Showing posts with label Worldwide. Show all posts
Showing posts with label Worldwide. Show all posts

Wednesday, June 16, 2010

How Singapore can be in the next World Cup

In his 1998 National Day Rally speech, PM Goh was so inspired by the French victory in World Cup 1996 with a group of players led by Zinedine Zidane who is of Algerian extraction, said:

“Last year I told you Singapore would never have a chance in the World Cup, because the rules require all players to be citizens. But after watching the French victory, I have changed my mind. Maybe if we change our immigration criteria to bring in top football talent and make them citizens, then one day we too can get into the finals. In fact we intend to do just this, to bring in sports talent.”

Of course, by now in 2010, we all know that we did get a world championship, just that of a smaller ball called ping pong. Perhaps it is not as easy to attract Brazilians/French/Italians/Spanish/Argentinians soccer players into the country as it has been for the Chinese table tennis players. Perhaps we are not paying enough.

However not all hope is lost. It might actually be possible for Singapore to be participating in the next World Cup! And thanks to China again, for their great ideas!

In the World Cup 2010 held in South Africa this year, we have seen a match of Brazil vs North Korea. Hundreds of North Korean fans were in the stadium to cheer for their country, dressed in red and white, and waving their DPRK flags ever so proudly.

But hang on... since when are the North Koreans so filthy rich, and free? No they are not. And this explains all...

Chinese 'volunteer army' arrive to back North Korea
Source: Reuters Africa

PRETORIA (Reuters) - Hundreds of Chinese soccer fans, including artists and well known singers, have arrived in South Africa to lend their support to North Korea in their opening World Cup match against Brazil on Tuesday.

Dubbed the 'fans volunteer army' back home, many stayed in Pretoria overnight and will meet up with fellow Chinese supporters in Johannesburg to back isolated North Korea in their mouthwatering first game at Ellis Park (1830 GMT).

The North Korean sports ministry authorised a Chinese sports PR agency to sell tickets for the game as few North Koreans could afford the journey or receive visas to leave the country.

"When it comes to support in worldwide competitions, Chinese fans will stand for the Asia teams," Bi Fujian, one of the most popular television anchors in China, told Reuters TV before leaving for the trip.

"Not to mention that 60 years ago, China's military forces valiantly crossed the Yalu River to fight alongside the North Koreans against their enemies.

"Sixty years on, we cheer for their football team and hope they will go far."


I hope all the elites reading this post are still with me so far, because here comes my suggestion. The Lion team might still not be good enough for the next World Cup, hell they might not even be good enough for the next Asean games. But wait! The Lion fans can be in the next World Cup!

It might sound silly to send loads of Singaporeans to the World Cup 2014 in Brazil when the Lion team is not there, but the Lion fans can cheer for another country! Yes! They can pick one of the country's favorite ally, dressed up in their country colors, pretend to be their countrymen and cheer for them! I'm sure our allies do not mind more fans turning up to cheer for their teams! In that way, we are sending Singaporeans to the World Cup! Literally!

Friday, January 29, 2010

A Romanian diplomat's hit-run-hit-lie case in Singapore

This Romanian diplomat killed two innocent people, lied about his car being stolen, and might still enjoy immunity...

Police investigations reveal Dr Ionescu was driver of car that hit 3 people last month
Source: Channelnewsasia.com

SINGAPORE: Police investigations have revealed that Romanian diplomat, Dr Silviu Ionescu was the driver of the car involved in a hit-and-run accident on December 15 last year.

The accident resulted in the death of 30-year-old Singapore permanent resident, Tong Kok Wai, and injured two others.

The coroner's inquiry will begin on March 3 and at least 35 witnesses will be called.

The car from the Romanian Embassy allegedly hit Tong Kok Wai and another pedestrian, 24-year old Bong Hwee Haw as they were crossing the road at the junction of Bukit Panjang and Bangkit Roads.

The court heard that instead of stopping, the car sped off.

It then hit 18-year-old Muhammad Haris Abu Talib at the next controlled junction.

Deputy Principal Senior State Counsel Prosecutor Lau Wing Yum told the Coroner's Court that in both instances, the traffic lights were in favour of the pedestrians.

Mr Lau said Dr Silviu Ionescu made a 999 call about 30 minutes after the accidents to report that the car, a black Audi had been stolen.

However, Police investigations showed the car wasn't stolen.

It was recovered at around 11am that day, locked and abandoned at 21 Sungei Kadut Avenue.

Mr Lau said the right side of the car's front windscreen was smashed. The front bonnet and the driver's door were dented.

The man allegedly behind the wheel, Dr Ionescu, left Singapore for his country on December 18.

He had said then that he was seeking treatment for health problems.

Responding to MediaCorp's queries, a Romanian embassy spokesperson, Economic Counselor Alexander Nicolae Coseru, said it's not aware of the investigation results.

He said the embassy will follow Singapore's procedures and participate in the coroner's inquiry.

It's not known if Mr Ionescu will return for the court proceedings.

Said Mr Coseru: "We have to wait and see what happens. We will follow the Singapore authorities' procedure. We will participate in the coroner's court inquiry and we will see the final results of the Singapore procedures."

The Romanian Foreign Ministry has since recalled Dr Ionescu, from his post.

All three pedestrians who were involved in the accidents were sent to the National University Hospital.

However, Mr Tong who suffered fractures to his right leg and skull, succumbed to his injuries and died on Christmas Day, 10 days after the accident.

Coroner's inquiry aside, there's another case looming now. MediaCorp understands that one of the surviving victims, Bong Hwee Haw wants to be compensated for his injuries.

His lawyer said Mr Bong had incurred hospital bills amounting to nearly S$50,000. The pre-inquiry conference for that case will be held next month.

Mr Bong has engaged a team led by N Srinivasan from Hoh Law Corporation.

Mr Srinivasan told reporters that his client has already returned to Sarawak.

The pre-inquiry conference for this case will be held on February 24.

Both Romania and Singapore are parties of the Vienna Convention on diplomatic relations.

The Convention states that "a diplomatic agent shall enjoy immunity from the criminal jurisdiction of the receiving State...the immunity of a diplomatic agent from the jurisdiction of the receiving State does not exempt him from the jurisdiction of the sending State".

This means the penal investigation in a case in which a diplomat is involved in the receiving state takes place in the state whose citizen he is. - CNA/vm


While this man who killed one person and lied about his driving licence was jailed for 51 months and banned from driving for 10 years...

Jail, ban for hit-and-run man
Source: Straitstimes.com

A MAN who was involved in a hit-and-run fatal accident last June was jailed for 51 months and banned from driving for 10 years on Monday.

