The Los Angeles Lakers/Boston Celtics Finals last season was the best advertisement the NBA could have hoped for after a year of scandals. It was the young, hungry Lakers against the seasoned Celtics and with the history between the two teams, it was a great finals.
Hope the NBA enjoyed it because it won’t happen again. Boston Celtics still have the Big 3 of Kevin Garnett, Ray Allen and Paul Pierce but they lost James Posey and worse, they did not add to their bench. So in the weak Eastern Conference, LeBron James is probably enough to get the Cleveland Cavaliers back to the NBA Finals.
Unlike the Celtics, the Los Angeles Lakers got stronger. Injured centre Andrew Bynum is coming back from injury, and with Pau Gasol and Lamar Odom, the Lakers has a very good frontline this season. Of course the main man for the Lakers is still Kobe Bryant. MVP last year, he will still the reason why the Lakers get to the finals this season.
A LeBron-Kobe duel in the NBA Finals? Uh…maybe the NBA shouldn’t have to worry at all.
Friday, October 31, 2008
Thursday, October 30, 2008
Less Jobs for Singapore
Here is proof that the worldwide credit crisis has hit Singapore. The Marina Bay Sands integrated resort is several months behind schedule due to higher construction cost and its opening will be delayed.
Awarded to Las Vegas Sands, the Marina Bay Sands integrated resort is supposed to be one of the new attractions for tourist entering Singapore and a new source of jobs for Singaporeans. So much for that idea.
With the unemployment rate in Singapore expected to rise, this is bad news for Singapore.
Awarded to Las Vegas Sands, the Marina Bay Sands integrated resort is supposed to be one of the new attractions for tourist entering Singapore and a new source of jobs for Singaporeans. So much for that idea.
With the unemployment rate in Singapore expected to rise, this is bad news for Singapore.
Wednesday, October 29, 2008
A Safe Sanctuary for Ah Meng’s Cousins
Amidst the carnage in the world’s financial markets, it’s good to know that some people are still worried about things other than money. In Malaysia, conservationists are going to purchase land from palm oil producers so that they could create a forest sanctuary to protect Borneo's orangutans, pygmy elephants and other endangered wildlife.
The idea is to create a safe area for the animals and also help stave off the demise of the orangutans, whose numbers have dwindled sharply in recent years. Research show that about 5,000 orangutans have been lost every year since 2004 and the reason for this is mainly due to illegal logging and the rapid spread of palm oil plantations in Malaysia and Indonesia. Conservationists believe that buying 222 acres of tropical jungle land in Sabah from palm oil operators will solve this problem.
I’m not sure if it will solve the problem, but I think this is a great idea. The purchased territory will link two sections of a wildlife reserve that is home to a vast array of other animals, including an estimated 600 orangutans. A safe sanctuary could be just what the doctor ordered for Ah Meng’s cousins in the wild.
The idea is to create a safe area for the animals and also help stave off the demise of the orangutans, whose numbers have dwindled sharply in recent years. Research show that about 5,000 orangutans have been lost every year since 2004 and the reason for this is mainly due to illegal logging and the rapid spread of palm oil plantations in Malaysia and Indonesia. Conservationists believe that buying 222 acres of tropical jungle land in Sabah from palm oil operators will solve this problem.
I’m not sure if it will solve the problem, but I think this is a great idea. The purchased territory will link two sections of a wildlife reserve that is home to a vast array of other animals, including an estimated 600 orangutans. A safe sanctuary could be just what the doctor ordered for Ah Meng’s cousins in the wild.
Saturday, October 25, 2008
Name of the Wind by Patrick Rothfuss
Patrick Rothfuss's debut, The Name of the Wind, is the tale of Kvothe. At the start, he was living under the assumed name Kote, an innkeeper at a small village in the middle of nowhere. As the story goes on however, you discovered that Kvothe isn't just an innkeeper, but one of the most famous wizard of his world.
After being discovered by a scribe called Chronicler, Kvothe starts telling his life story. His happy childhood in a troupe of traveling players; his years spent as an orphan in a big city; his daringly and successful attempt to enter the University of magic; and the friends and enemies he made in his early life.
It doesn't seems like much on the surface, and after the first hundred pages, I seriously thought I've made a mistake in taking this book. However as I read on...Kvothe drew me in.
If this is really Rothfuss's debut, I can safely say that he is going to have a long career as a fantasy writer. The fantasy world he has put together is amazingly detailed. The port city of Tarbean, the University, even the small village Kvothe was hiding in were all beautifully written. Such details are seldom seem in fantasy books any more but that wasn't the end of it. The characters themselves were very believable. Kvothe's drive to learn magic and his need to find the Chandrian, the immortals who murdered his family, was superbly written.
Kvothe is a real character. He makes both good choices and bad decisions. He do clever things that were believable, and dumb things that you and I did when we were at that age. His story is riveting. He has huge talent but he is not without flaws. In fact, Kvothe's flaws match his gifts in size and the book hint that Kvothe's story is ultimately that of a tragedy. In Kvothe, Patrick Rothfuss created a character that could match the very best in the history of fantasy.
I am not usually a fan of books told in first person's view but I can see why Rothfuss did it here. Told in his own words, Kvothe's story became more powerful, more exciting, more rousing, and much more personal.
The book is not without its flaws. The writer literally beat it into your head that Kvothe is a Shakespearean tragic hero. If the various hints around the book still don't get you, the book is part of the "The Kingkiller Chronicle"; Kvothe is known as Kvothe Kingkiller; the cover name of Kote means disaster; and Kvothe is feared by the people of the world. A bit of an overkill, wouldn't you say? I also found the start to be boring, the book is a slow burn. However once the Chronicler came into the picture, you will not put it down!
