I am relaunching this portal to help people to find part time work and employers to look for these workers. This is relaunched as a free service to serve the community. There is no charge to register in this portal or to search for workers.
I have asked the job seekers to provide their residential postal sector, type of work and the hourly rate. I encourage employers to search for part time workers who live close to the place of work. This will save travelling time and cost, and keep the cost low for employers.
This portal is useful for people who are now not employed and for students during the vacation.
Please help to promote this portal.
Wednesday, July 8, 2009
Name the Shape Contest
Take part in this Contest. Participation is Free. Win an autographed copy of the Shape Quiz Book.
TKL Intelligence Quiz Contest
Here is a chance to win an autographed copy of my TKL Intelligence Quiz book. Participation is free. Contest.
The Standard:Ip supports banks' offer in minibond settlement
9 July 2009
Eight independent lawmakers, led by Regina Ip Lau Suk-yee, yesterday met representatives of the Hong Kong Association of Banks in an attempt to resolve the Lehman minibonds saga.
The meeting was mainly focused on the settlement offer by 16 distributor banks that was revealed by The Standard last week, which has won the support of many lawmakers, sources said.
The meeting between the HKAB and the lawmakers went smoothly and the banks were close to concluding an offer, said Ip, who is also the founder of the Savantas Policy Institute, a think-tank.
Ip said the eight lawmakers in her delegation were speaking on behalf of 3,000 Lehman minibond investors in Hong Kong and they hope to resolve the issue of compensation as soon as possible.
" The investors have been seeking help from us, and I have received 1,000 cases," she said.
Other lawmakers in Ip's delegation included Lam Tai-fai, Jeffrey Lam Kin- fung, Samson Tam Wai-ho, Leung Ka- lau, Paul Chan Mo-po, Chan Kin-por and Philip Wong Yu-hong, sources said.
The lawmakers cited the report issued by the Monetary Authority of Singapore on Tuesday, which said up to 75 percent of the investors in the city state may be able get some of their money back as they had filed complaints. "They said the MAS report showed only a 32.2 percent repay ratio, which is much lower than the current proposal [from 16 Hong Kong distributor banks] which calls for paying back up to 70 percent," a banking source said.
Lawmakers were said to support the banks' proposal as it was "more reasonable" and a better offer when compared with the MAS deal, according to sources familiar with the situation. Last week, representatives from the banks approached the Securities and Futures Commission, presenting a formal proposal to settle the issue concerning compensation for investors who had bought minibonds linked to the collapsed US financial firm Lehman Brothers.
The proposal said banks would offer an average of 60 percent of principal invested or 70 percent to those investors aged over 65. They also agreed to top up the difference if collateral is sold at higher prices in the future.
Meanwhile, Democratic Party legislator Kam Nai-wai suggested Hong Kong follow the Singapore model.
Kam yesterday said he would meet the financial secretary to discuss the matter.
"According to the Singapore model, up to 95 percent of investors could get their money," Kam said, offering data different from that quoted by the HKAB.
Eight independent lawmakers, led by Regina Ip Lau Suk-yee, yesterday met representatives of the Hong Kong Association of Banks in an attempt to resolve the Lehman minibonds saga.
The meeting was mainly focused on the settlement offer by 16 distributor banks that was revealed by The Standard last week, which has won the support of many lawmakers, sources said.
The meeting between the HKAB and the lawmakers went smoothly and the banks were close to concluding an offer, said Ip, who is also the founder of the Savantas Policy Institute, a think-tank.
Ip said the eight lawmakers in her delegation were speaking on behalf of 3,000 Lehman minibond investors in Hong Kong and they hope to resolve the issue of compensation as soon as possible.
" The investors have been seeking help from us, and I have received 1,000 cases," she said.
Other lawmakers in Ip's delegation included Lam Tai-fai, Jeffrey Lam Kin- fung, Samson Tam Wai-ho, Leung Ka- lau, Paul Chan Mo-po, Chan Kin-por and Philip Wong Yu-hong, sources said.