Chen Dewen, 24, a chef, had earlier admitted to causing the death of Mr Asotharman Kunopuram Velayuthan Bhanu, 56, by doing a rash act along Upper Serangoon Road on June 20 last year.

He also admitted to seven other charges including driving without a valid licence and insurance coverage; failing to stop after an accident and render assistance; and removing his car without police authority.

He lied to the police in May that he had lost his driving licence, and cheated a car rental company by issuing a dud cheque to pay for the rental in June.

On June 19, he went pubbing with friends and was taking them home in the early hours when he crashed into the victim while overtaking a slow-moving lorry.

He could have been jailed for up to 10 years and fined for the most serious offence of cheating.


Let's wait and see what will be Dr Silviu Ionescu's punishment on March 3. If any.

Friday, January 15, 2010

Support Google's Fight against the Great Firewall of China

White House supports Google's moves in China
(Source: Yahoo! News)

WASHINGTON (Reuters) – The White House backs Google's decision to no longer support China's censoring of searches that happen on the Google platform, White House spokesman Robert Gibbs said on Thursday.

China has defended its extensive censorship after the U.S. Internet search giant threatened to quit the country.

Asked whether the issue would cloud U.S.-China relations, Gibbs told reporters President Barack Obama had strong beliefs about the universal rights of men and women worldwide which would not be "carved out" for certain countries.


David McCandless, via Fast Company, has created this infographic illustrating what material and sites are censored by the Chinese government:

Wednesday, January 13, 2010

"This is not Islamic", said Marina Mahathir



And this is what Marina Mahathir has done for her country:


Source: Rantings byMM

This morning I sms'd lots and lots of people, all Muslims, to canvass them regarding condemning this terrible act. Unanimously they have all agreed that this act is unIslamic. I am trying to organise all those individual voices into a statement or petition of some kind and I hope more will sign up.

Meantime various friends and I have been encouraging people to find ways to show solidarity and support. These were some ideas:

* Some young Muslims are keen to go help clean up the mess after the fire at the church. It was not possible this morning because the area was still cordoned off but we are keeping tabs on when the churches will be ready to start clean up.

* Someone has asked for 1-3 minutes of prayer every hour on the hour to give people time to pause and reflect.

* Many of us have been tweeting what we know but also refuting some nasty rumours that are going around.


Good to know that the daughter has more sense than the father.

Thursday, June 4, 2009

President Obama Speaks to the Muslim World from Egypt

President Obama Speaks to the Muslim World from Cairo, Egypt



"We meet at a time of tension between the United States and Muslims around the world - tension rooted in historical forces that go beyond any current policy debate. The relationship between Islam and the West includes centuries of coexistence and cooperation, but also conflict and religious wars. More recently, tension has been fed by colonialism that denied rights and opportunities to many Muslims, and a Cold War in which Muslim-majority countries were too often treated as proxies without regard to their own aspirations. Moreover, the sweeping change brought by modernity and globalization led many Muslims to view the West as hostile to the traditions of Islam.

Violent extremists have exploited these tensions in a small but potent minority of Muslims. The attacks of September 11th, 2001 and the continued efforts of these extremists to engage in violence against civilians has led some in my country to view Islam as inevitably hostile not only to America and Western countries, but also to human rights. This has bred more fear and mistrust.

So long as our relationship is defined by our differences, we will empower those who sow hatred rather than peace, and who promote conflict rather than the cooperation that can help all of our people achieve justice and prosperity. This cycle of suspicion and discord must end."


"I do so recognizing that change cannot happen overnight. No single speech can eradicate years of mistrust, nor can I answer in the time that I have all the complex questions that brought us to this point. But I am convinced that in order to move forward, we must say openly the things we hold in our hearts, and that too often are said only behind closed doors. There must be a sustained effort to listen to each other; to learn from each other; to respect one another; and to seek common ground. As the Holy Quran tells us, Be conscious of God and speak always the truth. That is what I will try to do - to speak the truth as best I can, humbled by the task before us, and firm in my belief that the interests we share as human beings are far more powerful than the forces that drive us apart."


"So I have known Islam on three continents before coming to the region where it was first revealed. That experience guides my conviction that partnership between America and Islam must be based on what Islam is, not what it isn't. And I consider it part of my responsibility as President of the United States to fight against negative stereotypes of Islam wherever they appear.

But that same principle must apply to Muslim perceptions of America. Just as Muslims do not fit a crude stereotype, America is not the crude stereotype of a self-interested empire. The United States has been one of the greatest sources of progress that the world has ever known. We were born out of revolution against an empire. We were founded upon the ideal that all are created equal, and we have shed blood and struggled for centuries to give meaning to those words - within our borders, and around the world. We are shaped by every culture, drawn from every end of the Earth, and dedicated to a simple concept: E pluribus unum: Out of many, one."


"The situation in Afghanistan demonstrates America's goals, and our need to work together. Over seven years ago, the United States pursued al Qaida and the Taliban with broad international support. We did not go by choice, we went because of necessity. I am aware that some question or justify the events of 9/11. But let us be clear: al Qaida killed nearly 3,000 people on that day. The victims were innocent men, women and children from America and many other nations who had done nothing to harm anybody. And yet Al Qaeda chose to ruthlessly murder these people, claimed credit for the attack, and even now states their determination to kill on a massive scale. They have affiliates in many countries and are trying to expand their reach. These are not opinions to be debated; these are facts to be dealt with.

Make no mistake: we do not want to keep our troops in Afghanistan. We seek no military bases there. It is agonizing for America to lose our young men and women. It is costly and politically difficult to continue this conflict. We would gladly bring every single one of our troops home if we could be confident that there were not violent extremists in Afghanistan and Pakistan determined to kill as many Americans as they possibly can. But that is not yet the case."


"Today, America has a dual responsibility: to help Iraq forge a better future - and to leave Iraq to Iraqis. I have made it clear to the Iraqi people that we pursue no bases, and no claim on their territory or resources. Iraq's sovereignty is its own. That is why I ordered the removal of our combat brigades by next August. That is why we will honor our agreement with Iraq's democratically-elected government to remove combat troops from Iraqi cities by July, and to remove all our troops from Iraq by 2012. We will help Iraq train its Security Forces and develop its economy. But we will support a secure and united Iraq as a partner, and never as a patron.

And finally, just as America can never tolerate violence by extremists, we must never alter our principles. 9/11 was an enormous trauma to our country. The fear and anger that it provoked was understandable, but in some cases, it led us to act contrary to our ideals. We are taking concrete actions to change course. I have unequivocally prohibited the use of torture by the United States, and I have ordered the prison at Guantanamo Bay closed by early next year."


