Think, before it's too late

Image via Wikipedia

John Bittleston

succeed@mediacorp.com.sg

IF WE want to prevent the imminent end of the human species as we know it, we need all the creative thought we can muster.

We have less than 20 years to manage technology and keep our ability to decide our future. The alternative is a controlled species of semi-sentient automatons responding to a central decision-making organisation run, perhaps, by bankers.

Several unsuccessful attempts have been made to measure how happy we are. The basic ingredient of happiness - selflessness - is hard to grasp because it has to do with motive as well as action. We do not understand our own motives and are usually wrong about other people's, because everything we do is done for a mixture of selfless and selfish reasons.

That is what the human race has at stake. Our world is interesting and challenging because of its imperfections, not in spite of them. Eradicating them is seen as the road to Valhalla. The journey provides opportunity for character-building, for fun and as a test of our capabilities. The material destination is within sight. The emotional destination has yet to be identified. Now is the time to do that by concerted creative thought and effort.

What do we need to know? What must we do?

Understanding our personalities, what makes us aspire to create "beyond the single need" and how we work should now be top of the agenda, ahead of technological development, more important than health, wealth, longevity and material comfort.

The mind has been neglected in our researches. If 10 per cent of the effort to understand, explain and promote the soul had been devoted to fathoming the mind, we would have been an infinitely more balanced world than we are. If the amount spent on missile shields was matched by that on expanding the mind, the need for missile shields would disappear.

Even setting up the plan for such research requires creative thought beyond what we have achieved so far. We need to put thinking back on the pedestal it occupied in ancient Greece. Many have tried to do this over the centuries. Some have had modest success, but the conclusion has almost always ended up as a reckoning to be reached beyond death rather than one to be achieved on earth.

When we become immortal - very soon - we shall need to address "heavens below" as well as "heavens above".

Brain and mind research must merge so that we discover how developing the one can be matched with expansion of the other. Unleashing the abilities of the mind, which even today are barely understood, will allow man to put technology and material matters in perspective and give us control of our destinies in ways that we have not yet begun to achieve. Singapore is in a unique position to spearhead this.

The arts let us glimpse the potential of our thoughts and feelings, yet we neglect them in favour of war weapons. The emotional intelligence (EI) of the young is more precious to humanity than is the trick of programming stock market transactions, yet there is no EI programme in Business Administration or Economics.

Desire to communicate with and influence millions of people is less important than the yearning to attend to a fellow creature and, in return, receive the same attention from that person.

An uncontrolled race for wealth and technology deprives people of their right to freedom of choice, to self-understanding and to the balanced lifestyle of which we hear so much and for which so little is being done.

Can we pause to put thought before action, mind before matter and understanding before it is too late?

John Bittleston mentors people in business, career and their personal lives at www.TerrificMentors.com

From TODAY, Business – Monday, 28-Sep-2009

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A bovine blunder on Twitter

Image via Wikipedia

Some lines just can't be crossed… if you do, you'll pay the price…

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MINISTER 'S GAFFE

India's Minister of State for External Affairs, Mr Shashi Tharoor. AFP

NEW DELHI - A row about Twitter went to the top of India's ruling party yesterday, when an Internet-savvy junior minister who made a joke about "holy cow" politicians was called to explain himself.

The Minister of State for External Affairs, Mr Shashi Tharoor (picture), a former United Nations communications chief believed to be the only Twittering minister, held a meeting with Congress party leader Sonia Gandhi about the controversy.

Some news reports suggested he might even lose his job, though television station IBN-CNN said that Mrs Gandhi had "pulled him up" over the issue.

Mr Tharoor has been caught up in a row about austerity measures in the government that saw ministers taking economy-class air travel.

Asked on Twitter if he was travelling economy on a trip to the southern state of Kerala, he replied: "Absolutely, in cattle class out of solidarity with all our holy cows!"

Cows are considered sacred in Hindu-majority India and Mr Tharoor faced resignation calls from the opposition and the Congress chief minister of the large state of Rajasthan.

Even Prime Minister Manmohan Singh, who was asked to comment on the row, called the remark a "joke" on Monday.

Mr Tharoor made no comment to reporters as he left the meeting with Mrs Gandhi, but the lesson appears to have been learnt in a country where social media such as Twitter are taking off - albeit slowly - in the political class.

On Sept 17 he tweeted: "I now realise I should not assume people will appreciate humour and you shouldn't give those who would wilfully distort your words an opportunity to do so (sic)." AFP

From TODAY, World – Wednesday, 23-Sep-2009

A future in technology and healthcare

CHINA'S ECONOMIC GROWTH

China will have to rethink its growth strategy if is to be able to sustain economic growth.
AP

STUNG by the global economic crisis, China is searching for a more stable growth model. Vice-president and portfolio manager Jing Ning is responsible for covering Chinese equities and building BlackRock's Chinese equity products and research capability. She offers some thoughts as to the future investment opportunities in China.

China's economy has enjoyed explosive growth over the past two decades. Its stock markets have rallied along with this growth, delivering huge returns to foreign and domestic investors alike, with the MSCI China growing over 420 per cent since January 2003.

The foundations of this growth lay in the confluence of several crucial factors; an enormous pool of cheap labour, an inexpensive currency, a massive Western appetite for consumption and the availability of easy credit. At this point, when China's cost advantages are dissipating, its currency is under pressure to appreciate, Westerners have rediscovered the value of thrift and the credit binge has so spectacularly collapsed, a discerning investor may well ask if China's economic boom, and the opportunities it offered, have come to an end.

China at a cross-roads

The events of the past year have illustrated that China needs a more stable growth model. Its export market has been badly hit and only an unprecedented injection of 4 trillion yuan ($828 billion) has sustained its economic growth. China's pockets, although deep, are not infinite. A new driving force is needed if the economy is to grow.

The good news is that the next catalyst for growth may already be emerging. Two forces - domestic consumption and higher productivity - combined have the ability to be every bit as powerful as the export-driven model before it.

The rise of the middle class

China's workers are aspiring to middle-class comforts and increasingly have the means to gain them. Over the next 15 years, it is estimated that the proportion of the Chinese population with incomes over US$3,000 ($4,238) pa will rise from less than 20 to almost 80 per cent. This dollar figure is crucial - evidence suggests that above US$3,500 pa spending on the discretionary comforts of middle-class life - a washing machine, an air conditioner, a small car - really takes off. Significantly, this rate of growth is predicted to be faster than that of Brazil, Russia or India, its "Bric" peers.

Moving up the value chain

Research and development budgets in China have doubled between 1996 and 2005. The establishment of high quality medical research centres in China in recent years shows increasing sophistication. China's government has recognised that an emerging market can easily replicate a low-cost export model. It has the ability to build some intellectual capital and move into more sophisticated areas. This is harder to replicate and ultimately leads to more stable growth.

As always, reward is accompanied by risk and China's move to continued growth with more stability must be careful and controlled.

A delicate balancing act

In the short-term, the government is attempting a delicate balancing act. It aims to achieve annual economic growth near 8 per cent to absorb 20 million new workers each year and maintain social stability. It has only maintained this rate in the past three quarters via a flood of cheap credit.

However, much of this credit is funding speculation in stocks and property, raising the possibility of short-term assets bubbles. Economic overheating is also a concern as inflationary pressures build. The government is wary of both and has begun to "talk down" the market in recent weeks with some signs of success.

The demographic sweet spot ends

China needs to contend with an ageing population and the burden it places on those working. The government's major challenge is to establish adequate social security systems over the next 30 years to ensure that an aging population is cared for without stymieing growth.

The next Big Thing

The government's commitment to this new growth path can been seen in the 4 trillion yuan stimulus package that pulled China through the global recession. While the spending on rail, housing, roads and other hard infrastructure was well publicised, the soft elements attracted fewer headlines. These elements, such as investment in medical, education, ecology, technical innovation and regulation yield less now, but are arguably more important to sustainable growth in the long-run. The inclusion of these in the package demonstrates that, even as China's government was scrambling to avert a short-term crisis, it still had one eye fixed on the new path for China's growth.

We believe that the combination of consumption and productivity can be every bit as powerful as the export-led boom of the past three decades. Domestic consumption only contributed 35 per cent to GDP last year - the potential for expansion is huge. Where the investment opportunities in the past few decades were in exporting manufacturers, going forward it could be the high-end clothing, the domestic automobile and the private education sectors which deliver huge gains. The technology and healthcare sectors are still in the early stages of infancy - the gains in these sectors still lie in the future.

From TODAY, Business – Thursday, 17-Sep-2009

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What weight do academic qualifications carry in PR applications?

Image via Wikipedia

Ong Dai Lin

dailin@mediacorp.com.sg

FOR a skilled worker, how much weight does the Immigration and Checkpoints Authority (ICA) place on his educational qualifications when approving his permanent resident application?

This was the question raised by Judge of Appeal V K Rajah during an appeal hearing involving China national Lin Shuliang. The latter is appealing against his two weeks' jail sentence after he pleaded guilty to lying to the ICA.

Lin, 38, submitted a permanent residency application form to ICA in July last year, claiming that he had graduated from the Fuqing San Shan Middle School in Fujian province and also attached a school-leaving certificate with his application.

ICA found the information to be false. Lin had only completed half of his studies in the school and did not graduate from it.

Lin came to Singapore in 1993 and was employed as a construction worker. He later rose to become the boss of two building firms.

During yesterday's hearing, Justice Rajah said in Lin's case, it is "quite clear that the basis for any approval of his status will be based on his skills more than the educational qualifications".

Justice Rajah said that for him to assess the severity of Lin's offence, he needs to know how much weight the ICA places on education qualifications when assessing a person's permanent resident application.

"The more material it is, the bigger is the sin."

Justice Rajah has instructed the prosecution to get more information from ICA on the criteria it uses to approve a person's permanent resident status.

The case will be heard again in the Court of Appeal on Friday.

From TODAY, News – Wednesday, 16-Sep-2009

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Knowledge Matters

Have you ever thought of excelling in your job to the point that you know more than what you are supposed to? To the good side, I mean…

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Lynette Koh

lynettek@mediacorp.com.sg

Knowledge is power - and this is particularly true when a salesperson is attempting to convince me to part with hundreds of hard-earned dollars.

More than once, I found myself buying a certain product because a salesperson was able to detail and demonstrate the innumerable ways in which it would improve my life.

This was how I recently ended up carting home a top-of-the-line garment steamer from an electronics store, even though my original intention had been to stand around looking bored while waiting for the boyfriend to buy yet another Wii game.

It started when a salesman called out to me as I strolled past a collection of clothes steamers.

I had long harboured a secret fascination for these appliances, but had never seriously considered buying one. But well, I thought, why not learn more about them while my companion was busy emptying the video game shelves?

Heartened by my show of interest, the salesman embarked on his spiel. Using his ready collection of shirts, ties and assorted swaths of fabrics, he demonstrated how easy it was to use a steamer to smoothen out wrinkles, which he created beforehand with vigorous scrunching.

He had an answer for each of my questions: Could I use it for all kinds of materials? (Yes, he said, demonstrating his point using a ruffled silk shirt.) How long could I leave the water in the tank? (One week.) What were the differences between the different models? (There were several, which he proceeded to list.)

At this point, we had been joined by my boyfriend - as well as an inquisitive family of tourists - who joined us in interrogating the salesman. As I watched him steam a shirt collar into smooth submission, I decided that a steamer was exactly what I needed.

Later, as the boyfriend puffed along beside me, carrying my new purchase, I mused about how important it is for salespeople to know their stuff.

Having a firm grasp of what one is selling applies not only to the retail industry, but the service industry as well.

Recently, I accompanied my friend to a mobile phone retail and service outlet. My perennially broke pal was toying with the idea of changing her service plan because she felt that her phone bill was too high.

If I had been manning the service counter, I told her, my proposed solution would have been: "Talk less."

Thankfully for my friend, the sales representative was able to offer much more constructive advice.

Retrieving her records from their database, he broke down the specifics of her monthly phone usage, noting that the bulk of her expenses came from making calls to the Netherlands.

He explained that her calls to the United States were charged at a much lower rate, as the country was covered under the company's International Direct Dialling (IDD) scheme.

Mulling over this, my friend asked if she would be able to reduce the size of her phone bill if she downgraded her service plan.

Smiling, the salesperson whipped out a calculator, tapping out various figures. After a couple of minutes, he explained why it made sense for my friend to stay on the same service plan, considering her current phone usage.

If she downgraded her service plan - which would mean substantially less free talk time and SMSes - she would simply ended up paying the same, or more, each month.

While he was able to answer all her service - related questions with confidence and a smile, he was slightly stumped when she asked about new mobile phone models.

This was understandable, however, because the outlet had different team members specialising in specific customer concerns.

Nonetheless, we were pleased that the salesperson made it a point to go to his colleague to get a few answers for my friend - rather than telling us to join another service queue.

Eventually, my friend decided to keep her plan, and to get a new phone from the store when her contract ended in two months.

Sure, she would still be paying quite a bit for her phone bills - but at least she would now know why.

