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From Kim Eng- "HK$651M Payout Won't Hurt"
" DBS (D05.SG) +0.1% at S$14.80, rebounding from 0.3% loss at S$14.74 earlier, unfazed by need to pay HK$651 million (S$115 million) to some customers in Hong Kong who bought Lehman Brothers-linked structured derivatives products. "We believe this is unlikely to hurt DBS' earnings as it has set aside enough provisions to cover the expenses," says Kim Eng Securities, which has Buy call with S$17.80 target."
What Paul has to say?
DBS compensates Hong Kong investors in full over the mis-selling of structured notes but not Singaporean investors. Why? Even Goldman Sachs had to compensate and pay penalty over the the mis-selling of the dubious structured products skewed heavily in favour of the banks. Is Singapore going to be the only country in the world whose central bank sits pretty and draw a big fat pay?
RBS recommends sell with TP of only $12 reported business times today.
incirent ( Date: 20-Jul-2010 19:28) Posted:
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On Tuesday, DBS continue to fall and close at $14.52 with low volume of 4.21 million shares traded.
The candle sticks with long upper shadow indicate most investors prefer selling down the stocks despite small buying pressure.
Both RSI & MACD are still bullish though both indicators began to trend downwards.
Important Resistance of DBS: $14.82
Immediate Support of DBS: $14.44
Currently prices are well above the 20/50/100/200 days MA thus we would not encourage buying at this moment.
Instead we would advise to profit take if immediate support at $14.44 is breached at high volume.
SEE ANALYSIS FOR TECHWAH
Otherwise our target buy price will be technical/ 20/50/100/200 days MA support at $14 if applicable
incirent ( Date: 20-Jul-2010 19:28) Posted:
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You sure?
I see DBS falling $13.74.
incirent ( Date: 20-Jul-2010 19:28) Posted:
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in my incident, i would thank the security if she said, sorry I will feedback to my mgt, but not sorry, it's not my fault I am just a staff here". I often replied to this answer, but you all are a team fr the same co, just let your mgt know about it.
I really find that many service staffs here said sorry as a standard word not with help. and some don't say it as they are afraid to bear the consequences even when they know that they are wrong.
Hi Pharoah88,
I think that's a great article u had posted.
However, I think its not necessary to make the fonts so huge in your posts.
Mak Yuen Teen
O
She went on to explain that the data she’d given to my boss for an important presentation he was due to make in a few days had contained errors. The presentation had been submitted to the conference organisers. As she continued to explain how the errors had occurred, the more senior staff said: “YT, it is not her mistake. It is my mistake for failing to check the work properly. I am responsible.”
I sat down with them and it emerged that the errors were partly caused by somebody else. But they did not try to shift the blame.
We corrected the errors, informed my boss — who took it well — and no damage was done.
Someone once said: “Employees always make mistakes. It’s whether they tell you or not.” My two staff demonstrated so many important qualities that cannot be easily assessed in an annual performance review — courage, integrity, responsibility, just to name a few. However, the fact that the opening words that came out were “I’m sorry” was important to how I reacted to the incident.
About six months after my return to Singapore in the mid ’90s, I was driving a tank of a car, a Volvo. As I had lived in and driven in a country where only tourists from strange countries like Singapore do reverse parking, I was not used to reverse parking.
One day, I reversed into the front of a brand-new Japanese car — obviously, the Japanese car had no chance. There was no one in sight and little chance that someone would have seen my deed. The devil in me wanted to drive away, but he lost. I left a message on the windscreen saying, “I’m sorry that I reversed into your car. Please contact me so that I can pay for the damage.”
A couple of hours later, the owner of the car called. He told me the accident would inconvenience him, but he was very grateful to me for taking responsibility.
nce when I was on leave from the university and running the regional research office for a global consulting firm, two of my staff walked into my office. The more junior staff said: “I’m sorry, YT. I’ve made a big mistake.”CONTRIVED APOLOGIES
There have been times when I should have said sorry, did not, and wished I had. I think much of the hostility that arises when things go badly wrong can be defused if the people involved would just have the humility to say: “I’m sorry. I could have done better.”
I am concerned about the lack of willingness of business leaders to say sorry when they or their companies have made mistakes or could have done better. In cases where some business leaders have “apologised”, the “apologies” were often evasive or non-specific and came across as contrived.
The following are “apologies” from some of Wall Street CEOs and employees, as spotted on a
• Mr Alan Schwartz, former Bear Stearns CEO: “I just simply have not been able to come up with anything, even with the benefit of hindsight, that would have made a difference.”
• Mr Chuck Prince, former Citigroup CEO: “I’m sorry the financial crisis has had such a devastating impact for our country.
I’m sorry about the millions of people, average Americans, who lost their homes.
And I’m sorry that our management team, starting with me, like so many others could not see the unprecedented market collapse that lay before us.”
• Mr Dick Fuld, former CEO of Lehman:
“What we did wrong is I believe that we did not understand the contagion of one security, one asset class to the next. I believe that we did not — and I take — I take responsibility for this — I did not see the depth and violence of this crisis … I would say that bad judgments were made regarding the market, yes.”