"For decades, there has been a stalemate: two peoples with legitimate aspirations, each with a painful history that makes compromise elusive. It is easy to point fingers - for Palestinians to point to the displacement brought by Israel's founding, and for Israelis to point to the constant hostility and attacks throughout its history from within its borders as well as beyond. But if we see this conflict only from one side or the other, then we will be blind to the truth: the only resolution is for the aspirations of both sides to be met through two states, where Israelis and Palestinians each live in peace and security.

That is in Israel's interest, Palestine's interest, America's interest, and the world's interest. That is why I intend to personally pursue this outcome with all the patience that the task requires. The obligations that the parties have agreed to under the Road Map are clear. For peace to come, it is time for them - and all of us - to live up to our responsibilities."


"Now is the time for Palestinians to focus on what they can build. The Palestinian Authority must develop its capacity to govern, with institutions that serve the needs of its people. Hamas does have support among some Palestinians, but they also have responsibilities. To play a role in fulfilling Palestinian aspirations, and to unify the Palestinian people, Hamas must put an end to violence, recognize past agreements, and recognize Israel's right to exist.

At the same time, Israelis must acknowledge that just as Israel's right to exist cannot be denied, neither can Palestine's. The United States does not accept the legitimacy of continued Israeli settlements. This construction violates previous agreements and undermines efforts to achieve peace. It is time for these settlements to stop."


"Too many tears have flowed. Too much blood has been shed. All of us have a responsibility to work for the day when the mothers of Israelis and Palestinians can see their children grow up without fear; when the Holy Land of three great faiths is the place of peace that God intended it to be; when Jerusalem is a secure and lasting home for Jews and Christians and Muslims, and a place for all of the children of Abraham to mingle peacefully together."


"That does not lessen my commitment, however, to governments that reflect the will of the people. Each nation gives life to this principle in its own way, grounded in the traditions of its own people. America does not presume to know what is best for everyone, just as we would not presume to pick the outcome of a peaceful election. But I do have an unyielding belief that all people yearn for certain things: the ability to speak your mind and have a say in how you are governed; confidence in the rule of law and the equal administration of justice; government that is transparent and doesn't steal from the people; the freedom to live as you choose. Those are not just American ideas, they are human rights, and that is why we will support them everywhere."


"Freedom of religion is central to the ability of peoples to live together. We must always examine the ways in which we protect it. For instance, in the United States, rules on charitable giving have made it harder for Muslims to fulfill their religious obligation. That is why I am committed to working with American Muslims to ensure that they can fulfill zakat.

Likewise, it is important for Western countries to avoid impeding Muslim citizens from practicing religion as they see fit - for instance, by dictating what clothes a Muslim woman should wear. We cannot disguise hostility towards any religion behind the pretence of liberalism."


"Now let me be clear, issues of women's equality are by no means simply an issue for Islam. In Turkey, Pakistan, Bangladesh, Indonesia, we've seen Muslim-majority countries elect a woman to lead.

Meanwhile, the struggle for women's equality continues in many aspects of American life and in countries around the world. I am convinced that our daughters can contribute just as much to society as our sons."


"Many more are simply skeptical that real change can occur. There is so much fear, so much mistrust that has built up over the years. But if we choose to be bound by the past, we will never move forward. And I want to particularly say this to young people of every faith in every country. You more than anyone have the ability to reimagine the world, the remake this world.

All of us share this world for but a brief moment in time. The question is whether we spend that time focused on what pushes us apart or whether we commit ourselves to an effort, a sustained effort to find common ground, to focus on the future we seek for our children and to respect the dignity of all human beings.

It's easier to start wars than to end them. It's easier to blame others than to look inward. It's easier to see what is different about someone than to find the things we share. But we should choose the right path, not just the easy path. There is one rule that lies at the heart of every religion, that we do unto others as we would have them do unto us."


"We have the power to make the world we seek, but only if we have the courage to make a new beginning, keeping in mind what has been written. The Holy Quran tells us, Mankind, we have created you male and a female. And we have made you into nations and tribes so that you may know one another.

The Talmud tells us, The whole of the Torah is for the purpose of promoting peace.

The Holy Bible tells us, Blessed are the peacemakers, for they shall be called sons of God."


Read full text of President Obama's speech in Cairo

,,,

Wednesday, June 3, 2009

The Great Firewall of China blocks Twitter

When it comes to China, the word "Social Media" is equivalent to "Anarchy". No, social media definitely has nothing to do with the advancement of online Marketing and Branding. Definitely nothing to do with globalisation of businesses and news. The social media is just some tools invented by the online terrorists for brainwashing purpose, to implant evil thought into the brains of innocent people so that they oppose the country. Trust the Chinese.
China’s Great Firewall Blocks Twitter
Source: The New York Times


Days ahead of the the 20th anniversary of the Tiananmen Square democracy movement, the Chinese government has detained a prominent dissident, disrupted satellite news broadcasts and blocked access to popular Web sites used to post information and exchange messages, including Hotmail, Flickr and Twitter. The video-sharing site YouTube has been blocked in China since March.

The China Digital Times reports that inside China some users “have found ways to circumvent” the barriers and “are reacting to the cut-off” in Chinese and English tweets collected on threads that use obscene names to wish ill upon the “GFW,” which is what Internet users call China’s “Great Firewall.”

The China Digital Times, which is based in California, also notes that just last week a well-known Chinese blogger, whose writings were barred by the Chinese government several years ago, said that Twitter’s days as a free-speech outlet were probably numbered in China. Michael Anti, who is now studying at Harvard (and is a former employee of The New York Times), told the Web site Danwei last Wednesday:

"Twitter is a new thing in China. The censors need time to figure out what it is. So enjoy the last happy days of twittering before the fate of Youtube descends on it one day."

Mr. Anti also explained that since Chinese characters in many ways contain more information than single letters in other languages, tweets can be much more powerful in Chinese:

"By the way, I want to point out that the Chinese Twitterland is funnier than the English one, for a Chinese tweet can have three times the volume of an English tweet, thanks to the high information intensity of the Chinese language. 140 Chinese characters can make up all the full elements of a news piece with the “5 Ws” (Who, What, Where, When and How). But the joy of the Chinese Twitterland is more fragile, and I hope that it will live longer in this country."

On his own bilingual Twitter feed, Mr. Anti has pointed readers in the direction of protest tweets and apologized for his prediction.

According to a report from Reuters: “While professional and urban Chinese often use foreign Internet tools, including Twitter, Hotmail and Facebook, the vast majority of Chinese use similar domestic services that are carefully monitored for any sign of content deemed subversive.”