From TODAY, Voices - Monday, 14-Sep-2009

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Speaking The Truth - ODB

October 10, 2009

Speaking The Truth

ODB RADIO: Listen Now Download
READ: 2 Chron. 24:15-22

He sent prophets to them, . . . but they would not listen. —2 Chronicles 24:19

In the novel To Kill a Mockingbird, Atticus Finch is a respected small-town lawyer in the segregated South during the 1930s. When he takes on a case that pits an innocent black man against two dishonest white people, Atticus knows he will face terrible prejudice from the jury. But his conscience compels him to speak the truth boldly in the face of opposition.

The Old Testament prophets were often sent to preach the truth to a stubborn people. “[God] sent prophets to them, to bring them back to the Lord; and they testified against them, but they would not listen” (2 Chron. 24:19). Their message often resulted in persecution and sometimes even death (Heb. 11:32-38).

During Christ’s ministry on earth, His message also resulted in angry opposition (Luke 4:21-30). Yet, in the sovereignty of God, the terrible miscarriage of justice that sentenced Jesus to death on the cross purchased our redemption. Now, as representatives of the risen Christ in this world, we are to promote reconciliation, justice, and integrity (Mic. 6:8; 2 Cor. 5:18-21). And in so doing, this may mean speaking the truth in the face of opposition. This is the charge to every believer until that day when Christ sets all things right (Rev. 20:11-15). — Dennis Fisher

The life that counts must toil and fight,
Must hate the wrong and love the right;
Must stand for truth, by day, by night—
This is the life that counts. —Anon.

It’s better to declare the truth and be rejected than to withhold the truth just to be accepted.

---

For similar resources, search these topics:

Basics Of Faith > God > Authority
Basics Of Faith > God > Sovereignty
Christian Life > Character > Christlikeness
Christian Life > Character > Integrity

Bible in One Year: Isaiah 34-36; Colossians 2

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Can we face the future?

TAKING CHARGE

John Bittleston

succeed@mediacorp.com.sg

WOULD mankind have done better if our forecasting had been more accurate? Would we have taken steps to avoid climate disruption by imposing criteria on technological change that would have slowed it?

Would our handling of capitalism have been smarter if we had predicted the forces we were releasing, even if our control of it had made us poorer?

What is certain is that the forecasters would have been (in some cases, were) burnt at the stake. We dislike people telling us the truth, preferring to be lulled into a false sense of security rather than face the dragon.

In the past, the consequences of our behaviour, even when clearly seen by a few, materialised slowly. We now know that survival of the human species is threatened in its present form within a single lifetime.

That should concentrate the collective mind. The moral nature of human beings is unlikely to change significantly.

The good and bad, the yin and yang will probably be there as long as we have free will to decide between selfish and collective options.

When that freedom is lost, our behaviour will be controlled by whoever is in charge of the apparatus running our brains. As we know, that apparatus - the wholly artificial brain - will be with us within 10 years.

Many are already worried by the consequences of the advanced computer and its contribution to the recent failure of the world's financial system. Computer-programmed stock market and money market trading were partly responsible for what happened. How is the computer going to deal with the after-effects of money-printing - the apparent, if facile, solution to finance gone mad?

A sentient, or at least semi-sentient, robot will follow within 10 years of the wholly artificial brain, allowing us, if we wish, to become physically and brain-sustainably immortal.

Since immortals never die, there will be increasing demand for the limited resources of the planet, depending, of course, on robot maintenance needs. It is even possible there will be reduced demand for the planet's fruits since robots will probably not need to eat or reproduce and their entertainment may exist wholly and cheaply in a virtual world.

Most people either refute these forecasts or declare, unhelpfully, they would rather die. Experience suggests they are wrong about both these attitudes.

The exponential rate of technological development is staggering.

Almost within my lifetime, we have gone from Charles Lindbergh's first flight across the Atlantic to Neil Armstrong's landing on the moon.

And there is repeated evidence that when it comes to the crunch, we would prefer to survive in the world we know, however changed, than head into an unknown existence, however deeply believed in. That would be even truer if pain, disease and ignorance were abolished.

What do we need to do to ensure that the species succeeding us, and which will have many of our characteristics, is more fulfilled and happier than we are collectively today?

Fulfilment and happiness are the two basic criteria for a satisfactory life. But exhortation to behave better has a poor record of success since one rotten apple still contaminates the whole barrel.

The brilliance that led to the Industrial Revolution, then to Slave Liberation and more recently to the Communications Revolution must now lead to the Creative Revolution. That is the next intellectual step in man's existence. The human ability to think is still, for all its successes, hugely undeveloped.

Thought that has been channelled to enhancing and prolonging life must now be devoted to understanding what makes life worthwhile. In my next article, I shall explore how this might happen and what will be its effect on business.

John Bittleston mentors people in business, career and their personal lives at www.TerrificMentors.com.

From TODAY, Business – Monday, 07-Sep-2009

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Companies turn to Twitter

Image via CrunchBase

How businesses are evolving due to the social networking functionalities…

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ALTERNATIVE ADVERTISING

CHICAGO - People around the world interact with Ms Alecia Dantico all day. Usually, though, they don't know whether she's young or old, male or female.

What her followers on Facebook and Twitter know is that's she's a friendly, sometimes sassy, blue and gold tin of Garrett Popcorn. That's the icon of the popular Chicago-based snack food that has tourists and locals lining up around the block at locations here and in New York City.

And when Ms Dantico sends out a "virtual tin" of popcorn to a fan over Twitter, she's breaking new ground in the way companies market themselves, joining a growing number of social media experts hired to man Twitter, Facebook and similar sites.

"My day starts on Twitter and it doesn't end," Ms Dantico says. She keeps her BlackBerry on at all hours to respond to followers in different time zones.

She mentions popcorn in her Tweets, and has helped customers secure tins, but never implores followers to buy some. Successful selling through social media is much more subtle.

"Some days we talk about the weather. Some days we talk about the 'Chicken Dance.' Some days we talk about recipes and parties and shipping Garretts to Cabo for a wedding."

Multinational corporations, such as Ford Motor and Coca-Cola, are using social media to increase positive sentiment, build customer rapport and correct misinformation, says Mr Adam Brown, Coca-Cola's Atlanta-based director of social media.

The lightning-fast pace of social media, and Twitter in particular, has forced businesses to react in a whole new way.

"If you don't respond within three or four hours, you might as well not respond at all," says Mr Brown. For example, a man on Twitter recently expressed annoyance at his difficulty in claiming an all-expenses paid trip he'd won through the My Coke Rewards programme. He Tweeted: "Coca-Cola, bring down your drawbridge," recalls Mr Brown.

Within about a half-an-hour, Mr Brown had engaged the customer on Twitter, got on the phone with him and resolved the problem. Not long after, the man changed his Twitter avatar to a can of Coke Zero.

Like Mr Brown, digital and multimedia communications manager Scott Monty is creating a social-media strategy for his company, Ford Motor.

"The beautiful thing about Twitter and Facebook is that it's a one-to-one conversation," Mr Monty says.

However, whether your business is large or small, Mr Monty says it is better to stand back and listen before diving in. AP

From TODAY, Business – Monday, 07-Sep-2009

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Taking a more liberal tack

Am I seeing this as a decline in the human intelligence and dispensation of intellect, or is this some kind of a breakthrough on humanity's really "free living" style?

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WAR ON DRUGS

Mexico, Argentina move toward decriminalisation

CARACAS - Argentina and Mexico have taken significant steps towards decriminalising drugs amid a growing Latin American backlash against the United States-sponsored "war on drugs".

Argentina's Supreme Court has ruled it unconstitutional to punish people for using marijuana for personal consumption, an eagerly-awaited judgment that gave the government the green light to push for further liberalisation.

It followed Mexico's decision to stop prosecuting people for possession of relatively small quantities of marijuana, cocaine, heroin and other drugs. Instead, they will be referred to clinics and treated as patients, not criminals.

Brazil and Ecuador are also considering partial decriminalisation as part of a regional swing away from a decades-old policy of crackdowns still favoured by Washington.

"The tide is clearly turning. The 'war on drugs' strategy has failed," Mr Fernando Henrique Cardoso, a former Brazilian President, told The Guardian. Earlier this year, he and two former Presidents of Colombia and Mexico published a landmark report calling for a new departure.

Reform campaigners have long argued that criminalisation enriched drug cartels, fuelled savage turf wars, corrupted state institutions and filled prisons with addicts who presented no real threat to society.

The US used its considerable influence to keep Latin America and the United Nations wedded to hardline policies which kept the focus on interdictions and jail sentences for consumers as well as dealers.

The economic and social cost has emboldened some Latin American states to try new approaches.

Argentina's Supreme Court, presented with a case about youth arrested with a few joints, ruled last week that such behaviour did not violate the Constitution. "Each adult is free to make lifestyle decisions without the intervention of the state," it said.
The previous week, the government of Mexico, which has endured horrific drug-related violence, made it no longer an offence to possess 0.5g of cocaine, 5g of marijuana, 50mg of heroin and 40mg of methamphetamine.

Three years ago, Mexico backtracked on similar legislation after the initiative triggered howls of outrage in the US.

Now, however, the authorities quietly say they need to free up resources and jail space for a military-led war on the drug cartels, even while publicly justifying that offensive to the Mexican public with the slogan "to stop the drugs reaching your children".

Washington did not protest against the announcement. "I predict that when the US sees its nightmare has not come true and that there is no narco-tourist boom it will come under more pressure to legalise or decriminalise," said Mr Walter McKay, of the Mexico City-based Institute for Security and Democracy.

Argentina and Mexico's moves may encourage other governments to follow suit. A new law has been mooted in Ecuador, where President Rafael Correa last year pardoned 1,500 "mules" who had been sentenced to jail.

Brazil's Supreme Court is in favour of decriminalising possession of small quantities of drugs, said former judge Maria Lucia Karam, who has joined the advocacy group Law Enforcement Against Prohibition.

She said repression remained a cornerstone of drug policy. "The 'war on drugs' mentality is still the dominant policy approach in Latin America. The only way to reduce violence ... is to legalise the production, supply and consumption of all drugs." THE GUARDIAN

From TODAY, World – Wednesday, 02-Sep-2009

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Brazil's latest oil find will 'take care of' poverty

Will this be the answer, or will it have its own set of problems, compounding the situation…?

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RIO DE JANEIRO - Brazilian President Luiz Inácio Lula da Silva on Monday vowed to pump billions of petrodollars into the war on poverty in the wake of one of the world's biggest oil discoveries this decade.

Mr Lula said on radio: "Monday, Aug 31, represents a new independence day for Brazil.

"We are talking about a discovery of oil that is almost 6,000m (under the sea), huge reserves that place Brazil among the biggest oil producers in the world."

He claimed that the planned legislation would allow profits to be used to "take care of" education and poverty once and for all.

State-controlled energy company Petrobras discovered the Tupi oilfield, estimated to contain about 8 billion barrels of oil, off the country's south-east coast in November 2007.

The discovery led Brazil to suspend the auctioning of all offshore oil blocks pending new legislation, intended to give the government a larger slice of profits. Mr Lula is expected to create a "social fund" to channel oil profits into poverty-reduction initiatives.

The opposition has heavily criticised the changes. THE GUARDIAN

From TODAY, World – Wednesday, 02-Sep-2009

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Testosterone gives women greater financial risk appetite

WASHINGTON - Women with more of the hormone testosterone tend to behave more like men when taking financial risks, according to a new study.

"Women with higher levels of testosterone turn out to be less risk averse, more willing to take risks," said Mr Luigi Zingales of the University of Chicago.

Known as the male sex hormone, testosterone occurs in both men and women, but at higher levels in men. It has long been associated with competitiveness and dominance, reduction of fear, and with risky behaviours like gambling and alcohol use. Previous research in England showed that higher levels of testosterone seem able to boost short term success at finance.

Researchers there tested male traders morning and evening, and found that those with higher levels of testosterone in the morning were more likely to make an unusually big profit that day.

The study found that married men and women had lower levels of testosterone than single individuals. AP

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From TODAY, World – Wednesday, 26-Aug-2009

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Why divergent views are necessary

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A late post, but this is something to be remembered… where are we headed in Singapore?

----------

NEWS COMMENT

Nazry Bahrawi

ONE thing is likely to stick in the minds of many for some time to come about the Prime Minister's National Day Rally speech: His reference to Singapore being in a "Garden of Eden state".

But the biblical imagery came with a warning - that race and religion remain "the most visceral and dangerous fault line" in this little red dot of a nation.

And one way to prevent the line being crossed is to keep politics and religion separate, Mr Lee Hsien Loong said.

But is it really possible to view politics and religion as mutually exclusive, even though that may be the most viable option for a multi-religious nation like Singapore?

In fact, several scholars have suggested that the nature of religious movements is inherently political.

Professor Linda Woodhead from Lancaster University's religious studies department posits that the Roman Emperor Constantine embraces Christianity because he believes that a church-state alliance could help unite the people of his diverse empire under the ambit of Christianity. Most noticeably, Constantine was known for propagating the Edict of Milan which preached tolerance of other faiths in his empire.

