Monday, 21 September 2009
Hong Kong’s huge insider dealing case highlights problems
The conclusion of Hong Kong’s largest insider dealing case has shone a rare light on the challenges facing the city’s financial regulator as it tries to crack down on market offenders.
Expat trapped in Hong Kong over unpaid tax bill
British man not allowed to leave or find a job until his debt is paid
Anti-graft watchdog to scrutinise cadres with children abroad
The Communist Party’s anti-graft watchdog yesterday said it would step up supervision of cadres who have children living abroad.
Workshop for all car makes draws mixed reactions
Parallel importers hail launch but authorised agents express doubts
Time to tread with care
There is a high possibility of further cooling measures if residential prices continue to escalate ahead of economic fundamentals
The leader who divided Taiwan
He led a vicious campaign to portray all Taiwanese with mainland Chinese roots, even if born and bred in Taiwan, as untrustworthy carpetbaggers - wai shen ren, or ‘not native people’ - as if they were aliens from a different culture.
Shock as party fails to anoint Xi
Against all expectations, Vice-President Xi Jinping has not been appointed vice-chairman of the Central Military Commission, a post that would have sealed him as the heir of President Hu Jintao.
Reconciling Han and Uygurs is no easy task - but it must be done
Nearly three months after a deadly brawl between Han Chinese and Uygur workers at the Early Light toy factory, calm has returned to the Guangdong city of Shaoguan.
Raising the bar on language skills
This push to raise levels of proficiency in language teaching is an important one for our education system. We want to raise the standard of English. We want our students to be able to use their mother tongues.
Party vows to fight graft and pursue internal democracy
The Communist Party vowed to push ahead with “internal democracy” and curb rampant corruption, as it warned its one-party rule was under serious threat due to governing shortcomings that meant it failed to meet mounting challenges.
Officer linked to organised crime dies in detention
A former Chongqing deputy police chief being investigated for links with organised crime gangs has died during detention, while another senior officer attempted suicide.
Lady Dai tomb among richest finds in China’s history
Lady Dai was a Chinese nobleman’s wife in her mid-50s when she died of a heart attack. She was overweight, had diabetes, high blood pressure, high cholesterol, liver disease, gallstones and her arteries were almost totally clogged.
Kickbacks an off-menu delicacy
Non-Chinese restaurants are not above the fray in a practice that is more common than many imagine
Court may ban debtors from splashing out on luxury items
The mainland’s top court is considering new measures to force debtors to meet their financial obligations, including banning them from air travel, luxury hotels and sending their children to private schools.
Akai trial on hold for auditors to be quizzed
The US$1 billion negligence trial against Ernst & Young over its role in the collapse of former client Akai Holdings was put on hold yesterday following explosive allegations that the accounting firm faked and doctored legal evidence.
Wealthy clients shell out 99,990 yuan for a golden hairy crab
Shi Tuanjie is not saying who, but someone has bought 11 pairs of hairy crabs from him for no less than 1,099,890 yuan (HK$1.25 million). Another customer bought one pair for 99,990 yuan.
US should quit Afghanistan
Afghanistan’s presidential election was held on Aug 20. Immediately before and after this date, a substantial amount of attention was dedicated to chronicling the latest phase of this war-torn country’s ‘reconstruction’.
Swiss private banks lower client requisites
While traditionally targeting those with at least one million Swiss francs (S$1.37 million) to invest, firms including Banque Privee Edmond de Rothschild and Credit Suisse Group AG are quietly wooing people with less than half that amount as the financial crisis and attacks on banking secrecy squeeze existing clients.
SGX raps China Hongxing
The Singapore Exchange (SGX) has rapped China Hongxing Sports for its tardy disclosure of information relating to JF Asset Management’s substantial sales of shares in the company.
Royal battle brews in Malaysia
Negeri Sembilan princess wants Johor prince charged for allegedly assaulting her son
Young foreigners hunt jobs in China amid crisis
“You have a lot of Chinese from top universities who are making $500-$600 a month,” Rein said. “Making a case that you are much better than they are is very hard.”