The Financial Times reports from Beijing and Hong Kong that China has been trying to censor any mention of Tiananmen in old as well as new media outlets:

BBC News broadcasts were blacked out in Beijing on Monday night. Last Saturday’s edition of the Financial Times, which contained an interview with Bao Tong, the most prominent Tiananmen-era dissident still residing in China, was either not delivered to subscribers or censored. Mr Bao was an aide to Zhao Ziyang, the late party general secretary purged in May 1989 for opposing the violent crackdown. Copies of the International Herald Tribune and Hong Kong’s South China Morning Post, which has dedicated extensive coverage to the anniversary, have been shredded. The government has censored Tiananmen-related stories on www.ftchinese.com, the FT’s Chinese language website.

Most of the information plaguing censors is flowing in from Hong Kong, one of only two Chinese special administrative regions where freedom of press and assembly is still respected.

In a post on the New Yorker’s Web site, Evan Osnos points out that one of the pleasures now being denied Chinese citizens is the latest updates from the official Twitter feed of the North Korean government.


So why are Twitter, Flickr, Hotmail, Live, and Bing joining YouTube, Blogspot, and WordPress.com (amongst countless others) to be blocked from internet users in China? Well, probably because of their taglines...

Twitter is a service for friends, family, and co–workers to communicate and stay connected through the exchange of quick, frequent answers to one simple question the government do not wish to face: What are the people doing together to have their voices heard?
http://twitter.com/#search?q=tiananmen

Blogspot. Your blog. Share your thoughts, photos, and more with your friends and let the world outside the country know what is not published on the national newspapers.

Youtube. Broadcast skeletons in the government's closet.

Flickr. Share photos the government do not wish the world to see. Watch what the world wanted the people in the country to see.

Windows Live Essentials gives you instant messaging, e-mail, blogging, photos, and more that the government do not wish its people to have.

Wordpress. Express yourself and expose what the officials are hiding. Start a blog.

,

Friday, March 6, 2009

Morons In The Citi

On 17th February 2009, we were shocked by the massive 50 billion Singapore dollars that GIC had lost on our behalf...

Singapore's GIC losses about 33 bln US dlrs
Source: Yahoo! News


SINGAPORE, Feb 17, 2009 (AFP) - Government of Singapore Investment Corp, which has helped bail out troubled global financial institutions, suffered an investment loss of about 50 billion Singapore dollars (33 billion US) last year, sources told Dow Jones Newswires on Tuesday.

In late 2007 and early last year GIC injected billions of dollars into Swiss bank UBS as well as US banking giant Citigroup, both of which suffered massive losses from US subprime, or higher-risk, mortgage investments.

Subprime troubles later evolved into the worldwide financial slowdown.

"The loss on the investment portfolio last year is estimated at around 45 billion to 50 billion," one of two people familiar with the GIC situation told Dow Jones.

"But, GIC has no thoughts to sell down any of its major investments. They'll wait until they recover."

UBS this month posted an annual loss of 17 billion US dollars, the largest in Swiss corporate history, and announced 2,000 new job cuts.

A second person said GIC's investment loss last year was "recently estimated to be similar to Temasek's."

The portfolio of Singapore sovereign wealth fund Temasek Holdings, which helped bail out Wall Street icon Merrill Lynch, fell about 31 percent over eight months last year, Senior Minister of State for Finance Lim Hwee Hua told parliament last week.

She said Temasek's portfolio of investments fell to 127 billion dollars at the end of November, down 58 billion from 185 billion dollars on March 31 last year.

Lim said it was not the first time GIC and Temasek had seen major declines in markets, and that GIC had "creditable returns" over the 20-year period to late 2008.

Asked for comment on the Dow Jones report, a GIC spokesman said the firm did not comment on "speculative reports".

GIC, one of the world's largest sovereign wealth funds, in September said its nominal rate of return over the 20 years to March 31 last year was 7.8 percent in US dollar terms.

"Temasek and GIC are long-term investors, and should be evaluated as such," Lim said. "GIC and Temasek have the ability and resources to weather the ups and downs, over multiple economic and market cycles."


On 28th February 2009, we were ruffled by the high price of USD3.25/share that GIC was paying to convert Citigroup preferred shares into common stock, when its opening share price was USD1.67.

Singapore GIC converts Citi notes, pays $3.25/shr
Source: Yahoo! News


SINGAPORE, Feb 27 - Sovereign wealth fund the Government of Singapore Investment Corp said on Friday it will convert its Citigroup preferred shares into common stock in a bid to shore up the troubled U.S. lender.

GIC said it would exchange its convertible preferred notes to common stock at a price of $3.25 a share. Based on Citi's opening share price of $1.67 on Friday, GIC has realised a loss of around half its investment. This also compares with the conversion price of $26.35 under the terms of the original investment.

GIC said its stake in Citi would rise to an estimated 11.1 percent.

"It now means GIC are in the real danger zone. Equity holders are the first to absorb any losses. Or if the Treasury decides to inject more capital, they will get diluted," said an analyst at an investment bank, who declined to be indentified.

GIC is Singapore's largest wealth fund with an estimated $300 billion in assets. Its sister fund Temasek Holdings [TEM.UL], which also invested in global banks and lost over $2 billion on Merrill Lynch, saw its portfolio drop 31 percent in the eight months to November.

Singapore has only said GIC outperformed global equities in 2008. The government tapped its reserves for the first time for a budget stimulus package in January to try to cushion the country from its worst ever recession.

GIC bought in January 2008 about $6.88 billion worth of perpetual, convertible notes in Citi that pay a 7 percent annual dividend. At that time, the notes could be converted into about 4 percent of Citi's expanded capital.

Preferred shares are similar to bonds in that holders received a fixed dividend instead of dividends that may vary depending on the firm's performance. By getting preferred shareholders to convert their holdings into common stock, Citi would be able to reduce its quarterly dividend payment.

"GIC supports the initiative by Citigroup and the U.S. government to strengthen the quality of the bank's capital base," GIC said in a statement.

Shares in Citigroup were trading 32 percent lower at $1.67 in early trade by 1445 GMT on Friday after announcing a deal that would increase the U.S. government's stake in the bank's common stock. [ID:nN27210042].

"Citi needs support right now and that is what the U.S. Treasury and investors are providing," said David Cohen of consultancy Action Economics.

"Hopefully they can be rewarded as they are trying to help clean the mess in the global financial system. If you are not willing to take a risk, you can't achieve a return."

GIC's executive director Tony Tan said this month unleveraged global investors such as sovereign wealth funds will pay a more important role in future as hedge funds and private equity find their activities constrained by tighter borrowing restrictions.

Western governments, which have taken large stakes in banks to prop up their financial systems, will eventually have to "re-privatise" assets on a massive scale and will need to attract long-term institutional investors like sovereign funds when markets stabilise, he said.


