Bloomberg Exclusive: Short Sellers Aren’t Jackals, They’re Bears, Fleckenstein Says
October 31, 2008 by admin · 2 Comments
Oct. 29 (Bloomberg) — A six-foot stuffed grizzly bear guards the entrance to the offices of Fleckenstein Capital Inc., located on a quiet, leafy street in the Capitol Hill neighborhood of Seattle. The bear sends a clear message: The man inside, Bill Fleckenstein, founder and president of the firm, is a short seller and proud of it.
Fleckenstein, 55, has emerged as one of the most-outspoken defenders of what has been depicted by everyone from the chief executive officer of Morgan Stanley to the Archbishop of Canterbury as a renegade class of investors. Since world markets began their most serious plunge in decades in July, 17 countries have banned or restricted short selling, including the U.S., Canada, the U.K., Germany, France, Switzerland, Australia, Japan and Taiwan. Commentators around the world have labeled short sellers as hyenas, jackals, vermin and vultures.
Commuters dispute upbeat transport study
October 30, 2008 by admin · Leave a Comment
Difference in views could be down to way data is measured
By Maria Almenoar
COMMUTERS are disputing a report that says buses here run on time and are not overcrowded.
Two weeks ago, the Public Transport Council (PTC) noted that between last December and May this year, buses were late on only 25 occasions and too crowded only 28 times. It put these lapses against the fact that 260 bus services ply the roads daily.
Mis-selling complaints rise
October 30, 2008 by admin · Leave a Comment
ONE out of every four investors who bought a financial product linked to failed investment bank Lehman Brothers has lodged a formal complaint of mis-selling.
The number of complaints has climbed to around 2,400 as of Sunday, said the Monetary Authority of Singapore (MAS) yesterday.
Sentosa IR to delay parts of project
October 30, 2008 by admin · Leave a Comment
FOUR hotels, Universal Studios and the casino of the Sentosa integrated resort are set to open as scheduled in the first quarter of 2010.
But sources told The Straits Times that Resorts World at Sentosa is negotiating with the Government to defer the opening of the remaining facilities in the $6 billion resort.
Boom-bust, the Russian way
October 30, 2008 by admin · Leave a Comment
Years of privatisation to end in re-nationalisation in face of financial crisis
By Jonathan Eyal
UNTIL fairly recently, he was the richest man in Russia. Aged only 40, he had amassed a global mining fortune worth at least $42 billion. Like all good billionaires, he planned to buy football clubs and a few new yachts.
Yet in the past few weeks, he was forced to sell some of his assets in order to stave off creditors. His wealth plunged by half, and worse may follow.
Las Vegas Sands Soars 80% After Talks With Singapore Government
October 30, 2008 by admin · Leave a Comment
By Beth Jinks and Jean Chua
Oct. 30 (Bloomberg) — Las Vegas Sands Corp. soared a record 80 percent in New York trading after the Singapore government said it was in talks with the casino company to help finish a $4 billion casino project in the city-state.
The Singapore Tourism Board will “facilitate the success” of the project in downtown Singapore, the agency said. It didn’t say how it would help or if it will provide financial support.
Six brokerages here to compensate ‘vulnerable’ Lehman investors
October 30, 2008 by admin · Leave a Comment
cheowxinyi@mediacorp.com.sg
SIX brokerages have decided to compensate vulnerable investors of disastrous Lehman-linked structured products, leaving ABN Amro as the only financial institution yet to take concrete action.
In a joint statement issued yesterday by the Securities Association of Singapore (SAS), the brokers said they were prepared to buy over the investments at cost, from investors who are deemed vulnerable, with no admission of liability.
A tax to get S’poreans to save energy?
October 30, 2008 by admin · Leave a Comment
huileng@mediacorp.com.sg
WITH Singapore having impressed upon its citizens on the need to conserve water, the Government is now looking at ways to do the same for energy.
One point it is mulling: Whether to introduce legislation that will supplement public education programmes.
Financial institutions receive some 2,400 formal complaints
October 30, 2008 by admin · Leave a Comment
SINGAPORE: The Monetary Authority of Singapore (MAS) said ten financial institutions have received some 2,400 formal complaints as of last Sunday, October 26.
These institutions had sold the DBS High Notes 5, Lehman Minibond programme notes and Merrill Lynch Jubilee Series 3 LinkEarner Notes.
PM Lee on a practical and fair way to deal with the issue
This is an edited transcript of the interview Prime Minister Lee Hsien Loong gave journalists on Oct 26 on structured products
Q: Could you comment on MAS’ approach to the issue of structured products linked to Lehman Brothers?
