BERNIE Madoff was a cheat before he became a crook.
The now infamous alleged perpetrator of a $50 billion Ponzi scheme apparently honed his skills by using his position as head of the little-known Cincinnati Stock Exchange to cheat traders who were doing business on the much-bigger NYSE.
Two former seat holders on the New York Stock Exchange asked me to get this story out: Madoff would use his position on the Cincy - and perhaps even later with Nasdaq - to get advanced warnings of trades that were about to be executed on the NYSE.
Then Madoff would put in his own order on the Cincinnati exchange as a principle "below the bid side on the NYSE or above the offer side."
"He'd immediately turn around and sell the stock he just traded on the Cincy exchange for an automatic profit in New York," says one source, who had the misfortune of getting stung numerous times by Madoff.
When traders in New York complained, Madoff or his goons would claim that they had done their trades first and that the profit was legitimate.
In essence, the seat holders allege, Madoff was front running trades that were being handled in New York - meaning that he knew ahead of time that his orders would be profitable because he could see what was about to happen on the bigger exchange.
"He was a cheater," said one of the sources, who said nobody ever won a complaint they filed against Madoff because of his status at the Cincy, which became the first all-electronic trading system in the country.
The high-tech nature of Madoff's exchange, the seat holders say, is precisely what gave Madoff the ability to cheat.
"Every day there would be 20 complaints. Nobody ever did anything about it," my source says. Things changed for Madoff in 2000 when the NYSE started trading stocks in pennies instead of fractions. Then, my sources claim, Madoff couldn't squeeze his bogus trades in between the ones being legitimately executed on the NYSE.
With his opportunities to cheat his competitors reduced, the NYSE traders surmise that Madoff needed a new business model, which he stole from an early 20th Century guy named Charles Ponzi - the originator of the modern-day pyramid scheme.
Authorities are still trying to figure out how Madoff pulled off what seems to be the biggest con in history.
Wednesday, January 28, 2009
Agape World Scam
By Grant McCool
NEW YORK (Reuters) - Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.
Nicholas Cosmo, head of Agape World Inc on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients, officials said.
"Nicholas Cosmo took the advice of an attorney and complied with an arrest warrant," said Al Weissmann, spokesman for the U.S. Postal Inspection Service, which is investigating Agape World and Cosmo along with the FBI.
Another law enforcement official, said agents had visited Cosmo's office on Monday expecting to arrest him, but he was not there.
He complied with the warrant on Monday night and was expected to appear in magistrate's court on Tuesday in Central Islip on Long Island, FBI and USPIS officials said.
The amount of money, while large, pales compared with the purported $50 billion fraud masterminded by investment manager Bernard Madoff. Law enforcement officials said they expect to uncover more Ponzi schemes following the sharp decline of the U.S. financial industry.
Agape World Inc, a private firm with its office in Hauppauge, New York was not registered with the U.S. Securities and Exchange Commission.
"Some of the early investors made money but as this scheme started to crumble, the later investors did not see a penny," a law enforcement official said of the firm.
Cosmo was convicted of a federal charge of felony fraud and swindle in 1999 and sentenced to 21 months in prison. He was released in August 2000, according to the U.S. Bureau of Prisons.
According to the firm's website www.agapeworldinc.net/ it has made commercial bridge loans, construction loans, acquisition loans and financing for properties nationwide with capital obtained from private sources since 1999.
Projects in New York, California, Texas and South Carolina are among those listed as recipients of its loans in the past two years.
INVESTORS RAISED CONCERNS
Investors had been raising concerns about Agape long before the financial crisis unearthed the recent rash of Ponzi schemes, seeking advice and intelligence on Internet investment chat boards such as www.scamvictimsunited.com and www.fatwallet.com.
"Has anyone invested with Agape World Inc? They provide bridge loans and offer investors 13-14% returns? When my brother was telling me about it, it sounded kinda fishy and risky," reads a March 2, 2008 website posting.
"The pictures on their website would make you believe that they funded the San Francisco Bay Bridge, the Taipei 101 Tower, and the Tower of Babylon, and the Baghdad Railroad," reads another post.
NEW YORK (Reuters) - Authorities on Monday arrested the chief executive of a private New York financing firm on suspicion of running a purported Ponzi scheme that attracted $400 million in investments, U.S. law enforcement officials said.
Nicholas Cosmo, head of Agape World Inc on New York's Long Island, was said to provide commercial bridge loans, but was instead operating a traditional Ponzi scheme in which early investors are paid with the money of new clients, officials said.
"Nicholas Cosmo took the advice of an attorney and complied with an arrest warrant," said Al Weissmann, spokesman for the U.S. Postal Inspection Service, which is investigating Agape World and Cosmo along with the FBI.
Another law enforcement official, said agents had visited Cosmo's office on Monday expecting to arrest him, but he was not there.
He complied with the warrant on Monday night and was expected to appear in magistrate's court on Tuesday in Central Islip on Long Island, FBI and USPIS officials said.
The amount of money, while large, pales compared with the purported $50 billion fraud masterminded by investment manager Bernard Madoff. Law enforcement officials said they expect to uncover more Ponzi schemes following the sharp decline of the U.S. financial industry.
Agape World Inc, a private firm with its office in Hauppauge, New York was not registered with the U.S. Securities and Exchange Commission.
"Some of the early investors made money but as this scheme started to crumble, the later investors did not see a penny," a law enforcement official said of the firm.
Cosmo was convicted of a federal charge of felony fraud and swindle in 1999 and sentenced to 21 months in prison. He was released in August 2000, according to the U.S. Bureau of Prisons.
According to the firm's website www.agapeworldinc.net/ it has made commercial bridge loans, construction loans, acquisition loans and financing for properties nationwide with capital obtained from private sources since 1999.
Projects in New York, California, Texas and South Carolina are among those listed as recipients of its loans in the past two years.
INVESTORS RAISED CONCERNS
Investors had been raising concerns about Agape long before the financial crisis unearthed the recent rash of Ponzi schemes, seeking advice and intelligence on Internet investment chat boards such as www.scamvictimsunited.com and www.fatwallet.com.
"Has anyone invested with Agape World Inc? They provide bridge loans and offer investors 13-14% returns? When my brother was telling me about it, it sounded kinda fishy and risky," reads a March 2, 2008 website posting.
"The pictures on their website would make you believe that they funded the San Francisco Bay Bridge, the Taipei 101 Tower, and the Tower of Babylon, and the Baghdad Railroad," reads another post.
JUST PLANE DESPICABLE
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed.
Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.
The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault's sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.
There are just nine of these top-of-the-line models in the United States, with Dassault's European factory churning out three to four 7Xs a month.
Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.
"Why should I help you when what you write will be used to the detriment of our company?" replied Bill McNamee, head of CitiFlight Inc., the subsidiary that manages Citigroup's corporate fleet, when asked to comment about the new 7X.
"What relevance does it have but to hurt my company?"
It's not uncommon for large companies to pay a deposit on a new plane then cancel the order before delivery, according to a source in the corporate aviation business.
Citigroup execs are also quietly trying to unload two of their older Dassault 900EXs.
Those jets, nearly 10 years old, are worth an estimated $27 million each. They were still listed for sale yesterday on the Web site of Citigroup's aviation broker, Aviation Professionals.
A company representative said she would not comment on "brokering both sides of the deal" when asked about the incoming Falcon 7X.
The Dassaults are part of CitiFlight's Gulf Sierra fleet, which includes the two Falcon 900EXs, tail numbers N399GS and N588GS, currently for sale. FAA records show Citigroup reserved a new tail number, N488GS, possibly for the incoming 7X on Nov. 10 last year.
A woman answering the phone at CitiFlight's private hangar in White Plains said she was "not authorized to release information" about the new jet.
Dassault's US sales office declined to comment.
Citigroup spokesman Stephen Cohen declined to comment.
Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.
The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault's sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.
There are just nine of these top-of-the-line models in the United States, with Dassault's European factory churning out three to four 7Xs a month.
Citigroup decided to get its new wings two years ago, when the financial-services giant was flush with cash, but it still intends to take possession of the jet this year despite its current woes, the source said.
"Why should I help you when what you write will be used to the detriment of our company?" replied Bill McNamee, head of CitiFlight Inc., the subsidiary that manages Citigroup's corporate fleet, when asked to comment about the new 7X.
"What relevance does it have but to hurt my company?"
It's not uncommon for large companies to pay a deposit on a new plane then cancel the order before delivery, according to a source in the corporate aviation business.
Citigroup execs are also quietly trying to unload two of their older Dassault 900EXs.
Those jets, nearly 10 years old, are worth an estimated $27 million each. They were still listed for sale yesterday on the Web site of Citigroup's aviation broker, Aviation Professionals.
A company representative said she would not comment on "brokering both sides of the deal" when asked about the incoming Falcon 7X.
The Dassaults are part of CitiFlight's Gulf Sierra fleet, which includes the two Falcon 900EXs, tail numbers N399GS and N588GS, currently for sale. FAA records show Citigroup reserved a new tail number, N488GS, possibly for the incoming 7X on Nov. 10 last year.
A woman answering the phone at CitiFlight's private hangar in White Plains said she was "not authorized to release information" about the new jet.
Dassault's US sales office declined to comment.
Citigroup spokesman Stephen Cohen declined to comment.
Wednesday, January 21, 2009
Israel withdraws its troops from Gaza
Israel said today that it had pulled all its ground forces out of the Gaza Strip, the densely-populated Palestinian territory where it has waged three weeks of intensive war.
The announcement came 13 hours after Barack Obama was inaugurated as US President, and appeared to be an attempt to smooth Israel's relations with the new leader of its powerful ally.
The guns largely fell silent on Sunday when Israel announced a unilateral ceasefire, followed several hours later by Hamas, Gaza's Islamist rulers.
Troop withdrawals began soon after, but Israel's soldiers have not stood down and remain on the fringes of Gaza ready to respond if Hamas militants fire more rockets at southern Israel's urban areas.
“As of this morning, the last of the Israel Defence Forces (IDF) soldiers have left the Gaza Strip and the forces have deployed outside of Gaza and are prepared for any occurrences,” a spokesman for the IDF said.
Israel is still waiting for a clear signal from President Obama on his attitude to its actions in Gaza. President Bush, his predecessor, indicated that he saw the Gaza onslaught as part of Israel’s right to defend itself against rocket fire, and the US blocked international moves to censure Israel.
Since the offensive began on December 27, around 1,300 Palestinians have been killed including at least 700 civilians, and 5,000 have been wounded. Tens of thousands were made homeless as bombardment reduced one sixth of Gaza's buildings to rubble.
The United Nations estimates the cost of Israel's war as some $2 billion for reconstruction of Gaza's infrastructure, and $330 million in emergency food and medical aid.
Ban Ki-moon, the UN Secretary-General, toured Gaza’s rubble-strewn streets yesterday and described the destruction he witnessed as "heartbreaking".
Ten Israeli soldiers died in the conflict, including four hit by friendly fire from their own colleagues, and three civilians were hit by Hamas rocket fire. About 50 Israelis were wounded.
Efforts to ship aid into Gaza through Israel will be complicated because Western governments refuse to deal with Hamas, dubbing it a terrorist organisation for its refusal to renounce terrorism or recognise the peace process. In addition, Israel has imposed a blockade on building materials, which it claims can be used to make weapons.
Hamas held what it termed victory rallies in the Gaza Strip yesterday, but the turnout was comparatively low and the speeches had a hollow ring. Many Palestinians returned to their homes only to find they had been flattened.
“We’ve won the war. But we’ve lost everything,” said Nabil Sultan, standing by a pile of smashed concrete that used to be his house.
In his inaugural speech, Mr Obama promised to reach out to Muslims worldwide and “seek a new way forward, based on mutual interest and mutual respect”.
He is expected soon to name a Middle East envoy, possibly former Senator George Mitchell, who has already been involved in efforts to broke Israeli-Palestinian peace on behalf of both the Clinton and Bush administrations.
Shimon Peres, Israel's figurehead president, hailed Mr Obama’s election as a change of historic significance. “What can be expected of the new president is a winning team to really rout violence from the Middle East and move the peace process forward,” said Mr Peres.
Immediate diplomatic steps were likely to focus on turning the Gaza truce into a long-term ceasefire. More comprehensive efforts towards Israeli-Palestinian peace are likely to be postponed until after Israel's general election on February 19, when a more hardline, right wing government is expected to be elected.
Hamas has said it was continuing talks in Cairo over Egypt’s proposal for a deal that would guarantee the reopening of Gaza border crossings, including a terminal on the Egyptian frontier that had served as the territory’s main exit to the outside world.
The announcement came 13 hours after Barack Obama was inaugurated as US President, and appeared to be an attempt to smooth Israel's relations with the new leader of its powerful ally.
The guns largely fell silent on Sunday when Israel announced a unilateral ceasefire, followed several hours later by Hamas, Gaza's Islamist rulers.
Troop withdrawals began soon after, but Israel's soldiers have not stood down and remain on the fringes of Gaza ready to respond if Hamas militants fire more rockets at southern Israel's urban areas.
“As of this morning, the last of the Israel Defence Forces (IDF) soldiers have left the Gaza Strip and the forces have deployed outside of Gaza and are prepared for any occurrences,” a spokesman for the IDF said.
Israel is still waiting for a clear signal from President Obama on his attitude to its actions in Gaza. President Bush, his predecessor, indicated that he saw the Gaza onslaught as part of Israel’s right to defend itself against rocket fire, and the US blocked international moves to censure Israel.
Since the offensive began on December 27, around 1,300 Palestinians have been killed including at least 700 civilians, and 5,000 have been wounded. Tens of thousands were made homeless as bombardment reduced one sixth of Gaza's buildings to rubble.
The United Nations estimates the cost of Israel's war as some $2 billion for reconstruction of Gaza's infrastructure, and $330 million in emergency food and medical aid.
Ban Ki-moon, the UN Secretary-General, toured Gaza’s rubble-strewn streets yesterday and described the destruction he witnessed as "heartbreaking".
Ten Israeli soldiers died in the conflict, including four hit by friendly fire from their own colleagues, and three civilians were hit by Hamas rocket fire. About 50 Israelis were wounded.
Efforts to ship aid into Gaza through Israel will be complicated because Western governments refuse to deal with Hamas, dubbing it a terrorist organisation for its refusal to renounce terrorism or recognise the peace process. In addition, Israel has imposed a blockade on building materials, which it claims can be used to make weapons.
Hamas held what it termed victory rallies in the Gaza Strip yesterday, but the turnout was comparatively low and the speeches had a hollow ring. Many Palestinians returned to their homes only to find they had been flattened.
“We’ve won the war. But we’ve lost everything,” said Nabil Sultan, standing by a pile of smashed concrete that used to be his house.
In his inaugural speech, Mr Obama promised to reach out to Muslims worldwide and “seek a new way forward, based on mutual interest and mutual respect”.
He is expected soon to name a Middle East envoy, possibly former Senator George Mitchell, who has already been involved in efforts to broke Israeli-Palestinian peace on behalf of both the Clinton and Bush administrations.
Shimon Peres, Israel's figurehead president, hailed Mr Obama’s election as a change of historic significance. “What can be expected of the new president is a winning team to really rout violence from the Middle East and move the peace process forward,” said Mr Peres.
Immediate diplomatic steps were likely to focus on turning the Gaza truce into a long-term ceasefire. More comprehensive efforts towards Israeli-Palestinian peace are likely to be postponed until after Israel's general election on February 19, when a more hardline, right wing government is expected to be elected.
Hamas has said it was continuing talks in Cairo over Egypt’s proposal for a deal that would guarantee the reopening of Gaza border crossings, including a terminal on the Egyptian frontier that had served as the territory’s main exit to the outside world.
Barack Obama halts Guantanamo trials
Hours after being sworn in as US President, Barack Obama has called for a halt to Guantanamo war crimes tribunals, a move which will begin the long awaited process of dismantling the prison itself.
His request for a 120-day suspension of all 21 pending tribunals will bring to a halt the case against Khalid Sheikh Mohammed, the self-proclaimed 9/11 mastermind and four co-defendants who faced the death penalty if convicted.
Military judges are expected to rule on Mr Obama's request to halt the trials today at the US naval base.
The request by Mr Obama was widely anticipated - he had already vowed to close down the prison and its controversial military commission trial system.
"In order to permit the newly inaugurated president and his administration time to review the military commission process, generally, and the cases currently pending before the military commissions, specifically, the secretary of defense has, by order of the president directed the chief prosecutor to seek continuances of 120 days in all pending case," prosecutor Clay Trivett said, in the written request to the judges.
The request said that freezing the trials until May 20 would give the new administration time to evaluate the cases and decide what forum best suits any future prosecution.
About 245 foreign captives are still held at the detention centre that opened in January 2002. The Bush administration had said it planned to try 80 prisoners on war crimes charges, but only three cases have been completed.
Defence lawyers had complained that the tribunals allowed hearsay evidence and coerced testimony, and were the subject of so much political interference that fairness was impossible.
His request for a 120-day suspension of all 21 pending tribunals will bring to a halt the case against Khalid Sheikh Mohammed, the self-proclaimed 9/11 mastermind and four co-defendants who faced the death penalty if convicted.
Military judges are expected to rule on Mr Obama's request to halt the trials today at the US naval base.
The request by Mr Obama was widely anticipated - he had already vowed to close down the prison and its controversial military commission trial system.
