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(Seven Days Archive)
2009-11-06- Forbes: Wealth of Chinese tycoons doubles amidst economic crisis
The Forbes China Rich List released yesterday shows that the combined wealth of the top 40 richest Chinese has doubled from last year's USD52 billion to USD106 billion this year. The figure, boosted by the red-hot stock market, is in sharp contrast to the 19.1% contraction in the total wealth of the top 400 richest people in the US over the past year. Lianhe Zaobao's Shanghai correspondent Tan Eng Teck reports.
- Taiwan confirms first man-to-pig H1N1 flu infection
In an emergency press conference yesterday, Taiwan's Council of Agriculture (COA) announced the first confirmed case of man-to-pig influenza A H1N1 flu infection. The authorities have rushed to deploy containment measures while ensuring the public that the virus has not mutated. Similar cases have also been confirmed in nine other countries so far. Lianhe Zaobao's Taipei correspondent Wu Jiabei reports.
- SM Goh: Social disharmony will result if housing prices exceed affordable levels
Senior Minister Goh Chok Tong mentioned while speaking at the 50th anniversary gala dinner of REDAS last evening that social disharmony may result if housing prices exceed levels that are beyond the ability of Singaporeans to meet and costs exceed what businesses can handle. He also stressed the need to ensure that Singapore continues to be a competitive location for doing business and that Singaporeans have the ability to own their homes. Yew Lun Tian of the Political Desk reports.
- MPs: Salary adjustments following improvement in economic situation reflect close partnership between employers and employees
Members of Parliament interviewed believe that the pay cuts taken by employees during the economic crisis and the subsequent salary adjustments by employers following an improvement in the economic situation illustrate the close partnership between both sides.
- China's Ministry of Industry & Information Technology spokesperson: China's economic policies may see weakening effects
Zhu Hongren, the spokesperson for China's Ministry of Industry & Information Technology, said that China may see weakening effects in some of its economic policies due to a number of uncertainties.
- Australia to impose dumping duty on Chinese aluminium imports
Australian customs authorities are planning to impose an interim dumping duty of 16% on the aluminium extrusions imported from China starting from November 6. China's Ministry of Commerce spokesperson Yao Jian has called for a fair and transparent handling of the matter by Australia in line with WTO regulations.
- Large number of private housing to be launched this year and next year; pessimistic outlook for performance of property market and developers
Citigroup said in a report released yesterday that as many as 6,800 private housing units will be launched in the prime areas in Singapore within the next 12 to 18 months. The report also cautioned that the performance of the property market and developers may suffer due to "indigestion" in the market.
- Upper Thomson Road site attracts highest bid of $251.33 million
A tender for a residential site along Upper Thomson Road has attracted six bidders yesterday. The highest bid of $251.33 million was submitted by Treasure Well Investments, a subsidiary of Total Wonder Holdings.
- An open China needs to have an open attitude
He Ailin, a Mainland Chinese staying in Singapore, pens this commentary noting that criticisms by Chinese netizens of Minister Mentor Lee Kuan Yew's comments urging the US to balance China in the region seem narrow-minded when seen in the larger context. The writer believes that China should strive to understand comments made by others and not take things out of context or twist statements as this could harm its relations with its neighbours and the wider world.
- Prevention of H1N1 flu is better than treatment
[Editorial] The influenza A H1N1 flu has re-emerged in countries such as Italy, Ukraine, Russia, Mongolia and China as the northern hemisphere enters into the winter season. Apart from vaccination, it is also important to maintain one's personal hygiene such as washing hands, stop the habit of spitting and go to the doctor immediately upon developing flu symptoms in order the reduce the risk from catching the H1N1 flu.
2009-11-05- Shanghai gets state approval for Disneyland project
The Shanghai authorities and the Walt Disney Co announced yesterday that China's central government has approved a project to build a Disney theme park in the Pudong New Area of Shanghai. This will be the world's sixth Disney theme park, and the first phase of construction is set to be completed in 2014. Lianhe Zaobao's Shanghai correspondent Tan Eng Teck reports.