The lawmakers cited the report issued by the Monetary Authority of Singapore on Tuesday, which said up to 75 percent of the investors in the city state may be able get some of their money back as they had filed complaints. "They said the MAS report showed only a 32.2 percent repay ratio, which is much lower than the current proposal [from 16 Hong Kong distributor banks] which calls for paying back up to 70 percent," a banking source said.
Lawmakers were said to support the banks' proposal as it was "more reasonable" and a better offer when compared with the MAS deal, according to sources familiar with the situation. Last week, representatives from the banks approached the Securities and Futures Commission, presenting a formal proposal to settle the issue concerning compensation for investors who had bought minibonds linked to the collapsed US financial firm Lehman Brothers.
The proposal said banks would offer an average of 60 percent of principal invested or 70 percent to those investors aged over 65. They also agreed to top up the difference if collateral is sold at higher prices in the future.
Meanwhile, Democratic Party legislator Kam Nai-wai suggested Hong Kong follow the Singapore model.
Kam yesterday said he would meet the financial secretary to discuss the matter.
"According to the Singapore model, up to 95 percent of investors could get their money," Kam said, offering data different from that quoted by the HKAB.
Relevance of Animal Farm
Read this article.
Although this book was written as a satire to the Russian Revolution, some bloggers have started to compare it with what is happening in Singapore today.
I cannot help but think of Boxer as reflecting the workers of Singapore – hard working, dedicated and loyal, but were let down when they grow old. After a lifetime of work, they could not afford to retire and were asked to continue working. They have no security, no pension, no savings for old age (many lost through the credit linked notes) and cannot afford the expensive health care.
I like to mention the wise old donkey Benjamin in the story. He could read as well as any pig, but preferred to have a low profile. Benjamin had known about the pigs' wrongdoing the entire time, but he said nothing to the other animals. He represented the cynics in society or the intellectuals who had the wisdom to stay clear of the purges, but take no action themselves.
Are we having our own Animal Farm in Singapore? Are there too many Benjamins in our midst? What are your views?
Tan Kin Lian
Tyranny and liberty
"When the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas Jefferson
Cheyenne does Shape Quiz (2)
SCMP:SFC does not need to complete all minibond inquiries, chief say
8 July 2009
The Securities and Futures Commission did not need to conclude all the investigations into the 20,000 complaints by those who invested in Lehman Brothers minibonds to reach a deal with affected banks, its chief executive, Martin Wheatley, told lawmakers yesterday.
"We are working at the institutional level and looking at whether adequate systems and controls are in place to ensure they comply with the code of conduct. We don't need a conclusion on all the thousands of cases to reach a conclusion," he said.
"What our investigation is trying to do is to reach a conclusion for all of the banks' clients in one go."
Outgoing Hong Kong Monetary Authority chief Joseph Yam Chi-kwong has told lawmakers he hopes 70 per cent of the complaints can be dealt with by March.
The authority is investigating complaints about the way banks sold credit-linked derivatives, including minibonds, issued or guaranteed by Lehman, which collapsed during the credit crunch last year. The authority can refer cases to the commission if further action is warranted.
Minibonds are not corporate bonds, but high-risk, credit-linked derivatives. They are marketed as a proxy investment in well-known companies.
Testifying before the Legislative Council subcommittee probing the Lehman debacle for the fourth time, Mr Wheatley said investigations had dragged on for too long. He hoped banks would agree to settlement terms similar to those offered by Sun Hung Kai Investment Services last week.
The brokerage firm and KGI Asia settled with 329 customers by fully compensating them for their principal investments. The two firms are now entitled to a distribution from the underlying collateral of the minibonds, which is expected to offset a significant part of the buy-back costs.
"It is our hope that we can enter into such agreements with other banks that would achieve a much speedier outcome than the outcomes that we've talked about," Mr Wheatley said.
He said the commission had been in talks with affected banks about a possible deal.
Media reports have disclosed that 16 banks were offering to settle with minibond investors for about 60 per cent of their principal investment.
Investors aged 65 or above would receive about 70 per cent. This is similar to the Bank of China (Hong Kong)'s proposed settlement.
