ShareJunction - Member Posts

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which broker[s] provides REAL TIME SYSTEM ?

FREE or chargeable ?

teeth53 ( Date: 15-Sep-2010 09:19) Posted:

Real time....online screen. Pending market prevail.

09:15:41	1.950	1,000	A
09:15:39	1.950	1,000	A
09:15:35	1.950	1,000	A

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Tue: 14 SEP 2010

prIce maTch [cOrrectIOn day]

Genting SP               L2PW 2012 DEC

S$1.91~S$1.94                S$0.185

S$1.95~S$1.96                S$0.190

S$1.97~S$2.00                S$0.195

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lOOks lIke

HDB has nO fUtUre ? ? ? ?

StockGuru ( Date: 19-Jan-2010 18:30) Posted:

Anybody bought this baby too? With all the fibre optics inbuilding into our HDBs. Teledata is our FUTURE! Smiley

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nOw it is S$0.035 ? ? ? ?

What happened ? ? ? ?

StockGuru ( Date: 13-Jan-2010 20:06) Posted:

Time to buy this baby at 0.065 be4 it shoots up guys! Woohoo

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Teledata sued by ex-CEO

Jo-ann Huang

joannhuang@mediacorp.com.sg

SINGAPORE

Teledata has been sued by its

former chief executive officer

Christopher Michael Pan for alleged

wrongful termination of

his employment.

In a filing to the Singapore

Exchange yesterday, the company

said that it received the

writ of summons from Mr Pan

on Sept 9, with a claim for

$1.3 million.

Teledata’s board of directors

said the company would

be contesting the claim “vigorously”

and would be filing a

counterclaim.

The company had previously

received a letter of demand

by Mr Pan on Aug 20.

In that letter, he had

claimed $1.3 million for alleged

wrongful termination of his

employment, unspecified compensation

for damage allegedly

caused to his reputation, an

apology and an indemnity for

his legal costs and expenses.

Mr Pan’s termination was

announced on June 18. This was

after he was voted off by a majority

of shareholders, representing

71.6 per cent of shares,

at Teledata’s annual general

meeting held on April 30.

Teledata said Mr Pan was

terminated “on the grounds

that he has committed acts

tending to bring the company

and/or himself into disrepute”.

He was appointed as CEO

in November last year, also taking

over chairmanship duties

from Mr Quek Chek Lan.

Separately, the company

announced yesterday the appointment

of three new directors

to its board. Ms Irene

Valencia Goutama has been

appointed as a non-executive

director and Mr Lim Soon Hock

and Mr Husni Heron as independent

directors.

The company added that

Mr Wee Phui Gam had quit as

an independent director.

His resignation came after

executive director Mr Rayson

Hazra quit in August. Managing

director Mr Howard Kim

will also be stepping down on

Sept 30.

Mr Lim Jit Siew, chief financial

officer of Teledata, is currently

the only executive director

left on the board. He remains

despite previous attempts by

major shareholder Meritus Resources

to remove him.

Teledata shares rose half

a cent to 3.5 cents yesterday,

giving it a market capitalisation

of $42.7 million. The company

had reported net losses

of $2.5 million for its half year

period ended June 30.— Regional IT firm

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Sias to host corporate governance week

SINGAPORE

in the region are recognising the

need for better corporate governance

— something that can be

achieved by increasing the level

of communication between companies’

boards and investors, according

to the Securities Investors

Association Singapore (Sias).

“Investors want to know how

companies are ensuring independence

on the board. If they are truly

run by independent directors, it

will be good for investors,” said Sias

president and chief executive David

Gerald yesterday.

His comment came as Sias announced

its first week-long corporate

governance event slated for Oct 4

to 8. Highlights include the Asian

Investors’ Corporate Governance

Conference, the Investors Choice

Awards, executive workshops and

a seminar for Catalist-listed firms.

