Still smoking

PMI’s reputation is bedevilling its efforts to diversify into health products.

Welfarism is OK, OK?

Sounds like Singapore under LKY, Xi’s “bias against ‘welfarism’”

 [China] must not “fall into the trap of ‘welfarism’ that encourages laziness”.

FT article

Under his beloved son, there’s been a swing towards social protection especially for the elderly (self included). But the official ideology was still against ‘welfarism’ whatever this Hard Truth meant.  

But the constructive, nation-building ST is now rewriting history?

Our kay poh living in Tokyo has this good rant:

You can say Chua Mui Hoong and the ST have amnesia. You can also say this is making a big deal out of something not big at all. But you can also say slippery slope, what slippery slope? The only thing you can say that is closest to the truth is that, the social safety net has indeed expanded but this expansion is merely catching up from the nasty old days and there is still more catching up to do. There was no slippery slope in the past becos we are such a long distance from it that saying there is one is just scare mongering bs. And ofcos Hard Truths die hard but has to die sooner or later becos Hard Truths were for a different time that is long past.

S’poreans like this?

The Economist has a lot of stuff on S’pore in its latest issue out tomorrow.

But it never made this point:

“Chileans were upset because the elite was keeping them out of the promised land,” … “Boric said, ‘I’m going to build you a new bridge to a different promised land.’ But they didn’t want that. They just wanted access to the old one.”

Patricio Navia, a political scientist and professor at New York University quoted in article headlined Chile’s leftist president forced to curb radical transformation

Where are our S$ billionaires?

Sweden has a top tax rate of over 50%. Yet by 2021, there were 542 “kronor billionaires” from 28 in 1996: https://www.bbc.com/news/business-68927238 .

We have a top tax rate of 22%, got so many true blue S$ billionaires meh? Our millionaire ministers always say low top marginal rates incentives people to earn more, get very rich. I for one in the 1990s resented paying top marginal rate. But I got it all back what with my mum being a Pioneer. LOL.

It can’t be that many; otherwise, our constructive, nation-building media would have highlighted the legions of true blue S$ billionaires.

But SE Asians see money as path to happiness

Further to SE Asians believe money cannot buy happiness, yet SE Asians see money as path to happiness. Figure this out.

https://blackbox.com.sg/everyone/the-currency-of-happiness-can-money-buy-joy?utm_source=bb&utm_medium=edm&utm_campaign=hww-series

https://blackbox.com.sg/everyone/ingredients-of-a-good-life-how-do-southeast-asians-tackle-the-pursuit-of-happiness?utm_source=bb&utm_medium=edm&utm_campaign=hww-series

SE Asians believe money cannot buy happiness

Won’t happen in Pay And Pay S’pore/ But maybe it should?

But the STB and our millionaire ministers should rethink. Did Swift bring an extra 170 flights in one week?

An estimated 1.6m people attended a Madonna concert in Brazil—the pop star’s biggest-ever gig. The free show took place on Copacabana beach in Rio de Janeiro. Demand was such that the city’s international airport forecast 170 extra flights during the first week of May, while city officials have reckoned that the concert will add 293m reals ($58m) to the local economy.

The World in Brief: Economist

Outperforming Buffett

But they don’t have his long-term track record: SG50 versus BRK50 https://atans1.wordpress.com/2015/02/24/sg50-versus-brk50/

There have been many imitators. In the early 80s in Oz when I was working there there were a couple, but they came a cropper. They got wrong either investments or insurance underwriting or both. PE may go that way too I suspect. Insurance underwriting (life or general) isn’t easy. Neither is investing.

Fun reads: BKR50: Buffett doesn’t do PAP SG50 BS, SG50/ BKR50: Buffett on kia suism, SG50/ BKR50: Buffett on kia suism

Think before u donate/ Lateral thinking at work

PinoyLand looking good

Up there with Vietnam and the land of the Mamas. Indonesia is slightly behind

Thailand is mediocre, the reason I’ve not bot ThayBev even though its reached my target price.

Pinoys rule OK.

