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| 21-Sep-2010 21:03 |
Fixed Deposits
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$$$$ F D Interest Abnormalisation MLM BUBBLE $$$
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CPF SMRA minimum interest rate extended for another year
SINGAPORE
In a statement yesterday, Manpower Minister Gan Kim Yong said that, despite Singapore’s strong economic recovery, interest rates have remained low.
He added that a sharp drop in interest rates at the expiry of the four-per cent floor rate may impact CPF members who have yet to benefit fully from the economic recovery.
Since January 2008, SMRA savings have been invested in 10-year Singapore Government Securities (10YSGS), a market-based rate — plus one-per cent — for instruments of comparable risk and duration.
To provide for the transition, the Government had committed to the 4-per cent floor rate for SMRA interest up to last December.
This was first extended a year, due to global economic conditions and the exceptionally low interest-rate environment last year.
Citigroup economist Kit Wei Zheng told MediaCorp the latest move would protect CPF savings from being “eroded” should the inflation rate rise from its current level of “over three per cent to four per cent by the end of the year”.
From 2012, the minimum interest rate will be 2.5-per-cent per annum.
When he explained the CPF changes in 2007, Finance Minister Tharman Shanmugaratnam said the peg to long-term bond rates would offer members “better returns over time with slightly higher interest rate risk” on their SMRA.
The 10YSGS is now 2.15 per cent. In January last year, it was 1.7 per cent.
Mr Kit said Singapore bond yields are influenced by United States bond yields and that interest rates are “near historic lows” and expected to remain so for some time with the “sluggish” US recovery.
So does the decision to peg SMRA rates to long-term bond rates hold?
“It appears it’s not working well. Back in 2007, no one anticipated the 10YSGS yield would fall or that the US would be hit by a deep recession,” said Mr Kit, who suggested adding two per cent to the 10YSGS instead of the current one per cent.
Interest rates could rise, though, if the US economy improves. “How fast and when depends on global economic outlook,” said Mr Kit.
When that happens, the Government would probably not extend the floor rate of 4 per cent since the formula of 10YSGS plus one per cent would give better returns, he added. |
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| 21-Sep-2010 21:00 |
User Research/Opinions
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&&&&&&&& PROFITS & PHILANTHROPHY &&&&&&&&
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CPF SMRA minimum interest rate extended for another year
SINGAPORE
In a statement yesterday, Manpower Minister Gan Kim Yong said that, despite Singapore’s strong economic recovery, interest rates have remained low.
He added that a sharp drop in interest rates at the expiry of the four-per cent floor rate may impact CPF members who have yet to benefit fully from the economic recovery.
Since January 2008, SMRA savings have been invested in 10-year Singapore Government Securities (10YSGS), a market-based rate — plus one-per cent — for instruments of comparable risk and duration.
To provide for the transition, the Government had committed to the 4-per cent floor rate for SMRA interest up to last December.
This was first extended a year, due to global economic conditions and the exceptionally low interest-rate environment last year.
Citigroup economist Kit Wei Zheng told MediaCorp the latest move would protect CPF savings from being “eroded” should the inflation rate rise from its current level of “over three per cent to four per cent by the end of the year”.
From 2012, the minimum interest rate will be 2.5-per-cent per annum.
When he explained the CPF changes in 2007, Finance Minister Tharman Shanmugaratnam said the peg to long-term bond rates would offer members “better returns over time with slightly higher interest rate risk” on their SMRA.
The 10YSGS is now 2.15 per cent. In January last year, it was 1.7 per cent.
Mr Kit said Singapore bond yields are influenced by United States bond yields and that interest rates are “near historic lows” and expected to remain so for some time with the “sluggish” US recovery.
So does the decision to peg SMRA rates to long-term bond rates hold?
“It appears it’s not working well. Back in 2007, no one anticipated the 10YSGS yield would fall or that the US would be hit by a deep recession,” said Mr Kit, who suggested adding two per cent to the 10YSGS instead of the current one per cent.
Interest rates could rise, though, if the US economy improves. “How fast and when depends on global economic outlook,” said Mr Kit.