It is targeting 400 participants,

two thirds of which are expected

to come from South-east Asia. The

event also calls on companies to

publish a statement of support for

corporate governance in the media.— More organisations

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<><><>Sias to host corporate governance week<><><> SINGAPORE — More organisations in the region are recognising the need for better corporate governance — something that can be achieved by increasing the level of communication between companies’ boards and investors, according to the Securities Investors Association Singapore (Sias). <><><><><><><><>“Investors want to know how companies are ensuring independence on the board. If they are truly run by independent directors, it will be good for investors,” said Sias president and chief executive David Gerald yesterday. <><><><><><><><>His comment came as Sias announced its first week-long corporate governance event slated for Oct 4 to 8. <><><><><><><><>Highlights include the Asian Investors’ Corporate Governance Conference, the Investors Choice Awards, executive workshops and a seminar for Catalist-listed firms. It is targeting 400 participants, two thirds of which are expected to come from South-east Asia. The event also calls on companies to publish a statement of support for corporate governance in the media.

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'TOUGH SELL' means ? ? ? ?

dUmpIng sUb-prIme JAPAN tOxIc assets ? ? ? ?

pharoah88 ( Date: 15-Sep-2010 08:59) Posted:

GIC may sell minority stake in logistics firm

SINGAPORE

According to a

GLP develops and manages properties valued at more than US$8 billion.

The report also quoted the sources — who attended a confidential meeting for fund managers arranged by a book runner — as saying that at the proposed valuations, the share offering would be a “tough sell” as the bulk of the assets are in Japan.

According to the sources, GLP is forecast to post net earnings of US$231 million next year and US$277 million in 2012.

The IPO’s bookbuilding is expected to start next Thursday and pricing is expected on Oct 8, the

If successful, it would also be the largest IPO in Singapore, slightly above SingTel’s $4-billion IPO in 1993.— The Government of Singapore Investment Corporation (GIC) may sell just a minority stake in the listing of Global Logistic Properties (GLP) that is expected to raise a record US$3 billion ($4.01 billion).Reuters report yesterday that cited unnamed sources, GIC may offer shares of its logistics unit at 1.3 to 1.4 times book value in its initial public offering.Reuters report said.

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GIC may sell minority stake in logistics firm

SINGAPORE

According to a

GLP develops and manages properties valued at more than US$8 billion.

The report also quoted the sources — who attended a confidential meeting for fund managers arranged by a book runner — as saying that at the proposed valuations, the share offering would be a “tough sell” as the bulk of the assets are in Japan.

According to the sources, GLP is forecast to post net earnings of US$231 million next year and US$277 million in 2012.

The IPO’s bookbuilding is expected to start next Thursday and pricing is expected on Oct 8, the

If successful, it would also be the largest IPO in Singapore, slightly above SingTel’s $4-billion IPO in 1993.— The Government of Singapore Investment Corporation (GIC) may sell just a minority stake in the listing of Global Logistic Properties (GLP) that is expected to raise a record US$3 billion ($4.01 billion).Reuters report yesterday that cited unnamed sources, GIC may offer shares of its logistics unit at 1.3 to 1.4 times book value in its initial public offering.Reuters report said.

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Wednesday: 15 SEPTEMBER 2010

PRIOR TO OPENING

08:36:12 1.935 1,351,000 X

pharoah88 ( Date: 15-Sep-2010 08:49) Posted:

Wednesday: 15 SEP 2010 PRIOR TO OPENING 08:36:12 1.935 1,351,000 X

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Wednesday: 15 SEP 2010 PRIOR TO OPENING 08:36:12 1.935 1,351,000 X

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China to launch credit default swaps

But derivatives restricted to avoid pitfalls

NEW YORK

China will limit the amount of leverage used in CDS and will not permit the contracts to be written on high-risk assets such as sub-prime mortgages, Mr Shi Wenchao, the secretary general of the National Association of Financial Market Institutional Investors (Nafmii), told reporters at a briefing in New York. Crucially, investors in the derivatives will also be required to own the underlying security, Mr Shi said.

“It’s too bad that we in America and in Europe did not have those kinds of limitations two or three years ago,” said Mr Donald Straszheim, International Strategy and Investment Group’s head of China research.