Today on 6th March 2009, we are staring at Citigroup's share price dropping below USD one dollars.

Citigroup stock falls below $1 a share
Source: Yahoo! News


CHARLOTTE, N.C. - Shares of Citigroup Inc., once the nation's most powerful bank, fell below $1 a share Thursday.

The stock fell as low as 97 cents in late morning trading. It was down 11 cents, or 9.7 percent, at $1.02 in mid-afternoon.
New York-based Citi has lost more than 85 percent of its value so far this year, and is down more than 95 percent from a year ago as the bank was pummeled by the financial market crisis.

Citigroup's shares will remain on the New York Stock Exchange. Last week, the NYSE relaxed its listing rules to allow stocks that fall under $1 to still be listed and traded on the exchange.

The exchange said the change was warranted given the "current period of unusual market volatility and decline."

Ordinarily, an NYSE-listed company's shares cannot remain below $1 for more than 30 consecutive days. If that happens, the company gets about six months to prove to the NYSE it can boost its stock price.

Citigroup used to be not only the largest bank by assets, but also by market capitalization, which has now been decimated by the stock's decline. At the start of 2007, its market cap was riding high at around $270 billion. But by March 2008, it had fallen below the $100 billion mark. Now, it's at $6.2 billion.

As the recession deepens, the problems facing Citigroup _ souring loans and the impact of the recession _ are only getting worse.

On Friday, the government agreed to exchange up to $25 billion in emergency bailout money given to Citigroup for as much as a 36 percent equity stake in the company. The government, along with other private investors, will convert some of their $45 billion in preferred stock into common shares. If the maximum amount of preferred stock is converted, current common stockholders will see their ownership stake fall to about 26 percent.

The deal between the Treasury Department and the bank is the third rescue effort in the past six months.

The problem is the market knows Citigroup received no new capital last week. The conversion to common stock will create a wider equity base aimed at keeping investors calm as the economy deteriorates _ but Citigroup still has $45 billion in Troubled Assets Relief Program funding, the same amount as it did before. The switch to common stock will help boost Citigroup's "tangible common equity," Wall Street's and Washington's new favored gauge of banks' health.

Citigroup, criticized for years for being too multi-tentacled, has already sold off several businesses over the past several months.

It has also split into two parts: Citicorp and Citi Holdings _ effectively undoing the merger that created the company in 1998. Citicorp holds the company's "core" businesses like retail banking, investment banking, credit cards and transaction services, while Citi Holdings runs the company's riskier assets, the consumer finance franchises and asset management.

Citigroup, which hasn't turned a profit since the fall of 2007, will face its next test in April when it reports first-quarter earnings.


So who are the smart Alexs in GIC that decided it was a superb idea to invest such monstrous amount in Citigroup? And who are the even smarter Alexs that still insist that this is a sound long-term investment?

Haven't they heard of the term "cut loss"?


,,,,,,

Digg!

Wednesday, March 4, 2009

Bid $40 million for two bronze heads but refused to pay? Give the man a Tiger! Or Rat! Or Rabbit!

Relics 'buyer' sparks mixed reaction in China
Source: CNN.com


BEIJING, China (CNN) -- The man who successfully bid for two Chinese sculptures at auction and then refused to pay up is being called both a national hero and national embarrassment in China.

Cai Mingchao bid about $40 million for the two bronze sculptures at an auction in Paris, France, of the late Yves Saint Laurent's collection.

He then refused to pay for them, claiming the sculptures belong to China.

"We've stood up and thankfully, I was given this opportunity, which I feel is my responsibility," said Cai, who works for China's National Treasures Fund. "What I want to stress is I will not pay for this bid."

It was not clear if Cai was acting on his own or with the government's authority.

On the front pages of the state-run papers in China, it's all about the man who says he will not pay.

Headlines read, "Patriotic bidder thwarts relics' sale," "Bidder traps Christie's," and "Mysterious Bidder Emerges."

China's blogs are also flooded with strong reaction on both sides. One calls Cai a national hero, but others question whether his act was patriotic. Said one blogger: "He's ruined the reputation of the Chinese people."

In the days before the auction at Christie's in Paris, the Chinese government demanded the sculptures be returned.

The government says it had nothing to do with the bogus bid but insists the sale should never have been made.

"This belongs to China," said Qin Gang, a foreign ministry spokesman. "It illegally ended up in a foreign country. We oppose the auction."

The bronze heads of a rat and a rabbit were featured in last week's auction of art, jewelry and furniture from Saint Laurent's estate. Each one was sold for more than $20 million, double the pre-auction estimate.

The heads are part of a set of 12 animals in the Chinese zodiac that adorned a fountain in China's Summer Palace. They were based on the drawings of a Jesuit missionary for the fountain and are prized for their naturalistic, expressive faces and realistic detail.

They disappeared from China when French and British troops pillaged the palace during the Second Opium War in 1860.

To many Chinese, the two bronze sculptures are painful reminders of what China-watchers call the "hundred years of humiliation syndrome," especially because the antiquities disappeared when a weak China was subjected to invasion and bullying by Western powers.

China has moved to punish Christie's after the sale. China's State Administration of Cultural Heritage decreed tighter inspections on all cultural relics that Christie's seeks to bring in and out of China, a move meant to choke Christie's small but potentially big auction business in China.

Other wealthy buyers have in the past paid large amounts of money for looted Chinese relics at auction, then donated them to China, but Cai vows no money will change hands.

Christie's is not commenting on the sale or the possibility that Cai will not pay.

"We do not comment on the identity of our consignors or buyers, nor do we comment or speculate on the next steps that we might take in this instance," said a spokesman who declined to be named.

Pierre Berge, Saint Laurent's partner who jointly owned the items with the designer, told French state radio he would keep the two bronze sculptures if the sale is not resolved.

"I will keep them at my home," Berge said. "That is where they were and that is where they will return and we will continue to live together."

The auction of works from the Yves St. Laurent collection raised just over $483 million, Christie's said. That set a world record for a private collection sold at auction, the auction house said.


So who is more of an idiot? The buyer? Or the seller?

Imagine this... long long time ago, your grandfather's friend saw a set of very nicely crafted Fu Lu Shou that your grandfather had bought from China. Greed stroke and he stole Fu when he left the house. Twenty years later at present day, you saw the same Fu on ebay. Apparently the seller was your grandfather's friend's grandson. Will you bid high price for it, but when you were the highest bidder, decided not to pay for it?

What do we observe from this incident?
  • Your grandfather's friend was an idiot to steal a Fu out of a set of Fu Lu Shou. So what if he got hold of Fu? Place it in his living room and show to his friends saying "Hey! Look at my nice Fu! Doesn't matter if it's an odd Fu out of a set of Fu Lu Shou!"? And how will he explain to his friends the whereabouts of Lu and Shou?

