China still feeling vulnerable

Apr 4, 2009

China still feeling vulnerable
By Antoaneta Bezlova

BEIJING - Despite China's impressive show of its increased economic and political stature at the just-finished Group of 20 summit in London, the country remains doubtful about the sustainability of its economic miracle.

A day before leaders of rich and emerging economies got together in London on April 2 to chart the trajectory for the hoped-for global economic recovery, a prominent mainland economist declared on the front page of English-language China Daily newspaper that China "should not be burdened too much" with bailing out other countries because it remains more vulnerable to the crisis than many people believe.

"It is not as strong an economy as some people think," said Tang Min, a senior economist with the China Development Research Foundation under the State Council, or China's Cabinet. "China is also a victim of the crisis. Of the 50 million people who have lost their jobs around the world, 20 million are in China, more than any other country."

Ma Guangyuan, a research fellow with the Chinese Academy of Social Sciences suggested that in the view of the depth of the current crisis, China "should hide its capacities and bide its time" - in line with the advice of the country's late leader Deng Xiaoping.

"Now it is not a good time to realize our superpower dream," Ma said. "The butterfly effect of the crisis means that not a single country would be spared the financial storm. It is preposterous to think that the Chinese yuan would become a global currency overnight and that China would lead a radical change in international values."

In the run-up to the London G-20 meeting, China had shown more assertiveness than before in influencing global decision making. Chinese officials have demanded a bigger role in the International Monetary Fund (IMF) and other global bodies, and rebuked the US leadership's handling of the financial crisis while praising Beijing's own response.

"Facts speak volumes, and demonstrate that compared with other major economies, the Chinese government has taken prompt, decisive and effective policy measures, demonstrating its superior system advantage when it comes to making vital policy decisions," Central Bank governor Zhou Xiaochuan said in remarks posted on the website of the People's Bank of China ahead of the summit.

The statement appeared just a few days after Zhou published an essay calling for a new global currency managed by the IMF to replace the US dollar for use in trade and in storing reserves. At the G20 summit, China lived up to expectations that it will act in accordance with its increased confidence.

British Prime Minister Gordon Brown, who hosted the summit, said China agreed to contribute US$40 billion toward the bolstered war chest of the IMF, while the European Union and Japan would each chip in US$100 billion. World leaders agreed to boost funds for the IMF and other global institutions by $1.1 trillion.

At home, however, state-sanctioned media downplayed China's contribution to the fund, preferring to focus on what is perceived here as Beijing's success in pushing forward the reform of the IMF to reflect better the interests of developing countries.

"It is a historic summit because it signals the arrival of a new multi-polar era," Gao Haihong, a researcher with the Institute of World Economics and Politics under the Chinese Academy for Social Sciences, told Beijing News. "Developing countries are getting more recognition and their voices are receiving more attention."

The issue of how much, if any, China should inject into the IMF has been a sensitive one for domestic audiences fed a menu of mixed news about the country's strength and vulnerability. Local media have been increasingly straightforward in reporting the effects of the crisis on China, where many manufacturing industries have collapsed due to the slump in external demand. Millions of jobs have been lost and social unrest has spiked all over the country.

Tang Min insisted that China's biggest contribution to a global recovery would be keeping the Chinese economy growing and following through on its stimulus package. "Bailing out China is our most important contribution to the world," he told China Daily.

But in contradiction to this, Beijing has at the same time worked hard to drive home a message about the country's "superior system", one that has managed to withstand the crisis better than developed economies.

For instance, some financial commentators have admonished US treasury officials to take a cue from Beijing's reform of its banking system. Burdened with a mountain of non-performing loans a few years ago, Chinese banks now rank among the world's top global banks in terms of market capitalization.

"China's banks of today are America's banks of tomorrow," said an editorial in the China Times this week, pointing out that Washington is following Beijing's path in setting up an asset commission to absorb "toxic assets".

Not least of the important differences between the US and Chinese banking systems, however, is Chinese banks are by and large state-owned and follow fiscal directives from Beijing rather than their own boards.