When that happens, the Government would probably not extend the floor rate of 4 per cent since the formula of 10YSGS plus one per cent would give better returns, he added. |
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| 21-Sep-2010 20:43 |
User Research/Opinions
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%%%% WORLD ECONOMIC SUMMIT %%%%
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When they say ‘we’, they mean ‘you’ paul krugman Anger is sweeping America. CRAZINESS HAS GONE MAINSTREAM The rage of the rich has been building ever since Mr Obama took office. At first, however, it was largely confined to Wall Street. Thus when Now, however, as decision time looms for the fate of the Bush tax cuts — will top tax rates go back to Clinton-era levels? — the rage of the rich has broadened, and also in some ways changed its character. For one thing, craziness has gone mainstream. It’s one thing when a billionaire rants at a dinner event. It’s another when When it comes to defending the interests of the rich, it seems, the normal rules of civilised (and rational) discourse no longer apply. At the same time, self-pity among the privileged has become acceptable, even fashionable. New York magazine published an article titled The Wail of the 1 Per Cent, it was talking about financial wheeler-dealers whose firms had been bailed out with taxpayer funds but were furious at suggestions that the price of these bailouts should include temporary limits on bonuses. When the bi l l ionaire Stephen Schwarzman compared an Obama proposal to the Nazi invasion of Poland, the proposal in question would have closed a tax loophole that specifically benefits fund managers like him.Forbes magazine runs a cover story alleging that the President of the United States is deliberately trying to bring America down as part of his Kenyan, “anti-colonialist” agenda, and that “the US is being ruled according to the dreams of a Luo tribesman of the 1950s”.A BELL IGERENT SENSE OF ENTITLEMENT Tax-cut advocates used to pretend that they were mainly concerned about helping typical American families. Even tax breaks for the rich were justified in terms of trickle-down economics, the claim that lower taxes at the top would make the economy stronger for everyone. These days, however, taxcutters are hardly even trying to make the trickle-down case. Yes, Republicans are pushing the line that raising taxes at the top would hurt small businesses, but their hearts don’t really seem in it. Instead, it has become common to hear vehement denials that people making US$400,000 ($534,000) or US$500,000 a year are rich. I mean, look at the expenses of people in that income class — the property taxes they have to pay on their expensive houses, the cost of sending their children to elite private schools, and so on. Why, they can barely make ends meet. And among the undeniably rich, a belligerent sense of entitlement has taken hold: It’s their money, and they have the right to keep it. “Taxes are what we pay for civilised society,” said Oliver Wendell Holmes — but that was a long time ago. The spectacle of high-income Americans, the world’s luckiest people, wallowing in self-pity and self-righteousness would be funny, except for one thing: They may well get their way. Never mind the US$700 billion price tag for extending the high-end tax breaks: Virtually all Republicans and some Democrats are rushing to the aid of the oppressed affluent. You see, the rich are different from you and me: They have more influence. It’s partly a matter of campaign contributions but it’s also a matter of social pressure, since politicians spend a lot of time hanging out with the wealthy. So, when the rich face the prospect of paying an extra 3 or 4 per cent of their income in taxes, politicians feel their pain – feel it much more acutely, it’s clear, than they feel the pain of families who are losing their jobs, their houses and their hopes. And when the tax fight is over, one way or another, you can be sure that the people currently defending the incomes of the elite will go back to demanding cuts in Social Security and aid to the unemployed. America must make hard choices, they’ll say; we all have to be willing to make sacrifices. But when they say “we,” they mean “you.” Sacrifice is for the little people. THE NEW YORK TIMES The writer is a professor of economics and international affairs at Princeton University. He received the Nobel Prize in Economics in 2008 .True, this white-hot rage is a minority phenomenon, not something that characterises most of our fellow citizens. But the angry minority is angry indeed, consisting of people who feel that things to which they are entitled are being taken away. And they’re out for revenge. No, I’m not talking about the Tea Partiers. I’m talking about the rich. These are terrible times for many people in this country. Poverty, especially acute poverty, has soared in the economic slump; millions of people have lost their homes. Young people can’t find jobs; laid-off 50-somethings fear that they’ll never work again. Yet if you want to find real political rage — the kind of rage that makes people compare President Barack Obama to Hitler, or accuse him of treason — you won’t find it among these suffering Americans. You’ll find it instead among the very privileged, people who don’t have to worry about losing their jobs, their homes or their health insurance, but who are outraged — outraged — at the thought of paying modestly higher taxes. |