- Analysts: China eyes further education reforms with new minister
Following the dismissal of Zhou Ji as China's Education Minister last week, former Deputy Minister Yuan Guiren has been promoted to take up the position. This development underlines China's determination to overhaul the country's problematic educational system. However, many have questioned whether Yuan Guiren will be the most suitable person to lead the reform efforts. Lianhe Zaobao's Beijing correspondent Yu Zeyuan reports.
- Singapore to build first integrated yard; development to be divided into 3 phases spanning 16 years; $750m to be invested in first phase
Sembcorp Marine has obtained a 206ha plot from the government at Tuas to develop Singapore's first integrated yard facility. The development will be divided into three phases with the first phase occupying 73.3ha of land.
- EZ-Link card and NETS compete in retail market
The virtually unlimited business potential in the low-value payment market has attracted companies offering EZ-Link cards, CashCards and credit cards to compete for a share. PaymentLink, a partner of EZ-Link, is planning to double the number of retail point-of-sales for EZ-Link cards from the current 5,000 to 15,000 before the end of next year.
- HK government: Chinese market can "accommodate" 2 Disneylands
Government officials said while commenting on Shanghai's plan to build a Disneyland theme park nearly four times bigger than the one in Hong Kong that the Chinese market is big enough for two Disneylands at the same time. Lianhe Zaobao's Hong Kong correspondent Yip Yui Man reports.
- World Bank raises forecast for China's economic growth to 8.4% this year
The World Bank has raised its forecast for China's economic growth to 8.4% in 2009 and 8.7% in 2010 in the bank's recently released East Asia and Pacific Update. The report predicts that the developing countries in the East Asia region as a whole will benefit from China's economic resurgence and achieve an overall growth of 6.7% this year.
- Asian REITs maintain growth momentum in Q3
Asian real estate investment trusts (REITs) have continued to maintain their growth momentum in the third quarter due to the overall stabilisation in stock prices and an improvement of the investment climate.
- CapitaLand to divest two Kallang industrial properties for $68 million
CapitaLand plans to sell two of its non-core industrial properties located in the Kallang area to Chiu Teng@Kallang Pte Ltd for $68 million. This is the biggest sale of industrial properties so far this year, and is expected to bring around $19.2 million in profit for CapitaLand.
- Learning to adapt to Lee Kuan Yew's balancing act
Ding Gang, a senior journalist at the People's Daily pens this commentary, observing that Minister Mentor Lee Kuan Yew had recently commented on the need for the US to balance the emergence of China and check its military and economic strength or lose its global leadership. The writer believes that maintaining balance will still be needed even as China continues to build mutual confidence with its neighbours. An effective operational mechanism in a multi-polar world requires balance among the major powers.
- Consumer rights and social justice
[Editorial] Modern commercial societies use state power carefully to protect the rights of consumers without impacting the free market mechanism. Protecting the consumers' interests also means protecting citizens and upholding justice in society. The use of state power in certain industries that are dominated by large corporations is perhaps more necessary. Not only will this ensure free competition, it will also help maintain and emphasise the moral ethics that is necessary in our society.
2009-11-04- Shanghai seeks advice from the world's top executives
The 21st International Business Leaders' Advisory Council for the Mayor of Shanghai was held last Sunday. The annual event, initiated by Zhu Rongji when he was the Mayor of Shanghai, gathers the world's top business executives to discuss issues concerning the economic development of the Chinese metropolis.
- Donald Tsang's popularity rating drops to new low in latest survey
A Hong Kong University survey of over 1,000 people last month shows that the popularity rating of Hong Kong Chief Executive Donald Tsang has plummeted to 48.4 points, the lowest since he took office. An academic said that a score below 50 is an indication that Donald Tsang is no longer "welcome". Lianhe Zaobao's Hong Kong correspondent Yip Yui Man reports.