Chefs spill beans on shady buying practices
Some suppliers offer perks as many top chefs have final say in purchasing decisions
Singapore-born porn actress killed in California
31-year-old beaten and suffocated; boyfriend charged with torture, murder
Sunday, 20 September 2009
Our temple no threat to others: Shaolin abbot
Kung fu musical joins list of Hong Kong plans for Buddhist centre
Offshore sector counters come into play
The announcement that the massive Gorgon gas project off western Australia has received regulatory approval gives a chance for investors in Singapore to turn their attention to other offshore sector players here besides the two big local rig builders.
New ‘bombshells’ in Akai case
Evidence presented by accounting giant Ernst & Young in a negligence case is shot through with false and doctored documents, lawyers for the liquidators of electronics giant Akai Holdings, a former audit client of the firm, told the High Court yesterday.
Malaysian royalty claims Johor Sultan’s grandson assaulted him
Claiming assault by the grandson of the Sultan of Johor which resulted in a fractured nose, a member of Malaysia’s royal family yesterday has gone public a year after the incident.
Hatoyama in charge: stars aligned for new Asian era
The inauguration on Wednesday of Yukio Hatoyama as Japan’s new prime minister could mark a turning point in Asian history. As Shakespeare said: ‘There is a tide in the affairs of men which, taken at the flood, leads on to fortune’, and that tide is approaching its flood just now. Put another way, the stars are aligned in an unusually favourable conjunction for the dawning of a new age or era.
Ex-M1 CEO’s son fined
The son of former MobileOne chief executive was fined a total of $23,000 on Friday for theft from his boss and forgery.
Disgraced F1 pair could face Singapore extradition
This year’s Formula One race in Singapore could see more than its fair share of excitement - not all of it welcome.
Chongqing gang purge snares 2,000
Chongqing has wrapped up the first stage of a massive crackdown on organised crime, saying all 14 local gangs have been broken up and more than 2,000 people arrested.
Bund to be ‘as charming as the Champs-Elysees’
The Bund may be a mess now but in six months’ time it will be “as charming as the Champs-Elysees in Paris” according to Shanghai officials.
‘Long way to go’ for full US recovery: Volcker
Paul Volcker, the former Federal Reserve chairman who’s an economic adviser to US President Barack Obama, said there’s a ‘long way to go’ before the economy returns to pre-recession levels.
Opening Salvo in a Brutal Derivatives Battle
State-owned companies that apparently lost billions of dollars in derivatives trading are threatening international investment banks.
Friday, 18 September 2009
Ex-Morgan Stanley banker jailed for 7 years
A Hong Kong court on Friday sentenced a former senior banker at Morgan Stanley to seven years in jail -- the heaviest punishment it can impose -- in the city’s largest insider dealing case.
Andy Xie: What We Can Learn as Japan’s Economy Sinks
Japan hasn’t sustained growth bounces for decades, nor will it under the DPJ government. Therein lie lessons for other economies.
Three former senior execs of Daka Designs charged in Hong Kong
Three ex-senior executives of a former Singapore- listed company, Daka Designs, have been charged in Hong Kong with conspiring to defraud shareholders and the Singapore Exchange between early 2003 and May 2005.
Shenzhen begins push to increase transparency
When it comes to freedom of the press, the mainland has a poor record overall by Western standards, but Shenzhen authorities announced yesterday a new initiative to enhance government transparency, saying that officials who violated it could face Communist Party disciplinary action or lose their jobs.
Now, a less aggressive manner
When Mr. Vijay Badami and his family returned to Karnataka in India a couple of years ago, relatives told him that Singapore had changed them.
More S-chips go on charm offensive
More S-chips are going on a charm offensive to revive interest among institutional investors. And their choice of weapons are roadshows, meetings and investor conferences.
Man, 68, charged with molest
Ho Ching, a former ice-cream vendor, allegedly kissed the girl in the living room of his flat at New Upper Changi Road on Aug 8 last year.
Just how far can ‘internal affairs’ be stretched?
Ever since the 1950s, China has subscribed to the principle of non-interference in the internal affairs of other countries, which was first written into a treaty that it signed with India in 1954. Since then, China has continued to loudly uphold this principle and to criticise those who, in Beijing’s view, interfere in its internal affairs, including commenting on its human rights record.
Guangdong goes after fleeing debtors
China’s southern Guangdong province has passed a law aimed at barring foreigners and locals from fleeing the country to escape failed business investments and debts.
