Sunday, December 30, 2012

Delhi gang rape - death penalty


//if you think the death penalty is an arcane law that can't be intellectually justified, then maybe you'd think otherwise if it were your own daughter, Joshua Chiang!


Minister for Law and Foreign Affairs K. Shanmugam has weighed in on the death of the Indian woman who died yesterday after a brutal attack by six men in New Delhi.

In a Facebook post today, he called it a "heartbreaking case", and said that he would often cite cases like this as examples when he discusses with people who want the death penalty here to be abolished.

"Many would agree that this is a type of case where, if the injuries inflicted were of a nature sufficient to cause death, then the abusers should face the death penalty," he wrote.

His comments sparked hundreds of responses on his Facebook page. Some supported his stance the dealth penalty, such as a netizen who went by the name OC Yeo, who said: "The death penalty must remain - otherwise justice cannot be served."

Others, however, said the punishment remains unjustifiable.

A user called Joshua Chiang said the death penalty is "an arcane law that cannot be intellectually justified on any grounds".

In response, Minister Shanmugam said he sees the punishment as "a necessary evil".

"Having the death penalty alone is not going to stop violent crimes - it didnt stop this young lady from being grossly violated," he wrote.

Billionaire Princelings Ruin a Chinese Vision

Billionaire Princelings Ruin a Chinese Vision

China (SHCOMP) has had a rough year with an international media that are in Woodward-and-Bernstein mode: It is following the money.

This week's Bloomberg News expose on the so-called Eight Immortals is a case in point. Building on a June article tracing the accumulated wealth of the family of Xi Jinping, China's next president, it described the vast fortunes being amassed by the offspring of the founding fathers who were instrumental in Mao Zedong's rise to power in 1949. Mao changed the world by meeting U.S. President Richard Nixon, and Immortals such as Deng Xiaoping engineered the economic boom that has unfolded since then.

Now, the tactics of the journalistic duo that brought down Nixon, Bob Woodward and Carl Bernstein, are helping to unearth the rot that has taken hold in Deng's vision for his people. Deng's plan, and that of China's other Immortals, was to cement the Communist Party's rule by boosting living standards. And it succeeded wildly, lifting some 600 million people out of poverty and putting China on a growth path that may allow the country's economy to surpass the U.S.'s in 15 years or so.

  • Graphic: Mapping the Family Tree of China's Red Aristocracy
  • Bloomberg's Full Special Report: Revolution to Riches

What the Immortals hadn't counted on was how their children would foul things up. By harnessing the trust of the state and top-level political connections, these princelings are reaping outsized benefits from China's growth. It is an outcome that would shock Deng: After 30 years of explosive growth, opening markets and reducing poverty, inequality levels now echo the pre-Communist era.

Wealth Grab

One of modern history's greatest wealth grabs isn't just exacerbating the rich-poor divide, but delaying the reforms needed to roll back the state control that masks underlying economic inefficiency. There is lots of money in the status quo -- an unfathomable amount, in fact. Just three of the Immortals' dozens of children and their spouses -- among them Deng's son-in-law and the son of Mao's economic czar -- founded or run companies with combined assets of $1.6 trillion as of last year. That is equivalent to almost a fifth of China's gross domestic product.

More than a third of the Immortals' children and their spouses hold top positions in state-owned enterprises. And then there's princeling Xi, who will run China for the next 10 years and have the final say over whether his pledge to root out corruption is real or hollow rhetoric. Bloomberg documented how his family accumulated a fortune estimated at $376 million.

Connecting Dots

The New York Times also had a busy year following the money and connecting the financial dots. The Times reported that the family of current Premier Wen Jiabao has made billions of dollars during his tenure. That's quite a blow to the carefully honed image of the modest and simple "Grandpa Wen" of the people.

The government's response has been indignation. It accused the Times, for example, of harboring political motives to destabilize the regime. Yet China has a growing corruption problem on its hands, one that must be addressed in a transparent manner.

When you peruse many of the reader responses to foreign press reports about Chinese graft, conspiracy theories abound: The western media want to undermine China's rise and is doing the bidding of officials in Washington and Tokyo. That, of course, is silly. Only a fool would hope for a crash in the world's No. 2 economy and for 1.3 billion people to struggle to find enough to eat. Global economics isn't a zero-sum game. When hundreds of millions of people get rich, that will benefit all of us, whether you work for Rolex, Nike Inc. or Toyota Motor Corp.

Biggest Threat

The sad truth is that hundreds of millions of Chinese aren't rolling in yuan the way Deng might have hoped. It's getting harder to hide that reality from China's masses, and that poses a growing threat to the Communist Party. Closing international-media websites, as China does at the sight of an unflattering article, can't hide the internal decay as wealth becomes more and more concentrated.

The Bo Xilai scandal started well enough for the party leaders. At first, it seemed an efficient way to purge a Chongqing politician who forgot his place. Bo's charisma and glowing media coverage of his populist "Chongqing model" of development ran afoul of many in power. They lost control of the narrative when the story became about the enormous wealth that Bo's extended family had accumulated.

The Bo saga put the international media on the case as rarely before. Average Chinese, too, are proving to be worthy adversaries for the Communist Party's army of Internet censors. Blocking Google Inc.'s search engine, Facebook Inc.'s social- media site and Twitter Inc.'s micro-blogging service haven't silenced the masses. They are finding inventive ways to get around the firewall; this pattern will only intensify.

No industrializing economy has ever avoided a crash, and neither will China. Possible catalysts include pollution and surging living costs. Yet the one that China's leaders are probably most loath to confront is the sight of Communist Party officials becoming modern-day Rockefellers and Vanderbilts. It surely never occurred to Deng that finding wealth would be China's undoing. When you follow the money, it's hard to conclude otherwise.

(William Pesek is a Bloomberg View columnist. The opinions expressed are his own.)

To contact the writer of this article: William Pesek in Tokyo at wpesek@bloomberg.net.

To contact the editor responsible for this article: James Greiff at jgreiff@bloomberg.net.

Find out more about Bloomberg for iPad: http://m.bloomberg.com/ipad/


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Wednesday, December 26, 2012

Ethel Fong is living the good life


//Everyone, and I mean, EVERYONE, from the cleaning lady to the Presidents and Kings love to say how tough life was when they were young, how they grew up out of poverty and their oh-so-humble background. Give me a break man!


Ethel Fong is living the good life

Singapore's first Ford model was the face of Armani, married her Prince Charming with castle included, and now helps poor kids get an education. -ST
Wong Kim Hoh

Tue, Dec 25, 2012
The Straits Times

Two formally suited businessmen stop talking and start staring as she strides confidently across the lift lobby of the Four Seasons Hotel in Orchard Boulevard.

Her full lips, smoky eyes and glossy long tresses are striking. So is her slender 1.8m frame, clothed in a tasteful ensemble of champagne- coloured Ralph Lauren silk blouse, black Balenciaga pantsuit and pointy toe Mary Janes from Manolo Blahnik.

In the 1980s, Ethel Fong turned heads as one of the rare Asian models who worked the runways of Paris, London, New York and Milan, graced the pages of Italian Vogue and W magazines, and became the face of an international Armani campaign.

She quit the catwalk 23 years ago to marry entrepreneur Jean Chalopin, a Frenchman with a 700-year-old mediaeval castle, and raise two children, both of whom are now in university.

But the 49-year-old has clearly lost none of the presence which got her a contract - making her the first Singaporean and second Asian to do so - with the world-famous Ford Model Agency in New York in 1985.

"I will try to remember," she says with a laugh, when asked to chart her journey from gawky kampung girl to jet-setting international model.

"It seems like my last life now," says Mrs Fong-Chalopin who now helps to run StoryPlus, a foundation she set up with her husband to support literacy and education for underprivileged children. Her beginnings, she says, were humble. The second-youngest of seven children of a shipyard painter and a housewife, she grew up in a wooden house with a zinc roof on a little hill in Pasir Panjang.



She got into Raffles Girls' Primary School, she says, on the coat tails of her cleverer older sisters. "But I couldn't sustain it. That was why I was kicked to Pasir Panjang Secondary School," she adds self-deprecatingly.

She was, she claims, a wall- flower: tall, gawky and excruciatingly shy.

"I shouldn't be telling you this but at 15, when other girls were wearing bras, I was still wearing a singlet. So no, I was not popular with the boys."

Her gawkiness and her pigeon gait got one of her older brothers sufficiently worried to ask their mother to do something about the situation. Her mother decided to invest $200 for her to attend a deportment course conducted by a modelling agency.

The course more than just improved her daughter's posture, it led to a career - but not before a lot of tears were shed.

"After a few sessions, one of the instructors asked me if I was keen to do fashion shows. I was flattered but it was also made quite clear to me that it was because of my height, and not my looks," she says.