In another sign of growing confidence, China has publicized plans to transform its financial hub, Shanghai, into a first-rate international monetary center by 2020. The announcement is part of Beijing's blueprint to expand the reach of its tightly controlled currency, eyeing the possibility that the yuan may one day replace the US dollar as an international currency for trade settlements.

This week, Beijing signed a currency swap with Argentina, agreeing to exchange 70 billion yuan (US$10 billion) for use in trade and investment. The agreement between the two countries effectively eliminates the need for their companies to buy dollars to pay for transactions.

In recent months, China has signed similar agreements with Belarus, Indonesia, Malaysia and South Korea.

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Singapore sends autopsy report to David’s family

Singapore sends autopsy report to David’s family

The Jakarta Post , JAKARTA | Sat, 04/04/2009 11:48 AM | National

Singapore’s Nanyang Technology University (NTU) has finally sent the autopsy report of David Hartanto Widjaja, an Indonesian student who died on its campus last month, to his family.

“We have received a scanned copy of the report by e-mail,” William Hartanto, David’s older brother, told The Jakarta Post on Friday by telephone.

He added that at first the university had offered to send the report by a courier service.

“The report mostly contained medical terms. Thus, we will seek professional help to decipher them,” William said, refusing to divulge the contents of the report.

Ministry of Foreign Affairs spokesman Teguh Wardoyo said his office received no notification regarding the report.

“It was Singapore’s initiative to send it directly to the family and we cannot object to that,” he said.

On March 3, 2008, David was found dead after plunging from the third floor of a building on the NTU campus.

Singaporean authorities believe that the young man slashed his wrist and jumped to his death after stabbing a professor.

However, his family has refused to believe this story, saying that David was not the kind of person who would act violently towards another person or himself.

“There were no eyewitnesses who saw my brother stab the professor or jump from the third floor. The reports were all based on the professor’s own words,” William said earlier this week.
He added that when he flew to Singapore to claim the body, he saw no indication that his brother had tried to slash his wrist.

“There was no blood flowing from his hands or arms, but there was some on his backside and legs, so why did they say he slashed his wrists?” he said.

William says that Singaporean authorities made it difficult for the family, who flew to Singapore a day after the incident, to see David’s body.

“The scene was immediately cleared and we were not allowed to see the body of David right away,” he said.

Two other deaths on the NTU campus came soon after David’s. Zhou Zheng, a 24-year old researcher at the university’s laboratory was found hanging, dead, in an apartment on the campus.

Not long after, 29 year-old Hu Kunlun, another researcher, was hit by a car on his way to the campus. Both researchers were Chinese citizens.

The incident has caused a stir among Indonesians, with conspiracy theories being circulated and talk of revolutionary technology being invented by the 21-year old David.

Blogger Iwan Piliang has suggested that the confiscation of David’s computer and cellular phone by the Singaporean police proves that David’s thesis, which involved three-dimensional face recognition technology, was of high economic value.

“There may have been people with vested interests behind David’s death because of his research findings,” he told journalists earlier this week.

Yayan Mulyana, spokesperson for the Indonesian Embassy in Singapore, said that the embassy was yet to receive the autopsy report.

“We will ensure that the investigation is well conducted and that David’s family will obtain justice in this case,” he said. (dis)

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Coaxing corporate execs to join politics

Coaxing corporate execs to join politics

The Straits Times did an Insight piece on how difficult it is to get corporate exec types to enter politics. I think they did it from a rather biased angle, assuming that execs will only join the PAP if ever they consider entering politics. But in any case, I think the mindsets expressed pose a challenge for both the ruling party and the opposition in recruiting good men and women to lead the country.

Some of the interviewees said they would be willing to step forward “if one day the Government fails, it is corrupt and there are policy failures”. This is heartening to hear, but is still the wrong thinking. Once the rot is apparent, it may be a bit too late to set things right. Singapore is a small country and cannot afford a “transition period” where things are in a mess. People who have the interest and ability, and genuinely care for their fellow citizens are needed in both the ruling party and the opposition. They should step forward and not wait to be asked, as if it is some badge of honour to be “headhunted”.