- PM Lee: No second economic recession in the near-term
Prime Minister Lee Hsien Loong said while being asked about his views on the economic recovery at a press conference on the APEC meeting held at the Istana yesterday that a gradual and stable recovery is taking place and that he does not foresee a second recession in the near-term.
- CaseTrust accreditation temporarily cancelled; 16 private schools not allowed to take in foreign students for time being
The Consumers Association of Singapore (CASE) has temporarily cancelled its CaseTrust accreditation for 16 private schools that have failed to meet the deadline to renew their Student Protection Scheme. This means they will not be allowed to take in foreign students for the time being.
- IMF: Hong Kong may face property bubble
In the annual International Monetary Fund (IMF) report on Hong Kong, the organisation has voiced its concern that a credit-asset price cycle could take hold, leading to a sharp run-up in prices for certain real and financial assets. Statistics provided by the Hong Kong property sector shows that the overall property prices in the region have soared by 28% this year, forcing the Hong Kong authorities to take measures to cool down the market.
- Richard Li accused of land speculation in Beijing
Chinese media have accused Pacific Century chief Richard Li of speculating in land in Beijing, making HKD235 million ($43 million) by flipping a piece of land three months ago rather than developing it.
- Impact of economic crisis on local companies greater than for Malaysian and Hong Kong enterprises
A survey conducted by the Institute of Chartered Accountants in England and Wales (ICAEW) shows that 79% of local enterprises believe that their business will grow. However, 33% of companies in Singapore indicated that they have experienced an "extremely negative" impact from the economic crisis, compared to Malaysia at 9% and Hong Kong at 21%. The figure suggests that local businesses have been harder hit by the crisis.
- Roche invests $700 million to set up plant in Tuas for cancer and eye drugs
Roche of Switzerland has chosen Singapore as its first biologics site in the Asia Pacific region. It will be investing USD500 million ($700 million) to set up a new plant in Tuas to manufacture its cancer and vision-loss drugs Avastin and Lucentis.
- Looking at changes in East Asia's political forces from MM Lee's speech
Guangzhou-based Zheng Weibin notes the public controversy in China over comments made by MM Lee about the need for the US to continue to play a leading role in Asia. Rather than seeing this as an intention to check the growth of China, he believes that MM Lee is merely "reminding" the US not to neglect the region so that there can continue to be a balance of power in the region even as the political landscape evolves.
- Obama's Afghanistan burden
[Editorial] Afghanistan's presidential election runoff ended recently after Abdullah Abdullah, the challenger to Afghan President Harmid Karzai, pulled out of the race. Despite being unhappy with the outcome, the US government was forced to accept the results. The Obama administration should continue to step up cooperation with neighbouring Pakistan in fighting terrorism in Afghanistan in order to ensure the success of its Afghan strategy.
2009-11-03- Beijing said to be ready for cross-strait political dialogue by 2012
As China and Taiwan prepare for negotiations on the economic cooperation framework agreement (ECFA) and the memorandum of understanding (MOU) on financial cooperation, academics in Taiwan believe that cross-strait political dialogue by 2012 will be the inevitable next step for both sides before the end of Taiwan President Ma Ying-jeou's first term. Lianhe Zaobao's Taipei correspondent Wu Jiabei reports.
- Cina-Australia relations back on track as Li Keqiang visits Australia
China's Vice Premier Li Keqiang recently begun his official visit to Australia. His arrival in Australia is viewed by many as a sign of improved ties between China and Australia. In the past few months, diplomatic relations between both sides have been strained by several incidents, including the Rio Tinto case and Rebiya Kadeer's visit to Australia. Lianhe Zaobao's Yu Zeyuan reports.
- HDB accelerates construction of more rental flats; to increase supply from existing 42,000 units to 50,000 units
The Housing & Development Board (HDB) will accelerate the construction of more rental flats in an effort to increase its rental stock from the existing 42,000 units to 50,000 units to help more families get out of financial hardship.