That's how good 'The Name Of The Wind' is. My review cannot do it justice and I cannot describe how good it really is. I will tell you that Rothfuss will be a household name among fantasy fans if the other 2 books is half as good as this one, and you MUST pick this book up. It's great!
After being discovered by a scribe called Chronicler, Kvothe starts telling his life story. His happy childhood in a troupe of traveling players; his years spent as an orphan in a big city; his daringly and successful attempt to enter the University of magic; and the friends and enemies he made in his early life.
It doesn't seems like much on the surface, and after the first hundred pages, I seriously thought I've made a mistake in taking this book. However as I read on...Kvothe drew me in.
If this is really Rothfuss's debut, I can safely say that he is going to have a long career as a fantasy writer. The fantasy world he has put together is amazingly detailed. The port city of Tarbean, the University, even the small village Kvothe was hiding in were all beautifully written. Such details are seldom seem in fantasy books any more but that wasn't the end of it. The characters themselves were very believable. Kvothe's drive to learn magic and his need to find the Chandrian, the immortals who murdered his family, was superbly written.
Kvothe is a real character. He makes both good choices and bad decisions. He do clever things that were believable, and dumb things that you and I did when we were at that age. His story is riveting. He has huge talent but he is not without flaws. In fact, Kvothe's flaws match his gifts in size and the book hint that Kvothe's story is ultimately that of a tragedy. In Kvothe, Patrick Rothfuss created a character that could match the very best in the history of fantasy.
I am not usually a fan of books told in first person's view but I can see why Rothfuss did it here. Told in his own words, Kvothe's story became more powerful, more exciting, more rousing, and much more personal.
The book is not without its flaws. The writer literally beat it into your head that Kvothe is a Shakespearean tragic hero. If the various hints around the book still don't get you, the book is part of the "The Kingkiller Chronicle"; Kvothe is known as Kvothe Kingkiller; the cover name of Kote means disaster; and Kvothe is feared by the people of the world. A bit of an overkill, wouldn't you say? I also found the start to be boring, the book is a slow burn. However once the Chronicler came into the picture, you will not put it down!
That's how good 'The Name Of The Wind' is. My review cannot do it justice and I cannot describe how good it really is. I will tell you that Rothfuss will be a household name among fantasy fans if the other 2 books is half as good as this one, and you MUST pick this book up. It's great!
Friday, October 24, 2008
Comics this week
Final Crisis #4- Grant Morrison writing jujutsu lasted three issues of Final Crisis, keeping readers off guard by challenging the straightforward nature of good vs. evil. Say what you want about Morrison’s writing (I myself am not a great fan), but the mood is perfect. The mood and mystery pay off here as at the end of this issue, Darkseid and his gods kick the human race from pillar to post here. All that is left are 6 Watch Towers and the rag-tag heroes and villains who still have free will. However what is a Crisis without strange concepts that make your head spin? Barry Allen reverse-engineered to life out of faster-than-light particles? Darkseid picking Turpin as his new host? These strange crazy ideas make Final Crisis an extremely fun read.
Secret Invasion #7- There they go, the big showdown! Every hero and villain in the Marvel U against the might of the Skrulls. Good, because the sooner this series end, the better it will be for everyone. Secret Invasion has overstayed its welcome.
Secret Invasion #7- There they go, the big showdown! Every hero and villain in the Marvel U against the might of the Skrulls. Good, because the sooner this series end, the better it will be for everyone. Secret Invasion has overstayed its welcome.
Thursday, October 23, 2008
A False Dawn
After a month of crying and pleading, there is finally hope for the investors. Two rays of hope in fact for the investors of Lehman Minibonds,
1) The Monetary Authority of Singapore (MAS) says two international financial institutions licensed to operate in Singapore have submitted proposals to restructure the Lehman minibonds notes so that they can run till maturity.
2) Hong Leong Finance is proposing to buy back Lehman Minibond Programme notes from some of its customers.
Don’t get your hope too high because Hong Leong Finance proposal comes with 2 conditions. The account holder must be at least 62 years old, with only primary school education.
I think we can safely say that Hong Leong’s proposal is due to criticisms that banks are taking advantage of their elderly and less well-educated customers. However I disagree with their proposal.
Most people who have read my blog knows that I am not for the banks returning the money when it’s hardly their fault Lehman Brothers collapse, however I have no problem if they want to buyback the minibonds. Thing is, Hong Leong need to either buy back all the minibonds, or you don’t buy back any. You cannot pick and choose who to pay back.
Of the 8,000+ investors that have sunk money into the minibonds, this ray of hope is more like a false dawn than anything else. I mean just how many of them are above 62 years old with only primary school education? What about the others investors? Nothing for them?
That I don’t agree with. Buyback all the minibonds, or don’t. You cannot pick and choose.
1) The Monetary Authority of Singapore (MAS) says two international financial institutions licensed to operate in Singapore have submitted proposals to restructure the Lehman minibonds notes so that they can run till maturity.
2) Hong Leong Finance is proposing to buy back Lehman Minibond Programme notes from some of its customers.
Don’t get your hope too high because Hong Leong Finance proposal comes with 2 conditions. The account holder must be at least 62 years old, with only primary school education.
I think we can safely say that Hong Leong’s proposal is due to criticisms that banks are taking advantage of their elderly and less well-educated customers. However I disagree with their proposal.
Most people who have read my blog knows that I am not for the banks returning the money when it’s hardly their fault Lehman Brothers collapse, however I have no problem if they want to buyback the minibonds. Thing is, Hong Leong need to either buy back all the minibonds, or you don’t buy back any. You cannot pick and choose who to pay back.
