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Put DBS MBL ePW101202 (LF0W) exercise price $13.50.*
Put UOB MBL ePW110202 (L6RW) exercise price $19.00.*
## pUt warrants ##
| Singapore's Growth - Taking a Breather this Quarter? |
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Investors with a bearish view on Singapore's prospects and the stock market can leverage on their view through Macquarie's list of put warrants over various underlyings: Put CapitalaMBLePW110201 (L0ZW) exercise price $4.00.* Put DBS MBL ePW101202 (LF0W) exercise price $13.50.* Put GentingSMBLePW110201 (L6FW) exercise price $1.80.* Put SembMar MBLePW110103 (LS6W) exercise price $3.80.* Put UOB MBL ePW110202 (L6RW) exercise price $19.00.* The Singapore government will release its advance estimate of 3Q10 GDP growth and the MAS should release a policy statement after its semi-annual review of monetary policy date settings. In the meantime, Macquarie Research Equities (MRE) has released a note stating its view on Singapore's growth outlook. |
Credit card shOck
Customer applied for one but received four
Letter from Mervyn Sek
ABOUT a month ago, I received a telephone call from my bank inviting me to receive the Ikea friends Visa credit card because I am an existing credit card holder.
Since I patronise Ikea occasionally, I accepted the invitation.
Subsequently, a courier delivered an application form for me to sign, as an official endorsement of my application.
Days and weeks passed and I wondered why it took so long for the credit card to be sent to me.
I then received a package in the mail that contained not one, not two but four different credit cards issued by the bank.
I was so flabbergasted to receive so many credit cards that I called the bank to check if it had made a mistake.
The hotline staff assured me that there was no mistake and that each card entitled me to a different set of benefits.
I saw it as a ridiculous and desperate attempt at getting me to maximise my credit limit and chalk up a credit card debt with the bank and so I insisted to the hotline staff that all four cards be cancelled immediately.
I am sure others will receive a call from a credit card company one day, inviting them to receive a credit card.
I would like to advise them to assess very carefully whether they really need another credit card from the same bank.
When in doubt, they should ask themselves this question: Does my wallet have any space for me to squeeze in additional credit cards?
nOn-stOp gOvernance faIlUres ? ? ? ?
whOle DBS bOard nEEd tO be CHANGED ? ? ? ?
whOle DBS tOp management nEEd tO be termInated ? ? ? ?
Sep 25, 2010
Left in limbo after acting on bank's SMS alert
ON SEPT 8, my brother, a full-time national serviceman, received an SMS notification from DBS regarding his account activity - a transaction of $716 had been made from his debit card to purchase an AirAsia airline ticket.
[#### hIghest rIsk card wIth dIrect debIt tO bank accOUnt ####]
#### neVer neVer allOw bank tO debIt dIrectly tO yOur fUnd ####
Alarmed, he quickly called DBS to notify them that it was not an authorised transaction. The customer service officer told him that they would investigate the case and contact him again. However, over the past two weeks, we have not received any updates.
We spoke to four officers on the DBS hotline and one branch officer at Tampines Mall DBS centre, all of whom told us to wait for a reply; the branch officer advised us not to make a police report. This, we discovered later, was an error, as the police told us that we should have filed a report as quickly as possible and they would have been able to make headway into the investigation earlier.
Only the fourth officer we spoke to on the hotline advised us that we needed to file a fraud dispute form at any of the bank's branches before DBS could proceed with an investigation. This was after four days of trying to get updates. Why was this not told to us earlier?
When we contacted AirAsia to get details of the transaction for the police report, we were shocked to find out that the details given of my brother's debit card were inaccurate: While the card number was correct, the cardholder's name was not his. How could this have happened?
Nur Laila M. Kasim (Ms)
Banks need to reduce leverage to absorb losses
SINGAPORE
Mr Heng said that banks need to reduce leverage and have a higher quality and quantity of capital to absorb losses.