Meanwhile, scholars like James Piscatori suggests that Islam has been a political movement since its birth. He points to Prophet Muhammad's creation of the Medinan society, complete with its own constitution which outlined conditions on how Jewish and Muslim tribes should live together. Before the Prophet came to Medina, he preached the Islamic faith in Mecca where Muslims were persecuted.

As such, I don't think we can address the issue of growing religiosity in Singapore without acknowledging its political link - and finding ways to harness that link in a way that will not be inimical to national interests.

One way to ensure that religion and politics do not end up as a combustible mixture is to listen to all religious groups which want a say on political issues so that their voices are acknowledged. Such a move would also ensure that no one voice becomes dominant.

One could argue that divergent voices are exactly what a Singapore that aspires to be a Renaissance City needs. Views and counter-views contribute towards the making of better policies - and help to keep Singapore in tune with the times.

A failure to engage individuals and groups with divergent views may send them "underground" only to re-emerge as a force that could threaten social cohesion - the very thing that the Government wants to avoid by separating politics and religion in the first place.

The Aware saga serves as a good warning of how a religious grouping, feeling its views challenged, decides to organise itself to take over a secular organisation. Acting on good intentions, their move ended up dividing Singapore society.

Brain drain in 'Garden of Eden'

Race and religion apart, one suspects that Mr Lee's reference to the "Garden of Eden state" is also more than just about maintaining Singapore's religious and racial harmony. It could also be read as an effort to arrest the acute problem of the nation's brain drain.

Only two months ago, Senior Minister Goh Chok Tong, speaking at the 70th anniversary dinner of Chung Cheng High School, revealed that more than one in five of Singapore's top A-level graduates from the 1996-1999 batches are working overseas today. This group would be between 28 and 32 years old. In other words, they are talent in the prime of their lives - and careers.

This group could very well figure among the 1,200 overseas users who had caught the live streaming of Sunday's rally on Channel NewsAsia's microsite, or read about it later at the online portals of local newspapers.

In this light, Mr Lee's remarks that "if you leave the Garden of Eden, you cannot get back in again" could be aimed at reminding this group what they stand to lose if they decide to leave Singapore for good.

If one considers recent developments in Europe, Mr Lee's statement could not have come at a more appropriate time.

The European Union parliamentary elections in June suggested a shift towards the rhetoric of far-right politics as voters elected a slew of politicians from anti-immigration parties in the Netherlands, Austria, Denmark, Slovakia and Hungary. In the United Kingdom, the highly conservative British National Party, which opposes mass immigration, even clinched two seats for the first time.

And with European economies unlikely to experience boom time anytime soon, anti-immigration sentiments could be expected to rise and rise. If this comes to pass, then those Singaporeans who have left may decide that the grass is actually greener in this "Garden of Eden state".

The writer is pursuing a postgraduate degree at the University of Edinburgh under the British Chevening scholarship.

-----

Taken from TODAY, Comment – Tuesday, 25-Aug-2009

Oil prices fall after hitting US$76

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Up and down, up and down, due to Euro, due to US dollar, due to whatever…

Having reached US$76/barrel, oil price now slides down… to where who knows?

Read the latest story on oil price here.

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Singapore needs to develop new ideas, new products to continue thriving

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How would you want to be in the generations to come? On a national level, what programs is your government creating to make sure that survival and competitiveness is ensured for the nation as a whole?

For Singapore, read that news story here.

Philippine leader pays last respects to Aquino

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Corazon Aquino, after a long battle with cancer, dies.

Philippine leaders, including Gloria Arroyo, pays respect.

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On President Corazon Aquino

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When your earthly tenure has ended, and you are departed from the land of the living, what can be said of you, by those who know you, by those whom you love, by those who dislike you, and by those who esteem you with high regard?

Singapore govt describes late Corazon Aquino as remarkable woman

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Ex-Philippine president Corazon Aquino dies

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After all the many prayers and masses held for the healing of President Cory Aquino, she transpired, finally, after her battle with cancer, which already spread to her internal organs.

She has already expressed readiness to depart, and that has readied her family and relatives on her imminent demise.

Ex-Philippine president Corazon Aquino dies

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Mind your language

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John Bittleston, succeed@mediacorp.com.sg

AN EXCELLENT way to destroy a society or an organisation is to drown it in jargon.

Over the past decade, there has been serious murder of the language.

As our technical ability to communicate quickly and efficiently has increased - exponentially in the last few years - so abuse by incompetently and unnecessarily invented language has grown to match it, in all languages. Pick up any official document, any terms and conditions, any contract between two organisations or people and you will see dozens of examples.

Many organisations want to confuse the customer. Did you read the small print on the last insurance or banking contract you signed? I doubt it. Even if you could see the 6-point font in which it was produced, it is unlikely you would have understood more than a fifth of the words. You were probably being urged to sign it quickly while the "special offer" lasted. This is theft, but don't try prosecuting.

You have already signed away your rights to honest dealing, competence, promptness and redress. You have been changed from victim into perpetrator.

Then there is self-aggrandisement. Spouting a lot of words or mnemonics that others don't understand makes some people imagine they are successful and important. They are merely making themselves appear ridiculous and insecure.

A more complex slaughter of the language is caused by the widening gap between the sound-bite and the so-called research paper.

The fact that the world is becoming a more complex place is surely a signal for simpler, clearer communications.

We cannot avoid soundbites, and relevant ones have been with mankind since the dawn of civilisation. The warning grunt of Neanderthal Man alerting others to the arrival of hostile creatures and the sigh of the lovelorn for knowledge they are denied are both useful and expressive soundbites. But a soundbite is to communication what a peanut is to dinner: Titillating but unsatisfying.

At the other extreme is the Research Paper. Deep studies of our world are vital and welcome. They have been the basis of our longevity, our increasingly fulfilled and pain-free lives and our material well-being. Without them, progress would be slow, sporadic and uncertain.

However, truly good papers are well-researched, intelligible, devoid of unnecessary complexity and brief. World War II was won by the Allies because they insisted that all paper submissions be restricted to one page. Long, tortuous documents allowing the author to cover his posterior were forbidden.

It is widely agreed the world is becoming a more complex place. It has certainly been so in my lifetime. This should surely be seen as the signal for simpler, clearer communications, not for increasingly confusing ones. I wish it were practical to impose a word tax; alas, it is not.

Easy and cheap access to communication of every sort offers the possibility of more widespread appreciation of the arts and a deeper understanding of man's true spirituality - the beauty he creates himself with the tools he was given at birth.

Do any of the communications degrees so ardently studied today provide this kind of appreciation? Have these courses contributed to the real quality of life?

But this is what communication is about. Increased years of life are wasted if, at the end, we cannot say that we have had, within the limits imposed by our genes and the environment in which we were raised, a fulfilled life. Any education that does not contribute to all aspects of fulfilment is not education but training. Any communication that fails to enhance the quality of the precious gift we are given at birth is not informing but selling.

A good education and true communication together make life wonderfully fulfilled.

John Bittleston mentors people in business, career and their personal lives at www.TerrificMentors.com.

From TODAY, Business – Monday, 27-Jul-2009

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Farming power from the desert

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Herders won over by project to meet rising demand and to end blackouts

NAIROBI - One of the hottest places in the world is to become the site of Africa's most ambitious venture in the battle against global warming.

Some 365 giant wind turbines are to be installed in desert around Lake Turkana in northern Kenya, creating the biggest windfarm on the continent.

Windfarms could help meet surging demand for electricity in Kenya

When completed in 2012, the £533 million ($1.24 billion) project will have a capacity of 300MW, a quarter of Kenya's current installed power and one of the highest proportions of wind energy to be fed in a national grid anywhere in the world.

Until now, only north African countries such as Morocco and Egypt have harnessed wind power for commercial purposes. But projects are beginning to bloom south of the Sahara as governments realise that harnessing the vast wind potential can efficiently meet a surging demand for electricity and end blackouts.

Ethiopia has commissioned a £190 million, 120MW farm in Tigray region, representing 15 per cent of the current electricity capacity, and intends to build several more. In March, South Africa, which relies heavily on coal, became the first African country to announce a feed-in tariff for wind power, whereby customers generating electricity receive cash for selling power to the grid.

Kenya is trying to lead the way. Besides the Turkana project, which is being backed by the African Development Bank, private investors have proposed establishing a second windfarm near the tourist town of Naivasha.

In the Ngong hills near Nairobi, Masai herders and elite long-distance athletes used to braving the frigid winds along the escarpment already have towering company: Six 50-m turbines from the Danish company Vestas that were installed last month and will add 5.1MW to the national grid from August.

Kenya's electricity is already very green by global standards. Nearly 75 per cent of state power company KenGen's capacity comes from hydropower, and a further 11 per cent from geothermal

plants.

Fewer than one in five Kenyans has access to electricity but demand is rising quickly, particularly in rural areas and from businesses. At the same time, increasingly erratic rainfall patterns have affected hydroelectricity output. Within five years, the government wants to drastically reduce the reliance on hydropower by adding 500MW of geothermal power and 800MW of wind energy to the grid.

If the Lake Turkana Wind Power project succeeds, the Dutch consortium estimates that there is the potential for the farm to generate a further 2,700MW of power, some of which could be exported, bringing additional financial advantage to the country. THE GUARDIAN

From TODAY, World – Wednesday, 29-Jul-2009

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Australian treasurer says worst may be over

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At first I thought that what I saw was a news comment from the US… I was wrong. The treasurer who spoke was speaking for Australia. And rightly so, because the other day (if not this morning), I saw a paper indicating that half, or more than half, of US establishments, have declared that sales have bottomed out. That is something to be reckoned with: an already staggering economy, reeling from the past blows, is once again dealt with a blow, perhaps a heavier one.

As for the Australian treasurer's declaration, read it here. Perhaps migration destination may change… to Australia. But something to watch out for there is the racial discrimination. But in which country is discrimination not happening?

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Oil plunges to near $65 on fears recovery may lag

Still on the fluctuating oil price, it seems that it is playing within the $65 price range, going up, then going down. The pre-conceived recovery... it may not happen, or if it does, not so soon... are we facing another round or a dip in the economy... a second wave of recession?

GMANews.TV - Oil plunges to near $65 on fears recovery may lag - Business - Official Website of GMA News and Public Affairs - Latest Philippine News

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NKorea test-fires seven ballistic missiles

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Even with the growing unrest in the countries surronding North Korea, the country still goes on with its missile testing…

Catch the latest news here.

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London oil market probes alleged rogue trader

Physical disasters, as well as financial, here is another cheat, and right at the very center of where the financial activities are.

Read the story here.

Oil prices drop after US inventory data

Posted: 02 July 2009 0417 hrs

An attendant fills a car with petrol at a service station.

NEW YORK: Oil prices fell on Wednesday after bouncing above 71 dollars as markets reacted to a mixed report on US petroleum inventories.

New York's main contract, light sweet crude for August delivery fell 58 cents from Tuesday's closing price to 69.31 dollars a barrel.

Brent North Sea crude for August delivery lost 51 cents to 68.79 dollars per barrel.

The US Department of Energy said in its weekly report that American crude oil reserves tumbled 3.7 million barrels in the week ending June 26, the fourth weekly drop in a row.

The market had expected a lighter decline of 2.1 million barrels.

But the department also reported growing domestic inventories of key refined products gasoline and distillates.

Gasoline or petrol stocks rose 2.3 million barrels, and distillates, which include diesel and heating duel, increased by 2.9 million barrels last week.

"Product demand is simply awful. Products built more than expected, and the expectations were already bearish," said Hussein Allidina of Morgan Stanley Research.

Prices had dropped Tuesday from eight-month peaks above 73 dollars after new data showed a plunge in American consumer confidence.

In the second quarter of 2009, oil had jumped dramatically - by 40 percent, or more than 20 dollars - on rising confidence that the global slump is easing.

Barclays Capital said in a report on Wednesday that oil prices cannot be sustained below 70 dollars into the medium term.

"We see prices as being likely to stay largely within the 65-75 dollars range in the current quarter, with brief forays possible either side of that range, and have adjusted price forecasts to reflect that core view," it said.

The market remains concerned by tensions in key crude producer Nigeria.

Nigerian rebels on Monday announced a new raid against a Shell oil facility and said they had killed at least 20 soldiers in a gun battle, a claim denied by the security forces.

While a Shell spokesman confirmed the raid and said it had caused a loss of production, Nigeria's combined police and army joint task force (JTF) denied there had been any clash with the rebels.

The Niger Delta has since 2006 been rocked by violence by armed groups who say they are fighting for a greater share of the region's oil wealth for the local population. - AFP/de

From ChannelNewsAsia.com; see the source article here.

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North Korea suspect ship has turned around, says US official

Posted: 01 July 2009 0803 hrs

North Korean ship, the Kang Nam I, is anchored in Hong Kong waters.

WASHINGTON: A North Korean ship tracked by the US Navy and suspected of transporting weapons or military know-how in violation of UN sanctions has turned around, a Pentagon official said.

The official declined to provide details, including where the Kang Nam 1 ship - reportedly originally bound for Myanmar - could now be headed, but news reports out of South Korea suggested the ship may be returning home two weeks after it set sail June 17.