Determined to do something about her shyness, the then 16-year-old accepted the offer.

Parading in public was harder than she expected. But she steeled herself.

"I told myself that since I decided to do this, I had to do it well. I had to understand the profession, and

I needed personality to showcase what I had to model. I had to get rid of my fear," she says.

To go for broke, the business student decided to drop out of Ngee Ann Polytechnic in her second year.

"I was not very good at multitasking and I felt that if I continued that way, I would not succeed in either."

The decision did not go down well with her parents who believed that modelling was not a proper job for a girl.

"I promised my mother that I would not do anything that would make her ashamed of me. I asked her to let me make my own choices," she says.

The scene then, she says, was intimidating.

"Many models at that time such as Tina Tan and Gillian Barker came from good families and a certain social background. For them, it was glamour play," she says. Tan's father was a property developer and her grandfather was rubber tycoon Tan Lark Sye, while Barker's father was the late law minister Eddie Barker.

"With my background, I felt a little inferior and a bit of an outsider. I had to learn all those designer names. I had absolutely no idea," she recalls.

She signed on with Carrie's Models after a year, and tried to move beyond the catwalk to take on photographic assignments.

"It was like being slapped in the face. I was just not what Singapore wanted. My features were different. I have thick lips and a big smile. In the late 1970s and early 1980s, they wanted girls with small lips."

There were countless rejections.

"Clients even called my agent in front of me and said, 'Why did you even bother to send her down?'" she lets on. "I'd take a deep breath and walk out and the tears would fall after that. I had to cry outside and not at home because doing this was my own choice."

Fortunately, she was resilient, a trait she thinks she inherited from her mother.



When Mrs Fong-Chalopin was 12, her mother ploughed all that she had saved into a small little terraced house in Chwee Chian Road off Pasir Panjang for the family. But she lost everything when the developer went bankrupt before the house was completed.

"I was only 12. Watching my mother cry day and night at the construction site was not easy," she says. But her old lady, she says, was a fighter. She worked hard, borrowed and managed to pay off enough of the developer's debt to regain the house.

"I learnt then that life is not always fair," she says, adding that this early lesson helped her cope with the many rejections she faced in her early days.

To make herself stand out, she experimented with make-up, and studied shoots in international magazines, teaching herself how to pose and project different personas.

One of the first people to give her a break was local designer Tan Yoong who loved her looks and pushed for her to appear on the cover of Her World wearing one of his creations. Tan - who always art- directs shoots of models wearing his designs - remembers her well.

"She had the X factor. More importantly, she had a great attitude and was very hard-working. She would listen carefully and would always give me what I wanted," he says.

While she started making some headway, it was not until she ventured abroad that she became sought-after here.

Mrs Fong-Chalopin was modelling for an Emanuel Ungaro fashion show in Singapore when the French woman in charge of the event told her she should try her luck in Paris.

So she did, without telling anyone.

"I only told my parents the night before I left. I was not sure what I was doing. I didn't want to become afraid or give anyone a chance to talk me out of it. If nobody knew what I was doing, nobody would know if I failed too."

It was a big move for an 18-year-old who spoke no French. But Mrs Fong-Chalopin returned a short while later, with a big confidence boost.

"There was interest in my looks there. I knew I could stay and find work and I knew what to do if I went again."



She did just that, and was soon modelling for the likes of Dior and Chanel. Not long after, she started getting offers to model in Milan as well.

That period in her life, she says, has become a blur.

"Everything happened so fast. I was just working and working," she says.

It was not all easy-peasy. The scene was not only competitive but also bitchy and fraught with temptations, she says.

"I was alone and I knew that to survive, I had to stay out of trouble. It was very important to me that I didn't have to call anyone for help. Anyway, who would come for me? They didn't even know where I was."

She had a simple philosophy: "Whenever things were not going a certain way, I would say 'no'. It's easier not to put yourself in a situation than to get out of it.

"Could I have gone farther if I had taken risks? Maybe. But I'm happy with the choices I made."

Doors also opened for her when she visited a boyfriend in San Francisco.

"I didn't intend to model there but I got a bit bored so he asked me to try it out there," she says. Within six months, she became the top-earning model in the city, appearing in the catalogues of big department stores such as Neiman Marcus and Nordstrom.

Jet-setting between Europe and the United States, she made a good living, often earning more than $50,000 a month.

Her profile in the US received a boost in 1985 when she decided to visit the famous Ford Model Agency, which has produced top models from Lauren Hutton to Elle Macpherson, while on an assignment in New York.

"I had a few hours before catching my plane so I dropped in to see them. I didn't have an appointment and they said they didn't see anyone without an appointment.

"But Katie Ford (daughter of agency founder Eileen Ford) was walking down the stairs and she saw me.

"Was it luck? Was it the right timing? Or was it meant to be? I don't know," she says.

The news made headlines in The Straits Times. By then, her success overseas had made her a hot commodity in Singapore too.



"It's strange," she says with a smile. "The same people who turned me down were now saying that they knew I would make it."

In 1986, she scored another coup when designer Giorgio Armani handpicked her to be the face of one of his campaigns.

"My agency in Milan sent me out on an assignment. They didn't tell me what it was for. I ended up in this magnificent building in Milan.

"It was like a palace and I remember tight security and walking through quiet corridors before I came to a room. A man was standing in the room."

That man was Armani. She passed him her portfolio, he looked at it, and five minutes later, just said "thank you" and sent her off.

"The next day, I got the job," says Mrs Fong-Chalopin.

The campaign appeared in the pages of Italian Vogue, W and other international fashion magazines.

"It opened a lot of doors for me. After the campaign, I got 11 shows in London without having to audition," she says.

It also got her a husband. Her photographs - taken by famed photographer Aldo Fallai - caught the attention of Mr Chalopin, a French TV producer and writer, while he was flipping through a copy of Vogue before going into a meeting.

Apparently he tore the pages out, and told himself: "If I find this girl, I will marry her."



Six months later, by a strange twist of fate, one of his fashion photographer friends was commissioned by The San Francisco Chronicle newspaper to trail Mrs Fong- Chalopin as she worked the fashion show circuit in Europe.

The photographer engineered a meeting between the two in Paris, and the rest is history.

Now a private investor, Mr Chalopin founded production company DIC, which had offices in Europe, the US and Japan and was the world leader in animated children's TV programmes including hits such as Inspector Gadget, The Care Bears and The Littles.

Three years after they began courting, she decided to give up modelling.

"The timing was right: I was 25, I achieved my modelling goal of appearing in Vogue, I was tired of living out of suitcases.

"I was getting older and girls were starting younger, I met a wonderful man and felt that it was time to concentrate on my relationship, and to build my life as a woman, not as a model."

They wed in 1998 in Chateau de Farcheville, a romantic castle which had 200 rooms and a moat, which Mr Chalopin had bought.

Husband and wife spent the next 11 years renovating it, turning the rooms into 15 beautiful suites. The kampung girl from Pasir Panjang became mistress of the manor, overseeing a staff of 27 including chefs and butlers.

"Culturally I learnt so much. It was like running a hotel," says Mrs Fong-Chalopin, adding that her son Janvier, 20, and daughter Tanis, 19, were raised there.

The couple decided to sell the castle six years ago. It was just too big.

"In life, there are many chapters. It was a nice chapter but it had to end. We didn't want to leave it to the kids because it could be a poisonous gift. There is no guarantee that they can afford to upkeep it," says Mrs Fong-Chalopin, who now owns homes with her husband in the Swiss Alps, New York, Beijing and Singapore.



To give their children a cosmopolitan education, the family lived for periods of time in Lausanne and Beijing. Their son is now studying economics at Johns Hopkins University; their daughter is doing music composition at New York University's Steinhardt School of Culture, Education and Human Development.

Now that her children have flown the coop, Mrs Fong-Chalopin is devoting more time to StoryPlus, the foundation she and her husband started 10 years ago to help improve literacy and support education among underprivileged children.

So far, the foundation has supported the building of schools and orphanages in Mozambique and Burkina Faso in Africa as well as Bhutan.

"Our foundation is not big, I don't go fund-raising at all. I go with projects which I feel are sustainable and worthwhile, supported by people I trust. But I really hope to take it to another level," she says.

"I have been extremely blessed in so many aspects of my life. But in my travels, I've come across people born in places or families where a happy outcome is unlikely or not possible," says the former model, who comes home at least four times a year to see her parents and siblings. One of her brothers runs a car company, another is the managing director of a multinational while one sister runs a teakwood plantation in Indonesia.

She is now exploring other causes and has put together a book titled Obor, The Torch Bearers, featuring Indonesians who, despite their own problems, are helping others in significant ways.