"In order to permit the newly inaugurated president and his administration time to review the military commission process, generally, and the cases currently pending before the military commissions, specifically, the secretary of defense has, by order of the president directed the chief prosecutor to seek continuances of 120 days in all pending case," prosecutor Clay Trivett said, in the written request to the judges.
The request said that freezing the trials until May 20 would give the new administration time to evaluate the cases and decide what forum best suits any future prosecution.
About 245 foreign captives are still held at the detention centre that opened in January 2002. The Bush administration had said it planned to try 80 prisoners on war crimes charges, but only three cases have been completed.
Defence lawyers had complained that the tribunals allowed hearsay evidence and coerced testimony, and were the subject of so much political interference that fairness was impossible.
Barack Obama’s promise to America
American weather websites have a wonderful phrase to describe the temperature once the wind chill has been taken into account. They call it the Real Feel. And the Real Feel of the extraordinary gathering in Washington yesterday was of a people coming in from the cold. Black people, people of colour, call them what you will, it was every American’s celebration, but it was a celebration for African-Americans more than most. A majority of the people present were black and, of them, a majority of their ancestors had come to this country in chains. “I get choked just to look at him,” Velda Howell, 50, from Chicago, said. “He only has to stand there, he doesn’t even have to say anything.”
Mrs Howell and her friends have a right to be emotional, and when a television camera came by, there was the predictable cheering and waving, but pride was much more evident than partying. “You think about what your ancestors went through, and it does weigh on you, it does cause you anguish,” Mrs Howell said. “I feel like I really am part of this country now. Part of the Constitution. Before, I just felt like I existed. I am still coming to terms with it.”
When Michelle Obama said last year, during her husband’s campaign, that it was the first time that she had felt proud to be American, it was seen as a gaffe and she retracted it swiftly, but it undeniably described how Mrs Howell and many others feel.
Ranged around a horseshoe-shaped hotel bar on 14th Street in central DC, their faces tilted up to the television screens and aglow with rapturous pride, perhaps 100 people watched in reverential near-silence, punctuated by loud amens, some “all rights” – and laughter whenever George Bush came on the screen. When President Obama thanked President Bush for his service to his country, the bar exploded with hoots of derision. As the screen split to include footage of people watching in Memphis, in Los Angeles, in Chicago, yelps of appreciation went up.
It was a mixed bunch in the bar, some residents, some people, myself included, ducking in at the last moment, frustrated in their efforts to get close to a Jumbotron screen. Much has been made of the Ring of Steel but the security was not heavy-handed: an occasional whoop of a siren, one or two amplified instructions to stick to the sidewalk, an occasional overheard request. “I need you to open your outer garment sir, I need to see right around your waistline.”
The headgear in the hotel bar tells the story. Large, well-groomed, mature ladies, their mink and sable and sealskin hats on their laps, took the front-row stools. “This is gonna be beautiful,” one said to her neighbour, settling in with 15 minutes to go. Aretha Franklin came on to sing My Country ’Tis of Thee. “Go on, baby,” one lady called at the screen. “Ain’t no big thing.” The ladies sang along with Aretha. Later they would dismount their bar stools for The Star-Spangled Banner and stand up straight. One or two put their hands over their hearts.
Farther from the bar stood younger college kids in the ubiquitous Peruvian woolly hats with earflaps. They, as did most people, closed their eyes and mouthed along during the Lord’s Prayer. Behind them stood the chefs, out from the hotel kitchens in their whites and caps. Behind them, one or two ruddy-faced men in Stetsons. Off to one side were the cool guys with diamond-studded trilbys. “It is the first time I have felt involved in the political process,” Tyrone Kennard, a salesman, from Philadelphia, said. “I am proud and happy to be an American. If he fails, let him fail. I am happy just to see the day.” Mr Kennard then tried to sell me some T-shirts. “You want to take some back to London, England, I got some in my hotel, the JW Marriott on Pennsylvania Avenue. We can close the deal right now.”
Mrs Howell had driven from Chicago on Sunday. “Took 12 hours, got a busted tyre outside of Columbus, Ohio, got that fixed, slept in the car.” With her was her son, Justin, 20. “We came into town on the metro at 7am,” Justin said. “Maybe 3,000 people, nobody moving, and then one guy called out, ‘Yes we can’ and the whole subway station started to chant it and everybody started moving again.”
Most people chose to walk. A river of people surging towards the Mall, diverting around the checkpoints at the White House, buying their “I Was There” T-shirts and their funnel cake and hot chocolate from street vendors, having their picture taken with the cardboard Obama cutout outside a gift shop, moving on. The streets were full before dawn. People found their own way to pass the cold hours that followed. Some were wrapped up on the pavement and appeared to sleep. Some played Scrabble, others cards. One enormous man read a magazine calledMuscular Development, its cover urging readers to “Get huge! Jack up Now! Anabolics 2009”. Other groups, on a bank next to the iced-over pool in front of the Lincoln Memorial simply huddled together for warmth, groups of 10 or 12 youngsters stacked in a pile as if they had just finished a sub-zero game of Twister, friends discussing their next move in a tightening jobs market.
Mothers urged their children to keep their hats on, honey. Soldiers, ranged every few yards along the Mall, stamped their booted feet. The DC police, breath steaming through the slits in their ski masks, did the same. The grey plastic walkway laid over the grass was superfluous, the ground was frozen solid. Everywhere people talked on their mobiles, giving running commentaries to family who had not made the trip from St Louis or Sacramento, trying futilely to meet up with friends. “I’m on K and 17th! It’s backed right up, where are you?”
The crowd was sober. Sober as in not inebriated; sober, too, as in serious, purposeful. And it is those qualities that they like in Obama. “Barack and Michelle are cool people,” Mrs Howell said, “but they are respectful people. Michelle is younger than me but I consider her a role model, the way she carries herself, the way she is with her children and her husband, the way he is with her. They take a pride in themselves, they always dress appropriate.” Mrs Howell is concerned by colleagues who wear sneakers to work. She thinks the well-educated, well-spoken, family-oriented, churchgoing Obamas can stop the rot.
After the speech, there was an exodus from the bar, down towards the Mall to catch a glimpse of the motorcade. Ooohs and aaahs and riotous applause followed its progress to the White House. “McCain was right,” said someone behind me. “We’ve elected a rock star.” No, they have elected a President, and yesterday when he descended his presidential limousine to cover the last few blocks of Pennsylvania Avenue on foot, the screams of pleasure showed how delighted they are with their choice.
Mrs Howell and her friends have a right to be emotional, and when a television camera came by, there was the predictable cheering and waving, but pride was much more evident than partying. “You think about what your ancestors went through, and it does weigh on you, it does cause you anguish,” Mrs Howell said. “I feel like I really am part of this country now. Part of the Constitution. Before, I just felt like I existed. I am still coming to terms with it.”
When Michelle Obama said last year, during her husband’s campaign, that it was the first time that she had felt proud to be American, it was seen as a gaffe and she retracted it swiftly, but it undeniably described how Mrs Howell and many others feel.
Ranged around a horseshoe-shaped hotel bar on 14th Street in central DC, their faces tilted up to the television screens and aglow with rapturous pride, perhaps 100 people watched in reverential near-silence, punctuated by loud amens, some “all rights” – and laughter whenever George Bush came on the screen. When President Obama thanked President Bush for his service to his country, the bar exploded with hoots of derision. As the screen split to include footage of people watching in Memphis, in Los Angeles, in Chicago, yelps of appreciation went up.
It was a mixed bunch in the bar, some residents, some people, myself included, ducking in at the last moment, frustrated in their efforts to get close to a Jumbotron screen. Much has been made of the Ring of Steel but the security was not heavy-handed: an occasional whoop of a siren, one or two amplified instructions to stick to the sidewalk, an occasional overheard request. “I need you to open your outer garment sir, I need to see right around your waistline.”
The headgear in the hotel bar tells the story. Large, well-groomed, mature ladies, their mink and sable and sealskin hats on their laps, took the front-row stools. “This is gonna be beautiful,” one said to her neighbour, settling in with 15 minutes to go. Aretha Franklin came on to sing My Country ’Tis of Thee. “Go on, baby,” one lady called at the screen. “Ain’t no big thing.” The ladies sang along with Aretha. Later they would dismount their bar stools for The Star-Spangled Banner and stand up straight. One or two put their hands over their hearts.
Farther from the bar stood younger college kids in the ubiquitous Peruvian woolly hats with earflaps. They, as did most people, closed their eyes and mouthed along during the Lord’s Prayer. Behind them stood the chefs, out from the hotel kitchens in their whites and caps. Behind them, one or two ruddy-faced men in Stetsons. Off to one side were the cool guys with diamond-studded trilbys. “It is the first time I have felt involved in the political process,” Tyrone Kennard, a salesman, from Philadelphia, said. “I am proud and happy to be an American. If he fails, let him fail. I am happy just to see the day.” Mr Kennard then tried to sell me some T-shirts. “You want to take some back to London, England, I got some in my hotel, the JW Marriott on Pennsylvania Avenue. We can close the deal right now.”
Mrs Howell had driven from Chicago on Sunday. “Took 12 hours, got a busted tyre outside of Columbus, Ohio, got that fixed, slept in the car.” With her was her son, Justin, 20. “We came into town on the metro at 7am,” Justin said. “Maybe 3,000 people, nobody moving, and then one guy called out, ‘Yes we can’ and the whole subway station started to chant it and everybody started moving again.”
Most people chose to walk. A river of people surging towards the Mall, diverting around the checkpoints at the White House, buying their “I Was There” T-shirts and their funnel cake and hot chocolate from street vendors, having their picture taken with the cardboard Obama cutout outside a gift shop, moving on. The streets were full before dawn. People found their own way to pass the cold hours that followed. Some were wrapped up on the pavement and appeared to sleep. Some played Scrabble, others cards. One enormous man read a magazine calledMuscular Development, its cover urging readers to “Get huge! Jack up Now! Anabolics 2009”. Other groups, on a bank next to the iced-over pool in front of the Lincoln Memorial simply huddled together for warmth, groups of 10 or 12 youngsters stacked in a pile as if they had just finished a sub-zero game of Twister, friends discussing their next move in a tightening jobs market.
Mothers urged their children to keep their hats on, honey. Soldiers, ranged every few yards along the Mall, stamped their booted feet. The DC police, breath steaming through the slits in their ski masks, did the same. The grey plastic walkway laid over the grass was superfluous, the ground was frozen solid. Everywhere people talked on their mobiles, giving running commentaries to family who had not made the trip from St Louis or Sacramento, trying futilely to meet up with friends. “I’m on K and 17th! It’s backed right up, where are you?”
The crowd was sober. Sober as in not inebriated; sober, too, as in serious, purposeful. And it is those qualities that they like in Obama. “Barack and Michelle are cool people,” Mrs Howell said, “but they are respectful people. Michelle is younger than me but I consider her a role model, the way she carries herself, the way she is with her children and her husband, the way he is with her. They take a pride in themselves, they always dress appropriate.” Mrs Howell is concerned by colleagues who wear sneakers to work. She thinks the well-educated, well-spoken, family-oriented, churchgoing Obamas can stop the rot.
After the speech, there was an exodus from the bar, down towards the Mall to catch a glimpse of the motorcade. Ooohs and aaahs and riotous applause followed its progress to the White House. “McCain was right,” said someone behind me. “We’ve elected a rock star.” No, they have elected a President, and yesterday when he descended his presidential limousine to cover the last few blocks of Pennsylvania Avenue on foot, the screams of pleasure showed how delighted they are with their choice.
JBJ - The Embattled Warrior
As a law student in the 1980’s, I was imbued with idealism and a pretty strong sense of justice and how governments should behave in a liberal democracy. I lapped up what my lecturers taught. But before I could even complete my law degree, I discovered that Singapore was not made in the image and likeness of Western democracies.
In 1986, the government decided that it was not happy with the way the Law Society had conducted itself i.e. having Francis Seow as its President, and actively campaigning against restrictions on the foreign press. So it decided to amend the Legal Profession Act to place conditions on who could run for office in the Society. Select Committee proceedings were held and televised. One by one, the lawyers in the Law Society Council were grilled on national television about how they were not fit to hold office. One was even quizzed about her connections with the Workers’ Party. Detentions under the Internal Security Act of alleged Marxist conspirators followed soon after. Exactly what did the rule of law mean in Singapore? As a young law student, I was perplexed, and in need of answers.
At about the same time, Joshua Benjamin Jeyaretnam, or JBJ as we know him, was fighting huge personal battles. He was the incumbent MP in Anson constituency, having won the by-election in 1981 and been re-elected in 1984. News broke about him being convicted of an offence involving a donor’s cheque to him; he was seen clutching his Bible as he entered Queenstown Remand Prison to serve a prison sentence. Consequently, JBJ was also disqualified from law practice. He appealed against his disqualification to the Privy Council in London, our highest appeal court then. In the course of their judgment, the Law Lords in London observed that JBJ’s conviction was wrong and that he had suffered a “grievous injustice”. This was basically brushed aside by the authorities. JBJ’s disqualification from law practice and from standing for elections for 5 years remained. Within a few months, the government abolished legal appeals to London in disciplinary cases involving lawyers, specifically citing JBJ’s appeal!
Nearly 10 years later, campaigning began for the General Elections held in Jan 1997. Tang Liang Hong had teamed up with JBJ to contest Cheng San GRC. The atmosphere was meteoric, with the ruling party marshalling its full arsenal to label Tang a Chinese chauvinist. As I think back now, Tang’s shouts of “Merdeka” at a lunch time rally at UOB Plaza still ring in my ears to this day. So high, it seems, were the stakes at GE 1997. On New Year’s Day 1997, on the eve of Polling Day, JBJ stood at the WP rally stage at Yio Chu Kang stadium and said that he had with him Tang’s police reports against “Goh Chok Tong and his people”. For that statement, 8 legal suits were commenced in the High Court against JBJ. Deeply troubled and upset, I wrote to JBJ enclosing a donation. Thus we became friends.
Occasionally, I visited him in his law office. As he was representing Tang in legal suits as well, JBJ’s office was full of piles and piles of legal documents and affidavits filed. It is not an exaggeration to say that one had to tip toe through the piles in order to move around. JBJ would be busy drafting replies with the help of his lone secretary, Mrs Chiu. It gave the David and Goliath story new meaning.
As the months passed, JBJ had to pay all sorts of damages, or face bankruptcy. In early 1999, I remember receiving a work bonus. With all my heart, I gave it to him, hoping it would somehow forestall what was to befall him. I know of many others who made contributions. Indeed, JBJ seemed to be regularly saddled with big amounts to pay, at one point about half a million. What were our contributions in the deep pit of defamation damages?
Around that time, 3 polytechnic lecturers decided to make a short film on JBJ, to be aired at a local film festival. JBJ invited me to lunch with him and then to go to the launch of the film. When we arrived at the launch venue, we discovered to our surprise that the film had been delisted from the programme, because it had not been passed by the Board of Film Censors. The lecturers were not at the launch, and JBJ told me he could not contact them for many days. Later, there were reports that they were being investigated for an offence under an obscure section of the Films Act. That section continues to haunt Singaporeans today, but probably not for much longer, as the People’s Action Party has indicated that they have already made political films videos about themselves which they will be showing once the law is amended!
Around the year 2000, I invited JBJ to a small birthday party at my family home. Several friends and my family were there. As with most of my family occasions, alcohol was always available for merry-making. Though JBJ was a whiskey man, he whispered to me that as it was Holy Week (in the Christian calendar, the days preceding Good Friday), he did not “mean to be sanctimonious” but would not want to drink. As I recall, a clergyman among my friends assured him that his salvation would not hinge on that evening alone…and thus was he persuaded.
After he became a bankrupt in 2001, he resigned from the Workers’ Party. I joined the Party in Nov 2001 when Mr Low Thia Khiang was Secretary-General. Because of this, I believe JBJ was not happy with me and we thus became somewhat estranged. In the last few years, our dealings were minimal and formal. But when he started the Reform Party, the Workers’ Party leadership turned up in force at the Reform Party’s inaugural dinner in July 2008. Despite whatever differences, we could not forget his contributions to the continuity of the Party and his leadership through various crises.
I could not say that I knew JBJ well. But from what I knew, he was a God-fearing man who stuck to his guns and moved many by the deep sacrifices he made for the sake of his beliefs. Did he pay too high a price? If he were alive, I believe his answer would have been an emphatic: “No!”
In 1986, the government decided that it was not happy with the way the Law Society had conducted itself i.e. having Francis Seow as its President, and actively campaigning against restrictions on the foreign press. So it decided to amend the Legal Profession Act to place conditions on who could run for office in the Society. Select Committee proceedings were held and televised. One by one, the lawyers in the Law Society Council were grilled on national television about how they were not fit to hold office. One was even quizzed about her connections with the Workers’ Party. Detentions under the Internal Security Act of alleged Marxist conspirators followed soon after. Exactly what did the rule of law mean in Singapore? As a young law student, I was perplexed, and in need of answers.