A diplomatic source speaking on condition of anonymity told the Korea Herald that the ship was "near our waters," which could suggest that sanctions were having an effect on reclusive North Korea.

"If the ship is on its way back, it would mean that Resolution 1874 is taking effect and causing the North to retreat," Kim Tae-woo, vice president of the Korea Institute for Defense Analyses, told the newspaper.

The Kang Nam 1 quickly drew the attention of the US military under new UN sanctions designed to punish Pyongyang over its May 25 underground nuclear test.

The US ambassador to the United Nations, Susan Rice, confirmed Sunday that the United States was tracking the cargo ship.

"Obviously we're pursuing and following the progress of that ship very closely," she told the CBS network.

"I'm not going to get into our operational details or what we might actually do on the high seas, if anything, or what allies and partners in the region might do."

UN Security Council Resolution 1874, adopted in response to the May 25 nuclear test, calls for beefed up inspections of air, sea and land shipments going to and from North Korea, and an expanded arms embargo.

But a senior US lawmaker, Senate Republican Minority Leader Mitch McConnell, last week said the resolution had "serious limitations" because it rules out the use of military force to back up the searches.

- AFP/yb

From ChannelNewsAsia.com; see the source article here.

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UN chief urges North Korea to show restraint

Posted: 01 July 2009 0453 hrs

Ban Ki-Moon

TOKYO: UN Secretary General Ban Ki-moon on Tuesday urged communist North Korea to refrain from further steps which may worsen a "very serious situation" after its recent nuclear and missile tests.

"I urge North Korean authorities to refrain from taking any further measures which may deteriorate the already very serious situation," Ban told a joint press event with Japanese Foreign Minister Hirofumi Nakasone.

Regional tension spiked after North Korea on May 25 carried out its second nuclear test, followed by missile launches, which resulted in new UN sanctions.

The North has also vowed to build more nuclear bombs and to start a new weapons programme based on uranium enrichment.

Ban called on UN members to implement the resolution passed in response to the nuclear test which authorises tougher inspections of North Korean shipments suspected to contain nuclear- and missile-related materials.

The UN chief urged North Korea "to fully cooperate and fully comply with this resolution" and "member states of the United Nations to fully cooperate so that this resolution should be able to be implemented."

The North's policy has grown notably harder-line this year after leader Kim Jong-Il was widely believed to have suffered a stroke last August.

US and South Korean officials believe the ailing Kim is projecting an image of strength to bolster his authority as he prepares one of his sons for a takeover. - AFP/de

From ChannelNewsAsia.com; see the source article here.

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Market jitters send investors rushing to dollar

Posted: 01 July 2009 0607 hrs

A currency exchange worker holds a handful of euro notes in London.

NEW YORK: The US dollar gained against its main rivals on Tuesday as financial market jitters stemming from weak economic data sent investors flocking to the world's main safe-haven currency.

The euro dipped to 1.4032 dollars at 2100 GMT compared to 1.4088 dollars late on Monday.

The dollar meanwhile rose to 96.30 yen compared to 96.04 yen on Monday.

The Conference Board, a business research group, said US consumer confidence sank in June as households worried about the prolonged recession and vanishing jobs.

The index retreated to 49.3 points in June from a revised 54.8 in May, an eight-month high.

Most analysts expected a much stronger reading of 55.3 points in the 100-point index.

As a result of the disappointing data, dealers on currency markets moved away from currencies considered risky like the euro and bought up ones seen as safer like the dollar, the yen and the Swiss franc, analysts said.

Stocks fell and the dollar rose on the report, which dented hopes for a quick recovery from the recession.

The data showed Americans appear to be having a harder time finding employment, said David Rosenberg, chief economist and strategist at Gluskin Sheff.

This "portends yet another month of rising unemployment when Thursday's data roll out," he added.

Some said the dollar benefited from inflows ahead of the Independence Day holiday weekend, which begins on Friday.

"Judging from the price action, it appears that the consumer confidence report provided players with an opportunity to take profit on short dollar positions as the greenback had clearly become oversold amidst illiquid, pre-holiday trading conditions," said Michael Woolfolk at Bank of New York Mellon.

Investors were also awaiting new reports from the European Central Bank meeting on Thursday and the release of US monthly employment data the same day.

The ECB is expected to keep interest rates at a record low of 1.0 percent despite an appeal from the Organisation for Economic Cooperation and Development to lower the main rate even further to nearly zero.

In late New York trade, the dollar stood at 1.0858 Swiss francs after 1.0823 on Monday.

The pound was at 1.6459 dollars after 1.6568. - AFP/de

From ChannelNewsAsia.com; see the source article here.

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Wall Street sinks along with consumer confidence

Posted: 01 July 2009 0558 hrs

Traders work on the floor of the New York Stock Exchange.

NEW YORK: Wall Street shares ended the second quarter in a slump on Tuesday after a surprise fall in consumer confidence dented hopes that spending will lead the country out of recession.

The Dow Jones Industrial Average shed 82.38 points (0.97 percent) to close at 8,447.00.

The tech-heavy Nasdaq dropped 9.02 points (0.49 percent) to 1,835.04 and the broad-market Standard & Poor's 500 retreated 7.91 points (0.85 percent) to finish at 919.32.

"The main culprit is an unexpected drop in consumer confidence, ending a two-month winning streak in that index," Charles Schwab & Co. analysts said in a client note.

The Conference Board, a business research group, said its consumer confidence index retreated to 49.3 points in June from a revised 54.8 in May.

Most analysts expected a much stronger reading of 55.3 points in the 100-point index.

Stocks turned sharply lower as investors digested the surprising decline in confidence which suggested recession-weary consumers were not ready to open their wallets to boost the spending that drives two-thirds of US economic activity.

"This latest setback in consumer sentiment does not auger well for any near-term revival in consumer spending," said Brian Bethune of IHS Global Insight.

Bethune warned that the government's massive economic stimulus efforts may "run the risk of engineering the biggest fiscal stimulus 'dud in post-World War II history."

"Despite the huge cash incentives being dangled in front of consumers to purchase homes - and prospectively to trade in gas-guzzling auto clunkers - households are not going for the bait," he said.

Still, the major indices ended the second quarter with robust gains. The blue-chip Dow jumped 11 percent in the past three months, the Nasdaq surged 20 percent and the S&P 500 advanced 15 percent.

Investors digested a raft of data in the holiday-shortened week, with the market closed on Friday for the July 4 Independence Day celebration.

The S&P/Case-Shiller index showed the decline in housing prices in the 20 top US cities slowed in April, to a drop of 18.1 percent, from a year ago.

Retail sales at chain stores rose in the past by the strongest gain since late January, the International Council of Shopping Centers reported.

Investors were focused on Thursday's unemployment report, which is widely expected to show the jobless rate climbed to 9.6 percent in June, up from 9.4 percent in May.

"The heavy burden of all of the people who have no jobs will bring down consumer spending and retail revenue, adding to this government's obligations as it struggles more and more with its growing debt load which will be compounded by falling tax revenue," said Douglas McIntyre of 24/7WallSt.com.

Among stocks in focus, United Technologies dropped 0.97 percent to 51.96 dollars and Caterpillar skidded 4.89 percent to 33.04 dollars.

ExxonMobil shed 0.95 percent to 69.91 dollars and Chevron slid 0.94 percent to 66.25 dollars as crude oil prices headed lower.

Walt Disney dipped 1.39 percent to 23.33 dollars after the entertainment giant and the Hong Kong government on Tuesday reached an agreement to expand the city's beleaguered Disneyland amusement park.

The bond market weakened. The yield on the 10-year US Treasury bond rose to 3.523 percent from 3.492 percent on Monday and that on the 30-year bond advanced to 4.311 percent from 4.307 percent. Bond yields and prices move in opposite directions. - AFP/de

From ChannelNewsAsia.com; see the source article here.

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Oil prices slide on sagging US consumer confidence

Posted: 01 July 2009 0408 hrs

A driver transfers gasoline into an underground tank at a gas station in San Anselmo, California.

NEW YORK: Oil prices sank from eight-month peaks on Tuesday after new data signalled a plunge in consumer confidence in the United States, the world's largest energy consumer.

New York's main contract, light sweet crude for delivery in August, tumbled 1.60 dollars from Monday's closing price to 69.89 dollars per barrel, after earlier touching 73.38 - a level unseen since October.

London's Brent North Sea crude for August delivery fell 1.69 dollars to 69.30 dollars a barrel, having earlier surged as high as 73.50.

Consumer confidence in the United States - the world's biggest energy consuming nation - sank in June as households worried about the prolonged recession and vanishing jobs, the Conference Board said on Tuesday.

The news pushed the dollar higher against the euro on currency markets as investors flocked to buy the world's main safe-haven currency and moved away from risky currencies.

A stronger US currency makes dollar-priced oil more expensive for buyers holding weaker currencies, which in turn tends to dampen demand and pull the market lower.

"The rising dollar affected the crude oil prices," said Mike Fitzpatrick of MF Global.

Oil prices have increased dramatically - by 40 percent or more than 20 dollars - in the second quarter on gaining confidence that the global slump is easing. It had closed at 49.66 dollars on March 31, which was the last day of the first quarter.

The Conference Board, a US business research group, said on Tuesday its consumer confidence index retreated to 49.3 points in June from a revised 54.8 in May, an eight-month high. Most analysts expected a much stronger reading of 55.3 points.

This dashed hopes for a recovery soon from the recession that began in December 2007.

"Once again we've seen the green shoots arguments shot down," said analyst David Fineberg at financial spread-betting firm CMC Markets in London.

"This shift in outlook is also hammering oil prices - crude is back below 70 dollars a barrel - so in summary, falling consumer demand is painting a rather bleak picture."

Traders also digested data showing that Britain's recession-battered economy shrank at its fastest pace in more than 50 years during the first quarter of 2009 amid the worst global slowdown in decades.

British gross domestic product contracted 2.4 percent in the first three months of the year compared to the final quarter of 2008.

Oil had plunged from record peaks of more than 147 dollars in July 2008 to 32 dollars in December as a global downturn slashed energy demand, but the market has clawed back ground on hopes of "green shoots" of recovery.

The continuing turmoil in Nigeria is also weighing on the oil market, traders said.

On Monday, Nigerian rebels had announced a new raid against a Shell oil facility and said they had killed at least 20 soldiers in a gun battle, a claim denied by the security forces.

The raid was just the latest in a series that have targeted Shell facilities this month and which have continued despite last Thursday's offer from President Umaru Yar'Adua of an amnesty for the militants. - AFP/de

From ChannelNewsAsia.com; see the source article here.

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Japan manufacturers to slow production on weak demand

Japan's manufacturers plan to limit production increases this month and in July, signalling that the economy may be slow to recover from its worst post-war slump.

Gains in output will slow to 3.1 per cent in June from May and 0.9 per cent next month, a Trade Ministry survey released yesterday showed.

Production climbed 5.9 per cent in April and May, the fastest pace in 56 years, the report said.

Industrial production is showing signs of "upward movement", said the ministry. Strong gains among companies making transport equipment, electronic parts and steel products contributed to the improvement in output.

However, the Nikkei 225 Stock Average fell 1 per cent yesterday, due to concerns that demand for Japanese cars and electronics would be too weak to sustain a recovery amid swelling unemployment at home and abroad. Even after boosting output to rebuild depleted inventories, Japanese manufacturers are making 30 per cent fewer goods than they were one year ago.

"The slowdown in the outlook numbers definitely casts doubt on just how sustainable this recovery is," said Mr Tetsuro Sugiura, chief economist at Mizuho Securities Research Institute.

"Companies have been rebuilding stock based on the idea that demand would recover, but however you look at it, it's hard to see that happening." BLOOMBERG

From TODAY, Business – Tuesday, 30-Jun-2009

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Apple CEO Jobs back at work

Image via CrunchBase

Posted: 30 June 2009 0240 hrs

Steve Jobs

WASHINGTON: Apple chief executive Steve Jobs has returned to work after a medical leave of absence during which he underwent a liver transplant, according to press reports on Monday.

"Steve is back to work," Steve Dowling, an Apple spokesman, told The New York Times and other US media outlets. "He is currently at Apple a few days a week and working from home the remaining days."

"We are glad to have him back," Dowling told the newspaper.

The Times said the Apple spokesman declined to say exactly when the 54-year-old Jobs, the visionary behind the wildly successful Macintosh computer, iPhone and iPod, returned to work or to discuss his health.

Apple last week released the first public comment from Jobs since he went on medical leave of absence in January, a brief statement in which he lauded the sales of Apple's latest model iPhone.

Apple has been notoriously secretive about Jobs's health since he underwent an operation in 2004 for pancreatic cancer.

A Tennessee hospital confirmed last week that Jobs had received a liver transplant and said his prognosis was "excellent."

Apple's fortunes have been uniquely linked to Jobs, who returned to the California company in 1997 after a 12-year absence and turned around the flagging technology giant.

- AFP /ls

From ChannelNewsAsia.com; see the source article here.