“All of us around the world might be in a lot better shape than we are now. What’s most important is that their plans are to not allow this whole process to get out of control,” he added.

CDS are derivatives that pay the buyer face value if a borrower fails to meet its obligations, less the value of the defaulted debt.

Private swaps complicated efforts to solve the 2008 global credit crisis in the US when regulators and market users could not easily determine how interconnected banks had become through trading contracts.

American International Group needed a federal bailout that swelled to US$182 billion ($243 billion) after losses fuelled by a unit that sold CDS on mortgage-linked debt to banks including Goldman Sachs.

— China will introduce credit-default swaps (CDS) by the end of the year, allowing banks to hedge risk while restricting the contracts to avoid pitfalls the American credit markets experienced over the last several years, according to an official with a state-backed Chinese financial association.Neither Evil Nor Good

“We believe CDS is a neutral risk-management tool. It is neither evil nor good,” said Mr Shi, whose group monitors the country’s interbank market and promotes innovation in financial products.

“CDS in China is a management tool. There will be no repackaging or restructuring of risk,” he added.

China is planning to introduce credit derivatives to help manage risk in the nation’s growing domestic bond market, he had said earlier at a June briefing in Beijing.

Sales of yuan-denominated corporate bonds in China jumped to 496 billion yuan ($98 billion) last year from just 7.9 billion yuan in 2000, according to data compiled by

The People’s Bank of China formed Nafmii in 2007 to help develop the country’s over-the-counter financial markets, which span bonds, loans, foreign exchange, commercial paper and gold.

Last month, McDonald’s became the first foreign company to sell yuan-denominated bonds in Hong Kong with a 200 million yuan issue.

Nafmii officials are in New York meeting with firms including Citigroup and JPMorgan Chase about the asset-backed securities market, Mr Shi said.

The group also met with financial firms in Germany and Poland to discuss securitisation, he added.

Chinese officials began discussions with bankers several years ago to learn about securitisation, he said.

In 2007, AAA-rated securities backed by home loans tumbled in value with the onset of the sub-prime mortgage crisis, leading to US$1.8 trillion of losses worldwide.

“We learned from the UK, Europe and the US. But we did find that there were problems with some of the teachers,” Mr Shi said.

It’s too bad that we in America and in Europe did not have those kind of limitations ...

Mr Donald Straszheim, International Strategy and Investment Group’s head of China ResearchBloomberg. The global CDS market is now US$25 trillion after reaching US$62 trillion in 2007 before the financial crisis.BLOOMBERG

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Did You Know?

Should the liquidity of ETFs be determined based solely on its trading volume?

The trading volume of an ETF should not be the only measure of liquidity given that ETFs are open-ended funds, where new units can be created or redeemed in the primary market.

For most of the ETFs listed on the Singapore Exchange (SGX), there is a Designated Market Maker to provide liquidity by quoting bid/ask prices throughout the trading day, even if there is no trading volume for that ETF.

A small trading volume on screen does not imply low liquidity as the market maker can always create new units to meet the large volume demand at any time.

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Understanding the potential of ETFs

The Asian Exchange Traded Fund (ETF) market has grown rapidly over the past decade and is poised for even more growth in years to come.

Much of this is due to the convenience and flexibility that ETFs offer.

The key to tapping the full potential of ETFs is that institutions fully understand the types of ETFs available on the market and how they can be used.

A Vision Focus report published earlier this year by State Street Global Advisors – which has pioneered ETFs — noted that ETF assets in the region have grown by an annual average of more than 40 percent over the past few years, and that level of growth is expected to continue.

The report titled Exchange Traded Funds: Maximising the Opportunities for International Investors also illustrated how some institutional investors employ ETFs for optimal effect. These include cash equitisation, completion and core-satellite strategies, strategic asset allocation and tax management.

Having an ETF in one’s portfolio delivers diversification benefits. An ETF can help an investor manage risk by giving access to previously inaccessible markets, asset classes, sectors and investment styles.

With the introduction of gold ETFs, such as the SPDR Gold Shares, investors have a more convenient avenue to gain exposure to the world gold price, without having to actually hold physical bullion.