London-based lawyer Karen Fong says of the friend she has known for 25 years: "She looks very sophisticated now, very different from the kampung girl that she was. And yet inside her, there is still the kampung girl who loves her family, her husband and her children and treasures her friendships and the simpler things in life."

Mrs Fong-Chalopin turns 50 next July and will celebrate it by scaling Mount Kilimanjaro in the summer with her family.

She sees life as a book with many chapters.

"Hopefully, I have a few more chapters to go, and I hope they will be influenced by torch bearers too."

kimhoh@sph.com.sg


Get a copy of The Straits Times or go to straitstimes.com for more stories.

Friday, December 21, 2012

Mayan Apocalypse: the end of the world - live!


// OK, here we are, at the height of human advancement.

We have:
i) split the atom and re-created the sun's power and control its power

ii) modified genes to create creatures that nature could not

iii) sent a probe beyond pluto and on its way out of the Milky Way

iv) made it possible to fly (on parachutes, gliders, planes and helicopters)

v) reclaimed energy from the sun and wind

Yet in this great generation, some of us choose to believe a civilisation 2000 years ago.


Mayan Apocalypse: the end of the world - live!

Thirteen long Baktuns ago, way back on August 11 3114 BC our time, the world began. We've had a pretty good innings ladies and gentleman - cured all sorts of disease, created great art, invented the printing press, jazz and the X Factor, and generally had a good laugh. But time is up. The Mayans predicted it and most modern scientists agree.



Image 1 of 4

Once at the heart of a conquering civilisation in its own right, the ancient city of Tikal is now a pilgrimage site for both hard-core Star Wars fans and enthusiasts of Maya culture Photo: Alamy

10.10 Ruth Sherlock is in Lebanon, where bad weather and slow download speeds suggest her promising career is now coming to an end. We met once Ruth, in the newsroom, and you seemed like a nice person. Cheerio!

It may not be happening elsewhere, but the apocalypse seems to have arrived in Lebanon. Thunder shook entire apartment blocks in Beirut last night and a rain storm seemed to be tryig to re-fill the sea. Internet seems to be the first thing that will go as the end of the world reaches this Paris of the Middle East (one episode of Homeland has taken more than 12 hours to download). Phone networks also seem to be giving up.

It has been great reporting from here folks, but I fear that my time is up.

09.58 Some dispatches from the world of social media: my colleagueKate Day points out that the most shared video in the UK today is REM's "It's the End of the World". Full marks for imagination, everyone.

Genuine full marks for imagination, on the other hand, to Telegraph trainee Ben Riley Smith.

09.52 Still here.

09.42 A reader has emailed us, an actual one, not made up, called Lloyd Dodd. He has fashion advice for the end of the world. I genuinely didn't make this up.

(I include here in full, but if the end is already underway where you are: smart casual is good, don't dress like a hooker)

Dear Friends, I have been pondering something important recently and was encouraged by a friend to share it with you. With my background in protocol and etiquette I feel that I have sufficient knowledge to speak authoritatively on this topic. This burning question that needs an answer is, of course, what to wear for the end of the world. Yes, I'm sure it has crossed your mind as well and here is my considered opinion on the matter.

Do not over dress. Evening jacket or sequinned cocktail dress is far too pretentious and, let's face it, just not that comfortable. A good rule of thumb is not to wear any outfit that requires a tie or expensive clutch.

Mind you, this option never crossed the minds of most people, but you're not most people now are you? You're the discerning type who likes to make a good impression, just remember that it might look like you're trying too hard if you over dress when meeting your maker. He/She will appreciate it more if you dress in a smart but casual manner.

On the other side of the spectrum are those who intend to meet their maker in a bathrobe and fuzzy bunny slippers. Mind you, God does enjoy the ironic aspects of mankind, but dressing is such a manner shows a lack of respect both for yourself and your Creator.

Your favourite jammies might be comfy, but let's face it, you wouldn't wear them to the grocery store so why would you become one with eternity in them? (If you do wear your pyjamas to the grocery store, or to breakfast in the hotel lobby, please unfriend me now ... right now.)

It's time to grow up and have a little respect for both yourself and the world around you. If you're going to dress like an adult once in your life, I recommend this be the day.

So what should you wear? As stated above, a smart casual look is perfectly acceptable. Blazers and open sports shirts are good for men, but it's always a good idea to just let your spouse dress you. Women should feel free to wear a demure knee-length dress or a nice pants-suit. Sandals are a definite no-no as it's December, I don't care how cute your feet look in them (our Antipodean cousins might have a little more leeway, but I try not to think about their sartorial escapades.) Also heels over three inches are out. You do not want to meet your Lord and Maker looking like a hooker.

Just dress like you're meeting Mitzie and Chauncie at the country club for dinner and drinks and you'll be dressed perfectly for the horror that will be the end of the world.

Best of luck to everyone!

Mr Lloyd Dodd

Thanks Lloyd!

09.40 Ben Lagle tweets me from North Carolina, where it is "pretty vold". Possibly Mayan lingo, don't know.

09.28 David Munk is alive. Our esteemed foreign editor did not come into work today and we natually assumed he'd met his end. But he writes me from Highbury, London:

All well so far in Highbury although a greyish hazey cloud can be seen in distance. Perhaps a sign of something to come?

It doesn't say anything about a greyish hazey cloud on the Mayan calendar, but then it doesn't say anything about the Apocalypse either, and yet here I am, writing all this stuff. I'm still firmly in the believer camp right now.

09.16 Brussels correspondent Bruno Waterfield, is in possibly the safest place on Earth - near Dutchman Pieter Frank van der Meer.




Pieter van der Meer inside his Norwegian lifeboat lying in his garden in Kootwijkerbroek, The Netherlands (EPA/ROBIN VAN LONKHUIJSEN)

No sign of a second Noah’s flood yet here in the Low Countries but Pieter Frank van der Meer is ready for the deluge in the Dutch village of Kootwijkerbroek 14 miles from the sea.

“The Mayans weren't crazy, and if you also look at biblical prophecies, the mountains will melt like wax,” he said.

Mr van der Meer, 67, believes that solar flares generated by a unique alignment of planets at the end of the Mayan calendar will lead to earthquakes and tsunamis, flooding the Netherlands which is below sea level.

Around 35 people have reserved seats in his Norwegian-built life boat which has room for 50 – so he has places left. At the first signs of the approaching apocalypse, he expects his herd of goats to start behaving oddly, his family will board his “ark”.

“I will look at the sky, the sun, and the animals. If the goats start going weird, we take action,” he said.

Passengers include his children and grandchildren. His son Pieter is looking forward to a purer world after the bulk of humanity has been wiped out.

"It can only get better. Now we have natural pollution, abortion, divorce, wars, illnesses…,” he said.

Click here for the full van der Meer experience.

09.13 Frank Fisher, a reader, has sent us this update from somewhere:

Poll: Are Singaporeans least happy?

//OK, Sermon in a Taliban cave 15 minutes from a Predator UAV strike somewhere in Afghanistan - "Pray for our Muslim brothers in Singapore, may they learn from us so that they may be happier"


By Alexandra Hoegberg
December 21, 2012 -- Updated 0652 GMT (1452 HKT)

(CNN) -- Perhaps money can't buy happiness. A recent Gallup report shows that Singapore's wealthy population is the unhappiest -- less happy than the populations of Iraq, Haiti, Afghanistan, and Syria.

Singaporeans were least likely to report having positive emotions-- despite the fact that they enjoy one of the highest per capita GDP values in the world.

The international pollster measured "positive emotions." Carried out last year in 148 countries, the survey asked around 1,000 persons in each country five questions about what positive experiences people had had the day before: if they had been well-rested, treated with respect, if they smiled or laughed a lot, and whether they'd done or learnt something interesting.

In Singapore, only 46% of the interviewed answered "yes" to these questions, compared with 55% reported from people in Haiti and Afghanistan. Even in Syria, where the uprisings that later developed into a civil war took place in 2011, 60% of the people asked answered yes to the survey's questions.

Economists in the United States have found that domestically, income only affects daily happiness when earning up to $75,000 annually. A higher income than that doesn't make much of a difference for American citizens' well-being, Gallup wrote.

The population that reported the most positive emotions was Panama, a country with a per capita GDP ranking 90th in the world. In fact, eight out of the 10 happiest countries in the survey are located in Latin America.

As for Singapore, this is not the first time it has come in last in a Gallup poll.

Last month, Singapore ranked as the least emotional country, which measured the daily emotions of people in 150 countries during a three-year period.