• Mr Lloyd Blankfein, Goldman Sachs CEO: “I heard nothing today that makes me think anything went wrong,”
Mr Gerald Levin, former CEO of Time Warner who presided over the disastrous deal with AOL, recently made an apology on CNBC’s
While it was good of him to apologise, it came almost 10 years after the event.
Wall Street Journal blog:Squawk Box. He said: “I presided over the worst deal of the century, apparently ... I guess it’s time for those who are involved in companies to stand up and say: ‘You know what I’m solely responsible for it.’ I was the CEO. I was in charge. I’m really very sorry about the pain and suffering and loss that was caused. I take responsibility. It wasn’t the board. It wasn’t my colleagues at Time Warner.”FEAR OF LIABILITY
Why have we come to this? Why is it so hard to say sorry? One reason is probably pride.
But perhaps the more important reason is the fear of legal liability when one apologises.
I was dismayed to discover on the Internet an article that says apologies are risky and that CEOs should consider eleven questions before they do so!
I was both amused and flabbergasted to discover that, in the United States, the federal government and 34 states have enacted “apology-immunity” statutes which make expressions of sympathy inadmissible. In other words, laws are needed to allow people to say that they are sorry. It is so sad.
But I think it need not be this way, at least in Singapore. We do not have a highly litigious society and I hope we stay that way. Saying sorry often gains respect and helps prevent further damage.
I am glad the CEO of DBS, Mr Piyush Gupta, has publicly apologised to DBS and POSB customers for the recent disruption in banking and ATM services. In his letter, he wrote: “You have every right to expect uninterrupted services 24/7, 365 days a year from us and I am sorry we have failed you on that count.”
But I am disappointed that in all the many corporate sector scandals we have seen in Singapore, where shareholders have lost large sums of money through fraud, dishonesty or mismanagement, we have seldom — if ever — heard a CEO or director say they are sorry and that they could have done better.
So, what happened to my two staff?
When I left to return to the university, they told me they wanted to move on too. It became my personal mission to use my contacts to help them find good jobs because I believe the qualities they demonstrated will make them assets to any organisation.
The writer is associate professor of accounting at the NUS Business School.
THE TRUTH
THE RICH NEVER PAY GST
Luostock ( Date: 15-Jul-2010 12:12) Posted:
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pharoah88 ( Date: 15-Jul-2010 12:52) Posted:
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Extracted from the website
DJ MARKET TALK: DBS' HK$651M Payment Unlikely To Hurt Shares
2010-07-15
[Dow Jones] DBS' (D05.SG) obligation to pay HK$651 million (S$115
million) to many of its customers in Hong Kong who bought Lehman
Brothers-linked structured derivatives products unlikely to have major impact
on share price as provisions already made. According to DBS spokeswoman,
provisions set aside in past several quarters. 2,160 customers, about 60% of
total who bought these complex products through DBS, will be fully reimbursed,
while any payments to remaining investors will be based on merits. "They made a
fair bit of provisions in the first quarter, to the tune of S$355 million. So
if this Hong Kong payment is already provided for, there should not be any
risk," says analyst at foreign brokerage. Stock closed +1.8% at S$14.78
yesterday, likely to track broad market performance, with resistance eyed at
S$15.00, support at 5-day moving average of S$14.38.
Please pOst the ANALYST's report for ALL to SHARE.
it is an Opportunity for ALL to shOrt ? ? ? ?
leoleo ( Date: 15-Jul-2010 12:50) Posted:
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my first bank current account when staring work was with DBS and i also had the POSB account too from childhood time.
After the DBS tOOk Over the POSB, i nOticed the attitude CHANGE tOwards cUstomers.
They really iNsulted lOyal customers and ignOred custOmers' service needs.
I iMMEDiATELY clOsed bOth accOunts withOUT regrets.
Salute ( Date: 15-Jul-2010 12:05) Posted:
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THE MiSTAKE SCAM
I experienced this in late 1990s with a FORTUNE 500 Logistics MNC.
DOUBLE invoiced the FREIGHT COST for every SHIPMENT.
BiLLed same amount TWiCE by two invoices (Different numbers and different dates) over two separate months.
My company's Logistics Heads just SIGNED BLINDLY and PAiD ALL BILLS every month. ALL DIVISIONS' logistics bills were centralised in the Logistics Department without going to the Divisions' Head for approval because of the SAP ERP system.
Once fine day, when i was reading a Project Report and nOticed two logistic cost items for the project. Each project was supposed to have only one logistic bill.
I requested to check the two logistic invoices and discovered DOUBLE BiLLing for the same shipment.
I further requested to have all logistic bills for that year and confirmed the dOuble billing for every shipment for the whole year.
When reverted to the FORTUNE 500 Logistic Vendor, their management just SMiLED and CLAiMED that it was just a MiSTAKE and they will make the full REFUND of all double billing.
BUT I sensed it as a very SHREWD MiSTAKE SCAM
because many customers just PAID Bills BLiNDLY OFF-guardingly . . . .
boyikao3 ( Date: 15-Jul-2010 12:09) Posted:
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Supreme pharoah88
is ur keyboard faulty ..or what ?
no offence , but reading is quite difficult with the switching from UppEr caSE to loWer case .
at times its frustrating to get at the meaning of what u have typed ...
thanks for looking into this ..
Luostock ( Date: 15-Jul-2010 12:12) Posted:
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