Where 200% is not good enough

Since Kering’s current boss shed online retailer La Redoute in 2014, turning Kering into a group focused on luxury, the 40 billion euro conglomerate has delivered total returns of 200%, according to LSEG numbers. That compares to the 900% and 700% of French rivals Hermès International (HRMS.PA), opens new tab and LVMH, respectively.

https://www.reuters.com/breakingviews/time-kerings-king-consider-step-back-2024-04-24

Everything is relative.

PM and the iPhone

Just an observation.

Our PM has been PM longer than the iPhone had been introduced (June 2007). He ascended to power in November 2004.

Who has changed our lives for the better? I say the iPhone because it started the smartphone revolution which got us the ubiquitous Android phones. And I say this as someone who just recently subscribed to a pre-paid data plan from my previous pre-paid voice-only plan. LOL.

I also had to change finally. And I got rid of my landline. So on a net basis I should not spend more on basic telephone bills. S’pore is not a cheap place to live in under the Pay And Pay millionaires.

Amazon should blow its own AI trumpet

But

One reason why Amazon perhaps hasn’t telegraphed its initiatives in AI is because it’s already established in the areas that help companies build the best platforms. The ability to store data and provide hosting services to enterprise customers is a natural path for companies looking for AI capabilities. AWS is the market leader in cloud by revenue, according to Bernstein analysts. Plus blowing cash on AI isn’t necessarily a good thing. 

https://www.reuters.com/breakingviews/amazon-is-everything-plus-ai-store-2024-04-30

HSBC: looking good

Sign China preparing to invade Taiwan?

The Daily Telegraph says China has built a stockpile of gold worth £135 billion, in a move that’s raised fears that Beijing is preparing for a possible conflict over Taiwan. The paper says in the past 17 months China’s central bank has increased its gold reserves by 16% and it is thought the stockpiling is probably an effort to guard its economy against Western sanctions in the event of a war.

https://www.bbc.com/news/blogs-the-papers-68925388

Why we kanna Pay And Pay?

GST increases when there is global inflation. OK, OK we got vouchers. But as vouchers are given out on a household basis for many families the vouchers provide “peanuts” relief. It’s best for single households.

Then there is the property tax increase for owner occupiers. OK OK got relief for 2024 but in 2025?)

Then there are the ever increasing water bills.

Worse as experts like Chris Kuan point out there’s room to use more of our reserves.

So this the real reason why we kanna Pay And Pay?

Why yen is looking very sick

Asean: S’poreans are oldies by a country mile

SWFs: Quiet, Transparent

Norwegians at work.

The fund is invested in about 9,000 companies worldwide, but seven US technology companies — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — account for about 12 per cent of its equity portfolio.

https://www.ft.com/content/58fe78bb-1077-4d32-b048-7d69f9d18809

I’m sure if GIC and Temasek held this %age , we’d never hear the end of it

America is Great Again

Why China and Russia got a point

Who is the warmonger? The Hegemon spends more on its military than the next 9 other big spenders. And Russia is fighting a war, albeit one it started.

Gold: It’s slit eyes wot done it

Gold’s slightly off its recent record hights.

Chinese speculators super-charged the gold rally and the sell off. Huge bullish bets on Shanghai exchanges show the growing clout of Chinese and other Asian traders in the gold market gold.

Mao would be proud. Remember his “The Chinese people have stood up”?

EPL clubs are big, big, big spenders

Highest net spending (2014-2023)
1. Manchester United – £1,196.6m	11. Aston Villa – £414.3m
2. Chelsea – £885.5m	12. Liverpool – £395.3m
3. Paris St-Germain – £865.8m	13. Al-Hilal – £391.3m
4. Arsenal – £746.9m	14. Juventus – £385m
5. Manchester City – £733.8m	15. Everton – £336.1m
6. Newcastle United – £575.2m	16. Crystal Palace – £322.3m
7. Barcelona – £568.4m	17. Bournemouth – £294.9m
8. Tottenham – £522.1m	18. Bayern Munich – £294.1m
9. AC Milan – £467.3m	19. Real Madrid – £277.6m
10. West Ham – £451.9m	20. Nottingham Forest – £265.8m
Stats from CIES Football Observatory Monthly Report

Since 2014 the Premier League’s combined net spend is more than £9.5bn, the Chinese Super League is second with £1.14bn, and the Saudi Pro League is third with a net spend of about £1.13bn.