Of the 8,000+ investors that have sunk money into the minibonds, this ray of hope is more like a false dawn than anything else. I mean just how many of them are above 62 years old with only primary school education? What about the others investors? Nothing for them?
That I don’t agree with. Buyback all the minibonds, or don’t. You cannot pick and choose.
Wednesday, October 22, 2008
Even dogs...
After killing human babies with their reckless pursuit of profits, Chinese companies has now reached a new low. It is reported that about 1,500 dogs have died after eating feed tainted with melamine, the same chemical that tainted products that caused kidney stones problems in tens of thousands of Chinese children and led to the deaths of four infants.
As if human babies aren’t enough, dogs are also dying in China due to bad products. Just how bad is the situation in China when even dogs are getting killed by bad food. The worse thing is that these raccoon dog, who were bred for their fur, died of kidney failure; the same problem that affect those babies! Even a lion cub and two baby orangutans from a zoo near Shanghai are affected. The 3 baby animals were discovered to have developed kidney stones last month after they had been nursed for more than a year with milk powder made by the Sanlu Group, the company in the center of the tainted milk crisis.
It seems that China just cannot learn any lessons on these scandals. Just last year, there was an uproar over a Chinese-made pet food ingredient containing melamine that was linked to the deaths of dozens of pets in the United States. Then the human babies, and now this! No more China-made food products for me.
As if human babies aren’t enough, dogs are also dying in China due to bad products. Just how bad is the situation in China when even dogs are getting killed by bad food. The worse thing is that these raccoon dog, who were bred for their fur, died of kidney failure; the same problem that affect those babies! Even a lion cub and two baby orangutans from a zoo near Shanghai are affected. The 3 baby animals were discovered to have developed kidney stones last month after they had been nursed for more than a year with milk powder made by the Sanlu Group, the company in the center of the tainted milk crisis.
It seems that China just cannot learn any lessons on these scandals. Just last year, there was an uproar over a Chinese-made pet food ingredient containing melamine that was linked to the deaths of dozens of pets in the United States. Then the human babies, and now this! No more China-made food products for me.
Tuesday, October 21, 2008
More harm than good
After years of countless complaints from anxious parents and people who have nothing better to do, come 1st April 2009, all new small buses in Singapore will be required to have seat-belts on all seats. Existing small buses has a period of 5 years to convert the seating on their buses. Small school-buses carrying school-children must do this in 3 years.
Now, I am usually all for more safety on Singapore roads, but this new ruling will cause more harm than good. If you own a transport company and you are carrying school-children, you will need to spend money to convert your buses with this new ruling. Outside the cost factor, there is also talk about schools starting later next year. If schools start later, you will have to choose between carrying school-children or carrying workers who pay more than school going children. What will you do?
For me it will be a simple decision; I will stop carrying school-children. When I carry school-children now, I can squeeze 3 children in 1 seat. After the ruling with seatbelts, I can only have 2 in 1 seat. I spend money to convert the bus, and I have to carry fewer children with the new ruling. Why would I want to continue with school-children then?
LTA has some financial assistance for bus companies but if I own a bus company, I will choose to carry workers who pay more and who complain less. Once this rule comes into affect, I foresee a short of school-buses on Singapore roads.
Like I said; this new rule will cause more harm than good.
Now, I am usually all for more safety on Singapore roads, but this new ruling will cause more harm than good. If you own a transport company and you are carrying school-children, you will need to spend money to convert your buses with this new ruling. Outside the cost factor, there is also talk about schools starting later next year. If schools start later, you will have to choose between carrying school-children or carrying workers who pay more than school going children. What will you do?
For me it will be a simple decision; I will stop carrying school-children. When I carry school-children now, I can squeeze 3 children in 1 seat. After the ruling with seatbelts, I can only have 2 in 1 seat. I spend money to convert the bus, and I have to carry fewer children with the new ruling. Why would I want to continue with school-children then?
LTA has some financial assistance for bus companies but if I own a bus company, I will choose to carry workers who pay more and who complain less. Once this rule comes into affect, I foresee a short of school-buses on Singapore roads.
Like I said; this new rule will cause more harm than good.
Monday, October 20, 2008
Copycat Singapore
I know Singapore never had a reputation for being the most original of countries and we had always seen ourselves as a competitor to Hong Kong, but the recent copycat activities of Singapore is something else altogether.
Two days ago after Hong Kong guaranteed bank deposits, Singapore follow suit. Now the Singapore government seems to be trying to find a legal way to make DBS and other banks pay back investors on the Lehman Brothers minibonds fiasco. Again, this is after Hong Kong agreed to refund investors in Hong Kong.
The Singapore government has made no bones about the reason for the bank guarantee and it seems that the same apply to the minibonds matter. But Hong Kong is paying back investors about 50-70% of their investments, whereas the Singapore Strait Times say something in the region of about 20% for Singapore investors.
I say if you want to copy Hong Kong, do it all the way and better them. Hong Kong is paying back 50 to 70%; Singapore should aim for 80 to 100%! It’s no good just copying someone, you must better them.
Aim higher Singapore!
Two days ago after Hong Kong guaranteed bank deposits, Singapore follow suit. Now the Singapore government seems to be trying to find a legal way to make DBS and other banks pay back investors on the Lehman Brothers minibonds fiasco. Again, this is after Hong Kong agreed to refund investors in Hong Kong.
The Singapore government has made no bones about the reason for the bank guarantee and it seems that the same apply to the minibonds matter. But Hong Kong is paying back investors about 50-70% of their investments, whereas the Singapore Strait Times say something in the region of about 20% for Singapore investors.