At about the same time, Joshua Benjamin Jeyaretnam, or JBJ as we know him, was fighting huge personal battles. He was the incumbent MP in Anson constituency, having won the by-election in 1981 and been re-elected in 1984. News broke about him being convicted of an offence involving a donor’s cheque to him; he was seen clutching his Bible as he entered Queenstown Remand Prison to serve a prison sentence. Consequently, JBJ was also disqualified from law practice. He appealed against his disqualification to the Privy Council in London, our highest appeal court then. In the course of their judgment, the Law Lords in London observed that JBJ’s conviction was wrong and that he had suffered a “grievous injustice”. This was basically brushed aside by the authorities. JBJ’s disqualification from law practice and from standing for elections for 5 years remained. Within a few months, the government abolished legal appeals to London in disciplinary cases involving lawyers, specifically citing JBJ’s appeal!
Nearly 10 years later, campaigning began for the General Elections held in Jan 1997. Tang Liang Hong had teamed up with JBJ to contest Cheng San GRC. The atmosphere was meteoric, with the ruling party marshalling its full arsenal to label Tang a Chinese chauvinist. As I think back now, Tang’s shouts of “Merdeka” at a lunch time rally at UOB Plaza still ring in my ears to this day. So high, it seems, were the stakes at GE 1997. On New Year’s Day 1997, on the eve of Polling Day, JBJ stood at the WP rally stage at Yio Chu Kang stadium and said that he had with him Tang’s police reports against “Goh Chok Tong and his people”. For that statement, 8 legal suits were commenced in the High Court against JBJ. Deeply troubled and upset, I wrote to JBJ enclosing a donation. Thus we became friends.
Occasionally, I visited him in his law office. As he was representing Tang in legal suits as well, JBJ’s office was full of piles and piles of legal documents and affidavits filed. It is not an exaggeration to say that one had to tip toe through the piles in order to move around. JBJ would be busy drafting replies with the help of his lone secretary, Mrs Chiu. It gave the David and Goliath story new meaning.
As the months passed, JBJ had to pay all sorts of damages, or face bankruptcy. In early 1999, I remember receiving a work bonus. With all my heart, I gave it to him, hoping it would somehow forestall what was to befall him. I know of many others who made contributions. Indeed, JBJ seemed to be regularly saddled with big amounts to pay, at one point about half a million. What were our contributions in the deep pit of defamation damages?
Around that time, 3 polytechnic lecturers decided to make a short film on JBJ, to be aired at a local film festival. JBJ invited me to lunch with him and then to go to the launch of the film. When we arrived at the launch venue, we discovered to our surprise that the film had been delisted from the programme, because it had not been passed by the Board of Film Censors. The lecturers were not at the launch, and JBJ told me he could not contact them for many days. Later, there were reports that they were being investigated for an offence under an obscure section of the Films Act. That section continues to haunt Singaporeans today, but probably not for much longer, as the People’s Action Party has indicated that they have already made political films videos about themselves which they will be showing once the law is amended!
Around the year 2000, I invited JBJ to a small birthday party at my family home. Several friends and my family were there. As with most of my family occasions, alcohol was always available for merry-making. Though JBJ was a whiskey man, he whispered to me that as it was Holy Week (in the Christian calendar, the days preceding Good Friday), he did not “mean to be sanctimonious” but would not want to drink. As I recall, a clergyman among my friends assured him that his salvation would not hinge on that evening alone…and thus was he persuaded.
After he became a bankrupt in 2001, he resigned from the Workers’ Party. I joined the Party in Nov 2001 when Mr Low Thia Khiang was Secretary-General. Because of this, I believe JBJ was not happy with me and we thus became somewhat estranged. In the last few years, our dealings were minimal and formal. But when he started the Reform Party, the Workers’ Party leadership turned up in force at the Reform Party’s inaugural dinner in July 2008. Despite whatever differences, we could not forget his contributions to the continuity of the Party and his leadership through various crises.
I could not say that I knew JBJ well. But from what I knew, he was a God-fearing man who stuck to his guns and moved many by the deep sacrifices he made for the sake of his beliefs. Did he pay too high a price? If he were alive, I believe his answer would have been an emphatic: “No!”
Dr Chee congratulates President Obama
An occasion of great moment has come upon America this 20th day of January 2009. It is a day summoned by history to what is good and noble as you are inaugurated President of the United States.
My colleagues and I at the Singapore Democratic Party, extend to you our heartfelt congratulations.
We are especially encouraged by what you said on Human Rights Day in December last year:: “When the United States stands up for human rights, by example at home and by effort abroad, we align ourselves with men and women around the world who struggle for the right to speak their minds, to choose their leaders, and to be treated with dignity and respect.”
Alas here in Asia there are altogether too many men and women who still labour under authoritarian regimes and dictatorships.
Mdm Aung San Suu Kyi and her fellow servants of democracy in Burma continue to languish in dark cells simply for daring to dream of freedom. The military government needs to know that with new leadership in the United States, it cannot be repression-as-usual. Change, urgent change must come to Burma, a country that civility has so cruelly forsaken.
In my country, Singapore, the repression is no less severe -- its ugly form made only less grotesque by an English-speaking regime that cleverly uses terms like the "rule of law" and "good governance" to cover up what is effectively a dictatorship.
How else can you describe a government that prohibits public speech and peaceful assembly, completely controls the media, continues to detain its citizens without trial, and manipulates elections?
My party colleagues and fellow human rights advocates have been arrested and prosecuted for taking part in peaceful protests. In March last year 18 of us stood outside our Parliament and protested against the rising cost of living in Singapore. For that we were dragged away by the police and charged for taking part in an illegal procession and assembly. The trial is on-going.
I face multiple charges for speaking in public and conducting protests. I've already been imprisoned seven times. I've been sued for defamation by government leaders and made a bankrupt. As a result I've been banned from standing for elections and barred from travelling overseas. I've been jailed twice for contempt of court.
But don't get me wrong. I'm not complaining. And neither are my associates. We fight for justice and freedom with gladness in our hearts.
But even as I make this video, the Singapore government is already crafting yet more laws to make it even more difficult for the public to conduct protests.
I understand that the United States' relations with Singapore is one based on pragmatism. We are a strong military ally and valuable trading partner. What I don't understand is how a democratic Singapore that respects the rights of its people, undermines this relationship. In fact, a Singapore that practices the rule of law is very much in the interests of the US, both long-term and short.
It is my sincere hope that your administration's foreign policy will be as enlightened as you. I have every confidence that under the leadership of Secretary of State Hillary Clinton, the US will pay more attention to the human rights abuses of the Singapore government and take positive steps to help Singapore join the Community of Democracies.
Before your entry into politics you were a community organiser and civil rights lawyer. Because of this you understand what it is like to be under the crushing weight of poverty.
In Singapore we have a significant layer of the underclass. Like many, I am sure you are shocked to hear that the poor in Singapore are not a small minority. People living in cardboard boxes, stealing scraps of leftovers in public eating places, and the rummaging through dumpsters for something to sell is not an uncommon sight in Singapore.
The tragedy is they suffer in silence for they have no rights and no avenue speak their pain.
But while they suffer, our Prime Minister pays himself a salary that is six times yours. This income disparity did not come about because of the free-market system. It came about because of deliberate policy-making designed to attract the world's wealth to this country, legitimate or otherwise. This is why Singapore has become a tax haven, one that benefits only the rich and super-rich in this country but leaves much of the rest of society neglected.
Like you I have young children whom I love dearly. Like yours I want mine to grow up in a society that places rights before riches, people before profits, a society that values justice and one that is free as it is strong.
It is my hope that the universality of human rights and your leadership will help make the world a better place for your children and mine.
Again, I want to take this opportunity to congratulate you on this most special of days. The load that you bear is heavy and the responsibility you shoulder immense. But I have no doubt that the confidence that your fellow citizens have placed in you will be fully vindicated.
Under your leadership, I look forward to a world that is freer, more democratic, and more just.
Thank you and God Bless.
My colleagues and I at the Singapore Democratic Party, extend to you our heartfelt congratulations.
We are especially encouraged by what you said on Human Rights Day in December last year:: “When the United States stands up for human rights, by example at home and by effort abroad, we align ourselves with men and women around the world who struggle for the right to speak their minds, to choose their leaders, and to be treated with dignity and respect.”
Alas here in Asia there are altogether too many men and women who still labour under authoritarian regimes and dictatorships.
Mdm Aung San Suu Kyi and her fellow servants of democracy in Burma continue to languish in dark cells simply for daring to dream of freedom. The military government needs to know that with new leadership in the United States, it cannot be repression-as-usual. Change, urgent change must come to Burma, a country that civility has so cruelly forsaken.
In my country, Singapore, the repression is no less severe -- its ugly form made only less grotesque by an English-speaking regime that cleverly uses terms like the "rule of law" and "good governance" to cover up what is effectively a dictatorship.
How else can you describe a government that prohibits public speech and peaceful assembly, completely controls the media, continues to detain its citizens without trial, and manipulates elections?
My party colleagues and fellow human rights advocates have been arrested and prosecuted for taking part in peaceful protests. In March last year 18 of us stood outside our Parliament and protested against the rising cost of living in Singapore. For that we were dragged away by the police and charged for taking part in an illegal procession and assembly. The trial is on-going.
I face multiple charges for speaking in public and conducting protests. I've already been imprisoned seven times. I've been sued for defamation by government leaders and made a bankrupt. As a result I've been banned from standing for elections and barred from travelling overseas. I've been jailed twice for contempt of court.
But don't get me wrong. I'm not complaining. And neither are my associates. We fight for justice and freedom with gladness in our hearts.
But even as I make this video, the Singapore government is already crafting yet more laws to make it even more difficult for the public to conduct protests.
I understand that the United States' relations with Singapore is one based on pragmatism. We are a strong military ally and valuable trading partner. What I don't understand is how a democratic Singapore that respects the rights of its people, undermines this relationship. In fact, a Singapore that practices the rule of law is very much in the interests of the US, both long-term and short.
It is my sincere hope that your administration's foreign policy will be as enlightened as you. I have every confidence that under the leadership of Secretary of State Hillary Clinton, the US will pay more attention to the human rights abuses of the Singapore government and take positive steps to help Singapore join the Community of Democracies.
Before your entry into politics you were a community organiser and civil rights lawyer. Because of this you understand what it is like to be under the crushing weight of poverty.
In Singapore we have a significant layer of the underclass. Like many, I am sure you are shocked to hear that the poor in Singapore are not a small minority. People living in cardboard boxes, stealing scraps of leftovers in public eating places, and the rummaging through dumpsters for something to sell is not an uncommon sight in Singapore.
The tragedy is they suffer in silence for they have no rights and no avenue speak their pain.
But while they suffer, our Prime Minister pays himself a salary that is six times yours. This income disparity did not come about because of the free-market system. It came about because of deliberate policy-making designed to attract the world's wealth to this country, legitimate or otherwise. This is why Singapore has become a tax haven, one that benefits only the rich and super-rich in this country but leaves much of the rest of society neglected.
Like you I have young children whom I love dearly. Like yours I want mine to grow up in a society that places rights before riches, people before profits, a society that values justice and one that is free as it is strong.
It is my hope that the universality of human rights and your leadership will help make the world a better place for your children and mine.
Again, I want to take this opportunity to congratulate you on this most special of days. The load that you bear is heavy and the responsibility you shoulder immense. But I have no doubt that the confidence that your fellow citizens have placed in you will be fully vindicated.
Under your leadership, I look forward to a world that is freer, more democratic, and more just.
Thank you and God Bless.
From earning six figures to hoping for $7 an hour
AURORA, Colorado (CNN) -- In her best year as a mortgage broker, Laura Glick says she made "six figures." This week she was one of more than 1,200 people attending a job fair and applying for one of 150 jobs paying between $7 and $12 an hour at a new Kohl's department store in a Denver, Colorado, suburb.
She has been out of work for seven months and never thought it would take her this long to find a job. It's not the kind of job she thought she would be applying for, but she has a case of the jitters just the same.
"Your heart starts to race, and you get nervous even though it is not some big job like you used to have," she said. "I'll take anything at this point."
Glick is not alone. Many other people have lost their jobs in this tough economy.
A record number of jobless claims was set last month, when first-time claims hit a 26-year high of 589,000 claims in one week. Last week's claims also broke the half-million mark, 524,000, according to a new government report cited on CNNMoney.com.
Glick, 29, has been living on about $1400 a month in unemployment benefits, barely enough to cover her rent and health insurance. To get by she has stopped eating out, given up cigarettes and has stopped taking her pets to the vet for regular checkups.
"Its feels very degrading, some of the places I'm applying," Glick said. "It's really difficult, and its hard to stay positive, but that's the only way you're going to get something is staying positive. And I'm hoping everything happens for a reason and the doors that have been closed are going to be the ones that lead to open ones." Watch could you be an entrepreneur »
Job seekers have been pouring into a hotel ballroom all week for one of the prized jobs. They fill out paperwork and then are taken up to a hotel room in groups of ten or so. The beds have been removed from the room, and they sit in a circle while store managers holding clipboards ask questions. Most are told they will hear back within three weeks.
But some get word right away.
"Hey guess what. I got the job," exclaimed Rebecca Erickson, speaking to her mother on her cell phone. When the other applicants filed out the managers asked her to stay behind and offered her a job. She was so excited she forgot to ask how much the job pays.
"It's only part-time, but I'll take it. There's always room for advancement, and with it being a new store opening you never know, a full-time position may open up," she said.
Erickson, a 31-year old single mother of three, has been unemployed for about two months and has been supporting her family on about $1400 a month in unemployment benefits and food stamps.
"It's awesome; It's great; I love it," she said. "To know that I got a job and they have had over a thousand applications come in for this job, and to know that I am the one to get it is just awesome."
A store opening such as this one is rare. With unemployment at 7.2 percent nationwide and retail sales down for six straight months, there are more going-out-of-business signs than grand-opening signs.
Most of the applicants came alone, but a set of identical twins came here as a team.
"Where ever he goes, I go," said Jeri Hines, here with his brother Jerell. The 23-year-olds seem to always have a smile on their faces and insist on working together. They have spent the past year doing odd jobs such as raking leaves and shoveling snow while working on a comic book.
"Its about a girl running around looking for treasure," Jerell said.
As the Hines twins make their way up to the interview room, their strategy is simple.
"Be really energetic and be sure they know everything they can about you," Jerell Hines said
On the way out their smiles are still in place, they flash a thumbs up sign and in unison call out, "Keep your fingers crossed."
Reply With Quote
She has been out of work for seven months and never thought it would take her this long to find a job. It's not the kind of job she thought she would be applying for, but she has a case of the jitters just the same.
"Your heart starts to race, and you get nervous even though it is not some big job like you used to have," she said. "I'll take anything at this point."
Glick is not alone. Many other people have lost their jobs in this tough economy.
A record number of jobless claims was set last month, when first-time claims hit a 26-year high of 589,000 claims in one week. Last week's claims also broke the half-million mark, 524,000, according to a new government report cited on CNNMoney.com.
Glick, 29, has been living on about $1400 a month in unemployment benefits, barely enough to cover her rent and health insurance. To get by she has stopped eating out, given up cigarettes and has stopped taking her pets to the vet for regular checkups.
"Its feels very degrading, some of the places I'm applying," Glick said. "It's really difficult, and its hard to stay positive, but that's the only way you're going to get something is staying positive. And I'm hoping everything happens for a reason and the doors that have been closed are going to be the ones that lead to open ones." Watch could you be an entrepreneur »
Job seekers have been pouring into a hotel ballroom all week for one of the prized jobs. They fill out paperwork and then are taken up to a hotel room in groups of ten or so. The beds have been removed from the room, and they sit in a circle while store managers holding clipboards ask questions. Most are told they will hear back within three weeks.
But some get word right away.
"Hey guess what. I got the job," exclaimed Rebecca Erickson, speaking to her mother on her cell phone. When the other applicants filed out the managers asked her to stay behind and offered her a job. She was so excited she forgot to ask how much the job pays.
"It's only part-time, but I'll take it. There's always room for advancement, and with it being a new store opening you never know, a full-time position may open up," she said.
Erickson, a 31-year old single mother of three, has been unemployed for about two months and has been supporting her family on about $1400 a month in unemployment benefits and food stamps.
"It's awesome; It's great; I love it," she said. "To know that I got a job and they have had over a thousand applications come in for this job, and to know that I am the one to get it is just awesome."
A store opening such as this one is rare. With unemployment at 7.2 percent nationwide and retail sales down for six straight months, there are more going-out-of-business signs than grand-opening signs.
Most of the applicants came alone, but a set of identical twins came here as a team.
"Where ever he goes, I go," said Jeri Hines, here with his brother Jerell. The 23-year-olds seem to always have a smile on their faces and insist on working together. They have spent the past year doing odd jobs such as raking leaves and shoveling snow while working on a comic book.
"Its about a girl running around looking for treasure," Jerell said.
As the Hines twins make their way up to the interview room, their strategy is simple.
"Be really energetic and be sure they know everything they can about you," Jerell Hines said
On the way out their smiles are still in place, they flash a thumbs up sign and in unison call out, "Keep your fingers crossed."
Reply With Quote
Rob Convict's Organs B4 Execution
Spore state media has sunk to new lows as it publish a piece from one of it's writers, Andy Ho, suggesting that convicts on death row should have all their organs harvested before their execution by allowing prison officials to administer large doses of anaesthetics to render them "brain dead".
It's the cycle of life, but not as we know it. A Singaporean triad known as the "One-Eyed Dragon" is hanged after being convicted of murdering a nightclub boss and his kidney is donated to a local retail magnate who was so desperate for a transplant that he illegally tried to buy a kidney off an Indonesian man last year.