Eyeing China, Singapore sees Mandarin as its future
A cacophony of Mandarin and English echo through the streets of Singapore’s Chinatown as crowds of shoppers buy joss sticks and fruit as offerings to the spirits during the Seventh Month Ghost Festival.
China walking taller than before the crisis
If any country can be said to have had a good crisis, it is China.
Thursday, 17 September 2009
China growth path could exceed planet’s resources
If China’s economy continues to expand rapidly and rely heavily on coal and other fossil fuels until the middle of the century, its power demands could exceed what the entire planet can withstand, according to a study by government think tanks released Wednesday.
Bocom in talks with some S-chips to tap Hong Kong market
BOCOM International Holdings, which recently made its first investment in a Singapore-listed Chinese company, is now in talks with a few other S-chips to tap the Hong Kong market.
Australian police deny Indian race attack cover-up
Australian police on Wednesday denied trying to cover up a racial attack that left four Indian men seriously hurt and renewed fears over the safety of South Asian students.
As Expo looms, officials battle local dialect again
Shanghai authorities have launched a week of events aimed at stamping out what they see as an obstacle to good public communication - the local dialect.
Without proper disclosure, how useful are research reports?
The first important disclosure is the track record of the recommending analyst and whether he, she or their families own shares in the companies that are the subject of the recommendations. This information should appear on the first page for easy reader access; however, the current practice is not to include any information on track records while share ownership details - or the absence thereof - always appear in appendices and are usually in fine print as if they were simply incidental information.
Beauty China not appealing against winding-up order
Cosmetic company Beauty China Holdings is headed for liquidation as it will not be appealing against the winding-up order made by the High Court in Hong Kong.
Chefs in the soup, hotels in a tizzy
Some cite need to tighten purchasing systems; others worry about fallout
China-based Great Group Holdings launches mainboard IPO
Undergarment maker’s IPO of 80m shares priced at 29.5 cents
Daiwa Securities SMBC Singapore Ltd is the manager, underwriter and placement agent for the listing.
Daiwa Securities SMBC Singapore Ltd is the manager, underwriter and placement agent for the listing.
Greenspan should visit Singapore - and learn a thing or two
As Alan Greenspan tirelessly makes the rounds to save his legacy, Singapore is reminding us why the former Federal Reserve chairman’s efforts aren’t working.
US makes China one of its four top targets for spying
The US has listed China as one of the key targets for espionage for the next four years, a significant shift by the Obama administration and one that offers a rare insight into the motives of America’s spies.
Welcome to Millionaire Country!
Despite a dip, Singapore still has highest concentration of wealthy households
Why Financial Markets Worry About US-China Trade Dispute
The growing US trade dispute with China—a major trading partner and buyer of American assets—could pose a significant threat both to US markets and the economic recovery, analysts say.
Test of Taiwan’s rule of law
Chen’s trial showed no one is above the law, but it was also tainted by perceptions of meddling
Patrick Swayze dies at 57
Hollywood actor Patrick Swayze, best known for his roles in hit films Dirty Dancing and Ghost, died on Monday after a long battle with pancreatic cancer, his publicist said.
Party faces decision on graft
When Communist Party leaders meet in Beijing today, the nation will be watching to see whether they approve a new regulation that requires cadres to make public their family assets.
Is the yuan about to go global?
Not quite yet - China is in no position to challenge the pre-eminent role of the US dollar in the near future
HK$24.5m for one-bedroom flat sets record
A one-bedroom flat in a luxury development in Tsim Sha Tsui has fetched a whopping HK$30,025 per sq ft, setting a record in Hong Kong.
Govt takes fizz out of nascent property bubble
Cooling measures to curb speculation; move likely to hit sales, dampen prices
Ex-Pearl Energy trio launch KrisEnergy
US private equity firm to invest up to US$500m in oil-gas exploration, production company
Excess liquidity at the heart of the problem
With interest rates at a low, investors have few options other than property
Chen appeals over verdict; expelled from DPP
Former Taiwanese president Chen Shui-bian has formally appealed against a verdict sentencing him to life in jail for corruption, in a fresh attempt to redeem his integrity and stage a possible political comeback.
Bubble, toil and trouble - lessons not learnt
As long as returns are high, investors will dip their toes into the next big thing
Alibaba attracting European suppliers
Alibaba.com Ltd, the operator of China’s biggest trading website, is attracting more sellers from Europe and has 1.4 million users in the region after increasing its marketing amid the recession.