In comparison, the Portuguese Primeira Liga made a profit of about £1.9bn on player transfers in the same period.

https://www.bbc.com/sport/football/68713522

Industrial Metals

Look at tin

Why 6 month t bills are yielding more than long-term SGS

The Singapore 10Y Government Bond has a 3.365% yield. 10 Years vs 2 Years bond spread is -9.2 bp. Yield Curve is inverted in Long-Term vs Short-Term Maturities. Central Bank Rate is 3.42% (last modification in April 2024).

Country Detail

Last 6 month t -bill auction resulted in 3.75%

King Kong do, S’porean monkey follow.

Stocks v bonds in America

Minister Shan missed hataming the West on this point

Minister Shan should said pointed out that even Russia is outperforming the West whose flagship publication sneers at S’pore.

Lee Jnr’s report card

What do u think? From Bloomberg

All but one EPL club depends on trading players

Remember when SIA included trading aircraft profits as part of its “profits” on the ground that it was always doing it to modernises its fleet? MU is not a big sinner. Same parlk as ‘Pool amd Sity.

From: https://www.bbc.com/sport/football/68713522

GE soon, PAP millionaire ministers don’t need voters to know this

Our SWFs especially Temasaek (as that Kay Poh S’porean living in Tokyo keeps reminding us) placed big chips on private equity. So it’s interesting that the FT reported that Princeton reports “a 1.7 per cent loss last year, a product mainly of private equity underperformance”.

Princeton University’s endowment, known for its aggressive bets on private equity, is facing the “worst ever environment” for the asset class as a slump in dealmaking and public listings weighs on returns, according to its outgoing chief investment officer.

Princeton endowment chief sees ‘worst ever’ private equity climate

EPL: Where MU, Spurs and Chelsea are the champions

GIC’s NY based team

They did S’pore proud by winning over the weekend FT Alphaville Pub Quiz in New York City.

Money doesn’t always talk in footie

I’ve been posting charts that show ‘Pool are efficient in turning money spent on players into results: Chelsea & MU: Cost benefit failures.

But a “poor” Italian club thrashed the Reds (and at Anfield) last week

The Atalanta manager [Gian Piero Gasperini] didn’t just mastermind Liverpool FC’s first defeat at Anfield in 14 months. The Italian side won by three goals to nil, in a display that left Jürgen Klopp flummoxed.

It’s all the more impressive considering Atalanta’s €119mn operating revenues, and €84mn wage bill in 2022-23 (with thanks to Swiss Ramble/Kieron O’Connor for deciphering the Italian accounts).

Liverpool’s revenues amounted to £594mn, while wages added up to £373mn.

FT’s Scoreboard

Buying power: American retail buyers v China’s central bank

Customers from US supermarket store Costco buy from Costco 40,000 to 80,000 ounces of gold each month, half as much as the Chinese central bank. 

China’s central bank added 160,000 ounces of gold, worth $384m, in March.

In August it became possible to buy hunks of the metal at Costco, an American superstore beloved by the cost-conscious middle classes for selling jumbo-size packs of toilet paper, fluffy athletic socks and rotisserie chickens, all at super-low prices. The retailer started selling single-ounce bars of gold, mostly online, for around $2,000—just a hair higher than the spot value of bullion at the time. It sold out almost immediately, and continues to do so whenever it restocks. Analysts at Wells Fargo, a bank, estimate that shoppers are buying $100m-200m worth of gold each month from the superstore, alongside their sheet cakes and detergent.