While Tang Wee Sung, whose family founded the up-market department store Tangs (Singapore's answer to Selfridges), has not confirmed that he received a kidney from the executed gangster, the Straits Times and other local publications reported that before he was hanged, the "One-Eyed Dragon" specified that Tang be given one of his kidneys.
With Tang remaining silent on where his new kidney came from, bloggers are speculating as to its origins and how he managed to secure it.
It's a story so fantastical that you could not make it up. Yet, at its heart lies a serious issue and one that has been the subject of much public debate in Singapore, after a number of high-profile organ trading cases came to light last year (including the one involving Tang).
With one of the most rapidly-ageing populations in the world, the Singapore government's response to the severe shortage of transplantable organs has been to legalise the payment of compensation to organ donors. This move is intended to allow altruistic donors to be compensated for their medical expenses and loss of earnings and is not meant to operate as an inducement.
However, with the upper limit for compensation still to be set, critics have pointed out that while S$50,000 (or £23,000 - which some observers believe would be a reasonable limit) may be viewed as just compensation by a Singaporean professional who has to take months of work, the same amount would be an inducement to many less well-off people both within Singapore and from neighbouring countries such as Malaysian and Indonesia.
While the discussion about whether or not to move to a free market in organs rumbles on, in the latest bizarre twist to the debate, Andy Ho, a senior journalist at the Straits Times, suggests today that Singapore should routinely "harvest" organs from convicts who are sentenced to death (something that the Chinese prison authorities have been accused of doing in the past, although they were supposedly doing it to line their own pockets rather than help society).
Ho goes on to explain how hanging is not conducive to organ donation because the body is deprived of oxygen, damaging vital organs such as the heart and the liver and making them unusable for transplant. Similarly, he points out that the drugs administered by lethal injection are designed to destroy the vital organs one-by-one and that the gas chamber and electric chair also render most organs untransplantable.
That leads him to suggest another option, which sounds like some dark, modern-day equivalent of being "hung, drawn and quartered". "Capital punishment by organ removal under anaesthesia", as he puts it, would allow all the organs to be removed in good working order but, presumably, doctors would face just a few ethical issues if they became executioners as well.
Ho's solution to this quandary? Get the prison staff to administer anaesthetics to the death-row inmate in such a large dose that they are rendered "brain dead" and then let the transplant team move in. An innovative suggestion, perhaps, but I'm not sure how many doctors would be keen to get involved.
And since Singapore's ageing hangman Darshan Singh has reportedly been unable to find anyone willing to replace him, the prison service may struggle to find any executioners as well.
It's the cycle of life, but not as we know it. A Singaporean triad known as the "One-Eyed Dragon" is hanged after being convicted of murdering a nightclub boss and his kidney is donated to a local retail magnate who was so desperate for a transplant that he illegally tried to buy a kidney off an Indonesian man last year.
While Tang Wee Sung, whose family founded the up-market department store Tangs (Singapore's answer to Selfridges), has not confirmed that he received a kidney from the executed gangster, the Straits Times and other local publications reported that before he was hanged, the "One-Eyed Dragon" specified that Tang be given one of his kidneys.
With Tang remaining silent on where his new kidney came from, bloggers are speculating as to its origins and how he managed to secure it.
It's a story so fantastical that you could not make it up. Yet, at its heart lies a serious issue and one that has been the subject of much public debate in Singapore, after a number of high-profile organ trading cases came to light last year (including the one involving Tang).
With one of the most rapidly-ageing populations in the world, the Singapore government's response to the severe shortage of transplantable organs has been to legalise the payment of compensation to organ donors. This move is intended to allow altruistic donors to be compensated for their medical expenses and loss of earnings and is not meant to operate as an inducement.
However, with the upper limit for compensation still to be set, critics have pointed out that while S$50,000 (or £23,000 - which some observers believe would be a reasonable limit) may be viewed as just compensation by a Singaporean professional who has to take months of work, the same amount would be an inducement to many less well-off people both within Singapore and from neighbouring countries such as Malaysian and Indonesia.
While the discussion about whether or not to move to a free market in organs rumbles on, in the latest bizarre twist to the debate, Andy Ho, a senior journalist at the Straits Times, suggests today that Singapore should routinely "harvest" organs from convicts who are sentenced to death (something that the Chinese prison authorities have been accused of doing in the past, although they were supposedly doing it to line their own pockets rather than help society).
Ho goes on to explain how hanging is not conducive to organ donation because the body is deprived of oxygen, damaging vital organs such as the heart and the liver and making them unusable for transplant. Similarly, he points out that the drugs administered by lethal injection are designed to destroy the vital organs one-by-one and that the gas chamber and electric chair also render most organs untransplantable.
That leads him to suggest another option, which sounds like some dark, modern-day equivalent of being "hung, drawn and quartered". "Capital punishment by organ removal under anaesthesia", as he puts it, would allow all the organs to be removed in good working order but, presumably, doctors would face just a few ethical issues if they became executioners as well.
Ho's solution to this quandary? Get the prison staff to administer anaesthetics to the death-row inmate in such a large dose that they are rendered "brain dead" and then let the transplant team move in. An innovative suggestion, perhaps, but I'm not sure how many doctors would be keen to get involved.
And since Singapore's ageing hangman Darshan Singh has reportedly been unable to find anyone willing to replace him, the prison service may struggle to find any executioners as well.
President Barrack Obama Inaugural Address
My fellow citizens:
I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.
Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forbearers, and true to our founding documents.
So it has been. So it must be with this generation of Americans.
That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.
These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land - a nagging fear that America's decline is inevitable, and that the next generation must lower its sights.
Today I say to you that the challenges we face are real. They are serious and they are many.
They will not be met easily or in a short span of time. But know this, America - they will be met. On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.
On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.
We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness.
In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom.
For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.
For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth.
For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn. Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction.
This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.
For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do.
Now, there are some who question the scale of our ambitions - who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.
What the cynics fail to understand is that the ground has shifted beneath them - that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works - whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public's dollars will be held to account - to spend wisely, reform bad habits, and do our business in the light of day - because only then can we restore the vital trust between a people and their government.
Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good.
As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience's sake. And so to all other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: know that America is a friend of each nation and every man, woman, and child who seeks a future of peace and dignity, and that we are ready to lead once more.
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
We are the keepers of this legacy. Guided by these principles once more, we can meet those new threats that demand even greater effort - even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people, and forge a hard-earned peace in Afghanistan. With old friends and former foes, we will work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet. We will not apologize for our way of life, nor will we waver in its defense, and for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you.
For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus - and non-believers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.
To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect.
To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West - know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist.
I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.
Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forbearers, and true to our founding documents.
So it has been. So it must be with this generation of Americans.
That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.
These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land - a nagging fear that America's decline is inevitable, and that the next generation must lower its sights.
Today I say to you that the challenges we face are real. They are serious and they are many.
They will not be met easily or in a short span of time. But know this, America - they will be met. On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.
On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.
We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness.
In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom.
For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.
For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth.
For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn. Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction.
This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.
For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology's wonders to raise health care's quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do.
Now, there are some who question the scale of our ambitions - who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.
What the cynics fail to understand is that the ground has shifted beneath them - that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works - whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public's dollars will be held to account - to spend wisely, reform bad habits, and do our business in the light of day - because only then can we restore the vital trust between a people and their government.
Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good.
As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience's sake. And so to all other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: know that America is a friend of each nation and every man, woman, and child who seeks a future of peace and dignity, and that we are ready to lead once more.
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
We are the keepers of this legacy. Guided by these principles once more, we can meet those new threats that demand even greater effort - even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people, and forge a hard-earned peace in Afghanistan. With old friends and former foes, we will work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet. We will not apologize for our way of life, nor will we waver in its defense, and for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you.
For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus - and non-believers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.
To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect.
To those leaders around the globe who seek to sow conflict, or blame their society's ills on the West - know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist.
Hong Kong Stocks Tumble as Economic Outlook Dims
By Patrick Rial
Jan. 20 (Bloomberg) -- Hong Kong stocks dropped to the lowest level in almost two months as rising unemployment and a forecast of record losses by Royal Bank of Scotland Group Plc intensified concern the global economic slump is worsening.
Foxconn International Holdings Ltd. lost 6.6 percent after the world’s biggest contract maker of mobile phones said profit is likely to drop as demand falls. HSBC Holdings Plc, Europe’s largest bank, lost 6.3 percent on rising speculation it will not be able to avoid raising capital.
“The global economy is going to remain weak,” said Michiya Tomita, a Hong Kong-based fund manager of Chinese stocks at Mitsubishi UFJ Asset Management Co., which oversees $61 billion. “The effect of the U.S. and European financial problems are being felt here because HSBC carries such a strong weight in equity indexes.”
The Hang Seng Index dropped 464.59, or 3.5 percent, to 12,874.40 as of 11:06 a.m. local time, set for the lowest level since Nov. 24. The Hang Seng China Enterprises Index, which tracks Chinese companies’ so-called H shares, retreated 3.6 percent to 6,983.71.
The Hang Seng lost 48 percent in 2008, its worst annual performance since 1974, as the financial crisis pulled economies worldwide into recession. The gauge has retreated 11 percent so far in 2009. Analysts have cut profit estimates by 12 percent in the last 12 months for companies in the index, according to data compiled by Bloomberg.
GDP Estimate Lowered
Foxconn fell 6.6 percent to HK$2.81. The company said yesterday it had a “significant decline” in 2008 profit as demand and prices for mobile phones slumped.
New World Department Store China Ltd., a retailing unit of Hong Kong billionaire Cheng Yu-tung’s New World Development Co., retreated 5.6 percent to HK$3.05. Hang Lung Properties Ltd., which owns the Plaza 66 complex in Shanghai, tumbled 8 percent to HK$17.07.
Hong Kong’s unemployment rate climbed to 4.1 percent for the latest quarter, the highest level in 15 months, the government said yesterday.
Denise Yam, an economist at Morgan Stanley, lowered her gross domestic product forecast for Hong Kong to minus 3.8 percent for 2009 because waning global demand will reduce exports.
“The latest cuts are driven primarily by further weakening in external demand, which is expected to slash merchandise trade flows by more than 10 percent,” Lam wrote in a report.
Exports of goods and services will decline, Lam wrote. “The recovery in 2010 is expected to be tepid at best.”
ICBC Falls
HSBC lost 6.3 percent to HK$58.35, headed for the lowest level since October 1998. Industrial & Commercial Bank of China Ltd. dropped 5.2 percent to HK$3.27 after the New York Post reported American Express Co. plans to sell its $500 million stake in the bank as soon as restrictions on selling the shares are removed in three months.
RBS said yesterday it may post a loss of as much as 28 billion pounds ($41 billion) this year, which would be the biggest loss in U.K. corporate history, exceeding Vodafone Group Plc’s 22 billion pound net loss in 2006. The stock plummeted 67 percent.
Jan. 20 (Bloomberg) -- Hong Kong stocks dropped to the lowest level in almost two months as rising unemployment and a forecast of record losses by Royal Bank of Scotland Group Plc intensified concern the global economic slump is worsening.
Foxconn International Holdings Ltd. lost 6.6 percent after the world’s biggest contract maker of mobile phones said profit is likely to drop as demand falls. HSBC Holdings Plc, Europe’s largest bank, lost 6.3 percent on rising speculation it will not be able to avoid raising capital.
“The global economy is going to remain weak,” said Michiya Tomita, a Hong Kong-based fund manager of Chinese stocks at Mitsubishi UFJ Asset Management Co., which oversees $61 billion. “The effect of the U.S. and European financial problems are being felt here because HSBC carries such a strong weight in equity indexes.”
The Hang Seng Index dropped 464.59, or 3.5 percent, to 12,874.40 as of 11:06 a.m. local time, set for the lowest level since Nov. 24. The Hang Seng China Enterprises Index, which tracks Chinese companies’ so-called H shares, retreated 3.6 percent to 6,983.71.
The Hang Seng lost 48 percent in 2008, its worst annual performance since 1974, as the financial crisis pulled economies worldwide into recession. The gauge has retreated 11 percent so far in 2009. Analysts have cut profit estimates by 12 percent in the last 12 months for companies in the index, according to data compiled by Bloomberg.
GDP Estimate Lowered
Foxconn fell 6.6 percent to HK$2.81. The company said yesterday it had a “significant decline” in 2008 profit as demand and prices for mobile phones slumped.
New World Department Store China Ltd., a retailing unit of Hong Kong billionaire Cheng Yu-tung’s New World Development Co., retreated 5.6 percent to HK$3.05. Hang Lung Properties Ltd., which owns the Plaza 66 complex in Shanghai, tumbled 8 percent to HK$17.07.
Hong Kong’s unemployment rate climbed to 4.1 percent for the latest quarter, the highest level in 15 months, the government said yesterday.
Denise Yam, an economist at Morgan Stanley, lowered her gross domestic product forecast for Hong Kong to minus 3.8 percent for 2009 because waning global demand will reduce exports.
“The latest cuts are driven primarily by further weakening in external demand, which is expected to slash merchandise trade flows by more than 10 percent,” Lam wrote in a report.
Exports of goods and services will decline, Lam wrote. “The recovery in 2010 is expected to be tepid at best.”
ICBC Falls
HSBC lost 6.3 percent to HK$58.35, headed for the lowest level since October 1998. Industrial & Commercial Bank of China Ltd. dropped 5.2 percent to HK$3.27 after the New York Post reported American Express Co. plans to sell its $500 million stake in the bank as soon as restrictions on selling the shares are removed in three months.
RBS said yesterday it may post a loss of as much as 28 billion pounds ($41 billion) this year, which would be the biggest loss in U.K. corporate history, exceeding Vodafone Group Plc’s 22 billion pound net loss in 2006. The stock plummeted 67 percent.
Job losses - SG population to decline by 4 %
SINGAPORE, Jan 20, 2009 (AFP) - Tiny Singapore's population is expected to decline by 200,000 as companies lay off a massive number of foreign workers during a worsening recession, Swiss banking giant Credit Suisse said.
The job cuts, which would include highly-paid expatriates and permanent residents, will hurt domestic consumption and help push the economy into its sharpest decline since independence in 1965, said the report received by AFP on Tuesday.
A loss of 200,000 jobs would amount to more than four percent of the population.
Credit Suisse said the economic slowdown in the trade-sensitive city-state had so far been driven by a sharp decline in exports, while domestic demand held up.
But for this year, "consumption growth should also slow, in part because of our expectation that Singapore's population will potentially drop by 200,000 by 2010" due to job losses, it said.
"Historically, Singapore's foreign population has tended to expand during high growth periods and contract during recessionary periods," the report said.
"Given the strong foreigner population growth in recent years, this trend is unlikely to change in this downturn."
Of the 800,000 jobs created from 2004 to the third quarter of last year, Credit Suisse estimated that more than 500,000 were filled by foreigners and permanent residents.
About 200,000 of those jobs were in manufacturing and almost another 200,000 were in the financial and business services. Most of these jobs were filled by expatriate workers who earn more than the average Singaporean, it said.
"As a result, job losses are likely to hit the Singaporean economy hard because they affect more highly paid workers and could result in a semi-permanent drop in the population," the report said.
As of mid-2008, Singapore had a total estimated population of 4.84 million people, including 3.64 million citizens and permanent residents, Statistics Department data showed. The rest, more than one million, are foreign workers and their families.
With the impact of falling domestic demand exacerbating declining exports, the economy was likely to contract by 2.8 percent this year, Credit Suisse said.
This would leave the economy in its worse shape ever, after 2001 when it shrank by 2.4 percent.
The economy grew 1.5 percent last year compared with 7.7 percent in 2007.
Despite the expected layoffs, Singapore's Acting Minister for Manpower Gan Kim Yong said the city-state would still need overseas labour.
Gan said that foreign workers allowed Singapore companies to remain globally competitive and contributed to keeping jobs within the country.
"If companies become uncompetitive in Singapore, they may decide to relocate to other countries and we will lose more jobs. This will be a lose-lose outcome," he said in parliament Monday.
The job cuts, which would include highly-paid expatriates and permanent residents, will hurt domestic consumption and help push the economy into its sharpest decline since independence in 1965, said the report received by AFP on Tuesday.
A loss of 200,000 jobs would amount to more than four percent of the population.
Credit Suisse said the economic slowdown in the trade-sensitive city-state had so far been driven by a sharp decline in exports, while domestic demand held up.
But for this year, "consumption growth should also slow, in part because of our expectation that Singapore's population will potentially drop by 200,000 by 2010" due to job losses, it said.
"Historically, Singapore's foreign population has tended to expand during high growth periods and contract during recessionary periods," the report said.
"Given the strong foreigner population growth in recent years, this trend is unlikely to change in this downturn."
Of the 800,000 jobs created from 2004 to the third quarter of last year, Credit Suisse estimated that more than 500,000 were filled by foreigners and permanent residents.
About 200,000 of those jobs were in manufacturing and almost another 200,000 were in the financial and business services. Most of these jobs were filled by expatriate workers who earn more than the average Singaporean, it said.
"As a result, job losses are likely to hit the Singaporean economy hard because they affect more highly paid workers and could result in a semi-permanent drop in the population," the report said.
As of mid-2008, Singapore had a total estimated population of 4.84 million people, including 3.64 million citizens and permanent residents, Statistics Department data showed. The rest, more than one million, are foreign workers and their families.