  • Your grandfather's friend's grandson was an idiot too. Who did he think will be interested to buy just a Fu? Somebody who stole Lu and Shou but missed out Fu? And if he was fully aware of the rightful owner of the Fu, shouldn't he just give it back instead of putting on ebay and let the whole wide world acknowledge that his grandfather was the thief?

  • You were an idiot to bid for something and not pay for it on an internationally renowned site. What if ebay bans you from future bidding because of this incident? And even if you could continue to bid, what does it say of your credibility? Which seller will be willing to take the risk and sell anything to you? Worse still, the Fu still remained in the buyer's hands! So what is the purpose of bid and not pay here? What did you archieve? Public awareness that your grandfather's friend stole from your family? Is this really the best way to create publicity? What were you expecting the seller to do when you did not pay for it? Return it to you for free?


,,,,,,,,

Digg!

Monday, March 2, 2009

Milk - good enough to win the Oscar, and gay enough to be censored by Mediacorp

Milk won two Oscar awards, with Sean Penn winning the Best Actor award and Dustin Lance Black winning the Best Original Screenplay award. What "Milk"? A typical Singaporean may ask. Can't blame him/her though. Most would have watched the trailers for Red Cliff II, Love Matters and The Wedding Game so many times on the television that they would have imagined that the only way to make Mediacorp stop is to go watch the movies. But the trailers for Milk? None. Zero. The reason is simple. Milk is a R21 movie because of its homosexual theme.

This is the synopsis from Golden Village:

The story of California's first openly gay elected official, Harvey Milk, a San Francisco supervisor who was assassinated along with Mayor George Moscone by San Francisco Supervisor Dan White.

After moving to San Francisco, the middle-aged New Yorker, Harvey Milk, became a Gay Rights activist and city politician. On his third attempt, he was elected to San Francisco's Board of Supervisors in 1977, making him the first openly gay man to be elected to public office in the USA. The following year, both he and the city's mayor, George Moscone, were shot to death by former city supervisor, Dan White, who blamed his former colleagues for denying White's attempt to rescind his resignation from the board.


And this is the synopsis from MSN Movies:

Academy Award winner Sean Penn takes the title role in Gus Van Sant's biopic tracing the last eight years in the life of Harvey Milk, the ill-fated politician and gay activist whose life changed history, and whose courage still inspires people. When Milk was elected to the San Francisco Board of Supervisors in 1977, he made history for being the first openly gay man in American history to be voted into public office. But the rights of homosexuals weren't Milk's primary concern, as tellingly evidenced by the wide array of political coalitions he formed over the course of his tragically brief career. He fought for everyone from union workers to senior citizens, a true hero of human rights who possessed nothing but compassion for his fellow man. The story begins in New York City, where a 40-year-old Milk ponders what steps he can take to make his life more meaningful.

Eventually, Milk makes the decision to relocate to the West Coast, where he and his lover, Scott Smith (James Franco), found a small business in the heart of a working-class neighborhood. Empowered by his love for the Castro neighborhood and the success of his business, Castro Camera, Milk somewhat unexpectedly begins to emerge as an outspoken agent for change. With a growing support system that includes both Scott and a like-minded young activist named Cleve Jones (Emile Hirsch), the charismatic Milk decides to take a fateful leap into politics, eventually developing a reputation as a leader who isn't afraid to follow up his words with actions. In short order, he is elected supervisor for the newly zoned District 5, though this seeming triumph is in fact the catalyst for a tragedy that starts to unfold as Milk does his best to forge a political partnership with Dan White (Josh Brolin), another newly elected supervisor. Over time it becomes apparent that Milk and White's political agendas are directly at odds, a revelation that puts their personal destinies on a catastrophic collision course.



It is apparent which synopsis is luring you to the ticketbox and which one is not.

Anyway, here's the trailer that you will not see on your television, or perhaps not even in the cinemas...


Milk (2008) Trailer at http://www.youtube.com/watch?v=3QzvIXYhVuQ

Of course, when Mediacorp screened the 2009 Oscars live telecast in the morning, little did they expect this movie to win an award, or worse, two! Immediately, they called upon their technical teams and Tada! The repeat telecast in the evening was nicely censored. All positive remarks on gay were removed and the Oscars was then fit for home viewing.

If you're still wondering why the winners for Best Actor and Best Original Screenplay awards were speaking in such funny ways, as if something were missing in their speech, well here you are. The full versions...


Sean Penn Wins for "Milk" Acceptance Speech at http://www.youtube.com/watch?v=1dnM8v9aaR0

"For those who saw the signs of hatred as our cars drove in tonight, and I think it is a good time for those who voted for the ban against gay marriage to sit and reflect and anticipate their great shame and the shame in their grandchildren's eyes if they continue that way of support. We've got to have equal rights for everyone."


Screenwriter Dustin Lance Black winning an Oscar for "Milk" at http://www.youtube.com/watch?v=-mv35SN3ctU

"Oh my God. This was, um, this was not an easy film to make. First off, I have to thank Cleve Jones and Anne Kronenberg and all the real-life people who shared their stories with me. And, um, Gus Van Sant, Sean Penn, Emile Hirsch, Josh Brolin, James Franco and our entire cast, my producers Dan Jinks and Bruce Cohen, everyone at Groundswell and Focus for taking on the challenge of telling this life-saving story.

When I was 13 years old, my beautiful mother and my father moved me from a conservative Mormon home in San Antonio, Texas to California, and I heard the story of Harvey Milk. And it gave me hope. It gave me the hope to live my life. It gave me the hope one day I could live my life openly as who I am and then maybe even I could even fall in love and one day get married.

I wanna thank my mom, who has always loved me for who I am even when there was pressure not to. But most of all, if Harvey had not been taken from us 30 years ago, I think he'd want me to say to all of the gay and lesbian kids out there tonight who have been told that they are less than by their churches, by the government or by their families, that you are beautiful, wonderful creatures of value and that no matter what anyone tells you, God does love you and that very soon, I promise you, you will have equal rights federally, across this great nation of ours.

Thank you. Thank you. And thank you, God, for giving us Harvey Milk."


,,,,,,

Digg!

Thursday, February 12, 2009

So this is how the U.S. banks are spending their government bailout money

Just when the heads of Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo are being questioned on how they had spend their TARP money...

US bank bosses face Congressional hearing
Source: Channelnewsasia.com

WASHINGTON: US bank chief executives paraded before lawmakers on Wednesday to express remorse about public fury over their use of government bailout money, but insisted they had not lined their own pockets.