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| 21-Sep-2010 20:42 |
User Research/Opinions
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^ Productivity ^ [Effecacy Efficiency Economy]
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When they say ‘we’, they mean ‘you’ paul krugman Anger is sweeping America. CRAZINESS HAS GONE MAINSTREAM The rage of the rich has been building ever since Mr Obama took office. At first, however, it was largely confined to Wall Street. Thus when Now, however, as decision time looms for the fate of the Bush tax cuts — will top tax rates go back to Clinton-era levels? — the rage of the rich has broadened, and also in some ways changed its character. For one thing, craziness has gone mainstream. It’s one thing when a billionaire rants at a dinner event. It’s another when When it comes to defending the interests of the rich, it seems, the normal rules of civilised (and rational) discourse no longer apply. At the same time, self-pity among the privileged has become acceptable, even fashionable. New York magazine published an article titled The Wail of the 1 Per Cent, it was talking about financial wheeler-dealers whose firms had been bailed out with taxpayer funds but were furious at suggestions that the price of these bailouts should include temporary limits on bonuses. When the bi l l ionaire Stephen Schwarzman compared an Obama proposal to the Nazi invasion of Poland, the proposal in question would have closed a tax loophole that specifically benefits fund managers like him.Forbes magazine runs a cover story alleging that the President of the United States is deliberately trying to bring America down as part of his Kenyan, “anti-colonialist” agenda, and that “the US is being ruled according to the dreams of a Luo tribesman of the 1950s”.A BELL IGERENT SENSE OF ENTITLEMENT Tax-cut advocates used to pretend that they were mainly concerned about helping typical American families. Even tax breaks for the rich were justified in terms of trickle-down economics, the claim that lower taxes at the top would make the economy stronger for everyone. These days, however, taxcutters are hardly even trying to make the trickle-down case. Yes, Republicans are pushing the line that raising taxes at the top would hurt small businesses, but their hearts don’t really seem in it. Instead, it has become common to hear vehement denials that people making US$400,000 ($534,000) or US$500,000 a year are rich. I mean, look at the expenses of people in that income class — the property taxes they have to pay on their expensive houses, the cost of sending their children to elite private schools, and so on. Why, they can barely make ends meet. And among the undeniably rich, a belligerent sense of entitlement has taken hold: It’s their money, and they have the right to keep it. “Taxes are what we pay for civilised society,” said Oliver Wendell Holmes — but that was a long time ago. The spectacle of high-income Americans, the world’s luckiest people, wallowing in self-pity and self-righteousness would be funny, except for one thing: They may well get their way. Never mind the US$700 billion price tag for extending the high-end tax breaks: Virtually all Republicans and some Democrats are rushing to the aid of the oppressed affluent. You see, the rich are different from you and me: They have more influence. It’s partly a matter of campaign contributions but it’s also a matter of social pressure, since politicians spend a lot of time hanging out with the wealthy. So, when the rich face the prospect of paying an extra 3 or 4 per cent of their income in taxes, politicians feel their pain – feel it much more acutely, it’s clear, than they feel the pain of families who are losing their jobs, their houses and their hopes. And when the tax fight is over, one way or another, you can be sure that the people currently defending the incomes of the elite will go back to demanding cuts in Social Security and aid to the unemployed. America must make hard choices, they’ll say; we all have to be willing to make sacrifices. But when they say “we,” they mean “you.” Sacrifice is for the little people. THE NEW YORK TIMES The writer is a professor of economics and international affairs at Princeton University. He received the Nobel Prize in Economics in 2008 .True, this white-hot rage is a minority phenomenon, not something that characterises most of our fellow citizens. But the angry minority is angry indeed, consisting of people who feel that things to which they are entitled are being taken away. And they’re out for revenge. No, I’m not talking about the Tea Partiers. I’m talking about the rich. These are terrible times for many people in this country. Poverty, especially acute poverty, has soared in the economic slump; millions of people have lost their homes. Young people can’t find jobs; laid-off 50-somethings fear that they’ll never work again. Yet if you want to find real political rage — the kind of rage that makes people compare President Barack Obama to Hitler, or accuse him of treason — you won’t find it among these suffering Americans. You’ll find it instead among the very privileged, people who don’t have to worry about losing their jobs, their homes or their health insurance, but who are outraged — outraged — at the thought of paying modestly higher taxes. |