With the impact of falling domestic demand exacerbating declining exports, the economy was likely to contract by 2.8 percent this year, Credit Suisse said.
This would leave the economy in its worse shape ever, after 2001 when it shrank by 2.4 percent.
The economy grew 1.5 percent last year compared with 7.7 percent in 2007.
Despite the expected layoffs, Singapore's Acting Minister for Manpower Gan Kim Yong said the city-state would still need overseas labour.
Gan said that foreign workers allowed Singapore companies to remain globally competitive and contributed to keeping jobs within the country.
"If companies become uncompetitive in Singapore, they may decide to relocate to other countries and we will lose more jobs. This will be a lose-lose outcome," he said in parliament Monday.
Take This Test To Find Out If You Are A Lesser Mortal
All you retarded dogs need to be aware of your place in society.
Mr Tan Yong Soon use his own money to attend the culinary course in France, unlike you poor, lazy and uneducated morons who are perenially begging the government for handouts and freebies.
If you dumbasses are having doubts if you are indeed lesser mortals, take this definitive test.
Q1. Have you ever been the recipient of a Scholarship?
Q2. Did you score more than 260 marks for your PSLE?
Q3. Does all your assets combined totalled more than $1m?
Q4. Have you ever dine in a Michelin-starred restaurant?
Q5. Do you own a private property, car and countryclub membership?
Q6. Have you travelled overseas beyond Asia?
Q7. Do you earn more than $10,000 a month?
Q8. Do you fly first class or business class in your travels?
Q9. Do you feel you are so talented you will never be out of job?
Q10. Do you think Christmas is more important than Chinese New Year?
If your answer to any of the above questions is a 'No', you are a bloody loser in life and definitely a lesser mortal and you should learn to live with it instead of whining about how some higher mortal exposed your deficiencies.
Contributed by Clinton 666
Mr Tan Yong Soon use his own money to attend the culinary course in France, unlike you poor, lazy and uneducated morons who are perenially begging the government for handouts and freebies.
If you dumbasses are having doubts if you are indeed lesser mortals, take this definitive test.
Q1. Have you ever been the recipient of a Scholarship?
Q2. Did you score more than 260 marks for your PSLE?
Q3. Does all your assets combined totalled more than $1m?
Q4. Have you ever dine in a Michelin-starred restaurant?
Q5. Do you own a private property, car and countryclub membership?
Q6. Have you travelled overseas beyond Asia?
Q7. Do you earn more than $10,000 a month?
Q8. Do you fly first class or business class in your travels?
Q9. Do you feel you are so talented you will never be out of job?
Q10. Do you think Christmas is more important than Chinese New Year?
If your answer to any of the above questions is a 'No', you are a bloody loser in life and definitely a lesser mortal and you should learn to live with it instead of whining about how some higher mortal exposed your deficiencies.
Contributed by Clinton 666
PM Lee Is The Most Philanthropic Leader In The World
PM Lee pumps S$500,000 into endowment fundBy S Ramesh, Channel NewsAsia | Posted: 15 January 2009 1353 hrs
SINGAPORE: Prime Minister Lee Hsien Loong has created two more education awards under an endowment fund which he set up last year.
This brings the total to four awards, with Mr Lee contributing an additional S$500,000 towards this endowment fund.
Mr Lee said Thursday the amount comes from the salary increase of S$1,040,000 he had received last year as a result of the salary adjustments in April 2007.
The Prime Minister said he has donated the rest of the salary increase to a range of community, grassroots, arts and welfare organisations.
In February last year, the Education Ministry announced two awards financed from an endowment fund set up by the Prime Minister. They were the Lee Hsien Loong Award for Special Achievement and the Lee Hsien Loong Award for Innovations in Normal Course.
The awards were to recognise students who had persevered and done well, and schools which have found effective ways to help these students.
One of the two new awards is the Lee Hsien Loong Award for Outstanding Bicultural Students, which will be given out to students in two programmes, one of which is the Regional Studies Programme.
Under it, students take up Malay or Bahasa Indonesia as a third language and learn about Southeast Asian culture and society.
Eugene Lim, a student under the Regional Studies Programme at Raffles Institution, said: "It gives us a better understanding about people of other countries so that when we interact with them, we are aware of the different issues of concern to them."
The coordinator of the Regional Studies Programme at Raffles Institution, Valerie Keh, said: "In the long run, they would be able to appreciate how our neighbouring countries deal with crisis and current events. And the students will not pass judgement so easily, because they know what are the considerations these countries will have."
The other programme benefiting from the award is the Bicultural Studies Programme, which is currently offered in four schools, where students also have an immersion programme in China.
A senior consultant of the Language Elective Programme at Hwa Chong Institution, Lam Yew Cheong, said: "They have an opportunity to stay in China for six months. So they can actually understand and appreciate their culture and in future, they will have more confidence when they go to China."
The next special honour is the Lee Hsien Loong Award for Outstanding All-Round Achievement.
It will recognise students who excel academically and non-academically, and contribute to the community in enterprising ways.
One student each from the junior colleges, ITEs, polytechnics and universities stand to clinch it.
Mr Lee added that the money that he is contributing will enable the endowment to generate enough returns to fund all four awards.
And over the next few years, he intends to make further contributions to build up the endowment.
The Prime Minister stressed that education is the key to success in Singapore as it gives students the opportunity to acquire the skills and knowledge to create better lives for themselves.
Mr Lee said he hopes the awards will encourage students to do their best and excel, and help to foster an inclusive education system that nurtures students of all talents and abilities.
SINGAPORE: Prime Minister Lee Hsien Loong has created two more education awards under an endowment fund which he set up last year.
This brings the total to four awards, with Mr Lee contributing an additional S$500,000 towards this endowment fund.
Mr Lee said Thursday the amount comes from the salary increase of S$1,040,000 he had received last year as a result of the salary adjustments in April 2007.
The Prime Minister said he has donated the rest of the salary increase to a range of community, grassroots, arts and welfare organisations.
In February last year, the Education Ministry announced two awards financed from an endowment fund set up by the Prime Minister. They were the Lee Hsien Loong Award for Special Achievement and the Lee Hsien Loong Award for Innovations in Normal Course.
The awards were to recognise students who had persevered and done well, and schools which have found effective ways to help these students.
One of the two new awards is the Lee Hsien Loong Award for Outstanding Bicultural Students, which will be given out to students in two programmes, one of which is the Regional Studies Programme.
Under it, students take up Malay or Bahasa Indonesia as a third language and learn about Southeast Asian culture and society.
Eugene Lim, a student under the Regional Studies Programme at Raffles Institution, said: "It gives us a better understanding about people of other countries so that when we interact with them, we are aware of the different issues of concern to them."
The coordinator of the Regional Studies Programme at Raffles Institution, Valerie Keh, said: "In the long run, they would be able to appreciate how our neighbouring countries deal with crisis and current events. And the students will not pass judgement so easily, because they know what are the considerations these countries will have."
The other programme benefiting from the award is the Bicultural Studies Programme, which is currently offered in four schools, where students also have an immersion programme in China.
A senior consultant of the Language Elective Programme at Hwa Chong Institution, Lam Yew Cheong, said: "They have an opportunity to stay in China for six months. So they can actually understand and appreciate their culture and in future, they will have more confidence when they go to China."
The next special honour is the Lee Hsien Loong Award for Outstanding All-Round Achievement.
It will recognise students who excel academically and non-academically, and contribute to the community in enterprising ways.
One student each from the junior colleges, ITEs, polytechnics and universities stand to clinch it.
Mr Lee added that the money that he is contributing will enable the endowment to generate enough returns to fund all four awards.
And over the next few years, he intends to make further contributions to build up the endowment.
The Prime Minister stressed that education is the key to success in Singapore as it gives students the opportunity to acquire the skills and knowledge to create better lives for themselves.
Mr Lee said he hopes the awards will encourage students to do their best and excel, and help to foster an inclusive education system that nurtures students of all talents and abilities.
DBS to raise headcount by up to 25% in India
NEW DELHI: Singapore-based DBS Bank is going to ramp up headcount by as much as 20-25% in the country even as it is laying off over 500 employees in Singapore and Hong Kong, its key business centres.
DBS plans to recruit around 100 people in the entry- and middle-level management in India by the end of 2009 at a time when companies in the financial services sector are going slow on recruitment following the global financial crisis.
The bank in India, is looking to focus on building a strong deposit base for strengthening its retail portfolio. “India is expected to have a high GDP growth rate in the future. We want to strengthen our footprint in the country and are looking at hiring new heads in the next few months,” said DBS Bank CEO Sanjiv Bhasin. DBS Bank started its operations in India in the early 1990s when it opened a representative office in Mumbai.
This was upgraded to a full branch in March 1995. The bank currently operates six branches in Bangalore and Pune apart from the four major metros. It has recently got the licence from Reserve Bank of India (RBI) to open four new branches in Moradabad, Nasik, Salem and Surat.
The bank had paid up equity capital of Rs 951 crore as of March 2008. It clocked a net profit of Rs 65 crore on total income of Rs 681 crore for 2007-08. The bank’s net worth had more than doubled between FY06 and FY08 to Rs 1,141 crore.
In the same period, its income and profits have grown four times. DBS is the largest bank in Singapore by assets. It is also a prominent player in South-east Asia with operations in 16 markets with more than 15,000 employees in Asia.
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DBS plans to recruit around 100 people in the entry- and middle-level management in India by the end of 2009 at a time when companies in the financial services sector are going slow on recruitment following the global financial crisis.
The bank in India, is looking to focus on building a strong deposit base for strengthening its retail portfolio. “India is expected to have a high GDP growth rate in the future. We want to strengthen our footprint in the country and are looking at hiring new heads in the next few months,” said DBS Bank CEO Sanjiv Bhasin. DBS Bank started its operations in India in the early 1990s when it opened a representative office in Mumbai.
This was upgraded to a full branch in March 1995. The bank currently operates six branches in Bangalore and Pune apart from the four major metros. It has recently got the licence from Reserve Bank of India (RBI) to open four new branches in Moradabad, Nasik, Salem and Surat.
The bank had paid up equity capital of Rs 951 crore as of March 2008. It clocked a net profit of Rs 65 crore on total income of Rs 681 crore for 2007-08. The bank’s net worth had more than doubled between FY06 and FY08 to Rs 1,141 crore.
In the same period, its income and profits have grown four times. DBS is the largest bank in Singapore by assets. It is also a prominent player in South-east Asia with operations in 16 markets with more than 15,000 employees in Asia.
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Default Ministry wants to halt to hiring foreigners.
New Straits Times
By : Annie Freeda Cruez and V. Vasudevan
PUTRAJAYA, MALAYSIA: The Human Resources Ministry is pushing for a temporary freeze on the hiring of foreign workers.
Minister Datuk Dr S. Subramaniam said a letter would be sent to the Home Ministry today in view of the high retrenchment of workers following the global economic recession.
"We want industries to stop recruiting foreign workers and offer jobs to Malaysians instead."
Dr Subramaniam will meet Home Minister Datuk Seri Syed Hamid Albar soon to discuss the matter.
The cabinet had recently approved a special allocation of RM100 million for the Retrenchment Fund to retrain retrenched workers and another RM70 million to facilitate employment of retrenched employees and graduates seeking jobs.
Two special committees have been set up to manage the funds.
Last year 33,451 workers were retrenched, compared with 26,417 in 2007. Between October last year and yesterday 13,040 workers were retrenched, including 2,955 foreigners, while 45,000 have been temporary laid off work.
The number is set to increase with 221 companies notifying the Labour Department that they would retrench 6,318 this month and another 89 companies retrenching 3,270 workers next month.
Under the Employment Act, employers must inform the department a month in advance of the intention to retrench workers.
Dr Subramaniam urged employers to postpone retrenchment and if it is unavoidable, then foreigners should go first.
The ministry has set up 80 operations centres nationwide to monitor retrenchments as well as validate job vacancies.
Labour Department director-general Datuk Ismail Abdul Rahim said there are 15,459 job vacancies mainly for general workers, machine operators, service technicians and managers.
By : Annie Freeda Cruez and V. Vasudevan
PUTRAJAYA, MALAYSIA: The Human Resources Ministry is pushing for a temporary freeze on the hiring of foreign workers.
Minister Datuk Dr S. Subramaniam said a letter would be sent to the Home Ministry today in view of the high retrenchment of workers following the global economic recession.
"We want industries to stop recruiting foreign workers and offer jobs to Malaysians instead."
Dr Subramaniam will meet Home Minister Datuk Seri Syed Hamid Albar soon to discuss the matter.
The cabinet had recently approved a special allocation of RM100 million for the Retrenchment Fund to retrain retrenched workers and another RM70 million to facilitate employment of retrenched employees and graduates seeking jobs.
Two special committees have been set up to manage the funds.
Last year 33,451 workers were retrenched, compared with 26,417 in 2007. Between October last year and yesterday 13,040 workers were retrenched, including 2,955 foreigners, while 45,000 have been temporary laid off work.
The number is set to increase with 221 companies notifying the Labour Department that they would retrench 6,318 this month and another 89 companies retrenching 3,270 workers next month.
Under the Employment Act, employers must inform the department a month in advance of the intention to retrench workers.
Dr Subramaniam urged employers to postpone retrenchment and if it is unavoidable, then foreigners should go first.
The ministry has set up 80 operations centres nationwide to monitor retrenchments as well as validate job vacancies.
Labour Department director-general Datuk Ismail Abdul Rahim said there are 15,459 job vacancies mainly for general workers, machine operators, service technicians and managers.
Singapore in worst-ever recession after Q4 slump
By Kevin Lim and Neil Chatterjee
SINGAPORE, Jan 21 - Singapore's economy shrank more than expected in the fourth quarter, prompting the government to declare the nation was in its worst ever recession and fanning expectations that the central bank will let its currency weaken.
The Singapore economy shrank in the fourth quarter at a seasonally adjusted, annualised pace of 16.9 percent, deeper than advance estimates of a 12.5 percent contraction, detailed government data showed on Wednesday.
The government said it now expected Singapore's economy to contract between two and five percent this year, slashing its forecast further from an already downgraded outlook of a range of minus 2 percent to plus 1 percent published just three weeks ago.
"The Singapore economy is going through its sharpest, deepest and most protracted recession," the Trade Ministry's second permanent secretary Ravi Menon said at a media briefing.
Singapore's central bank said on Wednesday that its monetary policy stance of zero appreciation in the Singapore dollar announced last October was intact and it had no plans to review monetary policy ahead of a scheduled policy meeting in April.
But analysts said the gloomy economic forecasts and grim fourth quarter data increased the likelihood the central bank will loosen policy and let the Singapore dollar slide.
"I'm bearish for the Singapore dollar. It's worse than I expected," said Irene Cheung, currency strategist at Royal Bank of Scotland in Singapore.
"I expect monetary policy to remain accommodative -- they should have recentered the band earlier, but they might still do it -- the sooner the better."
Singapore manages monetary policy by adjusting the value of its currency relative to those of its main trading partners in an undisclosed band. The Singapore dollar stood at 1.5037 against the U.S. dollar by 0050 GMT, compared with 1.51 before the data.
The government expects key non-oil domestic exports will shrink 9-11 percent this year, while total trade, which includes entreport activities, may plunge 17-19 percent.
From a year ago, fourth quarter gross domestic product, or the value of all goods and services produced in Singapore, fell 3.7 percent following a drop of 0.2 percent in the third quarter.
Singapore last reported three straight quarters of economic contraction in 2001 after the dotcom bubble burst in the United States, badly hurting the city-state's key electronics sector.
The economy grew 1.2 percent for all of 2008, slowing sharply from 7.7 percent expansion in 2007.
The government said manufacturing output in the fourth quarter shrank 10.7 percent from a year earlier, while services contracted 0.1 percent. (Additional reporting by Saeed Azhar and Jan Dahinten; Editing by Tomasz Janowski)
SINGAPORE, Jan 21 - Singapore's economy shrank more than expected in the fourth quarter, prompting the government to declare the nation was in its worst ever recession and fanning expectations that the central bank will let its currency weaken.
The Singapore economy shrank in the fourth quarter at a seasonally adjusted, annualised pace of 16.9 percent, deeper than advance estimates of a 12.5 percent contraction, detailed government data showed on Wednesday.
The government said it now expected Singapore's economy to contract between two and five percent this year, slashing its forecast further from an already downgraded outlook of a range of minus 2 percent to plus 1 percent published just three weeks ago.
"The Singapore economy is going through its sharpest, deepest and most protracted recession," the Trade Ministry's second permanent secretary Ravi Menon said at a media briefing.
Singapore's central bank said on Wednesday that its monetary policy stance of zero appreciation in the Singapore dollar announced last October was intact and it had no plans to review monetary policy ahead of a scheduled policy meeting in April.
But analysts said the gloomy economic forecasts and grim fourth quarter data increased the likelihood the central bank will loosen policy and let the Singapore dollar slide.
"I'm bearish for the Singapore dollar. It's worse than I expected," said Irene Cheung, currency strategist at Royal Bank of Scotland in Singapore.
"I expect monetary policy to remain accommodative -- they should have recentered the band earlier, but they might still do it -- the sooner the better."
Singapore manages monetary policy by adjusting the value of its currency relative to those of its main trading partners in an undisclosed band. The Singapore dollar stood at 1.5037 against the U.S. dollar by 0050 GMT, compared with 1.51 before the data.