I say if you want to copy Hong Kong, do it all the way and better them. Hong Kong is paying back 50 to 70%; Singapore should aim for 80 to 100%! It’s no good just copying someone, you must better them.
Aim higher Singapore!
Sunday, October 19, 2008
Comics this week
Guardians of the Galaxy #6- The 'Secret Invasion' tie-in issue continue...and continue and continue. Luckily, Dan Abnett and Andy Lanning end the torture this week as Comos put the beatdown on everyone. The Skrulls are totally ignored again (thank God) and the the closing pages bring Starlord's secret out into the open. Can't wait for the team to start hitting one another.
Street Fighter II Turbo #1- Although not a big SF fan, I was very impressed with the old SF series by Udon. Udon's Street Fighter comics had my interest as they were good solid series which had tried to expand the SF story, the good artwork helped as well. For some reason which I still don't understand, the series went on a publishing hiatus. With the release of Street Fighter IV however, Udon is trying to strike gold again as they will release three new SF titles. Street Fighter II Turbo is the first of these three. #1 is basically a new set-up issue for all the new readers out there. For old readers like me...it was disappointing. The artwork is there, the story was serviceable but this issue did nothing I haven't seen before. An enjoyable issue to be sure, but Udon will has to do better if they want me to collect SF again.
Stormwatch #15- I don't know what's more surprising; the fact that Wildstorm actually kept to their publishing schedule, or that it took so long for a joke at Jackson King's stupid beard. This issue try to move things along for Stormwatch as various plots get started. We see what the High has been doing (trying to save the world one life at a time) and how old-world politics is still affecting the new post-Number of the Beast world. I'm very interested in the High story. He was one of the greatest heroes in the last century, but what role can he have in this new century when he should have been dead already? Interesting
Street Fighter II Turbo #1- Although not a big SF fan, I was very impressed with the old SF series by Udon. Udon's Street Fighter comics had my interest as they were good solid series which had tried to expand the SF story, the good artwork helped as well. For some reason which I still don't understand, the series went on a publishing hiatus. With the release of Street Fighter IV however, Udon is trying to strike gold again as they will release three new SF titles. Street Fighter II Turbo is the first of these three. #1 is basically a new set-up issue for all the new readers out there. For old readers like me...it was disappointing. The artwork is there, the story was serviceable but this issue did nothing I haven't seen before. An enjoyable issue to be sure, but Udon will has to do better if they want me to collect SF again.
Stormwatch #15- I don't know what's more surprising; the fact that Wildstorm actually kept to their publishing schedule, or that it took so long for a joke at Jackson King's stupid beard. This issue try to move things along for Stormwatch as various plots get started. We see what the High has been doing (trying to save the world one life at a time) and how old-world politics is still affecting the new post-Number of the Beast world. I'm very interested in the High story. He was one of the greatest heroes in the last century, but what role can he have in this new century when he should have been dead already? Interesting
Saturday, October 11, 2008
Comics this week
Secret Six #2- After a so-so first issue, the magic is back. Gail Simone showed why readers loved the Secret Six as Catman tangle with Batman and the rest of the group break into prison to break-out a prisoner who rather stay where she is. A misadventure in very sense of the word. And I loved it! Simone again show her masterly use of overlooked villains, this time showing Bane making a move on Scandal Savage, and it actually work! I'm no fan of Bane as I think he is just a gimmick character created for Batman (which he is) , but then again I'm no fan of Catman before Gail Simone got her claws in him. Bane as an interesting character? I like to see how that will happen.
Friday, October 10, 2008
Distasteful Logic
The stock market bloodbath shows no sign of stopping as the global credit markets steadfastly refused to move. Even a synchronize cut by central banks around the world cannot move the Libor.
As panic set in globally, governments around the world are wondering what can be done to calm the markets. With real fears that the global economy is heading towards recession, Yamato Life Insurance Co in Japan filed for bankruptcy protection because of market turmoil. So much for any thoughts that Asia's financial sector is anymore stable compared with Europe and the U.S.
With such brutal losses across the board, the one thing I believe the Americans and EU governments must do is that they must forced their banks to start lending again. Nationalized the banks if you have to, but make those banks kick-start lending. That I believe is a way out of this mess. Governments has been slashing interest rates and throwing billions into the market to do this, but it is just not working.
Some of you might say that taking over the banks and forcing them to lend is a panic response, but I disagree. The equity bloodbath around the world is panic, nationalizing the banks and forcing them to lend is the most logical way calm the markets. Trading around the world were suspended for excessive losses at one time or another these past 2 weeks, and the reason is that people are not confident that the credit crisis is over. For people to regain confidence, the banks need to start lending again. If the banks are not willing to do so themselves, then I say governments must force them to do so.
I admit the idea is distasteful, but the idea is also logical and it’s a better bet than throwing endless money into the market. Desperate measures for desperate times.
As panic set in globally, governments around the world are wondering what can be done to calm the markets. With real fears that the global economy is heading towards recession, Yamato Life Insurance Co in Japan filed for bankruptcy protection because of market turmoil. So much for any thoughts that Asia's financial sector is anymore stable compared with Europe and the U.S.
With such brutal losses across the board, the one thing I believe the Americans and EU governments must do is that they must forced their banks to start lending again. Nationalized the banks if you have to, but make those banks kick-start lending. That I believe is a way out of this mess. Governments has been slashing interest rates and throwing billions into the market to do this, but it is just not working.
Some of you might say that taking over the banks and forcing them to lend is a panic response, but I disagree. The equity bloodbath around the world is panic, nationalizing the banks and forcing them to lend is the most logical way calm the markets. Trading around the world were suspended for excessive losses at one time or another these past 2 weeks, and the reason is that people are not confident that the credit crisis is over. For people to regain confidence, the banks need to start lending again. If the banks are not willing to do so themselves, then I say governments must force them to do so.