A trade war with China is a bad idea
The U.S. placed tariffs on Chinese tires, and China struck back with a probe of U.S. chickens. The tension needs to pass. Protectionism could hurt a recovery.
China still likes us ... for now
The Treasury keeps churning out debt and China is still buying. But with the dollar faltering and a trade spat brewing, will China continue to buy U.S. bonds?
Tuesday, 15 September 2009
Expats in Shanghai given sober wake-up call on perils of drunk driving
Expatriates living in the city were reminded that their residence permit may be revoked if they are caught driving under the influence of alcohol, the Shanghai Exit-Entry Administration Bureau said yesterday.
Monday, 14 September 2009
Risks seen for Asian stocks after rally
The medium-term risks of persistently soft US consumption and the eventual withdrawal of crisis policies will probably end a six-month honeymoon in Asian stock markets, when such risks were largely ignored.
Nowhere to hide; globally, it’s markets see, markets do
The United States stock market has just completed its best six months since 1933. From March 9 to September 9, the S&P 500 Index leapt 53 per cent.
Sporting chance
The mainland’s branded sportswear sector showed tremendous potential for growth, and this prompted the Xtep group to establish the Xtep brand in 2002.
Multipronged strategy drives sales up 33.5pc
Despite a challenging global environment, leading mainland-based international sportswear enterprise China Dongxiang (Group) has shown strong financial performance for the six months ended June.
Mainland sportswear maker on firm footing
Xtep International Holdings reported satisfactory growth for the six months that ended on June 30. The company’s solid performance came thanks to its continued efforts to enhance the brand, its product design and development capabilities, and growth of its retail network.
Chinese stocks expected to outperform US blue chips: ING
Chinese stocks should continue to see strong performance and are likely to outperform the US blue-chip stock market in the medium term, an ING investment director told Reuters.
Chinese firms rush to list in buoyant market
Dozens of Chinese companies are rushing to raise billions of dollars amid fears that the recovery on global markets will fizzle and foreign lenders will start demanding their money back, analysts say.
Beijing’s stimulus plan criticised for worsening imbalance
Spending will cause over-investment and under-consumption, say economists
Cheap dollars are sowing the seeds of the next world crisis
In a world of systemic instability, reserves mean power. Reserves mean you can defend your currency, stabilise your banking system and boost your economy without resorting to yet more borrowing – or, worse still, the printing press.
‘I Expect a Currency Crisis or Semi-Crisis’: Jim Rogers
The worst of the economic crisis is not over and a currency crisis can happen this year or the next year, because the problem of too much debt in the system has not been solved, legendary investor Jim Rogers told CNBC Monday.
Let’s Pay Bankers in Toxic Assets: Farrell
Bankers that created toxic assets like subprime-mortgage derivates should be paid in those assets instead of cash, which will bring about a more transparent and less reckless Wall Street, Vince Farrell, chief investment officer at Soleil Securities, said Monday.
Sunday, 13 September 2009
One year after Lehman’s collapse, the tears still flow
Big and small, investors reeled from US giant’s 2008 crash
Out of harm’s way, but far from normality
Social barrier for Uygurs shut up in Guangdong factory after fatal fight
Protesting Chen supporters target judge’s home
The home of the judge who handed down controversial life sentences in the graft case against former Taiwanese president Chen Shui-bian and his wife, Wu Shu-chen, has become the latest hot spot for protests by Chen’s supporters.
Money isn’t the only measure of success, but feel good about how much you make
It is often said that good writers never make any money. I have never met a successful writer, so I don’t know if this is a universally held view. But all the writers I do know, who are all poor, assure me that this is the case.
Hong Kong businessman gets partial payout after 10-year fight over hijacking of Shanxi firm
After a 10-year fight for compensation, a Hong Kong businessman who says he is owed millions after his company was hijacked by officials in Yuanqu county, Shanxi, has received less than a third of his investment back.
Wall Street analysts fear wrong bet, follow the herd
All of Wall Street’s bank analysts were caught out by Lehman Brothers’ collapse - and few have redeemed themselves since.
GEYLANG: The new CHINATOWN
China nationals are flocking to Geylang, drawn by low rents and cheap food
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