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| 21-Sep-2010 20:40 |
User Research/Opinions
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*MARKET WISDOM* versus #EMOTIONAL SEIZE#
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When they say ‘we’, they mean ‘you’ paul krugman Anger is sweeping America. CRAZINESS HAS GONE MAINSTREAM The rage of the rich has been building ever since Mr Obama took office. At first, however, it was largely confined to Wall Street. Thus when Now, however, as decision time looms for the fate of the Bush tax cuts — will top tax rates go back to Clinton-era levels? — the rage of the rich has broadened, and also in some ways changed its character. For one thing, craziness has gone mainstream. It’s one thing when a billionaire rants at a dinner event. It’s another when When it comes to defending the interests of the rich, it seems, the normal rules of civilised (and rational) discourse no longer apply. At the same time, self-pity among the privileged has become acceptable, even fashionable. New York magazine published an article titled The Wail of the 1 Per Cent, it was talking about financial wheeler-dealers whose firms had been bailed out with taxpayer funds but were furious at suggestions that the price of these bailouts should include temporary limits on bonuses. When the bi l l ionaire Stephen Schwarzman compared an Obama proposal to the Nazi invasion of Poland, the proposal in question would have closed a tax loophole that specifically benefits fund managers like him.Forbes magazine runs a cover story alleging that the President of the United States is deliberately trying to bring America down as part of his Kenyan, “anti-colonialist” agenda, and that “the US is being ruled according to the dreams of a Luo tribesman of the 1950s”.A BELL IGERENT SENSE OF ENTITLEMENT Tax-cut advocates used to pretend that they were mainly concerned about helping typical American families. Even tax breaks for the rich were justified in terms of trickle-down economics, the claim that lower taxes at the top would make the economy stronger for everyone. These days, however, taxcutters are hardly even trying to make the trickle-down case. Yes, Republicans are pushing the line that raising taxes at the top would hurt small businesses, but their hearts don’t really seem in it. Instead, it has become common to hear vehement denials that people making US$400,000 ($534,000) or US$500,000 a year are rich. I mean, look at the expenses of people in that income class — the property taxes they have to pay on their expensive houses, the cost of sending their children to elite private schools, and so on. Why, they can barely make ends meet. And among the undeniably rich, a belligerent sense of entitlement has taken hold: It’s their money, and they have the right to keep it. “Taxes are what we pay for civilised society,” said Oliver Wendell Holmes — but that was a long time ago. The spectacle of high-income Americans, the world’s luckiest people, wallowing in self-pity and self-righteousness would be funny, except for one thing: They may well get their way. Never mind the US$700 billion price tag for extending the high-end tax breaks: Virtually all Republicans and some Democrats are rushing to the aid of the oppressed affluent. You see, the rich are different from you and me: They have more influence. It’s partly a matter of campaign contributions but it’s also a matter of social pressure, since politicians spend a lot of time hanging out with the wealthy. So, when the rich face the prospect of paying an extra 3 or 4 per cent of their income in taxes, politicians feel their pain – feel it much more acutely, it’s clear, than they feel the pain of families who are losing their jobs, their houses and their hopes. And when the tax fight is over, one way or another, you can be sure that the people currently defending the incomes of the elite will go back to demanding cuts in Social Security and aid to the unemployed. America must make hard choices, they’ll say; we all have to be willing to make sacrifices. But when they say “we,” they mean “you.” Sacrifice is for the little people. THE NEW YORK TIMES The writer is a professor of economics and international affairs at Princeton University. He received the Nobel Prize in Economics in 2008 .True, this white-hot rage is a minority phenomenon, not something that characterises most of our fellow citizens. But the angry minority is angry indeed, consisting of people who feel that things to which they are entitled are being taken away. And they’re out for revenge. No, I’m not talking about the Tea Partiers. I’m talking about the rich. These are terrible times for many people in this country. Poverty, especially acute poverty, has soared in the economic slump; millions of people have lost their homes. Young people can’t find jobs; laid-off 50-somethings fear that they’ll never work again. Yet if you want to find real political rage — the kind of rage that makes people compare President Barack Obama to Hitler, or accuse him of treason — you won’t find it among these suffering Americans. You’ll find it instead among the very privileged, people who don’t have to worry about losing their jobs, their homes or their health insurance, but who are outraged — outraged — at the thought of paying modestly higher taxes. |