"We're involved in settlement discussions, which are supposed to be confidential, with a number of banks," Mr Wheatley said. "Specific details {hellip} have been leaked."
The Securities and Futures Commission did not need to conclude all the investigations into the 20,000 complaints by those who invested in Lehman Brothers minibonds to reach a deal with affected banks, its chief executive, Martin Wheatley, told lawmakers yesterday.
"We are working at the institutional level and looking at whether adequate systems and controls are in place to ensure they comply with the code of conduct. We don't need a conclusion on all the thousands of cases to reach a conclusion," he said.
"What our investigation is trying to do is to reach a conclusion for all of the banks' clients in one go."
Outgoing Hong Kong Monetary Authority chief Joseph Yam Chi-kwong has told lawmakers he hopes 70 per cent of the complaints can be dealt with by March.
The authority is investigating complaints about the way banks sold credit-linked derivatives, including minibonds, issued or guaranteed by Lehman, which collapsed during the credit crunch last year. The authority can refer cases to the commission if further action is warranted.
Minibonds are not corporate bonds, but high-risk, credit-linked derivatives. They are marketed as a proxy investment in well-known companies.
Testifying before the Legislative Council subcommittee probing the Lehman debacle for the fourth time, Mr Wheatley said investigations had dragged on for too long. He hoped banks would agree to settlement terms similar to those offered by Sun Hung Kai Investment Services last week.
The brokerage firm and KGI Asia settled with 329 customers by fully compensating them for their principal investments. The two firms are now entitled to a distribution from the underlying collateral of the minibonds, which is expected to offset a significant part of the buy-back costs.
"It is our hope that we can enter into such agreements with other banks that would achieve a much speedier outcome than the outcomes that we've talked about," Mr Wheatley said.
He said the commission had been in talks with affected banks about a possible deal.
Media reports have disclosed that 16 banks were offering to settle with minibond investors for about 60 per cent of their principal investment.
Investors aged 65 or above would receive about 70 per cent. This is similar to the Bank of China (Hong Kong)'s proposed settlement.
"We're involved in settlement discussions, which are supposed to be confidential, with a number of banks," Mr Wheatley said. "Specific details {hellip} have been leaked."
SCMP:Chief keeps quiet over calls for his resignation
8 July 2009
He lambasted pan-democrats for disrupting his speech and denied he was a "fugitive" from environmental protection. But during a rowdy Legislative Council question time, the chief executive left one issue unanswered: calls for his resignation.
In the heat of the battle, Donald Tsang Yam-kuen was also accused of turning a blind eye to the plight of people who lost money on Lehman Brothers-linked minibonds. They, and several other groups, formed a banner-waving mob blocking almost all entrances to the Legco building.
"Tsang Yam-kuen, step down!" shouted the protesters, among them minibonds victims seeking government help, green groups and pan-democrats demanding a speedy introduction of universal suffrage.
But when the convoy of chauffeur-driven vehicles arrived at the Legco building, Mr Tsang stepped out of his car and determinedly walked towards the entrance, ignoring the petitions thrust at him.
Adopting the same attitude, Mr Tsang tried to tackle the political controversy over the July 1 march during his speech to open question time.
But among his conclusions on the "two categories" of July 1 demands, he left out the two strongest calls demanded by marchers: his resignation and government assistance to minibonds victims.
He was interrupted three times by legislators from the League of Social Democrats, who demanded to know why he had ignored the plight of minibonds victims, including one who recently killed herself.
"You are really shameless for ignoring them," shouted League legislator Leung Kwok-hung, before he was removed. "A Lehman Brothers' victim has killed herself - her [ghost] is waiting for you outside."
Democratic Party lawmaker James To Kun-sun and unionist Lee Cheuk-yan accused Mr Tsang of playing up youth drug abuse to divert attention from universal suffrage and governance problems.
"The chief executive did not calm people's anger on July 1. He had no response to the people's demands, including universal suffrage and the minibonds saga," Mr Lee said.