Top 10 happy countries

Panama (85%)

Paraguay (85%)

El Salvador (84%)

Venezuela (84%)

Trinidad and Tobago (83%)

Thailand (83%)

Guatemala (82%)

Philippines (82%)

Ecuador (81%)

Costa Rica (81%)

10 least happy countries

Singapore (46%)

Armenia (49%)

Iraq (50%)

Georgia (52%)

Yemen (52%)

Serbia (52%)

Belarus (53%)

Lithuania (54%)

Madagascar (54%)

Afghanistan (55%)

Thursday, December 20, 2012

Israel's Illegal Settlement Activities in the oPt



//Of course Israel will play on its own terms. Would you pacify the rest of the international community when your live in a hostile neighbourhood? UN should stop acting horrified to know Israel is doing what it is doing.


Turkish Ministry of Foreign Affairs said in a press release that Israel's approval to construct 1,500 new units in the Ramat Shlomo settlement as well as its initiation of the planning process to build in total 5,000 new units in the Givat Hamatos and Gilo settlements constitute the latest example of this country's provocative steps despite the repeated calls and warnings of the international community.

The Ministry strongly condemns this policy of Israel which destroys deliberately the grounds for a lasting and just peace in the region through its illegal settlement activities that trample on the international law.

Israel aims to alter the historical, human, cultural and religious fabric of the Palestinian territories, notably East Jerusalem, through settlement activities pursued unceasingly in the occupied Palestinian territories and other practices that are contrary to international law. Israel must understand that it will never achieve its desired objectives by pursuing unilateral policies. We call upon Israel to fulfill its obligations in accordance with the international law for a lasting peace in the Middle East and to put an end immediately to all of its activities destroying the grounds for peace.

The Ministry calls upon the international community once again to take the necessary measures against the unilateral illegal activities of Israel destroying the two-state solution perspective.

Turkey will continue to stand by the people of Palestine against Israel's unlawful practices which are contrary to the international law.

'Biggest appeal ever' for Syria


//It's inhumane, but the truth is, THERE WILL BE PEOPLE LEFT BEHIND. Get real, only 1 pair of animals got to get into Noah's Ark, are you going to blame God for it?



The United Nations (UN) wants to raise almost a billion pounds to help those affected by the ongoing fighting in Syria.

It's the "largest short-term humanitarian appeal ever", they say.

The UN's job is to bring different countries together to work for peace.

It's thought more than 40,000 people have been killed in Syria since the conflict began in March 2011 - and hundreds of thousands made homeless.

The fighting in the country is between President Bashar al-Assad's government and rebel forces who want him out.

Life has been very hard for people there since the fighting began.
Food, shelter and medicines are needed

The United Nations have launched their latest appeal to try and help the million people expected to have fled across Syria's borders by mid-2013.

More than 525,000 Syrians have already crossed into neighbouring countries.

UN officials said they would need to provide food, shelter, medicine and even schools for them over the next year.

They're also hoping to provide aid to a further four million people inside Syria, half of whom have been forced to leave their homes.

Watch Ricky's report about what life is like for people living in Syria.

Jackie Chan - confirmed to be part of 'Expendables 3' cast


//I have looked at Jackie Chan's face with admiration in the 70s and 80s, and then with disgust in the 90s till today. Why are not these senior citizens moving along and giving way to fresh faces and talent, and hogging the traffic? 

The most sickening thing is that people like Jackie Chan confuse their popularity and wealth with intellect. Someone please remind him that he is rich because he can act and jump like a monkey, not because he is intelligent. Those pretty young things that keep on appearing in his movies and cuddled up or willing to give up their lives for him are a figment of his wet dreams that his is yet to wake up from. No wonder he can't stop wanting to be a director of his own movie. Spare us all the horror of watching you, Jackie Chan!




Jackie Chan confirmed to be part of 'Expendables 3' cast

Posted Dec 20, 2012 by Can Tran
At a press conference in Kuala Lumpur, international martial arts actor star Jackie Chan has confirmed to be part of the cast of "Expendables 3."

Jackie Chan at the premiere of the remake of "Karate Kid."
The film series “Expendables” has brought forth an ensemble cast of notable action superstars together. To many, the Expendables is pretty much a dream-up of various action and martial arts actors coming together. In the first film, you had notable Hollywood action veterans such as Sylvester Stallone, Arnold Schwarzenegger, and Bruce Willis. It brought forth other veteran and newcomer actors such as Jet Li, Dolph Lundgren, Jason Statham, Terry Crews, Mickey Rourke, Randy Couture, and Stone Cold Steve Austin. It also brought along international martial arts actor Gary Daniels.
In “Expendables 2,” martial arts actors Chuck Norris and Jean-Claude Van Damme were signed as part of the cast. While they were trying to get international martial arts actor Jackie Chan on board, he had other scheduled commitments.
Those that wish to see Jackie Chan in a future Expendables movie may get their wishes granted. Chan was at a press conference in Kuala Lumpur to promote his latest film called “CZ12” also known as “Chinese Zodiac.”


At the conference, Chan talked about Stallone inviting him to join the cast for Expendables 2 but couldn't take him up on it because of scheduling conflicts. But, Chan told reporters that Stallone extended the invitation for the Expendables 3. With Expendables 3 combined with other film projects, Chan has his work cut out for him. In short, the international martial arts superstar will be joining the cast of the Expendables 3.
This is due to an agreement that Chan will not have a minor role. With Chan's involvement, it's supposed to be a buddy-buddy movie. It Jet Li does return for Expendables 3, it'll be the second film that Chan and Li have worked on together since “Forbidden Kingdom” back in 2008. Also, actor Nicolas Cage is confirmed to be part of the Expendables 3 cast.


Read more: http://www.digitaljournal.com/print/article/339462#ixzz2FajDARjQ

Buffett’s Wells Fargo Bet Helps Berkshire vs. S&P 500

//the astute investor can't rely on buffett anymore. He is no different from investing in the index.


Buffett's Wells Fargo Bet Helps Berkshire vs. S&P 500

Berkshire Hathaway Inc. (BRK/A)'s stock portfolio is benefiting this year from Chairman Warren Buffett's bet on Wells Fargo & Co. (WFC), the home lender that has rallied 24 percent since Dec. 31.

Wells Fargo has averaged about 17 percent of Berkshire's U.S. equity investments this year, according to data compiled by Bloomberg. That compares with about 1.4 percent in the Standard & Poor's 500 Index. The gain in the bank's shares has buoyed the portfolio as other investments, such as a holding in International Business Machines Corp. (IBM), have trailed peers.

Buffett's "point is that if you are going to be in financials you need to be selective," said Matt McCormick, who helps oversee $6.5 billion as a fund manager at Bahl & Gaynor Inc. in Cincinnati. "You really have to do your homework, you really have to be selective, and when in doubt go for quality."

Buffett, 82, oversees most of Omaha, Nebraska-based Berkshire's equity portfolio, valued at about $90 billion, including the largest stakes in IBM and Coca-Cola Co. (KO) He bets he can beat the market by focusing on stocks he knows well, buying at prices that include a margin of safety should the investments falter and holding stakes for many years.

"That's a proven way to maintain a competitive advantage in this crazy business, where people judge their performance on a daily basis and do stupid things as a result," said Jeff Matthews, a Berkshire shareholder and author of "Secrets in Plain Sight: Business & Investing Secrets of Warren Buffett."

Berkshire's Returns

Berkshire's portfolio returned 13.9 percent this year including reinvested dividends through Aug. 28, based on an analysis of securities filings that list holdings on the last date of each quarter. That compares with 13.7 percent for the S&P 500. The firm's performance beat the benchmark last year by 4.4 percentage points, matched in 2010 and fell short by about 6.9 percentage points in 2009, data compiled by Bloomberg show.

Buffett, the second-richest person in the U.S., said at the 2007 meeting of Berkshire shareholders that he thinks his portfolio can beat the S&P 500 by "a couple percentage points" over most long-term periods and that he would be "amazed if it did better than that."

The billionaire has highlighted the challenge of finding outsized returns as his company gets larger. Stock picks and acquisitions helped build Berkshire into a firm valued at more than $200 billion with dozens of operating subsidiaries selling products from insurance to underwear.

"Reasonable return is good enough," Buffett said in a 2009 interview with Charlie Rose on PBS. "Fifty years ago I was looking for spectacular returns, but I can't get them" as the company generates larger sums to invest, he said.

Performance Slips

Berkshire's performance against the S&P 500 has slipped even according to Buffett's favorite metric, book value per share. The measure of assets minus liabilities, which Buffett says most closely indicates a firm's value, trailed the index four times in the 10 years through 2011 after lagging behind just four times in the previous 37.

Financial-services stocks accounted for more than half of Berkshire's total return this year through Aug. 28. A stake in American Express Co. (AXP), which has climbed 22 percent since Dec. 31, added to the gains on San Francisco-based Wells Fargo.