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PAP aims for good mix of candidates

PAP aims for good mix of candidates

By Peh Shing Huei, China Bureau Chief

The People’s Action Party (PAP) will continue to ensure a good spread of candidates to reflect the views of the young and also to take care of older Singaporeans, Deputy Prime Minister Teo Chee Hean said yesterday.

The PAP is confident that the core of the fourth-generation leaders will be in place by the next general election, added Education Minister Ng Eng Hen, who is in charge of the ruling party’s selection process.

In fact, Dr Ng revealed that a few candidates of ministerial calibre have been identified.

Prime Minister Lee Hsien Loong, the secretary-general of the PAP, indicated to the media earlier this week that the core of Singapore’s fourth-generation leadership has yet to be fully assembled. He was speaking after a mid-term Cabinet reshuffle announced last week.

Mr Teo, who is the party’s second assistant secretary-general, assured Singaporeans that the work is in progress.

‘By the next election, we should have even more people in place to form the fourth-generation leadership,’ he told Singapore reporters here at the end of his two-day trip to China.

But while there is an emphasis on fresh talent at each election, with about a quarter of the PAP’s slate filled with new candidates, he said the party would balance it with ’sufficient ballast’ in Parliament to take care of the older Singaporeans.

‘We also have Singaporeans who are middle-aged who talk about families, their children, and the Singaporeans of senior age who think about their retirement, medical issues and so on,’ he explained.

Asked if he felt that younger Singaporeans could want change in political leadership like in the United States, he replied that what voters young or old want is good and competent government.

‘Any political party, any government who wishes to stay in power, has to continue to be able to meet those challenges, the needs, the requirements of the population, young or old. And I think that is the challenge,’ Mr Teo said.

Dr Ng, who accompanied DPM Teo on this trip, said the challenge of the global financial crisis has also made the search for new leaders more urgent.

‘With this crisis you want all hands on deck. And you would actually prefer those with experience. Yet at the same time if you don’t expose new and younger leaders to this, they won’t have the experience. There surely will be a crisis in the future,’ said Dr Ng, who is the PAP’s organising secretary (special duties).

‘So I think it is a balancing act of also retaining the leaders who have got the experience, as well as exposing the younger leaders.’

But he stressed that the final decision lies with the electorate.

‘All we can do is to assemble a team and present them to Singaporeans. Ultimately, Singaporeans must decide whether they have the ability, the empathy, whether they understand their needs and whether they can trust these leaders,’ he said.

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'Bonus' is not a dirty word. 'Welfare' is.

'Bonus' is not a dirty word. 'Welfare' is.

I agree with our PAP minister Lim Boon Heng that we should be more sympathetic to millionaire CEOs than low income families. Why? These rich CEOs are a victim of circumstances while the poor are just lazy.

Take the case of CapitaLand CEO Liew Mun Leong who received a 20 million dollar bonus. It is not his fault that the company made so much money in 2007 during a speculative bubble; he was not responsible for the housing boom. It was just his luck that he was at the right place at the right time. It is also not his fault that the board of directors decided to reward him the bonus. Mr Liew was a victim of circumstances and he had no choice but to take the bonus. The poor thing, it is not really his fault. Why should we begrudge him for striking the lottery? After all, CapitaLand is a public listed company not owned by Singaporeans. It is for the directors and their biggest majority shareholder (Temasek Holdings) to decide but not us. Now, with the property market collasping and profits declining, Liew Mun Leong is powerless to do anything. It is due to external economic conditions so he shouldn't be denied his bonus. If that excuse works for our PAP MPs, it should also work for him.

Now let us look at the ungrateful leeches on 'welfare'. Our Government is already very generous to provide $330 a month to the poor. $330 is more than enough to live comfortably in Singapore. These are not Skeptic's thoughts but those of the highly educated Dr Vivian Balakrishnan (see link). He is a doctor so of course he knows the true cost of living in Singapore better than you or me. In fact, Skeptic thinks that $330 is too much and some PAP MPs would agree with Skeptic too. Otherwise, why would they spend more time arguing (about increasing it from $290 a month) than they do about their own pay increase?

Skeptic wishes that these 'welfare leeches' should quit asking for hand-outs and start working. Singapore is a land full of opportunities and they should have no problem making $700 a month cleaning toilets. This pay is very generous and more than what most people make doing the same thing in NS!

