inquiry

The mainland’s product quality watchdog says it is investigating the safety of a premium dairy product made by the country’s top milk producer, China Mengniu Dairy.

Memory chip trader gets 14 years for bank fraud

He admits to charges involving US$23 million in fake-trade swindle

Media giants race to expand online services

Government outlets shamed into pursuing greater internet presence

Japan ‘warned’ over disputed Diaoyu islands

Beijing said it had issued a sharp warning to Tokyo over media reports that Japan had positioned patrol vessels capable of carrying helicopters near a disputed island chain.

Graduates wishing for job ‘offer’ come a-calling at temples

Beleaguered university graduates are turning to Guangzhou’s temples of the reclining Buddha to boost their dim job prospects in the hope that a homonym will give them an edge in the labour market.

Foreign visitors barred from areas with big Tibetan populations

Western areas of the country with large Tibetan populations have been declared off limits to foreign visitors, local officials confirmed yesterday, ahead of the politically sensitive 50th anniversary of the failed Tibetan uprising.

DC rates may be cut in unforgiving market

One hot discussion topic is whether govt will revert to 50% formula for DC calculation in face of recession

China riots ‘won’t lead to rebellion’

The number of protests and riots in China is rising by the year, but there is little possibility that social unrest will result in an anti-government uprising, a Chinese academic said yesterday.

China detains building chief in TV complex blaze

In a spate of arrests announced Thursday, Beijing officials put the blame for a Monday fire that destroyed part of the government’s spectacular new media complex squarely on the shoulders of the state-run television network.

Chen launches essay competition

Former Taiwanese president Chen Shui-bian appears to be doing all he can to liven up his days in detention.

Cheap house prices lure mainland buyers to the US

Beijing lawyer Ying Guohua is heading to the United States on a shopping trip, looking not for designer clothes or jewellery, but for a US$1 million home in New York City or Los Angeles.

CCTV employee among 12 held over fire

Beijing police said on Thursday they had detained a senior staff member at China’s state television station and 11 other people over a fireworks show that set part of its new headquarters ablaze.

Beijing tests the waters to make yuan a liquid, convertible currency

While cynics scoff at the idea that the yuan could someday become a regional or global currency, Beijing’s efforts to push loans and trade in yuan in Asia suggest it is taking the first, albeit tiny, step in that direction.

Beijing to bail out shipping industry

Firms ordered to shelve new dockyard plans

Olympics spending still not inspected, audit chief says

Doubt remains over whether Games stayed within budget

Foreign banks in China asked to lend more

Regulator tells them to boost lending to rural sector, SMEs

Foreign banks in China asked to lend more

China works to avert another commodity spike

China, which triggered the biggest commodity price spike in a generation, is now making deals that could prevent another surge in the coming decade by helping finance new production during the low ebb of the cycle.

Office rents may plunge 30-40% in 2009: Savills

Rental recovery here can be seen from 2012 onwards

Plate-flip drivers say ‘Catch me if you can’

Shanghai’s traffic police are teaming up with the city’s business watchdog to catch motorists who use and shops that sell “plate flippers” - mechanical devices that hide a car’s true tag and allow drivers to speed and swerve with impunity.

SGX speeds up fund-raising from rights issues

Measures a response to current volatile market, tight credit conditions

S-chips languish as Shanghai booms

Investors still avoiding Singapore-listed China firms despite repeated ‘buy’ calls

When will the dollar’s cracks show?

Chinese wages tumble

Firms shed jobs in China

Multinational companies are hiring less or cutting existing staff in China as they struggle through the global economic crisis, state media said on Friday.

Chery launches hybrid car

Chery Automobile Co, China’s largest homegrown carmaker, has debuted a new plug-in hybrid model that it says can run up to 150km on a single charge.

UBS refuses US demand

Swiss banking giant UBS has refused a US government demand to provide information on 52,000 US clients, requested in a lawsuit filed earlier in the day as part of a tax fraud investigation.