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| 21-Sep-2010 20:39 |
User Research/Opinions
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&&&&&&&& PROFITS & PHILANTHROPHY &&&&&&&&
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When they say ‘we’, they mean ‘you’ paul krugman Anger is sweeping America. CRAZINESS HAS GONE MAINSTREAM The rage of the rich has been building ever since Mr Obama took office. At first, however, it was largely confined to Wall Street. Thus when Now, however, as decision time looms for the fate of the Bush tax cuts — will top tax rates go back to Clinton-era levels? — the rage of the rich has broadened, and also in some ways changed its character. For one thing, craziness has gone mainstream. It’s one thing when a billionaire rants at a dinner event. It’s another when When it comes to defending the interests of the rich, it seems, the normal rules of civilised (and rational) discourse no longer apply. At the same time, self-pity among the privileged has become acceptable, even fashionable. New York magazine published an article titled The Wail of the 1 Per Cent, it was talking about financial wheeler-dealers whose firms had been bailed out with taxpayer funds but were furious at suggestions that the price of these bailouts should include temporary limits on bonuses. When the bi l l ionaire Stephen Schwarzman compared an Obama proposal to the Nazi invasion of Poland, the proposal in question would have closed a tax loophole that specifically benefits fund managers like him.Forbes magazine runs a cover story alleging that the President of the United States is deliberately trying to bring America down as part of his Kenyan, “anti-colonialist” agenda, and that “the US is being ruled according to the dreams of a Luo tribesman of the 1950s”.A BELL IGERENT SENSE OF ENTITLEMENT Tax-cut advocates used to pretend that they were mainly concerned about helping typical American families. Even tax breaks for the rich were justified in terms of trickle-down economics, the claim that lower taxes at the top would make the economy stronger for everyone. These days, however, taxcutters are hardly even trying to make the trickle-down case. Yes, Republicans are pushing the line that raising taxes at the top would hurt small businesses, but their hearts don’t really seem in it. Instead, it has become common to hear vehement denials that people making US$400,000 ($534,000) or US$500,000 a year are rich. I mean, look at the expenses of people in that income class — the property taxes they have to pay on their expensive houses, the cost of sending their children to elite private schools, and so on. Why, they can barely make ends meet. And among the undeniably rich, a belligerent sense of entitlement has taken hold: It’s their money, and they have the right to keep it. “Taxes are what we pay for civilised society,” said Oliver Wendell Holmes — but that was a long time ago. The spectacle of high-income Americans, the world’s luckiest people, wallowing in self-pity and self-righteousness would be funny, except for one thing: They may well get their way. Never mind the US$700 billion price tag for extending the high-end tax breaks: Virtually all Republicans and some Democrats are rushing to the aid of the oppressed affluent. You see, the rich are different from you and me: They have more influence. It’s partly a matter of campaign contributions but it’s also a matter of social pressure, since politicians spend a lot of time hanging out with the wealthy. So, when the rich face the prospect of paying an extra 3 or 4 per cent of their income in taxes, politicians feel their pain – feel it much more acutely, it’s clear, than they feel the pain of families who are losing their jobs, their houses and their hopes. And when the tax fight is over, one way or another, you can be sure that the people currently defending the incomes of the elite will go back to demanding cuts in Social Security and aid to the unemployed. America must make hard choices, they’ll say; we all have to be willing to make sacrifices. But when they say “we,” they mean “you.” Sacrifice is for the little people. THE NEW YORK TIMES The writer is a professor of economics and international affairs at Princeton University. He received the Nobel Prize in Economics in 2008 .True, this white-hot rage is a minority phenomenon, not something that characterises most of our fellow citizens. But the angry minority is angry indeed, consisting of people who feel that things to which they are entitled are being taken away. And they’re out for revenge. No, I’m not talking about the Tea Partiers. I’m talking about the rich. These are terrible times for many people in this country. Poverty, especially acute poverty, has soared in the economic slump; millions of people have lost their homes. Young people can’t find jobs; laid-off 50-somethings fear that they’ll never work again. Yet if you want to find real political rage — the kind of rage that makes people compare President Barack Obama to Hitler, or accuse him of treason — you won’t find it among these suffering Americans. You’ll find it instead among the very privileged, people who don’t have to worry about losing their jobs, their homes or their health insurance, but who are outraged — outraged — at the thought of paying modestly higher taxes. |