I admit the idea is distasteful, but the idea is also logical and it’s a better bet than throwing endless money into the market. Desperate measures for desperate times.
Thursday, October 9, 2008
To be fair to DBS
I think most of us in Singapore have heard of the investors stung by investments in Lehman mini-bonds who are now petitioning the Monetary Authority of Singapore (MAS) for help to recover their money.
I’ve heard that these investors, frustrated with replies from financial institutions over their investments, are now trying to organize a protest at the Speaker’s Corner. Taking a leaf out of the investors in Hong Kong, the investors are claiming that they were wrongly sold the structured products and want MAS to ask DBS, the issuer of DBS High Notes 5, to return their principal.
I’m not too sure if this protest will take place but to be fair, I don’t think DBS should be asked to return money when it’s hardly their fault Lehman Brother are undergoing liquidation right now. It is very sad and unfortunate for the investors that their money is gone, but we have to accept that there’s always an amount of risk in any investment. A month ago, who would have guessed that Lehman Brothers would wind up?
I might be in the minority here in Singapore but the basic thing is this: You cannot ask DBS to return money when they are not the ones that lost it! It’s like telling your stock broker to buy stocks, and then asking the broker to repay your losses when the market turns against you. It’s hardly your broker’s fault this happen and that is the case here. DBS is nothing but the broker here.
It is unfortunate but the money was lost when Lehman Brothers went into bankruptcy due to the credit crunch, so it is Lehman Brothers the investors should be looking at, not DBS. When you put a deposit in Bank A and then the bank collapse, can you ask Bank B to return you the deposit?
I’m afraid the answer to that is clear to everyone.
I’ve heard that these investors, frustrated with replies from financial institutions over their investments, are now trying to organize a protest at the Speaker’s Corner. Taking a leaf out of the investors in Hong Kong, the investors are claiming that they were wrongly sold the structured products and want MAS to ask DBS, the issuer of DBS High Notes 5, to return their principal.
I’m not too sure if this protest will take place but to be fair, I don’t think DBS should be asked to return money when it’s hardly their fault Lehman Brother are undergoing liquidation right now. It is very sad and unfortunate for the investors that their money is gone, but we have to accept that there’s always an amount of risk in any investment. A month ago, who would have guessed that Lehman Brothers would wind up?
I might be in the minority here in Singapore but the basic thing is this: You cannot ask DBS to return money when they are not the ones that lost it! It’s like telling your stock broker to buy stocks, and then asking the broker to repay your losses when the market turns against you. It’s hardly your broker’s fault this happen and that is the case here. DBS is nothing but the broker here.
It is unfortunate but the money was lost when Lehman Brothers went into bankruptcy due to the credit crunch, so it is Lehman Brothers the investors should be looking at, not DBS. When you put a deposit in Bank A and then the bank collapse, can you ask Bank B to return you the deposit?
I’m afraid the answer to that is clear to everyone.
Wednesday, October 8, 2008
Tough Times Ahead
It’s as good as official. Singapore is headed for recession as the global financial crisis sweep across the world.
With the US economy wilting under its worst financial crisis since the Great Depression, Iceland on the brink of national bankruptcy and countries across Europe and Russia rescuing banks left, right and centre, the news isn’t too unexpected. After all Singapore is heavily dependent on trade, so when our export markets in the US and Europe suffer, so do we.
What worries me is the fact that some economists say that the slowdown could last 2 years. Almost all of them have written off 2009 but the fact that some of them have written off 2010 as well worries me. This shows me that there’s a lack of confidence that the U.S can solve their subprime mortgage problems. And given that more than two-thirds of our country's economy is driven by external demand; that is bad, bad news.
Just 2 months, the Singapore's government cut its forecast for economic growth this year to between four and five percent and recently Finance Minister Tharman Shanmugaratnam warned that we could be stuck in an economic downturn for "several quarters".
Bad news on the left, worse news on the right. Look like there’s tough times ahead for everyone.
With the US economy wilting under its worst financial crisis since the Great Depression, Iceland on the brink of national bankruptcy and countries across Europe and Russia rescuing banks left, right and centre, the news isn’t too unexpected. After all Singapore is heavily dependent on trade, so when our export markets in the US and Europe suffer, so do we.
What worries me is the fact that some economists say that the slowdown could last 2 years. Almost all of them have written off 2009 but the fact that some of them have written off 2010 as well worries me. This shows me that there’s a lack of confidence that the U.S can solve their subprime mortgage problems. And given that more than two-thirds of our country's economy is driven by external demand; that is bad, bad news.
Just 2 months, the Singapore's government cut its forecast for economic growth this year to between four and five percent and recently Finance Minister Tharman Shanmugaratnam warned that we could be stuck in an economic downturn for "several quarters".
Bad news on the left, worse news on the right. Look like there’s tough times ahead for everyone.
Tuesday, October 7, 2008
What About the Economy?
With the world stock market in a nosedive, you would think that the economy would be first and foremost on the lips of anyone running for political office. Not so for the U.S of A.
In their bid to be the U.S President, character assassinations emerge as the tactics of choice in John McCain-Barack Obama race. GOP presidential nominee John McCain and Sarah Palin fired the first shot raising Obama's relationship with a former 1960s radical. Under accusations that he was "palling around with terrorists who would target their own country" Obama fired back, bringing up the past scandals of John McCain.
John McCain’ s role in a banking scandal and his past connections to a private group that supplied aid to guerrillas seeking to overthrow the leftist government of Nicaragua 20 years ago are all now on U.S news. In acts of supreme irony, both sides are accusing the other of a political smear campaign.