In 2006, SPDR Gold Shares, an ETF listed on markets around the world, was cross-listed on the Singapore Exchange (SGX). According to SGX, SPDR Gold Shares was among the top three most actively-traded ETFs (by value) in Singapore for the first seven months of the year.

The Asia-Pacific ETF market has expanded in recent years as investors are attracted by the benefits ETFs can offer, such as diversification, cost efficiency, and transparency.

ETFs are traded like a stock, and continuously traded throughout the day. They also offer the potential for margin trading and short-selling, unlike other types of funds.

ETFs can be used by institutional investors to improve their asset allocation, and cash management, and during transition management to keep assets fully invested during transition.

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Index warrants ins and outs

Hang Seng Index Warrants

Warrant Stock Type Strike

HSI 22000 MER ECW101029 ----- L5WW ----- Call ----- 22000

HSI 20500 MER EPW101029 ----- L5SW ----- Put ----- 20500

For more information, please visit www.mlwarrants.com.sg

A warrant is a leveraged product that can allow investors to achieve high potential returns with a small capital outlay.

It requires investors to have a strong view of the market at a specific time horizon. Investors generally prefer warrants with high turnover as they believe that warrant turnover is an indication of where the market focus lies.

A Bloomberg report noted that there were 31 underlying assets related to warrants traded on the Singapore Exchange (SGX) as of September 6. Of these, warrants related to Hong Kong’s Hang Seng Index (HSI) have the highest turnover in Singapore, as compared to warrants with other underlying assets.

According to Reuters and Bloomberg, HSI-related warrants accounted for approximately 53.4 per cent of the total warrants turnover in Singapore from Sept 1 to 7; and 39 of the 217 warrants traded on the SGX as of Sept 7 were related to the HSI.

Tenor and effective gearing

From Sept 1 to 7, more than 90 per cent of actively-traded HSI warrants are those with shorter tenor, where the time to expiry is less than 60 days. The effective gearing of these warrants ranges from 11 to 22 times. Effective gearing is an estimate of how much the warrant price would change in percentage terms for a 1 per cent change in the share price.

As the HSI ended 2.5 per cent lower in August, an investor can enjoy potential capital gains if he bought put warrants. Investors trading short-dated warrants should be mindful of the impact of time decay on the value of warrants.

Another characteristic of HSI warrants is its bid-ask spread, which is comparatively tighter than other warrants.

As the index has good liquidity, warrant issuers are able to provide a tight spread.

Sensitivities Watch

When trading index warrants, investors should find out about the sensitivity of the warrant price to changes in the index in order to understand the potential upside and downside.

Warrant sensitivities watch is indicative and is based on the index trading around the specific Hang Seng index level, which is referenced to the closing level on the last day. Warrant prices are likely to change with movements in the index and changes in implied volatility.

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Have you truly thought out how to live those sunset years to the fullest?

Cheng Huang Leng

I retired in 2000 at the age of 52. I am now 61, and I thought I should share my experiences because I have seen too many friends and neighbours get so bored that they have become a nuisance to their spouse, children and others.

KEEP FIT, SHARP AND USEFUL

There are others who say that when the retire, they will read all the books they have bought over the years. I know of one guy who fell asleep after a few pages! He discovered that he did not like to read after all. We do change and we may not enjoy the hobbies we once did.

What also changes when you retire, is that you wake up to a new routine — one that you must establish for yourself.

A good routine should keep your body, mind and spirit sharpened, and comprise:

• One weekly physical sport. Keep fit so as to enjoy your retirement. If you are not into sports, fire your maid and clean your home without mechanical aids. Dancing and baby-sitting are good alternatives.

• One weekly mind-stimulating activity, such as writing, studying for a degree, acquiring a new skill, solving puzzles or teaching. The day you stop using your brain is the day you start to die.

• One weekly social activity. Get yourself accepted as a member to at least three interest groups. You need friends more than ever as you get older.

• One weekly community service activity.

