atans1

SGX washes dirty underwear in public

In China, Corporate governance on 31/05/2016 at 3:24 pm

SGX recently released a report detailing for the first time the number of listed-companies which have had their stocks suspended from trading for 12 months or more. This report will now be a yearly affair.

Of the 20 companies, 17 are S-chips (companies which have their operations in China but are listed on SGX), two are Indonesian companies listed here, and only one is a local company.

Surprising that SGX washes its dirty underwear in public.

In the late 90s and noughties, SGX became the place for PRC companies to be listed because SGX requirements were less stringent than those of the Hong Kong stock exchange.

Problems with S-chips soon surfaced which included loan defaults and fraud (missing cash, long-overdue receivables, or significant over-payments to suppliers only to have these amounts written-off later.) In 2009, the Singaporean authorities even appealed to their Chinese counterparts to maintain ‘stringent supervision’ over their companies that list on the SGX. I’m sure they were told to F-off: “SGX collects the fees, SGX’s problem”, I’m sure the S’porean authorities were told.

Retail investors lost serious money, something that even the constructive, nation-building media reported.

Yet despite continuing problems with S-chips (missing cash, long-overdue receivables, orsignificant over-payments to suppliers only to have these amounts written-off later still occur), and London’s nasty experience of Chinese listings on AIM (eg London-based directors not hearing from the China-based CEO, or the corporate “chop” going AWOL after the China-based CEO was sacked), SGX’s plans for the future include attracting  more S-chips.

WTF!

Good corporate e-mail policy

In Uncategorized on 31/05/2016 at 12:56 pm

Daimler, a German carmaker, gives workers the option of automatically deleting the e-mails they receive while they are on holiday, instead sending an auto response informing the correspondent what has happened and suggesting he resends it when they return. As the firm itself admitted, it was not only being kind-hearted. It was also, it said, to “safeguard their performance in the long run”. As workers become ever more connected, sadly, one suspects, that is a losing battle.

http://www.economist.com/blogs/gulliver/2016/05/electronic-ties-bind

 

Pearl of Wisdom Dr Chee and other activists should heed, but don;t

In Uncategorized on 31/05/2016 at 6:14 am

I came across this morning in FT: GK Chesterton, “a few men talked of freedom, while England talked of ale”

When translated into Singlish this means, “A few ang moh tua kees talk of human rights and social justice, while 70%+ talk of EPL footie over kopi or beer.”

A reader of this on why PM will not follow the Japanese PM’s suggestion about focusing on the quality of life, not economic growth, put it thus

Sometimes you get the feeling the real problem is that guys like Chris K are not prominent enough. They don’t run for election, and leave it to the likes of s/o JBJ, GMS and Roy to do so. They are also not prominent enough in online commentary, and instead it is the likes of P Ravi, The Indies, Andrew Loh and the other Ang Moh Tua Kees who hog all the limelight over issues like Amos and Kho Jabing.

A pity really. Even on TRE, Chris’s comments will not doubt be drowned by the incessant useless noise of the cybernuts.

The trick for Dr Chee and friends is to connect with the swing voters, not the TRE nuts and otherb anti-PAP paper warriors. Happily for the PAP, they keep on playing to the rabble that will always vote against the PAP, ignoring the swing voters. They reach out to the swing voters only at election time. They should learn from the WP: ignore the loonies because they’ll always vote against the PAP.

Follow

Get every new post delivered to your Inbox.

Join 267 other followers