Here’s a suggestion to both of them: Talk about the economy and how you are going to fix the problem. That way neither of you needs to worry about any “smear campaign”. I am sure most Americans, and most of the world, are far more interested in the economy than your past scandals.
In their bid to be the U.S President, character assassinations emerge as the tactics of choice in John McCain-Barack Obama race. GOP presidential nominee John McCain and Sarah Palin fired the first shot raising Obama's relationship with a former 1960s radical. Under accusations that he was "palling around with terrorists who would target their own country" Obama fired back, bringing up the past scandals of John McCain.
John McCain’ s role in a banking scandal and his past connections to a private group that supplied aid to guerrillas seeking to overthrow the leftist government of Nicaragua 20 years ago are all now on U.S news. In acts of supreme irony, both sides are accusing the other of a political smear campaign.
Here’s a suggestion to both of them: Talk about the economy and how you are going to fix the problem. That way neither of you needs to worry about any “smear campaign”. I am sure most Americans, and most of the world, are far more interested in the economy than your past scandals.
Monday, October 6, 2008
Asia Bailout Fund
A week after the U.S Congress reluctantly passed the $700 billion bailout package, it seems Germany and Europe has to follow suit. Germany just had to guarantee all bank savings and stepped in with the biggest bank rescue in their country's history, as the world financial crisis has moved from the US economy to the world at large.
Thus far, it seems that the massive US bailout package has done little to calm investor nerves with major stock markets dropping almost daily. I put the blame on those idiots in the U.S Congress who voted against the bailout the first time. Wall Street dropped 777 points after that vote and that increased the turmoil that has shook stock markets around the world.
Leaders of France, Germany, Britain and Italy now pledged to step up coordination on tackling the financial crisis, but refused to set up a joint bailout fund for European banks. They may not have a choice anymore.
The German government’s emergency rescue package of Hypo Real Estate (HPE), the country's fourth-largest bank, follow French Bank BNP Paribas agreement to take control of ailing finance group Fortis's operations in Belgium and Luxembourg. Saving banks seems to be the new hobby in the financial world now.
However after the bailouts in the U.S and Europe, maybe it’s time for Asia to wonder if this is the time to set up a fund for banks as well. After all, it’s only a matter of time before a bank in Asia is hit. Why not set up a bail-out fund beforehand?
Thus far, it seems that the massive US bailout package has done little to calm investor nerves with major stock markets dropping almost daily. I put the blame on those idiots in the U.S Congress who voted against the bailout the first time. Wall Street dropped 777 points after that vote and that increased the turmoil that has shook stock markets around the world.
Leaders of France, Germany, Britain and Italy now pledged to step up coordination on tackling the financial crisis, but refused to set up a joint bailout fund for European banks. They may not have a choice anymore.
The German government’s emergency rescue package of Hypo Real Estate (HPE), the country's fourth-largest bank, follow French Bank BNP Paribas agreement to take control of ailing finance group Fortis's operations in Belgium and Luxembourg. Saving banks seems to be the new hobby in the financial world now.
However after the bailouts in the U.S and Europe, maybe it’s time for Asia to wonder if this is the time to set up a fund for banks as well. After all, it’s only a matter of time before a bank in Asia is hit. Why not set up a bail-out fund beforehand?
Sunday, October 5, 2008
Stupid Move by NTU
On the week when opposition figure J.B. Jeyaretnam died, a simple case from Nanyang Technological University showed actually what the man has been fighting against all his political life.
The Nanyang Technological University's broadcast network had ran a small news bulletin on Chee Soon Juan after he visited the school in late August to meet students and hand out fliers. For some reason that I failed to understand, school officials pulled the bulletin off the airwaves and stopped a planned news article about Chee's visit.
What is this "concern about school media airing "unsolicited views" from an "uninvited" person"? What harm can a small bulletin do? Isn't it more advisable and smarter for the NTU to just let the students run the bulletin? How long would people remember a simple bulletin from the university's broadcast? Hell, how many people/students actually listen to the school's broadcast anyway?
But in banning the broadcast, about 60 people now gather at Speakers' Corner to protest the decision and Chee Soon Juan now has more airplay than ever before. I truly fear for the students of the university when the officials of the school are so stupid. Talk about a decision that backfired. Chee Soon Juan may a vocal critic of the government but what harm can a bulletin actually do to the school or the PAP?
But a protest against the ban of the bulletin at the Speakers' Corner by the students and former students from the university in question, that's news! If I am part of the PAP, I will be less than happy with the school officials of NTU.
The Nanyang Technological University's broadcast network had ran a small news bulletin on Chee Soon Juan after he visited the school in late August to meet students and hand out fliers. For some reason that I failed to understand, school officials pulled the bulletin off the airwaves and stopped a planned news article about Chee's visit.
What is this "concern about school media airing "unsolicited views" from an "uninvited" person"? What harm can a small bulletin do? Isn't it more advisable and smarter for the NTU to just let the students run the bulletin? How long would people remember a simple bulletin from the university's broadcast? Hell, how many people/students actually listen to the school's broadcast anyway?
But in banning the broadcast, about 60 people now gather at Speakers' Corner to protest the decision and Chee Soon Juan now has more airplay than ever before. I truly fear for the students of the university when the officials of the school are so stupid. Talk about a decision that backfired. Chee Soon Juan may a vocal critic of the government but what harm can a bulletin actually do to the school or the PAP?
But a protest against the ban of the bulletin at the Speakers' Corner by the students and former students from the university in question, that's news! If I am part of the PAP, I will be less than happy with the school officials of NTU.