Singapore is a very unique country and foreigners do not understand the Singapore way of doing things. In Singapore, we increase our GST to help the poor. In Singapore, we think that extreme 'corporate bonus' is a good thing but 'welfare' is a dirty word. In Singapore, the people serve the Government and not the other way around. In Singapore, the old serve the young at McDonalds.

A foreigner visiting Singapore may think that everything here is upside down; like a horse riding a man! But why should we listen to them? We should listen to our intelligent PAP minister instead! Thankfully, we are more docile than the Americans!

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Does Kim Keat really have a chronic problem with clearing rubbish?

Does Kim Keat really have a chronic problem with clearing rubbish?

On 3rd April 2009, a Kim Keat resident named Kelly Lek wrote in to Straits Times Forum complaining about the rubbish not being cleared in the open areas around the driving range along Kim Keat Avenue. She wrote that the rubbish is sometimes not cleared for weeks despite having contacted Bishan-Toa Payoh Town Council several times. (read letter here)

Is Kim Keat really as dirty as depicted in her letter? We sent a team down on the evening of the same day and discovered that there is some truth in the letter. Bags of rubbish were found lying along the road. The void decks of some blocks looked as if they have not been cleansed for months. Rubbish were found all over the place. The drains were filled with stagnant water - a perfect breeding ground for the anopheles mosquito.

We spoke to the residents there and most of them agreed with Ms Kelly Lek - that the estate is unkempt, dirty and poorly maintained. (we will publish a video interview as well as results of our survey tomorrow)

What has the Town Council been doing? Should residents still pay their conservancy fees on time if they are not getting their side of the bargain?

View the photos below yourself and ask if this is an estate you want to live in:

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CEO’s bonus: Straits Times barking up the wrong tree again

CEO’s bonus: Straits Times barking up the wrong tree again

By Jeremy Koh

I am most amused by the recent media spotlight on Capitaland CEO Liew Mun Leong’s hefty bonus of S$20.5 million dollars in 2007. (read article here)

While I have lost quite a substantial sum in my Capitaland shares, I am not going to rise up in arms to protest against the board’s decision to award the bonuses.

As a public-listed company, the Board of Directors of Capitaland has to explain its decision to its shareholders. The pay and bonuses of its top honchos are also correctly and completely disclosed in its annual reports.

What I find disturbing is the lack of transparency on the salaries and bonuses received by Liew’s boss - Madam Ho Ching of Temasek Holdings which owns the majority share in Capitaland and by extension to her father-in-law GIC Chairman Lee Kuan Yew.

The shareholders of Temasek Holdings and GIC are every Singapore citizen for their funds come from the taxpayers. Since Temasek has already pledged to uphold higher standards of transparency by revealing its yearly audited accounts and balance sheets, why is it still reluctant to disclose the salaries and bonuses of its top executives?

I am interested to know the monthly salary of Madam Ho Ching, her bonuses received as Temasek CEO from 2002 to now, the perks and benefits due to her and whether there is any severance package for her.

Somebody told me that Mr Lee was not paid a single cent as Chairman of GIC and he is holding that portfolio on a “voluntary” basis to safeguard the reserves of Singapore. Again, it will be better if GIC can reveal the salaries and bonuses of its executives.

These questions should have been raised by the media a long time ago. They were given another opportunity to do so when Madam Ho Ching announced her resignation lately, but nothing was written so far.

Is the media’s hounding of Mr Liew a ploy to deflect attention away from Madam Ho and Mr Lee? How come I don’t see any feature article on them?

I see no reason why Singaporeans are kept in the dark over the salaries paid to the staff of Temasek and GIC. It was announced sometime last year that Temasek executives had accepted a pay cut of 20%, but there was no mention of their salaries in absolute numbers.

Given the tragic performance of Temasek and GIC last year which have lost a substantial amount of our hard-earned reserves, I proposed that its top executives take a further pay cut of 50% and returned any bonuses they have received.

There was a huge furore over the bonuses paid out to AIG directors lately which saw some Americans protesting right in front of their homes. Public pressure eventually forced most of them to forfeit their ill-gotten bonuses.