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Wall Street swindler Madoff jailed for 150 years

Image via Wikipedia

Now he really is a big name, and that name is accompanied with a big scandal, with a big sentence of 150 years in jail… so much for being a fraud of such a financial magnitude…

----------

Posted: 29 June 2009 2345 hrs

Bernard Madoff

NEW YORK: Wall Street swindler Bernard Madoff was sentenced to 150 years in jail Monday for masterminding an "evil" multi-billion-dollar investment scam that cheated thousands of people around the world.

"It is the judgment of this court that Bernard Madoff should be sentenced to 150 years in jail," Judge Denny Chin said, as he handed down the maximum term possible on 11 charges of fraud, theft and perjury.

He described Madoff's crimes as "extraordinarily evil" and said it was "not merely a bloodless crime that takes place on paper but one that takes a staggering human toll."

The tough sentence came even after Madoff, the former chairman of the Nasdaq, made a courtroom apology to his victims. "I am sorry," he told them simply. "I don't ask for forgiveness."

"I leave a legacy of shame to my family. I am responsible for a great deal of suffering and pain. I live in a tormented state," said the disgraced 71-year-old financier who now faces spending the rest of his life in prison.

"I cannot offer an excuse for my behavior," he added. "How do you excuse deceiving investors... and 200 employees?

"How do you excuse lying to my sons and two brothers? How do you excuse lying to a wife who stood by you for 50 years and still stands by me? There is no excuse for that."

Some of Madoff's victims vented their fury as they addressed the court.

Fraud victims stage protest following the sentencing hearing for Madoff

Cheryl Weinstein blasted Madoff as "a monster" and a "beast."

"He walks among us. But he is a beast who has fed upon us to satisfy his own needs... I am asking you to keep in a cage behind bars," she said.

Breaking into tears, Burt Ross, who lost five million dollars, said Madoff "has truly earned his reputation of being the most despised person in America today."

"I only hope that his jail sentence is long enough so that his jail cell becomes his coffin," said Michael Schwartz, 33, who said the money stolen from his family had been set aside to take care of his mentally disabled brother.

As court-appointed liquidators struggle to recover the missing billions, Judge Chin told the court: "I don't get the sense that Bernard Madoff said all that he could or told all that he knows."

Chin gave Madoff 10 days to appeal the sentence, but said there had not been a single letter from friends or family testifying to his good deeds. "The absence of such support is telling," he said.

And Madoff's wife, Ruth, finally broke her silence Monday to lash out her husband, saying: "All those touched by this fraud feel betrayed; disbelieving the nightmare they woke to.

"The man who committed this horrible fraud is not the man whom I have known all these years," she said in a statement.

"Many of my husband's investors were my close friends and family. And in the days since December, I have read, with immense pain, the wrenching stories of people whose life savings have evaporated because of his crime."

The verdict came some six months after the biting economic downturn forced Madoff to unmask himself as behind one of the biggest financial scams in history.

Prosecutors say about 13 billion dollars was handed to Madoff. The financier himself has talked about losing some 50 billion dollars, which is believed to be the amount that would have been paid out had the funds been properly invested.

Among Madoff's victims were Hollywood celebrities, international movers and shakers, some of the world's most famous banks and Jewish charities, some of which were forced to close after the scheme unraveled.

Madoff's jail cell.

Madoff told the court in March that of the billions of dollars that passed through his hands during the three-decade scam, he never invested one cent in the market. Instead he stashed the funds in a Chase Manhattan bank account.

The funds were then used to pay out "dividends" to investors in what is known as a "Ponzi scheme."

Chin has ordered that Madoff forfeit over 170 billion dollars in illegally obtained assets. And in an accompanying order, a district court also stipulated that Ruth Madoff be stripped of 85 million dollars in assets, leaving her with 2.5 million dollars in cash.

One lingering issue is how to return the stolen funds. Of the billions of dollars that were lost, prosecutors say only one billion dollars has been recovered.

The judge deferred the issue of restitution for another 90 days to give court-appointed liquidators more time to recover the missing funds.

- AFP /ls

From ChannelNewsAsia.com; see the source article here.

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Rising oil, commodity prices pull US stocks higher

Image via Wikipedia

06/30/2009 | 07:33 AM

NEW YORK – A jump in oil prices sent investors rushing to put money into the stock market in the final days of the second quarter.

Energy, industrial and materials stocks pulled the market higher in light trading Monday as investors raced to keep up with the gains in oil.

Crude rose $2.33 to settle at $71.49 a barrel on the New York Mercantile Exchange after China said it would boost oil reserves and Nigerian militants partly shut down an offshore oil platform.

With the quarter's end coming up on Tuesday, some money managers were making last-minute adjustments to their portfolios just ahead of issuing quarterly reports to their clients. A benchmark against which many funds are compared, the Standard & Poor's 500 index, is up 16.2 percent since the start of the April-June quarter.

Analysts cautioned against seeing the upswing as a sign of conviction among investors that it was time to move into the market ahead of an economic recovery. Stocks seesawed in the early going but jumped after oil gained.

After running the S&P 500 index up 37 percent since March on a litany of "less bad" economic data, investors have become more cautious about the pace of the economy's recovery this month and are looking for more concrete signs of growth.

The Dow Jones industrial average rose 90.99, or 1.1 percent, to 8,529.38. The S&P 500 index rose 8.33, or 0.9 percent, to 927.23, while the Nasdaq composite index rose 5.84, or 0.3 percent, to 1,844.06. Stocks ended last week mixed.

There was little economic news Monday but the week, which is abbreviated by the Independence Day holiday on Friday, brings key data that could give investors a better sense of where the economy is headed.

Of particular importance is the monthly employment report due out Thursday. Though considered a lagging indicator of the country's economic health, the unemployment rate is still one of the most closely watched gauges of the economy. The labor market is intricately tied to many facets of the economy including consumer spending.

Investors also will get reports on consumer confidence and manufacturing this week.

The Dow is up 30.3 percent from a 12-year low on March 9, though it has fallen 3.1 percent from a five-month high on June 12. The blue chips are now down only 2.8 percent in 2009.

Harry Rady, chief executive of Rady Asset Management, is concerned that although the market's rally has lost steam in the past three weeks traders are still too optimistic about how quickly the economy can recover.

"I see a bit of complacency creeping into the market," he said. "The market has run up and that has the inverse effect of what it should."

Rady sees trouble in the continuing retreat of a gauge of fear in the stock market, and contends that investors are overlooking danger spots in the economy like heavy debt loads and weakness in the dollar.

The Chicago Board Options Exchange Volatility Index, or VIX, is a measure of stock market volatility that has been easing since early March. The VIX is down 37 percent in 2009 and stands below 26. The historical average is 18-20. It hit a record 89.5 in October at the height of the financial crisis.

Three stocks rose for every two that fell on the New York Stock Exchange, where consolidated volume came to a light 4 billion shares compared with 5.1 billion traded Friday. Volume was heavy Friday because of the annual reconstitution of the Russell 3000 index forced investors to make changes to their portfolios.

Bond prices rose, pushing yields lower. The yield on the benchmark 10-year Treasury note fell to 3.48 percent from 3.53 percent late Friday.

The dollar was mixed against other major currencies. Gold prices fell.

The gains in commodities lifted energy, industrial and materials stocks. Exxon Mobil Corp. rose $1.53, or 2.2 percent, to $70.58, defense contractor General Dynamics Corp. rose $1.54, or 2.8 percent, to $57 and Eastman Chemical Co. rose $1.38, or 3.7 percent, to $38.79.

Shares of Ford Motor Co. rose 17 cents, or 3 percent, to $5.78 after the automaker's top sales analyst said US auto sales might have stopped their month-to-month slide in June and could be down less than 30 percent for the first time since September. Automakers, which are expected to report June sales in the US on Wednesday, have been hit by a 37 percent drop in sales in the first five months of the year.

In other trading, the Russell 2000 index of smaller companies fell 2.61, or 0.5 percent, to 510.61.

Overseas, Britain's FTSE 100 rose 1.3 percent, Germany's DAX index advanced 2.3 percent, and France's CAC-40 rose 2 percent. Japan's Nikkei stock average fell 1 percent. - AP

From GMANews.tv; see the source article here.

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S$2.2b deals sealed at Singapore Water Week

By Tang See Kit, Channel NewsAsia | Posted: 29 June 2009 1730 hrs

SINGAPORE: This year's Singapore International Water Week (SIWW) has seen more deals flowing in, despite the current economic downturn.

The four-day event, which ended last week, saw S$2.2 billion worth of deals signed. This is six times what was achieved last year.

The SIWW saw several industry players like Hyflux and GE inking deals to boost research and development as well as further enhance their global presence.

Singapore's water-technology firm Hyflux expanded its plans in the Middle East region by signing a Memorandum of Understanding (MOU) with Swiss-based ABB for the company's project in Algeria worth S$28 million.

Hyflux also entered a joint venture with General Desalination Company (GDC) to develop two seawater desalination plants in Libya.

The SIWW also witnessed industry players collaborating with educational firms to expand their research and development capabilities.

Multinational company GE entered a partnership worth S$150 million with the National University of Singapore (NUS) to work on a research and development centre to develop safe drinking water systems across Asia.

Event organisers said these deals signified that the water industry is poised for further growth across all sectors, despite the gloomy global economy.

SIWW's managing director, Michael Toh, said: "I think (for) the water industry, the solutions provided have to cover all these (different areas). You know, in the plant, you have instrumentation, (and) you need chemicals, you need the pumps, you need the valves. So I think as a whole, the industry will grow."

Currently, Singapore's Environment and Water Industry Development Council (EWI) aims to triple the value-added (VA) contribution from the water industry to S$1.7 billion, which represents 0.6% of the GDP, by 2015.

Employment within the sector is also expected to double to about 11,000 people, with a majority in the professional and skilled categories.

Moving forward, organisers are seeking to brand the Water Week as a global platform for water solutions.

Jimmy Lau, managing director of Singapore Airshow & Events, said: "The whole value chain of the water industry is here and there will continually be discussions going on and looking for solutions, which is what the Water Week here in Singapore concentrates on. And so we expect the event to throw up a lot more opportunities, both technology as well as getting more funding for projects for water."

The SIWW attracted more than 10,000 attendees from 85 countries, up from last year's 8,500 visitors. More than 420 companies from some 28 countries took part in the SIWW.

28 new products and technologies were also unveiled for the first time at the event's Water Expo's Innovation Corner.

- CNA/ir

From ChannelNewsAsia.com; see the source article here.

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Lanxess to postpone building of butyl rubber plant in Singapore

By Yasmine Yahya, Channel NewsAsia | Posted: 29 June 2009 1749 hrs

SINGAPORE: German chemicals firm Lanxess is postponing the construction of its new butyl rubber facility in Singapore because of the continuing global economic crisis.

The plant had originally been planned to come on stream in 2012, but the firm said production is now scheduled for 2014.

Lanxess said it would use the two-year delay to finish developing an innovative technology for butyl rubber production, which would then be used at the new facility.

Chairman Axel Heitmann said the new technology uses less resources and is considerably more energy-efficient and environmentally friendly than current processes.

From today's perspective, he said the capital expenditures for the new plant would be slightly lower than the original 400 million euros.

Regardless of the postponement, Lanxess said it would continue to expand its presence in Singapore.

The company is currently negotiating with the Economic Development Board with a view of managing its global butyl rubber business unit from Singapore in the future.

- CNA/so

From ChannelNewsAsia.com; see the source article here.

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Nearly-completed Shanghai high-rise falls over

This early fall means no matter the disaster, it still saved a lot of other unspeakable disasters – were it have been already occupied…

----------

Posted: 28 June 2009 1434 hrs

The collapsed 13-floor residential building which was under construction in Shanghai, China

SHANGHAI: A nearly-completed 13-storey Shanghai apartment building toppled over, killing a worker and raising concerns in China's largest city over construction standards, state media reported Sunday.

Shanghai Mayor Han Zheng ordered a full investigation into the cause of the incident, which occurred Saturday in the southwestern part of the city, the Shanghai Daily reported.

"It was horrible. The building fell down very quickly after several workers ran out of it," Fang Zenghui, whose home faces the building from across the creek, was quoted as telling the newspaper.

"It was very loud. I was stunned and couldn't believe what I'd just seen," he said.

A 28-year-old migrant worker, surnamed Xiao, who entered the building to collect his tools, was killed after trying to jump out of a window as the building fell, the newspaper reported.

About 130 nearby households were evacuated and inspectors were examining the foundations of seven other identical buildings in the "Lotus Riverside" compound, saying they appeared to be intact Saturday evening, the report said.

The incident was a new blow for Chinese property developers, who have been severely hit by a sagging market amid the global financial crisis.

Those who bought apartments in the development were demanding refunds and explanations, the report said.

Developer Shanghai Meidu Real Estate and Shanghai Zhongxin Construction Co said they were contacting owners and negotiating refunds, the newspaper said, adding 77 per cent of the homes had been sold.

The building fell Saturday morning a day after about 83 metres (272 feet) of the nearby riverbank collapsed, apparently due to the construction of an underground parking garage being built on the site, the report said.

Construction company employees had been working through the night Friday to shore up the riverbank, the report said.