That would be 40,000 to 80,000 ounces of gold each month; or, in other words, up to half as much as the Chinese central bank. 

https://www.economist.com/finance-and-economics/2024/04/11/what-chinas-central-bank-and-costco-shoppers-have-in-common

HK also got its JB

It’s the Pearl River Estuary

A trip to China appeals in part because Hong Kong remains an eye-wateringly expensive place to call home. Goods and services from hospitals to hotpots are more affordable on the other side of the Pearl River Delta. Hong Kongers are flocking to cheap and cheerful shopping destinations like wholesale retailer Sam’s Club. The Hong Kong government noted, opens new tab on Wednesday an increasing demand for less frivolous activities such as cross-border healthcare, too.

https://www.reuters.com/breakingviews/hong-kong-catches-tantalising-glimpse-future-2024-04-12/

Investors cottoned on that ESG is BS at work

Margin call?

The stock price of China Tianrui Group Cement plunged 99% in 15 minutes before Hong Kong’s stock market closed on April 9, slashing the Henan-based cement maker’s market value to only HK$141 million from HK$14.6 billion ($1.9 billion).

https://www.reuters.com/breakingviews/hong-kongs-latest-problem-is-99-nosedive-2024-04-10/

MU shows cashflow doesn’t translate to profits

Further to MU shows winning trophies is irrelevant where I showed charts that showed MU was raking in the cash flow,

MU shows winning trophies is irrelevant

It can still rake in the cash.

Asean & Taiwan

Google is history thinks the market

An American is the God of Money

And its a wimmin: US Treasury Secretary Janet Yellen.

Ms Yellen last visited Beijing only nine months ago. A restaurant where her team ate an informal dinner promptly advertised a “God of Money” menu in her honour, so that customers could order the same dishes she had enjoyed. Think of it as a bit of American support for China’s neglected services industry.

Economist: Daily Briefing

Grandpa Xi wasn’t impressed but the restaurant is still open.

Chelsea & MU: Cost benefit failures

Given their EPL League positions: MU (7th) and Chelsea (10th), their squads are overpaid trash. Bit like our millionaire PAP ministers?

Both teams are owned by financiers who specialise in using lots of debt. They know how to do cost benefit analysis of borrowing lots of money.

But they don’t do cost benefit analysis of players. They should recruit cost benefit analysts from Sity and ‘pool .

Dragon with mountain of gold is less rich than 14 Americans

Spending More and More Money Only to Stay in the Same Place

It takes all the running you can do, to keep in the same place

Lewis Carroll

Wealth managers: The gap between the top 2

Morgan Stanley’s US base gives it the numbers: the usual story.

For cat lovers

Ang moh tua kee?

Grandpa Xi is juz another ang moh tua kee, being nice to USof A CEOs in Beijing.

Why he not entertaining Asean CEOs?

Ah so. But in US$ terms?

Ho, Ho, Ho: Our SWFs kanna stuck

Alibaba abandoned a planned IPO for its logistics division, Cainiao Smart Logistics Network, instead offering to buy out minority shareholders in the business. Temasek and GIC are minority shareholders.

Peanuts are the payout:

represents 0.7 times forecast 2024 sales, according to analysts at Jefferies

https://www.reuters.com/breakingviews/alibaba-sends-out-sos-hong-kongs-market-2024-03-27/

When a co cuts corners

And people die (Remember the pair of deadly crashes in 2018 and 2019? And a senior Boeing executive putting the blame on third-world pilots?) or could die (Remember the door incident?)

Singapore’s fragile recovery

Above is the Economist’s headline.

Singapore releases inflation data on Monday. Core inflation, which strips out volatile food and energy prices, averaged 4.2% last year. In January it fell to 3.1% year on year, but February’s figure is expected to be higher after an increase in consumer spending over the lunar new year. In February Lawrence Wong, Singapore’s deputy prime minister, warned that inflation remains high. He announced a package of handouts to help Singaporeans cope with rising prices, after the country raised its goods and services tax to 9% in January.

Singapore expects output to grow by 1-3% this year, but the government warns of “significant” global risks. An important one for the trade-dependent city-state is further disruption to supply chains, given the wars in Ukraine and Gaza. Nonetheless, experts surveyed by Singapore’s central bank have raised their GDP forecasts for the year, mostly because of faster-than-expected growth in manufacturing and construction.

Economist: The World in Brief

Our constructive, nation-building media will spin pages and pages around the above facts.

Wonder if anyone has held Apple shares since 2000?

