December 22, 2008: 04:55 AM ET
HONG KONG -(Dow Jones)- The Hong Kong International Arbitration Centre said Monday it concluded its first mediation of a dispute over the selling of structured products related to Lehman Brothers Holdings Inc.
The independent body said in a statement it mediated a dispute on Dec. 10 in which investors and a bank reached a settlement after five hours of talks. It didn't give details.
The Hong Kong Monetary Authority said in late October it would refer mediation requests to the arbitration center in cases where both sides agreed to it, to try to reach voluntary settlements on the disputes.
The HKMA said earlier the costs of mediation and arbitration would be split, with banks paying half and the HKMA paying the rest on behalf of investors.
Thousands of investors claim they were misled about the risks when they purchased 'mini-bonds' backed by Lehman, only to see the value plunge after the former Wall Street giant declared bankruptcy in September.
The Hong Kong International Arbitration Centre was set up in 1985. It receives funds from the business community and the Hong Kong Government but says it is totally independent of both and financially self-sufficient.
http://money.cnn.com/news/newsfeeds/articles/djf500/200812220455DOWJONESDJONLINE000122_FORTUNE5.htm
Wednesday, December 24, 2008
Avoid retrenchment
Straits Times did not publish this letter.
22 December 2008
Editor
Forum Page
Straits Times
There are discussions about the best way for companies to cope with decreased demand in a recession. The following options were considered:
> retrench foreign workers
> retrench local workers
> reduce pay across the board, to avoid retrenchments
I prefer the method used by the Governor of California State. He asked the state employees to take 2 days of no-pay leave, to reduce the state budget deficit.
Here is my reason. If there is reduced demand, there is reduced work. The company can ask all employees to take a few days of no-pay leave to reduce the wage cost and avoid retrenchment. In return, the employees extra days of leave (in proportion to the reduction in wages). They can spend the time with their family and friends or attend classes to upgrade their knowledge and skills.
To cope with the reduced wages, the employees can draw down on past savings or cut down on the discretionary expenses. For employee with fixed commitments that cannot be reduced, I suggest that they be provided with a low-interest rate loan for the reduction in their wages. This loan can be provided by the employer or the state at an interest rate of 2.5% p.a. (same as CPF interest rate).
I hope that this suggestion can be considered.
Tan Kin Lian
22 December 2008
Editor
Forum Page
Straits Times
There are discussions about the best way for companies to cope with decreased demand in a recession. The following options were considered:
> retrench foreign workers
> retrench local workers
> reduce pay across the board, to avoid retrenchments
I prefer the method used by the Governor of California State. He asked the state employees to take 2 days of no-pay leave, to reduce the state budget deficit.
Here is my reason. If there is reduced demand, there is reduced work. The company can ask all employees to take a few days of no-pay leave to reduce the wage cost and avoid retrenchment. In return, the employees extra days of leave (in proportion to the reduction in wages). They can spend the time with their family and friends or attend classes to upgrade their knowledge and skills.
To cope with the reduced wages, the employees can draw down on past savings or cut down on the discretionary expenses. For employee with fixed commitments that cannot be reduced, I suggest that they be provided with a low-interest rate loan for the reduction in their wages. This loan can be provided by the employer or the state at an interest rate of 2.5% p.a. (same as CPF interest rate).
I hope that this suggestion can be considered.
Tan Kin Lian
Be careful about free service for a trial period
Some banks offer credit cards to you free of subscription for one or two years. They will impose a hefty annual fee automatically at the end of the free period, without telling you. If you are not aware about it, you have to pay this fee.
Some card holders call the bank and threaten to cancel the card. The bank may waive the fee out of goodwill. They may not.
The same technique is adopted by mobile phone operators and cable television services. They give you a free period of use for some services, and will quietly levy the charge at the end of the period. They hope that the customers will pay for the services out of ignorance.
Here are some tips to avoid paying for these additional charges, if you do not use the services:
1. Decline the service, if you do not need. it. Do not accept it just because it is free.
2. If you want to try the service, put a reminder in your calendar (on the mobilephone or PC). It will remind you to reivew the service at the end of the free period. If you do not need it, you should call and cancel it.
I hope that the Consumer Association (CASE) will make it compulsory for the business to get the customers to agree on paying for the service at the end of the free period. It should not be on an "assumed opt-in" basis. We need to have stronger business ethics.
Some card holders call the bank and threaten to cancel the card. The bank may waive the fee out of goodwill. They may not.
The same technique is adopted by mobile phone operators and cable television services. They give you a free period of use for some services, and will quietly levy the charge at the end of the period. They hope that the customers will pay for the services out of ignorance.
Here are some tips to avoid paying for these additional charges, if you do not use the services:
1. Decline the service, if you do not need. it. Do not accept it just because it is free.
2. If you want to try the service, put a reminder in your calendar (on the mobilephone or PC). It will remind you to reivew the service at the end of the free period. If you do not need it, you should call and cancel it.
I hope that the Consumer Association (CASE) will make it compulsory for the business to get the customers to agree on paying for the service at the end of the free period. It should not be on an "assumed opt-in" basis. We need to have stronger business ethics.
Online Citizen blog
The Online Citizen blog went down due to heavy traffic. They are running on a hosted site which sets a limit on the number of traffic. In recent months, the traffic went up five times. Yesterday, on Christmas Eve, the traffic must have been exceptionally heavy.
I spoke to the managing editor of The Online Citizen yesterday, after the site came down. He has contacted his volunteer webmaster, who would try to resolve the problem in the evening, after he had completed his full time work.
Regular visitors to The Online Citizen should know that the work is done by volunteers, who have to spend a lot of their personal time and incur travelling and other out of pocket expenses. The expenses to maintain the website are kept to the minimal, due to lack of funds.
I spoke to the managing editor of The Online Citizen yesterday, after the site came down. He has contacted his volunteer webmaster, who would try to resolve the problem in the evening, after he had completed his full time work.
Regular visitors to The Online Citizen should know that the work is done by volunteers, who have to spend a lot of their personal time and incur travelling and other out of pocket expenses. The expenses to maintain the website are kept to the minimal, due to lack of funds.
SMS booking of taxis
Under the system for SMS booking of taxis, the taxi driver can wait on a side road after sending the SMS that the taxi is available. When a SMS is received, the taxi driver can call and talk to the customer while the taxi is still stationary.
If the taxi was moving when the SMS was received, the taxi driver can stop at a side road to make the call to the customer. The taxi driver does not need to make the call when the taxi is moving.
If the taxi was moving when the SMS was received, the taxi driver can stop at a side road to make the call to the customer. The taxi driver does not need to make the call when the taxi is moving.
Subscribe to:
Posts (Atom)