Concerns over poor construction and low-quality materials have plagued China's construction industry as the country rapidly builds up its cities and infrastructure needed to maintain its growing economy.

Anger over poor construction boiled over during after last year's earthquake in central China after about 7,000 schools collapsed and relatives of dead children spoke out against graft they believed led to shoddy construction.

- AFP/yb

From ChannelNewsAsia.com; see the source article here.

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Hong Kong yet to emerge from financial crisis

Posted: 28 June 2009 1808 hrs

Residential property (top-R) on Victoria Peak overlooks the skyline of Hong Kong

HONG KONG: Hong Kong has still to emerge from the effects of the global economic slowdown despite early signs of returning stability, the city's chief executive Donald Tsang has said.

Tsang said that big challenges remained for the city, whose key industries of finance and exports have been hit hard by the crisis.

"There is no doubt we have yet to emerge from the impact of the financial tsunami," he said on local broadcaster RTHK's weekly Letter to Hong Kong.

"While recent statistics have shown some signs of economic stability returning, there are still many uncertainties in the global market."

He said reforms put in place after the Asian Financial Crisis of 1997 meant Hong Kong had not suffered a breakdown in its financial system.

He said that the latest crisis presented similar opportunities to improve the city's economic fundamentals.

The government has pointed out six sectors the city should focus on -- including education and environmental industries.

Tsang countered accusations that such directives went against Hong Kong's free market economic principles.

"Hong Kong has thrived as a free and open market. This must and will continue," he said.

"At the same time, increasing globalisation and regional competition have resulted in a need for a strong government role in facilitating economic development.

"So, we are not picking winners. Rather, we are providing a more favourable environment for industries to become even bigger winners than they are now."

Hong Kong fell into recession in the third quarter of 2008 and in May the government slashed its growth forecast for this year, saying the economy would contract 5.5-6.5 percent in 2009, from a previous forecast of 2.0-3.0 percent.

- AFP/ir

From ChannelNewsAsia.com; see the source article here.

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China's ships idle but Shanghai port charges ahead

Posted: 28 June 2009 1457 hrs

Yangshan deep water port in Hangzhou Bay, south east of Shanghai.

SHANGHAI: The scene where Shanghai's river meets the sea is a snapshot of China's battle against the financial crisis - as well as the site of the port the country hopes can set the stage for the next boom.

Empty container ships - victims of China's export collapse - line the river banks in Shanghai's port.

Meanwhile, bulk carriers laden with raw materials - a bet on demand rebounding - wait at sea because ports cannot unload them fast enough.

"Just look at the Huangpu River," a shipping company dispatcher said, referring to the waterway that cuts through Shanghai. "There used to be a few ships anchored on the river but now you can see anchored ships everywhere."

"Charter rates are so low now we would rather anchor the ships and save the cost of crew and fuel," the dispatcher for state-run Shanghai Puhai Shipping Co. said on condition of anonymity because he was not allowed to speak to reporters.

World shipping prices in the past week were down about 68 per cent from a historic peak in May last year, according to the Baltic Exchange Dry Index, which gauges international dry bulk good shipping prices.

Low shipping rates combined with weak commodity prices sparked a Chinese buying spree of iron ore and other commodities that has led to jams of bulk carrier traffic at Chinese ports.

But that has not offset volume lost due to seven straight months of plummeting exports, which were down 26.4 per cent year-on-year in May.

The volume handled at Shanghai's port was down 15 per cent in the first five months of 2009 after nearly a decade of 20 per cent annual growth, Shanghai International Port Group Vice President Huang Xin said this past week.

"This is the first time Shanghai's shipping container business declined since it went into full-scale operation (20 years ago), it shows how deeply the financial crisis has affected the real economy," Huang told a maritime conference in Shanghai.

Chinese shipbuilders fared even worse, with orders plunging 96 per cent to 1.18 million deadweight tons in the first five months of the year compared to the same period last year, according to government figures.

"This will be the worst year ever for the container port industry in terms of volume decline," Truong Bui, a consultant at Drewery Maritime Services said. "China's container traffic will not recover until 2011."

Despite the plunge in shipping demand, Shanghai - already the world's busiest port by total cargo volume - is charging ahead with plans initiated during boom times to more than double its capacity.

China's cabinet set ambitions for Shanghai even higher in April, declaring it would move up the value chain and become a full-service world-class shipping centre by 2020.

But building the infrastructure will be easier than developing the service side of that equation, Xu Jianqun, Shanghai's Construction and Transport Commission Secretary General, warned.

"We lack the related 'software' in terms of ship financing, reinsurance for ships and arbitration," Xu told the same conference. "This leaves Shanghai lagging behind other developed port cities in the world."

The centrepiece of its expansion will be the Yangshan Deepwater Port, which connects to the mainland via a 32.5-kilometre (20-mile) bridge.

Shanghai also plans to build the world's biggest shipbuilding yard on its northern Changxing island and put in place rail lines to better link the port to industrial powerhouse regions, Xu said.

On the services side, the Bank of Communications, part-owned by HSBC and China's fifth-largest bank, announced last month plans to create a ship financing division.

Some argue the need for the extra capacity is debatable but Torben Skaanild, chief executive of the Baltic and International Maritime Council, said Shanghai's moves come as the shipping industry faces a historic shift.

"The timing is probably absolutely perfect. There has been a shift in ship-owning towards the East and Asia," Skaanild said. "But there will be stiff competition because Hong Kong, Singapore, Japan and Korea are not going to let Shanghai stand alone."

- AFP/yb

From ChannelNewsAsia.com; see the source article here.

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Why do politicians cheat on their wives?

05:55 AM Jun 26, 2009

WASHINGTON - What is it with philandering politicians?

Mr Sanford with his wife Jenny, before he admitted to his affair. AP

Why do men in power - the ones on pedestals - think they are above their constituents and can get away with cheating on their spouses, particularly these days amid intense media scrutiny and when peccadilloes are arguably more politically damaging?

It is a long list of those who thought they could jet off to Argentina, cruise on the yacht Monkey Business, check into a hotel under an assumed name or use an escort service and never get caught, never have to come clean.

These days, the fallout can run the gamut. It can doom a career - former New Jersey Governor Jim McGreevey - or simply unleash the fury of a special prosecutor leading to impeachment - then-President Bill Clinton.

This was not always the way it was in the United States. There are politicians, presidents even, who did the dalliance dance privately and did not pay publicly: John F Kennedy, Franklin D Roosevelt, included.

No more. It's a different world today. A public with at-your-fingertips Internet has developed an insatiable appetite for scandal.

That makes it all the more inexplicable that these men tempt fate. And, particularly, men with presidential aspirations.

One possible explanation, said Mr Stanley Renshon, a political psychologist at City University of New York: "Narcissism is an occupational hazard for political leaders. You have to have an outsized ambition and an outsized ego to run for office."

To be sure, politicians do not necessarily have different reasons for cheating than non-politicians, and they do not necessarily cheat more often.

The difference: "They live their lives more in a fishbowl, and that has responsibilities and costs with it," said Mr Renshon, adding that an adulterous politician does not just betray his family's trust, but he also betrays the public's trust.

Indeed, when politicians get caught, their actions raise questions about their judgment, character and integrity as a leader.

"It does matter in public perceptions," said Mr Stephen Wayne, a Georgetown University government professor who has studied political psychology. When it comes to the highest positions in politics, he said, "we want to figure out who acts as a model for others".

On some level, it is easy to see why they cheat. Mr Fred Greenstein, a Princeton University professor

emeritus of politics, suggested adrenaline as the common denominator, saying that "for some individuals, the excitement of illicit sexual activity might feed the same desire" as "the excitement of politics".

There also is a clue in the kind of people drawn to politics.

These are men who relish seeking approval. These are men who adore getting praise and who often are surrounded by swarms of sycophants. These are men who, in some cases, need to exercise power and who think they are untouchable.

As leaders, these are also the type of men who are likely to break promises, manipulate and cut corners. They probably are big risk-takers. And they are prone to thinking of themselves first.

Just ask their wives, their mistresses or the security details that often are privy to indiscretions.

Not a year seems to go by without a Washington sex scandal, and both Democrats and Republicans are guilty.

Last year, former presidential candidate John Edwards and Mr Spitzer came before the public to admit they erred.

This month alone, it has been Mr John Ensign and Mr Sanford, two Republicans with national ambitions and mentioned as possible 2012 presidential candidates. Those dreams are likely over. AP

From TODAY, World – Friday, 26-Jun-2009; see the source article here.

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Australia's Qantas cancels order for 15 Boeing Dreamliners

A big blow, humungous, a financial loss as big as an airplane… errhh… it is the scale of a plane… well, it is an airplane…!

----------

Posted: 26 June 2009 1122 hrs

The Boeing 787 Dreamliner

SYDNEY: Australia's Qantas on Friday cancelled an order for 15 Boeing 787 Dreamliner aircraft, citing dramatic changes to the global economic environment.

Qantas said in a statement that it had reached agreement to "cancel orders for 15 B787-9s scheduled for delivery in 2014/2015".

Company CEO Alan Joyce said the cancellation had not been influenced by the delay of the aircraft's inaugural flight earlier this week due to a design flaw.

"Qantas announced its original B787 order in December 2005, and the operating environment for the world's airlines has clearly changed dramatically since then," he said.

The statement said Qantas and Boeing had also agreed to postpone delivery of a further 15 Dreamliners by four years.

"The latest delay is disappointing but ... we remain committed to the aircraft as the right choice for (budget offshoot) Jetstar's future international expansion, Qantas' growth, and as a replacement for Qantas' B767-300 fleet," Joyce said.

Boeing on Tuesday delayed the first flight and delivery of its 787 Dreamliner for the fifth time, to reinforce the aircraft's structure, and said a new schedule would be available in "several weeks".

Already nearly two years behind schedule, the carbon-composite Dreamliner has been touted to usher in an era of lighter, more fuel-efficient planes, and is seen as key to the aerospace giant's future.

The cancellation takes Qantas' total B787 orders from 65 to 50 by 2017, and follows a decision to more than halve its profit forecast in April and axe up to 1,750 jobs.

Qantas, at that time, deferred orders for four Airbus A380 superjumbos and 12 Boeing 737-800s, while saying it was in talks to delay delivery of 15 Dreamliners, due to a rapid and significant deterioration in the global economy.

- AFP/so

From ChannelNewsAsia.com; see the source article here.

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British Airways staff agree to work for free

In dire situation…

-----------

Posted: 26 June 2009 0135 hrs

British Airways

LONDON: Struggling British Airways on Thursday said 800 staff had agreed to unpaid work and thousands more to pay cuts, helping the group save up to 10 million pounds (11.7 million euros, 16.3 million dollars).

After diving into a financial loss, the airline last month asked staff to work for free, while promising that chief executive Willie Walsh and BA's finance director Keith Williams would forgo their July salaries.

"This is a fantastic first response" to BA's cost-cutting programme, Walsh said in a statement on Thursday.

"I want to thank everyone who has volunteered to help us pull through this difficult period. This response clearly shows the significant difference individuals can make."

The world's leading commercial airlines are facing a major cash squeeze as the global economic slump crushes demand for plane tickets.

BA last month reported an annual loss of 375 million pounds, also blamed on high fuel costs. The airline has cut 2,500 jobs worldwide over the past year.

On Thursday, a BA spokesman told AFP: "800 (have) opted to work for free" for up to a month.

The airline added in a statement: "Nearly 7,000 British Airways staff have taken an early opportunity to apply for voluntary pay cuts in support of the airline's cost reduction programme.

"Of the 40,000-strong workforce, 6,940 employees had volunteered for unpaid leave, part-time working or unpaid work... Their actions will save the company up to 10 million pounds."

BA's announcement came shortly before the end of stock market trading. The airline's share price closed up 1.04 percent at 126.60 pence on London's FTSE 100 index, which ended Thursday down 0.64 percent at 4,252.57 points.

Staff who have offered to work unpaid will still receive shift allowances and other payments, although they will forego their basic pay.

However Mick Rix, representing the GMB union, hit out at BA for releasing data on pay cuts while negotiations were ongoing.

"I find it disgusting that the company can make the announcement today," said Rix.

"We are locked into hard negotiations on making significant financial savings but BA seems only interested in making headlines rather than reaching an acceptable deal."

Last week, union leaders urged British Airways pilots to accept shares in the company in return for a pay cut.

Under the deal agreed with British Airways, pilots will see their annual pay cut by 2.61 percent and most jobs safeguarded.

The pilots' pay cut would generate 16 million pounds of annual savings, while pilots would also have to increase their working hours to help save another 10 million pounds annually.

In return, pilots would in two years' time be eligible to receive a proportion of BA shares worth a total of 13 million pounds if company targets are met. The pilots will not however be able to sell the shares until June, 2014.

- AFP

From ChannelNewsAsia.com; see the source article here.

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Oil prices climb above US$70 on Nigeria violence

Posted: 26 June 2009 0533 hrs

A man fills his car with petrol at a service station

NEW YORK - Oil prices rose back above 70 dollars Thursday as renewed violence in key crude producer Nigeria and a forecast of a higher price range sparked buying.