Buffett didn't respond to a request for comment sent to an assistant.

Buffett, who has increased Berkshire's holdings in the home lender for seven of the last eight quarters, praised the company's mortgage operation and push into investment banking in an interview with Betty Liu on Bloomberg Television last month.

Spreading Risk

While Buffett concentrates his portfolio in a few dozen stocks and had no common equity holdings as of June 30 in some S&P groups, such as telecommunication services and materials, he has said he avoids taking too much risk in a single industry. Berkshire hasn't bought stock in JPMorgan Chase & Co. (JPM), even as Buffett took a personal stake in the company and has praised Chief Executive Officer Jamie Dimon.

"There's a limit to how much I would want in banks compared to the whole portfolio" at Berkshire, he told Liu in explaining why his firm holds Wells Fargo among the largest U.S. lenders. "I like loading up on the one I like best."

Information-technology stocks were the biggest contributor to the S&P 500's return this year, data compiled by Bloomberg show. The gain was led by a surge in Apple Inc. (AAPL), a stock Berkshire didn't own as of June 30. Buffett's investments in the group were mainly in IBM, which returned 7.3 percent this year through Aug. 28 compared with the 21 percent gain in the group.

IBM Investment

Berkshire began accumulating its IBM stake last year in a bet that the world's largest computer-services provider will grow as it develops its business globally. The Armonk, New York- based company has benefitted shareholders through buybacks and built a reputation for helping companies around the world develop IT departments, he has said.

Weakening demand in China may pressure IBM's revenue, Mark Moskowitz, an analyst with JPMorgan, said in an Aug. 24 note to clients. Still, the company's "customer base is full of steady spenders," he said.

Berkshire's portfolio consists of a larger percentage of consumer-staples stocks than the S&P 500 as Buffett bet that global brands like Coca-Cola's namesake beverage and Procter & Gamble Co. (PG)'s Gillette razors will continue to appeal to shoppers. That strategy helped in 2010, and has hurt performance in 2011 and so far this year.

Buffett pared holdings of consumer stocks including P&G and Kraft Foods Inc. (KFT) in the second quarter. The company also sold part of its stake in Tylenol-maker Johnson & Johnson, which is grouped with health-care stocks in the S&P 500.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net.

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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CNBC.com Article: California to Gun-Investing Funds: Drop Your Firearms

//this is one of the stupidest thing I have heard. Lockyer thinks divesting is economic leverage? You're just selling your shares cheap STUPID!



CNBC.com Article: California to Gun-Investing Funds: Drop Your Firearms

"I want BlackRock, I want Credit Suisse, I want everyone else to know that we're going to use our economic leverage if it's up to me—and I hope I'll be persuading others," said California Treasurer Bill Lockyer. "I hope other pension funds, I hope other private investors will do the same thing," he says. "These are illegal weapons in a lot of our states."

Full Story:
http://www.cnbc.com/id/100328983

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Tuesday, December 18, 2012

Nuclear Stock Rally in Japan Ignores Public Opposition


//"Just because politicians say they want to restart reactors doesn't mean they will actually be able to do it," said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Ltd. in Tokyo

It's more like just because the public doesnt want reactors doesn't mean they will hold that view when they find their lights are out every night.



Nuclear Stock Rally in Japan Ignores Public Opposition

Japanese power-company stocks that jumped the most since 2008 after the pro-nuclear energy Liberal Democratic Party was elected will struggle to rally further because of public opposition to restarting atomic plants.

Tokyo Electric Power Co. (9501) and Kansai Electric Power Co. (9503), the atomic-reactor operators most punished in the stock market after the Fukushima disaster last year, leaped by their daily limit in Tokyo yesterday and led a 9.2 percent gain in the Topix Electric Power & Gas Index. (TPELEC) Uranium stocks gained, including a 13 percent increase by Australia's Bannerman Resources Ltd. The LDP has said Japan needs its 50-reactor fleet working to reduce costs of importing fuel for gas- and coal-fired plants.

"Just because politicians say they want to restart reactors doesn't mean they will actually be able to do it," said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Ltd. in Tokyo, which has about $400 billion in assets. "It'll be hard to maintain these stock gains," she said.

Any plans to restart reactors will need approval from the Nuclear Regulation Authority, which is investigating six atomic plants on concern they were built on active fault lines. Japanese law states reactors cannot be built on active faults, indicating the plants may need to be decommissioned.

"Proving safety is going to be really hard," Sera said.

The meltdowns at Tokyo Electric Power reactors and ensuing radioactive contamination led nations from China to France and Switzerland to review atomic policies, including the phase-out ordered by German Chancellor Angela Merkel. Countries including Britain affirmed plans to rely more on atomic power.

European Backpedaling?

The likelihood of backpedaling in central Europe is even slimmer than in Japan, "for the simple reason that Japan's energy crunch without nuclear is far greater than in countries like Germany or Switzerland," said Mark Hibbs, senior associate at the Carnegie Endowment nuclear policy program in Berlin.

Andreas Loeschel, an adviser to Germany's government on monitoring its energy transformation, said in a telephone interview that there's unlikely to be an impact on his country.

"The energy shift in Germany has such a momentum that it is not influenced by a change of government in Japan," said Loeschel, a professor who heads environmental and resource economics at the Centre for European Economic Research ZEW in Mannheim.

Japan's LDP, led by former Prime Minister Shinzo Abe, took 294 seats in the 480-member lower house of parliament, public broadcaster NHK said yesterday. The party governed for all but 10 months since 1955 and oversaw Japan's development of atomic energy. It was ousted in 2009, two years before an earthquake and tsunami crippled the Fukushima Dai-Ichi nuclear plant, releasing radiation and forcing evacuation of 160,000 people.

LDP Voters

"People who voted for the LDP are supporting their economic-stimulus measures, not nuclear power policy," said Toshihiro Inoue, a member of the "Goodbye Nuclear: the Action of 10 Million" civil movement, whose online petition to stop atomic reactors in Japan has so far received about 8.2 million signatures.

Tens of thousands of nuclear power opponents held weekly protests outside Prime Minister Yoshihiko Noda's official residence this year. A government-backed public forum found in August that 47 percent of participants favored cutting nuclear power to zero, while newspaper polls in the last 18 months consistently showed support for ending atomic power in Japan.

All but two of Japan's 50 nuclear reactors are idled due to public safety concerns. Outgoing Prime Minister Yoshihiko Noda's Democratic Party of Japan said it would phase out nuclear power by the end of the 2030s after the repeated mass public rallies.

LDP Opinion

In contrast, LDP General Council Chairman Hiroyuki Hosoda said on Nov. 27 that Japan must restart its nuclear reactors quickly because of the high prices for gas, coal and oil used to fire thermal power plants.

The rally by utilities today "is fairly reflective of the market's expectation for reactor restarts," Edward Sterck, an analyst at BMO Capital Markets in London, said today by phone. "It reduces the likelihood of further uranium price declines."

The change of ruling party should mark an alteration in nuclear policy, according to Kansai Electric's Chief Executive Officer Makoto Yagi.

The Federation of Electric Power Companies, which includes Japan's dominant nine regional utilities that own atomic plants, would like the new government to revise the nuclear energy policy of the previous administration, Yagi, who is also the chairman of the federation, said yesterday in a statement.

Kansai Case

Kansai Electric relied on nuclear for almost half its generated power in the year before the 2011 disaster. It reported a record first-half loss of 117 billion yen ($1.4 billion) after the shutdown of reactors forced the utility to import fuels for gas-, oil- and coal-fired plants.

Tepco jumped by 33 percent to 202 yen at the close in Tokyo yesterday, while Kansai Electric rose 18 percent to 920 yen, its biggest jump since at least Sept. 11, 1974. Tohoku Electric Power Co. (9506) advanced 15 percent to 857 yen.

The Metropolitan Coalition Against Nukes, another civil movement, said on its website it will protest the restart of nuclear reactors outside the prime minister's official residence on Dec. 21.

"Even for the LDP it will be difficult to gain support from residents living near nuclear stations for restarting them, as the tragedy in Fukushima is not over," Inoue at Goodbye Nuclear said.

To contact the reporters on this story: Yuriy Humber in Tokyo at yhumber@bloomberg.net; Yuji Okada in Tokyo at yokada6@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

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Moody’s Gets No Respect as Bonds Shun 56% of Country Ratings


//these rating agencies have frustrated me time and time again, and the markets agree with me. The problem with them is that they rate situations too late in today's world, and they wield an evil sword which they use with impunity - the ability to trigger a spiral. 

They need to take a deep re look at themselves or become obsolete.


Moody's Gets No Respect as Bonds Shun 56% of Country Ratings

The global bond market disagreed with Moody's Investors Service and Standard & Poor's more often than not this year when the companies told investors that governments were becoming safer or more risky.