Friday, October 3, 2008
Too Late China
In a desperate damage limitation exercise, China has recalled all exported milk powder sold overseas before 14/9. As China continued to move to contain the scandal over tainted milk that has sickened thousands of children, I have only one thing to say, “Too little, too late.”
Reports state that the first case was reported last year, and the Chinese government knew about the tainted baby milk formula about 1 month before the Olympics. Everything was hushed up to protect profits for the companies and the image of image during the Olympics.
Meanwhile, babies got sicker and sicker. Then the first baby died and the scandal exploded. Right now at least four children are dead and 53,000 babies are sickened in mainland China alone due to the greed of the companies.
China’s food safety reputation was never strong to begin with and with this case, whatever was left of it has been destroyed. Countries around the world have announced steps to ban and recall products containing Chinese milk. If anymore of the sick 53,000 babies die…
I can say with some conviction that China can forget about damage limitation because no one is going trust a single word of what they say. What they need to do is overhaul the safety standards in China and have strict enforcement of those standards. Until that happen, forget it. No one will buy any food with ‘Made in China’ on it.
Reports state that the first case was reported last year, and the Chinese government knew about the tainted baby milk formula about 1 month before the Olympics. Everything was hushed up to protect profits for the companies and the image of image during the Olympics.
Meanwhile, babies got sicker and sicker. Then the first baby died and the scandal exploded. Right now at least four children are dead and 53,000 babies are sickened in mainland China alone due to the greed of the companies.
China’s food safety reputation was never strong to begin with and with this case, whatever was left of it has been destroyed. Countries around the world have announced steps to ban and recall products containing Chinese milk. If anymore of the sick 53,000 babies die…
I can say with some conviction that China can forget about damage limitation because no one is going trust a single word of what they say. What they need to do is overhaul the safety standards in China and have strict enforcement of those standards. Until that happen, forget it. No one will buy any food with ‘Made in China’ on it.
Thursday, October 2, 2008
EPL this Month
The month of September is over, and the season has only just begun. But this being the EPL, teams has already started to move and the league table is beginning to take shape.
Top Teams this Month
Chelsea- New manager Luiz Felipe Scolari has turned Chelsea into an attacking team faster than even I thought he would. With Deco in the middle, Chelsea has a true playmaker and things look good at Stamford Bridge. The loss of Micheal Essien is a big blow but Chelsea has a big enough, good enough squad to play through the injuries.
Liverpool- Manager Rafael Benitez must be thanking his lucky stars that he managed to get Fernando Torres. Torres is the reason Liverpool is at joint top of the EPL thus far. This is a good thing because it seems that Benitez got it wrong in the transfer market again. Robbie Keane looks like a bust to me, but as long as Fernando Torres keeps scoring, Liverpool will have a chance at the title.
Hull City- After 5 games, Hull City is sixth in the EPL? Hull City has had a dream start to their first EPL season and boss Phil Brown is the reason for it. Phil Brown has a side that is difficult to beat, full of spirit, and unafraid of the other teams. How many sides had beaten Arsenal at the Emirates? One, which was West Ham, Hull City was just the second. They keep this up and Hull may still be in the EPL next season. Who would have bet on that?
Surprise Team this month
Man City- After firing Sven-Goran Eriksson and hiring Mark Hughes, things look bad for Man City. Suddenly, Thaksin Shinawatra sold the club to the Abu Dhabi United Group, big money flow into the club, they signed Robinho, and they are the team everyone wants to beat. Just another month in Man City where the only certainty is uncertainty.
Disappointing Teams this month
Manchester United – Man Utd may have won the battle to keep Cristiano Ronaldo, but they have been struggling thus far in the EPL. I will be the devil’s advocate here and say this, “I think Dimitar Berbatov may be a bad buy for them.” Berbatov is a great player with silky skills and a great touch, but I think he does not fit into the style of play Man Utd has. Sir Alex Ferguson want a willing runner upfront who will run into the channels and create open space for his midfielders to run into. That is not Dimitar Berbatov. Unless Berbatov changes his style of play, Man Utd will have a problem upfront.
Tottenham Hotspur- Tottenham supporters must be wondering what the hell is going on with their team. After winning the Carling Cup, Spurs fans would have to be forgiven for thinking this is the season for them to push into the top tier of the EPL. Things have not turned out that way. Juande Ramos has to face a problem most managers faced when they are winning; bigger teams will poach your top players. 11 players left the club since the Carling Cup win with 7 new players coming in. His top 2 strikers, Dimitar Berbatov and Robbie Keane, both forced Spurs to sell them and the team now looked weak upfront. However I think if Spurs keep their cool and give Ramos time, things will get better. He has signed a couple of very good players and it is still a good squad. Give him time and things will get better.
Newcastle- I’m not a Newcastle fan so I may have a more unemotional view of things. I have to say this, “Why are the fans turning on Newcastle United’s owner Mike Ashley?” I can understand why they are unhappy with the departure of former manager Kevin Keegan, but Mike Ashley is true fan of Newcastle who has done good things for the club. Would they prefer their club to be in the hands of some Nigerian consortium who no one has ever heard of? Besides, it’s not like they got a bad deal on James Milner. The player wanted to go to Aston Villa anyway! How is that Mike Ashley’s or Dennis Wise’s fault? Sometimes, football fans are just crazy.
Top Teams this Month
Chelsea- New manager Luiz Felipe Scolari has turned Chelsea into an attacking team faster than even I thought he would. With Deco in the middle, Chelsea has a true playmaker and things look good at Stamford Bridge. The loss of Micheal Essien is a big blow but Chelsea has a big enough, good enough squad to play through the injuries.