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| 21-Sep-2010 20:21 |
User Research/Opinions
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*MARKET WISDOM* versus #EMOTIONAL SEIZE#
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Tuesday: 21 SEPT 2010 $100,000 fee cut for CK Tang directors Jo-ann Huang joannhuang@mediacorp.com.sg SINGAPORE This was approved by shareholders at its annual general meeting and the extraordinary general meeting held yesterday at the RELC International Hotel. A spokesperson for CK Tang said the fees were cut because of fewer directorship duties since delisting. Currently, there are four directors on CK Tang’s board, two of which are chief executive Foo Tiang Soei and chairman Ernest Seow. At yesterday’s meeting, the other two directors, Mr Cecil Wong and Mr Michel Grunberg, were also re-elected into the board. Meanwhile, some minority shareholders told MediaCorp after the meeting they remained unhappy at how the company had been handling its deteriorating financial position. CK Tang posted a net loss of $10.2 million for its financial year ended March 31, larger than the $5.6 million loss a year ago, which was in turn bigger than the $2.2 million loss in 2008. Some of the minority shareholders told MediaCorp that a sale of CK Tang’s property, which is currently the retail space at Tangs Plaza in the prime Orchard Road shopping belt, could have resolved its financial woes and boosted its balance sheet by about $80 million. CK Tang occupies about 28 per cent of Tangs Plaza which is valued at about $350 million. Meanwhile, Tangs Plaza, which is situated between Far East Plaza and Lucky Plaza, is owned by the Tang brothers — Wee Sung and Wee Kit. Some shareholders had suggested that the company could rent out the retail area as prime commercial space instead. “If they don’t want to sell it off, why don’t they lease it out? It will still make some money,” said long time shareholder Toh Peng Ting. CK Tang’s spokesperson said the directors planned for the company to continue as a retailer. The Tang brothers had attempted to privatise the company three times, more than 30 years since it was listed. Its delisting last year saw its directorsbuying back its shares at 83cents each, despite trading at 88cents a few days before. About 98 per cent of the shares are owned by the board, with the remaining 2 per cent held by minority shareholders. — Directors of homegrown retailer CK Tang will have their fees for next year reduced by $100,000 each, following the company’s delisting from the Singapore Exchange (SGX) in August last year. |
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| 21-Sep-2010 20:19 |
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&&&&&&&& PROFITS & PHILANTHROPHY &&&&&&&&
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Tuesday: 21 SEPT 2010 $100,000 fee cut for CK Tang directors Jo-ann Huang joannhuang@mediacorp.com.sg SINGAPORE This was approved by shareholders at its annual general meeting and the extraordinary general meeting held yesterday at the RELC International Hotel. A spokesperson for CK Tang said the fees were cut because of fewer directorship duties since delisting. Currently, there are four directors on CK Tang’s board, two of which are chief executive Foo Tiang Soei and chairman Ernest Seow. At yesterday’s meeting, the other two directors, Mr Cecil Wong and Mr Michel Grunberg, were also re-elected into the board. Meanwhile, some minority shareholders told MediaCorp after the meeting they remained unhappy at how the company had been handling its deteriorating financial position. CK Tang posted a net loss of $10.2 million for its financial year ended March 31, larger than the $5.6 million loss a year ago, which was in turn bigger than the $2.2 million loss in 2008. Some of the minority shareholders told MediaCorp that a sale of CK Tang’s property, which is currently the retail space at Tangs Plaza in the prime Orchard Road shopping belt, could have resolved its financial woes and boosted its balance sheet by about $80 million. CK Tang occupies about 28 per cent of Tangs Plaza which is valued at about $350 million. Meanwhile, Tangs Plaza, which is situated between Far East Plaza and Lucky Plaza, is owned by the Tang brothers — Wee Sung and Wee Kit. Some shareholders had suggested that the company could rent out the retail area as prime commercial space instead. “If they don’t want to sell it off, why don’t they lease it out? It will still make some money,” said long time shareholder Toh Peng Ting. CK Tang’s spokesperson said the directors planned for the company to continue as a retailer. The Tang brothers had attempted to privatise the company three times, more than 30 years since it was listed. Its delisting last year saw its directorsbuying back its shares at 83cents each, despite trading at 88cents a few days before. About 98 per cent of the shares are owned by the board, with the remaining 2 per cent held by minority shareholders. — Directors of homegrown retailer CK Tang will have their fees for next year reduced by $100,000 each, following the company’s delisting from the Singapore Exchange (SGX) in August last year. |