Yields on sovereign securities moved in the opposite direction from what ratings suggested in 53 percent of the 32 upgrades, downgrades and changes in credit outlook, according to data compiled by Bloomberg. That's worse than the longer-term average of 47 percent, based on more than 300 changes since 1974. This year, investors ignored 56 percent of Moody's rating and outlook changes and 50 percent of those by S&P.

For national debt, following decisions of the arbiters of credit risk is less reliable than flipping a coin for determining borrowing costs. While the companies face legal proceedings and more regulation after contributing to the worst financial calamity since the Great Depression, politicians cite the grades as one reason for austerity when Europe is in recession and the Federal Reserve has cut its growth forecast.

"Policy makers should be more preoccupied with the market than with the ratings companies, because that's where the real costs bear out," Brett Wander, the chief investment officer for fixed income in San Francisco at Charles Schwab Investment Management Inc., which oversees about $200 billion, said in a telephone interview Dec. 14. "Credit-rating agencies historically lag the real economic fundamentals, whereas markets are ahead."

European Downgrades

Moody's, which helped start the business of ranking companies by their ability to repay debt in 1909, has downgraded 6.4 government ratings for every upgrade this year in the U.S. and Europe, the highest ratio since at least 2002, Bloomberg data show. S&P has cut 4.3 rankings for every increase.

Even so, European bonds are having their best year since 1998, returning 11.5 percent through Dec. 14, according to the Bank of America Merrill Lynch Euro Government Index. The best bonds in the world were Greek securities, which gained 84 percent, and Portuguese notes, up 55 percent, according to indexes compiled by the European Federation of Financial Analyst Societies.

Yields on all government securities declined to a record low 1.36 percent on Nov. 28, according to Bank of America Merrill Lynch index data going back to 1996. The bonds returned 4.5 percent this year.

Crisis Response

"If ever there was proof positive that ratings were a lagging indicator, it's certainly been true with the way the rating agencies have responded to" Europe's three-year debt crisis, Bonnie Baha, the head of global developed credit at Los Angeles-based DoubleLine Capital LP, which oversees more than $50 billion, said Dec. 12 in a telephone interview. The gap between Treasury yields and those of other bonds is more reliable, she said.

The yield on the 10-year Treasury note decreased eight basis points last week to 1.70 percent, as negotiations stalled between President Barack Obama and House Speaker John Boehner to avert mandatory tax increases and spending cuts. The rate increased two basis points, or 0.02 percentage point, to 1.72 percent as of 9:12 a.m. in New York.

S&P and Moody's say they aren't predicting yields.

"Ratings are really just a rank ordering of our opinion of relative credit worthiness based on our criteria," Peter Rigby, a credit analyst at S&P, the New York-based unit of McGraw-Hill Cos., said Aug. 16 in a telephone interview. "It's neither an objective nor goal or intent to determine yields or prices. Obviously, investors do that using a whole host of information and different investors have their different valuation objectives."

'One Objective'

Eduardo Barker, a spokesman for Moody's, declined to comment. Richard Cantor, the company's chief credit officer, said in May in an e-mail that "we have only one objective, which is to assign ratings that are indicative of the relative risk of default and losses."

S&P, Moody's and Fitch Ratings, a unit of Paris-based Fimalac SA, provided more than 99 percent of rankings of government, municipal, and sovereign debt and 96 percent of all outstanding grades last year, according to a Nov. 15 U.S. Securities and Exchange Commission report.

One reason for the divergence between bond performance and ratings is that investors with the most at stake may act before Moody's and S&P.

"I don't agree that markets don't care about ratings," Peter Palfrey, who helps oversee $182 billion at Loomis Sayles and Co. in Boston, said Dec. 11 in an interview. Changes are "largely priced into the market already." Palfrey is a co- manager of the Natixis Loomis Sayles Core Plus Bond Fund (NEFRX), which has beaten 98 percent of its peers for the past five years, Bloomberg data show.

Sovereign Purchases

Central banks' buying unprecedented amounts of government securities to pump money into their financial systems and keep interest rates low is also driving the divergence between ratings and bond performance, according to Jason Brady, a managing director in Santa Fe, New Mexico, at Thornburg Investment Management, which oversees $83 billion.

The European Central Bank said it will buy bonds of Spain, which is rated one level above non-investment grade, and Italy if requested. The ECB has expanded its balance sheet by about 702 billion euros ($924 billion) since November 2011. Europe's economy is forecast to shrink 0.14 percent this year and to expand 0.4 percent in 2013, according to Bloomberg surveys.

Fed Stimulus

In the U.S., the Fed will buy $85 billion a month of Treasuries and mortgage bonds starting next month after the Federal Open Market Committee reduced its growth forecast for next year to as little as 2.3 percent from as low as 2.5 percent. The central bank will absorb about 90 percent of net new dollar-denominated fixed-income assets next year, according to JPMorgan Chase & Co.

Even before the latest stimulus efforts, government securities were moving contrary to decisions by Moody's and S&P. Since the U.S and France were stripped of their top AAA rankings, their bonds surged.

Rates on 10-year French debt fell to 1.98 percent from 2.07 percent on Nov. 19 when it was cut by Moody's. Yields on similar-maturity Treasuries tumbled to a record low 1.379 percent in July from 2.56 percent on Aug. 5, 2011, just before the U.S. was downgraded by S&P.

After the Treasury Department said S&P made a $2 trillion error in its calculations, the company switched the budget projections it was using and proceeded with the downgrade. S&P denied it made a mistake and said using the government's preferred fiscal scenario didn't affect its decision.

S&P Backed

While 67 percent of 1,031 global investors in a Bloomberg Global Poll in September 2011 said S&P's move was justified, Warren Buffett, the world's second-richest person according to Bloomberg Billionaires Indexes, said the U.S. should be "quadruple-A." Buffett is Moody's biggest shareholder.

Rising borrowing has prompted downgrades. European government debt climbed to 90 percent of gross domestic product in the second quarter from 66 percent in December 2007, data from Luxembourg-based Eurostat show. That ratio in the U.S. is expected to increase to more than 70 percent by the end of 2012 from about 36 percent at the end of 2007, according to a Congressional Budget Office forecast.

Moody's said Sept. 11 it may follow S&P in removing the U.S.'s top rating unless politicians can contain the growing ratio of debt to GDP. Boehner, a Republican from Ohio, said the warning underscores his contention that rising debt is imperiling jobs.

France, Finland

France's downgrade was "strong encouragement," to pursue austerity, Finance Minister Pierre Moscovici said Nov. 20 in an interview with Bloomberg Television's Caroline Connan in Paris. "Yes, we need to reduce our deficits."

Finland, rated AAA by the three-biggest ranking companies, is increasing austerity measures next year even after its economy sank into a recession in the second quarter. The Nordic nation has cut spending and increased taxes to keep its top credit score.

U.K. Prime Minister David Cameron raised taxes and reduced outlays in 2010 to save its AAA rating, freezing pay for police, teachers, nurses and doctors, and capping welfare payments. S&P lowered its outlook on the country to negative from stable Dec. 13, citing the weak economy.

"Deciding on policy choices is the domain of governments and their advisors," S&P said June 22 in a report. "We have not taken sides in the growth vs. austerity debate."

Rating companies face increased regulation after a U.S. Senate panel found they provided inflated grades for risky mortgage bonds that helped cause the credit crisis in 2007 and 2008 that tipped the global economy into a recession.

Australian Ruling

An Australian judge ruled S&P misled investors by giving its highest ratings to securities whose value plunged during the global financial crisis. The company was "misleading and deceptive" in its grading of two structured debt issues in 2006, Federal Court Justice Jayne Jagot said in her Nov. 5 ruling.

The company will appeal, S&P President Douglas Peterson said Nov. 29 at a conference at Columbia University in New York. "We believe investors are sophisticated and have to read documents and actually have fiduciary responsibilities."

Japan's Financial Services Agency last week said it ordered S&P's Japan unit to improve its system for verifying and updating ratings.

Policy makers have been searching for a way to ensure credit grades are accurate after the Dodd-Frank law in 2010 instructed regulators to stop relying on the ratings and increase oversight of the companies that issue them.

Survey Method

The European Union may require the companies to pick three days a year when they could give unsolicited assessments of governments' creditworthiness, according to Jean-Paul Gauzes, a lawmaker involved in the plans. They may get a chance to issue reports that haven't been requested and paid for by clients outside those dates if they can show regulators that events warrant them.

Bloomberg compiled data on changes in credit outlook and ratings along with bond yields for 30 countries as far back as 1974. They are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Finland, France, Germany, Greece, Indonesia, Ireland, Italy, Japan, Mexico, The Netherlands, New Zealand, Norway, Portugal, Russia, South Korea, Spain, Sweden, Turkey, the U.K. and the U.S.