Singaporeans are generally a kind and forgiving people. Temasek and GIC executives need not fear anything by disclosing their salaries and bonuses. If they feel they truly deserve the renumeration received, then they should not be ashamed to reveal it.

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Singapore on 'grey list'

April 4, 2009

S'pore on 'grey list'

By Michelle Tay
		The OECD named two lists of nations - one black and one grey - that were not doing enough to help crack down on tax cheats and excessive bank secrecy. -- PHOTO: AGENCE FRANCE-PRESSE

SINGAPORE has been placed on a 'grey list' of countries that have agreed to comply with rules on tax dodging but have yet to act.

Those listed On the black list are these four: Costa Rica ... more

The Organisation for Economic Cooperation and Development (OECD) on Thursday named two lists of nations - one black and one grey - that were not doing enough to help crack down on tax cheats and excessive bank secrecy.

The lists were made public as the Group of 20 leaders from rich and developing nations declared at their London summit that the age of banking secrecy was over and that they would no longer tolerate shady havens draining away badly needed tax revenue.

The grey list comprises 38 countries - including Switzerland and Monaco - that say they have 'committed to the internationally agreed tax standard, but have not yet substantially implemented' it.

Four places that have not yet agreed to change banking secrecy practices were put on a blacklist for being uncooperative tax havens.

The OECD estimates that anywhere between US$1.7 trillion (S$2.6 trillion) and US$11.5 trillion of assets are held offshore globally.

Reacting yesterday to being on the grey list, the Swiss finance minister issued a statement saying: 'The list does not specify the criteria on the basis of which it was drawn up. Switzerland is not a tax haven.'

The Ministry of Finance told The Straits Times: 'As expected, Singapore has not been classified by the OECD as a tax haven but as a financial centre that has committed to the internationally recognised tax standard.

'This recognises that Singapore has endorsed the OECD Standard for the exchange of information through Avoidance of Double Taxation Agreements (DTAs), and intends to implement the Standard by effecting legislative amendments later this year and negotiating and concluding relevant DTAs.

'Singapore's position in this regard is no different from that of other major financial centres such as Hong Kong, Switzerland and Luxembourg.'

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Virgin brides off the shelf

Saturday April 4, 2009
Virgin brides off the shelf
INSIGHT: DOWN SOUTH WITH SEAH CHIANG NEE

Its reputation as a stable, affluent society and the close affinity in culture, skin colour and food has made Singapore a special choice of Vietnamese women.

MOVE over, China ladies; hello, Vietnam! In their dependency on foreign brides to correct a marriage imbalance, more Singaporean men are turning to Vietnamese women in recent years.

But this growing marriage bond has become mired in controversy and charges of exploitation that are earning Singapore’s image a black eye.

For years, the city-state has gone on a global binge on almost everything in life, including the institution of marriage.

With educated women rising, a marriage gap has been building in Singapore between a small army of middle-aged, less-educated men and independent-minded women who shun them as spouses.

Some 40% of marriages in Singapore today are with foreigners.

Last year, 6,520 male Singaporeans and permanent residents married foreign brides, the highest number in 10 years, according to the Department of Statistics.

Yet, one out of three citizens does not have a spouse and some 30% of the men are wife-less.

These social statistics are quite sobering for Singapore and are building up into a huge dependency on foreign spouses to keep life in b alance.

The biggest numbers still come from Malaysia and China.

But in recent years, the Vietnamese women are making up for lost ground. Many of them are flocking here – and to other Asian cities – seeking a better life.

“Many of them take a tremendous risk marrying foreign men – some having met for only an hour – so they can send money home to their families,” said a marriage agent.

Vietnam is famous for beautiful girls and obedient, hard-working wives, a contrast to their more Westernised, educated Singapore sisters.

The exact number who arrived is unknown. One unconfirmed report said that between 2000 and 2006, the arrivals had risen by 42 times.

Singapore is very small compared with bigger markets like South Korea, Taiwan, Malaysia, and China in the transnational matrimonial business.

But the republic’s reputation as a stable, affluent society has made it a special choice of the Vietnamese women, despite the language obstacle.