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| 21-Sep-2010 20:17 |
User Research/Opinions
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^ Productivity ^ [Effecacy Efficiency Economy]
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Tuesday: 21 SEPT 2010 $100,000 fee cut for CK Tang directors Jo-ann Huang joannhuang@mediacorp.com.sg SINGAPORE This was approved by shareholders at its annual general meeting and the extraordinary general meeting held yesterday at the RELC International Hotel. A spokesperson for CK Tang said the fees were cut because of fewer directorship duties since delisting. Currently, there are four directors on CK Tang’s board, two of which are chief executive Foo Tiang Soei and chairman Ernest Seow. At yesterday’s meeting, the other two directors, Mr Cecil Wong and Mr Michel Grunberg, were also re-elected into the board. Meanwhile, some minority shareholders told MediaCorp after the meeting they remained unhappy at how the company had been handling its deteriorating financial position. CK Tang posted a net loss of $10.2 million for its financial year ended March 31, larger than the $5.6 million loss a year ago, which was in turn bigger than the $2.2 million loss in 2008. Some of the minority shareholders told MediaCorp that a sale of CK Tang’s property, which is currently the retail space at Tangs Plaza in the prime Orchard Road shopping belt, could have resolved its financial woes and boosted its balance sheet by about $80 million. CK Tang occupies about 28 per cent of Tangs Plaza which is valued at about $350 million. Meanwhile, Tangs Plaza, which is situated between Far East Plaza and Lucky Plaza, is owned by the Tang brothers — Wee Sung and Wee Kit. Some shareholders had suggested that the company could rent out the retail area as prime commercial space instead. “If they don’t want to sell it off, why don’t they lease it out? It will still make some money,” said long time shareholder Toh Peng Ting. CK Tang’s spokesperson said the directors planned for the company to continue as a retailer. The Tang brothers had attempted to privatise the company three times, more than 30 years since it was listed. Its delisting last year saw its directorsbuying back its shares at 83cents each, despite trading at 88cents a few days before. About 98 per cent of the shares are owned by the board, with the remaining 2 per cent held by minority shareholders. — Directors of homegrown retailer CK Tang will have their fees for next year reduced by $100,000 each, following the company’s delisting from the Singapore Exchange (SGX) in August last year. |
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| 21-Sep-2010 20:07 |
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TRADE FREELY & LiVE LONGER
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*GENTING DNA* P/E PEAKED 200
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| 21-Sep-2010 20:05 |
Genting Sing
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S$10/- Genting SP is S$122 billion worth after GIC
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*GENTING DNA* P/E PEAKED 200
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| 21-Sep-2010 20:04 |
Genting Sing
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S$10/- Genting SP is S$122 billion worth after GIC
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makIng mOney wOrk HARD and SMART rather than leavIng them In banks tO Idle it is knOwn as M L M passIve IncOme
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| 21-Sep-2010 19:54 |
Trading Techniques
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$$$$$$$$ swItch stOck fOr ImmedIate prOfIts >>>
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| 21-Sep-2010 19:48 |
User Research/Opinions
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******** GENTING ******* BERHAD ********
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| 21-Sep-2010 19:45 |
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******** GENTING ******* BERHAD ********
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Tuesday: 21 SEPTEMBER 2010 CLOSING
After takIng Over 46 prOblematIc UK CasInOs GENTING MALAYSIA stIll can dO a SUPER BLOW JOB TODAY InvIncIble *GENTING DNA* |
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| 21-Sep-2010 19:44 |
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Tuesday: 21 SEPTEMBER 2010 CLOSING
After takIng Over 46 prOblematIc UK CasInOs GENTING MALAYSIA stIll can dO a SUPER BLOW JOB TODAY InvIncIble *GENTING DNA* |
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| 21-Sep-2010 19:40 |
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Tuesday: 21 SEPTEMBER 2010 CLOSING
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| 21-Sep-2010 19:38 |
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Tuesday: 21 SEPTEMBER 2010 CLOSING
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| 21-Sep-2010 19:32 |
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Tuesday: 21 SEPTEMBER 2010 CLOSING
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| 21-Sep-2010 19:30 |
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******** GENTING SP ******** WARRATS ********
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