- SM Goh: Rebutting Ong Teng Cheong in Parliament was most painful moment as PM
Senior Minister Goh Chok Tong said in an interview with PAP magazine Petir that his most painful moment as Prime Minister was having to rebut former President Ong Teng Cheong in Parliament after Ong had publicly expressed unhappiness with the level of cooperation provided by the government during his term of office.
- China's growth enterprise board soars on launch but plummets on second day
Shares on China's new Growth Enterprise Board fell from the start of market yesterday after registering a massive rally on its first day of its opening. Funds retreated from the riskier counters on the new board to China's main board.
- Jim O'Neill: China to become world's largest economy in 30 years
Jim O'Neill, head of global economics and strategy research at the Goldman Sachs Group, believes that China may become the world's largest economy in 2027, with an economic aggregate of up to USD21 trillion ($29 trillion). Meanwhile, Goldman Sachs predicts that China's economy will grow by 9.4% this year and 11.9% in 2010.
- CMA set to raise $2.78 billion through second largest IPO in Singapore's history
CapitaMalls Asia (CMA) filed its prospectus for public listing yesterday with the Monetary Authority of Singapore (MAS). Up to 1.16 billion shares will be offered, and the IPO is expected to raise as much as $2.78 billion. If the pricing is achieved, CMA's IPO will be the largest so far in 2009, and possibly the second largest in the history of Singapore.
- Economic Strategies Committee drafting strategy to help SMEs upgrade capabilities and productivity
The government will continue to introduce measures to help small and medium enterprises further develop their capabilities. Such measures include those that help them pilot new products, build unique brands and strengthen their cooperative relationship with large local and overseas enterprises.
- Can 4th generation leaders win support from the voters ?
Reader Lin Ruxing writes to Lianhe Zaobao to express his concern that the PAP's model of choosing new candidates through "tea sessions" will lead to leaders that lack independence and experience in dealing with challenges and the grassroots. Furthermore, will this model of having political "elites" lead to political apathy or unhappiness in the population?
- Passing the baton in a time of political stability
[Editorial] Prime Minister Lee Hsien Loong said at the PAP's annual convention recently that the fourth generation leadership will take shape following the next General Elections. Singapore's achievements over the years show that political stability is a prerequisite for success. The Singapore model where the baton is passed in times of political stability is something that Singaporeans should cherish.
2009-11-02- PLA Air Force Commander-in-Chief: Information and aerospace are new fronts for China's air force
... General Xu Qiliang, Commander-in-Chief of the People's Liberation Army Air Force, said in an interview that China's air force will seek to strengthen itself in the two primary strategic fronts of information and aerospace in order to defend its sovereignty and maintain regional stability. Xu further stressed that China is a responsible developing country whose national defence policy is defensive in nature. Lianhe Zaobao's Beijing correspondent Chan Cheow Pong reports.
- Major Chinese cities attract expats from Japan and Korea
Since the global economic crisis, the number of foreigners working in major Chinese cities has been steadily climbing. Shanghai has reportedly around 50,000 Japanese expatriates, while 56.5% of expatriates in Tianjin are now Korean. Expatriates from US, Germany and Singapore are also common in China.
- PM Lee: 4G leadership will take shape at next GE, PAP has identified candidates with potential
Prime Minister Lee Hsien Loong said at the PAP's annual convention yesterday that the next General Elections will be critical as the fourth generation of the party's leadership must be fully formed after that. He said they were mostly born after Singapore's Independence and had witnessed how the local system has improved the lives of Singaporeans and thus strongly believe in it.
- Air ticket prices for December holidays up by as much as 50% compared to NATAS Travel Fair prices
The prices of air tickets for the period between mid-December and the Christmas holiday have increased by as much as 50% compared to those offered during the NATAS Travel Fair for a number of reasons.