The government expects key non-oil domestic exports will shrink 9-11 percent this year, while total trade, which includes entreport activities, may plunge 17-19 percent.
From a year ago, fourth quarter gross domestic product, or the value of all goods and services produced in Singapore, fell 3.7 percent following a drop of 0.2 percent in the third quarter.
Singapore last reported three straight quarters of economic contraction in 2001 after the dotcom bubble burst in the United States, badly hurting the city-state's key electronics sector.
The economy grew 1.2 percent for all of 2008, slowing sharply from 7.7 percent expansion in 2007.
The government said manufacturing output in the fourth quarter shrank 10.7 percent from a year earlier, while services contracted 0.1 percent. (Additional reporting by Saeed Azhar and Jan Dahinten; Editing by Tomasz Janowski)
Tan Yong Soon - A Product Of The PAP System
Source: Lucky Tan
Did you notice that I don't have a single article on our most famous French chef cum civil servant on my blog? I believe Tan Yong Soon is not to be blamed. He is after all just a product of the system.
.
Singaporeans please be understanding. Tan Yong Soon and our top civil servants make about $1.54M a year (after the pay cut!). $46.5K for a vacation is merely 3% of his salary or just a fraction of the interest on his savings account. The misunderstanding is the other way round - Singaporeans should have a sense of proportion and be more understanding why Mr. Tan cannot possibly comprehend that you find his vacation so extravagant because it is not extravagant at all to him.
".... My colleagues and I feel very bad about this episode, because it stands in contrast to the values and ethos of the service. " - Peter Ho, Head of Civil Service
.
"Gee...ethos and values? Tan Yong Soon has merely exposed the truth about our civil service!"
- Lucky Tan.
.
At about the same time I received my "A" Levels exam results, I received a pile of scholarship applications form from various govt bodies. I took the whole pile and threw them into the waste paper basket. I wasn't sure what I've done to deserve one of these scholarships and what I'll being signing away if I accepted them. I did pay a heavy price ..... I had to take up a loan to pay for my school fees and gave tuition on weekends to earn an allowance so that I didn't have to burden ageing parents. So while my friends on overseas scholarships were enjoying skiing lessons on weekends, I travelled all over the island to give tuition to primary and secondary school kids. No hard feelings...it was a decision I made and I accepted the outcome. A few months ago one of my cousins called up and told me that he had won a scholarship to study in London, he asked me if I can be his guarantor. I agreed and having supported myself through university, I thought it would be a good idea for him to have a "easier life". I arranged to meet him at the scholarship office to sign the documents. When I got there, the walls of the office was filled with posters of smiling scholars diving, skiing, ...and experiencing the good life around the world. I sat down and the public servant did an outstanding job of explaining the T&Cs of the document I was signing. However, when it came to the bond quantum, I almost had a heart attack - the amount I was asked to guarantee was just short of 7 figures (one reason was my cousin has been with the organisation for a few years and will receive full salary while he is studying). I had a chat with my cousin afterwards and among other things make him promise not to break his bond and get me into trouble.
.
You see the starting point of our top civil servants are all the same - fully paid education with generous allowance even before they put in a single day of work. After that a well paid recession proof job - they can afford a car and say goodbye to public transport the day they start their working life. If they are as successful Tan Yong Soon and climb the ladder in this elitist system all the way to the top, the pay is $1.5M....entitlements aplenty - free medical care, pension etc. We cannot blame Tan Yong Soon for the lack of empathy because it is impossible for him to understand the struggles of ordinary Singaporeans. He cannot possibly understand what it is like to stay up at night to worry about mortgage payments or having your electricity cut off because you can't pay for your electricity bills. Peter Ho and Teo Chee Hean are completely wrong to expect humility, the "ethos and values of the service" when the entire system breeds nothing but a oversized sense of entitlement and importance. When the civil service pay for top civil servants was hiked to astronomical levels, we are told that they are men of rare talents and their leadership is a scarce commodity....it is only scarce because of the elitist system in place that narrows the selection of good men...with rigid beliefs about what makes a man a good public servant. What is so difficult about about the formulation of public policy? The ordinary citizen cannot understand the tradeoffs and what is good for himself?
.
What will bring about the empathy, humility, ethos and values are the things the PAP govt continue to resist - the freedom for ordinary men to express their views and demands democratically. The freedom of ordinary citizens to access information....so that there will be accountability, transparency and competition of ideas. Many of us don't understand why Tan Yong Soon deserves his $1+M salary ...we also don't understand why our leaders are paid so much higher than those of all other countries. But it is not Mr. Tan's fault that he paid whatever he is paid, he is just part of a system ....a system that the PAP govt wants to preserve.
.
."Maybe it made lesser mortals envious and they thought maybe he was a bit boastful. Would people have taken offence if his wife (a senior investment counsellor at a bank) had paid for everything ?” - Charles Chong
.
Teo Chee Hean and Peter Ho expressed great disappoint over Mr. Tan's article. This will encourage all the other govt mandarins to keep their extravagant ways secret.....yes, the ordinary citizens can feel better once they do not know. In the words of Charles Chong, the fault lies with us lesser mortals who became envious of Mr. Tan. His only mistake was to let us know what we don't....and the solution is for top civil servants to keep their secrets and keep the people in the dark and that is suppose to lead to great respect for our top civil servants.
Did you notice that I don't have a single article on our most famous French chef cum civil servant on my blog? I believe Tan Yong Soon is not to be blamed. He is after all just a product of the system.
.
Singaporeans please be understanding. Tan Yong Soon and our top civil servants make about $1.54M a year (after the pay cut!). $46.5K for a vacation is merely 3% of his salary or just a fraction of the interest on his savings account. The misunderstanding is the other way round - Singaporeans should have a sense of proportion and be more understanding why Mr. Tan cannot possibly comprehend that you find his vacation so extravagant because it is not extravagant at all to him.
".... My colleagues and I feel very bad about this episode, because it stands in contrast to the values and ethos of the service. " - Peter Ho, Head of Civil Service
.
"Gee...ethos and values? Tan Yong Soon has merely exposed the truth about our civil service!"
- Lucky Tan.
.
At about the same time I received my "A" Levels exam results, I received a pile of scholarship applications form from various govt bodies. I took the whole pile and threw them into the waste paper basket. I wasn't sure what I've done to deserve one of these scholarships and what I'll being signing away if I accepted them. I did pay a heavy price ..... I had to take up a loan to pay for my school fees and gave tuition on weekends to earn an allowance so that I didn't have to burden ageing parents. So while my friends on overseas scholarships were enjoying skiing lessons on weekends, I travelled all over the island to give tuition to primary and secondary school kids. No hard feelings...it was a decision I made and I accepted the outcome. A few months ago one of my cousins called up and told me that he had won a scholarship to study in London, he asked me if I can be his guarantor. I agreed and having supported myself through university, I thought it would be a good idea for him to have a "easier life". I arranged to meet him at the scholarship office to sign the documents. When I got there, the walls of the office was filled with posters of smiling scholars diving, skiing, ...and experiencing the good life around the world. I sat down and the public servant did an outstanding job of explaining the T&Cs of the document I was signing. However, when it came to the bond quantum, I almost had a heart attack - the amount I was asked to guarantee was just short of 7 figures (one reason was my cousin has been with the organisation for a few years and will receive full salary while he is studying). I had a chat with my cousin afterwards and among other things make him promise not to break his bond and get me into trouble.
.
You see the starting point of our top civil servants are all the same - fully paid education with generous allowance even before they put in a single day of work. After that a well paid recession proof job - they can afford a car and say goodbye to public transport the day they start their working life. If they are as successful Tan Yong Soon and climb the ladder in this elitist system all the way to the top, the pay is $1.5M....entitlements aplenty - free medical care, pension etc. We cannot blame Tan Yong Soon for the lack of empathy because it is impossible for him to understand the struggles of ordinary Singaporeans. He cannot possibly understand what it is like to stay up at night to worry about mortgage payments or having your electricity cut off because you can't pay for your electricity bills. Peter Ho and Teo Chee Hean are completely wrong to expect humility, the "ethos and values of the service" when the entire system breeds nothing but a oversized sense of entitlement and importance. When the civil service pay for top civil servants was hiked to astronomical levels, we are told that they are men of rare talents and their leadership is a scarce commodity....it is only scarce because of the elitist system in place that narrows the selection of good men...with rigid beliefs about what makes a man a good public servant. What is so difficult about about the formulation of public policy? The ordinary citizen cannot understand the tradeoffs and what is good for himself?
.
What will bring about the empathy, humility, ethos and values are the things the PAP govt continue to resist - the freedom for ordinary men to express their views and demands democratically. The freedom of ordinary citizens to access information....so that there will be accountability, transparency and competition of ideas. Many of us don't understand why Tan Yong Soon deserves his $1+M salary ...we also don't understand why our leaders are paid so much higher than those of all other countries. But it is not Mr. Tan's fault that he paid whatever he is paid, he is just part of a system ....a system that the PAP govt wants to preserve.
.
."Maybe it made lesser mortals envious and they thought maybe he was a bit boastful. Would people have taken offence if his wife (a senior investment counsellor at a bank) had paid for everything ?” - Charles Chong
.
Teo Chee Hean and Peter Ho expressed great disappoint over Mr. Tan's article. This will encourage all the other govt mandarins to keep their extravagant ways secret.....yes, the ordinary citizens can feel better once they do not know. In the words of Charles Chong, the fault lies with us lesser mortals who became envious of Mr. Tan. His only mistake was to let us know what we don't....and the solution is for top civil servants to keep their secrets and keep the people in the dark and that is suppose to lead to great respect for our top civil servants.
Warning: UK becoming Iceland. Currency Crisis forming
Willem Buiter, who had a ringside seat at the Iceland meltdown, warned that the UK could follow back in November:
With the pound sterling dropping like a stone against most other currencies and credit default swap rates on long-term UK sovereign debt beginning to edge up, this is a good time to revisit a suggestion I made earlier on a number of occasions (e.g. here, here and here), that there is a non-trivial risk of the UK becoming the next Iceland.
The risk of a triple crisis - a banking crisis, a currency crisis and a sovereign debt default crisis - is always there for countries that are afflicted with the inconsistent quartet identified by Anne Sibert and myself in our work on Iceland: (1) a small country with (2) a large internationally exposed banking sector, (3) a currency that is not a global reserve currency and (4) limited fiscal capacity.
In the rest of a quite long and detailed post he shows how the UK is indeed at risk.
Fast forward, today we have a post from Ambrose Evans-Pritchard on the plight of the pound. Even by his standards (he has a great fondness for apocalyptic views), he is, as he warns, "Seriously Alarmed":
The slide in sterling has turned "disorderly"....
For the first time since this crisis began eighteen months ago, I am seriously worried that British government is losing control.
The currency has fallen five cents today to $1.39 against the dollar. It is now perched precariously on a two-decade support line -- the levels tested in 2001 and 1992. If it breaks that line, traders may send it crashing down towards dollar parity.
The danger is blindingly obvious. The $4.4 trillion of foreign liabilities accumulated by UK banks are twice the size of the British economy. UK foreign reserves are virtually nothing at $60.6bn. (on this, more later in a piece I'm writing today)
If the Government is forced to nationalise RBS and perhaps Barclays with their vast exposure in dollars, euros, and yen, it risks being submerged. It is one thing for a sovereign state to let its national debt jump in a crisis -- or a war -- perhaps even to 100pc of GDP. It is another to take on foreign debts on such a scale with no reserves. Yes, the banks have foreign assets as well to match the debts. But how much are these assets really worth?
This is the moment when the "rubber hits the road" -- to borrow from American argot -- the moment when the reckless debt experiment of our economic and political leaders comes back to haunt.
We cannot even do what Iceland did to save its skin. Reykjavik refused to honour the foreign debts of its buccaneering banks. It let them default, parking the losses in Resolution Committees. Small islands can do that. Iceland has fish instead, and lots of metals.
Britain cannot follow suit. The debts are too big. If London takes such disastrous action it will set off global panic and lead to an asset death spiral, drawing the entire world into deep depression.
What have our leaders wrought? The reckless conduct of City, the fiscal incontinence of Gordon Brown (3pc deficit at the top of the cycle), and the pitiful regulation of the UK housing boom have all combined to bring the country to the brink of disaster.
England has not defaulted since the Middle Ages. There is a real risk it may do so now.
And no -- just so there is no misuderstanding -- it would not have been any better if Britain had joined the euro ten years ago. The bubble would have been just as bad, or worse, as Ireland and Spain can attest. We have our disaster. They have their disaster. When the dust has settled in five years we can make a proper judgement on the sterling-EMU issue. Not now.
The Baby Boomers have had their moment in power. The most spoilt generation in history has handled affairs with its characteristic hedonism. The results are coming in.
With the pound sterling dropping like a stone against most other currencies and credit default swap rates on long-term UK sovereign debt beginning to edge up, this is a good time to revisit a suggestion I made earlier on a number of occasions (e.g. here, here and here), that there is a non-trivial risk of the UK becoming the next Iceland.
The risk of a triple crisis - a banking crisis, a currency crisis and a sovereign debt default crisis - is always there for countries that are afflicted with the inconsistent quartet identified by Anne Sibert and myself in our work on Iceland: (1) a small country with (2) a large internationally exposed banking sector, (3) a currency that is not a global reserve currency and (4) limited fiscal capacity.
In the rest of a quite long and detailed post he shows how the UK is indeed at risk.
Fast forward, today we have a post from Ambrose Evans-Pritchard on the plight of the pound. Even by his standards (he has a great fondness for apocalyptic views), he is, as he warns, "Seriously Alarmed":
The slide in sterling has turned "disorderly"....
For the first time since this crisis began eighteen months ago, I am seriously worried that British government is losing control.
The currency has fallen five cents today to $1.39 against the dollar. It is now perched precariously on a two-decade support line -- the levels tested in 2001 and 1992. If it breaks that line, traders may send it crashing down towards dollar parity.
The danger is blindingly obvious. The $4.4 trillion of foreign liabilities accumulated by UK banks are twice the size of the British economy. UK foreign reserves are virtually nothing at $60.6bn. (on this, more later in a piece I'm writing today)
If the Government is forced to nationalise RBS and perhaps Barclays with their vast exposure in dollars, euros, and yen, it risks being submerged. It is one thing for a sovereign state to let its national debt jump in a crisis -- or a war -- perhaps even to 100pc of GDP. It is another to take on foreign debts on such a scale with no reserves. Yes, the banks have foreign assets as well to match the debts. But how much are these assets really worth?
This is the moment when the "rubber hits the road" -- to borrow from American argot -- the moment when the reckless debt experiment of our economic and political leaders comes back to haunt.
We cannot even do what Iceland did to save its skin. Reykjavik refused to honour the foreign debts of its buccaneering banks. It let them default, parking the losses in Resolution Committees. Small islands can do that. Iceland has fish instead, and lots of metals.
Britain cannot follow suit. The debts are too big. If London takes such disastrous action it will set off global panic and lead to an asset death spiral, drawing the entire world into deep depression.
What have our leaders wrought? The reckless conduct of City, the fiscal incontinence of Gordon Brown (3pc deficit at the top of the cycle), and the pitiful regulation of the UK housing boom have all combined to bring the country to the brink of disaster.
England has not defaulted since the Middle Ages. There is a real risk it may do so now.
And no -- just so there is no misuderstanding -- it would not have been any better if Britain had joined the euro ten years ago. The bubble would have been just as bad, or worse, as Ireland and Spain can attest. We have our disaster. They have their disaster. When the dust has settled in five years we can make a proper judgement on the sterling-EMU issue. Not now.
The Baby Boomers have had their moment in power. The most spoilt generation in history has handled affairs with its characteristic hedonism. The results are coming in.
Chinese translation cuts out parts of Obama speech
By ANITA CHANG, Associated Press Writer
2 hrs 15 mins ago
BEIJING – The official Chinese translation of President Barack Obama's inauguration speech was missing his references to communism and dissent, while a live broadcast on state television Wednesday quickly cut away to the anchor when the topic was mentioned.
The comments by the newly installed U.S. president veered into politically sensitive territory for China's ruling Communist Party, which maintains a tight grip over the Internet and the entirely state-run media. Beijing tolerates little dissent and frequently decries foreign interference in its internal affairs.
At one point, Obama said earlier generations "faced down communism and fascism not just with missiles and tanks, but with sturdy alliances and enduring convictions." He later addressed "those who cling to power through corruption and deceit and the silencing of dissent — know that you are on the wrong side of history."
The Chinese translation of the speech, credited to the Web site of the official China Daily newspaper, was missing the word "communism" in the first sentence. The paragraph with the sentence on dissent had been removed entirely.
The censored version was carried by the state-run Xinhua News Agency and posted on popular online portals Sina and Sohu. Another portal, Netease, used a version without the paragraph mentioning communism, but retaining the part about dissent.
The news channel of state broadcaster China Central Television broadcast the speech live early Wednesday local time, but appeared caught off-guard by the statement about facing down communism.
The translator had no sooner said "fascism and communism" when the audio faded out from Obama's speech and cameras cut back to the studio anchor, who seemed flustered for a second before turning to ask an expert what challenges the president faces in turning around the U.S. economy.
Wang Jianhong, deputy director of the CCTV general editing department, said he did not stay up to watch the inauguration broadcast but suggested the transition was a normal part of the program.