The data measured government bond yields after a month relative to U.S. Treasuries, the benchmark measure for debt risk, to allow time for markets to adjust to assessment changes while minimizing the effects of subsequent unrelated events.

IMF Study

In a January 2012 analysis of Moody's rating changes, International Monetary Fund researchers looked at credit derivatives to show prices moved in the expected direction 45 percent of the time for developed countries and 51 percent for emerging economies. For outlook changes, the ratios were 67 percent and 63 percent.

"Do investors really care about another U.S. downgrade? My opinion is no," James Sarni, senior managing partner at Los Angeles-based Payden & Rygel, which manages $75 billion, said Nov. 8 in a telephone interview. "It's part of a larger mosaic that ultimately determines what happens to rates."

To contact the reporters on this story: John Detrixhe in New York at jdetrixhe1@bloomberg.net; Matt Robinson in New York at mrobinson55@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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Monday, December 17, 2012

NGOs and their motives

There are NGOs and there are NGOs. They are as diverse as the stars in this galaxy.

Even within NGOs, there are different camps. Greenpeace is one group that is too big to speak coherently. Its like an old man suffering from different types of cancer.

The problem with NGOs nowadays is that they speak what their funders and investors tell them to say.  So most of them end up contradicting themselves and with positions which are insensitive, selfish, and out of whack with reality. They want Noah to build an Ark bigger than the Earth so that no animal is left behind.

It is therefore important to always look for the motives underlying NGOs. It usually has something to do with money.

Function 8 Singapore

//Here's another minority group whining over injustices and begging for publicity. MOM shouldn't even bother to reply to them because this group is so out of whack with reality. 



SINGAPORE: The Ministry of Manpower has refuted civil society group Function 8's accusations that the use of the term "illegal strike" to describe the actions of SMRT bus drivers in late November is wrong and prejudicial.

The ministry's spokesperson added the "serious accusations" are "entirely baseless".

Four SMRT workers were charged in court last month with instigating the incident, which took place over a pay dispute.

Early this month, another driver was charged in court and sentenced to six weeks' jail after he admitted to taking part in the incident.

In an earlier statement to the media, Function 8 said the workers were "doomed from the start" and called a stop to the use of the term "illegal strike".

The group added the term gives the impression that what the bus drivers had done was "illegal" and that there was indeed a "strike".

It said since the cases have not been determined by the court, it is "grievously wrong and prejudicial" to the bus drivers to label their action as such.

Function 8 also said that the ministry is commenting on a pending case and such comments are sub judice and constitute contempt of court.

It also said repeated claims that the drivers had participated in an "illegal strike" amount to prejudging their case and can only be calculated to influence the decision of the judge.

But MOM said the government, including Acting Manpower Minister Tan Chuan-Jin and the Manpower Ministry, has never attempted to prejudice the case.

They added that Part III of the Criminal Law (Temporary Provisions) Act or CLTPA clearly outlines that strike action taken in respect of essential services such as public transport is deemed illegal, unless 14 days' notice has been given.

It was with that in mind that Acting Manpower Minister Tan Chuan-Jin used the term "illegal strike".

MOM also pointed out that Mr Tan referred to workers participating in the strike in general.

He did not refer to the participation of any particular worker, or to any matter pending before a court of law.

In its statement, Function 8 had also questioned why MOM had revoked the work passes of 29 bus drivers so swiftly.

It also asked why it did not allow them legal representation or give them an opportunity to be heard.

Clarifying the incident, MOM said the 29 bus drivers were provided with an opportunity to be heard in relation to their conduct during the strike.

The ministry said the work permits were only revoked after due consideration by the Controller of Work Passes.

It added there is no requirement for legal representation in such a process, and no request was made in this regard by any of the 29 workers.

- CNA/jc
 

Saturday, December 15, 2012

How rich to be Happy?


The Perfect Income for Happiness? It's $161,000

BUSINESS NEWS
By:Robert Frank | CNBC Reporter & Editor
CNBC.com | Friday, 30 Nov 2012 | 12:45 PM ET

More than one study has tried to determine the financial price of happiness. Some look at wealth. Others look at income.

One well-publicized study last year put the optimal income for happiness at around $75,000. Rising income, it turns out, produces greater happiness until you get to around $75,000. After that, there are diminishing returns, with more income leading to little or no gain in real happiness.

This is a fraught question, of course. "Happiness" itself is not easily defined, and money, as the winners of this week's Powerball jackpot will tell you, doesn't always guarantee it. And the financial requirements for happiness usually depend on geography, peer groups and other external factors.

The latest to weigh in on the issue is Skandia International's Wealth Sentiment Monitor. It found that the global average "happiness income" is around $161,000 for 13 countries surveyed. The United States wasn't specifically measured. (Read more: Why Millionaires Prefer Dogs)

But there was a wide range of answers depending on the country. Dubai residents need the most to feel wealthy. They said the needed $276,150 to be happy. Singapore came in second place, with $227,553, followed by Hong Kong, with $197,702.

The region with the most modest needs for happiness is Europe. Germans only need $85,781 to be happy, placing them lowest on the list. The French need $114,000, while the British need $133,000.

The survey doesn't ask about total wealth needed to feel happy. But it does ask about the amount of wealth needed to feel "wealthy." Globally, the average amount needed to feel wealthy was $1.8 million.

Singaporeans took the lead on the "wealth" needs, with $2.91 million needed to feel wealthy. Dubai ranked second with $2.5 million, followed by Hong Kong with $2.46 million. (Read more: Where to Live If You Want to Be a Millionaire)

Surveys show that among Americans, most say they need $1 million or more to feel wealthy.

All of this shows that wealth and financial happiness is not an absolute number, but is relative to your peers and surroundings. Living in Dubai, with all those oil barons and oligarchs, the needs are higher. In Germany, where wealth is more evenly distributed, the needs are not as high.

How much wealth or income would you need to feel happy?

-By CNBC's Robert Frank
Follow Robert Frank on Twitter: @robtfrank

© 2012 CNBC.com

Friday, December 14, 2012

Defiant North Korea holds mass rally, vows more launches


//Its OK for North Korea to shoot this things into space...US did it half a century ago. But as for modernisation...well, we don't need another 20 million people to jostle for the little food we have left on this planet.


Defiant North Korea holds mass rally, vows more launches
Posted: 14 December 2012 1113 hrs






SEOUL - Hundreds of thousands of North Koreans rallied Friday in the freezing cold to celebrate the country's rocket launch, staging a choreographed show of defiance under their youthful leader's "endless" wisdom.

The enormous rally in central Pyongyang, shown on state television, came two days after the launch of the three-stage rocket and just ahead of the anniversary Monday of the death of new leader Kim Jong-Un's father.

The West fears the launch has taken the nuclear-armed state a step closer to firing intercontinental ballistic missiles across the planet, and it has provoked UN Security Council condemnation along with calls for more sanctions.

Refuelling its criticism of Wednesday's launch, the US State Department said Kim had the chance as new leader "to take his country back into the 21st century" but instead was making the "wrong choices".

Unbowed, North Korean state media said Kim, who is in his late 20s, had personally signed off on the rocket launch and had declared his regime's "unshakable stand" that the programme will continue.

Kim stressed the need "to launch satellites in the future... to develop the country's science, technology and economy", according to the North's official Korean Central News Agency (KCNA) as it gave new details of the launch.

The "dear respected Marshal" visited mission control an hour before the rocket took off on Wednesday morning and praised the "ardent loyalty and patriotic devotion" of the technical team, KCNA said in the report early Friday.

The report gave no reaction to the international opprobrium that has been heaped on North Korea since the rocket went up, ostensibly to place a research satellite in orbit, with even close ally China expressing its "regrets".

But Friday's rally was an emphatic demonstration of organised support for the Kim dynasty, as the massed ranks of civilians and soldiers chanted their obeisance under giant portraits of Kim's father and grandfather.

Many of the civilians were in dark winter coats, and the soldiers in olive-green overcoats and Russian-style trappers' hats, as they pumped their fists and chanted "long live!", the state TV's hour-long broadcast showed.

Addressing the crowd, which stood in organised ranks in Kim Il-Sung Square, senior officials lavished praise on the Kim dynasty and its scion for the rocket launch -- which came after an April attempt ended in fiery failure.

"This was achieved thanks to the Great Marshal Kim Jong-Un's endless loyalty, bravery and wisdom," said Jang Chol, president of the State Academy of Sciences, which helps to steer North Korea's rocket programme.