The heads of Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo braced for tough questions at a hearing in the House of Representatives.

Underlining the sour mood, House Financial Services Committee chairman Barney Frank issued a stern warning at the hearing's start against public disruptions.

"There's a great deal of anger in the country, much of it justified," the Democrat said.

In their written testimony, the chief executives said they had not used money from the 700-billion-dollar Troubled Asset Relief Programme (TARP) to pay out bonuses and were in fact taking salary cuts.

"It is abundantly clear that we are here amidst broad public anger at our industry," Goldman Sachs boss Lloyd Blankfein told the House Financial Services Committee.

"In my 26 years at Goldman Sachs, I have never seen a wider gulf between the financial services industry and the public," he said.

"Many people believe - and, in many cases, justifiably so - that Wall Street lost sight of its larger public obligations and allowed certain trends and practices to undermine the financial system's stability."

A similar mea culpa came from Morgan Stanley CEO John Mack.

In his testimony, Mack said Morgan Stanley had maintained its capital cushion and delivered positive results in 2008 despite the financial crisis.

"But we didn't do everything right. Far from it. And make no mistake: as the head of this firm, I take responsibility for our performance," he said.

"I believe that both our firm and our industry have far to go to regain the trust of taxpayers, investors and public officials," Mack said, echoing the other CEOs in pledging to pay the government back quickly.

President Barack Obama and members of Congress have expressed deep anger over how the first half of TARP money was used, especially over hefty executive bonuses that continued to be paid out on Wall Street.

Treasury Secretary Timothy Geithner on Tuesday outlined a new bank bailout potentially worth up to two trillion dollars, but lawmakers are grumbling that Wall Street has yet to show it is mending its ways.


Merrill Lynch happily paid out one million dollars or more bonus to each of its 700 top executives...

Merrill Lynch's bonuses made 696 millionaires, probe reveals
Source: Channelnewsasia.com


WASHINGTON: Merrill Lynch quietly paid out at least one million dollars bonus each to about 700 top executives even when the investment house was bleeding with losses last year, a probe has revealed.

They were part of 3.6 billion dollars in the firm's bonus payments in December before the announcement of its fourth quarterly losses and takeover by Bank of America, the investigation by the New York state Attorney General's office showed.

"696 individuals received bonuses of one million dollars or more," New York Attorney General Andrew Cuomo said of the Merrill scandal in a letter to a lawmaker heading the House of Representatives financial services committee.

Cuomo said "these payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America boards of directors were derelict in their duties and violated their fiduciary obligations," according to a copy of the letter.

Bank of America said recently it was aware of the amounts and timing of the bonuses even though previous reports had suggested the top bank was surprised by the payout.

Cuomo said in his letter to Democratic lawmaker Barney Frank that his office was also examining whether senior officials at both companies "violated their own fiduciary obligations to shareholders.

"If they did, this raises additional serious issues with regard to the inappropriate use of taxpayer funds," he said.

"Merrill Lynch's decision to secretly and prematurely award approximately 3.6 billion dollars in bonuses, and Bank of America's apparent complicity in it, raise serious and disturbing questions," he said.

Shareholders and experts had expressed concern over Merrill's 15.3 billion fourth-quarter loss, which caused Bank of America to request a second round of government bailout on January 16.

Bank of America's shareholders voted to approve Merrill's takeover on December 5.

Former Merrill Lynch chief executive John Thain, Bank of America chief administrative officer J. Steele Alphin and other top executives have been summoned to provide testimony in the probe.

"One disturbing question that must be answered is whether Merrill Lynch and Bank of America timed the bonuses in such a way as to force taxpayers to pay for them through the deal funding," Cuomo said.

Cuomo said the Merrill Lynch bonus payment was "nothing short of staggering."

While more than 39,000 Merrill employees received bonuses from the pool, the vast majority of these funds were "disproportionately distributed to a small number of individuals."

"Indeed, Merrill chose to make millionaires out of a select group of 700 employees."


I am now crossing my fingers real tight that companies in Singapore are going to use their Job Credits the right way. Not "right-for-the-boss" right, but "right-for-the-workers" right...

,,,,,,,,,,,,,,

Digg!

Tuesday, February 10, 2009

The World's Most Expensive Colleges... NUS turned up

The World's Most Expensive Colleges
by Brian Wingfield and Daniel Indiviglio
Source: Forbes.com


Washington, D.C. -- With a global recession unfolding, it's tough to come up with funding for college these days, perhaps even more so if your destination is one of the world's most expensive universities.

Aside from the general problem of rising tuition fees, the credit crunch has dented endowments. Not good news for many private American colleges and universities, which are the priciest in the world. The most expensive in terms of tuition and fees: Washington, D.C.'s George Washington University, with a sticker price of $40,437 for the 2008-2009 school year. Others in the top five are Sarah Lawrence College ($40,350), Kenyon College ($40,240), Vassar College ($40,210) and Bucknell University ($36,652).

This shouldn't be too surprising. These schools were also the five most expensive for tuition and fees last year. By contrast, expensive colleges in other countries include Canada's Quest University (about $20,500 for tuition in U.S. dollars), National University of Singapore ($24,000) and Imperial College London ($27,800 for non-British and European Union students).

What about elite Ivies, like Harvard and Yale? They're in the same ballpark--$36,173 for Harvard, $35,300 for Yale--but not quite as pricey as many smaller private schools. Factor in cost of living, books, transportation and other expenses and they're about the same as the U.S. schools listed above. Other institutions, like Carnegie Mellon University, Wesleyan and the University of Chicago are in the same league as far as overall costs go. Bottom line: If you're paying more than $45,000 for a college education, you're attending one of the world's most expensive universities.

American-style universities also fetch the highest dollars abroad. For example, Franklin University, located in the hills above Lugano, Switzerland, is fully accredited in the U.S. It costs $33,100 per year to attend; add another $7,510 for housing and $2,900 for a meal plan, mandatory for all freshmen, according to the school's estimates. The American University of Paris, located near the Eiffel Tower, runs close to $33,000 per year in tuition, fees and health insurance. Need books and a place to live? Budget in another $13,000.

That said, there are still some pretty expensive non-American style schools overseas. The University of Melbourne, is one of the priciest in Australia at about $20,200 per year. The cost of living in Melbourne could tack on another $20,000 to the bill. And the National University of Singapore, considered one of the world's elite schools, is among the most expensive in Asia, at an estimated $31,000 per year.

In compiling our list of the priciest four-year colleges and universities, we relied on The Chronicle of Higher Education's 2008-2009 ranking of tuition and fees for U.S. schools. In many countries, higher education is subsidized by the federal government. However, we scoured dozens of private schools abroad to obtain a snapshot of the priciest colleges overseas.