There was an uproar when Mr Tsang cut short Legco president Tsang Yok-sing's announcement of the end of the meeting to air grievances "suppressed inside me for a long time".
The chief executive then read a prepared script lambasting lawmakers for interrupting him earlier, thus dishonouring the Hong Kong spirit of inclusiveness. When he was done, Democrat Lee Wing-tat protested, saying the Legco president was biased because he allowed the chief executive to speak but stopped others when they tried to question him.
Meanwhile Chief Secretary Henry Tang Ying-yen found an easier way to avoid protesters. "Of course I am not scared," he said, when caught using the rear entrance. "I always like using the elevator at the back."
He lambasted pan-democrats for disrupting his speech and denied he was a "fugitive" from environmental protection. But during a rowdy Legislative Council question time, the chief executive left one issue unanswered: calls for his resignation.
In the heat of the battle, Donald Tsang Yam-kuen was also accused of turning a blind eye to the plight of people who lost money on Lehman Brothers-linked minibonds. They, and several other groups, formed a banner-waving mob blocking almost all entrances to the Legco building.
"Tsang Yam-kuen, step down!" shouted the protesters, among them minibonds victims seeking government help, green groups and pan-democrats demanding a speedy introduction of universal suffrage.
But when the convoy of chauffeur-driven vehicles arrived at the Legco building, Mr Tsang stepped out of his car and determinedly walked towards the entrance, ignoring the petitions thrust at him.
Adopting the same attitude, Mr Tsang tried to tackle the political controversy over the July 1 march during his speech to open question time.
But among his conclusions on the "two categories" of July 1 demands, he left out the two strongest calls demanded by marchers: his resignation and government assistance to minibonds victims.
He was interrupted three times by legislators from the League of Social Democrats, who demanded to know why he had ignored the plight of minibonds victims, including one who recently killed herself.
"You are really shameless for ignoring them," shouted League legislator Leung Kwok-hung, before he was removed. "A Lehman Brothers' victim has killed herself - her [ghost] is waiting for you outside."
Democratic Party lawmaker James To Kun-sun and unionist Lee Cheuk-yan accused Mr Tsang of playing up youth drug abuse to divert attention from universal suffrage and governance problems.
"The chief executive did not calm people's anger on July 1. He had no response to the people's demands, including universal suffrage and the minibonds saga," Mr Lee said.
There was an uproar when Mr Tsang cut short Legco president Tsang Yok-sing's announcement of the end of the meeting to air grievances "suppressed inside me for a long time".
The chief executive then read a prepared script lambasting lawmakers for interrupting him earlier, thus dishonouring the Hong Kong spirit of inclusiveness. When he was done, Democrat Lee Wing-tat protested, saying the Legco president was biased because he allowed the chief executive to speak but stopped others when they tried to question him.
Meanwhile Chief Secretary Henry Tang Ying-yen found an easier way to avoid protesters. "Of course I am not scared," he said, when caught using the rear entrance. "I always like using the elevator at the back."
A Doctor by Choice, a Businessman by Necessity
Read this article. In a commercialised world, many doctors have to carry out unnecessary tests to earn income to meet their operating expenses and produce a profit. The unnecessary tests are wasteful and add to the cost of the health care, which has to be borne by the patients or tax payers. This is sad.
Ban on selling structured notes
A journalist told me that the ban imposed by MAS is from selling structured notes. The ban does not apply to other types of structured products. Frankly, I do not understand the distinction. Can anyone enlighten me? What kind of structured products are not covered by the ban?
Let your views be heard
Someone commented that there is no point in putting the suggestions in my blog, as the Government will not be reading them or consider them for implementation.
My purpose is to educate the people who visit and read my blog. I hope that more people will come forward to express their genuine views, either anonymously (if they prefer privacy) or, better still, with their actual names.
I also hope that the authority will hear the genuine grievances, and come forward to find a solution.
My purpose is to educate the people who visit and read my blog. I hope that more people will come forward to express their genuine views, either anonymously (if they prefer privacy) or, better still, with their actual names.
I also hope that the authority will hear the genuine grievances, and come forward to find a solution.
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