The Basel Committee has agreed on the need for standards relating to capital, liquidity and leverage.
The first set of parameters for core capital have been carefully constructed following the consideration of conditions in the various economies.
The phase-in arrangement for the new benchmarks strikes an important balance between strengthening the financial system and supporting economic recovery.
Mr Heng said: “The phase in arrangement for the new benchmarks strikes an important balance between strengthening the financial system and supporting economic recovery.”
He added: “As we phase in these measures we need to be vigilant that these do not have unintended consequences on credit availability and economic growth, or in reducing diversity in the financial system.”
Mr Heng added that new macro-prudential tools and approaches should also be explored.
Macro-prudential regulations promote the stability of the overall financial system, and not just that of individual institutions.
The managing director of MAS said:“In the coming years, we will be focusing on some new tools such as counter cyclical capitalwill need to be assessed over time, and against other options. We need to agree on the right set of policy tools to deal with systemic risks with the least unintended consequences.”. Their effectiveness
This approach is in line with the two themes for this year’s ICBS — building a more resilient banking system, and creating a stable financial environment for sustained economic growth.
Meanwhile Mr Nout Wellink, chairman of the Basel Committee who also spoke at the ICBS said the moves to improve banks’ capital, risk coverage and leverage ratio will help decrease the risks of a banking system failure.
“Banks can meet the new standards through earnings retention, capital raising, or reducing their riskier exposures that are not necessarily associated with the granting of credit to ultimate borrowers,” Mr Wellink added.
— Better micro-prudential reforms are needed to promote the stability of the financial system. That is according to Mr Heng Swee Kiat, managing director of the Monetary Authority of Singapore or MAS, speaking at the International Conference of Banking Supervisors (ICBS) yesterday.Rachel Kelly
As we phase in these measures, we need to be vigilant that these do not have unintended consequences on credit availability and economic growth or in reducing diversity in the financial system.
Mr Heng Swee Kiat, managing director of the Monetary Authority of Singapore
In CAPITALISM
API Is merItO-cracY
pharoah88 ( Date: 22-Sep-2010 12:00) Posted:
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In CAPITALISM
every thIng InvOlves
cOnflIct Of persOnal Interests [COPI]
CAPITALISM Is mOtIvated bY
absOlUte persOnal Interests [API]
Hulumas ( Date: 19-Sep-2010 17:59) Posted:
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In Order tO bOOst theIr cOrpOrate fInancIals,
ALL banks, developers, and stI cOmpOnent stOcks
mUst bUy GENTING SP ?
eVen fOr
MAS ? ? ? ?
GIC ? ? ? ?
Temasek ? ? ? ?
sIngapOre banks are fInancIng aIr ? ? ? ?
sIngapOre mOrtgage credIt mOre sUb-prIme than USD ? ? ? ?
sEll ALL sIngapOre bank shares ? ? ? ?
sEll ALL sIngapOre prOperty shares ? ? ? ?
every owner of high rise flats, apartments bOUght aIr ? ? ? ?
tIme tO sEll all ? ? ? ?
hIgh rIse prOpertIes ? ? ? ?
befOre market cOllapse ? ? ? ?
pharoah88 ( Date: 19-Sep-2010 17:41) Posted:
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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1079513/1/.html
Another radical suggestion put forward was to bar foreigners from buying private property but SM Goh noted developers would just build more high-rise private apartments to counter it.
"At the moment, our policy will be, condominium, private sector. They want to buy, let them buy because they actually bring in money for Singapore. They may not actually stay there but they bring in money.
"They buy from locals, locals are happy to get the money but it's not actually adding to space. In fact, that's actually ideal. They buy here, they don't drive cars, they don't live here, we just get their money! They're buying air!" laughed SM Goh.
MAYBANK [1155]
UOB [U11.SES]
OCBC [O39.SI]
DBS [D05]
pharoah88 ( Date: 14-Sep-2010 20:45) Posted:
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