You need to give to appreciate what you have taken in this life. It’s good to leave some kind of legacy.

The other three days of the week should be devoted to family. In this way, you maintain a balance between amusing yourself and your family members.

Any spare time should remain “spare” so that you can capitalise on opportunities that come your way, such as an unexpected request to handle a project.

Despite your busy routine, you will at times be bored. Then it’s time to turn to your Bucket List of the things to do before you kick the bucket. You need these to have something to look forward to. They could include trips and pilgrimages, visiting old friends and relatives abroad or re-doing your home.

Ultimately, if you can afford to retire and want to do so, start preparing now to live your sunset years to their fullest.

A few solved the problem by going back to work. They were able to do so because they have a skill/expertise that is still in demand. The rest live aimlessly or are waiting to die — a very sad situation indeed.

Do not retire until you meet all four of these pre-conditions: Your children are financially independent; you have zero liabilities; your have enough savings to support your lifestyle for the rest of your life; and, most importantly, you know what you will be doing during your retirement.

The problem cases I know of failed to meet the last pre-condition.

When asked: “What would you be doing during your retirement?”, some replied: “I will travel/cruise and see the world”. They did that, some for three months, and then ran out of ideas.

The golfers replied: “I can play golf every day.” But most could not because they were no longer fit to play well enough to enjoy the game. Those who could had another hurdle — they needed to the find “kakis” to play with.

It’s the same with mahjong, bridge, badminton, trekking and karaoke — you need “kakis”. Many people cannot find others who share their favourite passion

(or, if they do, a few discover they are not welcome, like my obnoxious neighbour whom everyone avoids).

So, form your groups before you retire:

Identify your “kakis”, play with them and discover if they “click” with you.

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Corruption and growth: Distant cousins?

Dr Amitendu Palit

Does corruption affect economic growth?

The Indian example does not indicate so.

At a time when the impending Commonwealth Games in India are mired in controversies over widespread corruption, India’s economic growth story reports a vigorous rebound.

The global financial crisis and the resultant economic deceleration appear to be a distant past in India with the latest GDP estimate showing a growth of 8.8 per cent.

The robust growth might encourage some to contend that scandals over bribes and money laundering have not affected India’s growth performance and economic outlook. Indeed it is not only corruption surrounding the Commonwealth Games that does not appear to have made a difference.

Corruption in India as such does not appear to have dented India’s economic outlook and long term growth prospects.

These notions, however, are entirely counter-productive. India’s ability to grow at high rates despite corruption is a testimony to the zeal and productivity of its dynamic private sector. Such zeal would have produced even better results had businesses in India not had to deal with costs of large-scale corruption.

In matters of corruption, India is in fairly illustrious company.

Most major emerging market economies such as China, Brazil, South Africa and Indonesia, suffer from certain varieties of corrupt practices.

The nature and scale of these practices, however, vary widely between these countries.

Most emerging market economies are still in the throes of transition as far as their economic systems, institutions, business practices and corporate rules and regulations are concerned. These countries are at a particularly delicate stage of their financial development where external businesses and agencies often find their rules and regulations complex and mutually inconsistent. In several cases such rules are surprising in terms of both their simplicity as well as complexity.

In India, for example, a bank account can be opened well within an hour while obtaining a certificate for fire safety may require months. Delays such as those in the latter have resulted in growth of intermediaries who promise to get the job done in return for money.

The author is Head (Development & Programmes) and a visiting senior research fellow at the Institute of South Asian Studies (Isas) at the National University of Singapore. He is an economist specialising in international trade and foreign investment. He worked in India’s Ministry of Finance for a decade and handled India’s external sector, industrial and infrastructure policies. The opinions expressed are his own.

One-third of Indians are ‘utterly corrupt’, says former watchdog chief

Almost one-third of Indians are “utterly corrupt” and half are “borderline”, says the outgoing head of the country’s corruption watchdog.

Mr Pratyush Sinha, who retired as India’s Central Vigilance Commissioner last week, said the worst part of his “thankless job” was observing how corruption had increased as people became more materialistic.