"There are breakaways even when broadcasting China's own meetings," he said. "Americans might care a lot about the presidential inauguration, but Chinese may not be very interested."
No one in the editing department of the China Daily Web site was immediately available to answer questions.
The full translation of Obama's speech could be viewed on the Web site of Hong Kong-based broadcaster Phoenix Satellite Television, which has a reputation as a more independent news source. The China Daily Web site posted Obama's full remarks in English only.
China has previously altered the words of U.S. officials. A 2004 speech in Shanghai by former Vice President Dick Cheney was broadcast live on state-run television at the insistence of U.S. officials, but the Chinese transcript of the remarks deleted references to political freedom.
In 2003, the memoirs of then-Sen. Hillary Rodham Clinton were pulled from publication in China after the government-backed publisher removed references to the 1989 Tiananmen Square democracy protests and altered Clinton's comments about human rights activist Harry Wu.
2 hrs 15 mins ago
BEIJING – The official Chinese translation of President Barack Obama's inauguration speech was missing his references to communism and dissent, while a live broadcast on state television Wednesday quickly cut away to the anchor when the topic was mentioned.
The comments by the newly installed U.S. president veered into politically sensitive territory for China's ruling Communist Party, which maintains a tight grip over the Internet and the entirely state-run media. Beijing tolerates little dissent and frequently decries foreign interference in its internal affairs.
At one point, Obama said earlier generations "faced down communism and fascism not just with missiles and tanks, but with sturdy alliances and enduring convictions." He later addressed "those who cling to power through corruption and deceit and the silencing of dissent — know that you are on the wrong side of history."
The Chinese translation of the speech, credited to the Web site of the official China Daily newspaper, was missing the word "communism" in the first sentence. The paragraph with the sentence on dissent had been removed entirely.
The censored version was carried by the state-run Xinhua News Agency and posted on popular online portals Sina and Sohu. Another portal, Netease, used a version without the paragraph mentioning communism, but retaining the part about dissent.
The news channel of state broadcaster China Central Television broadcast the speech live early Wednesday local time, but appeared caught off-guard by the statement about facing down communism.
The translator had no sooner said "fascism and communism" when the audio faded out from Obama's speech and cameras cut back to the studio anchor, who seemed flustered for a second before turning to ask an expert what challenges the president faces in turning around the U.S. economy.
Wang Jianhong, deputy director of the CCTV general editing department, said he did not stay up to watch the inauguration broadcast but suggested the transition was a normal part of the program.
"There are breakaways even when broadcasting China's own meetings," he said. "Americans might care a lot about the presidential inauguration, but Chinese may not be very interested."
No one in the editing department of the China Daily Web site was immediately available to answer questions.
The full translation of Obama's speech could be viewed on the Web site of Hong Kong-based broadcaster Phoenix Satellite Television, which has a reputation as a more independent news source. The China Daily Web site posted Obama's full remarks in English only.
China has previously altered the words of U.S. officials. A 2004 speech in Shanghai by former Vice President Dick Cheney was broadcast live on state-run television at the insistence of U.S. officials, but the Chinese transcript of the remarks deleted references to political freedom.
In 2003, the memoirs of then-Sen. Hillary Rodham Clinton were pulled from publication in China after the government-backed publisher removed references to the 1989 Tiananmen Square democracy protests and altered Clinton's comments about human rights activist Harry Wu.
Population expected to shrink by 200,000 as more FTs will be laid off
Job losses to cut Singapore population by 4% : Top bank
AFP - Wednesday, January 21
SINGAPORE, Jan 20, 2009 (AFP) - Tiny Singapore's population is expected to decline by 200,000 as companies lay off a massive number of foreign workers during a worsening recession, Swiss banking giant Credit Suisse said.
The job cuts, which would include highly-paid expatriates and permanent residents, will hurt domestic consumption and help push the economy into its sharpest decline since independence in 1965, said the report received by AFP on Tuesday. A loss of 200,000 jobs would amount to more than four percent of the population. Credit Suisse said the economic slowdown in the trade-sensitive city-state had so far been driven by a sharp decline in exports, while domestic demand held up. But for this year, "consumption growth should also slow, in part because of our expectation that Singapore's population will potentially drop by 200,000 by 2010" due to job losses, it said.
"Historically, Singapore's foreign population has tended to expand during high growth periods and contract during recessionary periods," the report said. "Given the strong foreigner population growth in recent years, this trend is unlikely to change in this downturn." Of the 800,000 jobs created from 2004 to the third quarter of last year, Credit Suisse estimated that more than 500,000 were filled by foreigners and permanent residents.
About 200,000 of those jobs were in manufacturing and almost another 200,000 were in the financial and business services. Most of these jobs were filled by expatriate workers who earn more than the average Singaporean, it said.
"As a result, job losses are likely to hit the Singaporean economy hard because they affect more highly paid workers and could result in a semi-permanent drop in the population," the report said. As of mid-2008, Singapore had a total estimated population of 4.84 million people, including 3.64 million citizens and permanent residents, Statistics Department data showed. The rest, more than one million, are foreign workers and their families. With the impact of falling domestic demand exacerbating declining exports, the economy was likely to contract by 2.8 percent this year, Credit Suisse said.
This would leave the economy in its worse shape ever, after 2001 when it shrank by 2.4 percent. The economy grew 1.5 percent last year compared with 7.7 percent in 2007. Despite the expected layoffs, Singapore's Acting Minister for Manpower Gan Kim Yong said the city-state would still need overseas labour. Gan said that foreign workers allowed Singapore companies to remain globally competitive and contributed to keeping jobs within the country. "If companies become uncompetitive in Singapore, they may decide to relocate to other countries and we will lose more jobs. This will be a lose-lose outcome," he said in parliament Monday.
AFP - Wednesday, January 21
SINGAPORE, Jan 20, 2009 (AFP) - Tiny Singapore's population is expected to decline by 200,000 as companies lay off a massive number of foreign workers during a worsening recession, Swiss banking giant Credit Suisse said.
The job cuts, which would include highly-paid expatriates and permanent residents, will hurt domestic consumption and help push the economy into its sharpest decline since independence in 1965, said the report received by AFP on Tuesday. A loss of 200,000 jobs would amount to more than four percent of the population. Credit Suisse said the economic slowdown in the trade-sensitive city-state had so far been driven by a sharp decline in exports, while domestic demand held up. But for this year, "consumption growth should also slow, in part because of our expectation that Singapore's population will potentially drop by 200,000 by 2010" due to job losses, it said.
"Historically, Singapore's foreign population has tended to expand during high growth periods and contract during recessionary periods," the report said. "Given the strong foreigner population growth in recent years, this trend is unlikely to change in this downturn." Of the 800,000 jobs created from 2004 to the third quarter of last year, Credit Suisse estimated that more than 500,000 were filled by foreigners and permanent residents.
About 200,000 of those jobs were in manufacturing and almost another 200,000 were in the financial and business services. Most of these jobs were filled by expatriate workers who earn more than the average Singaporean, it said.
"As a result, job losses are likely to hit the Singaporean economy hard because they affect more highly paid workers and could result in a semi-permanent drop in the population," the report said. As of mid-2008, Singapore had a total estimated population of 4.84 million people, including 3.64 million citizens and permanent residents, Statistics Department data showed. The rest, more than one million, are foreign workers and their families. With the impact of falling domestic demand exacerbating declining exports, the economy was likely to contract by 2.8 percent this year, Credit Suisse said.
This would leave the economy in its worse shape ever, after 2001 when it shrank by 2.4 percent. The economy grew 1.5 percent last year compared with 7.7 percent in 2007. Despite the expected layoffs, Singapore's Acting Minister for Manpower Gan Kim Yong said the city-state would still need overseas labour. Gan said that foreign workers allowed Singapore companies to remain globally competitive and contributed to keeping jobs within the country. "If companies become uncompetitive in Singapore, they may decide to relocate to other countries and we will lose more jobs. This will be a lose-lose outcome," he said in parliament Monday.
A rising desperation in China as new year comes
‘‘China must change its policies, including its foreign exchange policies, so that it relies less on exports and more on domestic demand for its growth,’’ - President Obama
By Keith Bradsher
Jan 01 2009 , Hong Kong
At the docks here, the stacks of shipping containers that used to loom above the highway overpass are gone. Logistics managers say they negotiate deeper discounts every week on ships that are leaving half empty.
In nearby Guangdong Province, so many factories are closing without paying employees that some workers are resigning pre-emptively and demanding immediate pay before their employers go bankrupt.
In Sichuan and other interior provinces, municipal officials are desperately searching for ways to provide jobs for millions of out-of-work migrant laborers whose families no longer need them for farming.
Those are the effects of millions of Americans’ cutting their spending.
Exporters, worried the retailers will fail before paying for their purchases, are reluctant to let goods be loaded onto ships. And banks, for the same reason, have cut back on guaranteeing retailers’ payments to exporters.
‘‘Trade finance is collapsing,’’ said Victor Fung, the chairman of the Li & Fung Group, the giant supply chain management company that connects factories in China with retailers in the United States and Europe.
‘‘We’ve got orders we can’t ship right now.’’ Fung estimates that 10,000 of the 60,000 factories in China owned by Hong Kong interests have closed or will close in the coming months.
Consumer electronics manufacturers have been hit the hardest, according to customs data. ‘‘No one has any money anymore, so demand for our mini hi-fi systems has declined a lot,’’ said Lion Yuan, the sales manager at Shenzhen Yidashi Electronics, where exports have dropped 30 percent in a year.
American quotas on the import of a wide range of Chinese garments expired Thursday. Even before the Chinese began announcing their latest programs for exporters, the United States filed a legal challenge Dec. 19 at theWorld Trade Organization, accusing China of having already provided illegal subsidies to exporters in a long list of industries as part of a programof trying to build recognizable export brands.
American quotas on the import of a wide range of Chinese garments expired Thursday. Even before the Chinese began announcing their latest programs for exporters, the United States filed a legal challenge Dec. 19 at theWorld Trade Organization, accusing China of having already provided illegal subsidies to exporters in a long list of industries as part of a programof trying to build recognizable export brands.
China’s measures to help exporters are starting to cause concern in other Asian countries that compete with it, and raise the risk of a protectionist reaction against China.
Indonesia, one of the largest Asian markets, imposed a series of administrative measures Thursday that were meant to reduce smuggling but will have the practical effect of making it harder to import Chinese goods.
By Keith Bradsher
Jan 01 2009 , Hong Kong
At the docks here, the stacks of shipping containers that used to loom above the highway overpass are gone. Logistics managers say they negotiate deeper discounts every week on ships that are leaving half empty.
In nearby Guangdong Province, so many factories are closing without paying employees that some workers are resigning pre-emptively and demanding immediate pay before their employers go bankrupt.
In Sichuan and other interior provinces, municipal officials are desperately searching for ways to provide jobs for millions of out-of-work migrant laborers whose families no longer need them for farming.
Those are the effects of millions of Americans’ cutting their spending.
Exporters, worried the retailers will fail before paying for their purchases, are reluctant to let goods be loaded onto ships. And banks, for the same reason, have cut back on guaranteeing retailers’ payments to exporters.
‘‘Trade finance is collapsing,’’ said Victor Fung, the chairman of the Li & Fung Group, the giant supply chain management company that connects factories in China with retailers in the United States and Europe.
‘‘We’ve got orders we can’t ship right now.’’ Fung estimates that 10,000 of the 60,000 factories in China owned by Hong Kong interests have closed or will close in the coming months.
Consumer electronics manufacturers have been hit the hardest, according to customs data. ‘‘No one has any money anymore, so demand for our mini hi-fi systems has declined a lot,’’ said Lion Yuan, the sales manager at Shenzhen Yidashi Electronics, where exports have dropped 30 percent in a year.
American quotas on the import of a wide range of Chinese garments expired Thursday. Even before the Chinese began announcing their latest programs for exporters, the United States filed a legal challenge Dec. 19 at theWorld Trade Organization, accusing China of having already provided illegal subsidies to exporters in a long list of industries as part of a programof trying to build recognizable export brands.
American quotas on the import of a wide range of Chinese garments expired Thursday. Even before the Chinese began announcing their latest programs for exporters, the United States filed a legal challenge Dec. 19 at theWorld Trade Organization, accusing China of having already provided illegal subsidies to exporters in a long list of industries as part of a programof trying to build recognizable export brands.
China’s measures to help exporters are starting to cause concern in other Asian countries that compete with it, and raise the risk of a protectionist reaction against China.
Indonesia, one of the largest Asian markets, imposed a series of administrative measures Thursday that were meant to reduce smuggling but will have the practical effect of making it harder to import Chinese goods.
Civil Servant Elites Out In Full Force To Defend Tan Yong Soon
They have to...because they're all alike. It gives you a good picture of how many Tan Yong Soon clones are there.
---------------
To protect their golden rice bowl and 6-figure monthly salaries, Tan Yong Soon's fellow civil service elites were out in full force to defend him after he was rapped in parliament. Check out the comments from these civil service elites and you tell me what empathy they have for the common people.
http://www.todayonline.com/articles/297965.asp
Empathy in cyberspace the day after Zul Othman zul@mediacorp.com.sg
MR TAN Yong Soon’s five-week family cooking holiday to Paris continues to attract criticism in cyberspace, but yesterday, voices empathising with the Permanent Secretary of the Environment and Water Resources Ministry also started to surface on various blogs and online forums.
“Has everyone who hit out at him read his article thoroughly? Did he emphasise what he paid or did he emphasise the high discipline, commitment and pain demanded by the cooking course, including strict 100-per-cent attendance ungodly starting times and long hours?” wrote blogger auntielucia at onsingaporegirl.wordpress.com.
In his travelogue, published in The Straits Times,Mr Tan did not mention the cost of the course at the famed Le Cordon Bleu culinary school, which his family attended. .
That information appeared to be sourced by the newspaper from Le Cordon Bleu’s website.
On the newspaper’s own website, one netizen wondered if the newspaper had given him “the rope to hang himself with”.
“Just because he used his hard-earned money – which happens to be a substantial amount to ordinary citizens – does not make him out to be insensitive. Henceforth, people will think twice before sharing their life with others. Is this what we want?” asked Bartholomew1.
Another netizen Tania wrote on her online diary lostlessness.blogspot.com: “Does this mean that in bad times like this... we all have to pretend to live like paupers just because we don’t want our families and friends to think we are insensitive?”
On Monday, Defence Minister Teo Chee Hean – who is also the Minister in charge of the Civil Service – said senior civil servants should conduct themselves “appropriately and sensitively”, especially in a time of economic downturn. Mr Peter Ho, head of the Civil Service, also responded to media queries to say that Mr Tan’s actions were a “setback” that could “undermine the confidence and trust essential for us to do a good job”. .
Netizens, who claimed to know Mr Tan personally, had gone to school with him or had worked with him in the civil service, have also voiced support for Mr Tan.
“I know Yong Soon personally... I can confirm that Yong Soon is not the boastful type. Actually quite humble. But in today’s financial climate, would be better off not talking about his holidays and cooking class.” said one netizen.
Another posted: “I have worked with Tan Yong Soon whom I think - and I’m not alone - is an exceptional civil servant in that he is open, ready to engage people.. He is also an inspiring boss.. and it was much easier to have an open dialogue with him... I hope this recent storm in a teacup won’t change this.”
---------------
To protect their golden rice bowl and 6-figure monthly salaries, Tan Yong Soon's fellow civil service elites were out in full force to defend him after he was rapped in parliament. Check out the comments from these civil service elites and you tell me what empathy they have for the common people.
http://www.todayonline.com/articles/297965.asp
Empathy in cyberspace the day after Zul Othman zul@mediacorp.com.sg
MR TAN Yong Soon’s five-week family cooking holiday to Paris continues to attract criticism in cyberspace, but yesterday, voices empathising with the Permanent Secretary of the Environment and Water Resources Ministry also started to surface on various blogs and online forums.
“Has everyone who hit out at him read his article thoroughly? Did he emphasise what he paid or did he emphasise the high discipline, commitment and pain demanded by the cooking course, including strict 100-per-cent attendance ungodly starting times and long hours?” wrote blogger auntielucia at onsingaporegirl.wordpress.com.
In his travelogue, published in The Straits Times,Mr Tan did not mention the cost of the course at the famed Le Cordon Bleu culinary school, which his family attended. .
That information appeared to be sourced by the newspaper from Le Cordon Bleu’s website.
On the newspaper’s own website, one netizen wondered if the newspaper had given him “the rope to hang himself with”.
“Just because he used his hard-earned money – which happens to be a substantial amount to ordinary citizens – does not make him out to be insensitive. Henceforth, people will think twice before sharing their life with others. Is this what we want?” asked Bartholomew1.
Another netizen Tania wrote on her online diary lostlessness.blogspot.com: “Does this mean that in bad times like this... we all have to pretend to live like paupers just because we don’t want our families and friends to think we are insensitive?”
On Monday, Defence Minister Teo Chee Hean – who is also the Minister in charge of the Civil Service – said senior civil servants should conduct themselves “appropriately and sensitively”, especially in a time of economic downturn. Mr Peter Ho, head of the Civil Service, also responded to media queries to say that Mr Tan’s actions were a “setback” that could “undermine the confidence and trust essential for us to do a good job”. .
Netizens, who claimed to know Mr Tan personally, had gone to school with him or had worked with him in the civil service, have also voiced support for Mr Tan.