On December 29th 1999 [Vodaphone] had a market capitalisation of $152bn; Apple’s was $16bn. Today Apple is worth $2.6trn and Vodafone just $24bn, back at levels last seen in 1998 when the mobile ringtone was introduced

Economist

Buffett began buying Apple in the first quarter of 2016.

Ho’s successor having to grapple with this?

The shell game investors in PE have been playing is that they try to draw out more (cashed out of older investments) than they have to pay out for new investments.

The game has changed, PE funds are calling for money while being unable to cash out of investments.

AI indirect plays

Best are those at top right

God blesses America

Why growing the pie is a lot of BS for the poorest?

Our PAP millionaire ministers (remember especially ex-minister Tharman?) were fond of saying that S’pore grew the pie not redistribute the existing pie.

Well a growing pie does not mean much to those at the bottom of the pyramid when their slice of it is shrinking, does it?

Price chart of Ho Ching’s dog with fleas

Temasek bot a big chunk in 2018.

Glut of pork in China

China’s agriculture ministry announced plans to stop pork prices from plunging. A persistent fall in the prices, a carefully-watched economic indicator, has compounded deflation in the country. The government said guidelines on herd sizes should be followed more closely: China’s pig population, which makes up around half the global total, grew from 310m in 2019 to 434m last year.

Economist: Daily Briefing

Can China export frozen pork to S’pore? Will win it a lot of fans.

Contented PAP voter? Or a zen master

In response to a really rubbishy CNA article, there was the usual anti-PAP comments that the people cannot retire and that if they do they are starving.

Here’s a response that is zen-like

Plan for retirement. I know what I am talking about because I am 70 and a retiree. It is not just financial planning etc. What is important is that many retirees fail to live as a retiree. I do not go to restaurants, café, or costly eateries. I do not go for overseas holidays. I do not gamble, smoke, or drink. I have simple meals. The Internet keeps me busy. Or going for morning or evening walks which cost nothing. I live a simple life within my means. So the planning is for a life change more than financial because as they say about money, it is never enough.

A Buffett dog still outperforms

 Warren Buffett conceded in his latest annual letter, opens new tab to Berkshire Hathaway (BRKa.N), opens new tab shareholders released over the weekend that he made a “costly mistake” about electricity. The error was thinking that investing huge sums to supply it to American homes and businesses would generate a steady return. Instead, it is turning into a gigantic problem.

https://www.reuters.com/breakingviews/buffett-puts-1-trln-grid-problem-bad-light-2024-02-26/

Money’s not everything

MU’s outspending the Oppo in the transfer market, but still losing to them on the pitch.

Thank Putin

HSBC v StanChart

When Oz had a wetter climate

HSBC outperforms DBS

Ho Ho Ho: Temasek still holding this dog with fleas on it

Bayer slashes dividend by 95% as it steps up effort to cut debt

German conglomerate is still struggling with the costly fallout of its $63bn acquisition of Monsanto

… warned late on Monday that it would pay a dividend of just €0.11 per share for 2023

FT

Like StanChart it’s rubbish. Both are Ho Ching’s legacy.

There goes a bet on EV conquering world

Lithium prices collapse.

When luxuries are priced for plebs

Chile is really long

Hey lots of countries have super passports

The PAP’s dragon

Loong is Dragon. Ah Loong was born in the year of the Dragon

And we execute people for possessing drugs?

Singapore’s $300bn investment fund Temasek and the venture capital arm of one of Abu Dhabi’s largest sovereign investors, Mubadala, have held talks with biotechs to fund development of psychedelic mental health treatments and clinics, according to three people familiar with discussions.

… are bankrolled by countries that have some of the world’s most restrictive laws on drug possession … Singapore has executed at least 15 people for drug-related offences in the past two years.

FT

Here be dragons

Good health and make noney

When only IE was enabled on govt websites

I’m old enough to remember when S’pore govt websites did not enable Chrome and I was told to use IE if I wanted to use e-services.

Glad that a Li interned at Google.