“When we were growing up, I remember if somebody was corrupt, they were generally looked down upon,” he said.

“There was at least some social stigma attached to it.

That is gone. So there is greater social acceptance.”

Transparency International, the global anti-graft body, puts India 84th on its corruption perception index with a 3.4-point rating, out of a best possible score of 10.

Recent corruption scandals in India have focused on construction projects for the Commonwealth Games that open in New Delhi next month and alleged tax evasion in the lucrative Indian Premier League (IPL) cricket tournament. India is also regarded as a hotbed of illegal betting syndicates.

The group has said that each year millions of poor Indian families have to bribe officials for access to basic public services. AFP

There are occasions, when even paying bribes does not help.

Due to multiple layers involved in the procedures, an intermediary might often be able to clear some, but not all, leaving his hapless client high and dry.

India is a typical example of competition having improved efficiencies somewhere but inefficiencies still persisting elsewhere. While banking and financial services are examples of higher efficiencies, municipal and civic services are not. These services are still monopolised by state agencies with the latter known for promoting corruption.

It is hardly surprising that the scandal over commonwealth games has again highlighted the tainted facet of land and urban agencies.

Controls can often be incentives for corruption.

In India, multiple procedures have created multiple controllers. Inspectors and administrators issuing licenses and permits are usually poorly paid.

They use their monopoly power to issue permits for taking bribes to supplement their incomes. Poor salaries are inducements to corruption in other countries as well.

In India the problem gets complicated due to lack of accountability.

Excessive authority vested with local governments in China has resulted in occasional corrupt practices particularly in real estate transactions.

But incentives encouraging dishonesty accompanied by improper enforcement of penalties has made the problem worse in India.

Giving bribes for obtaining services has become a preferred and ‘efficient’ process compared to the normal formal channel.

Equal willingness to take and give bribes have made abetting corruption a ‘win-win’ situation. A difficult place for doing business is bound to have problems of corruption.

India is a difficult place in this respect as is China. China though, is several ranks above India in business rating indices.

The perplexing issue is why China and India are among the fastest growing economies as well as among the largest recipients of foreign investment despite being poor places for doing business. Clearly the size and depth of both markets are phenomenal. The returns on investment from both are higher than other comparable markets.

These attributes probably outweigh the disadvantages of difficulties faced in doing business.

China is being a relatively less difficult business place than India is one of many factors behind its getting more investment.

For investors looking at India, it is better to accept that difficulties in doing business and corruption will exist along with the prospects of high returns.

The only consolation is that the benefits from the latter can indeed be high enough to more than compensate costs of the former.

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worker salaries are lower and lower ? ? ? ?

yet product prices are hIgher and hIgher ? ? ? ?

pharoah88 ( Date: 14-Sep-2010 20:59) Posted:

Garment workers see red over pay

PHNOM PENH

About 60,000 workers seeking higher wages joined the action at more than 40 factories, out of a total of about 470 across the country, said Mr Ath Thun, president of the Cambodian Labour Confederation.

“We will continue the strike until there is an appropriate negotiation,” he told reporters.

The strike follows a deal between the government and industry that set the minimum wage for garment and footwear staff at US$61 ($82) a month.

Unions say the salary is not enough to cover food, housing and travel expenses, and want a base salary of US$93. They had hoped that more than 80,000 workers would join the walkout.

Mr Ath Thun said threats by employers to fire strikers were partly to blame for the lower than expected participation.

Manufacturers warned that the strike will result in a loss of production and a drop in orders from buyers, harming Cambodia’s standing among investors.

“It will badly affect the reputation of the industry because the unions in question do not obey the law,” said Mr Ken Loo, secretary-general of the Garment Manufacturers’ Association in Cambodia.

Cambodia’s garment industry — which produces items for renowned brands including Gap, Benetton, Adidas and Puma — is a key source of foreign income for the country and employs about 345,000 workers. — Tens of thousands of Cambodian garment workers began a week-long strike yesterday — the latest mass walkout by employees in Asia who are demanding a bigger share of the region’s economic success.AFP