The UN Security Council held emergency talks on Wednesday after the North, already under international sanctions for nuclear tests in 2006 and 2009, ignored pleas from friends and foes to stop the launch.

The council warned of possible measures over what the United States called a "highly provocative" act as countries including South Korea and Japan pressed for stronger sanctions against Pyongyang.

Both South Korea and Japan are holding general elections in the coming days, shadowed by the perennial unpredictability of their deeply poor but heavily armed neighbour.

China -- North Korea's leading patron -- supported the UN statement but its foreign ministry also pushed back against the pressure for stronger action, arguing that any response by the international community should be "prudent".

Analysts say the symbolism of the launch was a prime motivating factor for North Korea as Kim shores up his leadership credentials.

"The launch means the fulfilment of Kim Jong-Il's last wish," said Yoo Ho-Yeol, a political science professor at Korea University in Seoul.

"As such, it helps cement Jong-Un's grip on power and strengthens his authority over the North's military elites, securing their loyalty and a sense of solidarity under his leadership," Yoo said.

While there is no hint of another nuclear test being imminent in North Korea, the US and South Korean intelligence communities will be looking for any insights into the country's level of ballistic expertise.

South Korea's navy has recovered a section of the rocket that splashed into the sea, apparently a fuel tank inscribed with the name of the "Unha-3" rocket, the defence ministry in Seoul said.

"This debris is expected to be an important piece of information in determining North Korea's rocket capability," ministry spokesman Kim Min-Seok said.

- AFP/ir

Yale-Singapore zingers sling on


//Agree that it is truly puzzling what Yale is doing in Singapore. It should be in Hong Kong or somewhere else. Singapore is not the place for Yale.



The faculty of Yale’s fledgling offshoot in Singapore has taken a firm stand for “free expression of ideas.” But it is still unclear what will happen if that expression collides with the laws of the island nation-state.

In its “first vote as a collegial body,” the faculty of Yale-NUS College unanimously approved a “Core Statement on Freedom of Expression.” The college is a joint project of Yale University and the National University of Singapore; it will open next fall in Singapore under the presidency of former Yale English professor Pericles Lewis.

“We are firmly committed to the free expression of ideas in all forms—a central tenet of liberal arts education,” the three-sentence statement says. “There are no questions that cannot be asked, no answers that cannot be discussed and debated. This principle is a cornerstone of our institution.”

Yale-NUS College has drawn criticism at Yale and elsewhere because Singapore’s government—which runs the National University—restricts speech and activities that are permitted in the US. Defamation and homosexuality are crimes, for example, with bloggers and journalists subject to prosecution for criticizing the government. The college’s own speech code will ban “defamatory language concerning race or religion,” according to a 2010 agreement (pdf) between Yale and NUS. The chairwoman of the Yale-NUS governing board told an interviewer that the “liberal” in “liberal arts” means “broad, rather than free,” and added: “It’s freedom of thought; I’m not necessarily saying freedom of expression.”

In a Yale Alumni Magazine interview in July, Yale-NUS president Lewis said he expects “a robust political culture on campus,” but “obviously, we will also obey the Singaporean law.” Asked what kind of political expression will and will not be allowed, he responded: “There are gray areas, and we’ll have to face specific questions as they arise.”

Last week, the American Association of University Professors issued an open letterto the Yale community, expressing “growing concern” about “academic freedom and the maintenance of educational standards” at Yale-NUS. This week, twenty-five of Yale-NUS’s 41 faculty members replied with their own open letter to the AAUP, essentially saying: “Hey! Why didn’t you talk to us first?”

“We welcome the AAUP’s interest in our educational mission,” the letter says. “At the same time, we wish to state publicly that no representatives of the AAUP consulted with us, as faculty members and colleagues, about any of our own assessments of, concerns about, and active efforts to promote and secure (i) academic freedom; (ii) the rights of faculty, staff, and students; and (iii) shared faculty governance at Yale-NUS College. In the spirit of collegiality and solidarity . . . we invite the AAUP to be informed of our efforts and to consult with us in the future.”
Tagged controversy, free speech, Pericles Lewis, Singapore, Yale-NUS College

Thursday, December 13, 2012

Photos of Laura Ong taken on grassroots trip


//Life's a marathon. There are tough times, and good times. In the tough times, at least it couldn't get worse. In the good times, thank God that you've the chance to experience it.

How I see this is that adultery is frowned upon by the least sexually attractive* sections of society: i) women who are married and have kids, because they fear their husbands will be lured away and ii) unattractive men (usually young, or without power, money or something else) who fear their girlfriends would leave them for an older, married man. iii) old folks. So since there are a limited number of young women, coupled by even more limited rich, power men, get into an affair and you will be in hot soup!

*Young nubile women are attractive. So are older (therefore usually married, or rather definitely married) successful men.



Thu, Dec 13, 2012
AsiaOne

SINGAPORE - Several photos of former People's Association staff member Laura Ong currently making the rounds online were taken during grassroots retreats, explained Minister of State Teo Ser Luck.

Ms Ong, the woman involved in the Michael Palmer saga, is featured seen with Mr Teo in a handful of the nearly 100 pictures that have been put up by an unnamed source.

Explained Mr Teo: "She was the constituency director of Punggol South where I used to be MP/Adviser before 2011 GE until she was posted to Pasir Ris West under DPM Teo.

"The photos were taken by the Group Constituency Director during grassroots organisation retreats where staff and volunteers went."

The photos appear to have come from a blog that was created moments after the shock announcement on Wednesday by Mr Palmer.












Japan scrambles F-15s after Chinese plane flies over disputed isles


//If China continues this path, it will push all the other countries to consolidate to oppose it. There are many ways to deal with this in a mature manner.



Japan scrambles F-15s after Chinese plane flies over disputed isles
Updated 03:49 PM Dec 13, 2012
TOKYO - Japan protested to China today after a Chinese government plane entered what Japan considers its airspace over disputed islets in the East China Sea, the Japanese Foreign Ministry said.

The incident prompted Japan's military to scramble eight F-15 fighter jets, the Defence Ministry said. Japanese officials later said the Chinese aircraft had left the area.

Sino-Japanese relations took a tumble in September after Japan bought the tiny islands, called Senkaku in Japan and Diaoyu in China, from a private Japanese owner.

"Despite our repeated warnings, Chinese government ships have entered our territorial waters for three days in an row," Japanese Chief Cabinet Secretary Osama Fujimura told reporters.

"It is extremely regrettable that, on top of that, an intrusion into our airspace has been committed in this way," he said, adding that Japan had formally protested through diplomatic channels.

A Defence Ministry spokesman said as far as he knew it was the first time this year that a Chinese plane had intruded into airspace near the islands.

The incident comes just days before a Japanese election that is expected to return to power the conservative Liberal Democratic Party (LDP) with hawkish former prime minister Shinzo Abe at the helm.

Mr Abe has vowed to take a stern stance in the dispute over the islands, which are near potentially huge maritime gas reserves, and has said that the ruling Democratic Party's mishandling of its diplomacy had emboldened China.

Mr Abe has also promised to boost spending on defense including on the coastguard.

Smaller Asian countries such as the Philippines have also become increasingly worried about Beijing's growing military assertiveness and its claims to disputed islands in the South China Sea. REUTERS

Britain lifts 'fracking' ban despite earthquake reports


//I think there are more educational pictures about the ills of fracking that to have UK's energy secretary's picture here.


Britain lifts 'fracking' ban despite earthquake reports
Posted: 13 December 2012 1916 hrs


Click to enlarge Photos 1 of 1

UK Energy Secretary Edward Davey (Nick Ansell / POOL / AFP)


LONDON: Britain's government said on Thursday that a controversial shale gas extraction method known as fracking should resume, despite the fact that it is suspected of having triggered earthquakes.

Exploratory fracking or hydraulic fracturing can restart under tight controls to "mitigate the risks of seismic activity", Energy Secretary Edward Davey said in a statement.

The British energy firm Cuadrilla Resources had been forced to halt drilling trials on Lancashire's Fylde coast in northwest England. Its work was thought to have caused a 2.3-magnitude tremor in April 2011 and a 1.5-magnitude tremor in May.

"My decision is based on the evidence" Davey said.

"It comes after detailed study of the latest scientific research available and advice from leading experts in the field.

"We are strengthening the stringent regime already in place with new controls around seismic risks," he added.

"And as the industry develops we will remain vigilant to all emerging evidence to ensure fracking is safe and the local environment is protected."

Davey said shale gas was a "promising new potential energy resource" for Britain which could contribute to energy security and reduce the reliance on imported gas.

Fracking is the drilling of underground shale rock formations by injecting chemicals and water to release trapped natural gas.

Opponents say it causes water pollution but energy groups say it provides access to considerable gas reserves and drives down prices.

- AFP/sf