Goh Jnr didn’t do his duty

Doing his duties “would have led him to realize that the company was being defrauded,” Justice Aedit Abdullah said in published remarks dated Jan. 24 on a petition involving Inter-Pacific Petroleum Pte. The defense argued there was no such breach or causation of loss, and regardless, the company qualifies for relief from liability under the companies act.

“The financial position of the company was suspect, and should have primed the defendant to look further and obtain a picture of the true state of the affairs of the company and monitor what was happening within it,” the judge said. “That was his duty as a director.”

“Loss was caused to the plaintiff through the transactions and drawdowns which should not have been carried out and would not have been had the defendant performed his duties,” the judge said.

https://sg.finance.yahoo.com/news/singapore-ex-pms-son-found-liable-for-millions-lost-by-company-082519893.html

But pa would still be happy if he was earning millions?

Remember GCT saying publicly that if S’pore reduced its ministerial wages, it will “end up with very, very mediocre people, who can’t even earn a million dollars outside”?

Goh Jr was trying to show pa that he was not “mediocre”? He could earn millions

Remember GCT saying publicly that if S’pore reduced its ministerial wages, it will “end up with very, very mediocre people, who can’t even earn a million dollars outside”?

So maybe Goh Jr was trying real hard to earn a million dollars or more to show pa he wasn’t a bankrupt lying bum, like one Karl Liew? Karl’s pa was earning millions.

Justice Abdullah said Goh had an obligation to oversee the affairs of the company as a director.

“The obligation is to monitor the affairs of the corporation,” he said. “This entails, among others, at least broad level supervision of the activities of the officers of the corporation, for the protection of the company, shareholders and creditors.”

The judge said the evidence showed that Goh played an active role in the management of the company and had assumed responsibilities, and obtained knowledge and information.

While Justice Abdullah said a director need not know all details, the evidence showed a lack of knowledge by Goh about IPP’s cargo trading business, which was a significant portion of the company’s activity.

There were three “red flags” that should have triggered Goh’s inquiry into the financial position of the company, said the judge. About US$132 million was owed to the company, its bunker licence got suspended, posing a threat to its profitability, and large sums totalling about US$15.6 million were owed to Maybank while the licence was suspended.

“The financial position of the company was suspect, and should have primed the defendant to look further and obtain a picture of the true state of the affairs of the company and monitor what was happening within it. That was his duty as a director,” said Justice Abdullah.

He said if Goh had performed his duties, transactions and drawdowns that caused loss to the company would not have been carried out.

While Goh pointed to certain information within the company to say there was enough basis to be satisfied or not probe further, the judge rejected this.

An honest and reasonably diligent director would have persisted and probed further,” he said.

Goh also argued that the banks had breached their duties to the company, but the judge found this “speculative” and a separate issue from Goh’s liability.

The judge found that relief under the Companies Act was not applicable to Goh, as that provision requires that the court finds the person had acted “honestly and reasonably”.

“At the very least, the circumstances precluded the conclusion that the defendant had acted reasonably,” said Justice Abdullah.

He allowed the full extent of losses claimed by the company, measuring the breach from Feb 7, 2018 and encompassing the whole amount of the drawdowns during June to July 2019, for a total of US$146,047,099.60, and the relevant interest claimed.

https://www.channelnewsasia.com/singapore/goh-jin-hian-liable-146-million-inter-pacific-petroleum-director-4105606

And let’s not forget, he’s pleaded “not guilty” to a charge of false trading in his role as former CEO of New Silkroutes Group last September.

Why bother to manufacture cars in Europe?

Interesting

Russians want to move the USA

US, Canadian and Ozians want to be like Chris Kuan.

Time to buy China?

JPMorgan has forecast the MSCI China index  \will finish the year at 66: up 30%. Fallen 10% this year.

No super cycle for battery minerals

Why us oldies have less mental problems than the youngsters?

Youngsters don’t do alcohol.

And then there were 2

America remains great.

Bitcoin price falls 15% after launch of ETFs

It drops below US$39,000, defying expectations of gains after SEC ruling

Cavalry (not US) to the rescue

Hong Kong stocks climb on call for ‘forceful’ state support to curb market rout

Chinese Premier Li Qiang says ‘effective measures’ needed to boost confidence

FT headline

Bloomberg reported that the Chinese would reportedly spend around 2trn yuan (US$278bn) buying shares. 