Liverpool- Manager Rafael Benitez must be thanking his lucky stars that he managed to get Fernando Torres. Torres is the reason Liverpool is at joint top of the EPL thus far. This is a good thing because it seems that Benitez got it wrong in the transfer market again. Robbie Keane looks like a bust to me, but as long as Fernando Torres keeps scoring, Liverpool will have a chance at the title.
Hull City- After 5 games, Hull City is sixth in the EPL? Hull City has had a dream start to their first EPL season and boss Phil Brown is the reason for it. Phil Brown has a side that is difficult to beat, full of spirit, and unafraid of the other teams. How many sides had beaten Arsenal at the Emirates? One, which was West Ham, Hull City was just the second. They keep this up and Hull may still be in the EPL next season. Who would have bet on that?
Surprise Team this month
Man City- After firing Sven-Goran Eriksson and hiring Mark Hughes, things look bad for Man City. Suddenly, Thaksin Shinawatra sold the club to the Abu Dhabi United Group, big money flow into the club, they signed Robinho, and they are the team everyone wants to beat. Just another month in Man City where the only certainty is uncertainty.
Disappointing Teams this month
Manchester United – Man Utd may have won the battle to keep Cristiano Ronaldo, but they have been struggling thus far in the EPL. I will be the devil’s advocate here and say this, “I think Dimitar Berbatov may be a bad buy for them.” Berbatov is a great player with silky skills and a great touch, but I think he does not fit into the style of play Man Utd has. Sir Alex Ferguson want a willing runner upfront who will run into the channels and create open space for his midfielders to run into. That is not Dimitar Berbatov. Unless Berbatov changes his style of play, Man Utd will have a problem upfront.
Tottenham Hotspur- Tottenham supporters must be wondering what the hell is going on with their team. After winning the Carling Cup, Spurs fans would have to be forgiven for thinking this is the season for them to push into the top tier of the EPL. Things have not turned out that way. Juande Ramos has to face a problem most managers faced when they are winning; bigger teams will poach your top players. 11 players left the club since the Carling Cup win with 7 new players coming in. His top 2 strikers, Dimitar Berbatov and Robbie Keane, both forced Spurs to sell them and the team now looked weak upfront. However I think if Spurs keep their cool and give Ramos time, things will get better. He has signed a couple of very good players and it is still a good squad. Give him time and things will get better.
Newcastle- I’m not a Newcastle fan so I may have a more unemotional view of things. I have to say this, “Why are the fans turning on Newcastle United’s owner Mike Ashley?” I can understand why they are unhappy with the departure of former manager Kevin Keegan, but Mike Ashley is true fan of Newcastle who has done good things for the club. Would they prefer their club to be in the hands of some Nigerian consortium who no one has ever heard of? Besides, it’s not like they got a bad deal on James Milner. The player wanted to go to Aston Villa anyway! How is that Mike Ashley’s or Dennis Wise’s fault? Sometimes, football fans are just crazy.
Wednesday, October 1, 2008
Passing of a Singapore Fighter
Opposition icon, Mr JB Jeyaretnam, died from heart failure on Tuesday morning and it is a sad day for Singapore. The former Secretary-General of the Workers' Party was 82 and I feel sorry for the loss of this great fighter.
Mr JB Jeyaretnam, better known as JBJ, fought his whole life to bring change to Singapore and was the first to break a government monopoly on power in Singapore when he won a seat in parliament in 1981 Anson by-election. I, like most Singaporeans, know JBJ better as a thorn in the side of Singapore's Minister Mentor Lee Kuan-yew and the reason why Singapore abolished the Privy Council in 1989. The abolition followed a decision of the Privy Council in 1988 that criticized the "grievous injustice" suffered by JBJ at the hands of the Government of Singapore.
That in affect gives you an idea of JB Jeyaretnam. A man who never gave up on fighting the good fight despite all the lawsuits and smears directed at him. Most Singaporeans, including me, would have given up years ago. I will not fight like him (who wants to be a bankrupt) but I respect him because I know he will fight when others would have quit. I mean the man even recently formed the Reform Party after leaving the Worker’s Party. That tell you this is a man that will not give up.
I will admit I don’t quite understand him (to form a new political party in Singapore when most Singaporeans avoid politics like the plague) and I don’t have an inch of his fighting spirit but maybe it’s because of that, that I am truly sorry he is no longer around.
Mr. Joshua Benjamin Jeyaretnam, may you rest in peace. You will be missed
Mr JB Jeyaretnam, better known as JBJ, fought his whole life to bring change to Singapore and was the first to break a government monopoly on power in Singapore when he won a seat in parliament in 1981 Anson by-election. I, like most Singaporeans, know JBJ better as a thorn in the side of Singapore's Minister Mentor Lee Kuan-yew and the reason why Singapore abolished the Privy Council in 1989. The abolition followed a decision of the Privy Council in 1988 that criticized the "grievous injustice" suffered by JBJ at the hands of the Government of Singapore.
That in affect gives you an idea of JB Jeyaretnam. A man who never gave up on fighting the good fight despite all the lawsuits and smears directed at him. Most Singaporeans, including me, would have given up years ago. I will not fight like him (who wants to be a bankrupt) but I respect him because I know he will fight when others would have quit. I mean the man even recently formed the Reform Party after leaving the Worker’s Party. That tell you this is a man that will not give up.
I will admit I don’t quite understand him (to form a new political party in Singapore when most Singaporeans avoid politics like the plague) and I don’t have an inch of his fighting spirit but maybe it’s because of that, that I am truly sorry he is no longer around.
Mr. Joshua Benjamin Jeyaretnam, may you rest in peace. You will be missed
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