New York's main futures contract, light sweet crude for delivery in August, jumped 1.45 dollars to 70.12 dollars a barrel.

London's Brent North Sea crude for August rose 1.45 dollars to 69.78 dollars.

"The news from Nigeria (about) more attacks on oil facilities and the fact that two refineries are now shut down are supporting the market," said Andy Lipow, President at Lipow Oil Associates.

"The market has lived with Nigeria's supply disruption now for three years," he said.

Nigerian rebels on Thursday said they carried out a pre-dawn attack against Royal Dutch Shell facilities in a warning to Russia not to invest in the country's oil and gas industry.

The Movement for the Emancipation of the Niger Delta (MEND) said the attack was to coincide with a visit to Nigeria by Russian President Dmitry Medvedev during which major energy investment deals were struck.

The attack on the Bille-Krakrama pipeline, which feeds the key Bonny export terminal in southern Rivers State, was carried out shortly after midnight Thursday.

Nigerian President Umaru Yar'Adua meanwhile on Thursday gave militants in the oil-rich Niger Delta 60 days to accept an amnesty offer in a bid to halt attacks on international oil companies.

MEND, the main militant group in the oil-rich southern Nigeria, stages regular attacks on oil installations as part of its campaign for a fairer share of oil wealth for locals in the Delta region.

Nigeria's oil production has been cut by a quarter over the past three years because of the attacks.

Crude oil futures plunged from record high points of more than 147 dollars in July 2008 to about 32 dollars in December as the economic downturn ravaged energy demand but the market has since clawed back ground on recovery hopes.

Oil prices had lost ground over the past week amid signs of a broader consolidation in the 65-75 dollar range, analysts at Barclays Capital said in a note to clients.

"Accompanying the transition in the macroeconomic backdrop, the oil market is, in our view, moving towards a transition period of very gradually improving demand, falling inventories, and prices closer to the desired range of key producers, which we would place in the 75-85 dollars region," the report said.

"While the current phase of market rebalancing might need to reach a more advanced stage before prices can comfortably move into producers' desired range, that move, in our view, is set to happen sometime through the year, with the broad trend for prices likely remaining to the upside."

- AFP /ls

From ChannelNewsAsia.com; see the source article here.

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Companies in Asia ramping up workforce amid economic downturn

Posted: 24 June 2009 2114 hrs

Japanese businessmen

SINGAPORE: Companies in Asia are ramping up their workforce planning activities in response to the current economic downturn, according to a survey by global consulting firm Watson Wyatt.

The survey, released Wednesday, showed that more than seven out of every 10 companies in the region believe that workforce planning has become more important amid the current economic slowdown.

In fact, more than half have already begun to increase such activities within their organisations.

Workforce planning is the process by which an organisation aligns its workforce requirements to the business strategy using business analytics.

Although such planning is growing in importance, 60 per cent of those surveyed do not have a structured approach to workforce planning.

Instead, their attention is focused on immediate concerns like filling job vacancies, rather than longer term strategic issues relating to their workforce.

Asia Pacific Director of Watson Wyatt's Human Capital Group Russell Huntington said companies need to focus on longer term plans and review the capabilities needed in light of the current adverse business conditions.

He added that reducing employee costs cannot just be a numbers game, but should be a well thought-through, data-driven strategic exercise.

- CNA/yb

From ChannelNewsAsia.com; see the source article here.

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Private investment into water to double in Asia Pac over the next 5 years

By Rachel Kelly, Channel NewsAsia | Posted: 24 June 2009 2101 hrs

SINGAPORE: Even as the current credit crunch is causing the flow of funds to dry up around the world, private investment into Asia Pacific's water industry is expected to double in the next five years.

Private sector investment currently accounts for around 15 per cent of the investments into the infrastructure industry. Experts said this should grow to the global average of 30 per cent in the coming five years.

That's according to industry experts at KPMG who spoke on Wednesday on the sidelines of the Singapore International Water Week.

Experts are bullish on the sector and said the current environment presents high-value opportunities for investment.

Len Rodman, chairman, president & CEO, Black & Veatch, said: "There's probably not been a better time to buy then right now because the cost structure for many of the vendors and constructors has been reduced significantly.

“There is better access to labour and the commodities that go into projects. And some are seeing 10, 20, 30 per cent reduction in capital costs by doing projects now rather then the trend that occurred a year ago."

Experts at KPMG said that over the last five years private investment into infrastructure in South Asia, East Asia and Asia-Pacific was some US$166 billion.

And out of this, five per cent was pumped into the water sector which is around US$9 billion.

The private sector is expected to increase participation into the water industry. However some experts said that there is need for more innovative financial structures.

Sharad Somani, executive director, KPMG, said: “I think there is a lot of realisation in the private sector that they can add value in various parts of the value chain. What research and development has started showing is that membrane technology has improved.

“So if the private sector has to come in, we have to think of a lot of innovative solutions for them to participate in like these projects.”

One company that is actively investing in the sector is Japanese firm Toray.

It has just announced a S$10 million investment into a research and development facility in Singapore.

Toray has also signed a Memorandum of Understanding with Nanyang Technological University's Nanyang Environment and Water Research Institute to conduct membrane research in Singapore. - CNA/vm

From ChannelNewsAsia.com; see the source article here.

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Hyflux in joint venture to develop 2 seawater desalination plants in Libya

By Tang See Kit, Channel NewsAsia | Posted: 24 June 2009 2052 hrs

SINGAPORE: Singapore-based water treatment firm Hyflux has made its first foray into Libya. It has entered a joint venture to invest and develop two seawater desalination plants there.

The plants which use membrane-based reverse osmosis technology will be located in Libya's two largest cities - Tripoli and Benghazi.

Hyflux signed the Memorandum of Agreement (MOA) with the General Desalination Company (GDC), the commercial arm of Libya's Ministry of Utilities on Wednesday.

The two plants will provide a combined total of at least 900,000 cubic metres of drinking water every day.

This exceeds another Hyflux project in Algeria which is the current single largest desalination plant in the world with a capacity of 500,000 cubic metres per day.

That project has a value of S$632 million.

Hyflux will be providing the two plants with its award winning Kristal Ultra Filtration pretreatment membrane and process technology.

Hyflux did not provide a specific investment figure for its latest projects.

But it hopes to set "new benchmarks in terms of size and efficiency" for the Libyan plants.

The developments are also in line with the company's strategy to focus on the Middle East and North Africa (MENA) region.

Sam Ong, group deputy, CEO/CFO, Hyflux, said: "This is a very iconic, significant milestone for Hyflux. This is a new geographical expansion. We believe we are going to put more resources into the MENA region, and that includes Libya. And we believe North Africa and the Middle East region will continue to be big market potential for Hyflux. This will add significantly to what we are able to do in Singapore, Southeast Asia, India and China."

The details of the joint venture project including conceptual designs and finance models will be finalised in the months ahead.

Hyflux also said it will be talking to bankers recommended by its Libyan partners to discuss project financing.

The construction timeline has not been finalized but Hyflux said the plants will be built one after another. - CNA/vm

From ChannelNewsAsia.com; see the source article here.

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US and China set for defence talks on NKorea

Posted: 23 June 2009 1017 hrs

People's Liberation Army (PLA) soldiers stand at attention

BEIJING: US defence officials were set for talks in China on Tuesday in which they will seek Beijing's support for world pressure on North Korea over its nuclear weapons and missile programmes.

The US military delegation, led by Michele Flournoy, undersecretary for defence, was to meet with officials from the Chinese defence ministry as part of the two-day talks.

"North Korea will factor in very strongly," a Pentagon official, who spoke on condition of anonymity, told reporters in Washington over the weekend.

Pyongyang's recent nuclear test and missile launches have raised "great concern" in China, he said.

"We would hope that China would use whatever influence they have with North Korea to convince them to change their behaviour," the official said.

The UN Security Council adopted a resolution on June 12 that includes financial sanctions on North Korea after Pyongyang carried out its second nuclear test last month and several missile launches.

North Korea has reacted defiantly to the latest sanctions, vowing to build more nuclear bombs.

Flournoy will also seek to promote better US-China defense cooperation amid concerns in Washington over Beijing's expanding military and a series of stand-offs on the high seas.

Washington would like to see more high-level visits by Chinese defense officials to the United States "so we can understand their continuing buildup and make sure the conditions for stability and peace are maintained," the official said.

- AFP/yt

From ChannelNewsAsia.com; see the source article here.

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NKorean ship may be heading to Myanmar

Posted: 23 June 2009 0752 hrs

North Korean ship, the Kang Nam I, anchored in Hong Kong waters. (file photo)

WASHINGTON: A North Korean ship being tracked by a US Navy destroyer under new UN sanctions could be headed to Myanmar, a US defense official said Monday.

The Kang Nam 1 is the first North Korean ship to be monitored since the adoption of a UN resolution designed to punish Pyongyang over its underground nuclear test last month.

As the Aegis destroyer USS John S. McCain continued to shadow the cargo ship, US officials said the vessel could be bound for another reclusive state, Myanmar.

It appears "they're trying to go to Burma," a US defense official told AFP on condition of anonymity, using the country's old name.

The official offered no further details but analysts have speculated that the aging ship could be destined for Myanmar, as the two countries have close ties and have agreed arms deals in the past.

South Korea's YTN television news channel, citing an unnamed intelligence source, reported on Sunday the ship was suspected of carrying missiles or related parts and was heading for Myanmar via Singapore.

The 2,000-tonne ship left the North Korean western port of Nampo on June 17, with Myanmar set as its final destination, YTN said.

The cargo ship provides the first possible test of United Nations sanctions that ban arms shipments -- including missile-related cargo -- to and from North Korea. The UN resolution, however, rules out the use of military force to enforce the sanctions.

The ship was one of a group of North Korean vessels previously linked to illicit cargo, according to US officials.

"It's still at sea and we're monitoring it," said another US defense official, who asked not to be named.

So far there has been "no request to query this vessel," he said.

US officials have yet to indicate if or when they might ask to search the vessel under the UN Security Council resolution.

The North Koreans are expected to reject any such request. But at some point, the ship will likely need to stop for refueling, possibly in Singapore, one of the world's largest ports.

It was unclear when and where the ship would stop but the defense official noted that "these type of ships typically don't have a long range."

Under the UN resolution, the country where the ship enters port is obliged to search the vessel if there are grounds for suspicion.

Regional tensions are at their highest for years after the North launched a long-range rocket on April 5 and conducted its second nuclear test on May 25, prompting the tougher UN sanctions.

The United States was also monitoring activity at North Korean missile sites and facilities that suggested the regime was preparing another long-range missile launch.

Although there was continued activity, "there's nothing that indicates an imminent launch," the defense official said.

According to a Japanese media report, North Korea could fire a rocket in the direction of Hawaii on or around US Independence Day on July 4.

The North staged missile launches in 2006 while the United States was marking the holiday.

- AFP/yt

From ChannelNewsAsia.com; see the source article here.

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Palace welcomes Senate probe on Arroyo foreign trips

Image via Wikipedia

06/23/2009 | 08:56 AM

MANILA, Philippines - Malacañang welcomed Tuesday the prospect of a Senate investigation into the expenses incurred in President Gloria Macapagal Arroyo's foreign trips.

At the same time, Press Secretary Cerge Remonde chided former President Fidel Ramos for questioning the "efficiency" of Mrs. Arroyo's trips because of the several side trips she had made.

"We respect the views of the former president but I think he himself recognizes the importance of these trips he has also made during his time. Regarding efficiency, we can assure the former president [na] walang inefficiency dito sa mga trip na ito and we can report to the nation kung ano ang mga cost benefit ng trip ng pangulo," Remonde said.

[We can assure the former president there is no inefficiency in these trips and we can report to the nation the cost benefits of these trips]," he said.

As for the impending Senate probe, Remonde said they are prepared to make an accounting of the expenses incurred in Mrs. Arroyo's foreign travels.

"We welcome that. Bukas ang mga bagay na yan. Those expenses are a public concern, they are subject to COA audit. Pero masasabi ko lang diyan ... napakalaki ng nadudulot na kabutihan sa bansa natin at dahil naintindihan nating lahat [na] hinaharap natin ngayong global economic crisis at ang buong mundo, isang global community already, so hindi pwedeng ang isang leader ay maging insular lamang sa kanyang mga pananaw," Remonde said in an interview on dzXL radio.

[We welcome that and we are open to the investigation. Those expenses are a public concern and are subject to government audit. But I should also say the trips brought much benefits to us. We are part of a global economy facing a global economic crisis and we need our leaders not to be insular in their world view.]

He added that the trips Mrs. Arroyo has made are not vacation trips but are "very hectic, very tiring, even dangerous working trips" to protect and promote the interest of the country.

For his part, Commission on Audit Chairman Reynaldo Villar said he is ready to provide the Senate the proper records on the foreign trips.

"Kung nag-request sino man sa ating mga lingkod-bayan sa gobyerno na gusto masiyasat ang gastusin ang opisina ng pangulo o attached agencies ng OP, pwede sila sumulat sa akin [If anyone wants to request a copy of the records of expenses incurred by the Office of the President, they can write me)," Villar said in a separate radio interview.

