Above: Waterfall in Jiuzhaigou
Below: the water in the lakes have different colors.
Friday, December 18, 2009
Climate summit in Copenhagen
An agreement has been reached, although it has limited impact. Still, it is good progress and is an important step towards the long journey. Read this report.
Goldman Sachs to give up Life Settlement business?
Read this report. The financial institution will buy the life policies from the owners for a cash amount (which is usually higher than the cash value given by the insurer) and maintain them to collect the proceeds on death.
UK: High Court action to shut down five "Land Banking” companies
Dear Mr. Tan,
Watch out for these companies setiing up in Singapore soon !
http://www.whitehallpages.net/
High Court action to shut down five "Land Banking” companies.
Action taken in the public interest
The Secretary of State for Business, Innovation & Skills has presented petitions in the High Court to wind-up, in the public interest, five companies involved in marketing plots of land as investment opportunities.
The application to appoint a provisional liquidator was first heard on 8 October 2009, but at this hearing the companies, through their directors (see notes below), offered to give undertakings to the Court as to their future conduct and to cease trading pending the determination of the petitions. The Court accepted that these undertakings were sufficient to protect the public interest pending trial of the petitions.
The undertakings however were not fully complied with and accordingly the Secretary of State returned to Court on 17 December 2009 with a further application to appoint a provisional liquidator. The companies did not oppose this further application. The Court accepted there had been a failure to comply with the undertakings and ordered the appointment of the Official Receiver as provisional liquidator of the companies.
Watch out for these companies setiing up in Singapore soon !
http://www.whitehallpages.net/
High Court action to shut down five "Land Banking” companies.
Action taken in the public interest
The Secretary of State for Business, Innovation & Skills has presented petitions in the High Court to wind-up, in the public interest, five companies involved in marketing plots of land as investment opportunities.
The application to appoint a provisional liquidator was first heard on 8 October 2009, but at this hearing the companies, through their directors (see notes below), offered to give undertakings to the Court as to their future conduct and to cease trading pending the determination of the petitions. The Court accepted that these undertakings were sufficient to protect the public interest pending trial of the petitions.
The undertakings however were not fully complied with and accordingly the Secretary of State returned to Court on 17 December 2009 with a further application to appoint a provisional liquidator. The companies did not oppose this further application. The Court accepted there had been a failure to comply with the undertakings and ordered the appointment of the Official Receiver as provisional liquidator of the companies.
Challenges for global economies for 2010
This article in the Economist magazine said that the global economies was helped by the government stimulus spendings and bailouts in 2009. The challenges lie ahead in 2010 as many underlying problems are not solved and new problems are being created, e.g. asset bubbles in emerging economies.
Financial planning - buying a property for own occupation
Here is a financial planning tip that applies to most families. If you buy a property (for your own occupation) at age 30 and repay the mortgage loan over 25 years with 25% of your monthly income, you can take a loan of up to 5 years of your income. If both spouses are working, you can use the combined income, but deduct $1,000 for the cost of employing a maid and other expenses.
If the family income is $5,000 a month, you can buy a property of up to $300,000. If you buy a more expensive property, the repayment will take up more than 25% of the income, leaving less to save for retirement or for current expenses, or the repayment will take more than 25 years.
Although most people expect a working career to be 35 years, it is useful to plan for 25 years of repayment, to allow for some disruptions in the income stream during your working career, caused by unexpected events, such as unemployment or disability.
If you really need to pay more for the property, you can stretch up to 6 years of family income, after you have done your budgeting carefully.
Tan Kin Lian
If the family income is $5,000 a month, you can buy a property of up to $300,000. If you buy a more expensive property, the repayment will take up more than 25% of the income, leaving less to save for retirement or for current expenses, or the repayment will take more than 25 years.
Although most people expect a working career to be 35 years, it is useful to plan for 25 years of repayment, to allow for some disruptions in the income stream during your working career, caused by unexpected events, such as unemployment or disability.
If you really need to pay more for the property, you can stretch up to 6 years of family income, after you have done your budgeting carefully.
Tan Kin Lian
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