- China's PMI remains high for fifth consecutive month
The China Federation of Logistics and Purchasing (CFLP) announced yesterday that the Purchasing Managers' Index (PMI) of China's manufacturing sector reached 55.2 in October. This marks the eighth consecutive month in which China's PMI exceeded the 50 point mark and the fifth month of increase, a clear sign of economic expansion.
- Taiwanese semiconductor plants beefing up capacity
With the industry moving out of its doldrums and optimism about better market conditions, major Taiwanese semiconductor plants have been eschewing their conservative approach and aggressively beefing up capital expenditures this year to increase capacity.
- Ship-building sector yet to recover despite warming of global economy
According to a survey conducted by Bunkerworld, up to 40% of the shipping industry operators believe that the recession in the sector has yet to bottom out and recovery may only come between 2012 and 2015. The weak performance in the shipping industry has led investors to question whether the S-chip shipbuilding companies will experience massive order cancellations.
- Housing loan market heating up even as residential property market slows
The growth of the private residential property market has slowed recently but competition in the housing loan market has become even more intense, with new loan products successively being introduced.
- The Church of England, the Holy See and the "clash of civilisations"
The recent strained relations between the Church of England and the Vatican did not happen by chance as both churches are facing the challenge of waning influence in both Europe and the wider world. This commentary by North America-based researcher Yu Shiyu looks at the clash of values between both churches and its impact on the future of Christianity.
- More efforts needed to tackle rise in teen sex
[Editorial] The recent rise in teen sex cases seems to have become a trend and its social consequences should not be overlooked. Those who are concerned about the healthy mental and physical development of our young should keep up with the times and adopt a new approach to the problems as well as come up with new solutions in the face of the "changing rules of the game".
2009-11-01- Controversy as elite club for those with money, power and looks set up in Wenzhou University
A fresh graduate from Wenzhou University has set up a private club on campus aimed at "elites" who have money, power and looks. Criteria for membership include owning a car, coming from a rich background, being the head of a society or being in the top 10 in singing or modelling competitions. This has ignited much criticism from university students and members of the public.
- Macau launches "responsible gambling" campaign, hopes Mainland will relax restrictions to allow more individual travellers
Macau authorities launched a two-and-a-half month campaign for "responsible gambling" in October aimed at minimising the negative effects of gaming. It is hoping that Beijing relaxes restrictions on travel so that more Mainland tourists can visit the territory Lianhe Zaobao's Hong Kong correspondent Yip Yui Man reports.
- Attorney General in a dilemma about how to handle teen sex cases
Attorney General Walter Woon said at a speech organised by the Singapore Children's Society that consensual sex among underage teens is a problem that judges cannot do much about. He said that we do not wish to destroy the futures of the young but we also need to consider the public interest.
- Lim Boon Heng: Meritocracy, clean government and staying in touch with the ground are factors in PAP's continued success
People's Action Party chairman Lim Boon Heng spoke at a PAP awards ceremony last evening and pointed out that the factors of PAP's continued strength and success are that it continues to attract capable leaders, keeps itself corruption-free and stays in close touch with the ground.
- Are coin phones "facing extinction"?
Our reporter visited more than a dozen coffee shops in the Toa Payoh area and observed that only two still have the traditional coin phones that used to be seen everywhere. Most of the shop operators say that payphones have become unnecessary as almost everyone owns a mobile phone now.
- The lure of $1
The controversy over the recent $1 promotion by Shell leads columnist Koh Lay Kheng to look at other $1 promotions for air-tickets, chicken rice, prawn noodles and laksa and the prevalence of "$1 shops". On the investment front, she notes that the majority of share counters on the local stock exchange have fallen under a dollar. What are the implications when a company's share price hits such levels?
- Profit maximisation
In modern-day society, the value of something depends on the demand for it. This market approach has seeped into how people make decisions in all aspects, from the replacement of wet markets with supermarkets to the disappearance of traditional payphones. Columnist Li Yunlin asks if this ethic of profit maximisation actually brings the most benefit.
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