But he said the latest audit was in 2008, saying audits are made at the end of the year.

On the other hand, Villar said he has already started implementing a pre-audit policy where officials who fail to liquidate expenses in their past trips cannot get cash advances for the next trip until they account for their past trip expenses.

"Ngayon kung di pa na-liquidate ang unang biyahe unang gastos di siya makakuha sa susunod [If they have not liquidated their cash advances in their past trip, they cannot get cash advances for the next trip]," he said.

On Monday, opposition Senators Panfilo Lacson and Francis Escudero said they would look into if the foreign trips undertaken by President Arroyo were justified in terms of benefits for the country.

Lacson noted that the Office of the President spent roughly P800 million for President Arroyo's foreign travels last year.

"We should really scrutinize the budget of the Office of the President particularly those pertaining to foreign trips vis-à-vis the benefits derived out of [these] foreign trips," Lacson said.

For his part, Escudero said President Arroyo should set an example for people in government to save by cutting on unnecessary expenses such as foreign trips. - GMANews.TV

From GMANews.tv; see the source article here.

Survey shows big Japanese firms less pessimistic

Posted: 22 June 2009 1324 hrs

File picture of a share prices board in Tokyo

TOKYO: Japan's large companies were less pessimistic about the economy in the year's second quarter than they were during the previous three-month period, a government survey has shown.

The large company business sentiment index on current conditions was at minus 22.4 in the second quarter against minus 51.3 in January-March, according to a joint survey by the Ministry of Finance and the Cabinet Office.

The index is calculated by taking the percentage of companies that see an improvement in the economy and subtracting from that the percentage of companies that say the economy is getting worse.

The outlook index for big companies stood at minus 2.6 for July-September last year, and at plus 8.7 for the October-December period.

The recent improvement raised expectations that the Bank of Japan's closely watched "Tankan" business confidence survey, due on July 1, may also point towards a bottoming-out of Japan's worst recession since World War II.

The Nikkei financial daily reported on Sunday that the Tankan survey by the central bank would likely show the first improvement in sentiment in two-and-a-half years among major manufacturers.

The index in January-March slumped to a record low of minus 58, as the world's second biggest economy slid deeper into recession.

But it is forecast to recover to minus 41 for the April-June quarter, the daily said, citing estimates by 25 private research bodies.

Official data have shown Japan's economy, Asia's biggest, shrank at an annualised 14.2 per cent in the first quarter of 2009, its worst rate on record.

- AFP/yb

From ChannelNewsAsia.com; see the source article here.

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Agilent opens plant here

Image via Wikipedia

05:55 AM Jun 20, 2009

United States-based Agilent Technologies has opened a new plant in Singapore to make instruments that will speed up the identification of new diseases like the Influenza A (H1N1) virus and help accelerate drug production.

The multi-million dollar life-sciences facility is the first of its kind for Agilent outside the US.

"With this manufacturing here, it will add to production volume that will come out of Singapore and add to the increased industrial output from Singapore," said Dr Beh Swan Gin, managing director of the Economic Development Board.

About one-sixth of Agilent's US$5.8 billion ($8.4 billion) global revenue last year came from the life sciences sector.

The firm declined to reveal how much it has invested in its Singapore plant, except to say that it will contribute a significant portion of its overall life sciences revenue and boost its regional presence.

"With the inception of this manufacturing operation, it can be used for customised solutions for customers around the region," said Mr Gooi Soon Chai, president of Agilent Technologies for Singapore and Malaysia.

The instruments made at the Singapore plant will be used by pharmaceutical companies for mass commercial production of drugs, said Agilent.

According to research firm Frost and Sullivan, Asia's healthcare market was worth some US$240 billion last year.

Channel NewsAsia

From TODAY, Business – Weekend, 20/21-Jun-2009; see the source article here.

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Oil falls to near $69 as optimism on economy wanes

Image via Wikipedia

06/22/2009 | 11:42 AM

SINGAPORE — Oil prices fell to near $69 a barrel Monday in Asia on investor concerns over a weak US economy.

Benchmark crude for July delivery fell 38 cents to $69.17 a barrel by late morning Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, it dropped $1.82 to settle at $69.55

The July contract expires later Monday. The August contract slid 44 cents to $69.57.

Crude rose to an eight-month intraday high of $73.23 a barrel earlier this month on investor optimism that the US economy, suffering through its worst recession in decades, may grow by the end of the year.

However, recent economic data has been mixed and reflects an economy still struggling to right itself. The Dow Jones industrial average fell 3 percent last week.

"Oil may have peaked in the short-term," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "The market is overripe for a correction. Eventually the laws of supply and demand will re-exert themselves."

This week, traders will be looking for signals on consumer demand in a Commerce Department report on May personal spending, which has fallen for eight of the past 10 months. The University of Michigan also reports on June consumer sentiment.

On Sunday, militants of the Movement for the Emancipation of the Niger Delta said they attacked two pipelines belonging to oil giant Royal Dutch Shell in south Nigeria.

Violence has been escalating in the region as the military intensifies operations to flush out rebels battling for a larger share of the country's oil revenues.

"The recent attacks haven't had much of an impact on oil because there's a lot of global spare production capacity," Shum said. "Oil is everywhere."

In other Nymex trading, gasoline for July delivery was steady at $1.92 a gallon and heating oil fell 0.50 cent to $1.78. Natural gas for July delivery slid 4.4 cents to $3.99 per 1,000 cubic feet.

In London, Brent prices fell 29 cents to $68.90 a barrel on the ICE Futures exchange. – AP

From GMANews.tv; see the source article here.

Obama says US "fully prepared" for any NKorea nuke launch

Posted: 22 June 2009 0948 hrs

US President Barack Obama

WASHINGTON: The United States is "fully prepared for any contingencies" with North Korea, including a potential missile launch toward US territory, President Barack Obama said in an interview to be aired Monday.

"This administration - and our military - is fully prepared for any contingencies," Obama told CBS when asked about the possibility that North Korea could fire a missile toward Hawaii in the coming weeks.

Asked if that meant Washington was "warning of a military response," Obama answered: "No. It's just we are prepared for any contingencies.

"I don't want to speculate on hypotheticals. But I do want to give assurances to the American people that the T's are crossed and the I's are dotted in terms of what might happen," he added, according to excerpts released Sunday.

The US military has beefed up its Hawaii defences over fears Pyongyang may launch a missile at the Pacific island chain, and is tracking a North Korean ship possibly carrying banned cargo, Defence Secretary Robert Gates said Thursday.

"I would just say I think we are in a good position should it become necessary to protect American territory," the Pentagon chief said, adding that he had approved the deployment to Hawaii of Theatre High Altitude Area Defence (THAAD) weaponry for "support" in case of a North Korean launch.

South Korea's YTN television news channel, citing an unnamed intelligence source, said the United States suspects that the 2,000-tonne Kang Nam 1 is carrying missiles or related parts, and is heading for Myanmar via Singapore.

US defense officials have said a US Navy destroyer, the USS John S. McCain, is tracking the Kang Nam 1, which has been previously linked to illicit missile-related cargo.

It is the first vessel to be monitored under a United Nations resolution imposed a week ago that bans shipments of arms and nuclear or missile technology to and from North Korea.

US officials have yet to indicate if or when they might ask to search the vessel under the UN Security Council resolution.

In the interview, Obama also said there was strong international consensus against Pyongyang, after it detonated its second nuclear device on May 25 - following the first one in 2006 - and went ahead with what Washington called a disguised test of a long-range missile in April.

"More broadly, I think the international community has spoken," Obama said, noting that the UN Security Council has agreed to tighter cargo inspections, a stricter arms embargo and new targeted financial curbs to choke off revenue for the North's nuclear and missile sectors.

"That sends a signal... of a unity in the international community that we haven't seen in quite some time," Obama told CBS.

"And one of the things that we have been very clear about is that North Korea has a path towards rejoining the international community. And we hope they take that path. What we're not going to do is to reward belligerence and provocation in the way that's been done in the past."

Obama on Tuesday called Pyongyang a "grave threat" and vowed to defend South Korea after talks in Washington with South Korean President Lee Myung-Bak.

The North in turn accused Obama and Lee of "trying to ignite a nuclear war."

"The US-touted provision of 'extended deterrence, including a nuclear umbrella' (for South Korea) is nothing but 'a nuclear war plan,'" the North's state-run weekly Tongil Sinbo said.

- AFP/yb

From ChannelNewsAsia.com; see the source article here.

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North Korea accuses Obama of nuclear war plot

Posted: 22 June 2009 0202 hrs

North Korean leader Kim Jong-Il inspects the command of 7th Infantry Division of the Korean People's Army at an undisclosed location.

SEOUL: North Korea has accused US President Barack Obama of plotting a nuclear war on the communist nation by reaffirming a US assurance of security for South Korea, the North's state media said.

In a first official response to last week's US-South Korean summit, the state-run weekly Tongil Sinbo said in its Saturday edition Obama and South Korean President Lee Myung-Bak "are trying to ignite a nuclear war".

"The US-touted provision of 'extended deterrence, including a nuclear umbrella' (for South Korea) is nothing but 'a nuclear war plan,'" Tongil Sinbo said.

It said it wasn't a coincidence that the United States has brought "nuclear equipment into South Korea and its surroundings and staged massive war drills every day to look for a chance to invade North Korea."

Pyongyang has created weeks of tension by conducting a second nuclear test and test-firing missiles.

At a summit with Lee in Washington Wednesday, Obama warned that North Korea is a "grave threat" and vowed to defend South Korea.

A Seoul presidential official told Yonhap news agency Lee would seek a written US commitment to provide a nuclear "umbrella" for Seoul as part of "extended deterrence" against Pyongyang.

North Korea detonated its second nuclear device on May 25, following the first one in 2006. It also went ahead with what Washington said was a disguised test of a long-range missile in April.

The United Nations Security Council in response agreed to tighter cargo inspections, a stricter arms embargo and new targeted financial curbs to choke off revenue for the North's nuclear and missile sectors.

In response Pyongyang has vowed to build more nuclear bombs and start enriching uranium for a new atomic weapons program.

Some analysts say the sabre-rattling is part of an attempt by 67-year-old ailing North Korean leader, Kim Jong-Il, to bolster a succession plan involving his youngest son, Kim Jong-Un. - AFP/de

From ChannelNewsAsia.com; see the source article here.

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Monkey Theory

If you have difficulty understanding the current world financial situation, the following should help...

----------

Once upon a time in a village in India , a man announced to the villagers that he would buy monkeys for $10.

The villagers seeing there were many monkeys around, went out to the forest and started catching them. The man bought thousands at $10, but, as the supply started to diminish, the villagers stopped their efforts. The man further announced that he would now buy at $20. This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms. The offer rate increased to $25 and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now act as buyer, on his behalf.

In the absence of the man, the assistant told the villagers: 'Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when he returns from the city, you can sell them back to him for $50.'

The villagers squeezed together their savings and bought all the monkeys.

Then they never saw the man or his assistant again, only monkeys everywhere!

Welcome to WALL STREET.

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Survey shows Singapore managers put health, work—life balance over career

Channel NewsAsia - Friday, June 19

SINGAPORE: A local survey shows that Singapore managers are a pragmatic lot, with over 80 per cent polled viewing good health, work—life balance and passion for work as more important than career advancement and higher salary.

In comparison, only 61 per cent scored career advancement and high salary as more important despite the financial pressures of the economic downturn.

The inaugural survey, commissioned by the Singapore Institute of Management (SIM), shows 86 per cent intended to work beyond the retirement age of 62, although more than half would prefer to work on a part—time basis, doing freelance or consulting work.

When it came to training, seven in 10 managers viewed skills and knowledge upgrading as important. Most, however, preferred to implement on—the—job training through learning of best practices and short—term courses than long—term programs or job rotations within the organisation.

Tracking the general sentiments on the economy, there was more pessimism about the global economy than Singapore economy.

Compared with the 77 per cent who voiced their uncertainty about how the global economy was performing, only 61 per cent of respondents said they were concerned about how Singapore’s economy fared.

This might explain why only slightly more than half the 750 respondents were confident of keeping their jobs.

Executive director, SIM, Ronald Tan, said: "It shows how they realign their priorities, vis-a-vis, the current turbulent times. So they have to very quickly look at what is most critical to them to ride out the storm, given the limited resources that they have. So we see that there is a general and common reaction underpinned by a sense of prudence, pragmatism and being realistic."

Some 750 respondents took part in this survey which will be conducted twice a year. The SIM Management Monitor is a comprehensive management survey that aims to identify key trends in management and better understand the issues, concerns and challenges that Singapore managers uniquely face.

— 938LIVE/CNA/yt

From Yahoo! News; see the source article here.

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Financier Stanford, four others charged with fraud

Posted: 20 June 2009 0024 hrs

Allen Stanford, seen here in 2008

WASHINGTON: Texan billionaire financier and cricket mogul Allen Stanford and four others were Friday charged with 21 counts of fraud, money-laundering and obstruction in a