Good Dragon Year ahead.

LTA U turn: What scholars missed?

Really bad analysis by people who should have known better.

My suspicion is that they tot the huge (I think one third) of people who are happy to use debit/ credit cards meant not seeing the deduction was no big deal for users.

The analysts (not from RI?) forgot the benefits of using debit/ credit cards: all-in-one card, no need to worry about topping up, and delay in debiting. For debit cards, debiting can take up to 5 working days and with credit cards, need only settle on the due date.

Delay deduction or payment on the now defunct card, and S’poreans would have accepted SimplyGo.

S&P 500 hits new record as tech rally pushes stocks higher

Takes 2 years

Shell: ESG ingrates at work

Shell under fire from Europe’s largest asset manager over climate policy

Campaign group draws support from 27 investors to support AGM motion for stronger targets

FT headline

Feeling bullish on China?

Gd news on China?

China’s economy is about to grow surprisingly fast again. That, at least, is the message sent by the stock performance of some of the world’s biggest iron ore miners Down Under, which exports to the People’s Republic some 80% of its supply of the key raw material for steel.

https://www.reuters.com/breakingviews/iron-ore-investors-mine-irrational-exuberance-2024-01-16/

Temasek’s propaganda

In an uncertain and volatile era, Temasek’s long-term portfolio construction is shaped by four key structural trends: Digitisation, sustainable living, future of consumption, and longer lifespans for long-term growth. Discover their relevance and how Temasek leverages on them.

Constructive nation building CNA

https://www.channelnewsasia.com/brandstudio/Temasek/StructuralTrends?cid=adv_fb_paid-fb2_20240111&fbclid=IwAR3ma0GWwwqKlPHgQoB_bplSzZmklHKAX6NY54SKqM0uvXIMekmSz4N7z8E

Banzai

While other markets are down (China) or flat (US)

The Nikkei 225 index has gained 6.3 per cent so far in 2024 while the broad market cap-based Topix has climbed 5.4 per cent. 

FT

Taiwan: Also no affordable public housing

Ziwei can still remember the months she spent huddling alone in a tiny shoebox apartment in Taipei.

There was no window in the 10-sq-m studio, just a small vent near the ceiling. It perpetually stank of sewage, even after she stuffed her shower drain with plastic bags. And the walls were painted in just the oddest shade of orange.

“With no windows, I felt so sad,” the 32-year-old recalled. “I would stay out really late every night, and I would come home only to sleep.”

But it was all she could afford in 2019 after breaking up with her boyfriend and moving out. Though she was a civil servant – considered to be a good job – her monthly pay was NT$40,000 ($1,285; £1,011) at the time, well below the national average.

Low wages and housing will be on the minds of Ziwei and six million Taiwanese voters under the age of 40 on Saturday, when they choose their president and parliament.

https://www.bbc.com/news/world-asia-67945643

But there’s real democracy to compensate.

Oz: Where they don’t have “affordable” public housing

Only “unaffordable” private housing: https://www.bbc.com/news/world-australia-67723760

Vote wisely.

Almighty dollar

We prefer illusions

Rashomon (1950)

Director: Akira Kurosawa

Joseph Conrad in his novels made this point but in long winded narratives.

Happiness

What keeps America Great

It imports Foreign Talents the way it imports capital and consumer goods: in large amounts.

It used to be Russians (Think a founder of Google), then slit eye chinks from Greater China (Think the founder of Nvidia). Now it imports mamas.

Last year India became the largest source of overseas graduate students in America, ahead of China. Including undergraduates, Indians now make up a quarter of all foreign university students in America. Of the roughly 2.5m immigrant stem workers in that country, 29% are Indian. In ai, India is the source of 8% of the world’s top researchers; the proportion who work in India itself rounds to zero.

Economist

Indonesia: Did u know?

In August 1945 Indonesia became the first colonised country to declare its independence after the second world war.

What inspired our iconic landmarks