Nationalization is inevitable – U.S. should get on with it

Like it or not, the United States will be required to nationalize large swaths of its banking system by the time the leaves fall from the trees in Washington.

Don’t paper over cracks with paper losses

It’s time to review what caused them and ascertain what needs fixing

It’s a Bit Early to Say China’s on the Rebound

Those hoping for China to make a quick exit from the ongoing international economic slump might do well to read an article publish 71 years ago by one Mao Zedong.

Beijing takes first step to regionalise yuan

While cynics scoff at the idea that the yuan could someday become a regional or global currency, China’s efforts to push loans and trade in yuan in Asia suggest it is taking the first, albeit tiny, step in that direction.

Beijing demands return of Saint Laurent treasuresc

Beijing has demanded the return of looted imperial bronzes scheduled to be sold in Paris as part of the estate auction of the late French fashion designer Yves Saint Laurent.

Banks in better shape for new lending spree

Business-minded managers may help avert pitfalls

Asia’s capital markets are hopelessly inefficient

Asia has better than world-class savings but a truly ‘third world’ system for collecting and investing them, however efficient payment and settlement may be.

Chinese professional women work as nannies, maids

She majored in English and loved her job as an office worker in China’s once-booming export industry. But now Xiong Xuhua is jobless and in training to be a housekeeper, a fate she is too embarrassed to tell even her husband about.

Chinese professional women work as nannies, maids

Sibor dives, but home loan rates go up

Most banks have raised their spreads to make up for increased risk and higher capital costs

More mainland rate cuts risky, warns central bank official

Cutting mainland’s interest rates further would be risky and might not help the economy, the head of the central bank’s research department said on Thursday.

CEOs less popular than politicians

Company bosses are less popular than bankers, lawyers or members of the US Congress, according to a survey by pollsters Rasmussen.

UBS signals the end of the secret Swiss bank account

In the hush-hush world of Swiss banking, the unthinkable is happening: Secrets are spilling into the open.

Chen Shui-bian's ex-treasurer pleads guilty in graft trial

A treasurer to former president Chen Shui-bian (陳水扁) yesterday pleaded guilty to graft and money-laundering charges, while prosecutors named another high-profile businessperson as a defendant in a long-running corruption case implicating the former head of state.

Shanghai and Shenzhen will ease residency rules to attract talent

Shanghai and Shenzhen have announced plans to make it easier for workers from other parts of the mainland to gain permanent residency.

Beijing wants YSL bronzes removed

The art world is waiting with bated breath for next week’s sale of works owned by French fashion icon Yves Saint Laurent and his partner, but China is fuming about the inclusion of two imperial bronzes.

Chavez offers to meet China’s oil needs for next 200 years

Mr. Chavez said in an address to the Chinese delegation: “All the oil China needs for the next 200 years, it’s here. It’s in Venezuela.”

Chavez offers to meet China’s oil needs for next 200 years

Mr. Chavez said in an address to the Chinese delegation: “All the oil China needs for the next 200 years, it’s here. It’s in Venezuela.”

Chinese Firms Turn to Pawn Shops as Loans Dry Up

Turned away by banks caught in the credit crunch, Roger, like many Chinese businessmen, borrows from pawn shops instead. In this case, he paid off the loan a few days later when a customer made payment on a big steel purchase.

In Shanghai, Falling Housing Lending Mirrors Falling Real Estate Market

Personal housing lending in Shanghai has been dropping month by month. According to a report released by the Shanghai Banking Regulatory Bureau on the real estate market and real estate credit in Shanghai in 2008, housing credit growth of domestic and overseas banks in Shanghai was 14 percentage points lower for the year.

Local Governments to Issue Bonds despite Heavy Debts

With both central and local governments’ fiscal income on the slide, Beijing is to allow local governments to issue bonds, which may total around 200 billion yuan. Local governments are now reporting the amount of debt they plan to issue to the Ministry of Finance and the National Development and Reform Commission.