A major reason is the close affinity in culture, skin colour and food.

For every Singaporean who goes to Ho Chi Minh City to find a wife, there are thousands of women who want to come here.

Aired over TV, an 18-year-old Vietnamese girl was asked whether she would marry any Singaporean and she nodded her head. “Will you marry someone even if he’s 60?” Her reply without hesitation: “Yes.”

The practice of paying for a bride has raised anger in the West and among Asian liberals who say Singapore – with clean, transparent advocacy – is condoning trafficking in women.

A letter signed by more than 1,000 Vietnamese appealed to Prime Minister Lee Hsien Loong to stop some of the 30 Singaporean agencies offering “certified Vietnamese virgin brides” for sale.

A human rights office in Ho Chi Minh also protested to Lee about this “shameful form of modern-day slavery”.

Those in support argue that arranged weddings or dowry payments have always been part of Asia’s traditions.

Even modern weddings still involve some exchanges in cash, red packets or in gifts (either jewellery or ceremonial lavishness) demanded by the bride’s parents.

“So why is the idea of a brokered marriage through an agency so wrong?” one representative asked.

The answer lies in the undignified, inhuman way many businesses are advertising or parading Vietnamese girls (86% do it to get out of poverty) in their premises like they are selling branded shoes.

The economic crisis has delivered a sharp blow to the practice, resulting in further insults.

One outlet advertised a half-price discount – from S$8,000 to S$4,000 – for the prospective husband.

The supply of cheap, virgin brides from hard-hit countries seems inexhaustible. Cambodia has banned marriage brokers.

Vietnam, however, can’t stop its poor, rural families from “selling their daughters” as long as poverty exists.

However, to stop the exploitation, the Hanoi government is considering setting up a government centre to handle the marriage of Vietnamese women abroad.

An estimated 15,000-20,000 Vietnamese do so every year. On the positive side, the families often get a better life, or have debts repaid or may receive a steady allowance from their sons-in-law.

In one Vietnamese island nearly every peasant – or his neighbour – has a daughter who is married abroad in an Asian country.

There is also another downside for the Vietnamese. The average Singaporean man who is seeking a bride in China or elsewhere has a high-educated profile today.

One agency said that five years ago, its clients rarely had more than a secondary 2 education. Now, seven out of 10 have at least a bachelor’s degree.

This doesn’t appear to apply to Vietnam, where the “husbands from Taiwan, South Korea and Singapore are often older, unskilled workers who are unable to attract a woman back home”, said a Hanoi official.

That would imply that because the price is so affordable that more of the elderly bachelors in the state are making a beeline for the women there.

As Vietnam gets richer, the number of its women willing to be sold into marriage will drop.

But, as a British Telegraph columnist wondered, what would happen if the UK were to slide into prolonged recession, and economic power continues to shift to Asia?

“I wonder if 10 or 20 years down the line, (whether) it will be British women coming to Singapore, Beijing or even Hanoi to find a rich Asian husband,” he quipped.

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The Search For The MISSING NETIZENS continues...

Saturday, April 04, 2009

• The Search For The MISSING NETIZENS continues...
  

and it leads us to a really weird sort of court...Could it possibly be a (http://en.wikipedia.org/wiki/Kangaroo_court) ?in some country in this world...

It is simply amazing that in this day and age...In a supposed 1st world country,we still have courts which has already decided on a verdict even before a case is heard.

There i was in court,itching to get a chance to get some answers to my now "infamous lim kopi" session.

The judge enquired as to whether i had a lawyer,and then insisted i had my lawyer present before we were to proceed further.
I stood my ground,we had a great & open discussion...and so the case was adjorned for my lawyer to have time to make further representations.

When i left the judge's chambers,lo and behold,there were 2 people outside waiting for me.A male and a female,dressed in some sort of peach coloured uniform.
The female went,"Great,now we have him!Complete the paperwork for us."

I was thinking,"Huh,wtf?"

The court clerk went,"He has a lawyer.The case is adjourned.You guys are not going to have him!"

PoThePanda wonders where these 2 persons are from.And how ever did they "know" the verdict before anything had even come to pass? :O

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