“I know Yong Soon personally... I can confirm that Yong Soon is not the boastful type. Actually quite humble. But in today’s financial climate, would be better off not talking about his holidays and cooking class.” said one netizen.
Another posted: “I have worked with Tan Yong Soon whom I think - and I’m not alone - is an exceptional civil servant in that he is open, ready to engage people.. He is also an inspiring boss.. and it was much easier to have an open dialogue with him... I hope this recent storm in a teacup won’t change this.”
Tiers Of Nations
1st Tier Nations with Majority Christian Influences.
Mostly developed countries with low GINI index.
Values Freedom and Democracy
Good welfare and education.
Strong economic development. $$$$ not so important in people's values.
Good Samaritan.
Blessed Nation, low casualties during natural disasters.
2nd Tier Nations with Majority Bohda Worshippers
Some developed countries with much higher GINI index.
With the exception of Japan, Taiwan and PRC-HK. Most nations not concern about Freedom and Democracy and has no concept about it.
You die your own problem. But emphasis on economic development and education. most people valued $$$$ is most important
Cursed nations, always kena natural disasters, heavy casualties.
3rd Tier Nations - majority restrictive Allah worshippers.
Mostly Developing nations
Very strict sariah laws.
No democracy and freedom.
Unstable and unsafe country, Bombs explodes regulary in some. Crappy economic development.
You die your own problem?
Cursed nations, always kena natural disasters, heavy casualties.
4rd Tier Nations - bunch of athesists/communists and gong tau worshippers.
All are developing nations.
Superwide income disparity. Super High GINI index.
Focus on economic development.
Unthinkable freedom and democracy like in China!!
Very messy countries like in Africa.
peasants population are unhappy with the central govt like in China.
One will try to eat another as far as possible like in China.
Values $$$$ more than fair play or concerns for others.
Super Cursed nations, always kena natural disasters, super heavy casualties.
Source: SammyBoy Forum
Mostly developed countries with low GINI index.
Values Freedom and Democracy
Good welfare and education.
Strong economic development. $$$$ not so important in people's values.
Good Samaritan.
Blessed Nation, low casualties during natural disasters.
2nd Tier Nations with Majority Bohda Worshippers
Some developed countries with much higher GINI index.
With the exception of Japan, Taiwan and PRC-HK. Most nations not concern about Freedom and Democracy and has no concept about it.
You die your own problem. But emphasis on economic development and education. most people valued $$$$ is most important
Cursed nations, always kena natural disasters, heavy casualties.
3rd Tier Nations - majority restrictive Allah worshippers.
Mostly Developing nations
Very strict sariah laws.
No democracy and freedom.
Unstable and unsafe country, Bombs explodes regulary in some. Crappy economic development.
You die your own problem?
Cursed nations, always kena natural disasters, heavy casualties.
4rd Tier Nations - bunch of athesists/communists and gong tau worshippers.
All are developing nations.
Superwide income disparity. Super High GINI index.
Focus on economic development.
Unthinkable freedom and democracy like in China!!
Very messy countries like in Africa.
peasants population are unhappy with the central govt like in China.
One will try to eat another as far as possible like in China.
Values $$$$ more than fair play or concerns for others.
Super Cursed nations, always kena natural disasters, super heavy casualties.
Source: SammyBoy Forum
2nd RI Boy Dies in A Week
A SECOND student from Raffles Institution has died within the week, The New Paper reported on Wednesday.
Cao Yuanchi, 14, died of a brain haemorrhage caused by acute myeloid leukaemia - or cancer of the blood - on Sunday. Last week, Tee Yan Chyuan, 12, a Secondary 1 student at RI died suddenly after a game of badminton with his sister.
Like Yan Chyuan, Yuanchi had always been healthy and had never shown any signs of illness, said his father, Mr Cao Sheng Fa.
'He hardly fell sick, and he was very fit - he would regularly take 8km runs in our neighbourhood, ' Mr Cao, 42, told The New Paper.
Described as an active boy, he completed the Outward Bound School (OBS) course, a cross-country run recently and even climbed a mountain in China.
So it was a shock to both the family and the school when he was hospitalised, after he started complaining of fatigue following a five-day OBS programme on Jan 9. Three days later, he developed a low-grade fever. The next day, Mr Cao noticed that Yuanchi's legs were covered with small purplish specks. That same evening, Yuanchi's right eye become swollen and discoloured.
Yuanchi was warded at KK Women's and Children's Hospital, where he was diagnosed with leukaemia. Said Mr Cao: 'It was something we found very difficult to accept.'
Mr Cao said doctors advised him on the treatment options but that could only be done after infection had cleared.
But last Friday night, Yuanchi's condition took a turn for the worse. He began vomiting violently and later complained of a severe headache. By the time the doctor got to him, Yuanchi was unable to move his limbs. A CT scan later revealed that Yuanchi suffered massive bleeding in the brain. He was transferred, unconscious to the hospital's intensive care unit where he died last Sunday, said TNP.
A spokesman for RI said the school had taken steps for help Yuanchi's friends cope with the death of their classmate. The spokesman said: 'Yuanchi was very much part of the Raffles family, and teachers and students and deeply saddened by his passing.'
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_328944.html
Cao Yuanchi, 14, died of a brain haemorrhage caused by acute myeloid leukaemia - or cancer of the blood - on Sunday. Last week, Tee Yan Chyuan, 12, a Secondary 1 student at RI died suddenly after a game of badminton with his sister.
Like Yan Chyuan, Yuanchi had always been healthy and had never shown any signs of illness, said his father, Mr Cao Sheng Fa.
'He hardly fell sick, and he was very fit - he would regularly take 8km runs in our neighbourhood, ' Mr Cao, 42, told The New Paper.
Described as an active boy, he completed the Outward Bound School (OBS) course, a cross-country run recently and even climbed a mountain in China.
So it was a shock to both the family and the school when he was hospitalised, after he started complaining of fatigue following a five-day OBS programme on Jan 9. Three days later, he developed a low-grade fever. The next day, Mr Cao noticed that Yuanchi's legs were covered with small purplish specks. That same evening, Yuanchi's right eye become swollen and discoloured.
Yuanchi was warded at KK Women's and Children's Hospital, where he was diagnosed with leukaemia. Said Mr Cao: 'It was something we found very difficult to accept.'
Mr Cao said doctors advised him on the treatment options but that could only be done after infection had cleared.
But last Friday night, Yuanchi's condition took a turn for the worse. He began vomiting violently and later complained of a severe headache. By the time the doctor got to him, Yuanchi was unable to move his limbs. A CT scan later revealed that Yuanchi suffered massive bleeding in the brain. He was transferred, unconscious to the hospital's intensive care unit where he died last Sunday, said TNP.
A spokesman for RI said the school had taken steps for help Yuanchi's friends cope with the death of their classmate. The spokesman said: 'Yuanchi was very much part of the Raffles family, and teachers and students and deeply saddened by his passing.'
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_328944.html
Tuesday, August 19, 2008
Recommendations to Increase Child Birth in Singapore
Press Release
For immediate release.
-----------------------------------------
Recommendations to Increase Child Birth in Singapore
I read the Prime Minister’s suggestions of 16 weeks maternity leave with great wary. First of all, the 12 week maternity leave was only just recently adjusted from 8 weeks only on 1 Oct 2004. There would be repercussions to the adjustment.
Ref: http://fcd.ecitizen.gov.sg/GovernmentPaidMaternityLeave
Small & Medium Enterprises are likely going to be hit hard as they would need to cater for additional replacement for another month. Many SMEs are already feeling the impact of the slowdown in the economy coupled with the additional cost of rental, utilities, cost of products, raw materials and services being rendered.
With the increase to 16 week maternity leave, it would probably drive them to hire male staffs instead of female staff. When this happens, it would cause a huge imbalance to the gender ratio of those employed. Female jobseekers will face a harder time looking for suitable job opportunities as they face the risk of being sidelined.
I would like to recommend the following solutions.
1) Maintain the status quo of 12 weeks maternity leave. Encourage small business owners to leverage the internet to use remote access infrastructure for workers on maternity leave so they can do some light clerical work and access relevant documents using VPN (Virtual Private Network) technologies. The government should encourage companies to have a paperless environment and implement cost effective remote access solutions so that SMEs can have a more nimble and mobile workforce. If this is implemented, SME bosses would be able to create flexible work schemes for working mums. More women will have the choice of working from home if they wish to.
2) The main concern of most Singaporeans when having a baby is cost. However, a large number of parents encounter the big nightmare of having to squeeze a child’s pram in jammed packed MRTs. Manoeuvering a child’s pram is no easy feat. Even without a pram, it can be really dangerous as babies are really delicate. Most parents would really like to own a car. We would strongly request that the government waive off the COE for first time parents who wish to purchase a car and free Road Tax for the next two years. Similarly we would like to suggest a free 2 year Road Tax waiver for the second kid onwards.
I am confident that with these rewards in place, Singaporeans will be highly motivated to have kids and start building their family.
Edmund Ng Say Eng
Organizing Secretary
Reform Party
For immediate release.
-----------------------------------------
Recommendations to Increase Child Birth in Singapore
I read the Prime Minister’s suggestions of 16 weeks maternity leave with great wary. First of all, the 12 week maternity leave was only just recently adjusted from 8 weeks only on 1 Oct 2004. There would be repercussions to the adjustment.
Ref: http://fcd.ecitizen.gov.sg/GovernmentPaidMaternityLeave
Small & Medium Enterprises are likely going to be hit hard as they would need to cater for additional replacement for another month. Many SMEs are already feeling the impact of the slowdown in the economy coupled with the additional cost of rental, utilities, cost of products, raw materials and services being rendered.
With the increase to 16 week maternity leave, it would probably drive them to hire male staffs instead of female staff. When this happens, it would cause a huge imbalance to the gender ratio of those employed. Female jobseekers will face a harder time looking for suitable job opportunities as they face the risk of being sidelined.
I would like to recommend the following solutions.
1) Maintain the status quo of 12 weeks maternity leave. Encourage small business owners to leverage the internet to use remote access infrastructure for workers on maternity leave so they can do some light clerical work and access relevant documents using VPN (Virtual Private Network) technologies. The government should encourage companies to have a paperless environment and implement cost effective remote access solutions so that SMEs can have a more nimble and mobile workforce. If this is implemented, SME bosses would be able to create flexible work schemes for working mums. More women will have the choice of working from home if they wish to.
2) The main concern of most Singaporeans when having a baby is cost. However, a large number of parents encounter the big nightmare of having to squeeze a child’s pram in jammed packed MRTs. Manoeuvering a child’s pram is no easy feat. Even without a pram, it can be really dangerous as babies are really delicate. Most parents would really like to own a car. We would strongly request that the government waive off the COE for first time parents who wish to purchase a car and free Road Tax for the next two years. Similarly we would like to suggest a free 2 year Road Tax waiver for the second kid onwards.
I am confident that with these rewards in place, Singaporeans will be highly motivated to have kids and start building their family.
Edmund Ng Say Eng
Organizing Secretary
Reform Party
Monday, July 28, 2008
FM93.8 Interview and SingaporeSeminars.com Updates
Dear Pals,
Last week was just fantastic and I got a feeling this week’s gonna be more exciting. First I got off to a great start last Friday morning at Mediacorp 93.8 from 10am-11am at The Living Room. Thank to Stanley Leong, the producer for The Living Room.
For those guys who missed the 93.8 Radio Interview last Friday, you can download the interview here.
==> http://www.internet-empire.com/938interview.zip
We were talking about the Why Companies Fail and How to Rescue it. You can download the Free Report here.
==> http://www.internet-empire.com/10tips
During the interview, we were talking about one of my student from HWA (Handicap Welfare Association). It’s really coincident that HWA is also the adopted charity for FM93.8. For those guy who wish to find out more about how Tony made $600-$1000 in a single month, you can take a look at the special testimonial.
Basically, Tony was able to drive traffic to his blog by getting ranked at the top 2 position of Google for the keyword “Options Trading Blog” and No.3 Position for the keyword “Option Trading Blog”. He used to be No.1 but I guess he slackened a bit.
Here’s the link.
==> http://www.internet-empire.com/special-testimonial.htm
————————————-
*****************************************
>>> Update For Ultimate SEO Challenge <<<
*****************************************
Yahoo.com.sg - Singapore Seminar "Ranked No.1"
Yahoo.com.sg - Singapore Seminars "Ranked No.2"
Google - Not in the top 1,000 yet. But soon.
Good news. I am going to allow Free Posting of Seminar events till we get No.1 position on Google for the keyword "Singapore Seminars" for www.SingaporeSeminars.com
This is a good deal as there are good searches for that keyword.
*For more updates on the Ultimate SEO Challenge, please visit:
==> http://www.internet-empire.com/blog
Important Announcement:
There are many people who feedback to me that the number of emails I send could be pretty overwhelming and some of them are just not seminar junkies or enjoy attending events.
Therefore, I will be asking those who are interested in attending seminars, events, conferences & networking events to subscribe to a new mailing list that only focus on that.
You can do that by visiting http://www.singaporeseminars.com and subscribing your email and name to our updates at the left side of the website.
P.S. - Be prepared for a Major Recession that could last for years. Don’t say I didn’t warn you. 10 Banks & Financial Institutions have already been Bankrupted in USA and 90 others closely monitored. Major Banks that have exposure in Sub-Prime all made extensive write offs amounting Billions. According to reliable sources, the Sub-Prime exposure is in the range of maybe 2-3 Trillion of dollars so we haven’t really seen the bottom yet.
P.P.S. - According to an interview with George Soros on BBC, he didn’t suffer any major losses and perhaps made a tidy sum. Jim Rogers who got interviewed on Channel U was also smiling and explaining how he avoided the exposure on SubPrime crisis. Moral of the story: “It pays to be in good company”. I’ll be here for you to do that.
P.P.P.S. - My strong advice. If you do nothing now, you’re gonna be dead meat. HDB costs 740K now mind you. Get your butt out and start networking or plan to be your own boss as inflation is going to go higher than your increment.
P.P.P.P.S - Of course, it will also help if you’re joining a company that’s going to get listed or grow really big…like ours. My staffs are in this mailing list too. The last P.P.P.P.S. are for them.
Regards,
Edmund Ng
CEO, President
www.Internet-Empire.com
Last week was just fantastic and I got a feeling this week’s gonna be more exciting. First I got off to a great start last Friday morning at Mediacorp 93.8 from 10am-11am at The Living Room. Thank to Stanley Leong, the producer for The Living Room.
For those guys who missed the 93.8 Radio Interview last Friday, you can download the interview here.
==> http://www.internet-empire.com/938interview.zip
We were talking about the Why Companies Fail and How to Rescue it. You can download the Free Report here.
==> http://www.internet-empire.com/10tips
During the interview, we were talking about one of my student from HWA (Handicap Welfare Association). It’s really coincident that HWA is also the adopted charity for FM93.8. For those guy who wish to find out more about how Tony made $600-$1000 in a single month, you can take a look at the special testimonial.
Basically, Tony was able to drive traffic to his blog by getting ranked at the top 2 position of Google for the keyword “Options Trading Blog” and No.3 Position for the keyword “Option Trading Blog”. He used to be No.1 but I guess he slackened a bit.
Here’s the link.
==> http://www.internet-empire.com/special-testimonial.htm
————————————-
*****************************************
>>> Update For Ultimate SEO Challenge <<<
*****************************************
Yahoo.com.sg - Singapore Seminar "Ranked No.1"
Yahoo.com.sg - Singapore Seminars "Ranked No.2"
Google - Not in the top 1,000 yet. But soon.
Good news. I am going to allow Free Posting of Seminar events till we get No.1 position on Google for the keyword "Singapore Seminars" for www.SingaporeSeminars.com
This is a good deal as there are good searches for that keyword.
*For more updates on the Ultimate SEO Challenge, please visit:
==> http://www.internet-empire.com/blog
Important Announcement:
There are many people who feedback to me that the number of emails I send could be pretty overwhelming and some of them are just not seminar junkies or enjoy attending events.
Therefore, I will be asking those who are interested in attending seminars, events, conferences & networking events to subscribe to a new mailing list that only focus on that.
You can do that by visiting http://www.singaporeseminars.com and subscribing your email and name to our updates at the left side of the website.
P.S. - Be prepared for a Major Recession that could last for years. Don’t say I didn’t warn you. 10 Banks & Financial Institutions have already been Bankrupted in USA and 90 others closely monitored. Major Banks that have exposure in Sub-Prime all made extensive write offs amounting Billions. According to reliable sources, the Sub-Prime exposure is in the range of maybe 2-3 Trillion of dollars so we haven’t really seen the bottom yet.
P.P.S. - According to an interview with George Soros on BBC, he didn’t suffer any major losses and perhaps made a tidy sum. Jim Rogers who got interviewed on Channel U was also smiling and explaining how he avoided the exposure on SubPrime crisis. Moral of the story: “It pays to be in good company”. I’ll be here for you to do that.
P.P.P.S. - My strong advice. If you do nothing now, you’re gonna be dead meat. HDB costs 740K now mind you. Get your butt out and start networking or plan to be your own boss as inflation is going to go higher than your increment.
P.P.P.P.S - Of course, it will also help if you’re joining a company that’s going to get listed or grow really big…like ours. My staffs are in this mailing list too. The last P.P.P.P.S. are for them.
Regards,
Edmund Ng
CEO, President
www.Internet-Empire.com
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