A: This is a most unfortunate event. When you invest in financial instruments, whether it is stocks, bonds, unit trusts, or in this case, structured products, there is always a risk. There is an upside and a downside. You hope for the upside, and also hope that the downside does not happen to you. If you know the downside can happen, and go in with your eyes open, that is alright. The problem comes when you did not know what you were going into and it catches you unawares, and you have taken out your life savings for retirement and put it into Lehman Minibond Notes or like products. Then you are in trouble because if something goes wrong, this is money that you cannot afford to lose.
S’pore ‘most politically and socially stable in region’
October 29, 2008 by admin · Leave a Comment
SINGAPORE is well-positioned to weather the economic slowdown because of its political and social stability, said Hong Kong-based Political & Economic Risk Consultancy.
Its analysts ranked Singapore as having the least political and social risks next year among 16 territories in Asia-Pacific, according to a summary of its 87-page report released to the media yesterday.
Brokerages act to help ‘vulnerable’ investors
October 29, 2008 by admin · Leave a Comment
The six unveil compensation plans for the elderly and less educated who bought Lehman-linked products
By Francis Chan
SIX stock brokerages last night unveiled compensation plans for ‘vulnerable’ investors burnt by toxic products linked to the collapsed United States investment bank Lehman Brothers.
The six are: CIMB-GK Securities, DMG & Partners, Kim Eng, OCBC Securities, Phillip Securities and UOB Kay Hian.
Dying without causing guilt
October 29, 2008 by admin · Leave a Comment
An AMD spares families pain of making tough calls when death is near
By Salma Khalik
IN THE past 11 years, out of a population of over four million, only 10,000 people have signed Advance Medical Directives (AMD), a document that in essence indicates that you don’t want doctors to prolong your life unnaturally should you be seriously ill.
Why so few?
DBS HIGH NOTES 5: High Notes 5 worthless
October 29, 2008 by admin · Leave a Comment
By Francis Chan & Selina Lum
INVESTORS in DBS High Notes 5 finally got the news they have been dreading for weeks: Their investments are officially worthless.
DBS said on its website yesterday that the redemption value of the notes has been calculated to be zero, so nothing will be paid out. Letters are going out to investors notifying them of the valuation.
DBS to hold formal dialogue sessions with High Notes investors
October 26, 2008 by admin · Leave a Comment
SINGAPORE: DBS Bank will hold at least two formal dialogue sessions on Thursday and Friday with investors who bought the DBS High Notes products, which failed after US investment bank Lehman Brothers collapsed last month.
Channel NewsAsia understands that the dialogue will explain what DBS is doing to compensate the investors and its compensation review process. The dialogue comes after investors called for the bank to clarify various issues.
MM’S Worry
October 26, 2008 by admin · Leave a Comment
‘WHAT do I think of where we are? I worry about it.
I’ve got a younger generation that thinks this is a natural state of affairs, not knowing how we got here, not knowing the base on which the superstructure is resting, that it is organisation, training, discipline and tough-minded leadership.
Only an A-Team will do: MM Lee
October 26, 2008 by admin · Leave a Comment
IS THERE a need for a new type of leadership to steer Singapore into the future? Or will what has worked in the past continue to work in the future?
These questions flitted through 41-year-old Jonas Ang’s mind as he sat through a dialogue at the Human Capital Summit with Minister Mentor Lee Kuan Yew yesterday.
Discord among defendants
October 26, 2008 by admin · Leave a Comment
THERE were disagreements in court yesterday as the first prosecution witness took the stand in the ongoing trial of 17 people charged with taking part in an illegal assembly outside Parliament House on March 15.
However, this came from among defendants themselves, as they could not see eye-to-eye on a number of matters.
Unhappy investors turn to dispute body
October 26, 2008 by admin · Leave a Comment
Fidrec has received 530 complaints over Lehman-linked products
By Francis Chan
INVESTORS with unresolved complaints over products linked to the collapse of US investment bank Lehman Brothers are turning in growing numbers to an independent dispute settlement body.
Yesterday, the Financial Industry Disputes Resolution Centre (Fidrec) said it has beefed up its panel of volunteer adjudicators and is ready to tackle the influx of Lehman-related cases that has already started.
Asia to pool US$80b to protect currencies
October 26, 2008 by admin · Leave a Comment
BEIJING: Thirteen Asian countries yesterday agreed to pool about US$80 billion (S$120.7 billion) in foreign exchange reserves by next June to better protect their currencies against the growing economic uncertainty.
This move by the so-called ‘10+3′ grouping of Asean, China, Japan, and South Korea represented an upgrade of an existing bilateral currency swap scheme that regional central banks could tap to fight off speculative attacks on their currencies.