RMB Rumour Briefly Roils Markets before Denials

China’s National Development and Reform Commission (NDRC) insisted on Feb. 18 that its officials had not speculated about RMB’s possible depreciation to 7 against the dollar, knowing that any rumour about RMB depreciation before US Secretary of State Clinton’s visit to China would put the cat among the pigeons.

Overseas Investment Deals Mired in Disputes

Chinese overseas investors who tallied huge losses in recent months have sued London-based Standard Chartered Bank (China) Ltd. in its position as the largest provider of Qualified Domestic Institutional Investor (QDII) investment products.
pdf

No Capital Flight from China

Chinese officials admitted to a small increase in capital outflow but see no evidence of a massive exit.

China, Russia Ink Oil Loan Agreement

Months of tortured negotiations ended February 17 with the signing of seven agreements that guarantee oil for China and loans for two Russian firms.

Healthcare Reform is on the Way

Rising healthcare expenditures and continued “brain drain” of rural clinics underscore the urgent need for healthcare reform in China.

Employment Prioritized in Guangdong

Balancing social stability with economic growth, Guangdong embarks on a surprise new strategy to increase employment in 2009.

Association, Regulators Spar Over Additive

A Guangdong trade association is fuelling the safety controversy over OMP, an ingredient added to some Mengniu milk.

Merrill Lynch 2008 Bonus

Report by Attorney General of State of New York
pdf

The Blame Game

President Obama spoke eloquently about responsibility. This is what solving the problem all is about. Instead of blaming someone else and asking for assistance, everyone must cut back to help the economy to live within its means. Spending too much got the U.S. into trouble. Spending more won’t get it out of its problem.
pdf

Thursday, 19 February 2009

CSRC Introduces Internal Election Process

A unique election at China’s securities regulatory agency has been held to fill three, mid-level executive positions.

UBS existence at stake

More losses for Temasek?

Malaysian politics in turmoil

Malaysia’s prime minister accused the opposition on Thursday of insulting the royalty - potentially a seditious act - in a deepening political tussle over the control of a northern state.

Perak Cabinet suspended

A state parliament has suspended its chief minister and his Cabinet in an unexpected twist to an escalating political crisis gripping Malaysia’s opposition, the ruling coalition and the royalty.

Cops on junket charged

Two police officers who allegedly accepted a free trip to Taiwan were charged on Thursday with conduct prejudicial to the good order and discipline of the police force.

Ex-cop on 12 graft charges

A former policeman was charged in court on Thursday with 12 counts of corruptly accepting sex and $7,000 from an unlicensed massage parlour operator.

Could little-known banking law fix this mess?

A former director of the Atlanta Fed’s research department says troubled banks should be taken over under a law that dates back to the S&L crisis

Bad Start for Bank Reporting Season in Hong Kong

Bank of East Asia Ltd., the Hong Kong lender that suffered a brief run on deposits in September, had its first loss in at least four decades after writing down the value of credit-market investments.

Greenspan Defends Himself

Defending himself now suggest that the market could be turning for the worse and that he does not want to associate himself as being the root of all the problems when he was in office.

Beijing to use forex reserves to grow economy

Beijing will increasingly use its US$2 trillion in foreign exchange reserves to support domestic growth and to finance the overseas expansion of Chinese companies, senior officials said yesterday.

Beware hostile forces: unionist

They may stir up trouble among China’s jobless

Two independent directors of Advance SCT resign

Two independent directors (IDs) of copper recycling firm Advance SCT have resigned, accusing the management of lack of cooperation to help them discharge their duties.

UIC adviser says UOL’s $1.20 a share offer not fair

The independent financial adviser appointed by United Industrial Corp (UIC) to evaluate a takeover bid from UOL Group said in a Feb 17 circular to shareholders that UOL’s offer price of $1.20 a share is ‘not fair’.

Are analysts still underestimating risks?

Granted, an analyst’s job is never easy; in the first place, it is human nature to try to avoid bad news for as long as possible and, on a more practical level, to avoid being too negative on a company’s prospects as you then run the risk of being denied contact with the company’s senior management or being barred from analyst briefings.