Last year, readers took us to task for not incorporating financial aid, room and board or a school's estimate of total cost in our rankings. We maintain that tuition and fees are the most transparent aspects of a college's sticker price. Other factors vary too much from school to school. Some charge a comprehensive fee for tuition, room and board; some are more generous than others with financial aid; many don't incorporate travel expenses or the cost of living in places like New York, Chicago or Washington, D.C., in their calculations.

Whatever their differences in cost estimates, the price to attend is going up, even as the economy slows down. For the five U.S. universities with the highest tuition and fees, those items increased by 4.8% from 2007 to 2008. That may sound like a lot, but it's less than the 6% or 7% tuition hikes that schools like Dickinson College and Villanova University have imposed, says the The Chronicle. Meanwhile, university endowments fell by 23% from July to November 2008, according to information released last week by the National Association of College and University Business Officers, which surveyed 435 schools in the U.S. and Canada.

Not all news is bad, however. For example, GW plans to increase institutional financial aid this year to about $120 million, from last year's $118 million. Last spring, President Bush signed a bill that increases the amount of federal loans students can apply for by $2,000, taking some of the pressure off the need for pricier private funding. The stimulus plan the House of Representatives passed last week includes a $2,500 tax credit for college tuition and $490 million in funding for work-study programs.

Of course, for students having trouble coming up with the cash for private schools--particularly those who aren't among the most elite--there's always the public route.

"You may find the selective, competitive public colleges are now looking better for those families," says Bruce Johnstone, a professor of comparative education at the State University of New York-Buffalo.

,,

Digg!

Saturday, February 7, 2009

Michael Phelps, Mok Ying Ren, Dinah Chan... all suspended from competitions

While Michael Phelps was suspended for smoking from a bong...

Phelps suspended from competition, dropped by Kellogg
Source: CNN.com


(CNN) -- Olympic hero Michael Phelps was suspended from competitive swimming for three months on Thursday -- just hours after one of his sponsors announced it would not renew his contract after a photo surfaced of him smoking from a bong.

USA Swimming, the nation's governing body for competitive swimming, said it was withdrawing financial support for Phelps and barring him from competition during the period of his "reprimand."

"This is not a situation where any anti-doping rule was violated, but we decided to send a strong message to Michael because he disappointed so many people, particularly the hundreds of thousands of USA Swimming-member kids who look up to him as a role model and a hero," they said in a statement.

"Michael has voluntarily accepted this reprimand and has committed to earn back our trust," the statement continued.

Earlier Thursday, Kellogg Co. said it will not renew Phelps' advertising contract.

"Michael's most recent behavior is not consistent with the image of Kellogg," company spokeswoman Susanne Norwitz said. "His contract expires at the end of February, and we have made a decision not to extend his contract."

Norwitz said Kellogg's relationship with Phelps began with the company's support of the U.S. Olympic team. Kellogg did not renew its sponsorship of the team when it expired in December, she said.

Phelps admitted "regrettable behavior" on Sunday after a British newspaper published the photograph. The tabloid News of the World showed Phelps using the bong during what it said was a November party at the University of South Carolina in Columbia.

The Richland County, South Carolina, sheriff's office said Tuesday it was investigating whether Phelps smoked marijuana on the school campus, adding it would file criminal charges if it determined he did.

Both university police and Columbia, South Carolina, police said they would not pursue charges, according to The State newspaper in Columbia. It was unclear where the party took place, the paper said, or whether it was on campus.

On Thursday, before the decisions by USA Swimming and Kellogg were announced, Phelps told CNN affiliate WBAL that the incident was a result of "bad judgment."

"I can learn from it and try to make my life better than it has been in the past," he told WBAL.


Mok Ying Ren and Dinah Chan were suspended for being found in the same hotel room, though not in a compromising position...

Triathletes banned
Source: Straitstimes.com


SINGAPORE'S top male and top female triathletes have been slapped with a competition ban for being caught alone together in a hotel room at the Asian Beach Games in Bali last October.

Mr Mok Ying Ren, 20, and Miss Dinah Chan, 22, were told of their punishment late last week following an investigation into the incident by an inquiry panel, a Triathlon Association of Singapore (TAS) spokesman said yesterday.

Neither the spokesman nor the two triathletes wanted to reveal details of the ban or incident.

But the pair are believed to have infringed the TAS' code of conduct for athletes which forbids male and female athletes from sharing a room and requires the door to be kept open when there is a visitor of the opposite gender.

Although the duration of the ban is unknown, it is unlikely that the duo would be prevented from competing at the major races this year - the first of which will be the March 27-29 Mekong River ITU Triathlon Asian Cup in Thailand.

Mr Mok, a National University of Singapore medical student and the reigning South-east Asia Games men's champion, would only say: 'We are very happy with the investigation carried out by the TAS and its outcome.

'We would like to put the issue behind us and move forward. Personally, I would like to focus on my training and medical studies, which are more important right now, and not be distracted by this.'

The pair were the only two triathletes among 37 Singapore athletes at the inaugural 17sport Asian Beach Games, and were accompanied by team manager David Hoong and national coach Guo Weidong.

Mr Mok finished the race - including a 1.5km swim, 40km cycle and 10km run - 12th out of 35 competitors while Miss Chan was ninth out of 15.

The athletes had arrived on Oct 24 and were staying in separate rooms at the Mercure Resort Sanur hotel near Mertasari Beach, the venue of their Oct 26 event.

Sources said that Miss Chan, a National Institute of Education post-graduate student, feared for her safety - the athletes had allegedly been informed of bomb threats - and could not sleep well on the first night. So she went to Mr Mok's room, which was in another block.

The duo - widely speculated in the triathlon fraternity to be dating - are believed to have been caught, although not in a compromising position, when Mr Guo visited the room that night.

Subsequently, the TAS launched an investigation with an inquiry panel consisting of three members - one each from the Singapore Sports Council (SSC), TAS and another national sports association (NSA).

Mr Mahipal Singh, Singapore's chef-de-mission at the Games, said there was no specific rule pertaining to the Games that athletes of the opposite sex could not be in the same room.

However, Mr Singh, who is also SSC's assistant director of coaching development, added that athletes are expected to 'uphold good behaviour and the image of Singapore'.

A check with a number of NSAs showed codes of conduct similar to that of the TAS - even if the athletes are dating or married.

,,,,,,,,,,

Digg!

Thursday, January 22, 2009

US President Barack Obama 2009 Inauguration Speech




"...This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America..."

"...Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favors only the prosperous..."

"...Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint..."

"...To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society’s ills on the West - know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist..."

,,

Digg!